Bachelor's degree in Business Administration (Vicenza)

Course partially running (all years except the first)

Corporate Financing and Investment Decisions

Course code
4S00409
Name of lecturer
Lorenzo Faccincani
Coordinator
Lorenzo Faccincani
Number of ECTS credits allocated
6
Academic sector
SECS-P/11 - FINANCIAL MARKETS AND INSTITUTIONS
Language of instruction
Italian
Site
VICENZA
Period
secondo semestre (lauree) dal Feb 15, 2021 al Jun 1, 2021.

Lesson timetable

Go to lesson schedule

Learning outcomes

This course aims to examine, in the perspective of non financial firms, the principles of corporate finance by deepening the characteristics of the net present value in the capital budgeting decisions, the choices of financial structure, the financing instruments in the short and medium-long term, the dividend policy, the payment instruments in international trade and the operations of hedging of financial risks (currency risk, interest rate risk and commodity risk); moreover the topic of crowdfunding is examined during the course.
At the end of the lessons, the Student must be able to analyze, interpret and evaluate in a critical and autonomous way the firm’s decisions that have financial implications.


Syllabus

The principles of corporate finance.
The determination of the relevant cash flows and the cost of capital in the net present value.
The project finance.
The generation of value through divestment.
Models of sustainable growth.
The decisions of financial structure. The benefits and the costs of borrowing.
The Initial Public Offering (IPO).
The technical forms of medium and long-term financing.
The technical forms of short-term financing.
The dividend policy.
Payment instruments in international trade.
Introduction to Corporate Financial Risk Management.
The patent box.

Reference material

In addition to the textbook, Students must also prepare the material loaded on the elearning page of the course.
With the aim to a fruitful learning of the topics covered in the teaching it is appropriate that the Schoolgirls and Students have an adequate knowledge of the concepts taught in the course of “Financial markets and Institutions”.

Reference books
Author Title Publisher Year ISBN Note
AA.VV. Volume create del corso di "Analisi e copertura dei fabbisogni finanziari" (sedi di Verona e Vicenza - a.a. 2020-21) McGraw-Hill 2021

Assessment methods and criteria

The exam is written and is directed to verify the knowledge of the topics in the program. The questions will be structured to ascertain whether the Student is actually able to treat with awareness and critical view the firms’ financial decisions. The duration of the written exam (consisting of two open questions and a multiple choice test of 10 questions) for the entire program is one hour and thirty minutes.

There will be a mid-term exam at which the Student may elect to participate. The mid-term exam will focus on the following topics:
- the principles of corporate finance;
- the determination of the relevant cash flows and the cost of capital in the net present value;
- the project finance;
- the generation of value through divestment.

The mid-term exam is a written (consisting of one open question and a multiple choice test of 15 questions) lasting one hour. To pass the mid-term test the minimum vote is 18/30.

Those who pass the mid-term exam will have to bear, in one of the appeals of the session of June-July 2021, a test which will focus on the second part of the course:
- models of sustainable growth;
- the decisions of financial structure. The benefits and costs of borrowing;
- the Initial Public Offering (IPO);
- the technical forms of medium and long-term financing;
- the technical forms of short-term financing;
- the dividend policy;
- payment instruments in international trade;
- introduction to Corporate Financial Risk Management;
- the patent box.

The test on the second part of the program is also a written (consisting of two open questions and a multiple choice test of 15 questions) lasting one hour and fifteen minutes.

Compared to the final vote, the result obtained in the mid-term exam will have a weight equal to 1/3. The final vote will be the average of the vote of the mid-term exam and that of the second test; this average will rounded upward if the decimal fraction is is greater than 0.50, otherwise by default. In order to pass the exam, the vote obtained in the test on the second part of the program must be at least 18/30.

The Student may refuse the vote of the mid-term exam. The notification must be made by email at lorenzo.faccincani@univr.it prior to the 6 pm of the day before the first appeal of the session of June-July 2021. In case of rejection of the vote of the mid-term test, the Student must, of course, take the exam on the whole program.
The Student cannot only refuse the vote obtained in the test on the second part of the program; this means that if, after passing the second test, the Student is not satisfied with the vote, he will have to refuse the result of the average of the two tests, losing then automatically the vote of the mid-term exam. The refusal of the vote must be notified at the email address lorenzo.faccincani@univr.it prior to the moment of the registration of the final vote.
The Student loses the vote of the mid-term exam if he does not sustain the second test in one of the appeals of the session of June-July 2021.

Finally, the exams are the same for attending and non-attending Students.



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