Teaching code

4S003195

Teacher

Lorenzo Faccincani

Coordinatore

Lorenzo Faccincani

Credits

6

Language

Italian

Scientific Disciplinary Sector (SSD)

SECS-P/09 - CORPORATE FINANCE

Period

primo semestre (lauree magistrali) dal Oct 4, 2021 al Dec 17, 2021.

Lessons timetable Moodle Seminars

Learning outcomes

Discuss the concepts of economic and financial equilibriums of the company. Studying causes and solutions of the firm crisis. Deepening criteria and methods of company evaluation, applicable in the various operations of extraordinary management affecting the company and the groups. Explain the criteria for estimating the value of industrial property rights. The focus of the course, which has a theoretical but well-anchored approach to operations, is therefore based on assessments and estimates, for which the contribution of corporate finance is essential.

Program

Introduction to the evaluation of firms and business units.
The determination of the intrinsic value:
- adjusted net asset methods;
- income methods;
- the methods that make explicit the creation of value;
- financial methods;
- relative valuation.
From intrinsic value to investment value: the value of control and the synergies.
The evaluation of an equity investment.

The financing forms alternative to the bank credit:
- Private equity and Venture capital;
- the Special Purpose Acquisition Companies (SPAC);
- Private debt.

Extraordinary financial operations: Merger & Acquisition, leveraged buyout, spin-off, carve-out and split off.

The firm crisis: causes and judicial and extrajudicial solutions.
The specificities in the evaluation of a firm in crisis.

Teaching will be developed through lectures aimed at facilitating the understanding and interpretation of theoretical concepts.

Reference material

In addition to the textbook, Students must also prepare the material reported in the elearning page of the course.

Bibliography

Examination Methods

The exam is written. It consists in 3 questions (open theoretical questions and exercises to be solved by providing a commentary to the obtained results), structured in order to ascertain the student’s ability to critically analyze the topics covered by the program. The duration of the test is equal to two hours.
On the e-learning platform all exam topics will be made available immediately after the appeals have been held.
Finally, the examination procedures are identical for Students attending and not attending.