Corporate and investment banking - eng

CORPORATE AND INVESTMENT BANKING

Prof. Vincenzo Capizzi

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


Course language

English


Course topics

The course deals with investment banking transactions and presents the operations 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.


Course textbooks and other teaching material

Required textbook:
Liaw K.T., The Business of Investment Banking: A Comprehensive overview. Third Edition, J. Wiley & Sons, New York, 2011.

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/

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.
Forestieri G., (a cura di), Corporate e investment banking, Terza Edizione, Egea, Milano, 2015.
Iannotta G., Investment Banking: A Guide to Underwriting and Advisory Services, Springer-Verlag, Berlin, 2010.
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.


Teaching goals

The course is aimed at presenting:
-    the business areas of investment banking (capital markets, corporate finance, merchant banking, structured finance, asset management and risk management)
-    the business models, organizational structures and competitive strategies of investment banks
-    the operations and economics of investment banks
-    the non lending financial needs coming from large corporations and SMEs
-    the major technical, valuation and contractual features of investment banking deals

Prerequisites

None.


Teaching methods

Given its professional and applicative nature, the course instructor 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.


Other information

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.


Course evaluation

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.
Students will have to give the exam in English.


Course syllabus

-    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.