SPECIAL ISSUES IN BALANCE SHEET ACCOUNTING
Learning outcomes of the course unit
The course intends to deepen and complete the topics related to economic entities valuation. Particularly, after recalling the basic principles, procedures and the unity of the valuation process, even though in the multiplicity of different techniques, it presents special arguments referred at the “economic capital” determination (income capacity of industries and more generally of economic sectors, option value, appraisal of securities investments,valuation of multibusiness enterprises and so on).
Subsequently the reference is to the valuation of industrial, commercial, financial (banks,insurance, leasing, securities investment companies) enterprises, private and public utilities companies as well.
Course contents summary
1. Fundamentals of business capital determination.
2. New frontiers in business value determination.
3. Value production and profitability of different industries.
4. Control premiums, minority discounts and liquidity discounts in stocks valuation.
5. Discretionary disclosures and fluctuation interval of the economic capital value.
6. Valuing stock options.
7. Valuation of industrial enterprises and service entities.
8. Valuation of insurance companies.
9. Valuing financial institutions, banks, leasing companies and marketable securities investments.
10. Value determination of public and private utilities companies.
ZANDA G., LACCHINI M., ONESTI T., La valutazione delle aziende, IV edizione, Giappichelli, Torino, 2001, capp. 19; 21; da 24 a 26; da 29 a 32; da 34 a 40.
Further suggested readings.
CATTANEO M., Principi di valutazione del capitale d’impresa, Il Mulino, Bologna, 1998.
COPELAND T., KOLLER T., MURRIN J., Valuation. Measuring and Managing the Value of Companies, Wiley, New York, 1990.
DONNA G., La creazione di valore nella gestione dell’impresa, Carocci, Roma, 1999.
FERRERO G., La valutazione economica del capitale d’impresa, Giuffrè, Milano, 1966.
GALASSI G., Misurazioni differenziali, misurazioni globali e decisioni d’azienda, Giuffrè, Milano, 1984.
GREGORY A., Valuing Companies, Woodhead and Faulkner, Hemel Hempstead, 1992.
GUATRI L., BINI M., Nuovo trattato sulla valutazione delle aziende, Egea, Milano, 2005.
MATHUR S.S., KENYON A., Creating Value, Butterworth and Heinemann, Oxford, 1997.
WEST T.L., JONES J.D., Handbook of Business Valuation, Wiley, New York, 1992.
Academic lesson; teaching with direct involvment of students; cases method. Written exam and evaluation of the students voluntary presentations.