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 NUC419_N22B
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 2022 UG Nisshin Term3

授業の概要 Course Overview


Aligning with the NUCB Business School’s mission statement, 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.
By taking this course, as the cases cover different industries with different merger decisions, students will have the opportunity to identify the principles underlying competition. Furthermore, students can compare merger policies across different countries/regions.

本授業の該当ラーニングゴール Learning Goals

*本学の教育ミッションを具現化する形で設定されています。

LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG5 Business Perspectives (BSc)
LG6 Managerial Perspectives (BBA)
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 are expected to 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

***Course Prerequisites***
o It is desirable that participants have a basic understanding of microeconomics.
o All participants are recommended to devote at least 3 hours to mandatory readings for each case and are expected to prepare their own answers to the assignment questions.
o Participants who wish to acquire deeper insights are suggested to read additional readings.

***Class Discussion***
o The class is based on open discussions and participants are facilitated to exchange their opinions with their classmates.
o During the open discussions, participants are expected to think flexibly and adjust their opinions.
o No specific comment may be given to each participant's opinion, but participants will know if their opinions are appreciated by listening to their classmates' feedback.

授業スケジュール Course Schedule

第1日(Day1)

Horizontal M&A in the US- 1

●使用するケース
Merging American Airlines and US Airways (A)
https://hbsp.harvard.edu/product/417054-PDF-ENG
Merging American Airlines and US Airways (B)
https://hbsp.harvard.edu/product/418036-PDF-ENG

第2日(Day2)

Horizontal M&A in the US- 2

●使用するケース
Charter Communications: Another bid for Time Warner Cable?
https://hbsp.harvard.edu/product/W19366-PDF-ENG

第3日(Day3)

Horizontal M&A in the EU

●使用するケース
Antitrust regulations in a global setting: The EU investigation of the GE/Honeywell merger
https://hbsp.harvard.edu/product/204081-PDF-ENG

第4日(Day4)

Horizontal M&A in traditional industries

●使用するケース
Tokyo Electron: The competitive consolidation and antitrust challenge
https://hbsp.harvard.edu/product/W17244-PDF-ENG

第5日(Day5)

Horizontal M&A in digital industries

●使用するケース
WhatsApp: Tech watchdogs collide with tech giants
https://hbsp.harvard.edu/product/IN1778-PDF-ENG

第6日(Day6)

Vertical M&A

●使用するケース
AMC Networks Inc.: The Walking Dead problem
https://hbsp.harvard.edu/product/W18833-PDF-ENG

第7日(Day7)

Post-merger

●使用するケース
Bayer-Monsanto: The challenges of a mega merger
https://hbsp.harvard.edu/product/W17764-PDF-ENG

成績評価方法 Evaluation Criteria

*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
講師用内規準拠 Method of Assessment Weights
コールドコール Cold Call 0 %
授業内での挙手発言 Class Contribution 60 %
クラス貢献度合計 Class Contribution Total 60 %
予習レポート Preparation Report 10 %
小テスト Quizzes / Tests 0 %
シミュレーション成績 Simulation 0 %
ケース試験 Case Exam 0 %
最終レポート Final Report 30 %
期末試験 Final Exam 0 %
参加者による相互評価 Peer Assessment 0 %
合計 Total 100 %

評価の留意事項 Notes on Evaluation Criteria

o The grading system is in line with NUCB Grading Policy.
o Grading of class contribution is based on RELEVANCE, QUALITY and FREQUENCY.
o The preparation report and the final report will be graded by the comprehensiveness and depth of arguments. The requirements will be announced in the first lecture.

使用ケース一覧 List of Cases

    ケースは使用しません。

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

o Lecture slides and other reading materials will be distributed.
o 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






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