The course aims to provide the basic knowledge related to the financial management of companies.

In particular, at the end of the course, students will be able to:

- interpret the results of business management according to the financial perspective;

- verify the conditions of financial equilibrium of the enterprise;

- use some analysis and evaluation tools, in order to determine the company's self-financing capacity and external financial needs;

- assess the adequacy of the financial structure of the enterprise, minimizing the cost of capital;

- recognize the composition characteristics of the financial structure of start-up companies;

- use financial planning tools for short-term forecasts.

The course is divided into three parts.

FIRST PART

- the budget and its reclassification;

- balance sheet ratios: systematic reading of the ratios (multiplicative approach, additive approach); operational risk and financial risk; the contribution of financial management to the results of the enterprise;

- the analysis of financial balances: alternative definitions of financial equilibrium; working capital dynamics; sustainability of financial charges;

SECOND PART 

- the financial structure of firms: the Modigliani-Miller theorem; the trade-off theory; the theory of market timing; the pecking order theory; other theories on the financial structure of the enterprise; the prediction of insolvency;

- the choices of composition of the financial structure in start-up companies;

- the cost of company capital: the cost of equity (Capital Asset Pricing Model and Dividend Discount Model); the cost of debt capital; the role of guarantees for access to credit.

THIRD PART

- provisional budgets: objectives of the financial forecast; drafting methodologies; information necessary for forecasts;

- short-term financial forecast: benefits and criticalities.

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

- interpret the company's results in a financial point of view;

- know an exhaustive review of the literature on the theory on the financial structure of firms;

- use the main analysis and evaluation tools, in order to analyze the financial dynamics of the management and determine the external financial needs of the company;

- assess the adequacy of the financial structure of the enterprise, minimizing the cost of capital;

- operationally use financial forecasting tools, in particular with regard to short-term planning;

- recognise the characteristics of the financial structure of start-up companies.

Application of knowledge and understanding skills: students must be able to apply in an adequate and timely manner the acquired knowledge to analyze, understand and solve problems related to financial decisions of companies. The teaching methods with which these results will be achieved will consist of: lectures, analysis and discussions of business cases, in-depth seminars.

Judgments skills: students must have the ability to evaluate, applying the tools and knowledge acquired during the course, the problems of corporate finance, deal with complex problems independently and with their own judgment for the purpose of solving the problems themselves. The teaching methods with which these results will be achieved will consist of: lectures, analysis and discussions of business cases, in-depht seminars.

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

Learning skills: students must have developed good learning skills, which allow them to deepen the knowledge acquired during the course by facing subsequent study paths on the issues of corporate finance management and to acquire new knowledge, skills and abilities through professional and work experiences. The teaching methods with which these results will be achieved will consist of: lectures, analysis and discussions of business cases, group work, in-depth seminars.

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

Teaching

The course involves the use of different teaching methods:

- lectures;

- analysis and discussion of business cases in the classroom;

- tutorials.

Innovative teaching methods

Analysis of cases, classroom discussions.

Course books

Regalli, Soana, Tagliavini. Analisi finanziaria. McGraw-Hill, 2018. ISBN 8838694575. Chapters 1, 13, 14 and 15 are excluded.

The text must be integrated with the material made available on the financing of start-up companies. For this part, it should be useful reading the volume "The financing of innovative start-ups", Nadotti, Gallo, Martelli, Vannoni, . Isedi, 2023. ISBN 9788880084181.

Assessment

The exam consists of a written test, with 3 open questions, concerning the main topics of the course. The student must be able to answer the questions in an articulate and in-depth way, in order to demonstrate:

- to have acquired full knowledge of the concepts of financial theory;

- to be able to present their arguments rigorously and in limited time; using appropriate language and identifying the essential elements for exposure.

The time available to answer questions is 2 hours. 

The evaluations are determined according to the objectives defined in relation to the learning objectives "knowledge and understanding skills"; "application of knowledge and understanding skills"; "autonomy of judgment skills"; "communication skills" and "ability to learn". 

The scores are awarded according to the following scale:

- less than 18/30 - insufficient level: the candidate does not achieve any of the learning outcomes provided for in the "knowledge and understanding skills" section;
- 18-20/30 - sufficient level: the candidate achieves, in particular, the learning outcomes provided for in the point "knowledge and understanding skills";
- 21-23/30 - fully sufficient level: the candidate achieves, in particular, the learning outcomes provided for in the points "knowledge and understanding skills" and "applied knowledge and understanding skills";
- 24-26/30 - good level: the candidate achieves, in particular, the learning outcomes provided for in the points "knowledge and understanding"; "applied knowledge and understanding skills" and "autonomy of judgment skills";
- 27-29/30 - very good level: the candidate achieves, in particular, the learning outcomes set out in the points "knowledge and understanding skills"; "applied knowledge and understanding skills"; "autonomy of judgment skills" and "communication skills";
- 30-30 cum laude - excellent level: the candidate fully achieves the learning outcomes set out in the points "knowledge and understanding skills"; "applied knowledge and understanding skills"; "autonomy of judgment skills"; "communication skills" and "ability to learn skills". 

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

Teaching

Individual study of the exam texts indicated above and of the material on the blended platform.

Course books

In order to give non-attending students the opportunity to compensate for what is done during the lessons with independent study, the following materials are indicated referring to the same contents of the program in order to promote full understanding:

Regalli, Soana, Tagliavini. Analisi finanziaria. McGraw-Hill, 2018. ISBN 8838694575. Chapters 1, 13, 14 and 15 are excluded.

The text must be integrated with the material made available on the financing of start-up companies. For this part, it should be useful reading the volume "The financing of innovative start-ups", Nadotti, Gallo, Martelli, Vannoni, . Isedi, 2023. ISBN 9788880084181.

Assessment

The evaluation takes place through a written test, consisting of 3 open questions on the topics covered during the course, according to the same procedures provided for attending students.

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

Students participating in ERASMUS programs are required to prepare for the exam by studying the entire program of the course. The exam and bibliography can be in English, at the request of the student.

Students who have registered the disability certification or DSA certification at the Inclusion and Right to Study Office can ask to use concept maps (by keywords) during the exam. To this purpose, it is necessary to send the maps, two weeks before the exam session, to the teacher of the course, who will verify their consistency with the indications of the university guidelines and may request their modification.