FINANCIAL DISCLOSURE

Anno accademico
2017/2018 Programmi anni precedenti
Titolo corso in inglese
FINANCIAL DISCLOSURE
Codice insegnamento
EM4033 (AF:257536 AR:149418)
Modalità
In presenza
Crediti formativi universitari
6
Livello laurea
Laurea magistrale (DM270)
Settore scientifico disciplinare
SECS-P/11
Periodo
4° Periodo
Anno corso
1
Sede
VENEZIA
Spazio Moodle
Link allo spazio del corso
A broad and comprehensive information is a prerequisite to set solid and lasting relationships between firms and investors who provide capitals (equity and debt).
In this context the aim of the course is to illustrate which information is used (and how) by investors (mainly banks and funds) in carrying out their business.
Consequently, from the perspective of the companies requesting capital, the methodological tools will be provided to prepare the information necessary for investors.
To make the contribution as much operating as possible, the course includes specific references, testimonials and case discussions.

Suggested courses: Corporate Finance
The course is focused on the following topics:
FINANCIAL DISCLOSURE ISSUES
- The role of financial disclosure in the capital markets;
- the actors of financial communication;
- the role of the "Investor Relator";
- effects of financial disclosure on capital markets.
BRIEF OVERVIEW OF DEBT AND EQUITY
- Debt vs Equity;
- cost of Debt vs cost of Equity;
- advantages and disadvantages of debt;
- meaning of leverage.
DEBT: ANALYSIS OF OPERATIONS BY LENDERS
Analysis performed by investors (banks or investment funds) focused on the issuer
- financial statements ratios;
- judgment on the company and on the management;
- rating assigned by agencies.
Analysis performed by investors focused on the specific issue (bond or bank loan).
- Liquidity of the investment; risk coverage degree; financial adequacy of the issuer with respect to the operation; profitability, financial balance.
MEZZANINE FINANCING
- Typical schemes;
- rationale;
- features;
- frequent covenants.
EXTRAORDINARY FINANCE
Analysis of the different approaches used from investors and analysts compared to traditional corporate operations (bank loans).
- The selection criteria;
- financial structuring of the operation;
- financial analysis in extraordinary operations;
- principal ratios used by investors and analysts.
PRIVATE EQUITY
- The rationale of private equity and types of transactions;
- venture capital (seed financing and star up financing);
- finance for change (replacement, buy out, turnaround);
-an overview of the Italian market.
FINANCIAL ANALYSTS
- Description of their activity and their role in the financial markets;
- examples of analysts’ reports.
The course is not based on a textbook, but on the reading of references and materials provided by the instructor.
The list of readings will be provided at the beginning of the course and will be available on moodle in the section called "Bibliography".
scritto e orale
The assessment is based on 1) a written exam on the reading of references and materials provided by the instructor 2) an oral exam.

Description of the oral exam
Small teams (1-4 students) will perform an empirical work consisting in the preparation and illustration of a hypothetical presentation concerning a real company. If the company is listed the presentation is ideally directed to providers of both equity and debt capital. If the company is private the presentation is directed only to creditors, to sustain the request for more funds or to confirm the existing credit facilities.
Apart from exceptional cases, which must be approved by the instructor, the empirical work must be presented within the exam session of May. The dates will be communicated in due time.
The result of the empirical assignment will be considered valid to pass the exam until the exam session of January 2019.
The students unable to pass the written exam within January 2019 will have to undertake a new empirical assignment.

FINAL GRADING

30% Written Exam
70% Empirical assignment
Inglese
Description of the oral exam
Small teams (1-4 students) will perform an empirical work consisting in the preparation and illustration of a hypothetical presentation concerning a real company. If the company is listed the presentation is ideally directed to providers of both equity and debt capital. If the company is private the presentation is directed only to creditors, to sustain the request for more funds or to confirm the existing credit facilities.
Apart from exceptional cases, which must be approved by the instructor, the empirical work must be presented within the exam session of May. The dates will be communicated in due time.
The result of the empirical assignment will be considered valid to pass the exam until the exam session of January 2019.
The students unable to pass the written exam within January 2019 will have to undertake a new empirical assignment.

FINAL GRADING

30% Written Exam
70% Empirical assignment
  • Insegnamento sostenibile
  • CFU sostenibili: 2
  • Dispense e materiali di approfondimento e di autovalutazione disponibili online; testi di riferimento in formato e-book
Data ultima modifica programma: 04/04/2018