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中級レベル

約27時間で修了

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英語

字幕:英語

100%オンライン

自分のスケジュールですぐに学習を始めてください。

柔軟性のある期限

スケジュールに従って期限をリセットします。

中級レベル

約27時間で修了

推奨:7 hours/week...

英語

字幕:英語

シラバス - 本コースの学習内容

1
5時間で修了

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. ...
9件のビデオ (合計93分), 8 readings, 2 quizzes
9件のビデオ
1.1. Introduction: Why study M&As?5 分
1.2. The stakeholders’ paradigm14 分
1.3. Buzzwords and challenges. Synergy11 分
1.4. Studying M&As – framework and process11 分
1.5. Legal and regulatory environment (1) – antitrust motives9 分
1.6. Legal and regulatory environment (2) – other issues11 分
1.7. M&As – some accounting issues11 分
1.8. M&As – some tax considerations13 分
8件の学習用教材
Konstantin Kontor10 分
AIBEc. The American Institute of Business and Economics10 分
Grading10 分
Handouts – an important comment10 分
1.1. The takeover process10 分
1.2. The stakeholders’ paradigm10 分
1.3. Legal and regulatory environment10 分
1.4. Some accounting and tax Issues – an overview10 分
2の練習問題
1 (Practice)30 分
1 - Takeover process, stakeholders, and environment
2
4時間で修了

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). ...
8件のビデオ (合計93分), 3 readings, 2 quizzes
8件のビデオ
2.2. Strategic vocabulary – some approaches and frameworks7 分
2.3. Challenges to strategic planning8 分
2.4. Some well-known classic schools of strategy12 分
2.5. Theories of M&As (1)15 分
2.6. Theories of M&As (2)11 分
2.7. Free-rider problem – solutions (1)12 分
2.8. Free-rider problem – solutions (2)12 分
3件の学習用教材
2.1. Strategy and M&As10 分
2.2. Theories of M&As10 分
2.3. Small shareholders and tender offers10 分
2の練習問題
2 (Practice)30 分
2 - M&A strategy and value creation potential in the uncertain world
3
4時間で修了

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. ...
9件のビデオ (合計94分), 3 readings, 2 quizzes
9件のビデオ
3.2. Alternative approaches to valuation16 分
3.3. Free cash flow (FCF) valuation10 分
3.4. The general formula8 分
3.5. Some methodology, or how to extract value drivers11 分
3.6. Cost of capital10 分
3.7. Value creation in M&As8 分
3.8. Calculating gains (losses)6 分
3.9. Valuation in the “new economy” – some comments8 分
3件の学習用教材
3.1. M&A valuation (1) – value drivers, approaches, and formulas10 分
3.2. M&A valuation (2) – cost of capital10 分
3.3. M&A valuation (3) – value creation example10 分
2の練習問題
3 (Practice)30 分
3 - Getting used to value drivers and formulas
4
3時間で修了

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. ...
7件のビデオ (合計87分), 2 readings, 2 quizzes
7件のビデオ
4.2. Junk bonds (1) – facts12 分
4.3. Junk bonds (2) – legends11 分
4.4. Joint venture as a form of a merger7 分
4.5. LBOs and MBOs (1) – a way of financing11 分
4.6. LBOs and MBOs (2) – an example22 分
4.7. An example of an LBO – the RJR Nabisco case (1988)10 分
2件の学習用教材
4.1. Junk bonds and M&A financing10 分
4.2. LBOs and MBOs10 分
2の練習問題
4 (Practice)30 分
4 - Junk bonds and LBOs – how investors profit from them
5
4時間で修了

Value-Creating Strategies. Anti-Takeover Defenses. Corporate Governance and Performance. Conclusions – the Relentless Pursuit of Value

Week 5 – the final week of the Course – focuses on the details of value creating strategies. We start with share repurchases and their effect on value. Then we analyze anti-takeover defenses as value creating strategies. We proceed with the discussion of corporate governance. Although in M&As this concept has somewhat narrower meaning, we try to relate the advantages and costs of a well-functioning and efficient corporate governance system to the development of the M&A market. On a specific example we analyze the potentially value-destroying conflicts that may arise from the underdeveloped corporate governance system. Finally, we identify the role of post-transaction merger integration in the creation of value. We provide some conclusions on M&A efficiency and synergy. At the very end, we summarize the Course and the Specialization and briefly discuss the Final Project. ...
11件のビデオ (合計104分), 3 readings, 2 quizzes
11件のビデオ
5.2. Share repurchases. Fixed-price tender offers14 分
5.3. Anti-takeover defenses (1) – returns to bidders and targets10 分
5.4. Anti-takeover defenses (2) – pre-offer defenses8 分
5.5. Anti-takeover defenses (3) – post-offer defenses9 分
5.6. Corporate governance in the US – an overview18 分
5.7. Corporate governance in other countries – who will pay?9 分
5.8. An example of corporate governance – Russian preferred shares9 分
5.9. Implementation and integration – key to success5 分
5.10. Some conclusions – the relentless pursuit of synergy7 分
5.11. Summary of the Specialization. Overview of the Project5 分
3件の学習用教材
5.1. Share repurchases10 分
5.2. M&A tactics and takeover defenses10 分
5.3. Corporate governance – an overview10 分
1の練習問題
Final Test
4.4
5件のレビューChevron Right

人気のレビュー

by HCOct 30th 2018

Very interesting course....there are, very well explained, both the base and advanced concepts of valuing companies....I'll strongly recommend this course....

講師

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Konstantin Kontor

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

モスクワ物理工科大学(Moscow Institute of Physics and Technology)について

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....

American Institute of Business and Economicsについて

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....

Understanding Modern Financeの専門講座について

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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