Corporate finance
A.A. 2019/2020
Obiettivi formativi
The course aims at providing knowledge of the financial aspects of an enterprise or corporation in order to enable students to assess its prospects, estimate its value, understand the process for deciding the investments underpinning its growth, judge the best way to source funds for such investments, understand hedging and payout decisions, all in the context of the financial and institutional environment in which firms operate.
Risultati apprendimento attesi
At the end of the course the student knows a corporation's accounts explaining how the main internal governance and external environment issues are interrelated and how they can best be analyzed to gauge the health, prospects and value of a business. Specifically, the student knows the time value of money, the cost of capital and the identification of the appropriate discount or hurdle rate, the main decision criteria such as IRR, NPV, repayment period, capital structure and distribution policies and the main issues involved in the decision to hedge risk through futures and options.
Periodo: Terzo trimestre
Modalità di valutazione: Esame
Giudizio di valutazione: voto verbalizzato in trentesimi
Corso singolo
Questo insegnamento non può essere seguito come corso singolo. Puoi trovare gli insegnamenti disponibili consultando il catalogo corsi singoli.
Programma e organizzazione didattica
Edizione unica
Periodo
Terzo trimestre
Programma
1. CH.1: INTRODUCTION TO CORPORATE FINANCE
· Investment and financing decisions
· The financial goal of the corporation
· Governance and agency problem
2. CH.2: TIME VALUE OF MONEY
· How to calculate the present value and the future value
· Annuities and perpetuities
· Growing perpetuities and annuities
· How interest rates and quoted and paid
3. CH.28: FINANCIAL ANALYSIS
· Financial statements
· Financial ratios
· MVA and EVA
· Du Pont system
4. CH.3: VALUING BONDS
· Bond valuation using present value formula
· Bond value and interest rate
· Term structure of interest rate and the duration
· Real and nominal interest rates
5. CH.4: VALUING COMING STOCKS
· Stock trading and valuation
· Estimating the cost of capital
· Using DCF for business valuation
6. CH.5: NET PRESENT VALUE (NPV) AND OTHER INVESTMENT CRITERIA
· Net present value
· Payback period
· Internal rate of return
7. CH.7: INTRODUCTION TO RISK AND RETURN
· Risk and return trade-off
· Diversification and portfolio risk
8. CH.8: PORTFOLIO THEORY AND THE CAPITAL ASSET PRICING MODEL (CAPM)
· The birth of portfolio theory
· Portfolio risk and return
· CAPM and other risk pricing theories
9- CH.9: RISK AND THE COST OF CAPITAL
· The cost of equity capital
· The cost of debt capital
· Project cost of capital
· Certainty equivalent
10- CH.17: DOES DEBT POLICY MATTERS
· The effect of financial leverage
· Financial risk and expected return
11- CH.19: FINANCING AND VALUATION
· The cost of capital
· Business valuation
· WACC approach to valuation
· Adjusted present value (APV) approach
· Investment and financing decisions
· The financial goal of the corporation
· Governance and agency problem
2. CH.2: TIME VALUE OF MONEY
· How to calculate the present value and the future value
· Annuities and perpetuities
· Growing perpetuities and annuities
· How interest rates and quoted and paid
3. CH.28: FINANCIAL ANALYSIS
· Financial statements
· Financial ratios
· MVA and EVA
· Du Pont system
4. CH.3: VALUING BONDS
· Bond valuation using present value formula
· Bond value and interest rate
· Term structure of interest rate and the duration
· Real and nominal interest rates
5. CH.4: VALUING COMING STOCKS
· Stock trading and valuation
· Estimating the cost of capital
· Using DCF for business valuation
6. CH.5: NET PRESENT VALUE (NPV) AND OTHER INVESTMENT CRITERIA
· Net present value
· Payback period
· Internal rate of return
7. CH.7: INTRODUCTION TO RISK AND RETURN
· Risk and return trade-off
· Diversification and portfolio risk
8. CH.8: PORTFOLIO THEORY AND THE CAPITAL ASSET PRICING MODEL (CAPM)
· The birth of portfolio theory
· Portfolio risk and return
· CAPM and other risk pricing theories
9- CH.9: RISK AND THE COST OF CAPITAL
· The cost of equity capital
· The cost of debt capital
· Project cost of capital
· Certainty equivalent
10- CH.17: DOES DEBT POLICY MATTERS
· The effect of financial leverage
· Financial risk and expected return
11- CH.19: FINANCING AND VALUATION
· The cost of capital
· Business valuation
· WACC approach to valuation
· Adjusted present value (APV) approach
Prerequisiti
Per procedere al corso di finanza aziendale, gli studenti devono aver acquisito alcune competenze di base nelle seguenti discipline: contabilità, algebra, statistica ed economia finanziaria.
Metodi didattici
Il corso è erogato attraverso due lezioni a settimana (2 ore ciascuna), supportate da slides dei capitoli, esercitazioni immediate in classe e mini business case.
Materiale di riferimento
PRINCIPLES OF CORPORATE FINANCE
For BREALEY, MYERS, AND ALLEN
13TH EDITION
For BREALEY, MYERS, AND ALLEN
13TH EDITION
Modalità di verifica dell’apprendimento e criteri di valutazione
Alla fine del corso, gli studenti saranno valutati sulla base di una prova scritta che contiene delle domande chiuse (scelte multiple) e domande aperte (esercizi).
SECS-P/09 - FINANZA AZIENDALE - CFU: 6
Lezioni: 40 ore
Docente:
Harasheh Murad
Turni:
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Docente:
Harasheh Murad