- Docente: Paolo Barbieri
- Credits: 6
- SSD: ING-IND/35
- Language: Italian
- Moduli: Paolo Barbieri (Modulo 1) Stefano Stanzani (Modulo 2)
- Teaching Mode: Traditional lectures (Modulo 1) Traditional lectures (Modulo 2)
- Campus: Bologna
- Corso: First cycle degree programme (L) in Civil Engineering (cod. 0919)
Learning outcomes
Giving to the students the basic knowledge for evaluation of investments and property evaluations.
Course contents
FIRST PART OF THE COURSE
a. The concept of investment and different kinds of investments
b. Capitalization and discounting back: elements of financial mathematics.
c. Determining the value of an investment: the Net Present Value.
d. Investment valuation: steps of the decision procedure.
e. Basic concepts to evaluate an investment: the expected return rate, the economic life of a project, the relevant cash flows.
f. Problems in assessing cash flows.
g. Other methods to gain investment valuation: internal return rate, average pay-back time, the average accounting profit.
h. Investment valuation within the firm schedule.
SECOND PART OF THE COURSE
Introduction and Definitions
Property Prices and Property Valuation – Italian and international Property Valuation - Valuation principles - Valuation Reports
Appraisal Values and criteria
Synthetic (or direct) appraisal procedures - Real estate market – Statistical sources – Statistical analysis
The cost value - Construction and reconstruction (reproduction) costs – The technical costs – The depreciation for physical deterioration and functional and economic obsolescence - Statistical sources
Analytic appraisal procedures - the direct capitalization - The yield capitalization - The discounted cash flow analysis procedures
Derivative real estate appraisals
The transformation value - The complementary value - The substitution value
Other valuations
B uildable site s – E xpenses valuations connected with the real estate process
Plans valuations
Private and public valuations plan– VAS - VALSAT
Readings/Bibliography
Anthony, R.N.; Breitner, L.K.; Macri, D.M. – Il bilancio: Analisi economiche per le decisioni e la comunicazione della performance. 4° Ed., McGraw-Hill. Capitoli: 1, 2, 4, 5.
Anthony, R.N.; Hawkins, D.F.; Macri, D.M.; Merchant, K.A. – Sistemi di controllo: Analisi per le decisioni aziendali – McGraw-Hill, 3° edizione. Capitoli 2 (pp. 31-44), 3, 14, 15, 16.
Guido Pongiluppi – Introduzione alla teoria del valore – McGraw-Hill, Milano
Capitoli 1, 2, 3, 4, 5.5, 5.6, 7, 8
Teaching methods
frontal lessons and exercises
Assessment methods
Written exam. Dates determined according to the School's teaching calendar and available through Uniwex.
Teaching tools
frontal lessons and exercises
Office hours
See the website of Paolo Barbieri
See the website of Stefano Stanzani