FINANCIAL POLICIES AND INVESTMENT STRATEGIES - 1

The "Financial Policies and Investment Strategies" course is one of the fundamental training activities of the Master's degree course in "Administration, Finance and Control". The fundamental objective of the course is to provide students with theoretical and applicative instruments in order to understand the financial policies and investment strategies of companies. To this end, real cases will be carried out. The main training objective is to understand how the value of a company depends on the ability to generate cash flows, and therefore returns, proportionate to the risk and adequate to the expectations of all lenders and stakeholders. The course aims to train people who can aspire to positions such as: Chief Financial Officer, from the company side; financial analyst, from the investment banks and consulting firms side; risk manager.

Attendance and active participation in the proposed training activities (frontal lessons and real case studies), individual study through textbooks and materials suggested, will allow students:
1. Knowledge and understanding
- acquire knowledge of the fundamental valuation models of companies and understand the mechanisms underlying the company's financial choices, investment and risk management policies

2. Ability to apply knowledge and understanding
- be able to evaluate the alternative financing choices available to companies
- being able to understand the best business evaluation model to be used in individual cases
- be able to apply these methods under particular conditions such as acquisitions and turnarounds
- be able to identify the best business risk management solutions

3. Judgement
- critically assess the reliability and accuracy of evaluation methods and judge which method is best suited for every situation
- assess the sustainability of the company's financial structure and of any measures taken to bring it to the desired levels
- judging the most suitable solutions for managing risks not only in appropriateness terms, but also in cost of cover terms

The essential prerequisite is the knowledge of Accounting and Business Administration.

1 Module:
- Capital, risk and information trading: financial policies
- Firm value and amount of debt
- Debt value determinants
- Choose the appropriate debt maturity
- Dividend policies
- Value management of equity: shareholder capital operations
- the use of options by non-financial companies

2 Module:
- Company financial management between economic values and financial market prices
- Investment decisions for the levered company
- From the value of the investment to the value of the company
- Market efficiency and external growth
- Mergers and acquisitions
- Crisis prevention and management
- Shared value and sustainability

Analisi e valutazione finanziaria d'impresa (Beltrame-Bertinetti-Sclip), Giappichelli, 2021 (available on Giappichelli website and in Cafoscarina Library)

The exam is both written and oral: 20 multiple choice and oral question. Written part is rated 20 points while oral part is 10 points (the final grade is the sum of the two parts) Partial exams can be scheduled, with the same logic of total exam

The course is mainly organized in frontal lessons (face-to-face and/or on-line via zoom). The lessons combine the illustration of the theoretical principles of the subject with their practical application through exercises and referring to real cases. All material discussed in the classroom will be made available to students through the Moodle platform.

written and oral