FINANCIAL POLICIES AND M&A STRATEGIES-1

The "Financial Policies and M&A 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 basic contents of undergraduate level Business Finance are given to be known.

1. Capital structure 2. Stucturing of financial debt 3. Dividend policy 4. Financial risk management 5. IPO and stock exchange listing

Dallocchio M e Salvi A. 2021. Finanza d'azienda. Egea Università Ca' Foscari - Dipartimento di Management. 2019. Politiche finanziarie e strategie di investimento. Mc Graw Hill

The exam will be single for both parts (12 credits) in written form with multiple choice questions, exercises and open questions. In detail:
- no. 10 multiple-choice questions on the contents of the first part (Corporate Financial Policies);
- No. 10 multiple-choice questions on the contents of the second part (M&A Strategies);
- No. 1 open-ended question on topics across the entire 12-credit program;
- no. 1 numerical exercise for practical application of the principles and tools covered throughout the 12 credits.

written and oral

0.5 points will be awarded for each correct answer to the multiple-choice questions, with no penalty for incorrect answers.
The open-ended question may be awarded up to 11 points.
The exercise may be awarded a score of up to 11 points.
If the sum of points acquired in the different parts of the exam exceeds 30 the distinction of praise will be awarded.

With reference to the open question:
A. scores in the 5-6 range will be awarded in the presence of:
- sufficient knowledge and ability to apply understanding with reference to the course syllabus;
- limited ability to apply knowledge by making independent judgments;
- sufficient communication skills, especially in relation to the use of specific language pertaining to the area of strategy and innovation;
B. scores in the 7-8 range will be awarded in the presence of:
- fair knowledge and ability to apply understanding with reference to the course syllabus;
- fair ability to apply knowledge by making independent judgments;
- fair communication skills, especially in relation to the use of specific language pertaining to the area of strategy and innovation;
C. scores in the 9-10 range will be awarded in the presence of:
- good or very good knowledge and ability to apply applied understanding with reference to the course syllabus;
- good or excellent ability to apply knowledge by making independent judgments;
- fully appropriate communication skills, especially in relation to the use of specific language pertaining to the area of strategy and innovation;
D. Score 11 will be awarded in the presence of knowledge and applied understanding with reference to the syllabus; excellent judgment and communication skills.

The score given to the exercise will be specified in the examination text

The course is organized in frontal lessons. 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.