Mergers and Acquisitions - JEM231

• Anglický název: Mergers and Acquisitions
• Zajišťuje: Institut ekonomických studií (23-IES)
• Fakulta: Fakulta sociálních věd
• Platnost: od 2024
• Semestr: zimní
• E-Kredity: 3
• Způsob provedení zkoušky: zimní s.:
• Rozsah, examinace: zimní s.:3/3, Z [HS]
• Počet míst: 185 / neurčen (60)
• Minimální obsazenost: neomezen
• 4EU+: ne
• Virtuální mobilita / počet míst pro virtuální mobilitu: ne
• Stav předmětu: vyučován
• Jazyk výuky: angličtina
• Způsob výuky: prezenční
• Poznámka: předmět je možno zapsat mimo plán; povolen pro zápis po webu; při zápisu přednost, je-li ve stud. plánu
• Garant: Jana Fidrmuc, Ph.D.; doc. PhDr. Martin Gregor, Ph.D.
• Vyučující: Jana Fidrmuc, Ph.D.; doc. PhDr. Martin Gregor, Ph.D.; Bc. Daniel Kolář, M.Sc.

Anotace

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.

Poslední úprava: Gregor Martin, doc. PhDr., Ph.D. (26.08.2021)

Deskriptory

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. If you attend a different module at that time, you can come and write the exam on Friday at 12.

Poslední úprava: Kolář Daniel, Bc., M.Sc. (16.09.2024)

Literatura

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.

Poslední úprava: Gregor Martin, doc. PhDr., Ph.D. (26.08.2021)

Metody výuky

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.)

Poslední úprava: Gregor Martin, doc. PhDr., Ph.D. (09.09.2024)

Požadavky ke zkoušce

A written exam test organized on Friday, September 20, 2024, 10 a.m., room 109. If you attend a different module at that time, you can come and write the exam on Friday at 12.

Poslední úprava: Kolář Daniel, Bc., M.Sc. (16.09.2024)