1. Discuss (with specific reasons) the effects of the following variables on M&A activity: (E.g., Employment is positively related with M&A activity; High employment usually means good economy implying high M&A activity.)
·
GDP growth
·
Interest rate level/Interest
rate risk premiums
·
Monetary stringency (tight
money supply)
·
Deregulation
2.
Is M&A activity good (or bad) for consumers and commercial
activity? Are the benefits evenly shared amongst the bidder, the target, and
the combined firm? Please base your answer on updated empirical research in the
literature.
3.
How does the presence of single versus multiple
bidders affect the returns to the target firm?
How does the method of
payment (cash versus stock) affect
the returns to the target firm? Summarize the empirical evidence about
shareholder gains to bidders, targets, and combined firms.
4.
Explain the four valuation techniques with their respective
advantages and disadvantages.
5.
What were the reasons for the increase in LBO activity during
the 1980s, their decline in 1989, and resurgence in 1992? Explain in detail ALL
stages of a successful LBO.
6.
Why were LBOs able to use such high degree of leverage compared
to other businesses? Discuss the advantages and disadvantages of LBO’s.
What are sources of gain from going
private transactions?
7.
Discuss the forces driving cross-border mergers.
What do research studies say
about the premiums paid and the event returns from international M&A
activities? What reasons are provided in the literature behind such
premiums?
8.
What are the financial characteristics that make a firm
vulnerable to a takeover?
What defensive measures can
ward off unsolicited and unwelcome bidders?
What is the effect of such
amendments on firm’s stock price based on empirical evidence?
9.
Explain the following commonly used M&A terms:
·
Shark repellents
·
Pac man defense
·
White knight/White squire
·
Greenmail
·
Poison Pills/Poison Puts
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