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Магистратура 2019/2020

Научно-исследовательский семинар "Сделки слияния и поглощения"

Направление: 38.04.08. Финансы и кредит
Кто читает: Школа финансов
Когда читается: 2-й курс, 1-3 модуль
Формат изучения: Full time
Прогр. обучения: Стратегическое управление финансами фирмы
Язык: английский
Кредиты: 7

Course Syllabus

Abstract

This course represents a system of research seminar for the 2nd year master students. The research seminar is aimed to develop the academic skills of the master students and to prepare them to make their own research in the area of finance. Research in this area applies specific mathematical and econometrical methods, as well as the perfect data mining skills. The course contains two types of research activity. The first activity for every 2nd year master student is to participate in the large research seminars of HSE School of Finance. The second type of activity is to participate in the small team seminars (that should be chosen before the beginning of the year). Both parts of the research seminar aim to help students to develop the academic writing skills and a number of soft skills that are useful for a financier (e.g. presentation skills, team work, project management). The first part of research seminar aims at fostering discussion and interaction on variable topics in finance. The second part aims to develop personal academic skills in the chosen area. Students who chose ‘Mergers and Acquisitions’ will get a fresh look at the current state of mergers, acquisitions and corporate restructuring. The dynamic nature of M&As requires an evolving understanding of the field. Based on the important and relevant research literature, students will discuss as financial aspects of these transactions, as legal, regulatory, tax, ethical, social, and behavioral considerations. In addition students will also go deeper in basic concepts, motives, strategies, efficiency and techniques of M&A deals. The students will also develop their skills in the data-mining, work with the literature and text preparation in this area.
Learning Objectives

Learning Objectives

  • To provide the student with proper tools and skills for making their own research in the area of finance
Expected Learning Outcomes

Expected Learning Outcomes

  • be able to formulate and verify his or her own research question
  • be able to choose and apply the proper methods to test the hypotheses
  • be able to explain and demonstrate using empirical data the challenges to the efficient market hypothesis
  • be able to explain the nature of biases rooted in data mining and statistical methods
  • be able to prepare the literature review for his or her master thesis
  • be able to know how to do the data-mining in financial and investment sphere
Course Contents

Course Contents

  • How to write a research paper in M&A. Formal and informal requirements to master theses. Discussion of ideas and progress of student’s future master theses.
  • Work with new papers and data in area of M&A. Discussion of last research papers in developed and emerging capital markets.
  • Estimation of the target company fair value in M&A transaction: (1) Assessment of premium or discount, which is paid by the buyer in the transaction of purchasing a public company compared to the fair price of this company, (2) Assessment of market reaction through the analysis of changes in the stock price of companies following an M&A transaction.
  • Replication of the article
  • Participation in School of Finance seminar or Lab seminar
  • Presentations of master thesis results
Assessment Elements

Assessment Elements

  • non-blocking Literature reviews
  • non-blocking Home assignments
  • non-blocking Predefense of the master thesis
  • non-blocking Participation in in-class discussions.
    A student who received a failing grade for the course has to retake the failed HA. Grading is not changed after HA retaking.
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.7 * Home assignments + 0.3 * Predefense of the master thesis
Bibliography

Bibliography

Recommended Core Bibliography

  • Faulkner, D., Teerikangas, S., & Joseph, R. J. (2012). The Handbook of Mergers and Acquisitions (Vol. First edition). Oxford: OUP Oxford. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2245641
  • Mateev, M., & Andonov, K. (2016). Do cross-border and domestic bidding firms perform differently? New evidence from continental Europe and the UK. Research in International Business and Finance, (C), 327. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.riibaf.v37y2016icp327.349
  • Sheng Wen Chen, & 陳聖文. (2016). Does Corporate Performance Improve after Mergers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsndl&AN=edsndl.oai.union.ndltd.org.TW.104CGU05026046
  • The long-term operating performance of European mergers and acquisitions. (2007). Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsnar&AN=edsnar.oai.tilburguniversity.edu.publications.46435847.8a4b.4e45.ae01.c32a82feb927
  • The performance of the European market for corporate control: Evidence from the 5th takeover wave. (2011). European Financial Management, 17(2), 208–260. https://doi.org/10.1111/j.1468-036x.2009.00497.x
  • Xie, E., Reddy, K. S., & Liang, J. (2017). Country-specific determinants of cross-border mergers and acquisitions: A comprehensive review and future research directions. Journal of World Business, (2), 127. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.worbus.v52y2017i2p127.183

Recommended Additional Bibliography

  • H. Kent Baker. (2011). The Art of Capital Restructuring : Creating Shareholder Value Through Mergers and Acquisitions. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=391383
  • Kinateder, H., Fabich, M., & Wagner, N. (2017). Domestic mergers and acquisitions in BRICS countries: Acquirers and targets. Emerging Markets Review, (C), 190. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.ememar.v32y2017icp190.199
  • Reza Yaghoubi, Mona Yaghoubi, Stuart Locke, & Jenny Gibb. (2016). Mergers and acquisitions: a review (part 2). Studies in Economics and Finance, (3), 437. https://doi.org/10.1108/SEF-07-2015-0165?utm_campaign=RePEc&WT.mc_id=RePEc
  • Reza Yaghoubi, Mona Yaghoubi, Stuart Locke, & Jenny Gibb. (2016). Mergers and acquisitions: a review. Part 1. Studies in Economics and Finance, (1), 147. https://doi.org/10.1108/SEF-03-2015-0078?utm_campaign=RePEc&WT.mc_id=RePEc
  • Sanjay Sehgal, Siddhartha Banerjee, & Florent Deisting. (2012). The Impact of M&A Announcement and Financing Strategy on Stock Returns: Evidence from BRICKS Markets. Post-Print. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hal.journl.hal.01881917
  • Zhu, H., & Zhu, Q. (2016). Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals. Asia Pacific Journal of Management, 33(4), 1107–1149. https://doi.org/10.1007/s10490-016-9465-0