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MERGERS & ACQUISITIONS

2017-2018

IESEG School of Management ( IÉSEG )

Code Cours :

1718-IÉSEG-MFI1S2-FIN-MFIEI03UE

FINANCE


Niveau Année de formation Période Langue d'enseignement 
MSc in Finance1S2English
Professeur(s) responsable(s)M.MILOSEVIC
Intervenant(s)M.MILOSEVIC


Pré requis

- It is advisable that students are acquainted with basic corporate finance and statistics.

Objectifs du cours

At the end of the course, the student should be able to:
-- Define principal terms and issues relating to mergers and acquisitions process, their stages, success factors, driving forces and motives, as well failure factors;
- Differentiate between deal financing and payment;
- Discuss how different finance theories (agency, signaling, pecking order theory) affect M&A deals, their valuations and success;
- Define, measure and analyze abnormal returns;
- Conduct and analyze event studies;
- Analyze research papers, hypothesis testing and research methodology in order to be able to use state of the art research for decision making in M&A either as a financial advisor or a decision maker within the corporation.

Contenu du cours

An increasingly high number of companies are relying today on mergers and acquisitions to boost their growth. However, achieving a successful merger or acquisition is a very challenging task. The course will cover major finance theories and discuss in the light of these theories how various factors impact different success features of an M&A deal. Students will have the opportunity to read and dicuss the state-of-the-art research published in leading international journals.


Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent study
Individual Project4,00  
Estimated personal workload14,00  
Independent work
Reference manual 's readings16,00  
Charge de travail globale de l'étudiant50,00  

Méthodes pédagogiques

  • Presentation
  • Project work
  • Interactive class


Évaluation

Final exam

Type de ContrôleDuréeNombrePondération
Final Exam
Written exam2,00160,00
Others
Individual Project0,00440,00
TOTAL     100,00

Bibliographie

  • The sources of value destruction in acquisitions by entrenched managers, Harford et al. (JFE, 2012) -

  • Lost in translation? The effect of cultural values on mergers around the world, Ahern et al. (JFE, 2012) -

  • How do industry peers respond to control threats? Servaes et al. (Management Science, 2014) -

  • Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms -

  • Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms -




 
* Informations non contractuelles et pouvant être soumises à modification
 
 
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