Course Topics
Introduction to project financing, financial analysis, time value of money and discounted cashflow method, differences between cost of equity and cost of debt, trade-off theory, risk management, project finance and capital market, project risks and valuation, public-private partnerships (PPP)

Propaedeutic courses
None

Teaching format
Frontal lectures, case studies, (group) exercises, etc.

Educational objectives
ILO (Intended Learning Outcomes) ILO1 Knowledge and understanding ILO1.1 Students will acquire knowledge of organisational models and operational aspects related to the organisation of public enterprises operating in various sectors (international organisations, central government, local authorities, healthcare, public enterprises), as well as their impact on the community. They will also acquire the knowledge necessary for the development, management and evaluation of the impact of public projects, as well as knowledge for analysing organisational innovation processes and interpreting current tools and trends in the field of human resource management in public enterprises. ILO2 Ability to apply knowledge and understanding ILO2.1 Ability to identify and distinguish management concepts and issues in relation to real or hypothetical situations affecting public institutions and enterprises, including in different contexts (e.g. different services/activities/institutions, different local or international institutional levels). ILO2.2 Ability to develop and manage projects from the planning phase to operational implementation, including assessing their impact on society, the economy and the environment ILO3 Making judgements ILO3.1 Ability to apply acquired knowledge to make strategic and operational decisions and solve problems relating to the administration and management of public institutions, taking into account a wide range of economic, social, legal, administrative and management perspectives. ILO3.2 Ability to select data and use appropriate information to describe a problem relating to the design, implementation and evaluation of public sector projects and measures with a view to innovating and improving processes, products and results. ILO4 Communication skills ILO4.1 Ability to communicate the specific content of individual disciplines effectively, both orally and in writing, choosing the appropriate style depending on the audience and the communicative and didactic objectives, and assessing the educational impact of their communication. ILO5 Learning skills ILO5.1 Ability to use information technologies independently to carry out literature research and investigations for one's own education and training.

Assessment
For attending and non-attending students: ILO 1 - ILO 5: - attending students: midterm exam (50%), final exam (50%). The exam covers all topics that were discussed during classes. Questions are split in Open-Ended, Multiple-Choice, and Mathematical Computation/Problem Solving. To pass the exam students must obtain a positive evaluation on both parts, otherwise the test is considered failed. -- non-attending students: final exam (100%). The exam covers all topics that were discussed during classes. Questions are split in Open-Ended, Multiple-Choice, and Mathematical Computation/Problem Solving.

Evaluation criteria
Threshold (18 out of 30+ points). The exam includes all topics which have been discussed during the lectures. The question style is like the ones discussed during the course.

Required readings

John Finnerty, Project Financing: Asset Based Financial Engineering, Wiley Finance 2013

Stefano Gatti, Project Finance in Theory and Practice, Academic Press

Supplementary readings

Further reading materials and assigned cases will be distributed in class and posted on OLE.

Further information
The course will be offered online.