Course 2022-2023 a.y.

• Introduzione alla finanza aziendale e corporate governance. Obiettivi dell’impresa. 

• Analisi di bilancio: riclassificazioni, rendiconto finanziario e pianificazione a lungo termine. 

• Come valutare obbligazioni ed azioni. 

• Criteri di valutazione degli investimenti. 

• Analisi del rischio, opzioni reali e scelte di investimento. 

• Rischio e rendimento: il capital asset pricing model. 

• Modelli fattoriali ed APT: cenni. 

• Costo del capitale, stima e determinanti del beta. 

• Struttura finanziaria e valore dell’impresa: i modelli di base. 

• Struttura finanziaria e limiti all’indebitamento. 

• Costo del capitale, valore dell’impresa e decisioni di investimento: legami con il grado di indebitamento. 

• La politica di distribuzione degli utili. 

• Comprendere diverse accezioni di obiettivi dell’azienda 

• Comprendere la differenza fra reddito e flusso di cassa. 

• Considerare adeguatamente il valore finanziario del tempo. 

• Affrontare problematiche di capital budgeting. 

• Comprendere i legami fra rischio e rendimento. 

• Calcolare  il costo del capitale delle azioni e il costo medio ponderato del capitale 

• Individuare le conseguenze delle scelte di indebitamento. 

• Affrontare il tema della struttura finanziaria/capital structure. 

• Distinguere fra valore di mercato e valore contabile di un'azienda. 

• Confrontare vantaggi e svantaggi della distribuzione di dividendi e del riacquisto di azioni proprie. 

• Comprendere i limiti della finanza tradizionale e le implicazioni della finanza comportamentale. 

• Calcolare i flussi di cassa. 

• Applicare le formule di attualizzazione e capitalizzazione. 

• Valutare la convenienza degli investimenti. 

• Calcolare il costo del capitale utilizzando parametri di mercato. 

• Calcolare il valore delle azioni/imprese e delle obbligazioni. 

• Calcolare l'impatto della leva finanziaria sul valore dell’impresa. 

• Applicare diversi metodi di valutazione dell'equity e del capitale investito. 

• Comprendere la rilevanza della finanza aziendale in tutte le scelte strategiche dell'impresa. 

• Lezioni frontali
• Testimonianze (in aula o a distanza)
• Esercitazioni (esercizi, banche dati, software etc.)

• Le testimonianze possono essere svolte nelle singole classi in base alla valutazione dei singoli docenti.
• Le esercitazioni sono svolte ad ulteriore supporto dello svolgimento di casi ed esercizi da parte dei docenti di aula.

• Gli studenti che frequenteranno almeno il 75% delle lezioni del corso (sia nella prima parte, sia nella seconda parte del semestre, separate dalla pausa degli esami intermedi) potranno sostenere l’esame in modalità frequentanti negli appelli di dicembre (per le categorie di studenti ammesse all’appello), gennaio e febbraio. 

• In base alla regola generale prevista dall’Università per l’anno accademico in corso, il requisito della frequenza potrà essere misurato in base alle sole frequenze in aula; le frequenze online non saranno valide. 

• Nelle sessioni d'esame da frequentanti, gli studenti avranno due alternative di valutazione: 

• Con esame scritto (generale o due parziali, come descritto sotto) (31 punti); 

• Con esame scritto e lavoro di gruppo (31 punti ciascuno). Il voto finale sarà pari alla media ponderata delle due parti, dove l’esame scritto ha un peso dell’80%, e solamente se il punteggio del lavoro di gruppo è superiore a quello dell’esame scritto. In altri termini, il lavoro di gruppo (assignment) contribuirà al voto finale solamente se il relativo voto sarà superiore al voto conseguito con la/le prove scritte. Maggiori dettagli saranno forniti nel programma d’aula. 

L’esame scritto 

• Gli studenti possono svolgere l’esame in due prove parziali o in un’unica prova generale.  

• Nel caso dell’esame svolto in due prove parziali: 

• Coerentemente con la regola generale dell’Università, valida per tutti gli insegnamenti, nel caso dell’esame svolto con le due prove parziali, sarà possibile iscriversi alla seconda prova parziale in uno solo degli appelli a calendario (quindi, uno solo tra dicembre (per le categorie di studenti ammesse all’appello), gennaio e febbraio); 

• Lo studente può sostenere la seconda prova parziale solamente se ha superato la prima. 

• Il voto finale dell’esame è dato dalla media aritmetica delle due prove, arrotondata per eccesso (l’arrotondamento è applicato solamente alla media finale, non ai voti delle singole prove parziali).  

• Saranno considerati validi esami parziali in cui gli studenti hanno ottenuto un voto sufficiente (≥ 18) in entrambe le prove parziali. 

• L'esame è class specific, ma verte sostanzialmente sui medesimi contenuti illustrati nel programma sintetico. Il programma comprende i materiali di classe e l'intero libro di testo. 

• L’esame sarà svolto e consegnato sui PC degli studenti, sotto il monitoraggio di Respondus Lockdown (qualora, in base le regole generali di svolgimento degli esami dell’Università dovessero cambiare in base all’evolversi dell’emergenza sanitaria, sarà pubblicato un aggiornamento per questo insegnamento direttamente nel Programma d’Aula delle classi). 

• La prova sarà formata da: 

• 16 domande a risposta multipla (4 risposte possibili), da 1 punto ciascuna, volte a verificare la conoscenza e la comprensione di specifici argomenti teorici ed applicativi. 

• 2 domande aperte, di natura teorica, da 4 punti ciascuna, rispetto alle quali lo studente dovrà sviluppare sinteticamente un ragionamento su alcuni dei concetti chiave della materia. Le risposte dovranno essere scritte nell'apposito spazio disponibile. 

• 1 esercizio da 7 punti. 

La durata della prova è di 60 minuti. 

• A chi otterrà un punteggio pari a 31 punti verrà assegnata la lode.  

Il lavoro di gruppo 

Nel corso delle esercitazioni del corso sarà proposto un lavoro di gruppo facoltativo, che gli studenti svolgeranno e consegneranno prima dell’esame. Ulteriori dettagli sulla formazione dei gruppi e sullo svolgimento del lavoro saranno forniti nelle prime sessioni del corso. 

I docenti e gli esercitatori potranno verificare l’effettivo svolgimento del lavoro con delle presentazioni dei lavori svolti in aula 

• L'esame, proposto in un’unica prova generale (31 punti) che verte sull'intero libro di testo. 

• L’esame sarà svolto e consegnato sui PC degli studenti, sotto il monitoraggio di Respondus Lockdown (qualora, in base le regole generali di svolgimento degli esami dell’Università dovessero cambiare in base all’evolversi dell’emergenza sanitaria, sarà pubblicato un aggiornamento per questo insegnamento direttamente nel Programma d’Aula delle classi). 

La prova sarà formata da: 

• 16 domande a risposta multipla (4 risposte possibili), da 1 punto ciascuna, volte a verificare la conoscenza e la comprensione di specifici argomenti teorici ed applicativi. 

• 2 domande aperte, di natura teorica, da 4 punti ciascuna, rispetto alle quali lo studente dovrà sviluppare sinteticamente un ragionamento su alcuni dei concetti chiave della materia. Le risposte dovranno essere scritte nell'apposito spazio disponibile. 

• 1 esercizio da 7 punti. 

La durata della prova è di 60 minuti. 

• A chi otterrà un punteggio pari a 31 punti verrà assegnata la lode.  

• D. Hillier, S. Ross, R. Westerfield, et al., Corporate Finance, (a cura di S. Frova), McGraw-Hill, 2018, terza edizione italiana. 

• Materiale vario (letture, esercizi, domande multiple, ecc) postati su Bboard nelle singole classi. 

• Per chi lo desiderasse è inoltre disponibile una dispensa redatta da E. Teti, Finanza Aziendale – Dispensa Domande Multiple,  EGEA My Books – Tools, 2018, contenente innumerevoli esempi di domande multiple e le relative soluzioni. 

• D. Hillier, S. Ross, R. Westerfield, et al., Corporate Finance, (a cura di S. Frova), McGraw-Hill, 2018, terza edizione italiana. 

• Materiale vario (letture, esercizi, domande multiple, ecc) postati su Bboard della classe assegnata. 

• Per chi lo desiderasse è inoltre disponibile una dispensa redatta da E. Teti, Finanza Aziendale – Dispensa Domande Multiple, EGEA My Books – Tools, 2018, contenente innumerevoli esempi di domande multiple e le relative soluzioni.

The course covers four main parts:

• The value of a firm: financial instruments, valuation concepts and decision rules.
• Risk and return: theory, empirical evidence and applications to capital budgeting.
• Financing decisions and market efficiency.
• Payout policy, capital structure and valuation.

• Recognize, explain, and reproduce core corporate finance tools and techniques, including applications in international contexts.

• Apply and interpret core corporate finance tools and techniques.
• Apply and evaluate capital budgeting methods.
• Analyze and assess corporate financial decisions, such as capital structure, investment and corporate payout decisions.

• Face-to-face lectures
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)
• Individual assignments
• Group assignments

• Exercises: students work on exercises in class and as take-homes.
• Case studies: several case studies are assigned to give students a sense of solving allegedly real problems facing a firm.
• Individual assignments: students work through individual graded assignments throughout the course, helping students to synthesize the material.
• Group assignments: groups of students work on graded group assignments (cases).

Course assessment is identical for attending and non-attending students. Course assessment consists of:

• An exam (30-100% of the final grade): The weight of the exam grade depends on the quality of the other components.
• Case studies (0-20% of the final grade): The case studies are worked on and handed in in groups, and are designed to give students a sense of solving allegedly real problems facing a firm. The weight is 20% if better than the final exam, and 0% otherwise.
• Normal quizzes (0-30% of the final grade): The normal take-home quizzes are individually assigned to students and contain numerical exercises and other question types and are aimed at helping students synthesize the course material and assessing their ability to apply analytical tools and their institutional knowledge. The weight is 30% if better than the final exam, and 0% otherwise.
• A Midterm quiz (0-20% of the final grade): The midterm take-home quiz is scheduled around the time of the midterm break, and serves primarily as a test of proficiency. The weight is 20% if better than the final exam, and 0% otherwise. 
• Unused case, take-home and exam grade components have expiration conditions, the details are covered in class.

• FAQ: an up-to-date guide to Frequently Asked Questions about the course, on Bboard.

• Textbook: BREALEY, MYERS, ALLEN, EDMANS Principles of Corporate Finance, McGraw Hill, 14th edition.  Full EBook access via Bocconi Library.

• Course note packet: there is a course pack of class lecture notes, on Bboard.

• Cases: a set of cases we work through in class, on Bboard.

• Pre-readings: please see the course notes for some basic pre-reading to be done before the course formally begins, on Bboard.

The course covers four main parts:

• The value of a firm: financial instruments, valuation concepts and decision rules.
• Risk and return: theory, empirical evidence and applications to capital budgeting.
• Financing decisions and market efficiency.
• Payout policy, capital structure and valuation.

• Recognize, explain, and reproduce core corporate finance tools and techniques, including applications in international contexts.

• Apply and interpret core corporate finance tools and techniques.
• Apply and evaluate capital budgeting methods.
• Analyze and assess corporate financial decisions, such as capital structure, investment and corporate payout decisions.

• Face-to-face lectures
• Online lectures
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)
• Individual assignments
• Group assignments

• Exercises: students work on exercises in class and as take-homes.
• Case studies: several case studies are assigned to give students a sense of solving allegedly real problems facing a firm.
• Individual assignments: students work through individual graded assignments throughout the course, helping students to synthesize the material.
• Group assignments: groups of students work on graded group assignments (cases).

Course assessment is identical for attending and non-attending students. Course assessment consists of:

• An exam (30-100% of the final grade): The weight of the exam grade depends on the quality of the other components.
• Case studies (0-20% of the final grade): The case studies are worked on and handed in in groups, and are designed to give students a sense of solving allegedly real problems facing a firm. The weight is 20% if better than the final exam, and 0% otherwise.
• Normal quizzes (0-30% of the final grade): The normal take-home quizzes are individually assigned to students and contain numerical exercises and other question types and are aimed at helping students synthesize the course material and assessing their ability to apply analytical tools and their institutional knowledge. The weight is 30% if better than the final exam, and 0% otherwise.
• A Midterm quiz (0-20% of the final grade): The midterm take-home quiz is scheduled around the time of the midterm break, and serves primarily as a test of proficiency. The weight is 20% if better than the final exam, and 0% otherwise. 
• Unused case, take-home and exam grade components have expiration conditions, the details are covered in class.

• FAQ: an up-to-date guide to Frequently Asked Questions about the course, on Bboard.

• Textbook: R.A. BREALEY, S.MYERS, F. ALLEN, Principles of Corporate Finance, McGraw Hill, current edition (likely 14th during 2022/2023).

• Course note packet: there is a course pack of class lecture notes on Bboard.

• Cases: a set of cases we work through in class on Bboard.

• Pre-readings: please see the course notes for some basic pre-reading to be done before the course formally begins on Bboard.

Part One - Financial Analysis:

• The objectives of corporate finance and the foundations of value creation processes.
• Analysis of business performance from a financial point of view.
• Financial planning in the short and long term: from the cash budget to the financial plan.

Part Two - Working Capital Management:

• Working capital: size, relevance, and management approaches.
• Management of account receivables and customer relations; the impacts on financial requirements and profitability.
• Management of working capital and the relationships with suppliers.

Part Three - Capital Budgeting Decisions:

• Investments: introductory aspects and evaluation criteria of their economic convenience.
• Methods of constructing the relevant cash flows in the valuation.
• Management of uncertainty in capital budgeting decisions.

Part Four - Estimating the Cost of Capital:

• Main theories and the relationship between financial structure and cost of capital.
• Profiles and analysis tools in financing choices.
• Estimating the cost of equity from a business perspective.
• The weighted average cost of capital, its uses, and limits.

Part five: Introduction to Corporate Valuation and M&A:

• Introduction corporate valuation: methods and logic.
• Introduction to M&A.

• Explain the logic for the analysis of business results.
• Describe the short and medium-long term financial planning tools.
• Illustrate the methods of managing the company's working capital.
• Summarize the defining concepts of capital budgeting.
• Define the main methodologies for evaluating corporate investment projects.
• Describe the components of the corporate financial structure.
• Explain the costs and benefits of the different sources of funding.
• Illustrate the main issues connected with M&A transactions.
• List and describe the main methodologies for estimating the company value.

• Interpret the company's results and their sustainability, critically.
• Compare company performance with the competitors' results.
• Use short and medium-long term financial planning tools to evaluate the coherence between strategic and financing plans.
• Apply the main methods for evaluating investment projects.
• Understand and apply risk management logic and tools.
• Interpret financial structure choices and optimization strategies in raising capital.
• Analyze costs and benefits associated with different sources of funding.
• Use the main methods for business valuation.

• Face-to-face lectures
• Guest speaker's talks (in class or in distance)
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)
• Group assignments

Along with traditional teaching sessions, which introduce the theoretical concepts of Corporate Finance, the course relies on other teaching methods:

• Guest speakers: managers and experts will discuss topics developed during the lectures integrating a practical viewpoint into the theories of Corporate Finance and presenting the significant financial communication issues in a company, the investment decisions and financial markets, and the role of financial institutions. 
• Exercises: in addition to the theoretical lectures, exercise sessions are provided to carry out additional exercises and actively discuss the cases in the class.
• Case study analysis: use of business cases to apply the significant theoretical concepts developed in the course to real-life situations. Students are required to read and analyze the business case before the discussion in class. 
• Group work: students can, although not required, develop group work on economic-financial analysis, planning and management, and evaluation of investments. The list of companies from which to choose is identified and provided by the course Professors.

Even if there is no attendance recording, attending students should regularly follow and actively participate in the Course.

• Attending students can take two intermediate exams in written form, composed of one exercise and multiple-choice questions. As detailed below, for those attending, it is also possible to take a general exam.
  • The exams are designed to verify the theoretical framework of the Course and the practical tools of financial analysis, financial planning, capital budgeting processes, financial structure decisions, and business valuation.
• Attending students have the right (not the obligation) to participate in group or individual work on topics communicated by the Professors in a class. Group work is evaluated out of thirty, and the student can decide whether to accept the grade obtained in the group or individual work. If the student accepts the grade, the score reported in the group or individual work accounts for 20% of the overall grade.
  • Group or individual work aims to verify the student's ability to carry out financial analysis, compare the significant results with the reference market, and interpret the results critically.

Attending students can decide to carry out:

1. Two intermediate tests: in this case, 80% of the final grade depends on the results of the midterms (40% on the first intermediate exam; 40% on the second intermediate exam) and 20% on the group or individual work grade. If the attending student decides to reject the groupwork result, the final grade derives 50% from the first midterm and 50% from the second midterm. The exam is considered passed only if both tests score at least 18 out of 31. 
2. General exam: in this case, 80% of the final grade is determined by one general exam, while the remaining 20% depends on the group or individual work grade. If the student decides not to accept the group or individual work grade, 100% of the final evaluation derives from the outcome of the general test.
   • There are no penalties for incorrect multiple-choice answers. 
   • There is no provision for integrations.  
   • Any grade of at least 18 points is automatically recorded without any exception, as required by the general University regulations.
   • According to the University Rules, the student can withdraw from the test once the questions are known.

The exam program is analytically detailed in the Syllabus, containing the relevant chapters and paragraphs for the tests. Any additional material uploaded to Blackboard is also fully subject to examination.

Any indication other than what is explicitly provided in the Syllabus must be considered unfounded to avoid misunderstandings concerning the exam program.

The evaluation for non-attending students will take place through a single test in written form on the entire course program and according to the methods and conditions provided for those attending the general exam, without group or individual work. 
In addition to the Course manual, also business cases and exercises available on the Bboard platform are included in the exam material.

Course Material:

• Selected chapters from: VERNIMMEN, DALLOCCHIO, QUIRY et al., Corporate Finance, Wiley, London, Fifth Edition 2017

Additional Bibliography: 

• S.A. ROSS, R. WESTERFIELD, J. JAFFE, Corporate Finance, McGraw-Hill, 2012, 10° edition. 
• A. DAMODARAN, Applied corporate finance, John Wiley & Sons, 2015, 4° edizione.
• M. DALLOCCHIO, A. SALVI, P. QUIRY, et al., Frequently Asked Questions in Corporate Finance, Wiley, 2012.

Journals:

• Economia & Management.
• Finanza, Marketing e Produzione (EGEA).
• Journal of Applied Corporate Finance (http://www.blackwell-synergy.com).
• Journal of Finance (http://www.afajof.org/jofihome.shtml).
• Journal of Financial Economics (http://www.jfe.rochester.edu).
• Review of Financial Studies (http://rfs.oupjournals.org).
• Financial Management (http://www.fma.org/).
• Journal of Banking & Finance (https://www.journals.elsevier.com/journal-of-banking-and-finance/).