PRINCIPI DI FINANZA AZIENDALE
- Assessment methods
- Learning objectives
- Teaching methods
Written examination (1h 30 mins), divided as it follows:
• 3 theoretical questions (9 points overall)
• 3 exercises (15 points overall)
• 4 multiple-choice questions (6 points overall)
For the purpose of passing the exam is necessary to achieve a rating of at least 18 points over 30.
Student can report the highest score (30 cum laude) if the total score is equal to 30 points over 30.
This cours aims to provide fundamentals of corporate finance, focusing on theories, policies and basic instruments related to fims’ investment decisions (among others make or buy decisions, capital budgeting, financial investments, …) and financing policies.
1) Introduction to Corporate finance
1.1 The role of corporate finance and capital markets
1.2 Consumption and investment
1.3 Shareholders and bondholders’ payoff
2) Present value and cash-flow
2.1 Intertemporal consumption choices
2.2 Elements of financial mathematics: interest rates, capitalization, present and future values
3) Capital budgeting and investment decisions: tools and selection criteria
3.1 The Net Present Value (NPV)
3.2 Alternative criteria for investment decisions
3.3 The estimate of cash-flows
3.4 Complex choices of capital budgeting
4) The valuation of financial investments
4.1 Bonds evaluation
4.2 Stocks evaluation
5) Risk and return and capital markets theory
5.1 The theory of capital markets
5.2 Measuring assets’ and portfolio’s return
5.3 Measuring assets’ and portfolio’s risk: variance and covariance
5.4 Efficient portfolios and capital market line
5.5 Capital markets equilibrium: the beta and the Capital Assets Pricing Model
5.6 The Securities Market Line
6) Financing decision and financial firm structure
6.1 The composition of the firm’ financial structure
6.2 Modigliani-Miller propositions
• Handbook: Ross, Hillier, Westerfield, Jaffe e Jordan [RHWJJ], “Corporate Finance”, McGraw-Hill, 2015 [ita]
• Slides, exercises and other materials will be available on e-learning platform Moodle.
Teaching lessons and exercises. The total amount of hours delivered in class is equal to 40.
• Department of Economics, Via Monte Generoso, 71 – Varese
• In the I semester of A.Y. 2017/18, the reception is usually on Wednesdays at 11.30 am (office #20, first floor). Any change will be published on Lecturer’s webpage.