University of Commerce Luigi Bocconi

This course explores the conceptual and theoretical framework surrounding valuation issues and the practical tools to address such topics in real-life situations. The methodologies for corporate valuation are analyzed and the approaches commonly used by practitioners (financial analysts, investment and merchant banks, consulting firms) are discussed with particular regard to the context and to the purposes of the valuation. Valuation of intangibles assets is analyzed with a focus on brands and copyrights. Students discuss topics including theoretical framework and fundamental skills in company valuation, an overview of valuation methodologies, net asset approach, intangible assets valuation, estimating the cost of capital, relationships between leverage and discount rates, discounted cash flow analysis and APV, comparative valuation: stock market and deal multiples approach, income approach, acquisition value, exchange ratios in mergers, and premiums and discounts in company valuation. Knowledge of basic financial accounting and basic corporate finance is encouraged, but not required, as a prerequisite. 

This course develops a comprehensive overview of modern globalization processes, their characteristics, and their implications for corporate performance. The ultimate objective of this course is to provide students with an interpretative framework to analyze how different companies –both transnational and domestic - can approach the risks and opportunities that globalization entails and deal with the strategic tradeoffs they face in a global context. This course is designed to develop an in-depth understanding of modern globalization processes and their implications for corporate strategies. The first part introduces modern globalization and its characteristics in light of the concurrent evolution of globalization and localization trends. It looks at the emerging geography of production and labor, introducing the concept of technological change as the key enabling process of the global economy. The second part of the course examines the key actors involved, namely companies confronting daily the opportunities and risks of doing (or not) business in the global market. The course addresses all major strategic options for business development in an interdependent and open economy, including location decisions, knowledge generation, and management strategies and human capital management practices. These different strategic options are analyzed through the lenses of conceptual arguments, empirical evidences, and evidences from real world experience. The course recommend students have a general background in international business and management at the undergraduate level as a prerequisite.

This course provides students with a general understanding of the different functions performed by financial markets and institutions and their role in the economic system. The course begins with a brief overview of the functions of the financial system and its connections to the real economy. The course then studies the functioning of financial markets and the main financial instruments. Finally, the course studies the economics of different types of financial institutions. The first part of the course analyzes in detail the characteristics of the major financial assets, and describes the institutional characteristics of the markets in which these assets are traded. The second part of the course studies in detail the objectives as well as the organization of the major financial intermediaries (commercial banks, investment banks, mutual funds) that allow to match demand and supply of funds when securities markets do not function perfectly. The course recommends students have background knowledge in Mathematics (applied), Management, Accounting, and Financial Statement Analysis as a prerequisite.

This course enables students to take a critical stance towards the developments within contemporary art as well as towards the manner in which art is dealt with both scientifically and in the economic practices that concern it. For this purpose it shows how the canonical conceptualization of art and the nature of art itself within the metaphysical tradition end in a crisis, in which the accomplishment of both the metaphysical way of thinking and the metaphysical form of art coexists with a new beginning of both these spheres. Rather than proceeding historically, the course involves students in a hands-on study of some core aspects of the outlined crisis, so as to foster both their artistic sense and their analytical capacities in a manner that is attuned to the environment in which they need to operate. The course discusses topics including what is philosophy of art; The first man was an artist; the economist as an artist (and vice versa); metaphysics, aesthetics, and metaphysical art; the path of modernity; art of the end and art of the beginning; space and time in painting, music, sculpture, and poetry; the science of space and time; the science of art; and artistic economics.