Course: Mergers, Acquisitions and Corporate Control (5105-511)

Persons:

• Prof. Dr. Tereza Tykvová (verantwortlich)

Type of Course:

lecture with exercise

In-Class Hours Per Week:

3

Contents:

This course uses an analytical framework and real-world examples to introduce the key principles of mergers, acquisitions, corporate control and governance. Mergers and acquisitions are one of the most dramatic events in the life of a business and we will explore several aspects of these events. We will begin by summarizing the basic characteristics of mergers and acquisitions, such as motivations, types, selling processes. We will examine the stylized facts regarding the M&A experience based on the observed abnormal returns. To improve our understanding of this, we will review event study methodologies. We will discuss merger arbitrage and value creation. We will also give an overview about merger waves. The course addresses crucial questions including: Why do mergers that looked great on paper fail in reality? What is the best way to sell a company? How do markets react to M&A announcements? Which transactions create value for acquirers? What is the role of private equity in M&A?
We will cover these issues both from theoretical and empirical point of view. This module is research oriented and based on research papers. We will talk about many examples/case studies, but the main focus remains academic.

Literature:

Selected journal articles

Location:

Hohenheim

Module:

• 5105-510 Advanced Corporate Finance (compulsory)