KNOWLEDGE AND UNDERSTANDING: Know the criteria for the evaluation of investment projects Know the models for the valuation of stocks and bonds Know the models for determining the rates of return required by the shareholders Understand the theoretical foundations governing the structure of capital Understand the decisions that can generate value Understand the link between risk and return on investment Understand the main advantages and main risks associated with capital structure Understand the main limitations of the theoretical models used by corporate finance APPLYING KNOWLEDGE AND UNDERSTANDING: Know how to evaluate an investment project Know how to evaluate a bond and a stock Know how to attribute a value to flexibility Know how to calculate the rates of return required by investors Know how to assess the adequacy of a capital structure MAKING JUDGEMENTS: Students have to demonstrate - at the end of the course - that they have not only memorised the concepts but they have understood and interiorized them through possible application in situations other than those presented during the course COMMUNICATION SKILLS: The purpose of the oral exam is to verify the student's ability to communicate effectively and with technical language properties the concepts learned during the course LEARNING SKILLS: At the end of the course, a student must demonstrate that he/she can apply the minimum knowledge and understanding described in this syllabus

PROPEDEUTICS: Accounting (compulsory) PREREQUISITES: Students need to know the basic concepts of financial mathematics and business economics

The corporate finance course aims to explain how companies - particularly CFO - and financial analysts evaluate the various possible allocations of scarce monetary resources in a process aimed at value maximisation. This maximisation should follow the company's risk appetite and a logic of rational risk allocation among the company's various stakeholders. Furthermore, it aims to present the basics of corporate governance, the possible motivations behind the capital structure choices of companies and different models for defining the rates of return required by investors

Alessandro Mulas, Giorgio Valentinuz, Corporate Finance, McGraw Hill 2021 – ISBN 9781307641622 The slides and any other learning support materials will be made available on Teams (of the specific course)

* Introduction to Corporate Finance * Corporate governance * Financial Statement Analysis * Discounted Cash Flow Valuation * How to Value Bonds and Stocks * Net Present Value and Other Investment Rules * Making Capital Investment Decisions * Risk Analysis, Real Options and Capital Budgeting * Risk and Return: Lessons from Market History * Risk and Return: The Capital Asset Pricing Model * Factor Models, the Arbitrage Pricing Theory and Other Alternatives to CAPM * Risk, Cost of Capital and Capital Budgeting * Efficient Capital Markets and Behavioural Finance * Long-term Financing: An Introduction * Capital Structure: Basic Concepts * Equity Financing * Debt Financing * Leasing * Capital Structure: Basic Concepts * Capital Structure: Limits to the Use of Debt * Valuation and Capital Budgeting for the Levered Firm * Dividends and Other payouts

Classroom lessons Exercises Classroom discussions Corporate Representatives It is strongly recommended to use Connect, a web platform supported by the textbook, for performing self-assessment exercises Lessons are recorded and made available through TEAMS (of the course itself). Lecture recordings are available six months from the day of recording

During some lectures, the use of a laptop, tablet or smartphone (at least one for every two or three students) may be required to increase the degree of interactivity of the lectures, with the search for information (in particular economic, asset and financial information), or for the development of specific calculations using the spreadsheet

WRITTEN AND ORAL EXAM Students are required to understand the contents and do not to have them only memorized The written exam, with a duration of about 60 minutes, consists of a series of true/false questions, multiple choices questions, and exercises. A student must receive a minimum score of 17/30 to be admitted to the oral exam (students are not admitted with grades lower than 16.99). Questions may have a different weight on the final evaluation, depending on their difficulty level. The exam takes place through the Teams or Moodle platform and - consequently - on the day of the exam, students must have a computer, tablet or smartphone in order to take the exam During the oral exam, to check the understanding of the subject, a student may be asked to solve some short exercises or to apply theoretical concepts by discussing some realistic examples of the topics studied. Part of the exam could be based on discussing mistakes made in the written test. The average duration of the oral examination is approximately 20 - 25 minutes. Both the written test and the oral exam cover the entire course program The evaluation of the oral test follows - as an orientation - the following grid: - grades from 18 to 24: sufficient/discrete degree of knowledge of the topics and discrete/good mastery of the technical language - grades from 25 to 27: good/very good degree of knowledge of the topics and very good/extremely good mastery of the technical language - grades from 28 to 30 cum laude: extremely good/excellent degree of knowledge of the topics and excellent mastery of the technical language. Ability to apply principles and tools to current issues or concrete cases The final vote is the weighted average of written and oral tests, weighing 40% and 60%, respectively. The lowest note required to pass the exam is 18/30. This means that if a student receives a 17/30 rating on the written test, he/she must score at least 19/30 on the oral exam

This course explores topics closely related to one or more goals of the United Nations 2030 Agenda for Sustainable Development (SDGs)