Course 2024-2025 a.y.

30017 - FINANZA AZIENDALE / CORPORATE FINANCE

Department of Finance

Classes 31 and 32 are reserved to exchange incoming students

Student consultation hours
Class timetable
Exam timetable

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:
CESARE CONTI

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: OMBRETTA PETTINATO, Classe 3: CESARE CONTI, Classe 4: GIOVANNI WALTER PUOPOLO, Classe 5: FEDERICO PIPPO, Classe 6: CESARE CONTI, Classe 7: ALBERTO MARIA GHEZZI, Classe 8: LUCA RAI

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, tenuto conto degli stakeholder principali. 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 e la scelta del grado di leva finanziaria (capital structure), ovvero i principali campi di attività della Direzione Finanziaria. I contenuti del corso si articolano in quattro moduli, che sviluppano a livello teorico ed applicativo i seguenti concetti essenziali della finanza aziendale: 1) Cenni di analisi di bilancio; 2) Valore delle azioni e delle decisioni di investimento; 3) Rischio e rendimento, costo del capitale; 4) Struttura del capitale. 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”, "Corporate Valuation", “Structured and project finance” e “Venture and development capital”.

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
  • 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. 

Risultati di Apprendimento Attesi (RAA)

CONOSCENZA E COMPRENSIONE

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. 

CAPACITA' DI APPLICARE CONOSCENZA E COMPRENSIONE

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
  • Testimonianze (in aula o a distanza)
  • Esercitazioni pratiche
  • Lavori/Assignment di gruppo

DETTAGLI

Durante le lezioni sarà rilevata la frequenza fisica tramite la procedura Attendance, ai fini del monitoraggio dell’afflusso in aula.


Metodi di valutazione dell'apprendimento

  Accertamento in itinere Prove parziali Prova generale
  • Prova individuale scritta (tradizionale/online)
  x x
  • Lavori/Assignment di gruppo (relazione, esercizio, dimostrazione, progetto etc.)
x    
  • Partecipazione in aula (virtuale, fisica)
x    

STUDENTI FREQUENTANTI

  • Gli studenti che frequenteranno almeno il 75% delle lezioni 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, la valutazione finale sarà data dalla somma delle componenti che seguono:
    • Esame scritto (“E”), che assegna 26 punti;
    • Lavoro di gruppo (“G”), che assegna 5 punti
  • Il voto finale sarà arrotondato una sola volta alla fine, dopo avere sommato a “G” la media aritmetica dell’esito dell’esame scritto (“E”, ove questo fosse svolto tramite le due prove parziali)
  • A chi otterrà un punteggio totale pari a 31 punti verrà assegnata la lode. 

 

L’esame scritto per studenti frequentanti

  • Gli studenti possono svolgere l’esame scritto (E) in due prove parziali o in un’unica prova generale.
  • Il requisito della frequenza ad almeno il 75% delle lezioni sarà misurato:
    • nel caso dell’esame svolto in due prove parziali, in entrambe le parti del semestre, separate dalla pausa parziali, separatamente;
    • nel caso dell’esame svolto con un’unica prova generale da frequentanti, una sola volta, rispetto a tutte le lezioni del semestre.
  • Nel caso dell’esame svolto in due prove parziali, accessibili solo agli studenti frequentanti:
    • coerentemente con la regola generale (e non derogabile) 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 scritto (E) è dato dalla media aritmetica dei voti delle due prove, senza arrotondamento. 
    • saranno considerati validi esami parziali in cui gli studenti hanno ottenuto un voto sufficiente (≥ 15) in entrambe le prove parziali.
  • Nel caso dell’esame svolto con la prova unica generale da frequentanti, il requisito della frequenza, una volta soddisfatto, resta valido per tutti gli appelli interessati (ovvero dicembre - per le categorie di studenti ammesse all’appello - gennaio e febbraio), anche in caso di non superamento di una prova da frequentanti precedentemente sostenuta in uno di questi appelli.
  • L'esame è class-specific, ma verte sostanzialmente sui medesimi contenuti illustrati nel programma sintetico. Il programma dettagliato sarà fornito dai docenti di classe su Blackboard.
  • La prima prova parziale sarà formata da 26 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.
  • La seconda prova parziale e la prova generale da frequentanti seguono la medesima struttura, ovvero sono formate da:
    • 11 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 delle prove è di 60 minuti.
  • L’esame sarà svolto e consegnato sui PC degli studenti, sotto il monitoraggio di Respondus Lockdown. Per lo svolgimento dell’esercizio non è inclusa interazione con Microsoft Excel.

 

Il lavoro di gruppo

 

  • Durante lo svolgimento del corso saranno condivisi i dettagli operativi di formazione dei gruppi e di svolgimento del lavoro di gruppo, le cui istruzioni dettagliate saranno disponibili successivamente in Blackboard.
  • La valutazione del lavoro di gruppo sarà basata sugli elaborati consegnati.
  • I punteggi assegnati saranno comunicati prima dell’appello d’esame di dicembre.

STUDENTI NON FREQUENTANTI

  • L'esame, proposto in un’unica prova generale (31 punti) che verte sull'intero libro di testo.
  • 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 70 minuti.
  • A chi otterrà un punteggio pari a 31 punti verrà assegnata la lode. 
  • L’esame sarà svolto e consegnato sui PC degli studenti, sotto il monitoraggio di Respondus Lockdown. Per lo svolgimento dell’esercizio non è inclusa interazione con Microsoft Excel.

Materiali didattici


STUDENTI FREQUENTANTI

  • D. Hillier, S. Ross, R. Westerfield, et al., Corporate Finance, (a cura di S. Frova e C. Conti), McGraw-Hill, 2023, quarta edizione italiana (capitoli 1-3, 5-7, 10, 12, 14-17 e limitatamente alle parti indicate nel Programma d’Aula disponibile in Blackboard).
  • Materiale vario (letture, esercizi, domande multiple, etc) pubblicato sulle pagine Blackboard delle singole classi.
  • E. Teti, Finanza Aziendale – Domande a risposta multipla, EGEA My Books – Tools, 2018.

STUDENTI NON FREQUENTANTI

  • D. Hillier, S. Ross, R. Westerfield, et al., Corporate Finance, (a cura di S. Frova e C. Conti), McGraw-Hill, 2023, quarta edizione italiana (sarà esaminato l’intero manuale).
  • E. Teti, Finanza Aziendale – Domande a risposta multipla, EGEA My Books – Tools, 2018.
Modificato il 24/05/2024 15:24
BIEF (6 credits - II sem. - OB  |  SECS-P/09) - BIEM (6 credits - II sem. - OB  |  12 credits 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.)
Instructors:
Class 15: MARCO LOSETO, Class 16: OMBRETTA PETTINATO, Class 17: OMBRETTA PETTINATO, Class 18: MARCO LOSETO, Class 21: HANNES WAGNER, Class 22: RACHELE ANCONETANI

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

  • Practical Exercises
  • Individual works / Assignments
  • Collaborative Works / 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 Works/ 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: 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.

Last change 09/07/2024 19:10
CLMG (6 credits - I/II sem. - OP  |  SECS-P/09)
Course Director:
HANNES WAGNER

Classes: 31 (I sem.) - 32 (II sem.)
Instructors:
Class 31: MARTIN GUNTER KORNEJEW, Class 32: RACHELE ANCONETANI

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

  • Lectures
  • Practical Exercises
  • Individual works / Assignments
  • Collaborative Works / 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 Works/ Assignment (report, exercise, presentation, project work etc.)
x    
  • Collaborative Works / 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, current edition (likely 14th during 2024/2025).

  • 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 29/05/2024 10:47
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 - Capital Structure and 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.
  • The relationship between cost of capital and ESG.

 

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

  • Guest speaker's talks (in class or in distance)
  • Practical Exercises

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.

 


Assessment methods

  Continuous assessment Partial exams General exam
  • Written individual exam (traditional/online)
  x x

ATTENDING STUDENTS

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.

 

ATTENDING STUDENTS

Attending students can decide to carry out:

1. Two tests, mid-term and final: in this case, 50% of the total evaluation depends on the results of the first midterm and 50% on the results of the final test.

The exam is considered passed only if both tests score at least 18 out of 31.

2. General exam: in this case, 100% of the final evaluation derives from the outcome of the general test.

3. Exchange students outgoing in 2025 will take their final exam in December and can opt for both alternative 1. and 2.

Besides that, attending students have the possibility – both if they opt for alternative 1. or 2. – to answer to a smaller number of exam questions via-a-vis the non attending ones. As an example: if the test is made of 20 questions, attending students will be asked to answer to 18 questions only. Please take note that if an attending student answers to all questions, the exam commission will take into account the first 18 answers only.

Other info:

  1. 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

  2. there are no penalties for incorrect multiple-choice answers

  3. there is no provision for integrations

  4. any grade of at least 18 points is automatically recorded without any exception, as required by the general University regulations. The only exception regards the mid-term test. Attending students who are not satisfied with their mid term performance or obtain a negative valuation can take the General exam. The second intermediate test is only available on the first two exam sessions. All subsequent sessions are designed for non-attending students. Students must enroll on time for the both the first and second tests or for the general exam via the You@B Agenda.

  5. the student can withdraw from the test in the first 15 minutes after the questions are known.

 


NOT ATTENDING STUDENTS

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. In addition to the Course textbook, also business cases and exercises available on the Bboard platform part of the exam material.


Teaching materials


ATTENDING AND NOT ATTENDING STUDENTS

DALLOCCHIO, SALVI, Basic Principles of Corporate Finance, EGEA , Milan 2023

Also slides will be uploaded on Blackboard. They facilitate learning but do not replace the textbook.

Last change 23/09/2024 12:09