Ce cours apparaît dans les formations suivantes :
• IÉSEG > MSc in Investment Banking and Capital Markets > Semester 2 > 2,00 ECTS

Pré requis

Finance Theory
Corporate Finance
Valuation
Econometrics

Objectifs du cours

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

Contenu du cours

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)

Modalités d'enseignement

Organisation du cours

Méthodes pédagogiques

• Case study
• Coaching
• Interactive class
• Project work
• Research
• Tutorial

Évaluation

Bibliographie

• Chapter 15 from the Handbook of Corporate Finance (available on SSRN and the course website) -

• List of academic papers available on the course website -