MERGERS & ACQUISITIONS
No specific scientific knowledge is required. The lessons from previous years, especially those with the object of the financial statements, will provide to the students a conceptual background useful to address the topics proposed in the course.
The final exam of the first aim is written, the attending students can choose a different method. The final exam is written, four topics will be proposed among those covered by the course, students will choose three questions out of the four in the exam text and will have to develop the answers in the form of a short dissertation. The exam will take 1 hour. The final grade will be determined by the degree of acquisition of the expected knowledge and skills, with the following criteria that also take due account of the ability to deal with the problems characterizing the degree course: - level of in-depth knowledge and mastery of the subject matter; - synthesis and analysis skills; - expressive and language mastery also with general scientific specificities. There are no intermediate tests. The vote is expressed out of thirty. The minimum grade is 18/30. The commission can award honors for answers that are exhaustive and characterized by personal elaboration. In particular, the ability to correlate the principles and techniques of the company valuation will be appreciated for the purposes of honors. Attending students will be able to choose a different examination method with the final assessment based: 30% on class interaction, work prepared during the course, PPT presentation and on an oral discussion: - 70% on written exam, students will choose two questions out of the four in the exam text. Students must achieve no less than 18/30. Students whose work achieves a total sum of more than 30 are entitled to pass the exam with laude. More specifically, the students will have to create a working group that has to prepare a project of an extraordinary operation agreed with the teacher and participate in the weekly meetings with the teacher. Each group will have to prepare a written report and a final presentation of 15 minutes in power point (PPT) which will be followed by a discussion of 15 minutes. The evaluation of the working group is based on the completeness of the analysis carried out, on the use of the tools acquired during the course, on the critical ability to connect and process the knowledge acquired. Group members may have different evaluations based on how they will answer the oral questions. The deadline for the presentation of the written report and of the presentation of the PPT will be defined at the beginning of the course. The final examination of the second aim will be oral and will cover the syllabus presented during the course, including the operations related to the transfer of business ownership and matters pertaining to intellectual property. Students will be assessed on their understanding of the topics covered during the course, their ability to draw connections between the various subjects addressed, and—particularly in the case of high marks or honours—their capacity to engage in further critical analysis of the issues discussed, also in light of real-world cases known to them. Accordingly, the final grade will reflect the extent to which the expected knowledge and skills have been acquired, based on the following criteria, which also take into due consideration the student’s ability to address the core issues of the course: • depth of understanding and command of the subject matter; • ability to synthesise and analyse; • clarity and accuracy of expression, including the use of appropriate scientific terminology. No midterm exams are foreseen. The final grade will be awarded on a scale of thirty. A minimum score of 18/30 is required to pass the exam. The final grade may also take into account not only the result of the oral examination but also the student’s active participation in class discussions and any individual research and analysis conducted during the course. The examining board reserves the right to award cum laude in the case of comprehensive responses that demonstrate critical engagement and original elaboration.
The first course aims is to provide specialist knowledge of the accounting aspects of extraordinary management operations and guidelines on use of such knowledge. To do this, it is necessary to co-ordinate basic knowledge and, to a certain extent, more detailed study of the theoretical and operating framework of business appraisal processes, all of which with the help of case histories. At the end of the course the students will be able to understand how to choice the extraordinary management operation and the companies’ evaluation methodologies. EXPECTED LEARNING RESULTS OF THE FIRST AIM At the end of the course, students will be able to: 1. understand the choices related to extraordinary company management operations 2. analyze the choices of methodologies for evaluating the company's economic capital 3. understand the main methods used in the professional field in relation to the various valuation scenarios, 4. analyze the theoretical system, with its limits, and the general operational settings 5. discuss the various application problems of the main models for evaluating the company's economic capital 6. analyze the economic and financial aspects of the various extraordinary operations LEARNING OBJECTIVES The secondary aim of the course is to provide students with specialized knowledge and practical skills concerning the legal and valuation aspects of extraordinary corporate transactions, such as business transfers, contributions in kind, corporate transformations, mergers, and demergers. To this end, the course seeks to coordinate a thorough understanding of the relevant regulatory framework with both a theoretical and practical grasp of business valuation processes, particularly in relation to the aforementioned operations. Case-based analysis will serve as a key methodological tool throughout the course. In parallel, the course will also address the issue of the transfer of intellectual property rights, a pivotal aspect of extraordinary transactions due to the specific regulatory framework governing such rights and their centrality to contemporary wealth creation dynamics. ⸻ INTENDED LEARNING OUTCOMES FOR THE SECOND AIM. Upon completion of the course, students will be able to: 1. Understand the rationale behind strategic decisions related to extraordinary corporate transactions. 2. Critically assess the choice and application of methods for valuing a company’s economic capital. 3. Analyse decisions regarding intellectual property rights and their transfer mechanisms. 4. Discuss the regulatory framework governing extraordinary transactions, with a focus on decision-making procedures, the protection of the various stakeholders involved, and legal issues concerning intellectual property.