CODE 64537 ACADEMIC YEAR 2021/2022 CREDITS 9 cfu anno 2 AMMINISTRAZIONE, FINANZA E CONTROLLO 8706 (LM-77) - GENOVA SCIENTIFIC DISCIPLINARY SECTOR SECS-P/07 LANGUAGE Italian TEACHING LOCATION GENOVA SEMESTER 1° Semester TEACHING MATERIALS AULAWEB OVERVIEW 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. AIMS AND CONTENT LEARNING OUTCOMES The course aims at providing the skill to achieve specific results through M&A operations, and the working knowledge of the techniques involved in corporate valuation. In addition, it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations. AIMS AND LEARNING OUTCOMES The course aims at providing the students with a solid basic knowledge of the principles and logics underpinning both the M&A and the corporate valuation. In particular, the course intends to: Examine the conditions for the origins and development of M&A Clarify the concepts of corporate valuation PREREQUISITES Italian GAAP (OIC) and discounting principles TEACHING METHODS 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. SYLLABUS/CONTENT 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 RECOMMENDED READING/BIBLIOGRAPHY 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; TEACHERS AND EXAM BOARD FRANCESCO GIOVANNI AVALLONE Ricevimento: Professore ordinario Curriculum vitae Dipartimento di Economia - I livello - studio 1034 Telefono: (+39) 010209 5075 E-mail: francesco.avallone@economia.unige.it Orario ricevimento: Wednesday, 2 pm Exam Board FRANCESCO GIOVANNI AVALLONE (President) ALBERTO QUAGLI PAOLA RAMASSA LESSONS LESSONS START 1° semester Class schedule M&A AND CORPORATE VALUATION EXAMS ASSESSMENT METHODS 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. NB: Due to the current situation with COVID 19 pandemic, students could take a written/oral exam through Microsoft Teams platform or Aulaweb. Exam schedule Data appello Orario Luogo Degree type Note 10/01/2022 14:30 GENOVA Scritto + Orale 24/01/2022 14:30 GENOVA Scritto + Orale 07/02/2022 14:30 GENOVA Scritto + Orale 10/05/2022 16:30 GENOVA Scritto + Orale 06/06/2022 14:30 GENOVA Scritto + Orale 20/06/2022 14:30 GENOVA Scritto + Orale 04/07/2022 14:30 GENOVA Scritto + Orale 05/09/2022 14:30 GENOVA Scritto + Orale