Programme

A) Investment decisions
1. decision theory under uncertainty and risk premium measures
2. financial options: theory, pricing models, risk-return
3. contingency theory analysis applied to corporate finance: a) corporate capital in terms of options, betas and debt agency costs; b) risk-credit models à la Merton; c) credit derivatives and credit default swap (CDS)
4. real options: types (growth, scope-down, downsizing, defer-learn, etc.), valuation techniques and examples in evaluation of investment projects and firms
5. mergers and acquisitions: theory, determinants, international empirical evidence, performance
B) Capital market
1. CAPM in imperfect markets: taxes, transitional costs, not homogeneous expectations
2. how to empirically test CAPM
3. beyond CAPM: multi-factor models (Fama-French approach)
C) Financing decisions
1. key determinants of the capital structure choice
2. international empirical evidence: research strands and main empirical findings
3. international comparisons on real corporate financial structure, worldwide
4. IPOs and main features
5. dividend policy: theories and financing relationships
D) Ownership models and corporate governance
1. types of ownership and CG system
2. cross-country and trend comparative analysis about CG systems in USA, Europe and World and respective empirical evidence
3. the finance of small business.

Core Documentation

1. Berk J., De Marzo P., 2017, Finanza aziendale 1, IV Edition, Pearson, ch.17 and §§ 13.1, 13.6, 13.7 (pp.496-497)
2. Berk J., De Marzo P., Morresi O., Venanzi D., 2018, Finanza aziendale 2 –Teoria e pratica della finanza moderna, IV Edition, Pearson, chs. 1-2-3-4-6-7-10-11-13-14 e § 12.8.

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.

Type of delivery of the course

To develop critical skills in a) evaluation and judgement of real economic scenarios and b) decision-making and problem solving attitudes, active teaching methods will be used (in addition to traditional lectures) as case analysis, solution of problems/exercises, analysis and critical evaluation of empirical data. Furthermore, students are prepared to reading/comprehension/criticism of research paper on some course topics.

Attendance

Due to the theoretical and empirical orientation of the course and the related complexity, a continuous attending of the lectures is strongly suggested.

Type of evaluation

individual written exam with true/false questions and exercises/problems to solve individual orale exam (access if minimum score 18/30 in the written exam) by means of theoretical and practical questions

Programme

A) Investment decisions
1. decision theory under uncertainty and risk premium measures
2. financial options: theory, pricing models, risk-return
3. contingency theory analysis applied to corporate finance: a) corporate capital in terms of options, betas and debt agency costs; b) risk-credit models à la Merton; c) credit derivatives and credit default swap (CDS)
4. real options: types (growth, scope-down, downsizing, defer-learn, etc.), valuation techniques and examples in evaluation of investment projects and firms
5. mergers and acquisitions: theory, determinants, international empirical evidence, performance
B) Capital market
1. CAPM in imperfect markets: taxes, transitional costs, not homogeneous expectations
2. how to empirically test CAPM
3. beyond CAPM: multi-factor models (Fama-French approach)
C) Financing decisions
1. key determinants of the capital structure choice
2. international empirical evidence: research strands and main empirical findings
3. international comparisons on real corporate financial structure, worldwide
4. IPOs and main features
5. dividend policy: theories and financing relationships
D) Ownership models and corporate governance
1. types of ownership and CG system
2. cross-country and trend comparative analysis about CG systems in USA, Europe and World and respective empirical evidence
3. the finance of small business.

Core Documentation

1. Berk J., De Marzo P., 2017, Finanza aziendale 1, IV Edition, Pearson, ch.17 and §§ 13.1, 13.6, 13.7 (pp.496-497)
2. Berk J., De Marzo P., Morresi O., Venanzi D., 2018, Finanza aziendale 2 –Teoria e pratica della finanza moderna, IV Edition, Pearson, chs. 1-2-3-4-6-7-10-11-13-14 e § 12.8.

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.

Type of delivery of the course

To develop critical skills in a) evaluation and judgement of real economic scenarios and b) decision-making and problem solving attitudes, active teaching methods will be used (in addition to traditional lectures) as case analysis, solution of problems/exercises, analysis and critical evaluation of empirical data. Furthermore, students are prepared to reading/comprehension/criticism of research paper on some course topics.

Attendance

Due to the theoretical and empirical orientation of the course and the related complexity, a continuous attending of the lectures is strongly suggested.

Type of evaluation

individual written exam with true/false questions and exercises/problems to solve individual orale exam (access if minimum score 18/30 in the written exam) by means of theoretical and practical questions

Programme

A) Investment decisions
1. decision theory under uncertainty and risk premium measures
2. financial options: theory, pricing models, risk-return
3. contingency theory analysis applied to corporate finance: a) corporate capital in terms of options, betas and debt agency costs; b) risk-credit models à la Merton; c) credit derivatives and credit default swap (CDS)
4. real options: types (growth, scope-down, downsizing, defer-learn, etc.), valuation techniques and examples in evaluation of investment projects and firms
5. mergers and acquisitions: theory, determinants, international empirical evidence, performance
B) Capital market
1. CAPM in imperfect markets: taxes, transitional costs, not homogeneous expectations
2. how to empirically test CAPM
3. beyond CAPM: multi-factor models (Fama-French approach)
C) Financing decisions
1. key determinants of the capital structure choice
2. international empirical evidence: research strands and main empirical findings
3. international comparisons on real corporate financial structure, worldwide
4. IPOs and main features
5. dividend policy: theories and financing relationships
D) Ownership models and corporate governance
1. types of ownership and CG system
2. cross-country and trend comparative analysis about CG systems in USA, Europe and World and respective empirical evidence
3. the finance of small business.

Core Documentation

1. Berk J., De Marzo P., 2017, Finanza aziendale 1, IV Edition, Pearson, ch.17 and §§ 13.1, 13.6, 13.7 (pp.496-497)
2. Berk J., De Marzo P., Morresi O., Venanzi D., 2018, Finanza aziendale 2 –Teoria e pratica della finanza moderna, IV Edition, Pearson, chs. 1-2-3-4-6-7-10-11-13-14 e § 12.8.

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.

Type of delivery of the course

To develop critical skills in a) evaluation and judgement of real economic scenarios and b) decision-making and problem solving attitudes, active teaching methods will be used (in addition to traditional lectures) as case analysis, solution of problems/exercises, analysis and critical evaluation of empirical data. Furthermore, students are prepared to reading/comprehension/criticism of research paper on some course topics.

Attendance

Due to the theoretical and empirical orientation of the course and the related complexity, a continuous attending of the lectures is strongly suggested.

Type of evaluation

individual written exam with true/false questions and exercises/problems to solve individual orale exam (access if minimum score 18/30 in the written exam) by means of theoretical and practical questions

Programme

A) Investment decisions
1. decision theory under uncertainty and risk premium measures
2. financial options: theory, pricing models, risk-return
3. contingency theory analysis applied to corporate finance: a) corporate capital in terms of options, betas and debt agency costs; b) risk-credit models à la Merton; c) credit derivatives and credit default swap (CDS)
4. real options: types (growth, scope-down, downsizing, defer-learn, etc.), valuation techniques and examples in evaluation of investment projects and firms
5. mergers and acquisitions: theory, determinants, international empirical evidence, performance
B) Capital market
1. CAPM in imperfect markets: taxes, transitional costs, not homogeneous expectations
2. how to empirically test CAPM
3. beyond CAPM: multi-factor models (Fama-French approach)
C) Financing decisions
1. key determinants of the capital structure choice
2. international empirical evidence: research strands and main empirical findings
3. international comparisons on real corporate financial structure, worldwide
4. IPOs and main features
5. dividend policy: theories and financing relationships
D) Ownership models and corporate governance
1. types of ownership and CG system
2. cross-country and trend comparative analysis about CG systems in USA, Europe and World and respective empirical evidence
3. the finance of small business.

Core Documentation

1. Berk J., De Marzo P., 2017, Finanza aziendale 1, IV Edition, Pearson, ch.17 and §§ 13.1, 13.6, 13.7 (pp.496-497)
2. Berk J., De Marzo P., Morresi O., Venanzi D., 2018, Finanza aziendale 2 –Teoria e pratica della finanza moderna, IV Edition, Pearson, chs. 1-2-3-4-6-7-10-11-13-14 e § 12.8.

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.

Type of delivery of the course

To develop critical skills in a) evaluation and judgement of real economic scenarios and b) decision-making and problem solving attitudes, active teaching methods will be used (in addition to traditional lectures) as case analysis, solution of problems/exercises, analysis and critical evaluation of empirical data. Furthermore, students are prepared to reading/comprehension/criticism of research paper on some course topics.

Attendance

Due to the theoretical and empirical orientation of the course and the related complexity, a continuous attending of the lectures is strongly suggested.

Type of evaluation

individual written exam with true/false questions and exercises/problems to solve individual orale exam (access if minimum score 18/30 in the written exam) by means of theoretical and practical questions