FINANCIAL POLICIES & INVESTMENT STRATEGIES - 2

Anno accademico
2019/2020 Programmi anni precedenti
Titolo corso in inglese
FINANCIAL POLICIES & INVESTMENT STRATEGIES - 2
Codice insegnamento
EM4040 (AF:320384 AR:158722)
Modalità
In presenza
Crediti formativi universitari
6 su 12 di FINANCIAL POLICIES & INVESTMENT STRATEGIES
Livello laurea
Laurea magistrale (DM270)
Settore scientifico disciplinare
SECS-P/09
Periodo
2° Periodo
Anno corso
2
Spazio Moodle
Link allo spazio del corso
The objective of this course is to provide the students with an introduction to the research frontier in financial policies and investment strategies with a focus on internationalization and its implication for corporate practices. The course takes a cross-disciplinary approach; capitalizing on research from economics, finance, management, strategy, and accounting.
La partecipazione attiva alle lezioni, unita allo studio dei testi di riferimento e dei materiali suggeriti in aula (compresi casi ed esempi proposti durante il corso), permetteranno agli studenti di
1. Conoscenza e comprensione
• acquisire le conoscenze più avanzate in tema di modelli fondamentali di finanza aziendale ed il know-how necessario per metterli in pratica, nell'assumere decisioni concrete di investimento, finanziamento e politiche di dividendo

2. Capacità di applicare conoscenza e comprensione
• padroneggiare le tecniche di determinazione del costo del capitale aziendale per attualizzare i flussi di cassa attesi, dati i rischi in essi inglobati
• determinare la migliore struttura finanziaria dell'impresa
• comprendere le conseguenze delle scelte di politica dei dividendi che si intende adottare
• applicare i metodi e gli strumenti acquisiti durante il corso per comprendere al meglio del dinamiche finanziarie aziendali

3. Capacità di giudizio
• valutare la sostenibilità della struttura finanziaria dell’impresa ed il suo equilibrio
• valutare gli effetti delle diverse politiche dei dividendi che si possono adottare a livello di singola azienda
Allo studente è richiesta la conoscenza in tema di contabilità e bilancio e di contabilità industriale
Nov 4, 15.45 – 18.15, Aula 2B: Market segmentation and financial integration
Student preparation: MBF 1-3; FMT 1-2; MUST 1-2.


Nov 5, 15.45 – 18.15, Aula 2B: Financial integration: concepts and measures
Student preparation: MBF 5-6, 9; FMT 3-9, 13-15
Oxelheim (2001), “Routes to Equity Market Integration – The Interplay between Politicians, Investors and Managers”. Journal of Multinational Financial Management, Vol. 11, No. 2, 183–211.


Nov 13, 15.45 – 18.15, Aula 8A: Internationalizing the capital structure.
Student preparation: MBF 13-14 (sections on financing solutions and capital structure); MBF 16, FMT 10-12.


Nov 15, 15.45 – 18.15, Aula 10B: Internationalizing the cost of capital
Student preparation: MBF 13-14 (sections of the cost of capital and cross-listings); MBF 18 (sections on multinational capital budgeting).
Hand-out of group assignment


Nov 18, 15.45 – 18.15, Aula 2B: International macro influences on the firm – threats or opportunities
Student preparation: MUST 3-5
Oxelheim, L. (2019). "Optimal vs Satisfactory Transparency: The Impact of Global Macroeconomic Fluctuations on Corporate Competitiveness", International Business Review, Vol. 28, pp. 190-206. (open access)


Nov 19, 15.45 – 18.15, Aula 2B: Corporate strategies for dealing with macro financial influences
Student preparation: MUST 8-12


Dec 2, 15.45 – 18.15, Aula 2B: Should firms manage risk?
Student preparation:
Bartram, S M (2000), “Corporate Risk Management as a Lever for Shareholder Value Creation”, Financial Markets, Institutions & Instruments, 9(5), 279-324.
Froot, K A, D S Scharfstein, and J C Stein (1994), “A Framework for Risk Management”, Harvard Business Review, Nov, 91-102.
Stulz, R (2013), “How Companies Can Use Hedging to Create Shareholder Value”, Journal of Applied Corporate Finance, 25(4), 21-29.


Dec 3, 15.45 – 18.15, Aula 2B: Measuring macroeconomic risk exposure
Student preparation: MBF 7, 10-12; MUST 6


Dec 9, 15.45 – 18.15: Hedging macroeoconomic risk exposure
Student preparation: MBF 7, 10-12; MUST 6-7


Dec 10, 15.45 – 18.15, Aula 2B: Presentations and discussions of group assignments (mandatory participation))


Eiteman, Stonehill and Moffett, Multinational Business Finance, Pearson, 14th edition. Global Edition. (MBF)

Oxelheim and Wihlborg, Corporate Decision-making with Macroeconomic Uncertainty, New York: Oxford University Press. (MUST)

Oxelheim, Financial Markets in Transition, London: Routledge (download for free: https://www.ifn.se/eng/publications/books-in-english/1970–1999/1996-financial-markets-in-transition ). (FMT)
Journal articles: see below.
Semester requirements:
 During the course students will have to hand–in and present a group (3-4 students) assignment on the role of the macro financial environment of a firm on its performance and value. The result will be graded.
 Students need to carefully prepare before each class in accordance with the lecture schedule and be prepared to discuss in class the topic of the day.


Final exam:
A closed-book exam which accounts for 25% of the final grade of the full course. The assignment mentioned above will count for 25% of that final grade.

Lezioni tradizionali e lavori di gruppo (3/4 studenti)
Inglese
scritto
Programma definitivo.
Data ultima modifica programma: 28/10/2019