Location:

Utrecht, Netherlands

Program Type:

Study Abroad

Degree Level:

Undergraduate

Term:

Summer

Program Overview

Program Description:

The mode of instruction consists of class lectures etc. This course has been designed for ambitious bachelor students in economics, management, business, or law, who are keen to appreciate a non-mainstream, multidisciplinary and interactive approach to corporate governance and M&A. This course is taught by Prof. Dr. E.J.J. Schenk and Prof. Dr. W.J. Oostwouder from Utrecht University. Prof. dr. Hans Schenk is Chair of Economics and Business at Utrecht University. He divides his non-teaching work between pure research (especially in institutional economics) and applied research directed at governments (esp. on industrial policy matters), business firms and health care organisations (esp. on M&A and restructuring matters and corporate governance issues). Prof. dr. Wilco Oostwouder, attorney at law, is Professor of Business Finance Law at Utrecht University, as well as a member of the Corporate practice group at leading Dutch law-firm Loyens & Loeff NV. He specializes in corporate law and corporate governance in particular. He has experience in corporate litigation.

This course is taught at Utrecht University (Utrecht, The Netherlands) as part of the China Europe International Summer School (CEISS). This course provides ambitious bachelor students in economic, management, business and law with modern insights into key issues of corporate governance, with a specific focus on the economic causes and effects of mergers and acquisitions (M&A). The first week of the course is devoted to key issues of corporate governance, especially in light of the current financial crisis. The second week focuses on understanding and managing M&A. The course will be delivered by leading academics in the field, as well as several corporate and employment lawyers of reputable law firms and managers of (multi)national companies, a private equity fund and a stock exchange. In February 2009, the OECD steering group on Corporate Governance concluded that the financial crisis could in part be attributed to failures and weaknesses in corporate governance arrangements. This inspired (semi-) self regulating bodies, governments, the EU and organisations like the OECD to take initiatives to stimulate boards and shareholders to pursue a long term strategy. The question remains, however, whether this will work out and prevent short-termism and excessive risk taking and, if not, what else can be done? This central question will be dealt with during the first part of the course, from both an economic and legal perspective. The second half of the course deals with the economic, legal and financial aspects of Mergers & Acquisitions (M&A). Many executives say they use M&A as a means to consolidate or expand the market position of their firm or increase its productive efficiency. Most mergers and acquisitions, however, fail to create value, leading to the so-called ‘merger paradox’. By adopting a multidisciplinary and institutional perspective, the course aims to increase the understanding of merger determinants and effects, discusses key topics for value creation, and concludes with policy assessments. On the last day the students will participate in a negotiations training workshop and will present their papers on a major M&A transaction in their home country.

Setting Description:

Established on March 26, 1636, Utrecht University is one of the oldest universities in the Netherlands. With an enrolment of 30.000 students, it is also the biggest. The university attracts 2.000 international students annually. Utrecht University has produced 12 Nobel Prize laureates in Physics, Chemistry and Economics. It is a member of LERU, the League of European Research Universities, which also includes Cambridge, Oxford, Imperial College, Lund University, University of Amsterdam, Leiden University and KU Leuven. Utrecht University is rated as the best university in the Netherlands by the Shanghai Ranking of World Universities 2013, which ranks the university 52nd worldwide and the 11th best university in Europe. The Times Higher Education ranking places Utrecht University at position 79 worldwide. Utrecht University is also home to the Utrecht Summerschool, with 3.000 primarily international students the biggest summer school in Europe. CEISS is a collaboration between six of

Cost:

1.470 Euro (course fees + course materials + housing)