課程信息
4.4
8 個評分
2 個審閱
The area of mergers and acquisitions (M&As) is special in finance. Incredible amounts of money are employed in such transactions. Deals draw a lot of public attention and dispute. Oftentimes, stories look more like fairy tales rather than financial reality. The key idea in any M&A transaction is to create value through a potentially synergetic activity. To this end, it is important to have a clear motive and implementation plan. Of special importance are the correct valuation, proper financing, and actual deal completion. But this is not the end – value mostly accrues from the post-merger integration. The understanding of the motives of various stakeholders is instrumental in the analysis of the potential creation of value. The learners will gain insight into the core value creating M&A strategies. They will be able to use the obtained knowledge and skills to successfully advance in their career at a financial institution, as well as in the area of financial management at non-financial businesses. Finally, the Course is very helpful in successful completion of the Specialization’s Final Project....
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100% 在線課程

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Intermediate Level

中級

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建議:5 hours/week

完成時間大約為23 小時
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English

字幕:English
Globe

100% 在線課程

立即開始,按照自己的計劃學習。
Calendar

可靈活調整截止日期

根據您的日程表重置截止日期。
Intermediate Level

中級

Clock

建議:5 hours/week

完成時間大約為23 小時
Comment Dots

English

字幕:English

教學大綱 - 您將從這門課程中學到什麼

1

章節
Clock
完成時間為 5 小時

Why M&As? Stakeholders, Framework and Process. Legal and Regulatory Environment. Accounting and Tax Issues an Overview

In Week 1 we paint the big picture of the M&A field. We identify the value creation as the key motive behind these deals. In order to analyze the value creation process, we introduce the stakeholders’ approach and study stakeholders’ motives in some detail. Then we discuss the idea of synergy as the core objective of a successful M&A transaction and its pitfalls. We introduce the framework and process of M&As and discuss the overall environment of these transactions – legal and regulatory issues (especially, antitrust motives), accounting treatment of M&As, and some important tax considerations. We will see how the transaction environment and treatment influence the potential of successful implementation of a transaction and the corresponding value creation. ...
Reading
9 個視頻(共 93 分鐘), 8 個閱讀材料, 2 個測驗
Video9 個視頻
1.1. Introduction: Why study M&As?5分鐘
1.2. The stakeholders’ paradigm14分鐘
1.3. Buzzwords and challenges. Synergy11分鐘
1.4. Studying M&As – framework and process11分鐘
1.5. Legal and regulatory environment (1) – antitrust motives9分鐘
1.6. Legal and regulatory environment (2) – other issues11分鐘
1.7. M&As – some accounting issues11分鐘
1.8. M&As – some tax considerations13分鐘
Reading8 個閱讀材料
Konstantin Kontor10分鐘
AIBEc. The American Institute of Business and Economics10分鐘
Grading10分鐘
Handouts – an important comment10分鐘
1.1. The takeover process10分鐘
1.2. The stakeholders’ paradigm10分鐘
1.3. Legal and regulatory environment10分鐘
1.4. Some accounting and tax Issues – an overview10分鐘
Quiz2 個練習
1 (Practice)30分鐘
1 - Takeover process, stakeholders, and environment分鐘

2

章節
Clock
完成時間為 4 小時

Strategy and M&As. Theories of M&As

In Week 2 of the Course we discuss corporate strategy and its role in value creation. We revisit some well-known schools of strategic thinking and frameworks of strategy formulation and implementation. Our objective is to understand strategic motives behind M&A transactions. Equipped with the overall understanding of strategy, we proceed with the discussion of major theories of M&As – the motives behind the planned transactions that have the value creation potential. In all theories we try to reveal the actual interests of the key stakeholders. Finally, we study the actual deal mechanics and ways to overcome incumbent shareholder resistance (the free-rider problem). ...
Reading
8 個視頻(共 93 分鐘), 3 個閱讀材料, 2 個測驗
Video8 個視頻
2.2. Strategic vocabulary – some approaches and frameworks7分鐘
2.3. Challenges to strategic planning8分鐘
2.4. Some well-known classic schools of strategy12分鐘
2.5. Theories of M&As (1)15分鐘
2.6. Theories of M&As (2)11分鐘
2.7. Free-rider problem – solutions (1)12分鐘
2.8. Free-rider problem – solutions (2)12分鐘
Reading3 個閱讀材料
2.1. Strategy and M&As10分鐘
2.2. Theories of M&As10分鐘
2.3. Small shareholders and tender offers10分鐘
Quiz2 個練習
2 (Practice)30分鐘
2 - M&A strategy and value creation potential in the uncertain world分鐘

3

章節
Clock
完成時間為 4 小時

Valuation of M&As

Week 3 is devoted to the central topic of the Course – M&A valuation. We start with the analysis of the importance of valuation in the potential value creation. Then we discuss and compare alternative approaches to valuation, paying special attention to free cash flow (FCF) valuation. We analyze major value drivers – profitability, growth, cost of capital etc. and derive general valuation formulas for special cases of no growth, constant and supernormal growth. Then we apply the formulas to analyze value gains/losses in M&A transactions on examples. ...
Reading
9 個視頻(共 94 分鐘), 3 個閱讀材料, 2 個測驗
Video9 個視頻
3.2. Alternative approaches to valuation16分鐘
3.3. Free cash flow (FCF) valuation10分鐘
3.4. The general formula8分鐘
3.5. Some methodology, or how to extract value drivers11分鐘
3.6. Cost of capital10分鐘
3.7. Value creation in M&As8分鐘
3.8. Calculating gains (losses)6分鐘
3.9. Valuation in the “new economy” – some comments8分鐘
Reading3 個閱讀材料
3.1. M&A valuation (1) – value drivers, approaches, and formulas10分鐘
3.2. M&A valuation (2) – cost of capital10分鐘
3.3. M&A valuation (3) – value creation example10分鐘
Quiz2 個練習
3 (Practice)30分鐘
3 - Getting used to value drivers and formulas分鐘

4

章節
Clock
完成時間為 3 小時

M&A Financing. LBOs and MBOs

In Week 4 we study M&A financing. Motives, theories, and deal mechanics are fine – but where’s the money? If a transaction is friendly, a stock payment is likely to help. But what if there’s a conflict? Then a lot of cash is needed, and a lot of debt must be issued. One way is issuing junk bonds. We discuss both facts and myths about junk bonds. Then we consider LBO and MBO transactions. First, we analyze how a company may be taken private through heavy borrowing and further gradual debt repayment. We illustrate the mechanics of an LBO/MBO transaction on a detailed example. Finally, comments on a famous LBO case – RJR Nabisco – are provided. ...
Reading
7 個視頻(共 87 分鐘), 2 個閱讀材料, 2 個測驗
Video7 個視頻
4.2. Junk bonds (1) – facts12分鐘
4.3. Junk bonds (2) – legends11分鐘
4.4. Joint venture as a form of a merger7分鐘
4.5. LBOs and MBOs (1) – a way of financing11分鐘
4.6. LBOs and MBOs (2) – an example22分鐘
4.7. An example of an LBO – the RJR Nabisco case (1988)10分鐘
Reading2 個閱讀材料
4.1. Junk bonds and M&A financing10分鐘
4.2. LBOs and MBOs10分鐘
Quiz2 個練習
4 (Practice)30分鐘
4 - Junk bonds and LBOs – how investors profit from them分鐘

講師

Konstantin Kontor

Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)

關於 Moscow Institute of Physics and Technology

Московский физико-технический институт (неофициально известный как МФТИ или Физтех) является одним из самых престижных в мире учебных и научно-исследовательских институтов. Он готовит высококвалифицированных специалистов в области теоретической и прикладной физики, прикладной математики, информатики, биотехнологии и смежных дисциплин. Физтех был основан в 1951 году Нобелевской премии лауреатами Петром Капицей, Николаем Семеновым, Львом Ландау и Сергеем Христиановичем. Основой образования в МФТИ является уникальная «система Физтеха»: кропотливое воспитание и отбор самых талантливых абитуриентов, фундаментальное образование высшего класса и раннее вовлечение студентов в реальную научно-исследовательскую работу. Среди выпускников МФТИ есть Нобелевские лауреаты, основатели всемирно известных компаний, известные космонавты, изобретатели, инженеры....

關於 American Institute of Business and Economics

The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules....

關於 Understanding Modern Finance 專項課程

This Specialization is designed for a wide audience of those interested in finance either professionally or just of curiosity, including managers of different levels specializing in finance, accounting, business planning, strategy, consulting, and project management, IT specialists engaged in the area of finance, fin-tech, big data, and valuation, etc. Through four courses and the final Project, you will cover the theory and practice of capital markets and financial institutions, corporate finance and project valuation, financial and managerial accounting as applied to finance, as well as the M&A market as the ultimate judge of financial efficiency and value creation. The Specialization will prepare you to understand and use the applications of financial ideas, concepts, models, strategies, and tools to build a successful career in finance and in business, as well as to take advantage of opportunities offered by financial markets....
Understanding Modern Finance

常見問題

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  • When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

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