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 corporate finance is necessary to better understand and follow lectures.

1. DCF valuation
2. Comparative valuation
3. Capital structure decisions
4. Equity offerings: IPOs & delisting
5. Equity offerings: Capital increase

"Corporate Finance: Theory and Practice"

Author(s):Pierre Vernimmen, Yann Le Fur, Maurizio Dallochio, Antonio Salvi, Pascal Quiry

Editor: John Wiley & Sons

Material used in class and additional supporting material will be prepared and made available by the professor on the course's Moodle page.

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.

written

Regarding the grading scale (criteria for assigning grades):
A. Scores in the 18-22 range will be assigned in the presence of:
Sufficient knowledge and understanding of the course program;
Limited ability to apply knowledge and formulate independent judgments;
Sufficient ability to communicate using the appropriate technical language of the subject.

B. Scores in the 23-26 range will be assigned in the presence of:
Fair knowledge and understanding of the course program;
Fair ability to apply knowledge and formulate independent judgments;
Fair ability to communicate using the appropriate technical language of the subject.

C. Scores in the 27-30 range will be assigned in the presence of:
Good to excellent knowledge and understanding of the course program;
Good to excellent ability to apply knowledge and formulate independent judgments;
Good to excellent ability to communicate using the appropriate technical language of the subject.
D. Honors will be awarded in the presence of outstanding knowledge and applied understanding of the program, excellent judgment skills, and exceptional communication abilities.

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