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24318 - Extraordinary Finance

Academic Year 2019/2020

                
                        Docente:
                        Massimo Spisni
                    
                        Credits:
                        6
                    
                        SSD:
                        SECS-P/09
                    
                        Language:
                        Italian
                    
                        Teaching Mode:
                        Traditional lectures
                        
                            Campus:
                            Forli
                        
                            Corso:
                            Second cycle degree programme (LM) in
                            Economics and management (cod. 9203)

                            Teaching resources on Virtuale

Learning outcomes

This course is designed to introduce students to the financial and contractual aspects that characterize extraordinary finance operations and their application. At the end of the course the student will be able to analyse the main corporate control transactions, such as mergers and acquisitions, spin-offs, carve-outs, leveraged buy out and turnaround operations, in the light of the value creation to shareholders principle.

Course contents

Mergers and acquisitions

Valuation of options and convertible bonds

Leasing

Value and prices in the market for corporate control: acquisition values and fair market values

Case studies

Readings/Bibliography

Reading material will be distributed during the course. Slides will be available on the platform “Insegnamenti on line”. As attending the course is not mandatory, there is no difference between attending students and not attending students.

Some chapters of: R. Brealey, S. Myers, F. Allen, S. Sandri, Principi di Finanza Aziendale, McGraw Hill Libri Italia, 2015.

Teaching methods

The program of the course will be presented in-depth in class. Theoretical and practical classes will be provided. Practical classes will be based on the resolution of exercises and on the presentation of corporate case studies.

Assessment methods

Valuation is based on a written exam.

The exam is based on 21 Multiple Choices and 1 exercise. The total exam lasts 50 minutes.

The correct answer to a Multiple Choice gives 1 point. There is no penalty for the wrong answer and there is only one correct answer. The exercise on valuation has a value up to 10 points.

Students are not allowed to use notes or books.

A list of the most important formulas is provided within the exam text.

The final mark is expressed in thirties.

The course will be taught during the first semester. Two calls will be set during the winter period (January-February) and the last calls will be set in September. A call will be set in the second half of July on request of at least one student.

Teaching tools

The teaching tools are the projector and the blackboard for exercises.

Office hours

See the website of Massimo Spisni