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Course 2021-2022 a.y.

30017 - FINANZA AZIENDALE / CORPORATE FINANCE

Department of Finance

Classes 31 and 32 are reserved to exchange students



For the instruction language of the course see class group/s below

Go to class group/s: 1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 15 - 16 - 17 - 18 - 21 - 22 - 31 - 32

CLEAM (6 credits - I sem. - OB  |  SECS-P/09)
Course Director:
ALESSANDRO FROVA

Classi: 1 (I sem.) - 2 (I sem.) - 3 (I sem.) - 4 (I sem.) - 5 (I sem.) - 6 (I sem.) - 7 (I sem.) - 8 (I sem.)
Docenti responsabili delle classi:
Classe 1: LEONARDO ETRO, Classe 2: ALESSANDRO FROVA, Classe 3: ALESSANDRO FROVA, Classe 4: GIOVANNI WALTER PUOPOLO, Classe 5: FEDERICO PIPPO, Classe 6: CESARE CONTI, Classe 7: CLAUDIA ORSOLA TAMAROWSKI, Classe 8: EMANUELE TETI

Classe/i impartita/e in lingua italiana

Conoscenze pregresse consigliate

Per una completa comprensione e per lo studio degli argomenti trattati nel corso, saranno utili e necessari alcuni temi trattati negli insegnamenti obbligatori dei primi due anni del CLEAM, che a lezione non saranno ritrattati. In particolare: - Principali indici di bilancio (indici di redditività, di liquidità, di rotazione, della struttura finanziaria) (argomento ripreso nella sezione 3.3 del libro di testo del corso) - Attualizzazione e capitalizzazione finanziaria (argomento ripreso nel capitolo 4 del libro di testo del corso) - Principali indicatori di statistica descrittiva (varianza, covarianza, indice di correlazione) (argomento ripreso nella sezione 9.5 del libro di testo).


Mission e Programma sintetico
MISSION

Il corso analizza i principi e gli strumenti delle decisioni aziendali di investimento e di finanziamento con il fine di verificare il loro contributo alla creazione di valore per gli azionisti. In particolare, vengono illustrati i modelli teorici fondamentali e la loro concreta applicazione nelle scelte tipiche della finanza aziendale: le decisioni di investimento (capital budgeting), l’individuazione di una corretta misura del costo del capitale, la scelta del grado di leva finanziaria (capital structure) e la politica dei dividendi, ovvero i principali campi di attività della Direzione Finanziaria. I contenuti del corso si articolano in tre moduli, che sviluppano a livello teorico ed applicativo i concetti essenziali della finanza aziendale: o Cenni di analisi di bilancio o Valore delle azioni e delle decisioni di investimento. o Rischio e rendimento, costo del capitale. o Struttura del capitale e politica dei dividendi. Tali concetti sono necessari per affrontare le scelte fondamentali della finanza aziendale, sia quelle della gestione ordinaria che quelle della cosiddetta finanza straordinaria, approfondite negli opzionali di "Pianificazione finanziaria e analisi degli investimenti”, “Valutazione delle aziende”, “International project finance”, “Finanza straordinaria”.

PROGRAMMA SINTETICO
  • 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.

Risultati di Apprendimento Attesi (RAA)
CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Al termine dell'insegnamento, lo studente sarà in grado di...

 

  • 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.
CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE
Al termine dell'insegnamento, lo studente sarà in grado di...

Al termine dell'insegnamento, lo studente sarà in grado di...

 

  • 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.

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

Metodi di valutazione dell'apprendimento
  Accertamento in itinere Prove parziali Prova generale
  • Prova individuale scritta (tradizionale/online)
  •   x x
  • Assignment di gruppo (relazione, esercizio, dimostrazione, progetto etc.)
  •   x x
    STUDENTI FREQUENTANTI
    • Gli studenti che frequenteranno almeno il 75% delle lezioni del corso potranno sostenere l’esame in modalità frequentanti negli appelli di dicembre (per le categorie di studenti ammesse all’appello), gennaio e febbraio.
    • Nelle sessioni d'esame da frequentanti, gli studenti avranno due alternative di valutazione:
      1. Con esame scritto (generale o due parziali, come descritto sotto) (31 punti);
      2. 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. Lo studente può sostenere la seconda prova parziale solamente se ha superato la prima.
    • Il voto finale dell’esame scrittoè dato dalla media aritmetica delle due prove arrotondata per eccesso. 
    • Durante le sessioni d’esame di dicembre, gennaio e febbraio, sarà possibile sostenere una sola volta la seconda prova parziale o la prova generale frequentanti. Di conseguenza, gli studenti che si ritirano o non superano la prova da frequentanti al primo dei due appelli potranno sostenere l’esame nel seguente appello soltanto in modalità generale da non frequentanti. Invece, gli studenti che sono iscritti ma assenti al primo appello parziale/generale frequentanti potranno iscriversi alla prova generale frequentanti al seguente appello.
    • 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.
    • Negli appelli d’esame che saranno sostenuti a distanza, la prova si svolgerà nella modalità scritta sotto il monitoraggio di Respondus Monitor. Quando sarà possibile, in base alle decisioni dell’università, tornare a sostenere gli appelli d’esame interamente in presenza o in modalità ibrida, sarà comunicata una dettagliata struttura della prova scritta in presenza, tramite un aggiornamento del programma d’insegnamento pubblicato sul sito Bocconi e del programma d’aula disponibile in Blackboard.
    • 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

    STUDENTI NON FREQUENTANTI
    • L'esame, proposto in un’unica prova generale (31 punti) che verte sull'intero libro di testo.
    • Negli appelli d’esame che saranno sostenuti a distanza, la prova si svolgerà nella modalità scritta sotto il monitoraggio di Respondus Monitor. Quando sarà possibile, in base alle decisioni dell’università, tornare a sostenere gli appelli d’esame interamente in presenza o in modalità ibrida, sarà comunicata una dettagliata struttura della prova scritta in presenza, tramite un aggiornamento del programma d’insegnamento pubblicato sul sito Bocconi e del programma d’aula disponibile in Blackboard.
    • 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. 

    Materiali didattici
    STUDENTI FREQUENTANTI
    • 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.
    STUDENTI NON FREQUENTANTI
    • 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.

     

    Modificato il 26/07/2021 11:21

    BIEF (6 credits - II sem. - OB  |  SECS-P/09) - BIEM (6 credits - II sem. - OB  |  SECS-P/09)
    Course Director:
    HANNES WAGNER

    Classes: 15 (II sem.) - 16 (II sem.) - 17 (II sem.) - 18 (II sem.) - 21 (II sem.) - 22 (II sem.)

    Class group/s taught in English

    Suggested background knowledge

    Students attending this course should be familiar with the basics of mathematics, statistics, financial mathematics, accounting, and financial markets and institutions. In particular, students should have reasonable knowledge of the basics in financial mathematics such as the time value of money, annuities and perpetuities; basics in statistics such as probabilities, variances/covariances and ordinary least squares; basics in accounting such as being able to read information contained in balance sheets, income statements, cash flow statements.


    Mission & Content Summary
    MISSION

    This course serves as an introduction to modern corporate finance. Corporate finance is a set of principles that govern how businesses run. It is a study of how businesses should make financial decisions - ranging from investment choices to assessing the right mix of debt and equity. The course explores both investing and financing decisions, focusing on their role in the creation of shareholder value.

    CONTENT SUMMARY

    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.

    Intended Learning Outcomes (ILO)
    KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • Recognize, explain, and reproduce core corporate finance tools and techniques, including applications in international contexts.
    APPLYING KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • 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.

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

    Assessment methods
      Continuous assessment Partial exams General exam
  • Written individual exam (traditional/online)
  •     x
  • Individual assignment (report, exercise, presentation, project work etc.)
  • x    
  • Group assignment (report, exercise, presentation, project work etc.)
  • x    
    ATTENDING AND NOT ATTENDING STUDENTS

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

    • An exam grade (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.
    • Take-home quizzes (0-50% of the final grade): the 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 50% 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.

    Teaching materials
    ATTENDING AND NOT ATTENDING STUDENTS
    • FAQ: an up-to-date guide to Frequently Asked Questions about the course, on Bboard.

    • Textbook: BREALEY, MYERS, ALLEN, Principles of Corporate Finance, McGraw Hill, 13th edition. Other recent editions are okay.

    • 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.

    Last change 26/07/2021 11:21

    CLMG (6 credits - I/II sem. - OP  |  12 credits SECS-P/09)
    Course Director:
    HANNES WAGNER

    Classes: 31 (I sem.) - 32 (II sem.)
    Instructors:
    Class 31: THORSTEN MARTIN, Class 32: JULIEN SAUVAGNAT

    Class group/s taught in English

    Suggested background knowledge

    Students attending this course should be familiar with the basics of mathematics, statistics, financial mathematics, accounting, and financial markets and institutions. In particular, students should have reasonable knowledge of the basics in financial mathematics such as the time value of money, annuities and perpetuities; basics in statistics such as probabilities, variances/covariances and ordinary least squares; basics in accounting such as being able to read information contained in balance sheets, income statements, cash flow statements.


    Mission & Content Summary
    MISSION

    This course serves as an introduction to modern corporate finance. Corporate finance is a set of principles that govern how businesses run. It is a study of how businesses should make financial decisions - ranging from investment choices to assessing the right mix of debt and equity. The course explores both investing and financing decisions, focusing on their role in the creation of shareholder value.

    CONTENT SUMMARY

    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.

    Intended Learning Outcomes (ILO)
    KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • Recognize, explain, and reproduce core corporate finance tools and techniques, including applications in international contexts.
    APPLYING KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • 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.

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

    Assessment methods
      Continuous assessment Partial exams General exam
  • Written individual exam (traditional/online)
  •     x
  • Individual assignment (report, exercise, presentation, project work etc.)
  • x    
  • Group assignment (report, exercise, presentation, project work etc.)
  • x    
    ATTENDING AND NOT ATTENDING STUDENTS

    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.

    Teaching materials
    ATTENDING AND NOT ATTENDING STUDENTS
    • 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, 13th edition.

    • 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.

    Last change 19/07/2021 13:13

    CLEF (8 credits - I sem. - OB  |  SECS-P/09)
    Course Director:
    MAURIZIO DALLOCCHIO

    Classes: 9 (I sem.) - 10 (I sem.)
    Instructors:
    Class 9: MAURIZIO DALLOCCHIO, Class 10: FEDERICO PIPPO

    Class group/s taught in English

    Suggested background knowledge

    Students attending this course should be familiar with the basics of mathematics, financial mathematics and accounting. In particular, students should have reasonable knowledge of the basics in financial mathematics such as the time value of money, annuities and perpetuities; basics in accounting such as being able to read information contained in balance sheets, income statements, cash flow statements.


    Mission & Content Summary
    MISSION

    The course covers essential corporate finance topics such as financial analysis, working capital management, capital budgeting decisions, and capital structure choices. The course also provides a brief introduction to mergers and acquisitions (M&A) transactions. The objective of the course is to introduce students to the world of corporate finance, providing them with the tools to understand both the main theoretical models and their fundamental applications in the business environment. To this end, the teaching model alternate theoretical sessions, in which modern finance theory models are exposed and commented with continuous references to the most recent economic-financial news, with sessions dedicated to case studies and guest speakers.

    CONTENT SUMMARY

    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.

     


    Intended Learning Outcomes (ILO)
    KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • 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.
    APPLYING KNOWLEDGE AND UNDERSTANDING
    At the end of the course student will be able to...
    • 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.

    Teaching methods
    • 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
    DETAILS

    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.

    Assessment methods
      Continuous assessment Partial exams General exam
  • Written individual exam (traditional/online)
  •   x x
  • Group assignment (report, exercise, presentation, project work etc.)
  •     x
    ATTENDING STUDENTS

    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.

     

     

    NOT ATTENDING STUDENTS

    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.


    Teaching materials
    ATTENDING AND NOT ATTENDING STUDENTS

    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/).
    Last change 29/07/2021 11:13