Financial Management

Previous knowledge: financial accounting, financial calculation (time value of money) and financial analysis

The teaching of the course is based on recent research materials and the experience obtained through practice. The pedagogy of the course is strongly interactive. It wants substantial student participation and know-how learning. Teaching methods include group discussion of real cases and individual elaboration of pedagogical exercises. Emphasis is placed on helping students relate concepts, ideas and theories to real practice.

The classes are theoretical-practical, with presence (and active participation) in classes optional, although strongly advised.

1. INTRODUCTION
1. The financial management
2. The objectives of financial management
3. Main tasks and decisions of financial management. Internal organisation and financial function
4. The external environment
5. Agency conficts
6. Corporate governance and financial management
2. INVESTMENT DECISIONS: AN INTRODUCTION
1. The economic and financial decision to implement an investment project
2. Some Decision Criteria on Project Decision
3. Some financing solutions for real asset investments
3. MEDIUM AND LONG TERM FINANCING AND COST OF CAPITAL
1. Characteristics of the main sources of long-term financing
2. Main Financial Instruments of the Capital Markets
3. Capital structure policy and its main determinants
4. Risk, profitability and opportunity cost of capital: the CAPM and the dividend models
5. Determination of WACC
4. DISTRIBUTION TO SHAREHOLDERS
1. Different forms of distribution of results: dividends and repurchases
2. Key determinants of the distribution policy
5. TREASURY MANAGEMENT
1. Basic principles of treasury management
2. Working Capital Management
3. Characteristics of major short-term financial investments
4. Characteristics of the main sources of short-term financing
6. FINANCIAL PLANNING
1. Short-term financial planning: the cash budget
2. Medium and long-term financial planning: the preparation of the financial planning
3. Forecasted financial statements: the balance sheet and income statement

The evaluation will be carried out in accordance with the Regulation of the 1st Cycle of ISCAC, and includes the following modalities:

Students who choose to enrol in this assessment scheme (enrolment is mandatory and must be completed, through the designated platform, by the deadline to be announced via NONIO) shall undertake two written tests, each with a maximum duration of 60 minutes, in addition to a final examination. The final examination will assess only the content not covered in the midterm tests and shall have a maximum duration of 90 minutes.

The midterm tests will account for 50% (25% + 25%) of the final grade. Students will be considered to have passed if they achieve a weighted average grade equal to or higher than 10 points. Approval in this scheme is also conditional upon obtaining a minimum grade in each of the tests corresponding strictly to 40% of the total score. Rounding down to the nearest whole number shall only be applied after the calculation of the average of the tests.

The results of the midterm tests shall remain valid for both the regular and resit examination periods. Students enrolled in this continuous assessment scheme retain the right to withdraw from it and opt to be assessed exclusively by means of a final examination.

The dates scheduled for the midterm tests, as well as the corresponding syllabus content, shall be announced via NONIO by the end of September.

The use of graphic calculators shall not be permitted during any assessment activity.

In all circumstances, an oral examination shall be mandatory following the written examination whenever the awarded grade is equal to or higher than 16 (sixteen) points. Failure to attend the oral examination shall result in the assignment of a final grade of 10 (ten) points.

NAO