The course fits into the overall program curriculum pursuing some of the defined general learning goals. In particular, the course contributes to the development of the following capabilities:

• Understand context, functions, processes in a business and industrial environment and the impact of those factors on business performance

• Identify trends, technologies and key methodologies in a specific domain (specialization streams)

Students will be able to:

- Understand and explain investment banking activities, discussing features of extraordinary deals (e.g. IPOs, M&A, LBOs, restructuring).

- Frame different solutions (and their suitability and implications) according to corporation needs and market conditions.

- Learn and apply most used methodologies and practices and discuss trends in complex areas of financial management.

OVERVIEW:

The course focuses on investment banking topics. In particular, it concentrates on the valuation issues through the explanation of the different methodologies developed and used within the industry, along different kinds of deals and needs. In addition, it focuses on the way in which financial intermediaries can arrange and support companies’ fund raising processes on the market and through private placements. Finally, some lectures will provide insights about some extraordinary deals and assets and debts restructuring processes.

CONTENTS DESCRIPTION:

The course includes the following lectures:

• Valuation

o   Company value: introduction to equity and enterprise value, aim of valuation

o   Analytical and empirical methodologies: asset approach, earnings approach, cash flow approach, relative valuation approach, mixed methodologies (e.g. EVA)

o   Equity Research

• Capital Markets

o   Debt fund raising: structured bonds, ABS

o   Equity fund raising: private offering and public offering (e.g. SEO). Listing on a Stock market Exchange

o   Project finance

o   Private equity

o   Structured operations: complex derivatives, CDS

o   Corporate Banking: short- and mid-term financing

• Extraordinary deals

o   Mergers & Acquisitions and LBOs

o   Company crises and company restructuring

o   Asset restructuring

o   Debt restructuring

ORGANIZATIONAL ISSUES:

The contents are provided through class lectures, which consist in both theoretical lessons and exercises. Students should attend class regularly and actively participate, contributing to class learning and discussion. Some pratical sessions or case studies will be discussed with outstanding practitioners coming from the most important and highly-reputed investment banks.

- Some knowledge of accounting

- Individual written exam, based on open and closed questions and discussion of case studies.

- Student participation and discussion in class.