BUSINESS FINANCE TOOLS

Learn about the most advanced and refined technical tools for business financing, both at intermediaries and on the financial markets. Participants will learn to recognise the most appropriate instrument to meet the company's financial needs, to quantify the company's borrowing capacity on the basis of repayment flows, to construct the contractual structure of the transaction, to define the correct prices of financing. IA: Permitted Use - The use of Generative AI tools in this course is permitted for the following activities: brainstorming and clarifying ideas; supporting research questions; finding information on the topic of interest; writing an outline to organize thoughts; and checking grammar and style.

Knowing the financial dynamics of a company and to know how to interpret the most significant quantitative indicators; knowing the operation of intermediaries and financial markets and their regulation.

Knowledge and understanding: the student will have acquired advanced knowledge of financial instruments to support companies; he will understand the logical behind the identification of technical forms of financing; he will be able to identify independently the main sources of information to interpret financial markets and interest rates as relevant to the financing choices of companies; Ability to apply knowledge and understanding: the student will be able to assess the creditworthiness of a company and identify the correct financial structure of the company; he/she will be able to identify the most suitable instrument with respect to the specific needs of the company; he/she will be able to propose and evaluate the correct contractual clauses and define the relevant quantitative parameters (duration, pricing, size of the transaction); Autonomy of judgement: the student will have developed the ability to critically examine the financing opportunities of companies in relation to the company's needs; he will be able to develop autonomous visions of the prospective conditions of the companies, of the financial markets and of the related company financing choices. Communication skills: students will have developed the ability to communicate with professionals in the sector and will therefore be able to interpret the technical and slang language of finance and express their points of view in appropriate language. He or she will also be able to transfer the content of contractual and slang expressions typical of the sector to non-specialists with whom he or she will have conversations. Learning skills: the student will be able to keep constantly updated on the dynamics of the financial markets, on the evolution of innovations and new financing techniques of companies and will be able to continuously enrich his or her specialist knowledge.

The criteria for the evaluation of loans by banks - The process of building and managing a structured financing operation - The regulatory framework - The contractual structure of financing transactions: term sheets, covenants, pricing - The financing of projects - The financing of real estate investments - Structured finance operations - Market financing: bond issues and capital increases on the stock exchange - Leasing - Debt restructuring - Facilitated finance

Slides for each lesson and an handouts will be provided. Further readings will be provided in the classroom.

The didactics will make use of face-to-face lectures, discussion of business cases and guided exercises, expert testimony, individual or group research.

Attending students: 1/3 Continuous assessment: 2 Group assignments and classes attendance; 2/3 Written examination on support slides (not on business cases). Continuous assessment will be based on classroom behavior (weighted 10% of the final grade) and the preparation and discussion of two group assignments (the composition of which will be decided and communicated by the instructors). Discussions will take place on November 2nd and November 30th. Each group assignment will carry 11.5% of the final grade. Continuous assessment is mandatory for attending students and accounts for 1/3 of the final grade. In the event of absence or withdrawal from one or more ongoing tests, the grade is 0 and is averaged into the overall continuous assessment grade. In the event of withdrawal from the final exam at the first exam session, the exam, which counts for 2/3 of the grade, may be retaken at the second exam session, thus maintaining the continuous assessment. Non attending students: 100% Written examination with open and closed answers; exercises on the calculation of significant financial ratios, verification of covenants, assessment of creditworthiness. The exam will cover the entire course syllabus and the teaching materials made available on the course platform, including slides and handouts.

There are no restrictions. Theses will be assigned by the professor on the basis of the approval of a thesis project prepared by the student on the basis of the indications on the teacher's web page.