| 授業名 | Mergers & Acquisitions |
|---|---|
| Course Title | Mergers & Acquisitions |
| 担当教員 Instructor Name | Dongyu Guo |
| コード Couse Code | NUC435_N23B |
| 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 | 2023 UG Nisshin Term3 |
授業の概要 Course Overview
Misson Statementとの関係性 / Connection to our Mission Statement
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.
授業の目的（意義） / Importance of this course
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 M&A cases from an ECONOMIC point of view.***
***This course PRIMARILY examines the M&A cases from an ECONOMIC point of view.***
到達目標 / Achievement Goal
By taking this course, as the cases cover different industries with different M&A 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)
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 importance and the challenge of defining the relevant market in a competitive analysis
o understand the role of mergers and acquisitions in firms’ strategies
o illustrate the cases and decisions of the antitrust authority
o examine the cases through economic models and/or rigorous arguments
o understand the importance and the challenge of defining the relevant market in a competitive analysis
o understand the role of mergers and acquisitions in firms’ strategies
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 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, 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.
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●使用するケース
Airlines and Antitrust: Scrutinizing the American Airlines-US Airways Mergerhttps://hbsp.harvard.edu/product/KS1140-PDF-ENG
(In class) Airlines and Antitrust: Scrutinizing the American Airlines-US Airways Merger Sequel
https://hbsp.harvard.edu/product/KS1141-PDF-ENG
第2日（Day2）
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 mergerhttps://hbsp.harvard.edu/product/204081-PDF-ENG
第3日（Day3）
Horizontal M&A in traditional industries●使用するケース
Tokyo Electron: The competitive consolidation and antitrust challengehttps://hbsp.harvard.edu/product/W17244-PDF-ENG
第4日（Day4）
Horizontal M&A in digital industries●使用するケース
WhatsApp: Tech watchdogs collide with tech giantshttps://hbsp.harvard.edu/product/IN1778-PDF-ENG
第5日（Day5）
Vertical M&A●使用するケース
The Walt Disney Company and Pixar Inc.: To Acquire or Not to Acquire?https://hbsp.harvard.edu/product/709462-PDF-ENG
(In class) The Walt Disney Company and Pixar Inc.: To Acquire or Not to Acquire? An Update
https://hbsp.harvard.edu/product/709489-PDF-ENG
第6日（Day6）
Post-M&A integration●使用するケース
Bayer-Monsanto: The challenges of a mega mergerhttps://hbsp.harvard.edu/product/W17764-PDF-ENG
第7日（Day7）
Wrap-up●使用するケース
Cisco Systems: New Millennium- New Acquisition Strategy?https://hbsp.harvard.edu/product/IN1778-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。
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.
*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.
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 in class.
o The textbook only serves as a reference.
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 a Ph.D. in economics from the Humboldt University of Berlin (HU), and an M.Sc. in statistics from the London School of Economics and Political Science (LSE).
Her research interests lie primarily in the fields of industrial organization, competition policy, regulation, and, more broadly, applied microeconomic theory. She has published in the main international economics journals in her research field (International Journal of Industrial Organization, etc.), as well as in general interest economics journals (such as European Economic Review).
（実務経験 Work experience）
Prior to joining NUCB Business School in 2020, she was a Research Fellow for the Chair of Microeconomics and International Economics at the 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