|SCIENTIFIC DISCIPLINARY SECTOR||SECS-P/07|
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 corporate valuation. In addition, it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations.
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:
Italian GAAP (OIC) and discounting principles
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
- 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;
FRANCESCO GIOVANNI AVALLONE (President)
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.
|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||Appello straordinario riservato esclusivamente ai laureandi 2020/21|
|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|