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Establishment
Language of instruction
English
Teaching content
FINANCE
Training officer(s)
H.DAHER
Stakeholder(s)
H.DAHER
Présentation
Prerequisite
Finance Theory
Corporate Finance
Valuation
Econometrics
Corporate Finance
Valuation
Econometrics
Goal
At the end of the course, the student should be able to:
Demonstrate an international mindset by investigating the M&A phenomena around the world and how it is related to cultural values
Propose creative solutions within an organization undergoing an M&A or a Takeover decision
Make effectual organizational decisions concerning key elements of an M&A operation (financing, method of payment, Corporate Governance)
Effectively apply in-depth specialized knowledge to take advantage of contemporary opportunities in their professional field by investigating, thanks to tools introduced in class, the value effect of the announcement of a M&A deal
Demonstrate an international mindset by investigating the M&A phenomena around the world and how it is related to cultural values
Propose creative solutions within an organization undergoing an M&A or a Takeover decision
Make effectual organizational decisions concerning key elements of an M&A operation (financing, method of payment, Corporate Governance)
Effectively apply in-depth specialized knowledge to take advantage of contemporary opportunities in their professional field by investigating, thanks to tools introduced in class, the value effect of the announcement of a M&A deal
Presentation
Overview of the Market of Mergers and Acquisitions
Exogenous factors affecting M&As
The synergy hypothesis
The market for corporate control
Hubris Hypothesis
Managerial Entrenchment
Short Term Event Studies
The choice of payment methods
Testing the Efficiency Hypothesis
Market Reaction around M&As announcement
M&As from a bargaining model perspective
The choice of method of payment
Behavioral aspects of M&A (hubris, overconfidence and entrenchment)
Exogenous factors affecting M&As
The synergy hypothesis
The market for corporate control
Hubris Hypothesis
Managerial Entrenchment
Short Term Event Studies
The choice of payment methods
Testing the Efficiency Hypothesis
Market Reaction around M&As announcement
M&As from a bargaining model perspective
The choice of method of payment
Behavioral aspects of M&A (hubris, overconfidence and entrenchment)
Modalités
Organization
| Type | Amount of time | Comment | |
|---|---|---|---|
| Présentiel | |||
| Cours interactif | 14,00 | ||
| Coaching | 2,00 | ||
| Autoformation | |||
| Recherche | 14,00 | ||
| Travail personnel | |||
| Group Project | 10,00 | ||
| Charge de travail personnel indicative | 10,00 | ||
| Overall student workload | 50,00 | ||
Evaluation
| Control type | Duration | Amount | Weighting |
|---|---|---|---|
| Examen (final) | |||
| Examen écrit | 2,00 | 1 | 50,00 |
| Autres | |||
| Projet Collectif | 0,00 | 1 | 50,00 |
| TOTAL | 100,00 | ||
Ressources
Bibliography
Chapter 15 from the Handbook of Corporate Finance (available on SSRN and the course website) -
List of academic papers available on the course website -
List of academic papers available on the course website -