20634 - LONG TERM INVESTMENTS AND PUBLIC PRIVATE PARTNERSHIPS
Course taught in English
Go to class group/s: 31
Students are expected to have basic knowledge of macroeconomy. Fundamentals of finance may also help the attendance of the course.
After the economic financial crisis of 2008, it has emerged the necessity for Governments across the world 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. New actors are emerging as key players in the economic system to support long – terms investments, in particular they are: Promotional/Development Banks and Sovereign Wealth Funds. In this scenario the development of new competencies is mandatory to understand, structure and manage long-term investments and Public Private Partnerships. The course provides a framework to understand long term investments and practical tools to work in this domain, with specific reference to Promotional Banks and Public Private Partnerships. The course is patronaized by the European Investment Bank institute, which supports the organizations of some guest lectures and give students the opportunity to work on a capstone project commissioned by the European Investment Bank. The course is more advanced than the previous editions run within the Undergraduate school.
The course covers the following topics:
- The role of long term investments (LTI) for the economy and the society.
- The actors and institutions involved in the promotion of LTIs.
- Roles, functioning principles, rules and financial instruments of National and Supranational Promotional/Development Banks, in Europe, Asia, Americas.
- Sovereign Wealth Funds (SWFs): role and features.
- Public Private Partnerships (PPPs) for infrastructure: contractual (risks allocation) and financial models (advanced).
- Public Private Venture Capital.
- Impact Investing: Social Impact Bonds and the role of institutional investors.
- Define what are long term investments and illustrate their relevance.
- Identify long term investors and describe how do they make their investment decisions.
- Explain the role of Public Private Partnerships and their deep functioning mechanism.
- List the investment veichle used by long term investors.
- Explain the role, rules and activities of Promotional Banks and recognize the links between their governance, their mission and their portfolio.
- Explain the role of Government and International organizations in this domain.
- Analyze and evaluate the strategies of long term investors.
- Analyze and compare governance, mission, strategy of di dierent promotional banks.
- Design/assess a public private partnership.
- Formulate their own opinion about long term investments and defend it.
- Face-to-face lectures
- Guest speaker's talks (in class or in distance)
- Case studies /Incidents (traditional, online)
- Group assignments
- Guest speaker's talks (in class): with strategic or senior positions in Promotional Banks (such as the European Investment Bank), private companies that operate in crucial/strategic sectors for the achivement of economic and social development.
- Case studies/Incidents (traditional): students are engaged in the discussion of short cases/incidents, also sourced from daily news, during each lesson to learn the real dynamics of long term investments and therefore to better link what taught with present facts.
- Group assignment: based on a real-life capstone project assigned to students by the European Investment Bank.
|Continuous assessment||Partial exams||General exam|
- Written exam: open questions with a weight on the nal grade of 30% to verify the achivement of the learning goals.
- Group assignment: with a weight on the final grade of 60% to verify the capacity to apply the knowledge developed to real-life cases, commissioned by the European Investment Bank Institute.
- Active class participation: with a weight on the the final grade of 10%, to stimulate students to actively participante in class discussion.
- The final exam consits in a written exam to assess the achivement of the learning goals.
- Per each lesson one compulsory reading is available in the course online repository.
- Some suggested readings and relevant articles are also available.
- Suggested book (non compulsory): CASELLI, CORBETTA, VECCHI, Public Private Partnerships. Principle, practices and perspectives, Palgrave, 2015.