Mergers and Acquisitions - JEM231

• Title: Mergers and Acquisitions
• Guaranteed by: Institute of Economic Studies (23-IES)
• Faculty: Faculty of Social Sciences
• Actual: from 2023 to 2023
• Semester: winter
• E-Credits: 3
• Examination process: winter s.:
• Hours per week, examination: winter s.:3/3, C [HS]
• Capacity: 60 / 60 (60)
• Min. number of students: unlimited
• 4EU+: no
• Virtual mobility / capacity: no
• State of the course: not taught
• Language: English
• Teaching methods: full-time
• Teaching methods: full-time
• Note: course can be enrolled in outside the study plan; enabled for web enrollment; priority enrollment if the course is part of the study plan
• Guarantor: Jana Fidrmuc, Ph.D.; doc. PhDr. Martin Gregor, Ph.D.
• Teacher(s): Jana Fidrmuc, Ph.D.; doc. PhDr. Martin Gregor, Ph.D.; Mgr. Marek Šedivý

Annotation

This module will introduce the basic issues in mergers and acquisitions (M&As) including value creation in M&As, announcement abnormal returns, merger waves, and takeover defences. We will also work on a case study concerning a deal valuation.

Last update: Gregor Martin, doc. PhDr., Ph.D. (26.08.2021)

Descriptors

Mon to Wed, September 16-18, 2024: Room 109

Monday: 9-12

Tuesday: 9-15 (including lunch break)

Wednesday: 15-17

Note! Please read the following materials before the classes begin: Day 1 Pre-reading Lecture 1, Day 1 Pre-reading Lecture 2.

Day 1

Lecture 1: M&A terminology and theories
Lecture 2: Selling process

Day 2

Lecture 3: Event study methodology – first step is an online video, second and third step is in the class, two sets of slides, the same Excel file
Lecture 4: Abnormal returns and value creation
Lecture 5: Merger waves (add ATPs)

Day 3

Lecture 6: Valuation case (questions 2 and 4 in the case)

Exam date: Friday, September 20, 2024: 10 a.m., Room 109

Last update: Gregor Martin, doc. PhDr., Ph.D. (11.09.2024)

Literature

The lectures are built around academic papers on the topics. Each set of lecture slides lists all referred articles in case students would want to check the original source. Students should download the compulsory articles themselves using the library online access (tip: use Google Scholar).

As a background extra reading, I recommend the book by Weston, Mitchel and Mulherin: Takeovers, Restructuring, and Corporate Governance (4th international edition, Pearson), but it is not needed for a successful completion of the module.

Case study: AkzoNobel, Theo Vermalen and Sirvan Canitez, INSEAD Number IN1577-PDF-ENG.

Last update: Gregor Martin, doc. PhDr., Ph.D. (26.08.2021)

Teaching methods

On top of the time spent in class, we will require students to engage with homework involving extra readings or watching videos.

Before the module starts, I would like students to spend 1 hour or so on homework materials.

Access to videos: https://drive.google.com/drive/folders/1uWCVD1dfwDTH62KiPzCioRszbkDBFzPi?usp=sharing (Access requires that you are signed to the account at Charles University.)

Last update: Gregor Martin, doc. PhDr., Ph.D. (09.09.2024)

Requirements to the exam

A written exam test organized on Friday, September 20, 2024, 10 a.m., room 109.

Last update: Kolář Daniel, Bc., M.Sc. (10.09.2024)