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 and 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. In the aftermath of Covid, Governments are facing the same challange, with much more complexities due to an increased uncertainty and public debt and an economic crisis that has compromised all businesses. Long – term investors and Public Private Partnerships represent an answer to this need, to finance infrastructure, innovation, education, health and environmental projects, but also to increase competitiveness and ensure public debt sustainability. Indeed, during Covid we have assisted to the emergence of many forms of partnerships between the state and the market, especially in the health care sector. 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 patronized by the European Investment Bank institute, which provides some guest lectures and give students the opportunity to work on a capstone project commissioned by the European Investment Bank.
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.
- Public aid-packages to face the Covid-19 economic and social crisis.
- Roles, functioning principles, rules and financial instruments of National and Supranational Promotional/Development Banks, in Europe, Asia, Americas.
- Green Finance.
- Public Private Partnerships (PPPs): main forms and features.
- 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 who are long term investors, what are long term investments and illustrate their relevance.
- Identify long term investors how do they make their investment decisions.
- Summarize the main public aid-packages put in place in the aftermath of Covid-19 pandemic.
- Define green finance mechanisms.
- Define the role of Public Private Partnerships, their different features acress sectors and their deep functioning mechanism.
- Explain the role, rules and activities of Promotional Banks and recognize the links between their governance, their mission and their portfolio.
- Recognize how state and market can work together to create public value.
- Discuss collaboration approaches between state and market and how they create public value with a long term perspective.
- Formulate their own opinion about long term investments and defend it.
- Examine the approaches put in place by different Governments to support economic and social development through long term investments, especially in the aftermath of Covid and in the sustainability domain.
- Evaluate strategies and approaches of long term investors.
- Analyze and compare governance, mission, strategy of different promotional banks.
- Choose the right for of partnership on the basis of different goals to be achieved.
- Design/assess public private partnerships across different sectors.
- Online lectures
- Guest speaker's talks (in class or in distance)
- Case studies /Incidents (traditional, online)
- Individual assignments
- Group assignments
- Interactive class activities (role playing, business game, simulation, online forum, instant polls)
- Guest speaker's talks: with top management of Promotional Banks (such as the European Investment Bank), private companies that operate in crucial/strategic sectors for the achievement of economic and social development.
- Case studies/Incidents: during each lesson students are engaged in the discussion of short cases/incidents, also sourced from daily news, to learn the real dynamics of long term investments and to develop deeper and hands-on knowledge.
- Group and individual assignment: based on real-life facts/projects.
- Business game: to stucture/assess a partnership.
|Continuous assessment||Partial exams||General exam|
- Written exam (weight 30%): 2 open questions to verify the achievement of the learning goals.
- Group assignment (weight 30%): to verify the capacity to apply the knowledge developed to real-life cases on Public Private Partnerships.
- Business game (weight 20%): to verify the capacity to structure a collaboration project in the domain of LTI.
- Individual assignment (weight 10%): each student writes a short essay to discuss a magazine or newspaper article, to verify her/his capacity to apply concepts learned to analyze a current fact related to LTIs.
- Active class participation (weight 10%): it is based on 6 polls launched randomly during live sessions to stimulate discussion; each poll assigns 0.5 point.
- An extra 1 point will be awarded to those students that show a great engagement during live sessions.
Recorded videos of live sessions can be seen also in asyncron mode. However, to be considered attening student it is manadtory to submit group and individual assignments and to take part to the business game. For those that won't attend all the live sessions, the 3 points from the "active class participation" might not be assigned. In case of motivated reasons, when students are not able to take part to a group for the preparation of the group assignment, it is also possible to submit a second individual assignment to be discussed with the faculty.
- The final exam consists of a written exam (4 questions) to assess the achievement of the learning goals.
- For each lesson detailed slides are available in the course online repository (compulsory for attending and non attending students).
- For each lesson suggested and compulsory readings (including newspaper/magazine articles) are available; some suggested readings are compulsory for non attending students - it will be clearly written in Blackboard.
- Suggested book (non compulsory): CASELLI, CORBETTA, VECCHI, Public Private Partnerships. Principle, practices and perspectives, Palgrave, 2015.