- Docente: Massimo Spisni
- Credits: 8
- SSD: SECS-P/09
- Language: Italian
- Moduli: Massimo Spisni (Modulo 1) Giada Castaldini (Modulo 2)
- Teaching Mode: Traditional lectures (Modulo 1) Traditional lectures (Modulo 2)
- Campus: Bologna
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Corso:
Second cycle degree programme (LM) in
Financial Markets and Institutions (cod. 0901)
Also valid for Second cycle degree programme (LM) in Business Administration (cod. 0897)
Learning outcomes
The course aims at presenting how companies can raise capital for their development and deals with the phases of the life cycle of companies, from the start-up phase to growth and to maturity. After completing the course based also on educational materials in English, the student will know the whole process of investment in venture capital according to both the investor perspective (fundraising, screening and evaluation of investments, deal structuring, shareholding monitoring and divestment) and to the company perspective (seasoned equity offerings, sale of shares, diversification of assets, generational change).
Course contents
Introduction to Venture Capital and Private Equity
Life cycle of the business and financial needs
Organizational models of investment funds
Investment policies, performance and incentives of fund managers
Main evaluation criteria
LBO and use of leverage among economic value and financial difficulties
Management, monitoring and optimization of the investment
The term sheet: agreements and negotiation of the main clauses
Divestment
Hints to turnaround funds and opportunistic investors
Readings/Bibliography
Anna Gervasoni, Fabio L.Sattin “ Private Equity e Venture Capital”, Guerini Next, 2015.
Reading material will be distributed during the course.
Teaching methods
Lectures
Analysis and discussion of case studies drafted mostly in English
Testimonials from some qualified operators
Assessment methods
Valuation is based on a written exam.
Office hours
See the website of Massimo Spisni
See the website of Giada Castaldini