Informações sobre o curso
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Aprox. 26 horas para completar

Sugerido: 7 hours/week...

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100% online

Comece imediatamente e aprenda em seu próprio cronograma.

Prazos flexíveis

Redefinir os prazos de acordo com sua programação.

Nível intermediário

Aprox. 26 horas para completar

Sugerido: 7 hours/week...

Inglês

Legendas: Inglês

Programa - O que você aprenderá com este curso

Semana
1
5 horas para concluir

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 vídeos ((Total 93 mín.)), 8 leituras, 2 testes
9 videos
1.1. Introduction: Why study M&As?5min
1.2. The stakeholders’ paradigm14min
1.3. Buzzwords and challenges. Synergy11min
1.4. Studying M&As – framework and process11min
1.5. Legal and regulatory environment (1) – antitrust motives9min
1.6. Legal and regulatory environment (2) – other issues11min
1.7. M&As – some accounting issues11min
1.8. M&As – some tax considerations13min
8 leituras
Konstantin Kontor10min
AIBEc. The American Institute of Business and Economics10min
Grading10min
Handouts – an important comment10min
1.1. The takeover process10min
1.2. The stakeholders’ paradigm10min
1.3. Legal and regulatory environment10min
1.4. Some accounting and tax Issues – an overview10min
2 exercícios práticos
1 (Practice)30min
1 - Takeover process, stakeholders, and environment1h
Semana
2
4 horas para concluir

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 vídeos ((Total 93 mín.)), 3 leituras, 2 testes
8 videos
2.2. Strategic vocabulary – some approaches and frameworks7min
2.3. Challenges to strategic planning8min
2.4. Some well-known classic schools of strategy12min
2.5. Theories of M&As (1)15min
2.6. Theories of M&As (2)11min
2.7. Free-rider problem – solutions (1)12min
2.8. Free-rider problem – solutions (2)12min
3 leituras
2.1. Strategy and M&As10min
2.2. Theories of M&As10min
2.3. Small shareholders and tender offers10min
2 exercícios práticos
2 (Practice)30min
2 - M&A strategy and value creation potential in the uncertain world1h
Semana
3
4 horas para concluir

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 vídeos ((Total 94 mín.)), 3 leituras, 2 testes
9 videos
3.2. Alternative approaches to valuation16min
3.3. Free cash flow (FCF) valuation10min
3.4. The general formula8min
3.5. Some methodology, or how to extract value drivers11min
3.6. Cost of capital10min
3.7. Value creation in M&As8min
3.8. Calculating gains (losses)6min
3.9. Valuation in the “new economy” – some comments8min
3 leituras
3.1. M&A valuation (1) – value drivers, approaches, and formulas10min
3.2. M&A valuation (2) – cost of capital10min
3.3. M&A valuation (3) – value creation example10min
2 exercícios práticos
3 (Practice)30min
3 - Getting used to value drivers and formulas1h
Semana
4
3 horas para concluir

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 vídeos ((Total 87 mín.)), 2 leituras, 2 testes
7 videos
4.2. Junk bonds (1) – facts12min
4.3. Junk bonds (2) – legends11min
4.4. Joint venture as a form of a merger7min
4.5. LBOs and MBOs (1) – a way of financing11min
4.6. LBOs and MBOs (2) – an example22min
4.7. An example of an LBO – the RJR Nabisco case (1988)10min
2 leituras
4.1. Junk bonds and M&A financing10min
4.2. LBOs and MBOs10min
2 exercícios práticos
4 (Practice)30min
4 - Junk bonds and LBOs – how investors profit from them1h
4.4
5 avaliaçõesChevron Right

Principais avaliações do Mergers and Acquisitions – The Relentless Pursuit of Synergy

por 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....

Instrutores

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Konstantin Kontor

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

Sobre Instituto de Física e Tecnologia de Moscou

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....

Sobre 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....

Sobre o Programa de cursos integrados 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

Perguntas Frequentes – FAQ

  • Ao se inscrever para um Certificado, você terá acesso a todos os vídeos, testes e tarefas de programação (se aplicável). Tarefas avaliadas pelos colegas apenas podem ser enviadas e avaliadas após o início da sessão. Caso escolha explorar o curso sem adquiri-lo, talvez você não consiga acessar certas tarefas.

  • Quando você se inscreve no curso, tem acesso a todos os cursos na Especialização e pode obter um certificado quando concluir o trabalho. Seu Certificado eletrônico será adicionado à sua página de Participações e você poderá imprimi-lo ou adicioná-lo ao seu perfil no LinkedIn. Se quiser apenas ler e assistir o conteúdo do curso, você poderá frequentá-lo como ouvinte sem custo.

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