Insegnamento mutuato da: B028629 - MOD.II - FIRMS' FINANCING AND FINANCIAL MARKETS Laurea Magistrale in ECONOMICS AND DEVELOPMENT- ECONOMIA POLITICA E SVILUPPO ECONOMICO
Lingua Insegnamento
INGLESE
Contenuto del corso
The course aims to provide a complete overview of corporate funding strategies. The financial decisions of entrepreneurial firms at various phases of their life cycle will be examined, and the advantages and disadvantages of various sources of financing will be compared.
Saunders A., Cornett M. (2018), Financial Markets and Istitutions. McGraw-Hill, edition: 7. Chapters: 4, 5, 6, 8, 16.
Hillier D., Grinblatt M., Titman S. (2011), Financial Markets and Corporate Strategy: European Edition. Chapters: 1, 2, 3, 14, 17, 21.
There will be the possibility to create an e-book combining the chapters of the two mentioned books.
Other possible study material will be communicated during the course.
Obiettivi Formativi
The course has the following objectives:
- Strengthen the knowledge about financial system, role of the European Central Bank and monetary policy in affecting the financial markets, theory of financial intermediations and market efficiency.
- Strengthen the skills associated with the comprehension of the firm funding strategies, distinguishing between market funding and bank debt.
- Make available logical assessment of the cost of bank debt.
Prerequisiti
Suggested: fundamentals of financial intermediaries
Metodi Didattici
The course is made up of lectures and debates and resolutions of case studies. Furthermore, seminars and individual project works are planned.
Altre Informazioni
No
Modalità di verifica apprendimento
For students who attend lessons: Group work + Written exam (essays and multiple choices questions).
For those who do not attend lessons: written exam, composed of two parts, with essays and multiple choices questions.
Programma del corso
The course is structured in three parts:
a) The first part focuses on the financial system in general, analyzing the role of the European Central Bank and the monetary policy in affecting the financial markets, and then tackle the issues related to the theory of financial intermediations and market efficiency.
b) The second part of the course focuses on the firm funding strategies, distinguishing between market funding and bank debt. After analyzing the company life cycle, the course studies in deep the stock and the bond market: how they work and what they are for; the role of investment banks in the IPO operation and in the issue of bonds. Secondly, it investigates the role of some important market players involved in certain phases of business life cycle, such as business angel and venture capital.
c) The last part of the course analyses the bank-company relationship and bank debt. In particular, the documentation that companies must provide to banks and the credit rating as a fundamental element in determining the cost of bank debt will be analyzed.