The course aims at providing the skill to achieve specific results through M&A operations and the working knowledge of the techniques involved. Additionally it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations. The groundword for how to value a firm (fundamentals of corporate valuation) is covered.
The course aims at providing the skill to achieve specific results through M&A operations and the working knowledge of the techniques involved in the corporate valuation and in the net income tax calculation. In addition, it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations.
Traditional formats (lectures) and interactive methods based on discussion and sharing of best practices in M&A and corporate valuation, together with the teacher and practitioners.
PART I: corporate valuation
- intrinsic valuation
- core valuation techniques
- fundamentals of Discounted cash flow (DCF)
- estimation of cash flows and discount rate
- impact of taxes
- relative valuation
- special situations: emerging markets, high-growth companies, cyclical companies etc.
- best practices and case studies
PART II: mergers and acquisitions
- recent M&A trends
- corporate restructuring: types of M&A
- LBO
- M&A strategies
- accounting methods in M&A
- tax issues in M&A
Lessons and basic materials are in Italian because of the topic specifically concerns Italian code and Italian tax legislation. However, M&A operations and fundamentals of corporate valuation can be analyse in detail in the following selected publications:
- R.L. Brown, The concise guide to Mergers, Acquisitions and divestitures, Palgrave/MacMillan, 2007;
- P.A.Gaughan, Mergers, Acquisitions and Corporate Restructurings, 7th ed., Wiley, 2018;
- A. Damodaran, The dark side of valuation, Pearson Edu., 2010;
Ricevimento: Professore associato Curriculum vitae Dipartimento di Economia - I livello - studio 1034 Telefono: (+39) 010209 5075 E-mail: francesco.avallone@economia.unige.it Orario ricevimento: Mercoledì: ore 15.00
FRANCESCO GIOVANNI AVALLONE (President)
ALBERTO QUAGLI
PAOLA RAMASSA
1° semester
M&A AND CORPORATE VALUATION
The final exam is based on a written assessment (regarding both theory and cases), and an oral part starting from a brief analysis prepared by the student on a real examples of M&A and corporate valuation.
