20938 - INTERNATIONAL FINANCE
Department of Finance
Course taught in English
Go to class group/s: 6
Course Director:
STEFANO CASELLI
STEFANO CASELLI
Mission & Content Summary
MISSION
The course is focused on the topic of investment banking (i.e., supply side of financial services) and corporate finance (i.e., demand side of financial services) at an international level. The content is divided into two different parts: the first one is dedicated to corporate finance topics and the second one to investment banking issues. The aim is to give a broad picture about international finance management through both corporates and financial institutions approaches. Moreover, the main goal of the program is to offer both a clear framework and a set of operative tools to understand the relationship between corporates and financial system overall, whereas investment banks play a major role. For these reasons, the course 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. Moreover, the course focuses on the analysis of investment banking activity through three main areas: regulation and supervision, markets and competition into ECM, DCM and M&A, management and use of financial solutions.
CONTENT SUMMARY
After an introduction focused on how modern financial institutions set up their strategies in the investment banking competitive arena, the course analyzes the business segments and the products offered to customers and their financial decisions. The course is structured in four modules. 1) Investment Banking: the business system of investment banking; regulation and supervision in investment banking activity: a European and an American perspective through Basle II and III Capital Adequacy Framework. 2) 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. 3) Debt Capital Market deals: underwriting and selling in domestic and international markets; the structure of syndicated loans. 4) 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.
Intended Learning Outcomes (ILO)
KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
1) define all the key aspects of investment banking systen and of all investment banking deals
2) describe the main trends in the investment banking markets
3) identify the the key issus and problems of investment banking deals
4) identify all the main needs of large corporates looking for investment banking services
5) illustrate the main features of investment banking deals
6) estimate the cost of capital and the equity value of any corporate looking for investment banking services
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
1) apply all the key concepts in an organized way, to be ready to face any kind of interview for an internship in the investment banking sector
2) analyze the key trends of the investment banking sector to discuss them into group work and interviews
3) evaluate and asses the level of risk and capital structure of investment banks
4) evaluate and asses the demand for investment banking services coming from mid to large corporates
5) discuss the key elements of an investment banking pitch
6) design the key content of an investment banking pitch
Teaching methods
- Lectures
- Guest speaker's talks (in class or in distance)
- Practical Exercises
DETAILS
The course is based on high-level face-to-face lectures which represent the key element of the learning experience for students willing to enter the investment banking system. The course will host some high-level selected guest speakers from the investment banking world, with the aim to bring the most-updated evidence of the market. Practical exercises will be crucial as well, with the aim to use the methods behind any investment banking pitch.
Assessment methods
| Continuous assessment | Partial exams | General exam | |
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x |
ATTENDING AND NOT ATTENDING STUDENTS
The assessment will be based on two group works and on a final exam. The weight of each group work is 30% and the weight of the final exam is 40%. The final exam is based on 30 multiple choices, based on small cases, exercizes and content driven.
Teaching materials
ATTENDING AND NOT ATTENDING STUDENTS
- Slides and ad hoc readings available in the Bboard Platform.
- Text of case studies available in the Bboard Platform via Bocconi Library’s Course Reserves.
- Softwares and exercizes available in the Bboard Platfor.
- Textbook: Caselli S., Gimede G., Tortoroglio A., "Corporate and Investment Banking. A Hands-On Approach", Egea, Milan, 2021.
Last change 26/06/2024 15:23