Info
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Course 2015-2016 a.y.

20156 - INTERNATIONAL FINANCE


IM
Department of Finance

Course taught in English


Go to class group/s: 6 - 7

IM (8 credits - I sem. - OB  |  4 credits SECS-P/09  |  4 credits SECS-P/11)
Course Director:
STEFANO CASELLI

Classes: 6 (I sem.) - 7 (I sem.)
Instructors:
Class 6: STEFANO CASELLI, Class 7: STEFANO CASELLI


Course Objectives

The course is focused on the topic of finance at an international level. The content is divided into two different parts: the first is dedicated to corporate finance issues and the second to investment banking issues. The aim is to give a broad picture about international finance management through both companies and financial institutions approaches. The main goal of the program is to offer both a clear framework and a set of operative tools to understand the relationship between firms and financial system. The first part covers advanced topics of Corporate Finance, i.e. capital budgeting, cost of capital, designing optimal capital structures, advanced models for risk valuation, value creating strategies. The second is focused on the analysis of investment banking activity through three main areas: regulation and supervision, market and competition, management and financial instruments.


Course Content Summary
Corporate Finance and financial decisions within corporations:
  • the fundamental of corporate finance through an international perspective.
  • Capital structure issues: the concept of cost of debt and equity capital.
  • Liabilities management: bonds, leasing, mortgages, syndicated loans, hybrid debt.
  • Different models of company valuation (multiples, DCF, APV, real options): theory and advanced practice.
Investment Banking:
  • the business system of investment banking.
  • Regulation and supervision in investment banking activity: a European and an American perspective through Basle II, III Capital Adequacy Framework.
  • Debt Capital Market deals: underwriting and selling in domestic and international markets; the structure of syndicated loans.
  • Equity Capital Markets deals: private equity, IPO, private placement.
  • Corporate finance and advisory services: advisory & arranging in M&A; advisory & arranging in corporate restructuring deals.

Detailed Description of Assessment Methods

For all the students the exam is only written and it is the same for attending and non attending students. Students are free to choose: one written exam at the end of the course or two partial exams (in the middle and at the end of the course). If students join the first partial exam, they are always free to choose the one written exam at the end but they lose the grade received in the first partial exam.
The exam is only written, with one final exam or two partial exams. The assessment is not done through individual or group assignments.


Textbooks
The course is totally based on special readings, slides, ad-hoc cases and professional software delivered through web. At the beginning of the course, the students will receive a detailed syllabus in which is specified session by session the usage of the above mentioned documents.


Prerequisites
The course requires a standard knowledge of corporate finance topics and accounting principles.
Last change 22/04/2015 11:54