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Course 2016-2017 a.y.

30441 - LONG TERM INVESTMENTS: FINANCE AND MANAGEMENT


CLEAM - CLEF - CLEACC - BESS-CLES - WBB - BIEF - BIEM

Course taught in English


Go to class group/s: 31

CLEAM (6 credits - I sem. - OP  |  SECS-P/07) - CLEF (6 credits - I sem. - OP  |  SECS-P/07) - CLEACC (6 credits - I sem. - OP  |  SECS-P/07) - BESS-CLES (6 credits - I sem. - OP  |  SECS-P/07) - WBB (6 credits - I sem. - OP  |  SECS-P/07) - BIEF (6 credits - I sem. - OP  |  SECS-P/07) - BIEM (6 credits - I sem. - OP  |  SECS-P/07)
Course Director:
VERONICA VECCHI

Classes: 31 (I sem.)
Instructors:
Class 31: VERONICA VECCHI


Course Objectives
In recent years, and especially after the economic financial crisis of 2008, it has emerged the necessity for Governments across the world to support the financing of investments able to boost productivity, improve competitiveness and ensure sustainable growth.
Long term investors and Public Private Partnerships represent an answer to this need, to finance infrastructure, innovation, education and environmental projects, but also to increase competitiveness and ensure public debt sustainability.
The focus of long term investments (LTIs) is:
  • Tangible and intangible assets that can expand the productive capacity of the economy, contributing to higher productivity, innovation and competitiveness;
  • Sectors that involve positive externalities, addressing the needs of enterprises and communities, such as:
  • Infrastructures including transport, energy and communication networks;
  • R&D and innovation including education and professional trading able to foster industrial technology transformation, capital-intensive projects and environmental/climate change-related technology;
  • Health care and welfare related assets;
  • Production sector supporting enterprises throughout all stages of their development.
New actors are emerging as key players in the economic system to support long terms investments, in particular they are: Development Banks and Sovereign Wealth Funds.
In this scenario the development of new competencies is mandatory to understand, structure and manage long-term investments.
The course provides a framework to understand appraisal and funding approaches (mainly based on public-private co-funding) used by long term investors (such as Development Banks and Sovereign Wealth Funds) to fuel long term investments, to boost competitiveness and growth, and support financial markets and market economies in both developed and emerging countries.
The course adopts a hands-on approach: students are engaged in the discussion of short cases/incidents to learn the real dynamics of long term investments. Several guest lectures are involved, such as CEOs and top managers from Development Banks and Public- Private financial institutions or funds.
The course is taught with Giovanni Gorno Tempini, former CEO of Cassa Depositi e Prestiti.

Course Content Summary
The course covers the following topics:
  • The impact of the recent economic and financial crisis on the economy and the emergence of new public policies and institutions to support long term investments.
  • The role of long term investments (LTI).
  • National and supranational Promotional/Development Banks, in Europe, Asia, Americas: role, features, financial instruments.
  • Sovereign Wealth Funds (SWFs): role and features.
  • Public Private Partnerships for infrastructure and business development.

Detailed Description of Assessment Methods
Attending students:
  • 2 written assignments on cases to be run in small groups (weight: 40%)
  • Written exam (weight: 60%)
Non attending students:
  • Written exam.

Textbooks
For each lesson one reading will be available in the course online repository, which will contain also other non compulsory materials.
Suggested book (non compulsory):
  • S. Caselli, G. Corbetta, V. Vecchi, Public Private Partnerships. Principle, practices and perspectives, Palgrave, 2015.

Prerequisites
NONE
Last change 18/04/2016 15:21