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| Semester | fall semester 2024 |
| Course frequency | Every fall sem. |
| Lecturers | Yakov Amihud (yakov.amihud@unibas.ch) |
| Content | This course will present the theories and empirical evidence on corporate control transactions, the process of evaluating acquisition targets and its application in practice. Findings on the reaction of stock prices to information on control transactions will be used to analyze the effects of various policy options in such transactions. Strategies of acquisition will be studied as well as defensive measures against them, their purpose and their consequences. The class will combine lecture material, quantitative and qualitative analyses and discussions of relevant news. There will be an emphasis on theories in corporate finance that to M&A transactions as well as to fundamental concepts of valuation and other areas of corporate finance related to M&As. In the course, we will discuss important research articles in finance, both theoretical and empirical, and tie them to the lecture material. Note: This is a demanding course in terms of rigor, homework and readings (it is partly quantitative). You need to have knowledge in finance, especially corporate finance. The two extra classes will review two research articles in two different areas in corporate finance. The presentations will go well beyond these articles, putting them in a broader context of the theory and evidence in the articles’ respective areas. 1. Creditor rights and corporate risk-taking (JFE 2011) by Acharya, Amihud and Litov 2. The effect of stock liquidity on the firm's investment and production (RFS 2023), by Amihud and Levi. Students are encouraged to bring up issues and events associated with material covered in class. Please coordinate with me in advance. |
| Bibliography | Class notes will be provided in class and posted on the course’s web site (ADAM) after the class. |
| Comments | The additional sessions will be offered to PhD students enrolled in the class only: |
| Weblink | Weblink |
| Admission requirements | Recommended Prerequisites: Solid understanding of business and economics on the BA level which includes Corporate Finance (10138). In addition, we recommend “Asset Pricing I: Standard Models (10600). |
| Course application | Please register by sending an email to summerschool-wwz@unibas.ch no later than by June 30, 2024. All further information can be found on the website of the Summer School. The enrollment for the course is at the same time the final registration for the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| täglich | See individual dates | ||
| Modules |
Modul: Fachlich-methodische Ausbildung (PhD subject: Staatswissenschaften) Modul: Fachlich-methodische Weiterbildung (Doctoral Studies - Faculty of Business and Economics (start of studies before 01.02.2024)) Module: Business Field: Strategy and Organization (Master's Studies: Business and Technology) Module: Specific Electives in Business and Economics (Master's Studies: Business and Economics) Module: Specific Electives in Labor Economics, Human Resources and Organization (Master's Studies: Business and Economics) Specialization Module Global Europe: Globalized Trade and Business (Master's Studies: European Global Studies) |
| Assessment format | record of achievement |
| Assessment details | Final grades will be determined by homework (35%) and a final exam (65%). You have to attend every class. Date of final exam: 20 August 2024, 10:00 - 11:30, at Faculty of Business and Economics, room: S15 (HG.35), Peter Merian-Weg 6, 4052 Basel. |
| Assessment registration/deregistration | Registration/deregistration: faculty |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |