Learning objectives
The course was designed to analyse the approach followed in capital assignment, the respective assessment criteria and the management procedures adopted by the various financial operators. The objective of the course is to illustrate the relationship between the financial goals of the individual economic players involved (private companies, public companies, third-sector institutions) and the criteria adopted to select investments and operational programmes, highlighting the consequent results in economic and social terms.
Course unit content
- The investment process. <br />
- Social returns and financial returns as objectives or limitations for financial operators. <br />
- Financial criteria in the assessment of investments, and the measurement of financial effects. <br />
- Non-financial parameters in the assessment of investments and the measurement of social effects. <br />
- The problems of coherence between institutional objectives and the approach to capital allocation. <br />
- Assessment procedures in the field of microfinance. <br />
- Aspects involved in the assessment of non-financial results. <br />
Bibliography
On the various approaches to investment assessment: <br />
- Introductory note edited by the professor. <br />
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On the assessment of industrial investments: <br />
- L’analisi degli investimenti industriali, by A. Lanzavecchia, in “Pianificazione finanziaria”, edited by E. Pavarani and G. Tagliavini, McGraw-Hill, 2006; <br />
- La struttura del capitale: analisi della decisione di finanziamento, in “Finanza aziendale”, A. Damodaran, Apogeo, 2001; <br />
- Analisi finanziaria: dinamica dei flussi finanziari, in “Finanza d’azienda”, edited by M. Dallocchio and A. Salvi, Egea, 2004. <br />
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On the objectives and approach pursued in bank lending: <br />
- I prestiti e la funzione allocativa, in “La banca come impresa”, edited by M. Onado, Il Mulino, 2004. <br />
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On the lending objectives and approach pursued by microfinance institutions: <br />
- Il ruolo e le problematiche del microcredito e della microfinanza nell’economia moderna, in “Otto modi di dire microcredito”, edited by D. Ciravegna and A. Limone, Il Mulino, 2006; <br />
- Is microdebt good for poor people? A note on the dark side of microfinance, by D. Hulme, www.microsave.org. <br />
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On the assessment of public investment: <br />
- Guida all’analisi costi-benefici dei progetti di investimento, edited by M. Florio, European Commission, 2003 (pp. 1-45, 76-89, 94-98, 100-102, 111-118, 122-124, 135-152). <br />
Teaching methods
The course is taught by means of frontal lessons, and by the analysis, performed by groups of students, of topical cases and subjects.
