FINANCIAL POLICIES & INVESTMENT STRATEGIES - 2

The objective of this course is to provide the students with an introduction to the research frontier in financial policies and investment strategies with a focus on internationalization and its implication for corporate practices. The course takes a cross-disciplinary approach; capitalizing on research from economics, finance, management, strategy, and accounting.

La partecipazione attiva alle lezioni, unita allo studio dei testi di riferimento e dei materiali suggeriti in aula (compresi casi ed esempi proposti durante il corso), permetteranno agli studenti di
1. Conoscenza e comprensione
• acquisire le conoscenze più avanzate in tema di modelli fondamentali di finanza aziendale ed il know-how necessario per metterli in pratica, nell'assumere decisioni concrete di investimento, finanziamento e politiche di dividendo

2. Capacità di applicare conoscenza e comprensione
• padroneggiare le tecniche di determinazione del costo del capitale aziendale per attualizzare i flussi di cassa attesi, dati i rischi in essi inglobati
• determinare la migliore struttura finanziaria dell'impresa
• comprendere le conseguenze delle scelte di politica dei dividendi che si intende adottare
• applicare i metodi e gli strumenti acquisiti durante il corso per comprendere al meglio del dinamiche finanziarie aziendali

3. Capacità di giudizio
• valutare la sostenibilità della struttura finanziaria dell’impresa ed il suo equilibrio
• valutare gli effetti delle diverse politiche dei dividendi che si possono adottare a livello di singola azienda

Allo studente è richiesta la conoscenza in tema di contabilità e bilancio e di contabilità industriale

Nov 4, 15.45 – 18.15, Aula 2B: Market segmentation and financial integration
Student preparation: MBF 1-3; FMT 1-2; MUST 1-2.


Nov 5, 15.45 – 18.15, Aula 2B: Financial integration: concepts and measures
Student preparation: MBF 5-6, 9; FMT 3-9, 13-15
Oxelheim (2001), “Routes to Equity Market Integration – The Interplay between Politicians, Investors and Managers”. Journal of Multinational Financial Management, Vol. 11, No. 2, 183–211.


Nov 13, 15.45 – 18.15, Aula 8A: Internationalizing the capital structure.
Student preparation: MBF 13-14 (sections on financing solutions and capital structure); MBF 16, FMT 10-12.


Nov 15, 15.45 – 18.15, Aula 10B: Internationalizing the cost of capital
Student preparation: MBF 13-14 (sections of the cost of capital and cross-listings); MBF 18 (sections on multinational capital budgeting).
Hand-out of group assignment


Nov 18, 15.45 – 18.15, Aula 2B: International macro influences on the firm – threats or opportunities
Student preparation: MUST 3-5
Oxelheim, L. (2019). "Optimal vs Satisfactory Transparency: The Impact of Global Macroeconomic Fluctuations on Corporate Competitiveness", International Business Review, Vol. 28, pp. 190-206. (open access)


Nov 19, 15.45 – 18.15, Aula 2B: Corporate strategies for dealing with macro financial influences
Student preparation: MUST 8-12


Dec 2, 15.45 – 18.15, Aula 2B: Should firms manage risk?
Student preparation:
Bartram, S M (2000), “Corporate Risk Management as a Lever for Shareholder Value Creation”, Financial Markets, Institutions & Instruments, 9(5), 279-324.
Froot, K A, D S Scharfstein, and J C Stein (1994), “A Framework for Risk Management”, Harvard Business Review, Nov, 91-102.
Stulz, R (2013), “How Companies Can Use Hedging to Create Shareholder Value”, Journal of Applied Corporate Finance, 25(4), 21-29.


Dec 3, 15.45 – 18.15, Aula 2B: Measuring macroeconomic risk exposure
Student preparation: MBF 7, 10-12; MUST 6


Dec 9, 15.45 – 18.15: Hedging macroeoconomic risk exposure
Student preparation: MBF 7, 10-12; MUST 6-7


Dec 10, 15.45 – 18.15, Aula 2B: Presentations and discussions of group assignments (mandatory participation))

Eiteman, Stonehill and Moffett, Multinational Business Finance, Pearson, 14th edition. Global Edition. (MBF)

Oxelheim and Wihlborg, Corporate Decision-making with Macroeconomic Uncertainty, New York: Oxford University Press. (MUST)

Oxelheim, Financial Markets in Transition, London: Routledge (download for free: https://www.ifn.se/eng/publications/books-in-english/1970–1999/1996-financial-markets-in-transition ). (FMT)
Journal articles: see below.

Semester requirements:
 During the course students will have to hand–in and present a group (3-4 students) assignment on the role of the macro financial environment of a firm on its performance and value. The result will be graded.
 Students need to carefully prepare before each class in accordance with the lecture schedule and be prepared to discuss in class the topic of the day.


Final exam:
A closed-book exam which accounts for 25% of the final grade of the full course. The assignment mentioned above will count for 25% of that final grade.

Lezioni tradizionali e lavori di gruppo (3/4 studenti)

Inglese

scritto