The teaching is organized as follows:

Learning outcomes

In the first part the course aims to provide a general overview of the elements making up the financial system, analyzing the structure and characteristics of markets, the business of credit intermediation and brokerage intermediation. In the second part it will be analyzed the criteria underlying the capital budgeting decisions, the choices of financial structure and financial instruments in the short and medium term which can be used by industrial firms.

Program

First part

The key features of the financial system.
The institutions of the financial system:
• the central bank;
• banks;
• intermediaries who provide investment services;
• institutional investors.
Financial markets.
The instruments of the financial system:
- Government and private debt securities;
- Shares;
- Derivatives.

Second part

The principles of corporate finance.
The determination of the relevant cash flows and the cost of capital in the net present value.
The decisions of financial structure. The benefits and the costs of borrowing.
The technical forms of medium and long-term financing.
The technical forms of short-term financing.
Payment instruments in international trade.
Introduction to Corporate Financial Risk Management.


Textbooks

- M.Onado, Economia e regolamentazione del sistema finanziario, 2012, limited to chapters 1, 2, 3, 4, 5, 6, 7 (with the exception of paragraphs 4 to 7), 8, 9, 10, 12, 13, 14 and 15; and
- Volume create for the course "Finanza aziendale - a.a. 2014-15" published by McGraw Hill.

Students must also prepare the material loaded on the e-learning page of the course.

Examination Methods

The exam is written and is directed to verify the knowledge of the topics in the program. It consists of 3 questions (theoretical questions and exercises).

There will be a mid-term exam in which the student may elect to participate.

The midterm will focus on the first part of the program:

The key features of the financial system.
The institutions of the financial system:
• the central bank;
• banks;
• intermediaries who provide investment services;
• institutional investors.
Financial markets.
The instruments of the financial system:
- Government and private debt securities;
- Shares;
- Derivatives.

The mid-term exam consists of a written with 3 questions (theoretical questions and exercises).

Those who pass the midterm will have to bear a test which will focus on the second part of the course:

- the principles of corporate finance;
- the determination of the relevant cash flows and the cost of capital in the net present value;
- the decisions of financial structure. The benefits and the costs of borrowing;
- the technical forms of medium and long-term financing;
- the technical forms of short-term financing;
- payment instruments in international trade;
- introduction to Corporate Financial Risk Management.

The exam on the second part of the program must be sustained in one of the appeals provided for in the session immediately following the semester in which the course was given. The test on the remaining part of the program consists of one written with 3 questions (theoretical questions and exercises).

Compared to the final vote, the result obtained in the mid-term exam will have a weight equal to 1/3.