•GUIDA ECONOMIA 07-08 - Università degli studi di Udine

•GUIDA ECONOMIA 07-08 - Università degli studi di Udine •GUIDA ECONOMIA 07-08 - Università degli studi di Udine

22.10.2014 Views

180 prospectus udine 3) The law of procedure. Law of procedure sources. The basic constitutional principles. Supranational sources: the European Convention for Human Rights of Rome; the E.U. statutes. Statutory laws and secondary sources. The important role of decisions of the Constitutional Court. ‘Living law’: decisions of the courts. The role of jurisprudence. 4) Introduction to the three different kinds of legal proceedings: declaratory, executive and precautionary. 5) Declaratory legal proceedings. The verification of rights. The claim of the party. The debate between parties. The evidence of disputed facts. Different kinds of evidence. Presumptions of law and presumptions of courts. The expert court consultant, with particular reference to the professional accountant. Documents used as evidence in legal proceedings. The decision that ends the declaratory proceedings. Means of appeal. Outline of criminal procedure. 6) Inefficiency of declaratory legal proceedings. Times and costs of legal proceedings. The ‘cost’ of legal guarantees. Remedies: new patterns of declaratory legal proceedings. Precautionary legal proceedings in civil and criminal procedure. Non-precautionary summary proceedings, with particular reference to the injunction of payment. A ‘private remedy’: arbitration and mediation. Different kinds of Alternative Dispute Resolution (ADR). 7) Executive proceedings. Different kinds of civil execution. The concept of property liability. Bankruptcy and other proceedings to face entrepreneur insolvency. International executive orders. 8) Non-contentious jurisdiction. Why and when courts are charged with noncontentious activities. How and when the professional accountant can be useful in these kinds of proceedings. Bibliography Readings will be recommended at the start of lectures. CORPORATE FINANCE (CdL BE, EBA) Prof. Roberto Cappelletto (CdL BF, EC, SCSBM) Prof. Emanuele Filiberto Rossi Aims The purpose of the course is to provide the students with the principles and basic skills for the comprehension of corporate finance. To this end, the program is comprised of three parts which aim respectively to explain the differences between an accounting and financial approach, to develop the skill required to diagnose corporate situations and perspectives and to select the best criteria for financial decisions. Contents Valuing investment projects Net present value (NPV). Other criteria for investment decisions. Invested capital. Cash flows. Discount rate. Cash flow determination. Valuing corporations Flow-based approach: income method. From accounting income to flows of income. Prospective incomes. Financial method and possible approaches. Analysis of management areas. Financial and fixed asset management analysis. Economic management analysis. Equilibriums of the firm.

prospectus udine 181 Flow-based analysis. Economic and financial forecast. Pre-requisites The course of ‘Corporate economics’ is preparatory. Bibliography Course textbook - R. CAPPELLETTO, Elementi di finanzia aziendale, Giappichelli, Turin, 2003. CORPORATE FINANCE ADVANCED COURSE Prof. Roberto Cappelletto Aims The course aims to analyse from a critical perspective the main theoretical models developed by modern corporate finance theory in order to provide a wide framework for the comprehension of funding decisions. Contents Determinants of financial dynamics. Measuring cash flows (Capital Budgeting). Perspective cash flow variability and corporate risk. Financial value of time: the yield curve. Financial value of time: the cost of capital. Valuing investment choices. Valuing financing choices. Determination of the optimal financial structure. Determinants of interest rates and risk valuation. Portfolio diversification and risk pricing. Capital Asset Pricing Model and its evolution. Arbitrage Price Theory. Capital market efficiency. Determination of the cost of capital. Financial decisions and the financial environment. Financial strategy decisions. Pre-requisites The course of ‘Corporate finance’ is preparatory. Bibliography - S.A. ROSS, R.W. WESTERFIELD, J.F. JAFFE, Finanza aziendale, Il Mulino, Bologna, 1997, chapters 1-19. DATA ANALYSIS (CdL BE, EBA) Prof.ssa Laura Pagani Contents 1. Introduction Introduction to basic statistical concepts: observed phenomenon (distinguishing between different kinds of variables); statistical units; population; complete or sample survey. 2. Frequency distribution Absolute, relative and percent frequency (both simple and cumulative) for discrete variables (both in the qualitative and quantitative case). Absolute and relative frequency and density functions for the continuous variable case. Frequency distributions graphs. Distribution function for the continuous variable in the case of class categorization. 3. Indexes Location measures: mean, median, mode, percentiles. Dispersion measures: range, interquartile range, variance, standard deviation and coefficient of variation. Gini concentration index (with the Lorenz curve plot). The box & whiskers plot. 4. Bivariate analysis Association analysis: two-way frequency tables, scatter plot, conditional mean and variance, covariance and Pearson correlation index. Simple linear regression: least squares point estimates; regression line; goodness of fit. 5. Exercises All topics will be supported by some examples and exercises.

180 prospectus u<strong>di</strong>ne<br />

3) The law of procedure. Law of procedure<br />

sources. The basic constitutional principles.<br />

Supranational sources: the European<br />

Convention for Human Rights of<br />

Rome; the E.U. statutes. Statutory laws<br />

and secondary sources. The important<br />

role of decisions of the Constitutional<br />

Court.<br />

‘Living law’: decisions of the courts. The<br />

role of jurisprudence.<br />

4) Introduction to the three <strong>di</strong>fferent<br />

kinds of legal procee<strong>di</strong>ngs: declaratory,<br />

executive and precautionary.<br />

5) Declaratory legal procee<strong>di</strong>ngs. The verification<br />

of rights. The claim of the party.<br />

The debate between parties. The evidence<br />

of <strong>di</strong>sputed facts. Different kinds of evidence.<br />

Presumptions of law and presumptions<br />

of courts.<br />

The expert court consultant, with particular<br />

reference to the professional accountant.<br />

Documents used as evidence in legal procee<strong>di</strong>ngs.<br />

The decision that ends the declaratory<br />

procee<strong>di</strong>ngs. Means of appeal.<br />

Outline of criminal procedure.<br />

6) Inefficiency of declaratory legal procee<strong>di</strong>ngs.<br />

Times and costs of legal procee<strong>di</strong>ngs.<br />

The ‘cost’ of legal guarantees.<br />

Reme<strong>di</strong>es: new patterns of declaratory<br />

legal procee<strong>di</strong>ngs.<br />

Precautionary legal procee<strong>di</strong>ngs in civil<br />

and criminal procedure.<br />

Non-precautionary summary procee<strong>di</strong>ngs,<br />

with particular reference to the<br />

injunction of payment.<br />

A ‘private remedy’: arbitration and me<strong>di</strong>ation.<br />

Different kinds of Alternative Dispute<br />

Resolution (ADR).<br />

7) Executive procee<strong>di</strong>ngs. Different kinds<br />

of civil execution. The concept of property<br />

liability.<br />

Bankruptcy and other procee<strong>di</strong>ngs to face<br />

entrepreneur insolvency.<br />

International executive orders.<br />

8) Non-contentious juris<strong>di</strong>ction. Why<br />

and when courts are charged with noncontentious<br />

activities. How and when the<br />

professional accountant can be useful in<br />

these kinds of procee<strong>di</strong>ngs.<br />

Bibliography<br />

Rea<strong>di</strong>ngs will be recommended at the<br />

start of lectures.<br />

CORPORATE FINANCE<br />

(CdL BE, EBA)<br />

Prof. Roberto Cappelletto<br />

(CdL BF, EC, SCSBM)<br />

Prof. Emanuele Filiberto Rossi<br />

Aims<br />

The purpose of the course is to provide<br />

the students with the principles and basic<br />

skills for the comprehension of corporate<br />

finance. To this end, the program is comprised<br />

of three parts which aim respectively<br />

to explain the <strong>di</strong>fferences between an<br />

accounting and financial approach, to develop<br />

the skill required to <strong>di</strong>agnose corporate<br />

situations and perspectives and to select the<br />

best criteria for financial decisions.<br />

Contents<br />

Valuing investment projects<br />

Net present value (NPV).<br />

Other criteria for investment decisions.<br />

Invested capital.<br />

Cash flows.<br />

Discount rate.<br />

Cash flow determination.<br />

Valuing corporations<br />

Flow-based approach: income method.<br />

From accounting income to flows of<br />

income.<br />

Prospective incomes.<br />

Financial method and possible approaches.<br />

Analysis of management areas.<br />

Financial and fixed asset management<br />

analysis.<br />

Economic management analysis.<br />

Equilibriums of the firm.

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