DE / EN

MAN 654: Corporate Restructuring

Contents
This course exposes students to a broad range of strategic and financial restructuring techniques (e.g., equity carveouts, spin-offs, leveraged buyouts) that can be applied to improve business performance. We will engage in an analysis of the rationale underlying specific corporate restructuring transactions, the process of executing these transactions, and their effects on the welfare of managers, stockholders and other corporate stakeholders. Current business cases and guest speakers representing the different parties involved in corporate restructuring (e.g., investment bankers, consultants, business unit managers, employees) will help illustrate how various corporate restructuring approaches may be applied in business practice to increase firm value.

Learning outcomes
Students will

  • acquire and demonstrate expert knowledge in the specific subject area of corporate restructuring.
  • be able to apply and critically reflect upon contemporary theories, models and tools utilized in restructuring research and practice
  • be able to identify key issues, derive appropriate solutions when analyzing business cases, and have a good understanding of their impact on restructuring success.
  • be able to design and deliver professional and effective oral presentations of their business case analyses.

Necessary prerequisites
Not taken MAN 656

Recommended prerequisites

Contact hoursIndependent study time
Lecture2 SWS9 SWS
Exercise class2 SWS4 SWS
ECTS6
LanguageEnglish
Form of assessmentWritten exam (60 min., 75%) and presentations in exercise classes (25 %); attendance required
Restricted Admissionyes
Further information
Examiner
Performing lecturer
Prof. Dr. Matthias Brauer
Prof. Dr. Matthias Brauer
OfferingSpring semester
Duration of module 1 semester
Range of applicationM.Sc. MMM, M.Sc. WiPäd, M.Sc. VWL, M.Sc. Wirt. Inf., LL.M., MAKUWI
Preliminary course work
Program-specific Competency GoalsCG 1, CG 2
Graded yes
LiteratureBower, J. L. (2001): Not All M&As Are Alike – and That Matters. Harvard Business Review, 79 (3): 92–101.
Brauer, M. (2006): What Have We Acquired and What Should We Acquire in Divestiture Research? A Review and Research Agenda. Journal of Management, 32 (6): 751–785.
Casio, W. F. (2002): Strategies for responsible
Restructuring. Academy of Management Perspectives, 16 (3): 80–91
Datta, D. K., Guthrie, J. P., Basuil, D. and Pandey, A. (2010): Causes and Effects of Employee Downsizing: A Review and Synthesis. Journal of Management, 36 (1): 281–348.
Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., Davison, R. B. (2009):
Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda.
Journal of Management, 35 (3): 469–502.
Mankins, M. C., Harding, D. and Weddigen, R. F. (2008): How the best Divest. Harvard Business, Review, 86 (10): 92–99. McKinley, W., Zhao, J. and Garrett Rust, K. (2000): A Sociocognitive Interpretation of Organizational Downsizing. The Academy of Management Review, 25 (1): 227–243. Sucher, S. J. and Gupta, S. (2018): Layoffs that don’t Break your Company. Harvard Business Review, 96 (3): 122–129.
Trahms, C. A., Ndofor , H. A., Sirmon , D. G. (2013): Organizational Decline and Turnaround: A Review
and Agenda for Future Research. Journal of Management, 39 (5): 1277–1307.
Course outlineThis course exposes students to a broad range of strategic and financial restructuring techniques (e.g., equity carveouts, spin-offs, leveraged buyouts) that can be applied to improve business performance. We will engage in an analysis of the rationale underlying specific corporate restructuring transactions, the process of executing these transactions, and their effects on the welfare of managers, stockholders and other corporate stakeholders. Current business cases and guest speakers representing the different parties involved in corporate restructuring (e.g., investment bankers, consultants, business unit managers, employees) will help illustrate how various corporate restructuring approaches may be applied in business practice to increase firm value.
Block 1: Portfolio Restructuring
Divestitures, Mergers & Acquisitions, Corporate Valuation
Block 2: Financial Restructuring
Leveraged Buyouts/Management Buyouts, Working Capital Management, Insolvencies
Block 3: Organizational Restructuring
Downsizing, Outsourcing & Offshoring