Insegnamento a.a. 2016-2017

Obiettivi formativi del corso

E’ questo un classico corso di valuation nella prospettiva dell’informazione contabile, che copre due principali aree tematiche: l’uso dell’informazione contabile ai fini della valutazione d’azienda (financial statement analysis and valuation) e le valutazioni a fini di financial reporting (valuation for financial reporting). Il corso ha come obiettivo quello di dotare gli studenti degli strumenti di valutazione comunemente utilizzati (Residual Income Model, Abnormal Earnings Model, etc.) sia nella determinazione del valore intrinseco di un’azienda sia ai fini di financial reporting (stima dei valori d’uso e dei fair value). L’enfasi del corso è sullo sviluppo di skills operativi da parte degli studenti, per il tramite di adeguate applicazioni (esercizi, fogli di calcolo, etc.).

Programma sintetico del corso

Parte Prima:

Parte seconda:

• Valuation for financial reporting.
• Fair value measurement.
• Beni intangibili e goodwill: identificazione.
• Beni intangibili e goodwill: misurazione.
• Impairment test di beni intangibili e goodwill.
• Impairment test di partecipazioni.

Descrizione dettagliata delle modalità d'esame

Esame finale in forma scritta.

Testi d'esame

• M. Bini, La valutazione degli Intangibili. Business Combinations e Purchase Price Allocation, EGEA, Milano (DISPENSA).

• J.E. Pinto, E. Henry, T.R. Robinson, et al., Equity Asset Valuation, J. Wiley & Sons, 2015, 3 ed.

Course Objectives

This is a typical valuation course from an accounting perspective. The main objects of the course are how to use accounting information for valuation purposes and how to perform valuation for financial reporting (valuation for financial reporting). The course aims at providing students with all instruments they need in order to perform valuation analyses by focusing on the application of accounting-based valuation models (such as the residual income and the abnormal earnings models) for financial reporting purposes. The course also adopts a practical approach by using many examples to support the implementation of the valuation concepts.

Course Content Summary

First part:

• Financial statement analysis and valuation.
• How financial reporting infomation is used to perform valuation.
• Cash accounting and valuation.
• Accrual accounting and valuation.
• The truncation problem in valuation.
• Residual Income Model.
• Abnormal Earnings Model.
• Value and growth.
• Clean multiples and adjusted multiples.
• The difference between accounting value and economic value.
• Earnings management and manipulation.

Second part:

• Valuation for financial reporting.
• Fair value measurement.
• Intangible assets and goodwill: identification.
• Intangible assets and goodwill: measurement.
• Goodwill impairment test.
• Intangible assets impairment test.
• Impairment test of financial investments.

Detailed Description of Assessment Methods

Final written exam.

Textbooks

Compulsory:

• M.L. ZYLA, FAIR VALUE MEASUREMENT, J. Wiley & Sons, 2012, 2 Rev. Ed.

Suggested:

• J.E. Pinto, E. Henry, T.R. Robinson et al., Equity Asset Valuation, J. Wiley & Sons, 2015, 3ed.