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Teacher
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VENANZI DANIELA
(syllabus)
1. Firm classification by the size. Definitions of small business
2. Size of Italian firms: an international comparison based on statistics. Where does small business operate?
3. Birth and decline of large corporations in Italy. Origin, trend and transformation of industrial districts. Birth of medium-sized firms. The internationalization process of small and medium businesses in Italy
4. Peculiarities of small business and financial theory
5. Investment decisions of small business: concepts and tools for decision-making of small firms
a. Break-even-analysis
b. Sensitivity analysis
c. analysis per scenarios and simulation techniques
d. decision tree
6. Risk and cost of capital of small business
a. Size effect and Fama-French three factors model
b. Fundamental beta vs historical beta
c. Residual income model (RIM) and risk drivers
d. The probabilistic approach based on success/failure rates
7. Capital structure choice and financing decisions of small business
a. Berger-Udell theory of financial life cycle
b. The private debt of SMEs: typologies and key-features
c. The determinants of SMEs' capital structure: theory and empirical findings
d. Venture capital: theoretical and empirical literature
8. Empirical analysis on the peculiarities of Italian/European SMEs (to support the project work)
a. Mediobanca-Unioncamere dataset on the Italian manufacturing MEs: structure and contents
b. BACH-ESD dataset: structure and contents
c. Statistical methodology for cross-sectional analysis of data (with excel add-on and/or SPSS sw)
(reference books)
1. Ang J.S., 1992, On the Theory of Finance for Privately Held Firms, The Journal of
Enprepreneurial Finance, 1(3)
2. Beaver W., Kettler P., Scholes M, 1970, The association between market determined and
accounting determined risk measures, The Accounting Review, october
3. Berger A.N., Udell G.F., 1998, The economics of small business finance: the roles of private
equity and debt markets n the financial growth cycle, Journal of Banking and Finance, 22 [§§ 1,
2 (solo introduzione), 2.3, 2,4, 4.1, 4.3 (e sotto-paragrafi), 5.3, 5.4 e conclusioni]
4. Berk J., DeMarzo P., Venanzi D., 2009, Capital Budgeting, Pearson-Addison Wesley, Cap. 6
5. Cheung J., 1999, A probability based approach to estimating costs of capital for small business,
Small Business Economics, 12
6. Cole, R.A., 2013, What do we know about the capital structure of privately held US firms?
Evidence from the surveys of Small Business Finance, Financial Management, 42 (4)
7. Coltorti F., 2010, Il ruolo dell’industria: grandi e medie imprese, in Libertà e benessere: l’Italia del
futuro, Confindustria (disponibile su web)
8. Del Colle, D.M., Finaldi-Russo, P., Generale, A., 2006, The causes and consequences of
venture capital financing. An analysis based on a sample of Italian firms, Temi di discussione del
Servizio Studi, Banca d’Italia, n. 584 (free download da sito web Banca d’Italia)
9. Fama E.F., French K.R., 1992, The cross-section of Expected Stock Returns, The Journal of
Finance, XLVII (2) [esclusa Appendix]
10. Fama, E.F., Jensen, M.C., 1985, Organizational forms and investment decisions. Journal of
Financial Economics, 14 (1) [esclusi §§ 3.4, 3.5, 4 (e sotto-paragrafi), 5 (e sotto-paragrafi)]
11. Giner B., Reverte C., 2006, The risk-relevance of accounting data: evidence from the Spanish
Stock Market, Journal of International Financial Management and accounting, 17(3)
12. Mediobanca-Unioncamere, 2017, Le medie imprese industriali italiane (2006-2016), Milano,
(free download da www.mbres.it : rapporto e slides di presentazione Mediobanca)
13. Poutziouris P.Z., 2001, The views of family companies on venture capital: empircal evidence
from the UK small to medium-size enterprising economy, Family Business Review, XIV (3).
14. Venanzi D., 2010, Il puzzle della struttura finanziaria, Pearson-Prentice Hall [§§ 1.6 e 3.9]
15. Venanzi D., 2015, Produttività e strategia finanziaria delle medie imprese industriali italiane,
Commento al Rapporto Mediobanca-Unioncamere, Le medie imprese industriali italiane (2004-
2014), https://www.mbres.it/sites/default/files/resources/download_it/Daniela%20Venanzi.pdf
When not differently indicated, materials are downloadable from Roma Tre SBA. Articles
can be taken from Ebsco Business Premium Complete (available on SBA).
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