Teaching code

4S00495

Teacher

Elisa Giaretta

Coordinator

Elisa Giaretta

Credits

9

Language

Italian

Scientific Disciplinary Sector (SSD)

SECS-P/09 - CORPORATE FINANCE

Period

First semester bachelor degree dal Sep 16, 2019 al Jan 10, 2020.

Lessons timetable Moodle Seminars 0

Learning outcomes

In the first part, the teaching aims to provide a general overview of the main elements of the financial system, analyzing the structure and characteristics of the financial markets, the credit intermediation activities and the securities brokerage services. In the second part, placing itself in the perspective of non-financial companies, the characteristics of the net present value are analyzed in the capital budgeting decisions, the choices of financial structure, the short and medium-long term financing instruments, the decisions regarding dividend payment, payment instruments for international trade and hedging of financial risks (exchange rate risk, interest rate risk and commodity risk); the topic of project finance is also discussed. At the end of the lessons the student must demonstrate to understand the peculiarities of the main components of the financial system; he or she must also be able to analyze, interpret and evaluate business decisions that have financial implications.

Program

First part

• Introduction to corporate finance
• Workbook-chapter-1
• Corporate governance
• Workbook-Chapter-2
• NPV and alternative criteria for choosing investments
• Workbook-Chapter-6
• Investment decisions
• Workbook-Chapter-7
• Risk analysis, real options and capital budgeting
• Workbook-Chapter-8
• Risk and return: lessons in the history of the capital market
• Workbook-Chapter-9
• Risk and yield: the CAPM
• Workbook-Chapter-10
• Risk, cost of capital and capital budgeting
• Workbook-Chapter-12
• Financial structure: the fundamental principles
• Workbook-Chapter-15
• Financial structure: limits on the use of debt
• Workbook-Chapter-16
• Dividends and other forms of profit distribution
• Workbook-Chapter-18

Second part

• Introduction
• Elements of theory of financial intermediation
• European Central Bank, monetary policy and interest rates
• Monetary markets
• Bond markets
• Equity markets
• Banks
• Italian management companies "SGR" and mutual funds
• Italian investment companies "SIM" and investment banks

Examination Methods

The exam is written and is aimed at ascertaining the knowledge of the topics in the program. It consists of 4 questions (theoretical questions and exercises). The duration of the test varies from a minimum of an hour and a half to a maximum of two hours.

There will be a mid-term exam in which the student can decide to participate. It will focus on the first part of the program.

Those students who pass the intermediate exam will have to take part in one of the sessions scheduled for the January-February 2020 session, which will focus on the second part of the course.

The test on the second part of the program also consists of a paper with 2 questions (theoretical questions and exercises) and has a duration ranging from a minimum of an hour and a half to a maximum of two hours.

Compared to the final grade, the result achieved in the intermediate test will have a weight equal to 1/2 and the result of the second test will have a weight equal to 1/2. The final grade will result from the average of the intermediate and second test marks; this average will be rounded up if the decimal fraction is equal to or greater than 0.50, otherwise by default. It is specified that, in order to pass the exam, the grade obtained in the test on the second part of the program must be at least 18/30.

The Student may decide, if he deems it appropriate, to refuse the intermediate test grade. The related communication must be sent to the e-mail address elisa.giaretta@univr.it by the date published in the relevant notice containing the results of the test. In case of refusal of the intermediate test the student must obviously take the exam on the whole program.