Corporate finance (2015/2016)

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 are analyzed the characteristics of the net present value in the capital budgeting decisions, the choices of financial structure, the financing instruments in the short and medium-long term, the dividend policy, the payment instruments in international trade and the operations which can be realized by industrial firms for hedging financial risks.
The teaching methods consist of lectures and exercises designed to facilitate the understanding of theoretical concepts.

First part
Introduction to financial intermediation
European Central Bank, monetary policy and interest rates
Money markets
Bond markets
Stock markets
The banks
The asset management companies and the mutual funds
The brokerage securities companies and the investment banks

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
The project finance

Reference material
Volume Create for the course "Finanza aziendale - a.a. 2015-16" published by McGraw Hill.
Students must also prepare the material loaded on the elearning page of the course.

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:
- introduction to financial intermediation;
- European Central Bank, monetary policy and interest rates;
- the money markets;
- the bond markets;
- the stock markets;
- the banks;
- the asset management companies and the mutual funds;
- the brokerage securities companies and the investment banks.

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 project finance.

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.
Further guidance on the midterm will be made available before the start of the course on the elearning platform.

On e-learning platform, the exam topics will be available immediately after the exam.

STUDENT MODULE EVALUATION - 2015/2016