Об этом курсе
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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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Approx. 23 hours to complete

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Субтитры: English...
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Только онлайн-курсы

Начните сейчас и учитесь по собственному графику.
Calendar

Гибкие сроки

Назначьте сроки сдачи в соответствии со своим графиком.
Intermediate Level

Промежуточный уровень

Clock

Approx. 23 hours to complete

Предполагаемая нагрузка: 5 hours/week...
Comment Dots

English

Субтитры: English...

Программа курса: что вы изучите

Week
1
Clock
5 ч. на завершение

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 видео (всего 93 мин.), 8 материалов для самостоятельного изучения, 2 тестов
Video9 видео
1.1. Introduction: Why study M&As?5мин
1.2. The stakeholders’ paradigm14мин
1.3. Buzzwords and challenges. Synergy11мин
1.4. Studying M&As – framework and process11мин
1.5. Legal and regulatory environment (1) – antitrust motives9мин
1.6. Legal and regulatory environment (2) – other issues11мин
1.7. M&As – some accounting issues11мин
1.8. M&As – some tax considerations13мин
Reading8 материала для самостоятельного изучения
Konstantin Kontor10мин
AIBEc. The American Institute of Business and Economics10мин
Grading10мин
Handouts – an important comment10мин
1.1. The takeover process10мин
1.2. The stakeholders’ paradigm10мин
1.3. Legal and regulatory environment10мин
1.4. Some accounting and tax Issues – an overview10мин
Quiz2 практического упражнения
1 (Practice)30мин
1 - Takeover process, stakeholders, and environmentмин
Week
2
Clock
4 ч. на завершение

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 видео (всего 93 мин.), 3 материалов для самостоятельного изучения, 2 тестов
Video8 видео
2.2. Strategic vocabulary – some approaches and frameworks7мин
2.3. Challenges to strategic planning8мин
2.4. Some well-known classic schools of strategy12мин
2.5. Theories of M&As (1)15мин
2.6. Theories of M&As (2)11мин
2.7. Free-rider problem – solutions (1)12мин
2.8. Free-rider problem – solutions (2)12мин
Reading3 материала для самостоятельного изучения
2.1. Strategy and M&As10мин
2.2. Theories of M&As10мин
2.3. Small shareholders and tender offers10мин
Quiz2 практического упражнения
2 (Practice)30мин
2 - M&A strategy and value creation potential in the uncertain worldмин
Week
3
Clock
4 ч. на завершение

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 видео (всего 94 мин.), 3 материалов для самостоятельного изучения, 2 тестов
Video9 видео
3.2. Alternative approaches to valuation16мин
3.3. Free cash flow (FCF) valuation10мин
3.4. The general formula8мин
3.5. Some methodology, or how to extract value drivers11мин
3.6. Cost of capital10мин
3.7. Value creation in M&As8мин
3.8. Calculating gains (losses)6мин
3.9. Valuation in the “new economy” – some comments8мин
Reading3 материала для самостоятельного изучения
3.1. M&A valuation (1) – value drivers, approaches, and formulas10мин
3.2. M&A valuation (2) – cost of capital10мин
3.3. M&A valuation (3) – value creation example10мин
Quiz2 практического упражнения
3 (Practice)30мин
3 - Getting used to value drivers and formulasмин
Week
4
Clock
3 ч. на завершение

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 видео (всего 87 мин.), 2 материалов для самостоятельного изучения, 2 тестов
Video7 видео
4.2. Junk bonds (1) – facts12мин
4.3. Junk bonds (2) – legends11мин
4.4. Joint venture as a form of a merger7мин
4.5. LBOs and MBOs (1) – a way of financing11мин
4.6. LBOs and MBOs (2) – an example22мин
4.7. An example of an LBO – the RJR Nabisco case (1988)10мин
Reading2 материала для самостоятельного изучения
4.1. Junk bonds and M&A financing10мин
4.2. LBOs and MBOs10мин
Quiz2 практического упражнения
4 (Practice)30мин
4 - Junk bonds and LBOs – how investors profit from themмин

Преподаватель

Konstantin Kontor

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

О 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....

О 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....

О специализации ''Understanding Modern Finance'

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

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