Università degli Studi di Urbino Carlo Bo / Portale Web di Ateneo


FINANCIAL MANAGEMENT mutuato
FINANZA AZIENDALE

A.Y. Credits
2021/2022 8
Lecturer Email Office hours for students
Alessandro Berti With appointment to be agreed by email to the professor
Teaching in foreign languages
Course with optional materials in a foreign language English
This course is entirely taught in Italian. Study materials can be provided in the foreign language and the final exam can be taken in the foreign language.

Assigned to the Degree Course

Economics and Management (LM-77)
Curriculum: AMMINISTRAZIONE D'IMPRESA E PROFESSIONE
Date Time Classroom / Location
Date Time Classroom / Location

Learning Objectives

At the end of the course students will be able to:

  •  know the main financial theory literature;

  •  identify the role of financial function, its relationship with other corporate functions, the main operational objectives of its business;

  •  identify relationships between corporate finance, markets and financial institutions;

  •  use some operating evaluation and analysis tools, typical of the financial function (investments evaluation, financial ratios and DuPont scheme, financial and operating leverage);

  •  understand the scope of some important theoretical issues (relationship between risk and return, the agency problem and signaling);

  •  use further operating evaluation and analysis tools, typical of the financial function (cash flows analysis, financial statement, firm valuation);

  •  assess the suitability of capital structure, minimizing cost of capital;

  •  identify the most efficient combinations of investment and financing choices;

  •  use financial planning operating tools (business plan, financial planning models and cash budgeting).

Program

Course outline:
PART I
1. Introduction to corporate finance;
2. What is corporate finance and the role of financial manager;
3. The goal of financial management;
4. Corporate governance;
5. The agency problem and the control of corporation;
6. Valuation and capital budgeting: balance sheet analysis, reclassification, financial statement and cash flows;
7. Present value and cash flows;
8. Valuation: the multi-period case (compounding period, annual interest rate, annuity);
9. Bonds, stocks and firm valuation;
10. Net present value and other investment rules (the payback period method, internal rate of return, management perspective);
11. Capital investment decisions: incremental cash flows, sunk costs and opportunity costs;
12. Risk, return and their valuation.

PART II
13. Risk and return: the Capital Asset Pricing Model;
14. Expected return, variance and covariance: the Beta formula;
15. Factor models: the Arbitrage Pricing Theory;
16. Risk, cost of capital and capital budgeting;
17. Cost of capital, estimation of Beta and WACC;
18. Financing choices and market efficiency: foundations of market efficiency and the different types of efficiency;
19. Long-term financing: stocks, dividends, long-term corporate debt and interests;
20. The capital structure and dividends policy: maximizing firm value versus maximizing stockholder interests;
21. Financial leverage and firm value: Modigliani and Miller;
22. Capital structure: limits to the use of debt;
23. Financial distress and agency costs;
24. Firm growth and the pecking-order theory;
25. Valuation and capital budgeting for the levered firm;
26. Dividends and other payouts.

Bridging Courses

None.

Learning Achievements (Dublin Descriptors)

-Knowledge and understanding: at the end of the course students will be able to:

•  know the main financial theory literature;

•  identify the role of financial function, its relationship with other corporate functions, the main operational objectives of its business;

•  identify relationships between corporate finance, markets and financial institutions;

•  use some operating evaluation and analysis tools, typical of the financial function (investments evaluation, financial ratios and DuPont scheme, financial and operating leverage);

•  understand the scope of some important theoretical issues (relationship between risk and return, the agency problem and signaling);

•  use further operating evaluation and analysis tools, typical of the financial function (cash flows analysis, financial statement, firm valuation);

•  assess the suitability of capital structure, minimizing cost of capital;

•  identify the most efficient combinations of investment and financing choices;

•  use financial planning operating tools (business plan, financial planning models and cash budgeting).

- Applied knowledge and understanding: students must be able to adequately apply the acquired knowledge to analyze, understand and solve problems related to financing choices and business investment decisions. The didactic work methods with which these results will be achieved will consist of: lectures, analysis and discussions of business cases, exercises, in-depth seminars.

- Independent judgment: students must have the ability to evaluate, by applying the tools and knowledge acquired during the course, the problems of corporate finance, confront themselves with complex problems autonomously and with their own capacity of judgment for the purposes of problem solving themselves. The didactic work methods with which these results will be achieved will consist of: lectures, analysis and discussions of company cases, exercises and in-depth seminars.

- Communication skills: Students must acquire a clear and effective communication skills, in order to be able to share the analysis and the solution of problems related to the financial management of the company. The didactic work methods with which these results will be achieved will consist of: lectures, analysis and discussion of business cases, group work, exercises and in-depth seminars.

Teaching Material

The teaching material prepared by the lecturer in addition to recommended textbooks (such as for instance slides, lecture notes, exercises, bibliography) and communications from the lecturer specific to the course can be found inside the Moodle platform › blended.uniurb.it

Supporting Activities

Case study exercises.
 


Didactics, Attendance, Course Books and Assessment

Didactics

Lectures, preparation and discussion of case studies.

Attendance

ERASMUS students are held to prepare the examination by studying the entire provided material (attending only), recommended books are required if not attending. Examination will be carried out in Italian language. Other exam preparation and passing modalities are not allowed.

Course books

Hillier, Ross, Westerfield, Jaffe, Jordan, Corporate Finance, McGraw-Hill Education, 3rd Edition. Chapter 8 not included (ISBN Code 978-88-386-9473-8)
The book will be integrated with professor’s installments about financial statement and net working capital.

Assessment

A final written test about both theoretical knowledge and a case study. The case study analysis is fundamental to assess the comprehension level of the main topics of corporate finance management. Failing case study analysis implies not to pass the exam and, consequently, the need to take it one more time.

The evaluation criteria and the scale of marks are as follows:

less than 18/30: competence level insufficient. The student doesn’t reach the learning results described in “knowledge and understanding”.

18-20: competence level sufficient. In particular, the student attains the learning results described in “knowledge and understanding”.

21-23: competence level satisfactory. In particular, the student attains the learning results described in “knowledge and understanding” and in “applied knowledge and understanding”.

24-26: competence level good. In particular, the student attains the learning results described in “knowledge and understanding”, “applied knowledge and understanding” and “making judgments”.

27-29: competence level very good. In particular, the student attains the learning results described in “knowledge and understanding”, “applied knowledge and understanding”, “making judgments” and “communication skills”.

30-30 with honours: competence level excellent. The student fully attains the learning results described in “knowledge and understanding”, “applied knowledge and understanding”, “making judgments” and “learning skills”.

Additional Information for Non-Attending Students

Didactics

Lectures, preparation and discussion of case studies.

Attendance

ERASMUS students are held to prepare the examination by studying the entire provided material (attending only), recommended books are required if not attending. Examination will be carried out in Italian language. Other exam preparation and passing modalities are not allowed.

Course books

Hillier, Ross, Westerfield, Jaffe, Jordan, Corporate Finance, McGraw-Hill Education, 3rd Edition. Chapter 8, 10, 11 not included (ISBN Code 978-88-386-9473-8)
The book will be integrated with professor’s installments about financial statement and net working capital.

Assessment

A final written test about both theoretical knowledge and a case study. The case study analysis is fundamental to assess the comprehension level of the main topics of corporate finance management. Failing case study analysis implies not to pass the exam and, consequently, the need to take it one more time.

« back Last update: 28/06/2021

Condividi


Questo contenuto ha risposto alla tua domanda?


Il tuo feedback è importante

Raccontaci la tua esperienza e aiutaci a migliorare questa pagina.

Se sei vittima di violenza o stalking chiama il 1522

Il 1522 è un servizio pubblico promosso dalla Presidenza del Consiglio dei Ministri – Dipartimento per le Pari Opportunità. Il numero, gratuito è attivo 24 h su 24, accoglie con operatrici specializzate le richieste di aiuto e sostegno delle vittime di violenza e stalking.

Posta elettronica certificata

amministrazione@uniurb.legalmail.it

Social

Performance della pagina

Università degli Studi di Urbino Carlo Bo
Via Aurelio Saffi, 2 – 61029 Urbino PU – IT
Partita IVA 00448830414 – Codice Fiscale 82002850418
2021 © Tutti i diritti sono riservati

Top