Ateneo - UPO

This 45-hour lecture-based course focuses on understanding the various funding options available to a company to finance its investments across the different stages of its life cycle. The course aims to provide students with the analytical tools to critically interpret corporate financial events and formulate optimized funding strategies and policies. The curriculum is structured into two main parts: Early-Stage Finance (startups) and Late-Stage Finance (mature companies).

The instructors will provide articles, slides, case studies and working papers in order to deepen specific course topics.

1. Knowledge and Understanding: Through participation in lectures and practical activities, students will develop the ability to address two fundamental strategic questions: how to accurately estimate a company’s Funding Need and how to identify and access the most appropriate monetary resources to meet those requirements. 2. Applying Knowledge and Understanding: By mastering the appropriate tools and methodologies, students will be equipped to perform rigorous financial analysis, estimate external Funding Needs, formulate appropriate fundraising policies, and identify the most suitable financing instruments (debt, mezzanine, equity) available to firms. 3. Making Judgements: Students will acquire the ability to formulate independent financial assessments based on the theoretical knowledge acquired and the professional experiences shared by the instructor in class. 4. Communication Skills: Upon completion of the course, students will be able to master the appropriate technical terminology and vocabulary specific to corporate finance. 5. Learning Skills: The knowledge acquired will enable students to independently interpret funding opportunities offered by the financial system (intermediaries, markets, and instruments) and adapt them to specific business contexts. Students will also become familiar with key information sources, online resources, and databases for conducting research in this field.
The course is delivered through frontal lectures (DE) and interactive in-class activities, such as assignments and case discussions (DI).

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Knowledge and understanding: through theoretical lectures, analysis and discussion of cases. Guest lectures by professionals and experts in the financial sector with prestigious professional experience in the world of finance may be envisaged. Ability to apply knowledge and understanding: through theoretical lectures and analysis and discussion of case studies. Autonomy of judgment: during the course students will be encouraged to identify operational solutions to understand financial decisions and business financial management Communication skills: use of technical terms commonly used by the financial community and explanation of their meaning. Learning skills: during the course exercises (assignments) and case studies will be administered to be carried out individually and in teams, the solution of which will be subsequently exposed by the students and commented by the teacher in class.

Class participation is not compulsory. The attending track includes a written midterm assessment, the results of which contribute to the final grade. Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/servicesstudents-physical-or-learning-disabilities. Students with disabilities, learning disabilities or special education needs, once they have contacted the University Staff, can refer to the tutor in charge of the course to define the examination modalities, concerning academic aspects.

One compulsory written exam (closed books closed notes) constituted of closed and open questions with a 60 minutes duration, covering the whole course program, as faced in the assigned teaching material. 1. Knowledge and understanding: by written open questions and closed (multiple choice) questions. 2. Applying knowledge and understanding: through exercises and closed questions. 3. Making judgements: by written open and closed questions. 4. Communication skills: by written open questions. 5. Learning skills: hrough in-class assessments carried out during the semester..
The grading criteria are as follows. The final grade is determined by the compulsory written exam. For attending students, in-class assignments contribute to the final grade. A pass (18/30) is awarded when students demonstrate a basic understanding of financing instruments and the main funding sources across the different stages of the corporate life cycle, and correctly apply the fundamental concepts covered in the course. Grades in the 18–20 range reflect a sufficient level of preparation with some applied uncertainty; 21–23 reflects a fair preparation with good command of basic concepts; 24–26 reflects satisfactory knowledge and good applied competence; 27–29 reflects in-depth knowledge and good independent judgement; a grade of 30 or 30 cum laude is reserved for students who demonstrate full command of all course topics, draw autonomous connections across the different modules, and argue critically and originally about corporate financial policy choices.

- Course Introduction - The role of finance - Financial analysis for funding decisions - Entrepreneurial Finance - Understanding and valuing startups. - Main actors of the startup ecosystem (Scientific/Technology Parks, Incubators and Accelerators, Crowdfunding, Business Angels, Venture Capital) - Corporate finance - Creditworthiness Analysis: Evaluation of credit risk and corporate borrowing capacity. - Indirect Funding Channels: Medium-to-Long Term (M-L/T) financing instruments - Short-Term (B/T) liquidity and working capital instruments - Capital Markets Fundraising
Gender dimension integration: Within the analysis of the startup ecosystem and Venture Capital, specific attention will be dedicated to the gender gap in accessing equity funding and the role of female entrepreneurship (female founders and gender lens investing).

Through a final written examination, students must demonstrate proficiency in: - KNOWLEDGE Comprehensive understanding of the landscape of financial investors and funding instruments. - Mastery of accounting, valuation, legal, and tax implications inherent in fundraising transactions. COMPETENCIES - Ability to critically interpret financial events characterizing the corporate life cycle. - Proficiency in formulating effective corporate funding policies. - Competence in identifying the most appropriate financial instruments based on a firm's specific profile TRANSVERSALS SKILLS - Synthesizing complex connections between various curriculum modules. - Presenting structured, clear, and pertinent arguments regarding the design and architecture of a funding strategy - Fluency in the technical terminology used by lenders, advisors, and investment bankers globally - Ability to analyze and comment on technical material from manuals, financial journals, and professional sources.