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Course module: 323037-M-6
323037-M-6
Corporate Governance and Restructuring
Course info
Course module323037-M-6
Credits (ECTS)6
CategoryMA (Master)
Course typeCourse
Language of instructionEnglish
Offered byTilburg University; Tilburg School of Economics and Management; TiSEM: Finance; Finance;
Is part of
M Strategic Management
M Economics
M International Management
M Finance
Contact personprof. dr. L.D.R. Renneboog
Lecturer(s)
Lecturer
dr. J. Gider
Other course modules lecturer
Lecturer
prof. dr. L.D.R. Renneboog
Other course modules lecturer
Coordinator course
prof. dr. L.D.R. Renneboog
Other course modules lecturer
Starting block
BLOK 2
Course mode
Full-time
Remarks-
Registration openfrom 19/10/2018 09:00 up to and including 31/07/2019
Aims

Recommended Prerequisites

Finance 1 and 2, or Financiering 1 and 2, or Corporate Finance 1 and 2.
Content
The course consists of two parts. In the part on Corporate restructuring, the main topics will be mergers, acquisitions, leveraged buyouts and divestitures. This part commences with a description of the take-over markets in the main corporate governance regimes. The role of mergers and acquisitions as a corporate governance device will be discussed. This course will focus on different types of takeovers: horizontal versus vertical takeovers, friendly versus hostile takeovers, takeovers by management (management buyouts or buyins) or financial institutions (IBOs), etc.The determinants of takeover waves and corporate divestitures will also be discussed. Considerable time will be spent on valuation (techniques) applied to M&As. The sources of value (wealth effects) for both target and bidder firm will be studied for domestic as well as cross-border acquisitions. In this respect, the characteristics of the takeover bid (means of payment, status of the bid, industry etc) will be studied. Also a valuation of an acquisition (case study) will be done and the range of takeover defences that firms can employ against hostile takeovers will be discussed.
This course also deals with various aspects of corporate governance. Here we look at the mode of governance and control which firms use. Although special attention will be devoted to listed firms, other organisational forms will also be discussed. Crucial elements in theory and practice of corporate governance are the ownerships- and control structures of organisational forms. Shareholder structures are characterized by the identity of shareholders, the distribution of the shares over shareholders and defensive measures. Governance structures consist of a manifold of disciplining mechanisms, like supervisory boards, the market for corporate control, remuneration systems, etc. There exist remarkable differences among governance systems between all kind of countries. These international differences will be discussed extensively against the historical lines of development.
Type of instructions
lectures
Type of exams
  1. Type of exams: the final grade is based on a written exam (85%) and a take-home assignment (15%). (It should be noted that for the written exam, the student needs to obtain at least 5/10. If the student does not pass in the first exam session, a resit of the written exam has to be taken and the grade obtained for the take-home assignment will be maintained).


Compulsory Reading
  1. Sudarsanam, S., Creating Value from Mergers and Acquisitions, Pearson Education, 2010, ISBN ISBN-10: 0273715399. ISBN-13: 9780273715399
  2. List of literature (to be announced)
  3. Lecture notes
Course available for exchange students
Master level, conditions apply
Timetable information
323037-M-6|Corporate Governance and Restructuring
Written test opportunities
Omschrijving/DescriptionToets/TestBlok/BlockGelegenheid/OpportunityDatum/Date
Written test opportunities (HIST)
Omschrijving/DescriptionToets/TestBlok/BlockGelegenheid/OpportunityDatum/Date
Schriftelijk 85% / Written 85%EXAM_01BLOK 2119-12-2018
Schriftelijk 85% / Written 85%EXAM_01BLOK 2218-01-2019
Required materials
-
Recommended materials
-
Tests
Written 85%

Paper 15%

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