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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 Accountancy
M Strategic Management
M Economics
M International Management
M Finance
Contact persondr. J. Gider
Lecturer(s)
Coordinator course
dr. J. Gider
Other course modules lecturer
Lecturer
dr. J. Gider
Other course modules lecturer
Lecturer
prof. dr. L.D.R. Renneboog
Other course modules lecturer
Academic year2019
Starting block
BLOK 2
Course mode
Full-time
Remarks-
Registration openfrom 07/10/2019 up to and including 24/01/2020
Aims

Objectives
After successful completion of this course, participants will be able to:

  1. Define and explain the different tools of Corporate Governance and Restructuring.
  2. Value target firms and synergies in takeovers.
  3. Critically discuss controversial issues and contrasting views on aspects about Corporate Governance and Restructuring.
  4. Explain the design of studies to empirically test theoretical predictions.
  5. Interpret and evaluate empirical evidence on Corporate Governance and Restructuring and link the evidence back to theoretical concepts.
  6. Critically evaluate corporate policies and laws targeted at Corporate Governance and Restructuring issues.
  7. Design and evaluate solutions in real-world examples.


Recommended Prerequisites

Finance 1 and 2, or Financiering 1 and 2, or Corporate Finance 1 and 2. Students are expected to have a basic knowledge of statistics and mathematics.
Content

The course consists of two parts.

In the part on corporate restructuring, the main topics will be mergers, acquisitions, 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 defenses that firms can employ against hostile takeovers will be discussed.

The objective of the corporate governance part is twofold: the students will become familiar with the language and tools of corporate governance, and will also be able to critically evaluate the evidence presented in academic papers on corporate governance problems. For this reason, a number of academic papers will be analyzed in detail. Different corporate governance mechanisms will be discussed, such as payout policy, the role of the board of directors, executive compensation, shareholder activism and passive owners, and shareholder agreements. Further, the course will deal with governance requirements for corporate innovation. Finally, corporate social responsibility will be studied through the lens of governance.

 
Type of instructions
lectures

Type of exams

Type of exams: the final grade is based on a written exam (75%) and a take-home assignment (25%). (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. Select original research papers.
  2. Select chapters from a textbook.
  3. Lecture notes.
Course available for exchange students
Master level, conditions apply
Timetable information
Corporate Governance and Restructuring
Written test opportunities
DescriptionTestBlockOpportunityDate
Schriftelijk (75%) / Written (75%)EXAM_01BLOK 2117-12-2019
Schriftelijk (75%) / Written (75%)EXAM_01BLOK 2216-01-2020
Written test opportunities (HIST)
DescriptionTest/BlockOpportunityDate
Required materials
-
Recommended materials
-
Tests
Written (75%)

Final grade

Case study assignment (25%)

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