CORPORATE FINANCE

The course focuses on the inner topics that corporation and managers must deal with in using capital along with the main solutions that allow to use it in order to create new value. Thus, financial management tools instructed in the classes are not simply referring to funding practices but to the entire funding-to-investing cycle in order to increase the actual competition of the firm. The main target of the course is to transmit the idea that the value generating process in mainly based on the true prospective of generating expected cash flows. Such cash flows must be sufficiently high to satisfy the threshold levels defined by the degree of the risk perceived in investors' expectations. According to this approach the long term competitiveness of the corporation can be also sustained by the adoption of financial policies focused on satisfying the expectations of all investors, avoiding short term approaches intended to privilege specific classes of investors in the access of the cash flows to the firm and so creating agency costs charged over the firm's economics.

By attending the course you will chiefly acquire a return-to-risk framework to carry on corporate decisions, chiefly those related to managerial finance.
Theoretical frameworks concerning the risk assessment inside the financial markets will be provided along with description and use of the key risk indicators, such as betas.
Practices and pitfalls in running a sound financial diagnose of the firm will be given, along with a practical view of corporate cash flows projections and expectations.
Investments apprisal techniques such as net present value will be illustrated both at theoretical and applied level
You will learn how to configurate and estimate the corporate cost of capital by mixing up equity and debt capital.

Business Administration and basic financial reporting

The course is focused on the following five topics, that will cover a week of lessons each:
1. Cash flows dynamics and their determinants
2. Treasury, short term and long term financial management: market tools, applications, risk exposure and business planning
3. Capital budgeting techniques: investing to create value for all stakeholders
4. Non-financial capital budgeting techniques: the financial compatibility
5. The capital structure puzzle and the cost of capital

Watson, Head, Mantovani, Rossi. Corporate Finance. Principles and practice in Europe, Pearsons, Milano, Ed. 2016 in English

The exam is made of 30 multiple-choice questions in 40 minutes. Each question is worth 1 point and students need to get al least 18 points to pass the exam. No penalizations are applied to wrong answers.
Questions will be both about theory and practical applications and will have different levels of difficulty.
Moreover, students who will participate in ALL the practice activities during the course (virtual groups and online quizzes) will get 2 extra points, valid for the whole academic year.
Students who get at least 27/30 (written exam + bonus for participation in the class activities) can ask for an oral exam to confirm/increase/worsen their grade.

The course consists of 6 hours per week, which amount to 30 hrs in total. For each of the five topics three classes will be held in order to learn: (i) the main theoretical subjects; (ii) the best practice; (iii) the actual application through mini-cases and practical examples.

English

Accessibility, Disability and Inclusion
Accommodation and support services for students with disabilities and students with specific learning impairments
Ca’ Foscari abides by Italian Law (Law 17/1999; Law 170/2010) regarding support
services and accommodation available to students with disabilities. This includes students with
mobility, visual, hearing and other disabilities (Law 17/1999), and specific learning impairments (Law 170/2010). If you have a disability or impairment that requires accommodations (i.e., alternate testing, readers, note takers or interpreters) please contact the Disability and Accessibility Offices in Student Services: disabilita@unive.it.

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