Course 2011-2012 a.y.

Course Objectives

The course is focused on the investment banking business as a group of services offered to corporate and institutional clients. The course objective is the analysis of the main business areas under different points of view: asset valuation, deal pricing, deal structuring, processes followed during the transactions and roles played by the intermediary, the impact on the performance of the bank.

The course teaching style is essentially empirical and aims at developing students’ capabilities to use the most known methodological tools in real-life business for a wide range of deals. For this reasons, the lectures are accompanied by case study discussions and speeches from guest speakers coming from some of the most important market players.

Course Content Summary

• Il business of investment banking
• Equity capital market services
  • Initial public offerings
  • Seasoned offers
• Mergers and acquisition
  • Motivations of the deal and deal structuring
  • Dilution and accretion effects
  • Risk management
• Private Equity and LBOs
  • Private equity investment vehicles
  • Compensation schemes
  • The valuation of the deal’s profitability
• Debt capital market services
  • Syndicated lending
  • Corporate bond issues
• Corporate restructuring and distress
  • Reasons of distress
  • Asset and liability restructuring

Detailed Description of Assessment Methods

Final written exam for both attendant and non-attendant students. Students can opt for a mid-term exam and a second part exam at the end of the course.

Textbooks

G. Iannotti, Investment Banking - A Guide to Underwriting and Advisory Services, Heidelberg, Springer Verlag, 2010

Slides by the instructors, made available through the course website.

Prerequisites

Obiettivi formativi del corso

Il corso si focalizza sul business dell’investment banking come insieme di servizi offerti a clienti corporate e istituzionali. L’obiettivo del corso è l’analisi delle principali aree d’affari dell’investment banking sotto diversi punti di vista: asset valuation, deal pricing, deal structuring, processi seguiti durante la transazione e ruoli giocati dagli intermediari finanziari. Lo stile didattico è empirico e si pone l’obiettivo di sviluppare le capacità degli studenti nell’uso delle metodologie utilizzate nella pratica. Per tale ragione, le lezioni sono legate a discussioni di casi e a testimonianze di operatori del settore.

Programma sintetico del corso

• Il business dell’investment banking
• Equity capital market services
  • Initial public offerings
  • Seasoned offers
• Mergers and acquisition
  • Motivations of the deal and deal structuring
  • Dilution and accretion effects
  • Risk management
• Private Equity and LBOs
  • Private equity investment vehicles
  • Compensation schemes
  • The valuation of the deal’s profitability
• Debt capital market services
  • Syndicated lending
  • Corporate bond issues
• Corporate restructuring and distress
  • Reasons of distress
  • Asset and liability restructuring

Descrizione dettagliata delle modalità d'esame

Esame in forma scritta sia per frequentanti sia per non frequentanti. E’ prevista la possibilità di sostenere due prove intermedie a metà e a fine corso.

Testi d'esame

G. Iannotta, Investment Banking - A Guide to Underwriting and Advisory Services, Heidelberg, Springer Verlag, 2010

Slides a cura dei docenti messe a disposizione nel sito dedicato al corso.