The course provides students with the fundamental concepts of corporate finance and helps them understand the rationale of non-financial firms’ financial decisions in a context of uncertainty. The course focuses on investment decisions, capital structure decisions and cost of capital estimation.
Curriculum
scheda docente
materiale didattico
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Programma
The main 15 topics of the course are:1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
Testi Adottati
1) Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Modalità Erogazione
The teaching approach aims at: a) the application of theoretical models and practical techniques to real scenarios/contexts in the relevant fields b) developing/improving selection skills of both the relevant information and the appropriate techniques c) developing critical skills of data interpretation and autonomous judgement. In addition to the traditional lectures, active teaching methods will be used like analysis of real data, solution of problems/exercises (provided by the text book), case analysis, analysis and critical evaluation of empirical data, both in class and in autonomous learning.Modalità Frequenza
The particular features of the course as well as its being application-oriented strongly suggest the continuous attending of the course.Modalità Valutazione
Individual written exam with open questions, true/false questions and exercises/problems to solve. The oral exam is accessible only when written exam is at least sufficient. On the web page of the course (Moodle platform), an example of written exam is provided.
scheda docente
materiale didattico
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Programma
The main 15 topics of the course are:1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
Testi Adottati
1) Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Modalità Erogazione
The teaching approach aims at: a) the application of theoretical models and practical techniques to real scenarios/contexts in the relevant fields b) developing/improving selection skills of both the relevant information and the appropriate techniques c) developing critical skills of data interpretation and autonomous judgement. In addition to the traditional lectures, active teaching methods will be used like analysis of real data, solution of problems/exercises (provided by the text book), case analysis, analysis and critical evaluation of empirical data, both in class and in autonomous learning.Modalità Frequenza
The particular features of the course as well as its being application-oriented strongly suggest the continuous attending of the course.Modalità Valutazione
Individual written exam with open questions, true/false questions and exercises/problems to solve. The oral exam is accessible only when written exam is at least sufficient. On the web page of the course (Moodle platform), an example of written exam is provided.
scheda docente
materiale didattico
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Mutuazione: 21210190 Finanza aziendale in Economia L-33 VENANZI DANIELA
Programma
The main 15 topics of the course are:1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
Testi Adottati
1) Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Modalità Erogazione
The teaching approach aims at: a) the application of theoretical models and practical techniques to real scenarios/contexts in the relevant fields b) developing/improving selection skills of both the relevant information and the appropriate techniques c) developing critical skills of data interpretation and autonomous judgement. In addition to the traditional lectures, active teaching methods will be used like analysis of real data, solution of problems/exercises (provided by the text book), case analysis, analysis and critical evaluation of empirical data, both in class and in autonomous learning.Modalità Frequenza
The particular features of the course as well as its being application-oriented strongly suggest the continuous attending of the course.Modalità Valutazione
Individual written exam with open questions, true/false questions and exercises/problems to solve. The oral exam is accessible only when written exam is at least sufficient. On the web page of the course (Moodle platform), an example of written exam is provided.
scheda docente
materiale didattico
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Programma
The main 15 topics of the course are:1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
Testi Adottati
1) Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Modalità Erogazione
The teaching approach aims at: a) the application of theoretical models and practical techniques to real scenarios/contexts in the relevant fields b) developing/improving selection skills of both the relevant information and the appropriate techniques c) developing critical skills of data interpretation and autonomous judgement. In addition to the traditional lectures, active teaching methods will be used like analysis of real data, solution of problems/exercises (provided by the text book), case analysis, analysis and critical evaluation of empirical data, both in class and in autonomous learning.Modalità Frequenza
The particular features of the course as well as its being application-oriented strongly suggest the continuous attending of the course.Modalità Valutazione
Individual written exam with open questions, true/false questions and exercises/problems to solve. The oral exam is accessible only when written exam is at least sufficient. On the web page of the course (Moodle platform), an example of written exam is provided.
scheda docente
materiale didattico
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Programma
The main 15 topics of the course are:1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies
Testi Adottati
1) Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).2) in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.
Modalità Erogazione
The teaching approach aims at: a) the application of theoretical models and practical techniques to real scenarios/contexts in the relevant fields b) developing/improving selection skills of both the relevant information and the appropriate techniques c) developing critical skills of data interpretation and autonomous judgement. In addition to the traditional lectures, active teaching methods will be used like analysis of real data, solution of problems/exercises (provided by the text book), case analysis, analysis and critical evaluation of empirical data, both in class and in autonomous learning.Modalità Frequenza
The particular features of the course as well as its being application-oriented strongly suggest the continuous attending of the course.Modalità Valutazione
Individual written exam with open questions, true/false questions and exercises/problems to solve. The oral exam is accessible only when written exam is at least sufficient. On the web page of the course (Moodle platform), an example of written exam is provided.