Goals and Learning outcomes
The course analyzes the different sources of corporate financing (financial markets and intermediaries). The topics are analyzed in the economic perspective of the entrepreneurs.
At the end of the course students will be able to know and understand the main economic and financial variables used to evaluate different type of funding and their impact on firms’ capital structure. Moreover they should be able to make a judgment related to the acceptability of financing decisions and their impact on company’s risk exposure.
Mode of Delivery
Teaching lessons and exercises, for a total of 40 hours.
Final written test, which lasts an hour and a half with questions, exercises and multiple-choice questions. For the purpose of passing the exam is necessary to achieve a rating of at least 18 points over 30.
There are no explicit prerequisites.
1. Introduction and overview of corporate financing, financial markets and intermediaries
2. Securities markets: Money markets, bonds markets, stock markets
3. Derivative securities markets
4. The different kind of debt
5. Venture capital and private equity
6. Structured finance: some remarks about M&A, project financing and securitisation
7. Corporate banking and Corporate finance: investments’ valuation, firms’ financial structure and the impact on firms’ valuation (some remarks)
The course material required is as follows:
• A. Saunders and M.M. Cornett, “Financial Markets and Institutions”, 5th edition, International Edition, McGraw-Hill Irwin, New York, 2012
• R.A. Brealey, S.C. Myers and F. Allen, “Principles of corporate finance”, 10th ed., Global Edition, McGraw-Hill Irwin, New York, 2011
Selected chapters will be indicated in class and published with a notice on e-learning platform (http://elearning3.uninsubria.it).
Both of books are available at the Library of Economics (MTG 71, ground floor).
Other materials (slides of the lectures, tutorials and study materials) will be available online on e-learning platform.
No other teaching material (handouts, summaries, etc..) is authorized by the teacher.
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