Restructuring Firms and Industries
by Prof. David Yermack
Issues in corporate finance and corporate governance. Topics include choices of organizational form, mergers and acquisitions, spinoffs, capital structure changes, private equity transactions, and takeover defenses. Topic will be analyzed within an agency cost framework, focusing upon conflicts between stockholders, managers, the government, and other constituencies. Many classes will involve case studies of prominent companies, including episodes related to the worldwide financial crisis that began in 2008.
The most important readings for the course will be a collection of academic articles supplemented by pieces from newspapers, magazines, and other areas of the news media. These will be distributed together in a photocopied reading packet. I believe the readings are most helpful if done in advance of class. The textbooks for the course can be considered optional reading. The Gaughan book is a valuable reference, and Malkiel's book on investing and the stock market is a classic that every business student should read at some point.
P. Gaughan, Mergers, Acquisitions and Corporate Restructurings (4th ed., 2007)
B. Malkiel, A Random Walk Down Wall Street (8th ed., 2003) (recommended).
Monday, 14 July 2025: 9:30 - 12:00
Tuesday, 15 July 2025: 9:30 - 12:00
Wednesday, 16 July 2025: 9:30 - 12:00
Thursday, 17 July 2025: 9:30 - 12:00
Monday, 21 July 2025: 9:30 - 12:00
Tuesday, 22 July 2025: 9:30 - 12:00
Wednesday, 23 July 2025: 9:30 - 12:00
Thursday, 24 July 2025: 9:30 - 12:00
Recommended Prerequisites:
• Solid understanding of business and economics on the BA level
• Completion of an introductory course in law (BA) would be helpful
• Corporate Finance (10138)
Attendance and good preparation are prerequisites for being a valuable participant in the class. You are expected to prepare for and attend every class and participate actively.
Assessment details: to be announced.
This course will be counted in the following degree programs in the respective modules:
Master's Studies: Business and Economics (Studium Generalis)
Module: Specific Electives in Business and Economics
Master's Studies: Business and Economics (Specialization: Data Science and Compuational Economics)
Module: General Electives in Data Science and Computational Economics
Master's Studies: Business and Economics (Specialization: Economics)
Module: General Electives in Economics
Master's Studies: Business and Economics (Specialization: Finance, Controlling and Banking)
Module: Specific Electives in Finance, Controlling and Banking
Master's Studies: Business and Economics (Specialization: International Business, Trade, and the Environment)
Module: Specific Electives in International Business, Trade, and the Environment
Master's Studies: Business and Economics (Specialization: Labor Economics, Human Resources and Organization)
Module: Specific Electives in Labor Economics, Human Resources and Organization
Master's Studies: Business and Economics (Specialization: Marketing and Strategic Management)
Module: General Electives in Marketing and Strategic Management
Master's Studies: Business and Technology
Module: Business Field: Strategy and Organization
Master's Studies: Economics and Public Policy
Module: General Electives in Economics and Public Policy
Master's Studies: Finance and Money
Module: General Electives in Finance and Money
Master's Studies: International and Monetary Economics
Students of the MIME program can register for the course, However, credits do not count towards the study program.
Lecturer
Prof. David Yermack
Professor of Finance and Business Transformation
Stern School of Business,
New York University, New York City
USA