About this Course
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다음 전문 분야의 5개 강좌 중 4번째 강좌:

100% 온라인

지금 바로 시작해 나만의 일정에 따라 학습을 진행하세요.

유동적 마감일

일정에 따라 마감일을 재설정합니다.

중급 단계

완료하는 데 약 26시간 필요

권장: 7 hours/week...

영어

자막: 영어

다음 전문 분야의 5개 강좌 중 4번째 강좌:

100% 온라인

지금 바로 시작해 나만의 일정에 따라 학습을 진행하세요.

유동적 마감일

일정에 따라 마감일을 재설정합니다.

중급 단계

완료하는 데 약 26시간 필요

권장: 7 hours/week...

영어

자막: 영어

강의 계획 - 이 강좌에서 배울 내용

1
완료하는 데 5시간 필요

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 videos (Total 93 min), 8 readings, 2 quizzes
9개의 동영상
1.3. Buzzwords and challenges. Synergy11m
1.4. Studying M&As – framework and process11m
1.5. Legal and regulatory environment (1) – antitrust motives9m
1.6. Legal and regulatory environment (2) – other issues11m
1.7. M&As – some accounting issues11m
1.8. M&As – some tax considerations13m
8개의 읽기 자료
Konstantin Kontor10m
AIBEc. The American Institute of Business and Economics10m
Grading10m
Handouts – an important comment10m
1.1. The takeover process10m
1.2. The stakeholders’ paradigm10m
1.3. Legal and regulatory environment10m
1.4. Some accounting and tax Issues – an overview10m
2개 연습문제
1 (Practice)30m
1 - Takeover process, stakeholders, and environment1h
2
완료하는 데 4시간 필요

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 videos (Total 93 min), 3 readings, 2 quizzes
8개의 동영상
2.4. Some well-known classic schools of strategy12m
2.5. Theories of M&As (1)15m
2.6. Theories of M&As (2)11m
2.7. Free-rider problem – solutions (1)12m
2.8. Free-rider problem – solutions (2)12m
3개의 읽기 자료
2.1. Strategy and M&As10m
2.2. Theories of M&As10m
2.3. Small shareholders and tender offers10m
2개 연습문제
2 (Practice)30m
2 - M&A strategy and value creation potential in the uncertain world1h
3
완료하는 데 4시간 필요

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 videos (Total 94 min), 3 readings, 2 quizzes
9개의 동영상
3.4. The general formula8m
3.5. Some methodology, or how to extract value drivers11m
3.6. Cost of capital10m
3.7. Value creation in M&As8m
3.8. Calculating gains (losses)6m
3.9. Valuation in the “new economy” – some comments8m
3개의 읽기 자료
3.1. M&A valuation (1) – value drivers, approaches, and formulas10m
3.2. M&A valuation (2) – cost of capital10m
3.3. M&A valuation (3) – value creation example10m
2개 연습문제
3 (Practice)30m
3 - Getting used to value drivers and formulas1h
4
완료하는 데 3시간 필요

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 videos (Total 87 min), 2 readings, 2 quizzes
7개의 동영상
4.4. Joint venture as a form of a merger7m
4.5. LBOs and MBOs (1) – a way of financing11m
4.6. LBOs and MBOs (2) – an example22m
4.7. An example of an LBO – the RJR Nabisco case (1988)10m
2개의 읽기 자료
4.1. Junk bonds and M&A financing10m
4.2. LBOs and MBOs10m
2개 연습문제
4 (Practice)30m
4 - Junk bonds and LBOs – how investors profit from them1h
4.4
5개의 리뷰Chevron Right

Mergers and Acquisitions – The Relentless Pursuit of Synergy의 최상위 리뷰

대학: 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....

강사

Avatar

Konstantin Kontor

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

모스크바 물리 기술원 정보

Московский физико-технический институт (Физтех) является одним из ведущих вузов страны и входит в основные рейтинги лучших университетов мира. Институт обладает не только богатой историей – основателями и профессорами института были Нобелевские лауреаты Пётр Капица, Лев Ландау и Николай Семенов – но и большой научно-исследовательской базой. Основой образования в МФТИ является уникальная «система Физтеха», сформулированная Петром Капицей: кропотливый отбор одаренных и склонных к творческой работе абитуриентов; участие в обучении ведущих научных работников; индивидуальный подход к отдельным студентам с целью развития их творческих задатков; воспитание с первых шагов в атмосфере технических исследований и конструктивного творчества с использованием потенциала лучших лабораторий страны. Среди выпускников МФТИ — нобелевские лауреаты Андрей Гейм и Константин Новоселов, основатель компании ABBYY Давид Ян, один из авторов архитектурных принципов построения вычислительных комплексов Борис Бабаян и др....

AIBE(American Institute of Business and Economics) 정보

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 전문 분야 정보

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

자주 묻는 질문

  • 강좌에 등록하면 바로 모든 비디오, 테스트 및 프로그래밍 과제(해당하는 경우)에 접근할 수 있습니다. 상호 첨삭 과제는 이 세션이 시작된 경우에만 제출하고 검토할 수 있습니다. 강좌를 구매하지 않고 살펴보기만 하면 특정 과제에 접근하지 못할 수 있습니다.

  • 강좌를 등록하면 전문 분야의 모든 강좌에 접근할 수 있고 강좌를 완료하면 수료증을 취득할 수 있습니다. 전자 수료증이 성취도 페이지에 추가되며 해당 페이지에서 수료증을 인쇄하거나 LinkedIn 프로필에 수료증을 추가할 수 있습니다. 강좌 내용만 읽고 살펴보려면 해당 강좌를 무료로 청강할 수 있습니다.

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