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Course Syllabus

Master 2023/2024

Investment Banking. Merges and Acquisitions

Type: Elective course (Master of Finance)
Area of studies: Finance and Credit
Delivered by: HSE Banking Institute
Where: HSE Banking Institute
When: 1 year, 4 module
Mode of studies: distance learning
Online hours: 20
Open to: students of one campus
Instructors: Захаров Сергей Викторович
Master’s programme: Finance
Language: English
ECTS credits: 3
Contact hours: 8

Course Syllabus

Full Syllabus

Abstract

At different stages of life cycle most of the companies have to make strategic decisions regarding business growth via mergers or acquisitions with/of other companies, regarding raising equity to support the growth, spin-offs, or even protect the business from hostile takeover attempts. In order to successfully complete such a transaction, a professional has to be experienced in wide range of different areas: from strategic and economic analysis at initial stage (“to make or not to make” decision) to various financial and legal issues at transaction completion stage (and to be an advanced negotiator, of course). The program presents the fundamentals of how to master an M&A transaction (e.g. from investment banking point of view), using among the other some techniques essential in financial analysis which would be further applied in many parts of the Financial Analyst program, including Financial Reporting and Analysis, Corporate Finance, Equity Investments as well as some topics of Alternative Investments. The program also introduces the role of an investment bank in M&A and capital raising as well as investment banking historical and current positioning in financial ecosystem. Understanding key features of investment banking activity is essential not only for those who are currently or willing to be employed in the industry, but also for financial and investment managers of common (especially listed) companies in order to make decisions regarding hiring such a bank or building/using an in-house team. The program is based on Chartered Financial Analyst (CFA) curriculum.
Learning Objectives

Learning Objectives

  • The course aims to provide students key M&A and investment banking skills, which are valuable to financial analysts and investment professionals primarily from the practical perspective.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand key principles and trends of M&A market and investment banking
  • Understand and identify key transactions motives and types of transactions
  • Understand and handle various issues regarding hiring investment bank as a financial advisor
  • Understand key points of difference between focus of investment bank and company during M&A transaction or capital raising
  • Know key stages of M&A transactions as well as principles of its structuring and financing
  • Have skills of strategic planning of M&A and relevant business restructuring
  • Understand key principles of leveraged buyouts
Course Contents

Course Contents

  • Module one
  • Module two
  • Module three
  • Module four
Assessment Elements

Assessment Elements

  • non-blocking Graded Assignment 1
  • non-blocking Graded Test – Module / Week 2
  • non-blocking Graded Test – Module / Week 3
  • non-blocking Graded Test – Module / Week 4
  • non-blocking Final Project
Interim Assessment

Interim Assessment

  • 2023/2024 4th module
    0.6 * Final Project + 0.1 * Graded Assignment 1 + 0.1 * Graded Test – Module / Week 2 + 0.1 * Graded Test – Module / Week 3 + 0.1 * Graded Test – Module / Week 4
Bibliography

Bibliography

Recommended Core Bibliography

  • Gaughan, P. A. (2017). Mergers, Acquisitions, and Corporate Restructurings (Vol. Seventh edition). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1640634
  • Mergers, acquisitions, and corporate restructurings, Gaughan, P. A., 2007

Recommended Additional Bibliography

  • Arzac, E. R. (2008). Valuation for Mergers, Buyouts, and Restructuring (Vol. 2nd ed). Hoboken, NJ: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639464
  • Beyond the deal : mergers & acquisitions that achieve breakthrough performance gains, Saint-Onge, H., 2009
  • DePamphilis, D. M. (2012). Mergers, Acquisitions, and Other Restructuring Activities : An Integrated Approach to Process, Tools, Cases, and Solutions (Vol. 6th ed). San Diego, CA: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=387257
  • Managing emotions in mergers and acquisitions, Kusstatscher, V., 2005
  • Mergers and acquisitions : text and cases, Boeh, K. K., 2007
  • Mergers and acquisitions, Angwin, D., 2007
  • Understanding mergers and acquisitions in the 21st century: A multidisciplinary approach. (2012). Palgrave MacMillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsnar&AN=edsnar.oai.pure.rug.nl.publications.59fa58cd.2a0f.4df7.955b.9bbbf5da2625
  • Valuations, mergers & acquisitions, Beech, G., 2015