ADVANCED CORPORATE FINANCE

The course is an introduction to advanced corporate finance. We will be furthering previous knowledge of corporate finance discussing corporate valuation, extraordinary financial operations, dividend policy and share buybacks. In detail, students will be presented with the methods, guidelines and examples of corporate valuation processes from the point of view of external and internal investors. We will analyze the logic that guides dividend policies and share buybacks, in line with market principles and the creation of value criterion for corporate investors and stakeholders. Finally, the main extraordinary financial operations (IPOs, capital increases, mergers and acquisitions) will be presented with practical examples.

Upon completion of this course, students ought to be capable to realize the drivers, mechanics and dynamics of prices and corporate value, as well as the nature, fairness and evolutions of equity market operations.

A robust knowledge of accounting, financial analysis and basic theory of corporate finance is necessary to better understand and follow lectures.

1. DCF valuation
2. Comparative valuation
3. Equity offerings: IPOs
4. Equity offerings: Capital increase
5. Dividend policy and share buybacks

"Corporate finance", Fourth European Edition by David Hillier, Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan, McGraw Hill

The course will conclude with a written exam. The final exam will be composed of both qualitative (theoretical) and quantitative (exercises) multiple-choice questions. Overall valuation will be made out of 31 points assigned to the final written examination.

In class lectures and real case discussion. Everything will be accompanied by slides and additional material prepared and made available by the class instructor.

English

written