ID:
S0M
Tipo Insegnamento:
Obbligatorio
Durata (ore):
48
CFU:
6
SSD:
ECONOMIA DEGLI INTERMEDIARI FINANZIARI
Url:
CORPORATE FINANCE/BASE Anno: 1
Anno:
2023
Dati Generali
Periodo di attività
Secondo Semestre (05/02/2024 - 04/05/2024)
Syllabus
Obiettivi Formativi
The course has the objective to give an introduction to Investment Banking, an introduction to M&A, an overview of practical side of M&A transactions, and recent trends.
Prerequisiti
None
Metodi didattici
Interactive Lessons
Case studies
Exercises
Case studies
Exercises
Verifica Apprendimento
Oral Exam
Testi
Fleuriet, 2008. Investment banking explained, McGraw-Hill
Nanda, Delong and Roy, 2002. History of Investment Banking, Harvard Business School
Morrison, A.D., Wilhelm, W.J., 2007. Investment Banking: Past, Present, and Future. Journal of Applied Corporate Finance, Volume 19 Number 1
Cendrowski, H., Petro, L.W., Martin, J.P., Wadecki, A.A., 2012. Private Equity: History, Governance, and Operations. Wiley Finance
Das, U.S., Papapioannou, M., Pedras, G., Ahmed, F., Surti, J., 2010. Managing Public Debt and Its Financial Stability Implications. IMF Working paper
Fraquelli, G., Erbetta, F., 1999. Privatization in Italy: an analysis of factors productivity and technical efficiency. Ceris-CNR, Working Paper. No. 5/1999
Goldstein, A., 2003. Privatization In Italy 1993-2002: Goals, Institutions, Outcomes, And Outstanding Issues . CESifo Working Paper No. 912
IMF, 2001 and 2003. Guidelines for Public Debt Management
Lerner, J., 2011. The Future of Private Equity. European Financial Management, Vol. 17:3
Megginson W., L., Netter, J., M., 2001. From State To Market: A Survey Of Empirical Studies On Privatization. Journal of Economic Literature
Bower, J. L., 2001. Not All M&A Are Alike - and That Matters. Harvard Business Review, March, p. 93
KPMG, March 2013. The Emerging Markets International Acquisition Tracker (EMIAT)
Kumar, N. ,2009. How Emerging Giants Are Rewriting the Rules of M&A. Harvard Business Review
Liaw, 2011. The Business of Investment Banking: A Comprehensive Overview, Wiley: chapter 7
Lipton, M., 2006. Merger Waves in the 19th, 20th and 21st Centuries. The Davies Lecture, Osgoode Hall Law School, York University
Miller, E.L.J., 2008. Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide. Wiley
Iannotta, G., 2010. Investment Banking, Springer-Verlag Berlin Heidelberg: chapter 9
Kruse, T., 2005. Ownership, Control and Shareholder Value in Italy: Olivetti's Hostile Takeover of Telecom Italia. ECGI - Finance Working Paper No. 83/2005
Damodaran, 2012. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset.Wiley Finance
Rosenbaum, J. and Pearl, J., 2009. Investment banking: valuation, leveraged buyouts, and mergers & acquisitions.
Liaw, 2011. The Business of Investment Banking: A Comprehensive Overview, Wiley: chapter 8, 9
McKinsey Global Institute, 2011. Mapping global capital markets 2011
Pagano, M., Panetta, F. and Zingales, L. 1998. Why do companies go public, An empirical analysis. The Journal of Finance, Vol. 53:1(1)
PricewaterhouseCoopers, Economist Intelligence Unit, 2011. Capital markets in 2025: The future of equity capital markets
Ablum, T. Burgis, M. B., 2001. Leveraged Buyouts: The Ever-Changing Landscape. Depaul Business Law Journal, Vol. 13:109
Wachtell, Lipton, Rosen & Katz, 2012. Distressed Mergers And Acquisitions
Nanda, Delong and Roy, 2002. History of Investment Banking, Harvard Business School
Morrison, A.D., Wilhelm, W.J., 2007. Investment Banking: Past, Present, and Future. Journal of Applied Corporate Finance, Volume 19 Number 1
Cendrowski, H., Petro, L.W., Martin, J.P., Wadecki, A.A., 2012. Private Equity: History, Governance, and Operations. Wiley Finance
Das, U.S., Papapioannou, M., Pedras, G., Ahmed, F., Surti, J., 2010. Managing Public Debt and Its Financial Stability Implications. IMF Working paper
Fraquelli, G., Erbetta, F., 1999. Privatization in Italy: an analysis of factors productivity and technical efficiency. Ceris-CNR, Working Paper. No. 5/1999
Goldstein, A., 2003. Privatization In Italy 1993-2002: Goals, Institutions, Outcomes, And Outstanding Issues . CESifo Working Paper No. 912
IMF, 2001 and 2003. Guidelines for Public Debt Management
Lerner, J., 2011. The Future of Private Equity. European Financial Management, Vol. 17:3
Megginson W., L., Netter, J., M., 2001. From State To Market: A Survey Of Empirical Studies On Privatization. Journal of Economic Literature
Bower, J. L., 2001. Not All M&A Are Alike - and That Matters. Harvard Business Review, March, p. 93
KPMG, March 2013. The Emerging Markets International Acquisition Tracker (EMIAT)
Kumar, N. ,2009. How Emerging Giants Are Rewriting the Rules of M&A. Harvard Business Review
Liaw, 2011. The Business of Investment Banking: A Comprehensive Overview, Wiley: chapter 7
Lipton, M., 2006. Merger Waves in the 19th, 20th and 21st Centuries. The Davies Lecture, Osgoode Hall Law School, York University
Miller, E.L.J., 2008. Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide. Wiley
Iannotta, G., 2010. Investment Banking, Springer-Verlag Berlin Heidelberg: chapter 9
Kruse, T., 2005. Ownership, Control and Shareholder Value in Italy: Olivetti's Hostile Takeover of Telecom Italia. ECGI - Finance Working Paper No. 83/2005
Damodaran, 2012. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset.Wiley Finance
Rosenbaum, J. and Pearl, J., 2009. Investment banking: valuation, leveraged buyouts, and mergers & acquisitions.
Liaw, 2011. The Business of Investment Banking: A Comprehensive Overview, Wiley: chapter 8, 9
McKinsey Global Institute, 2011. Mapping global capital markets 2011
Pagano, M., Panetta, F. and Zingales, L. 1998. Why do companies go public, An empirical analysis. The Journal of Finance, Vol. 53:1(1)
PricewaterhouseCoopers, Economist Intelligence Unit, 2011. Capital markets in 2025: The future of equity capital markets
Ablum, T. Burgis, M. B., 2001. Leveraged Buyouts: The Ever-Changing Landscape. Depaul Business Law Journal, Vol. 13:109
Wachtell, Lipton, Rosen & Katz, 2012. Distressed Mergers And Acquisitions
Contenuti
The course will give a general overview of Investment Banking, M&A, practical side of M&A transactions and overview of recent trends.
Weeks 1-2: The first part of the course will be focused on Investment Banking: History, Products and Services, Business Models, Clients, and Segments.
Weeks 3 - 5: The second part of the course will be focused on M&A, going through Strategic Objectives, Regulation, Tactics, Negotiation, Valuation.
Weeks 6 – 11: The third part of the course will be focused on the practical side of M&A transactions: Sell-side M&A, Buy-side M&A, IPO, LBOs, ECM, DCM, Rights Issues and Distressed situations.
Week 12: The fourth part will be focused on the most recent topics such as ESG and SPACs.
The course will be a combination of the interactive lessons, practical case studies and exercises.
Weeks 1-2: The first part of the course will be focused on Investment Banking: History, Products and Services, Business Models, Clients, and Segments.
Weeks 3 - 5: The second part of the course will be focused on M&A, going through Strategic Objectives, Regulation, Tactics, Negotiation, Valuation.
Weeks 6 – 11: The third part of the course will be focused on the practical side of M&A transactions: Sell-side M&A, Buy-side M&A, IPO, LBOs, ECM, DCM, Rights Issues and Distressed situations.
Week 12: The fourth part will be focused on the most recent topics such as ESG and SPACs.
The course will be a combination of the interactive lessons, practical case studies and exercises.
Risultati di Apprendimento Attesi
- Knowledge and understanding
Through course attendance and practical case studies, the student will gain full knowledge of the general principles of Investment Banking, practical side of M&A transactions. In particular the students will acquire during the course the understanding of:
• the M&A and the Investment Banks.
• the use of M&A for corporations, financial institutions, Governments, SWF, and private equity firms
• the M&A tactics and strategies, and analysis of strategic alternatives to M&A.
• the valuation techniques in the M&A context.
• the M&A due diligence process and development of own due diligence skills.
• the differences between Sell-side M&A and buy-side M&A.
• how to run an M&A Operation.
• IPO, SPACs and LBO.
• how to Implement a strategy for integration and restructuring.
• the different financing alternatives and how to Make thoughtful, well-reasoned decisions between them.
• how to protect shareholder value during M&A.
• the M&A best practices and the lesson from M&A failures.
• the importance of ESG and how it’s changing the whole financial system
The assessment of the knowledge will take place during the course through interactive lessons and practical case studies, as well as at the end of the course, through an oral exam.
- Applying knowledge and understanding
The student will be able to interpret and apply specific cases, principles of Investment Banking and M&A, and related challenges by identifying problems and possible solutions. The students will be able to read specialized newspapers, research and identify the M&A strategies adopted by the players like corporate, governments, banks, etc. The assessment of the ability to ‘apply knowledge and understanding’ will take place during the course through interactive lessons and practical case studies aimed at deepening the specific Investment Banking and M&A topics, and at the end of the course, through an oral exam which requires the students to expose topics of M&A and Investment Banking.
- Making judgments
Students will acquire analytical skills and critical spirit by analyzing theoretical topics and practical case studies / real-life examples. By using the appropriate methods learned during the course, students will be able to evaluate an M&A transaction from different perspectives. Students will gain the ability to determine alternatives M&A solutions and strategies independently and to make critical judgments on their application to specific cases.
- Communication skills
By the end of the course, students will be able to transmit with clarity, rigor, and methodological consistency the concepts acquired during the course. Through the various activities that will take place during the course – interactive lessons with discussion and case studies– students will be able to put these communication skills into practice. They will learn to adapt the terms used to the interlocutor in the specific case, thus gaining advanced rhetorical skills necessary for the professional career.
- Learning skills
By putting into practice, the topics learned during lectures and case studies, the student will be able to elaborate M&A transactions and IB strategies. The student will develop a solid knowledge of the M&A and Investment Banking World that will allow him/her to independently study and undertake different postgraduate training activities and approaches to the Investment Banks.
Through course attendance and practical case studies, the student will gain full knowledge of the general principles of Investment Banking, practical side of M&A transactions. In particular the students will acquire during the course the understanding of:
• the M&A and the Investment Banks.
• the use of M&A for corporations, financial institutions, Governments, SWF, and private equity firms
• the M&A tactics and strategies, and analysis of strategic alternatives to M&A.
• the valuation techniques in the M&A context.
• the M&A due diligence process and development of own due diligence skills.
• the differences between Sell-side M&A and buy-side M&A.
• how to run an M&A Operation.
• IPO, SPACs and LBO.
• how to Implement a strategy for integration and restructuring.
• the different financing alternatives and how to Make thoughtful, well-reasoned decisions between them.
• how to protect shareholder value during M&A.
• the M&A best practices and the lesson from M&A failures.
• the importance of ESG and how it’s changing the whole financial system
The assessment of the knowledge will take place during the course through interactive lessons and practical case studies, as well as at the end of the course, through an oral exam.
- Applying knowledge and understanding
The student will be able to interpret and apply specific cases, principles of Investment Banking and M&A, and related challenges by identifying problems and possible solutions. The students will be able to read specialized newspapers, research and identify the M&A strategies adopted by the players like corporate, governments, banks, etc. The assessment of the ability to ‘apply knowledge and understanding’ will take place during the course through interactive lessons and practical case studies aimed at deepening the specific Investment Banking and M&A topics, and at the end of the course, through an oral exam which requires the students to expose topics of M&A and Investment Banking.
- Making judgments
Students will acquire analytical skills and critical spirit by analyzing theoretical topics and practical case studies / real-life examples. By using the appropriate methods learned during the course, students will be able to evaluate an M&A transaction from different perspectives. Students will gain the ability to determine alternatives M&A solutions and strategies independently and to make critical judgments on their application to specific cases.
- Communication skills
By the end of the course, students will be able to transmit with clarity, rigor, and methodological consistency the concepts acquired during the course. Through the various activities that will take place during the course – interactive lessons with discussion and case studies– students will be able to put these communication skills into practice. They will learn to adapt the terms used to the interlocutor in the specific case, thus gaining advanced rhetorical skills necessary for the professional career.
- Learning skills
By putting into practice, the topics learned during lectures and case studies, the student will be able to elaborate M&A transactions and IB strategies. The student will develop a solid knowledge of the M&A and Investment Banking World that will allow him/her to independently study and undertake different postgraduate training activities and approaches to the Investment Banks.
Criteri Necessari per l'Assegnazione del Lavoro Finale
To be defined
Corsi
Corsi
CORPORATE FINANCE
Laurea Magistrale
2 anni
No Results Found
Persone
Persone (2)
Altro personale docente
Altro personale docente
No Results Found