To provide theoretical concepts and practical tools for the analysis and evaluation of financial performance and risk of non-financial companies, industries and portfolios. In details, the course aims at developing competences and skills in critical analysis, interpretation and valuation-judgement in the following fields:
economic and financial performance of firms/industries in manufacturing and tertiary sector
financial dynamics and financial needs of non-financial firms
financial solvency, credit risk and cost of debt
risk and return of equity portfolios and mutual funds.
The course contents are applicable in two main areas:
decision making for resources allocation by managers, public decision-makers and financial analysts
fundamental analysis of shares/portfolios for asset management/financial investments.
economic and financial performance of firms/industries in manufacturing and tertiary sector
financial dynamics and financial needs of non-financial firms
financial solvency, credit risk and cost of debt
risk and return of equity portfolios and mutual funds.
The course contents are applicable in two main areas:
decision making for resources allocation by managers, public decision-makers and financial analysts
fundamental analysis of shares/portfolios for asset management/financial investments.
teacher profile teaching materials
1. Objectives, contents, uses and users of financial analysis
2. Main data-bases in economic and financial area (both national and international): objectives, scope, information structure (i.e. datasets Mediobanca-R&S and BACH-ESD)
3. Performance and risk of non financial companies:
a) financial ratios: definition and classification, economic meaning and diagnostic power, breakdown criteria and mutual relationships, benchmark for cross-sectional analysis, application problems.
b) comparison among firms and industries on available datasets.
4. Financial needs and their determinants. Financial dynamics and cash-flows statements
5. Financial viability, credit risk and cost of debt
a) definitions and measures of financial solvency
b) bonds: typologies, interest rates and pricing, duration and CDS
c) corporate bonds, credit spread and probability of default
d) credit risk and scoring models
e) rating: providers and determinants.
6. Risk and return of equity portfolios and mutual funds
a) performance metrics (TWR vs MWR) and risk measures
b) risk adjusted measures of performance
c) performance attribution
d) the mutual funds industry in Italy: features (basic) and prospectus examples.
1. Berk J. – De Marzo P., Finanza aziendale 1 - Fondamenti, IV Edition, Pearson, 2018, ch. 6
2. Berk J. – De Marzo P. – Morresi O., Venanzi D., Finanza aziendale 2 – Teoria e pratica della finanza moderna, IV Edition, Pearson, 2018, §§ 5.4, 12.5, 12.6, 12.7
3. Brunetti G., Coda V., Favotto F., Analisi, previsioni, simulazioni economico-finanziarie d’impresa, Etas Libri 1990, chs. 4-6-7-8
4. Coda V., Brunetti G., Barbato Bergamin M., Indici di bilancio e flussi finanziari, Etas Libri 1974, cap. 3 (download from the course website)
5. Feibel B. J., Investment performance measurement, Frank J. Fabozzi Series, Wiley 2003, chs. 3-4-5-7-9-10-11-12-13-14
6. Pavarani E., L’equilibrio finanziario, McGraw-Hill 2006, chs. 3 e 5 (Appendix included)
ARTICLES
8. Treynor J.L., Mazuy K.K., 1966, “Can mutual funds outgess the Market?”, Harvard Business Review, 44 (4), pp. 131-136 (download from digital Roma Tre Library)
Other reference materials
Data, cases, slides, seminar materials, notes, etc., down-loadable from the course website (requested passwords are provided by the teacher).
All materials are available on Roma Tre University SBA.
Mutuazione: 21201513 ANALISI FINANZIARIA in Economia L-33 VENANZI DANIELA
Programme
Main topics:1. Objectives, contents, uses and users of financial analysis
2. Main data-bases in economic and financial area (both national and international): objectives, scope, information structure (i.e. datasets Mediobanca-R&S and BACH-ESD)
3. Performance and risk of non financial companies:
a) financial ratios: definition and classification, economic meaning and diagnostic power, breakdown criteria and mutual relationships, benchmark for cross-sectional analysis, application problems.
b) comparison among firms and industries on available datasets.
4. Financial needs and their determinants. Financial dynamics and cash-flows statements
5. Financial viability, credit risk and cost of debt
a) definitions and measures of financial solvency
b) bonds: typologies, interest rates and pricing, duration and CDS
c) corporate bonds, credit spread and probability of default
d) credit risk and scoring models
e) rating: providers and determinants.
6. Risk and return of equity portfolios and mutual funds
a) performance metrics (TWR vs MWR) and risk measures
b) risk adjusted measures of performance
c) performance attribution
d) the mutual funds industry in Italy: features (basic) and prospectus examples.
Core Documentation
BOOKS1. Berk J. – De Marzo P., Finanza aziendale 1 - Fondamenti, IV Edition, Pearson, 2018, ch. 6
2. Berk J. – De Marzo P. – Morresi O., Venanzi D., Finanza aziendale 2 – Teoria e pratica della finanza moderna, IV Edition, Pearson, 2018, §§ 5.4, 12.5, 12.6, 12.7
3. Brunetti G., Coda V., Favotto F., Analisi, previsioni, simulazioni economico-finanziarie d’impresa, Etas Libri 1990, chs. 4-6-7-8
4. Coda V., Brunetti G., Barbato Bergamin M., Indici di bilancio e flussi finanziari, Etas Libri 1974, cap. 3 (download from the course website)
5. Feibel B. J., Investment performance measurement, Frank J. Fabozzi Series, Wiley 2003, chs. 3-4-5-7-9-10-11-12-13-14
6. Pavarani E., L’equilibrio finanziario, McGraw-Hill 2006, chs. 3 e 5 (Appendix included)
ARTICLES
8. Treynor J.L., Mazuy K.K., 1966, “Can mutual funds outgess the Market?”, Harvard Business Review, 44 (4), pp. 131-136 (download from digital Roma Tre Library)
Other reference materials
Data, cases, slides, seminar materials, notes, etc., down-loadable from the course website (requested passwords are provided by the teacher).
All materials are available on Roma Tre University SBA.
Type of evaluation
Individual written exam (70%) and individual oral exam (30%) (only if written exam score higher/equal 18/30).