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CORPORATE FINANCE

Syllabus

EN IT

Learning Objectives

LEARNING OUTCOMES:
The course aims to lead students to understand and use the support models for capital budgeting decisions, the calculation of the cost of capital, and business valuation.

LEARNING SKILLS:
Ability to analyze and manage financial decisions. Understanding the tools for making financial assessments.

APPLYING KNOWLEDGE AND UNDERSTANDING:
The course will strengthen the theoretical and methodological foundations of corporate finance, the analysis and evaluation of projects and companies. Students will acquire the basic theoretical and practical knowledge to act as an independent financial analyst.

MAKING JUDGEMENTS:
Students will be able to collect and interpret real financial data to analyze investment decisions and to make judgments on the process of creating corporate value.

COMMUNICATION SKILLS:
Students will develop the ability to communicate the results of financial analysis both in written form (through the resolution of exercises) and in oral form (through classroom presentations



Prerequisites

NONE

Program

Based on lectures and the study of relevant cases, the course focuses on the main topics of corporate finance such as:
CAPITAL BUDGETING
VALUING BONDS AND STOCKS
RISK AND THE COST OF CAPITAL
CAPITAL STRUCTURE AND CORPORATE VALUATION

Tentative schedule
Week 1: 6h
Introduction
Risk and returns
Measuring investment returns
Week 2: 6h
Capital structure
Returning cash to the owners
Strategy, finance and value creation
Week 3: 6h
Corporate valuation I
Corporate valuation II
Equity financing
Week 4: 6h
Case discussion
Debt financing I
Debt financing II
Week 5: 6h
Corporate restructuring
M&A I
M&A II
Week 6: 6h
Review and synthesis
Case studies

Books

Berk J., DeMarzo P., Corporate Finance, Fourth Edition, Pearson International Education, 2017

Bibliography

Textbook
Class material

Suggested readings

Aswath Damodaran, Applied Corporate Finance, 4th Edition, Wiley, 2014

McKinsey& Co., Tim Koller, Marc Goedhart and David Wessels, 2015, Valuation: Measuring and Managing the Value of Companies (Seventh Edition), Wiley.

Teaching methods

Lessons
Lessons (problem solving)
Workshops

Exam Rules

Non attending students: Oral exam
Attending students: Oral exam + Project work evaluation

Referring to project works, each student should demonstrate:
• The ability to set the parameters for the problem.
• Ample knowledge regarding the subject of the problem.
• The ability to connect the analysis to other course concepts.

Criteria for Judgment Expressed in Thirtieths:
o Unsatisfactory: Significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited ability to analyze and synthesize, frequent generalizations.
o 18-20: Knowledge and understanding of the topics barely sufficient with possible imperfections; sufficient ability to analyze, synthesize, and make independent judgments.
o 21-23: Routine knowledge and understanding of the topics; correct ability to analyze and synthesize with coherent logical reasoning.
o 24-26: Fair knowledge and understanding of the topics; good ability to analyze and synthesize with arguments expressed in a rigorous manner.
o 27-29: Complete knowledge and understanding of the topics; remarkable ability to analyze and synthesize. Good autonomy of judgment.
o 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable ability to analyze, synthesize, and make independent judgments. Arguments expressed in an original manner.