CORPORATE TRANSACTIONS AND BUSINESS VALUATION

The course provides a theoretical and operational overview of corporate evaluation processes and of the main corporate transactions. Objective is to focus on the main evaluation methods and to analyze the most common corporate transaction, in order to promote a critical approach to their use, also in relation to the specific objectives pursued and their particular characteristics.

The course postulates the prior knowledge of the basic concepts of Corporate Finance and Financial Mathematics.

Knowledge and understanding: the student will acquire the basic knowledge both from a theoretical and operation point of view regarding the implementation by companies of corporate transactions and business valuation, variously applied. Applying knowledge and understanding: the student will be able to describe and retrace corporate transactions and business valuation dynamics. The achievement of these goals will take place with different case studies analysis and the development of a project work. Making judgement: the student will be encouraged to develop a critical awareness such as to allow the formulation of independent judgments regarding a corporate transaction feasibility and the results achieved through business valuation methods application. Communication skills: the student may gain the ability to describe corporate transactions and business valuation process’ salient aspects. Learning skills : the student may be able to grasp what studied in the analysis of reference case studies during the course and in the presentation of a final project work.

The economic-financial aspects of the main corporate transactions.The capital configurations and the different methods of business valuation. Exclusively for Corporate Transactions, this course analyzes the economic-corporate function of the main transactions, with an indication of the accounting and legal effects.

In order to Corporate Transactions: educational material will be provide by the teacher. In Order to business evaluation: Bini, Guatri (2007) La valutazione delle aziende. Egea Corbella, Liberatore, Tiscini (2020), Manuale di valutazione d'azienda, McGrawHill

Direct theoretical lessons and/or asynchronous teaching. Case studies discussion and analysis.

The maximum assignable mark at the end of the course is 33 points: 60% for the written exam, 30% for the project work and 10% for the case study. 1) Written exam only: this type of exam consists exclusively of a written test and does not include an oral exam. The marks are published on the specified website and the student receives notification of the result of the written exam, which will also be visible on the self-service website. Upon publication of the results, the student has 3 days to visualise the result and may refuse to accept it within that timeframe. Once the above period has concluded (3 days), the silence-signifies-assent rule is applied. At the time of publication of the results, it is indicated in which day, of the next three, the students who request it can visualize the exam task. Upon completion of the result registration process, the student receives a communication containing the final result obtained. 2) The Project work is assigned at the beginning of the course to a student team. Each team has to make a max 15 slides Power Point presentation, to discuss in 20-30 minutes in class. Not necessarily all team members has to present, but all of them can be submitted to questions and clarifications. In case of unjustified absence the PW mark will not be applied to each absent member. 3) Students in groups of 2-3 discuss, in a thesis and antithesis way, a case study proposed by the teacher and dealt with the topics faced during lessons.

The request must be submitted at least 6 months before the estimated degree session.