Argomenti dell'insegnamento
• Financial decisions and key ideas in finance: Time, money, and interest rates • Capital budgeting techniques • Risk and return • Bonds • Valuing projects • Stocks • Portfolio investment theory and the CAPM • Cost of capital • Capital structure • Discounted Cash Flow analysis • Investment under uncertainty • Payout policy • Crowdfunding, decentralized finance, and innovations in finance

Modalità di insegnamento
Frontal lectures and exercises. In the exercise sessions the students will apply Microsoft Excel to solve financial problems and examine case studies

Obiettivi formativi e risultati di apprendimento (ulteriori info.)
Knowledge and understanding: • Knowledge and understanding of company valuation models • Knowledge and understanding of option pricing and real options in different activity settings • Knowledge and understanding of investment decision rules Applying knowledge and understanding: • Application of analytical tools for financial statement analysis and modeling • Application of models for investment decisions under uncertainty • Application of real option analysis • -Application of company valuation models for investment decisions Making judgments: Being able to choose the appropriate methods and techniques to be applied in various real-life situations common to the financial industry Communication skills: Ability to explain the results of financial valuation exercises Learning skills: Being able to understand and find a solution for a particular financial problem of a particular investor (or corporation) using analytical reasoning, also supported by quantitative methods implemented using Microsoft Excel software.

Modalità d'esame
Open-book part with numerical exercises in Excel and closed-book written exam with theoretical review questions for attending and non-attending students. The exam is expected to last at maximum 180 minutes – 80% of the grade. Part of the course grade (20%) is assigned for participating in the Investment Portfolio Challenge where the students will construct the investment portfolios and monitor their performance throughout the course.

Criteri di valutazione
Treatment of attending and non-attending students for assessment is alike. The final mark from exam assessment is 100% for students not participating in the investment challenge and 80% for those participating. Relevant for exam assessment: theoretical knowledge of the concepts covered in the slides and explained in class, and ability to solve financial problems with the help of Microsoft Excel software as explained during the exercise sessions

Bibliografia obbligatoria

CFA Program Curriculum 2020 Level I, Volumes 4 – 5. Wiley,2017. ISBN: 1-942471-85-8 (library e-book)

Bibliografia facoltativa

R. Brealey-S. Myers-F. Allen, Principles of Corporate Finance, 12th edition, McGraw-Hill, 2017

Altre informazioni
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