Mergers & Acquisitions
March 22, 2016
Location: Sasana Kijang, Kuala Lumpur, Malaysia
In this one-day program we will develop an understanding of capital budgeting principles and techniques by studying key tools such as Net Present Value (NPV), Internal Rate of Return (IRR), Payback Periods, Accounting Rate of Return (ARR), and Profitability Index (PI). We will also examine the calculation of Economic Value Added (EVA) and ROIC Trees and how these are used by companies and analysts.
Thereafter, we will apply these concepts to a mergers and acquisitions exercise by understanding various synergy values (revenue, costs, process improvement, tax, and financial engineering) and the modelling of the combined company’s intrinsic value determined bydiscounting the expected future free cash flows at the appropriate opportunity cost of capital.
Jake Cohen is a Senior Lecturer in Accounting and Law and Associate Dean for Undergraduate and Master’s Programs at the MIT Sloan School of Management.
From 2008 to 2011, Cohen was the Dean of the MBA Program at INSEAD, directing strategy and operations for campuses in France, Singapore, and Abu Dhabi. Under his leadership, INSEAD expanded its degree programs and received its highest rankings ever among business school MBA programs. Cohen also served as a member of the Deans’ Leadership Team, overseeing every aspect of the academic experience in all programs. In 2012, he spent his post-deanship sabbatical teaching financial management as a Judge Fellow in Cambridge University and as a Research Fellow studying CSR reporting at Oxford University’s Smith School of Enterprise and the Environment.
Before becoming dean, Cohen was director of the INSEAD-PricewaterhouseCoopers Research Initiative on High Performance Organizations, the school’s largest research center. He was founder, director, and professor of INSEAD’s Business Foundations Program, as well as Affiliate Professor of Accounting and Control and Business Law. Before joining INSEAD in 2003, he was a Senior Teaching Fellow at Harvard Business School in the Accounting & Management Group.
Prior to his academic career, Cohen worked as an accountant at KPMG LLP in Philadelphia, and as a mergers & acquisition consultant for PricewaterhouseCoopers LLP in New York City. As an academic, he has consulted for a number of organizations including: BCG; Bain; Blackstone; ArcelorMittal; Schlumberger; Bel; Accenture, and BMO Capital.
Cohen holds a JD in corporate law from Syracuse University, an MS in accounting from Whitman School of Management, Syracuse University, and a BS in accounting from Lehigh University. He also has completed six executive certificates at Harvard Business School and the AVIRA certificate, for the most senior executives, at INSEAD.
MORNING: Key topics on Mergers & Acquisitions
AFTERNOON: Mergers and Acquisitions capital budgeting exercise