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

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

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.

Descriptors

Last update: doc. PhDr. Martin Gregor, Ph.D. (15.09.2022)

Mon to Wed, Sep 19-21, 2022:  lecture and seminar 9:00-10:30 and 11:00-12:30 h, room 109

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

Lectures 3 and 4: Abnormal returns and value creation

Day 3

Lecture 5: Merger waves
Lecture 6: Valuation case

Literature

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

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.

Teaching methods

Last update: doc. PhDr. Martin Gregor, Ph.D. (14.09.2021)

Every day, we will have two 80-minute lectures. On top of the time spend in class, I 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.)

Requirements to the exam

Last update: doc. PhDr. Martin Gregor, Ph.D. (14.09.2022)

A written exam test organized on Friday morning (September 23, 2022).