Error message
User error : Failed to connect to memcache server: druportbe01:11211 in dmemcache_object() (line 415 of /production/drupal/dim_prod/drupal/d7cl4/prod/unich/releases/7/web/sites/all/modules/contrib/memcache/dmemcache.inc ).
Single discipline educational activity
Course Sheet Academic Year of enrolment:
Professor and Collaborators:
Hours of classroom activity:
Objectives
Contents The course aims to: deepen the aspects, techniques and foundations of corporate financial decisions; to address and analyze the fundamental aspects of corporate finance with particular reference to financial planning; to analyze the investment and financing valuation tools, the choices related to the financial structure, the growth strategies and the creation of value to arrive at the analysis of the strategic aspects of extraordinary finance. In particular, the criteria for assessing the economic viability of the investment projects and the main financing instruments of the company and the issues related to the methods of assessing the economic capital of companies (Discounted cash flow and multiples method) and the techniques will be discussed financial risk management. The course also aims to deepen the acquisition processes in strategic and operational aspects.
Extended Syllabus The course is divided into two modules
MODULE I – (6 CFU)
The 6 CFU module aims to provide a systematic picture of the financial function and financial structure, analysis of financing and investment decisions, analysis of the "risk and debt capital structure", risk-return analysis, analysis of business development needs, the analysis of the value of investments and the strategic motivations of recourse to risk capital and debt capital, the dividend policy. It also has the purpose of dealing with techniques for analyzing financial decisions and collecting information useful for analyzing, reading, understanding the elements collected and assessing the state of the company in the individual profiles (solidity, liquidity, profitability, development and crisis) in overall financial economic terms.
Module contents
-The fundamentals of Corporate Finance
-The objectives of Corporate Finance
-Conflict management
-Risk and return models
-The investment decision and the interdependence between projects
-The structure of capital and the optimal combination of sources
-The dividend policy, the analysis of liquidity to be repaid to shareholders and the construction of cash flows
-Theory and practice of evaluation
MODULE II – (3 CFU)
The 3 CFU module aims to deepen the acquisition processes in the strategic and operational aspects, the growth aspects, the typical advantages of acquisitions, the growth and critical aspects of the process, the management of the negotiation, the transition from value to price , identifying the objectives of sellers and buyers, economic and financial profiles, evaluation of synergies, price analysis, due diligence, restructuring of companies in crisis.
Module contents
-Growth and value creation through acquisition processes: strategic planning and operational management
-External growth as a tool for growth
-The structure of the acquisition process: analysis and strategic assessment
-Analysis of synergies and transition from value to price
-The post acquisition integration phase
Recommended Bibliography Recommended text books:
- Aswath Damodaran: Finanza Aziendale, Ed. Apogeo
- Valter Conca, Le Acquisizioni, Ed Egea
- Domenico Di Michele: Lecture notes on business dynamics interpretation methods and company status assessment.
- Transparencies projected during the course.
Reading and in-depth analysis:
- A. Dessy e Jody Vender: Capitale di Rischio e Sviluppo di Impresa, Ed EGEA; A. Dessy: Capitale di Debito e Sviluppo di Impresa, Ed. Egea; R. A. Brealey, S C. Myers, S. Sandri: Principi di Finanza Aziendale, Ed. McGraw-Hill;
Methods of Provision
Teaching Methods Teaching will be provided through lectures
Evaluation methods Verification of learning:
Both during and at the end of the course, optional written exercises can also be carried out online in order to acquire bonuses to be accumulated for the final vote. The final exam will be oral and will be carried out in pre-established appeals.
Contacts/More Information Professor: Domenico DI MICHELE
Department: DEC
E-mail: domenico.dimichele@unich.it
Office hours: after class time students are received for further information; for communications use the e-mail address.
Second semester