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Percorso della pagina
  1. Economics
  2. Master Degree
  3. Economia e Finanza [F1602M - F1601M]
  4. Courses
  5. A.A. 2023-2024
  6. 1st year
  1. Economics of Financial Contracts
  2. Summary
Unità didattica Course full name
Economics of Financial Contracts
Course ID number
2324-1-F1601M054-F1601M060M
Course summary SYLLABUS

Blocks

Back to Financial Economics

Course Syllabus

  • Italiano ‎(it)‎
  • English ‎(en)‎
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Obiettivi formativi

Il corso si propone di mettere lo studente in grado di comprendere le implicazioni di efficienza e redistribuitive della struttura finanziaria dell'impresa.

Contenuti sintetici

  1. Teorie dell’impresa

  2. Teorie della struttura finanziaria

  3. Corporate Control

  4. Concorrenza sul mercato del prodotto e struttura finanziaria

Programma esteso

  1. Teorie dell’impresa:

a) Azzardo morale e integrazione verticale

b) Approccio dei costi di transazione

c) Teoria dei diritti di proprietà

  1. Teorie della struttura finanziaria:

a) Teoremi di Irrilevanza

b) Asimmetria informative e struttura finanziaria

c) Benefici privati e struttura finanziaria

d) Contratti incompleti e allocazione dei diritti residuali di controllo: il contratto di debito

  1. Corporate Control:

a) Scalate ostili

b) Diritto di voto e valore di impresa

  1. Concorrenza sul mercato del prodotto e struttura finanziaria

Prerequisiti

Microeconomia

Metodi didattici

Le lezioni si terranno in presenza, secondo le modalità che l'Ateneo indicherà per l'aa 2023-24.

Modalità di verifica dell'apprendimento

La prova d’esame consiste in una prova scritta con 6 domande.

Testi di riferimento

  • Hart, O. (1995), Firms, Contracts and Financial Structure, OUP

  • Tirole, J. (2005), The Theory of Corporate Finance, Princeton University Press

  • Appunti delle lezioni.

Periodo di erogazione dell'insegnamento

II semestre

Lingua di insegnamento

Italiano

Sustainable Development Goals

LAVORO DIGNITOSO E CRESCITA ECONOMICA | IMPRESE, INNOVAZIONE E INFRASTRUTTURE
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Learning objectives

The course provides the student with the knowledge required to understand the efficiency and distributional implications of a firm's financial structure.

Contents

  1. Theories of the firm

  2. Theories of the financial structure

  3. Corporate Control

  4. Product Market competition and financial structure

Detailed program

  1. Theories of the firm:

a) Moral Hazard and Vertical Integration

b) The Transaction Costs approach

c) Property Rights Theory of the Firm

  1. Theories of the financial structure:

a) Irrelevance theorems

b) Asymmetric Information and Financial Structure

c) Private Benefits and Financial Structure

d) Incomplete contracts and the allocation of control residual rights: the debt contract

  1. Corporate Control

a) The hostile takeover

b) Voting rights and the value of the firm

  1. Product Market competition and financial structur

Prerequisites

Introductory microeconomics

Teaching methods

Classes will be held in presence and according to the rules the University will set for the a.y. 2023-24.

Assessment methods

The final exam is a 6-question written exam.

Textbooks and Reading Materials

-Hart, O. (1995), Firms, Contracts and Financial Structure, OUP

  • Tirole, J. (2005), The Theory of Corporate Finance, Princeton University Press

  • Lectures notes available on the Unimib Elearning platform

Semester

II semester

Teaching language

Italian

Sustainable Development Goals

DECENT WORK AND ECONOMIC GROWTH | INDUSTRY, INNOVATION AND INFRASTRUCTURE
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Key information

Field of research
SECS-P/01
ECTS
6
Term
Annual
Activity type
Mandatory
Course Length (Hours)
42
Degree Course Type
2-year Master Degreee

Staff

    Teacher

  • PN
    Piergiovanna Natale

Enrolment methods

Manual enrolments
Self enrolment (Student)

Sustainable Development Goals

DECENT WORK AND ECONOMIC GROWTH - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
DECENT WORK AND ECONOMIC GROWTH
INDUSTRY, INNOVATION AND INFRASTRUCTURE - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
INDUSTRY, INNOVATION AND INFRASTRUCTURE

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