The course has the objective to lead students to build operative,Excelbased models for capital budgeting decisions, stock valuation, calculation of the cost of capital, company valuation (IPO and M&A). To reach this objective, the course will strengthen the theoretical and methodological bases of the students and present data cases to apply theories and methods to real world problems.

Knowledge and understanding The course will strengthen the theoretical and methodological foundations of advanced topics in corporate finance. It will offer also practical tools to manage real financial problems. Applying knowledge and understanding Students will be able to assess the role of the financial manager and the impact of his decisions on company’s value creation process, to apply Investment decision making techniques, within different scenarios and uncertainty; to apply the main analytical tools, functions and online resources for business and financial modeling. Making judgements Students are expected to acquire the ability to collect and interpret real financial data in order to deal with investment decision analysis and to judge company’s value creation process. The Course will lead students to solve and manage real business cases both at Corporate and Business levels. Communications Skills Students will develop the ability to communicate the problem solving and the financial analysis both in written form (texts and exercises) and in oral form by attending individual and group teaching activities. The enhancement of written and oral communication skills will be also encouraged by the optional participation in group work and business cases’ analysis during the Course. The communication skills will in particular be oriented to the critical analysis and solution of financial management problems within the company in different economic and business contexts, as well as to the development of active and critical comparisons with respect to the business issues addressed. Learning skills Students will acquire the knowledge and analysis tools that will allow them to deal with financial problems in a complex and dynamic context. Students will acquire the basic theoretical and practical knowledge to act as independent financial analyst. They will be able to develop discernment skills of the various problems relating to investments and the acquisition of financial resources by companies following strictly financial logics; these skills will be preparatory to the development of further advanced specialized knowledge which can be acquired through both further studies foreseen in the Degree Program and the learning experiences in the workplace.

ADVANCED CAPITAL BUDGETING 1) Free cash flow models 2) Sensitivity analysis VALUING STOCKS 1) Valuing stocks RISK AND THE COST OF CAPITAL 1) Capital markets and the pricing of risk 2) Applications and estimation of Capital asset pricing model CAPITAL STRUCTURE AND VALUATION 1) WACC (DCF method) 2) Adjusted Present Value 3)Flow to Equity 4) Business Valuation (multiples method) Equity Private Placement 1) angel investors, institutional investors 2) PE e VC Debt Financing Equity Public Placement 1) IPO M&A Valuation

Finanza aziendale (I-II VOL) Fourth Edition. J. Berk -P. De Marzo Pearson Edizione italiana by O. Morresi and D. Venanzi Slide, papers and xls file will be available at Luiss Learn

The course is structured into online and on campus sessions focused on the following learning levels: • Theory: the presentation of the main financial issues, rules and techniques • Applied theory, that is a focus on practical application of the financial rules in real contexts • Practice, that is, the ability to solve financial problems and to test the techniques presented. In addition to that, classroom exercises, data cases, assignments and external professional guests will complete the educational offer. In details, sessions will focus on: - traditional lectures - individual exercices - cases studies - presentations and assignments - computer lab sessions

Attending Student's assessment is composed by - Final written exam (30%) - Mid Term Exam (30%) - project work (40%) The written exam is targeted at appraising the theoretical and practical comprehension of the topics covered. The evaluation will be based on the assessment of the knowledge of the theoretical contents and on the students capability to apply them for the solution of practical financial problems, multiple choice questions and open questions. Students’ participation during lectures is strongly encouraged also with the participation to project work. Detailed info will be available during the first session of the course

Only students that have passed the exam can apply for the "thesis assignment process" Students have to prepare a research proposal based on a short presentation (maximum 3000 words in .doc) which must include: - Object (research question, business scope/market or industry/product or service) - Research objective - Literature review - Main contribution of the research - Research Method/Data Collection Additional info are available at Luiss Learn folder "Criteri assegnazione Tesi"