Ateneo - UPO

The 60 class hours course is focused on the investment banking industry as a portfolio of services offered to corporate and institutional clients. The course deals with investment banking transactions and analyses the business models, production processes and economics of banks and other financial institutions when operating in the capital markets and offering to corporate clients non lending financial services.
More in details, the course will provide tools, models and concrete examples required in order to design and implement the major typologies of corporate and investment banking transactions as well as to understand the nature of the advisory activity performed by banks and financial institutions.
The 8 ECTS course (200 total student workload hours) is structured as follows:
6 ECTS (45 hours) of Executive/Direct Teaching (DE: face-to-face lectures, theoretical and modeling framework);
2 ECTS (15 hours) of Interactive Teaching (DI: case study discussions, practical exercises, guided team activities);
140 hours of individual study and self-learning.

Required textbooks:Stowell D., Investment Banking, Hedge Funds and Private Equity. Fourth Edition, Elsevier, Cambrigde, MA, 2023.Liaw K.T., The Business of Investment Banking: A Comprehensive overview. Third Edition, J. Wiley & Sons, New York, 2011The instructors will provide articles, slides, case studies and working papers in order to deepen specific course topicsFor further information, please make reference to the course official web page on D.I.R.Suggested readings:DePamphilis D., Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions 12th Edition, Academic Press, 2025.Gatto M., The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt, J. Wiley & Sons, New York, 2023.Rosenbaum J., Pearl J., Investment Banking: Valuation, Leveraged Buy-Outs and Mergers and Acquisitions. Third Edition, J. Wiley & Sons, New York, 2020.Nijs L., Mezzanine Financing, J. Wiley & Sons, New York, 2014.Fleuriet M., Investment Banking Explained: An Insider’s Guide to the Industry, McGraw-Hill, New York, 2008.

1.Knowledge and understanding: the basic knowledge necessary to understand the role and operations of banks and financial intermediaries in the investment banking industry. More in details, the capability to understand, design and implement major corporate and investment banking deals as well as the capability to understand the advisory nature of the business of investment banking
2. Applying knowledge and understanding: the ability to apply theoretical knowledge in order to identify the real convenience and feasibility of investment banking transactions
3. Making judgements: the ability to choose the right instruments and transactions in order to satisfy non-ordinary corporate financial needs
4. Communication skills: the ability to use an appropriate technical language
5. Learning skills: the ability to identify and solve corporate financial needs through investment banking tools, models and transactions. It is crucial to develop a problem solving aptitude, consistently with the expected requirements associated to investment bankers and advisors

None

1. knowledge and understanding: face-to-face lessons, analysis and discussion of case studies. Lecturers and professionals coming from all over the world, with strong reputation in the field of investment banking, will be involved in class as guest speakers
2. applying knowledge and understanding: face-to-face lessons, exercises
3. making judgements: case studies proposed during the course aimed at stimulating students’ problem solving aptitude
4. communication skills: during the course the lecturer applies and explains terms commonly used in the financial community
5. learning skills: after theoretical lectures the lecturer provides questions, case studies and assignments that are subsequently illustrated and discussed during the course

Class participation is not compulsory. A specific “participant track” will allow attending students sustaining specific cases and assignments to gain some points, which will 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.

Assessment for students is based on a compulsory 60-minute final written exam in English, structured as follows:
10 closed-ended questions (1 point each; max 10 points) testing core theoretical concepts and financial terminology;
4 open-ended / numerical application questions (up to 5 points each; max 20 points) evaluating analytical skills, methodological rigor, and design capabilities of investment banking deals .
Maximum exam score: 30/30.

For attending students, active participation in the in-itinere track (case studies and team assignments) allows earning an additional bonus of up to 5 points, which is added to the written exam score to determine the final grade.

Grading Rubric and Score Performance Bands:
Pass / Satisfactory (18–21/30): Basic knowledge of Investment Banking models, fundamental understanding of technical terminology, and ability to solve standard quantitative problems with basic critical autonomy.
Good / Very Good (22–26/30): Solid command of theoretical concepts and CIB transaction structures, correct application of valuation methodologies, and clear argumentative skills.
Excellent (27–30/30): In-depth and systematic knowledge of the subject, superior problem-solving and transaction design capability, and rigorous use of technical terminology.
Cum Laude: Analytical excellence, outstanding critical judgment in financial structuring, complete absence of conceptual errors, and flawless exposition.

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: by one mid term exam during the course.

The investment banking industry: origins and development
Corporate needs and the demand for investment banking services
Identifying major business units in the corporate & investment banking industry
Competences and skills required in the corporate & investment banking industry
Corporate finance transactions: mergers, acquisitions, spin-offs, equity carve-outs
The role of advisors in the M&A deals
Defensive and offensive advisory services in the hostile takeovers
The advisory role in IPOs and seasoned offerings
Corporate bond issues: syndication, underwriting and placement
Mezzanine finance: designing, placing and trading hybrid debt securities
Securitizations and other capital markets transactions
Leveraged acquisitions: LBOs, MBOs, FBOs
Distressed companies and turnaround advisory services
The role of advisors in work-outs and legal debt restructuring procedures
The merchant banking industry: venture capital and private equity
The operations of closed-end funds: fundraising, investments, monitoring and way out
Structured finance and project finance deals

Gender Dimension Integration:
Analysis of the gender gap in CIB leadership and corporate board structures
Impact of Gender Diversity and ESG metrics on the cost of capital, corporate valuation, and investment decision-making in Private Equity and Venture Capital funds.

By giving a written exam, students must show:
KNOWLEDGE
- To be aware of the role and operations of investment banks and financial advisors.
- To know the accounting, appraisal, legal and tax issues underlying an investment banking deal
COMPETENCES
- To be able to evaluate the feasibility of an investment banking deal
- To be able to design the structure of an investment banking deal
- To be able to identify the investment bank or the advisor to get access to originate and implement an investment banking deal
TRANSVERSAL SKILLS
- To be able to interconnect among each other’s topics faced in different chapters of the course
- To be able to present a set of clear and structured arguments dealing with the design and structure of a giving investment bank deal
- To know the technical terminology used by professionals, advisors and investment bankers at both the domestic and the international level
- To be able to read, comprehend and comment technical material from books, financial journals or other source