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CAPITAL MARKETS AND CORPORATE FINANCE - MODULO MANAGERIAL CORPORATE FINANCE

 

Capital Markets and Corporate Finance - Modulo Managerial Corporate Finance

 

Academic year 2018/2019

Course ID
SEM0060A
Teacher
Year
1st year
Teaching period
Primo semestre
Type
Distinctive
Credits/Recognition
6
Course disciplinary sector (SSD)
SECS-P/08 - economia e gestione delle imprese
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
Type of learning unit
modulo
Modular course
 
 

Course objectives

  • english
 This course provides an overview of the fundamental financial choices of firms from a theoretical and practical point of view. The course will review the main models in the theory of corporate finance and their real world implications. The emphasis on theory and analytical tools applied to real-world decision making will allow a deep understanding of firms’ capital structure, corporate governance, and topics in long-term finance and investment. 

 

Results of learning outcomes

  • english
 The goal of the course is to provide students with a framework to apply to decision making when facing a financial decisions in firms. The objective of the course is to enable students to (1) discuss and assess the options available to managers under specific scenarios, (2) explain how each scenario fits within current corporate finance theory, (3) identify and apply the specific tools and techniques that aid in decision making, and (4) provide recommendations based on the insights gained in the applications of these tools. 

 

Program

  • english

Part I. Corporate financing

Claims, players and processes

Debt and equity financing: institutional features and stylized facts

The basic trade-off between risk and return

The corporate structure in the Modigliani-Miller framework

Agency problems in outside financing

 Part II. Corporate governance

Managerial incentives

The board of directors

Large shareholders and investors activism

Takeovers and LBOs

Debt as a governance mechanism

Part III. Topics in long-term finance

Sovereign wealth and investments

Inclusive corporate finance

Social impact finance and double bottom line

 

Course delivery

  • english

 

Learning assessment methods

  • english
Exams will be a mixture of multiple-choice questions, open-ended questions, and quantitative problems. For quantitative problems, you will need to show your work (the final answer is not enough). Exams are NOT open book/notes. The quantitative problems on exams will resemble those on the homework assignments.

Calculators and Other Equipment on Exams: You can use calculators – simple or financial – in class. If you are in doubt about your ‘device’, please come see me before the first exam. No other devices are going to be allowed during exams – no phones, laptops, tablets, etc.

 

Suggested readings and bibliography

  • english
The lecture slides are outlines of the lectures, not complete notes. They will be posted ahead of each lecture (I will do my best to have them there at least 24 hours in advance). I recommend you download those ahead of class – print them or store them on your PCs, as you prefer.

The textbook we will primarily use in class is:

 Financial Markets and Corporate Strategy: European Edition 
Autore: David Hillier, Mark Grinblatt, Sheridan TitmanEdizione: 2013
Casa editrice: McGraw Hill
ISBN: ISBN: 0077129423

 

Additional reading material may be assigned and discussed as the semester proceeds and it will include academic papers and articles from the press. Electronic version of the reading material or links and download instructions will be provided on CAMPUSNET. The content of the additional readings is considered optional – with the exception of the material that overlaps with the content of class lectures – but I might offer extra-credit questions on exams based on such content.

 

 
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