Corporate e investment banking - ENG

CORPORATE AND INVESTMENT BANKING

Prof. Vincenzo Capizzi (Università del Piemonte Orientale, DiSEI, Novara)
Prof. Stefano Bonini (Stevens Institute of Technology, Hoboken, NJ, USA)

Course Code: EA046
Subject code: SECS – P/11
8 ECTS – 64 hours
Location: Novara


Educational aims

The course is aimed at analyzing the role of banks and other financial institutions when operating in the capital markets and offering to corporate clients non lending financial services. More in details, the course will provide tools, models and concrete examples required in order to design and implement the major typologies of corporate and investment banking transactions as well as to understand the nature of the advisory activity performed by banks and financial institutions.


Content of the course

-    The investment banking industry: origins and development.
-    Corporate needs and the demand for investment banking services
-    Identifying major business units in the corporate & investment banking industry.
-    Competences and skills required in the corporate & investment banking industry.
-    Corporate finance transactions: mergers, acquisitions, spin-offs, equity carve-outs.
-    The role of advisors in the M&A deals.
-    Defensive and offensive advisory services in the hostile takeovers.
-    The advisory role in IPOs and seasoned offerings.
-    Corporate bond issues: syndication, underwriting and placement.
-    Mezzanine finance: designing, placing and trading hybrid debt securities
-    Securitizations and other capital markets transactions.
-    Leveraged acquisitions: LBOs, MBOs, FBOs
-    Distressed companies and turnaround advisory services
-    The role of advisors in work-outs and legal debt restructuring procedures.
-    The merchant banking industry: venture capital and private equity.
-    The operations of closed-end funds: fundraising, investments, monitoring and way out.
-    Structured finance and project finance deals.


Course Texts

Required textbook:
Forestieri G., (a cura di), Corporate e investment banking, Quarta Edizione, Egea, Milano, 2007.

Suggested readings:
Capizzi V., (a cura di), L’investment banking in Italia, Bancaria, Roma, 2007.
Capizzi V., (a cura di), Crisi d’impresa e ristrutturazione del debito, Egea, Milano, 2014.
Fleuriet M., Investment Banking Explained: An Insider’s Guide to the Industry, McGraw-Hill, New York, 2008.
Iannotta G., Investment Banking: A Guide to Underwriting and Advisory Services, Springer-Verlag, Berlin, 2010.
Liaw K.T., The Business of Investment Banking: A Comprehensive overview. Third Edition, J. Wiley & Sons, New York, 2011.
Rosenbaum J., Pearl J., Investment Banking: Valuation, Leveraged Buy-Outs and Mergers and Acquisitions. Second Edition, J. Wiley & Sons, New York, 2013.
Stowell D., Investment Banking, Hedge Funds and Private Equity. Second Edition, Elsevier, Cambrigde, MA, 2012.

The instructors will provide articles, slides, case studies and working papers in order to deepen specific course topics.

For further information, please make reference to the course official web page at the following link:

https://eco.dir.unipmn.it/


Teaching methods

Given its professional and applicative nature, the course instructors will use a balanced mix of different teaching methods (face-to-face lessons, exercises and simulations, business games and guest speakers), in order to contribute developing and improving participants’ problem solving aptitude.
Class participation is not compulsory. A specific “participant track” will allow attending students sustaining specific cases and assignments to gain some points which will contribute to the final grade.

Prof. Bonini will teach in English his course module (16 hours)



Examination

One compulsory written exam (closed books closed notes) constituted of 4 open question with a 60 minutes duration, covering the whole course program, as faced in the required textbook.