Degree course: 
Corso di Second cycle degree in ECONOMICS, FINANCE AND BUSINESS LAW
Academic year when starting the degree: 
Academic year in which the course will be held: 
First Semester
Standard lectures hours: 

No specific scientific knowledge is required. The lessons from previous years, especially those with the object of law and the financial statements, will provide to the students a conceptual background useful to address the topics proposed in the course.

Final Examination: 

The final exam is written, articulated on the two modules. Four topics will be proposed for each modules, three will be developed by the student in the form of a brief dissertation. The final vote will be determined by the degree of acquisition of the knowledge and skills expected, with the following criteria that also consider the ability to deal with the problems characterizing the course: knowledge of the subject; synthesis and analysis capabilities; expressive mastery and language even with general scientific specificities.
There isn’t an intermediate exam. The vote is in thirtieths. The exam will be considered passed with a minimum grade of 18/30. The commission reserves the right to award the laude to comprehensive answers and characterized by a personal elaboration.

Voto Finale

The course aims to provide specialist knowledge of the legal and 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 relevant legislation and 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.

Legal module:. in the module there will be a presentation of the legal framework disciplining extraordinary operations, with references to decision making procedures and safeguarding of the various subjects involved, and with the help of comparative materials and case histories. The Module will look at the following general themes in detail: a) company transfer (3 lessons) b) conversions (2 lessons): c) mergers (4 lessons); d) demerger: nature and form of demerger (2 lessons); e) winding up and liquidation (2 lessons).
Business appraisal and accounting module: this covers the main methods used by professionals in various situations, as well as the theoretical framework and its limits, and general operating formats. Various issues arising from application of the main appraisal models are looked at. The accounting aspects of extraordinary management operations are analyzed. Summary programme of course: theoretical framework (3 hours), overview of appraisal methods (3 hours), capital cost estimation procedures (3 hours), simple and complex equity methods (3 hours), income methods (3 hours), mixed methods (3 hours), financial methods (7 hours); comparative appraisals: stock exchange multiples method and comparable transactions; appraisal of equity investments, loss-making businesses; premiums and discounts in business appraisals (3 hours). The extraordinary management operations in the development, integration and corporate restructuring strategies (3 hours). Liquidations (3 hours), conversions (3 hours), mergers and demergers (3 hours): economic aspects of business operations; documents and accounting aspects of the operations.

Recommended reading list (Bibliography)
Legal part: G. Savioli, Le operazioni straordinarie, Giuffré, t “aspetti civilistici” e “profili strategici e aspetti economici” di ciascun argomento indicato nel “contenuto del corso” (cessione d’azienda, conferimento, scambio di partecipazioni, fusione, scissione e trasformazione”).
Business appraisal and accounting part:
Giorgio Pellati, “Valutazione d’azienda – Analisi dei metodi di valutazione e casi svolti”, Il Sole 24 ORE, Prima edizione: Febbraio 2016. It’s possible to buy a short verision of the book sto the link:
G. Savioli, Le operazioni straordinarie, Giuffré
to completion of the slides of the lectures
The slides and the other documents are on the e-learning platform.


- Lessons in classroom;
- case studies;
- e-learning
The lectures will permit a direct interaction with the students and the possibility to ask insights and study together concrete events.

Office hours: Usually just before lectures. It’s possible to make an appointment by e-mail,