シラバス Syllabus

授業名 Mergers & Acquisitions
Course Title Mergers & Acquisitions
担当教員 Instructor Name Dongyu Guo
コード Couse Code NUC418_N21B
授業形態 Class Type 講義 Regular course
授業形式 Class Format On Campus
単位 Credits 2
言語 Language EN
科目区分 Course Category 専門教育科目 / Specialized Subject
学位 Degree BBA
開講情報 Terms / Location 2021 UG Nisshin Term3

授業の概要 Course Overview

This course assists students to foster a "Frontier Spirit", and enables them to solve economic and business problems in a global society.
Mergers and acquisitions (M&A) is a general term used to describe the consolidation of companies or assets through various types of financial transactions, including mergers, acquisitions, consolidations, tender offers, purchase of assets and management acquisitions. The objective of the course is to develop a comprehensive understanding of mergers and acquisitions from the perspective of both firms and antitrust authorities. This course primarily examines the merger cases from the economics point of view. As the cases cover different industries with different merger decisions, students have the opportunity to identify the principles underlying competition. Furthermore, students have the opportunity to compare merger policies across different countries/regions.

本授業の該当ラーニングゴール Learning Goals


LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG5 Business Perspectives (BSc)
LG7 International Perspectives (BA)

受講後得られる具体的スキルや知識 Learning Outcomes

If students complete the course successfully, they should be able to
o understand the role of mergers and acquisitions in firms’ strategies,
o know the main concepts related to managing mergers and acquisitions,
o illustrate the cases and decisions of the antitrust authority,
o examine the cases through economic models and/or rigorous arguments.

SDGsとの関連性 Relevance to Sustainable Development Goals

Goal 4 質の高い教育をみんなに(Quality Education)

教育手法 Teaching Method

教育手法 Teaching Method % of Course Time
インプット型 Traditional 20 %
参加者中心型 Participant-Centered Learning ケースメソッド Case Method 80 %
フィールドメソッド Field Method 0 %
合計 Total 100 %

学習方法、レポート、課題に対するフィードバック方法 Course Approach, Report, Feedback methods

o The students are supposed to devote at least 3 hours to individual preparation for each case. They should complete the mandatory readings, as part of the self-learning process, in order to learn the necessary fundamentals, concepts and theories that allow them to understand and be prepared for each lecture.
o Additional readings are encouraged for the students who wish to acquire deeper insights.
o Each student should hand in one preparation report and one final report. The assignments will be announced in the first lecture.

授業スケジュール Course Schedule


Horizontal M&A in the US-1

Case: Airlines and Antitrust: Scrutinizing the American Airlines-US Airways Merger
Case provider: HBP


Horizontal M&A in the US-2

Case: Charter Communications: Another Bid for Time Warner Cable?
Case provider: HBP


Horizontal M&A in the EU

Case: Antitrust Regulations in a Global Setting: The EU Investigation of the GE/Honeywell Merger
Case provider: HBP


Horizontal M&A in traditional industries

Case: Tokyo Electron: The Competitive Consolidation and Antitrust Challenge
Case provider: HBP


Horizontal M&A in digital industries

Case: $19B 4 txt app WhatsApp...omg!
Case provider: HBP


Vertical M&A

Case: AMC Networks Inc.: The Walking Dead Problem
Case provider: HBP


Post merger

Case: DaimlerChrysler Post-Merger Integration (A)
Case provider: HBP

成績評価方法 Evaluation Criteria

講師用内規準拠 Method of Assessment Weights
予習レポート Preparation Report 20 %
コールドコール Cold Call 0 %
授業内での挙手発言 Class Contribution 50 %
ケース試験 Case Exam 0 %
参加者による相互評価 Peer Assessment 0 %
シミュレーション成績 Simulation 0 %
小テスト Quizzes / Tests 0 %
最終レポート Final Report 30 %
期末試験 Final Exam 0 %
合計 Total 100 %

評価の留意事項 Notes on Evaluation Criteria

In the case method form, the students are asked to speak in a propositive manner during the class and acquire a thorough understanding of the discussion.

使用ケース一覧 List of Cases


教科書 Textbook

  • Massimo Motta「Competition Policy: Theory and Practice (NOT necessary for the course)」Cambridge University Press(2004)9780521016919

参考文献・資料 Additional Readings and Resource

Lecture slides, cases, and other reading materials will be distributed.
The textbook only serves as a reference.

授業調査に対するコメント Comment on Course Evaluation

The contents are modified based on the concerns raised last year.

担当教員のプロフィール About the Instructor 

Dongyu Guo received her Ph.D. in Economics at Humboldt University of Berlin and her M.Sc. in Statistics (research) at London School of Economics and Political Science. Her research interests lie primarily in the fields of industrial organization, competition policy, regulation and, more broadly, applied microeconomic theory.

(実務経験 Work experience)

Prior to joining NUCB, she worked as Research Fellow at the Chair of Microeconomics and International Economics at University of Duisburg-Essen, Germany.

Refereed Articles

  • (2020) Regulatory risk, vertical integration, and upstream investment. European Economic Review 128
  • (2020) Mergers with Structural Remedies in a Cournot Oligopoly. Theoretical Economics Letters 10(2): 2162-2078
  • (2017) Asymmetric price adjustments: A supply side approach. International Journal of Industrial Organization 50
  • (2015) Mergers between regulated firms with unknown efficiency gains. Review of Economic Design 19