AD 496- Special Topics in Finance:
CORPORATE ADVISORY IN M&As
FALL,2012
Coordinator:Prof Dr. Mine Uğurlu
Department of Management
Boğaziçi University
ugurlum@boun.edu.tr
Coordinator: Gaye Şentürk, Partner( Audit)
Deloitte Danışmanlık A.Ş.
gsenturk@deloitte.com
Schedule: MMM 789
Room : IB 301
Course Description:
This course is designed in cooperation with Deloitte Danışmanlık A.Ş., an international
advisory firm.The aim of the course is to convey the students some major accounting and
financial issues that corporations deal with in practice, and reveal alternative ways for
their resolution.
The first part of the course focuses on some important issues in accounting such as
adoption of International Financial Reporting Standards (IFRS) and its implications for
the corporations, corporate governance principles and governance issues in financial
reporting.
The second part of the course focuses on some important issues of corporate finance
such as corporate valuation, M&A decisions and process including financial due
diligence, negotiations and setting deal terms.Furthermore, the role of taxation,tax due
diligence,tax structuring at different stages of the M&A process will be covered ..
The last part of the course covers the recent growth of private equity, the investment
criteria used by private equity firms, and the challenges in emerging markets. The course
will terminate with a seminar held in the final week of the semester.
Intended Audience:
The course is designed for senior students from management , economics and industrial
engineering departments.
Conduct of the course:
Discussions in class will be conducted by distinguished lecturers from Deloitte
Company , and will be enriched with the attendance of guest speakers.
A case study will be developed during the course, with course participants being asked
how they would react to various issues that often arise on M&A deals in Turkey.
Course Requirements:
Students will be evaluated on the basis of their participation in class discussions, in
addition to their performance in the midterm and final exams. Attendance is strictly
required.
Learning Objectives :The students will be able to analyze core issues and critical
factors for managerial decision making.The course aims to develop the ability of the
students to approach the problems from alternative perspectives and recommend feasible
solutions .The students will develop skills in reading and interpreting financial
statements,identifying the concepts underlying international and national reporting
standards(IFRS),using basic analytical tools to facilitate managerial decision making
,identifying the roles of financial markets in financial management, understanding the
concepts of time value of money, risk, return , diversification and cost of capital in a
value based framework,applying basic financial techniques to value real and financial
assets.
Learning goals: In class discussions , the students will develop skills in becoming
critical and innovative thinkers, and effective communicators, both individually and as
team members, with ethical sensitivity and socially responsible conduct. Through the
discussions of cases they will be able to integrate their knowledge of core functions to
solve organizational problems and will develop a strategic perspective that will help them
operate in multicultural settings.
Prerequisites: An accounting course or an introductory finance course
such as AD 311/ AD 214 or AD 211/ AD 216
Grading:
Attendance and participation
Midterm examination
Final
Total
20% ( min 70% of total class meetings)
35%
45%
100%
** Only the students who have fulfilled the rest of the course requirements will be
able to take the final exam.
Course Material :
The course material will be prepared by the lecturers and will be provided at the
beginning of the semester.
COURSE SCHEDULE
Week
1
Date
1/10
Topic
Overview of the course
Lecturer
Gaye Şentürk Anthony Wilson
2
8/10
The Basics of M&A in Turkey
Anthony Wilson Güneş Söğütlüoğlu
3
15/10
Corporate Valuation
Anthony Wilson
4
22/10
Corporate Valuation
Anthony Wilson
5
5/11
6
12/11
Due Diligence (other issues)
7
19/11
Tax Structuring and Due Diligence
Güneş Söğütlüoğlu
8
26/11
Analyzing the Target
Gaye Şentürk
Due Diligence (EBITDA)
Anthony Wilson
Anthony Wilson
MIDTERM
9
3/12
Management Reporting & IFRS
Gaye Şentürk
10
10/12
Management Reporting & IFRS
Gaye Şentürk
11
17/12
A real life example of a Major Deal
Guest Speaker
12
24/12
Private Equity
Guest Speaker