CORPORATE BANKING AND FINANCE
cod. 1001399

Academic year 2020/21
2° year of course - Second semester
Professor
CACCIAMANI Claudio, SOANA Maria Gaia
Academic discipline
Economia degli intermediari finanziari (SECS-P/11)
Field
Aziendale
Type of training activity
Characterising
70 hours
of face-to-face activities
10 credits
hub: PARMA
course unit
in ITALIAN

Learning objectives


The course aims to deepen the understanding of criteria and methodologies for the analysis of financial equilibrium. Students will acquire skills and abilities to identify problems and make appropriate choices in the field of firm financial management. The theme is contextualized within the institutional framework of the Basel Accords, which altered bank-firm relationships and implied incentives to raise the quality of credit relations.
At the end of the course, students will have acquired:

a. the knowledge required to understand and describe in detail the concept of financial equilibrium, as a condition for firm competitiveness on capital markets, and also knowledge of methodologies for the analysis and monitoring of financial management.
b. the knowledge of financial theory guidelines for the optimization of financial choices in the use of capital and the ability to apply methodologies for the analysis of performance in terms of value creation;
c. the ability to plan and monitor firm growth paths and critically assess financial sustainability using independent judgment;
d. communication skills with company and bank management in the analysis of financial statements and business plans for the evaluation of creditworthiness;
e. the knowledge of working methods for financial analysis and the ability to critically evaluate, with independent judgment, the degree of potential stability of firms in relation to adverse dynamics of the economic cycle, market conditions and the resulting degree of creditworthiness.

Prerequisites

- - -

Course unit content

• The assessment of company financial equilibrium in the framework of the Basel Accords: bank capital requirements for credit risk, credit rating and its impact on enterprise financial management.
• Financial analysis. Historical financial analysis: balance sheet reclassification, balance sheet ratios, cash flows analysis. Financial forecasting: financial plans and their construction.
• Corporate valuation: balance sheet-based methods, income statement-based methods, mixed methods, cash flow discounting-based methods. Metrics of value created by management, risk measurement and cost of capital.
• Financing operations: pool loans, corporate bonds, mezzanine finance.
• Equity operations: venture capital, private equity, initial public offering, crowfunding.
• Extraordinary finance operations: merger and acquisition, leverage buyout, management buyout, project finance, spin off.
• Corporate crisis and debt restructuring.

Full programme

- - -

Bibliography


Analisi Finanziaria, Mc GrawHill Education (2018), Regalli, Soana, Tagliavini (edited by), chapters 1-11 (8 excluded).

Corporate & Investment Banking, Franco Angeli (2017), Monferrà, Cotugno, Mazzù (edited by), chapters 3 and 7-15.

Online course materials.

Teaching methods

• Knowledge and understanding: lectures
• Applying knowledge and understanding: exercises
• Making judgments: during this module, students will be encouraged to
identify strengths and weaknesses of company financial structure
• Learning skills: for each topic the main problem to be solved will be
introduced, and then the solutions adopted will be critically analyzed
• Communication skills: the teacher will illustrate
the meaning of the most common terms used by the financial
community.

Assessment methods and criteria

Written test. During the written test it is not allowed to consult any educational material or electronic device, except for the calculator.

The acquisition of the ability to communicate with appropriate technical vocabulary will be assessed through 3 closed-ended questions about the meaning of terms used in the field of corporate finance. Each question will be assessed 1 point.

The acquisition of basic knowledge of institutions, methodologies, theories and concepts will be assessed with 3 open-ended questions. Each question will be assessed 3 point.

The acquisition of the ability to apply methods of analysis methods will be assessed through two exercises. Each exercise will be assessed 7 points.

The acquisition of learning skills and autonomy of judgment will be evaluated with 2 open-ended questions. Each question will be assessed 3 point.

The "laude" will be attributed to the achievement of an evaluation of at least 31/32 points.

The results of the written exam are published on the ESSE3 portal and students can see the results of the tests, after appointment with the teacher.

If the COVID-19 sanitary emergency will continue in 2021, the exam will be oral. It will be organized through the Teams platform

During the test it is not allowed to consult any educational material or electronic device.

- The acquisition of the ability to communicate with appropriate technical vocabulary will be assessed through 1 closed-ended question about the meaning of terms used in the field of corporate finance. The question will be assessed 3 points.

- The acquisition of basic knowledge of institutions, methodologies, theories and concepts will be assessed with 1 open-ended question. The question will be assessed 5 points.

- The acquisition of the ability to apply methods of analysis methods will be assessed through one exercise. The professor will share her desktop with the student. The test will be solved using excel. The exercise will be assessed 14 points.

- The acquisition of learning skills and autonomy of judgment will be evaluated with 2 open-ended questions. Each question will be assessed 5 points.

The "laude" will be attributed to the achievement of an evaluation of at least 31/32 points.

The results of the exam are published on the ESSE3 portal.

Other information

If the COVID-19 sanitary emergency will continue in 2021, the activities will take place in streaming through the use of the Teams and Elly platforms. Lessons will be held in both synchronous (via Teams) and asynchronous mode (uploaded on the Elly page of the course). During the lessons in synchronous mode (direct), mainly frontal moments will alternate with interactive moments with the students.