The course aims at providing the students with in-depth theoretical and applied knowledge of the most important operative tools for the management of companies. In particular, the first part of the course will present the fundamental concepts and methods for financial accounting, with a specific emphasis on financial statement analysis. The accounting process will be presented according to a managerial perspective, highlighting the impact of specific economic transactions on firms’ indicators of profitability and financial equilibrium. The second part of the course will address both basic and advanced techniques for capital budgeting and investment analysis.
The program details are reported below.

First part:
- Financial accounting: principles and methods
- The accounting process
- The structure of the balance sheet statement
- The income statement and its classifications
- The cashflow statement
- The analysis of financial statements

Second part:
- Fundamentals of actuarial mathematics
- Basic theory of interest
- Capital budgeting: computation of cashflows, Discounted Cash Flow method, Internal Rate of Return, Annual Cost Method
- Fixed income securities: their evaluation and their use by companies. Bonds: typologies, principles for pricing, yield, duration, convexity and portfolio immunization.
-Term structure of interest rates
- Dividend discount model
-Mean-variance portfolio theory.
-Risk and return: the Capital Asset Pricing Model and its applications
- Capital budgeting in the indebted company: Capital structure and the Modigliani-Miller theory.
-Evaluation methods: WACC, Flow to Equity, Adjusted Present Value
- Dividend policy: theory and applications