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CORPORATE FINANCE AND CAPITAL MARKETS - MODULO CORPORATE FINANCE

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CORPORATE FINANCE

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Academic year 2017/2018

Course ID
MAN0296B
Teaching staff
Marco Elia (Lecturer)
Nicola Miglietta (Lecturer)
Fabio Creta (Tutor)
Modular course
Year
1st year
Type
Distinctive
Credits/Recognition
5
Course disciplinary sector (SSD)
SECS-P/09 - finanza aziendale
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
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Sommario del corso

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Course objectives

This course focuses on valuation, i.e. understanding the value implications of the firm's investment and financing decisions. We will build on basic concepts such as the time value of money. We will discuss how to determine the firm's cost of capital, the firm's capital structure, and the firm's payout policy; how firms raise capital; and extraordinary events such as mergers and acquisitions. You will also learn implicit and explicit option-features that appear in corporate finance.

The main objective of the course is to master the fundamental concepts that underpin the world of finance. We will discuss some of the cornerstones in the scientific research, and real-world examples from the financial press such as the Wall Street Journal.

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Results of learning outcomes

The student must acquire skills of analysis and evaluation of the main instruments of primary financial transactions with strategic value for the firm.

In particular, the goals of the course are to understand:
-The Net Present Value rule.
-How to measure the effect of risk on expected returns.
-How to determine the discount rate to be used in capital budgeting.
-The firm's debt-equity ratio and the firm's payout policy.
-The Free Cash Flow calculations and capital budgeting under uncertainty.
-Implicit and explicit option-features that show up in corporate finance.
-How firms raise capital.
-Why and how firms merge.
-Efficient markets and behavioral corporate finance.

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Course delivery

Lectures and in-class discussions. This class uses a polling application. You will be asked real-time questions that you will answer using your phone. Be sure your phone is charged before class. Detailed instructions will be given in class. The class participation grade is based on a combination of class attendance, answers to the polling questions, and participation in class discussions. Some of the questions have only one correct answer; others ask for general opinions. Some of the questions are exam-like questions. These questions will give you immediate feedback and will help you to better understand the material.

 

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Learning assessment methods

Grades will be assigned using the following grading scheme:

Class participation: 20%
In-class assignments: 20%
Final exam: 60%

For the final exam, we will provide you with a formula sheet with the most important formulas presented in class.

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Program

Introduction to Corporate Finance and the role of Financial Manager

Cash management

Time Value of MoneyLessons lasting 40 hours in total (5 credits), which take place in the classroom with the help of projections and excercise; they are also provided case studies and corporate meeting.Lessons lasting 40 hours in total (5 credits), which take place in the classroom with the help of projections and excercise; they are also provided case studies and corporate meeting.

The Net Present Value (NPV)

Risk and Return

Cost of Capital (WACC)

Capital Structure and Dividends

Dividends and Payout Policy

Project Cash Flows, Scenario, and Sensitivity Analysis

Managing Corporate Risks

Options and Corporate Finance

Capital Budgeting and Corporate Risk

Long-Term Financing: Raising Capital

Short-Term Finance and Planning

Mergers and Acquisitions

Agency Issues

Market Efficiency and Behavioral Finance

Suggested readings and bibliography

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R.A. BREALEY, S.C. MYERS, F. ALLEN, Principles of Corporate Finance, 11/e (Global Ed.), Mc GrawHill, 2014

S. Ross, R. Westerfield, and B. Jordan, Fundamentals of Corporate Finance,  McGraw-Hill Higher Education, 11th edition



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