{"id":1767,"date":"2024-01-17T04:15:07","date_gmt":"2024-01-17T04:15:07","guid":{"rendered":"https:\/\/bankfin.unipi.gr\/mastersbankfin\/?post_type=courses&#038;p=1767"},"modified":"2024-01-17T04:15:29","modified_gmt":"2024-01-17T04:15:29","slug":"mergers-and-acquisitions","status":"publish","type":"courses","link":"https:\/\/bankfin.unipi.gr\/mastersbankfin\/en\/courses\/mergers-and-acquisitions\/","title":{"rendered":"Mergers and Acquisitions"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1767\" class=\"elementor elementor-1767\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5aec7e1 e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"5aec7e1\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eb97a20 elementor-widget elementor-widget-heading\" data-id=\"eb97a20\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 29-01-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Mergers and Acquisitions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1538c8 elementor-widget elementor-widget-text-editor\" data-id=\"f1538c8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 29-01-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"color: #ffc747;\"><b>Full Time<\/b><\/span>\/\/ 2nd Semester, Course Code: <strong>\u039c\u0395\u03a7\u03a1\u0397313<\/strong><\/p><p><span style=\"color: #00ffff;\"><strong>Part Time<\/strong><\/span> \/\/ 4th Semester, Course Code: <strong>\u039c\u0395\u03a7\u03a1\u0397-\u039c313<\/strong><\/p><p><strong>Credits:<\/strong>\u00a0<strong>6<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1733741 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"1733741\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-58ab517 elementor-widget elementor-widget-n-accordion\" data-id=\"58ab517\" data-element_type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-9290\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-9290\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h4 class=\"e-n-accordion-item-title-text\"> Course Description in .pdf <\/h4><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-9290\" class=\"elementor-element elementor-element-0232ca9 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"0232ca9\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e8dd7a elementor-widget elementor-widget-button\" data-id=\"8e8dd7a\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Full Time Course Description (Greek)<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d291b4 elementor-widget elementor-widget-button\" data-id=\"2d291b4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Full Time Course Description (English)<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49f493d elementor-widget elementor-widget-button\" data-id=\"49f493d\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Part Time Course Description (Greek)<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ce79cb elementor-widget elementor-widget-button\" data-id=\"3ce79cb\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Part Time Course Description (English)<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ac03ea7 e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-parent\" data-id=\"ac03ea7\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e544c62 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"e544c62\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e3bbcf5 elementor-widget elementor-widget-heading\" data-id=\"e3bbcf5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Learning Outcomes<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5ebb9a elementor-widget elementor-widget-text-editor\" data-id=\"d5ebb9a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>This course examines the activity of Mergers &amp; Acquisitions (M&amp;As) highlighting the importance of these corporate actions for the firms involved.<\/p>\n<p>The students after the successful completion of the course should have developed knowledge of the:<\/p>\n<ul>\n<li>Types of corporate transformations (mergers, acquisitions, divestments) and the reasons\/motives explaining the activity of M&amp;As both domestically (in Greece) and at a global level.<\/li>\n<li>Various methods of finding the efficiency of M&amp;As which are internationally applied by academic empirical research (e.g event studies &ndash;abnormal returns methodology, adjusted operational return, e.tc.) and the results of these studies with respect to the level of these returns and their distribution among the firms involved in the relevant deals, as well as their determinant variables.<\/li>\n<li>Various acquisition strategies and defence tactics by the firms involved in M&amp;As deals.<\/li>\n<li>Various methods of companies&rsquo; valuation which are internationally applied in cases of M&amp;As, with a special reference on financial firms&rsquo; valuation techniques and the peculiarities of the banking sector.<\/li>\n<li>Estimation and the importance of synergies&rsquo; creation for the added value of transactions.<\/li>\n<li>Various special issues on M&amp;As related with the mode of payment (pure cash vs. pure exchange of shares), the International Financial Reporting Standard (I.F.R.S.) 3 and the existing legal framework in Greece.<\/li>\n<\/ul>\n<p>Also, it is expected that students will attain basic skills with respect to :<\/p>\n<ul>\n<li>learning how to apply the event-study methodology in estimating the abnormal returns (by the use of regression analysis, other econometric models and the necessary tests of statistical significance), in order to examine the impact of the public announcement of events, such as M&amp;As, on shareholders&rsquo; wealth<\/li>\n<li>reading of scientific articles published in high quality international academic journals which are the result of theoretical and empirical research, as well as research articles from high quality practitioners in relevant issues of successful M&amp;As strategies<\/li>\n<li>reading and understanding of the valuation reports by well-known international investment houses, aiming to get acquainted with such reports, so that the students should be able to write similar ones<\/li>\n<li>collection of primary data and information from companies and subsequent analysis in order to generate similar valuation reports for companies<\/li>\n<\/ul>\n<p>Furthermore, it is expected that the students, in order to respond to the cognitive requirements of the course, should develop at an elementary level the abilities of:<\/p>\n<ul>\n<li>empirical research<\/li>\n<li>strategic way of thinking<\/li>\n<li>teamwork<\/li>\n<li>time management and<\/li>\n<li>professionalism regarding their obligations (e.g. keeping deadlines, efficient completion of a project and presentation, e.tc.)<\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ebfd57 elementor-widget elementor-widget-heading\" data-id=\"8ebfd57\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">General Competences<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef67676 elementor-widget elementor-widget-text-editor\" data-id=\"ef67676\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>Quest, analysis and construction of data and information with the use of the necessary technologies<\/li>\n<li>Ability to adapt into new situations<\/li>\n<li>Autonomous work<\/li>\n<li>Teamwork<\/li>\n<li>Decision making<\/li>\n<li>Generation of new research ideas<\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0d0030 elementor-widget elementor-widget-heading\" data-id=\"e0d0030\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Course Content<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3829a66 elementor-widget elementor-widget-text-editor\" data-id=\"3829a66\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ol>\n<li>Introduction &ndash; Basic concepts, definitions and history of M&amp;As<\/li>\n<li>The motives for M&amp;As (main theories)<\/li>\n<li>The efficiency of M&amp;As<\/li>\n<li>Acquisition Strategies and Defence Tactics<\/li>\n<li>Valuation of Target Companies<\/li>\n<li>Means of payment for the transaction price<\/li>\n<li>Accounting treatment of M&amp;As (IFRS 3)<\/li>\n<li>The Greek Legal framework of M&amp;As<\/li>\n<\/ol>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcd93e0 elementor-widget elementor-widget-heading\" data-id=\"dcd93e0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Student Performance Evaluation<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f2af51 elementor-widget elementor-widget-text-editor\" data-id=\"6f2af51\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Language<\/strong><strong>&nbsp;: Greek<\/strong><\/p>\n<p><strong>Assessment method<\/strong>:<\/p>\n<ul>\n<li>30% delivering of the 3 small projects to the instructor and class participation<\/li>\n<li>30% large teamwork project which concerns a valuation report of a company&nbsp;(delivering it to the instructor both in word and Excel forms)<\/li>\n<li>40% final written exam paper<\/li>\n<\/ul>\n<p><a href=\"https:\/\/eclass.unipi.gr\/courses\/FAS126\/\" target=\"_blank\" rel=\"noopener\">https:\/\/eclass.unipi.gr\/courses\/FAS126\/<\/a><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36b5db0 elementor-widget elementor-widget-heading\" data-id=\"36b5db0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bibliography<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0053d8b elementor-widget elementor-widget-text-editor\" data-id=\"0053d8b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Suggested Bibliography<\/strong><\/p><p><u>Basic recommended text book<\/u><\/p>\n<p><strong>&Kappa;&upsilon;&rho;&iota;&alpha;&zeta;\u03ae&sigmaf;, &Delta;. (2016).<\/strong><strong>&nbsp;<\/strong>&laquo;&Sigma;&upsilon;&gamma;&chi;&omega;&nu;&epsilon;\u03cd&sigma;&epsilon;&iota;&sigmaf; &kappa;&alpha;&iota; &Epsilon;&xi;&alpha;&gamma;&omicron;&rho;\u03ad&sigmaf;&raquo;, 2&eta; \u03ad&kappa;&delta;., &Alpha;&theta;\u03ae&nu;&alpha;, &Epsilon;&kappa;&delta;\u03cc&sigma;&epsilon;&iota;&sigmaf; &Delta;&Iota;&Pi;&Lambda;&Omicron;&Gamma;&Rho;&Alpha;&Phi;&Iota;&Alpha;.<\/p>\n<p><u>Foreign basic bibliography<\/u><\/p>\n<p><strong>Damodaran, A. (2011).&nbsp;<\/strong>&nbsp;<em>Applied Corporate Finance,<\/em>&nbsp;3<sup>nd<\/sup>&nbsp;edition, John Wiley &amp; Sons.<\/p>\n<p><strong>De Pamphilis, D. (2014).<\/strong>&nbsp;<em>Mergers, Acquisitions, and other Restructuring Activities.<\/em>&nbsp;Elsevier Inc., 7<sup>th<\/sup>&nbsp;edition,<\/p>\n<p><strong>Sudarsanam,&nbsp;S. (2003).<\/strong>&nbsp;<em>Creating Value from&nbsp;Mergers and Acquisitions : The Challenges. An Integrated and International Perspective<\/em>. Prentice Hall, 2003.<\/p>\n<p><strong><u>Scientific articles<\/u><\/strong><\/p>\n<ol>\n<li><strong>Alexandridis, G., N. Antypas and N.Travlos (2017).<\/strong>&nbsp;Value creation from M&amp;As : New evidence, Journal of Corporate Finance, 45, 623-650.<\/li>\n<li><strong>Alexandridis, G., Petmezas, D. and Travlos, N. (2010<em>)<\/em><\/strong><em>. Gains from Mergers and Acquisitions Around the World: New Evidence<\/em>. Financial Management, 39 (4) : 1671-1695.<\/li>\n<li><strong>Draper, P. and Paudyal, K. (2006)<\/strong>.&nbsp;<em>Acquisitions : Private versus public<\/em>. European Financial Management, 12, 57-80.<\/li>\n<li><strong>Ghosh, A. (2001)<\/strong>. Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance, 7, 151&ndash;178.<\/li>\n<li><strong>Golubov, A., Petmezas, D. and Travlos, N. (2012).<\/strong>&nbsp;<em>Empirical M&amp;A research: A review of methods, evidence and managerial implications<\/em>. In the Handbook of Research Methods and Applications in Empirical Finance edited by Adrian Bell, Chris Brooks and Marcel Prokopczuk published by Edward Elgar.<\/li>\n<li><strong>&Eta;ealy&nbsp;P.,&nbsp;Palepu&nbsp;&amp;&nbsp;Ruback R. (1992).<\/strong><em>&nbsp;Does Corporate Performance improve after mergers ?<\/em>&nbsp;Journal of Financial Economics, 31 : 135-175.<\/li>\n<li><strong>Hoberg, G. and Phillips, G. (2010).<\/strong>&nbsp;<em>Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis.<\/em>&nbsp;Review of Financial Studies, 23 : 3773-3811.<\/li>\n<li><strong>Kyriazis, D. and Diacogiannis, G. (2008).&nbsp;<\/strong><em>The Determinants of Wealth Gains in Greek Takeover Bids.<\/em>&nbsp;International Research Journal of Finance and Economics, 22 :162-177.<\/li>\n<\/ol>\n<p><strong>Related Academic Journals<\/strong><\/p><p>Journal of Corporate Finance, Journal of Finance, Financial Management, European Financial Management, e.tc.<\/p>\n<p><strong>Internet&nbsp;Sites<\/strong><\/p>\n<p><a href=\"http:\/\/pages.stern.nyu.edu\/~adamodar\" target=\"_blank\" rel=\"noopener\">http:\/\/pages.stern.nyu.edu\/~adamodar<\/a><\/p>\n<p><a href=\"http:\/\/www.mckinsey.com\/business-functions\/strategy-and-corporate-finance\/our-insights\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.mckinsey.com\/business-functions\/strategy-and-corporate-finance\/our-insights\/<\/a><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-549402c e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no e-con e-child\" data-id=\"549402c\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2e64357 elementor-widget elementor-widget-text-editor\" data-id=\"2e64357\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: center;\"><strong>Master of Science (M.Sc.) in<br \/>\u00abBanking and Finance\u00bb<\/strong><br \/>Specialization in <br \/>\u00abBanking and Financial Management\u00bb<br \/><br \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d6802b elementor-widget elementor-widget-heading\" data-id=\"4d6802b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title 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