20156 - INTERNATIONAL FINANCE
Course taught in English
The course is focused on the topic of finance at an international level.
The content is divided into two different parts: the first is dedicated to corporate finance issues and the second to investment banking issues. The aim is to give a broad picture about international finance management through both companies and financial institutions approaches. The main goal of the program is to offer both a clear framework and a set of operative tools to understand the relationship between firms and financial system.
The first part covers advanced topics of Corporate Finance, i.e. capital budgeting, cost of capital, designing optimal capital structures, advanced models for risk valuation, value creating strategies.
The second is focused on the analysis of investment banking activity through three main areas: regulation and supervision, market and competition, management and financial instruments.
- The fundamental of corporate finance through an international perspective.
- Capital structure issues: the concept of cost of debt and equity capital.
- Liabilities management: bonds, leasing, mortgages, syndicated loans, hybrid debt.
- Different models of company valuation (multiples, DCF, APV, real options): theory and advanced practice.
- The business system of investment banking.
- Regulation and supervision in investment banking activity: a European and an American perspective through Basle II, III Capital Adequacy Framework.
- Debt Capital Market deals: underwriting and selling in domestic and international markets; the structure of syndicated loans.
- Equity Capital Markets deals: private equity, IPO, private placement.
- Corporate finance and advisory services: advisory & arranging in M&A; advisory & arranging in corporate restructuring deals.
The course is intended to be extremely interactive and participatory in nature. Group work, class presentations and a role play are part of the assessment for students regularly attending classes (validity: all exam sessions of academic year). The final grade for this course for students regularly attending classes is based on:
- group assignments and contribution to class debate (50%)
- WHO role play (20%)
- final examination (30%)
For students not regularly attending the course in class or failing to participate in the group assignment or in the WHO role play, final grade for this course is based on final written examination (100%). Students who will not have followed regularly classes or who fail to participate in the group assignment and/or in the WHO role play will be assessed through a separate final written exam, composed of open-ended as well as multiple choice questions, based on mandatory readings, PPT presentations and further readings listed in this syllabus and uploaded on the e-learning.