Mergers and Acquisitions

Mergers and acquisitions (M&A) can be critical to the growth of firms as they evolve through their life cycle. Yet many M&A transactions destroy value instead of creating it. The purpose of this course is to provide you with the financial and economic tools to understand M&A more deeply.

In this course, we examine the core concepts involved in mergers and acquisitions: the takeover process, the legal and regulatory framework, accounting issues, tax considerations, payment method, motivations for mergers and acquisitions, empirical evidence, and valuation. We also focus on corporate restructuring and divestitures, cross-border transactions, valuation of privately held firms, financing strategies, and post-merger performance.

The course format is a mixture of theory, empirical evidence, and practical application. The theory provides the framework for our analysis. The empirical evidence provides a core of stylized facts to support our theoretical intuition. And the practical applications put to use the theoretical foundations and empirical evidence in “real world” decision-making situations. Presentations by guest speakers will complement lectures.