Learning objectives
Intermediaries and financial markets define corporate governance solutions with respectively different methods. Operators that have rights registered in the liabilities of the firms have, in fact, incisive methods for determining, or at least influencing, important decisions in the definition of corporate strategy, in the choice of management, in the implementation of expansion strategies and in other important cases. The financial market is also the place where the property of the firm is contended, that is, where control structure and, therefore, corporate governance modifications are defined. The first objective of the course is to examine what methods are used to contend the property of the firms in the accepted practice of financial markets of developed countries and, in particular, in the Italian context. A second objective is to examine what rules are used by shareholders to exercise property rights and what other rules are used by intermediaries and bondholders to exercise influence on corporate governance.
Prerequisites
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Course unit content
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The main content of the course can be identified in the following points: <br />
Corporate governance: definitions and field of study; <br />
The market for corporate control: <br />
- The market for corporate control (rules and functioning); <br />
- The role of banks; <br />
- The role of institutional investors; <br />
- Rights and role of minorities in listed companies; <br />
- Definition of a strategy for paying shareholders; <br />
- The IPOs; <br />
- Privatization; <br />
Exercising of property rights: <br />
- Rules and roles in a board of directors; <br />
- Control mechanisms; <br />
- Management objectives and shareholders' objectives; <br />
- Bondholders' objectives and shareholders' objectives; <br />
- Banks' objectives (as a lender) and shareholders' objectives. <br />
Full programme
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Bibliography
<p><br />
For discussion of the various content elements indicated, reference can be made to:</p>
<p>a) the book by Pivato S., Misani N., Ordanini A., Perrini F., 2004, Economia e gestione delle imprese, Egea, Milano;<br />
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b) the book by Airoldi G. & Forestieri G., 1998, Corporate Governance. Analisi e prospettive del caso italiano, Etas, Milano;<br />
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c) the book by Masera R., 2006, La corporate governance nelle banche, Il Mulino, Bologna;<br />
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and also to the reading matter (lecture notes) that is made available to the students.</p>
Teaching methods
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Assessment methods and criteria
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Other information
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