Università Roma Tre

The main 15 topics of the course are:
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies

- Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).
- in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.

The main 15 topics of the course are:
1. Firm typologies, ownership-control separation, stock markets
2. Financial decisions and financial statements
3. Fisher theorem on separation between investment-consumption. The unique price rule: financial decisions and arbitrage
4. Time value of money, rates of interests and opportunity cost of capital
5. Basics of capital budgeting: the relevant cash flows, DCF methods, other methods to assess the convenience of real investments
6. Methods for stock evaluation
7. How to measure risk and risk pricing in capital markets
8. Mean-variance models, portfolio diversification theory and risk-return relationship
9. Capital Asset Pricing Model (CAPM), beta and costo of capital of investments and firms
10. Capital structure and implications on firm value. The capital structure choice in efficient markets (Modigliani&Miller theory)
11. Debt and taxes
12. Bankruptcy costs, agency costs and benefits and information asimmetrie: theory and empirical findings on their effects on capital structure choice
13. The capital structure of the Italian firms: international comparisons
14. Capital budgeting in levered firms: WACC and APV
15. Interaction between investments and financial decisions: how to assess the investment projects in different financing policies

- Berk J. - DeMarzo P., Finanza aziendale 1 – I fondamenti, Pearson, 2018, fourth edition, Ch.1, 2, 3 (Appendix included), 4 (Appendix included), 5 (Appendix excluded), 7 (Appendix included), 8 (§ 8.5 excluded), 9 (Appendix included), 10, 11 (Appendix excluded), 12 (§ 12.4 excluded, but Appendix included), 14, 15, 16, 18 (§ 18.4 excluded, but Appendix included).
- in addition, slides, notes, exercises, cases, data and other teaching materials provided from the teacher on the course website (the requested passwords are provided). The program includes the exercises/problems and other materials at the end of textbook chapters or downloadable from both course and textbook websites.