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Midterm exam: Monday, October 4, 11 am - 2 pm
Session 11, October 25
Raising capital
Lecture notes: Topic 8
Reading assignment: RWJ: Chapters 14, 19
Session 12, October 27
Case: Airbus (to be turned in)
Sessions 13 & 14, November 1 & 3
Valuation
Lecture notes: Topic 10
Reading assignment: RWJ: Chapter 17
D: Chapter 12
Session 15, November 8
Case: Boston Beer (to be turned in)
Session 16, November 10
Capital structure I
Lecture notes: Topic 9
Reading assignment: RWJ: Chapter 15
D: Chapter 7
Session 17, November 15
Capital structure II
Lecture notes: Topic 9 (cont’d)
Reading assignment: RWJ: Chapter 16
D: Chapter 8, 9
Session 18, November 17
Market efficiency
Lecture notes: Topic 11
Reading assignment: RWJ: Chapter 13
Session 19, November 22
Payout policy
Lecture notes: Topic 12
Reading assignment: RWJ: Chapter 18
D: Chapters 10, 11
Session 20, November 24
Introduction to mergers and acquisitions
Lecture notes: Topic 13
Reading assignment: RWJ: Chapter 29
Session 21, November 29
Options
Lecture notes: Topic 14
Reading assignment: RWJ: Chapters 22
Session 22, December 1
Class wrap-up, project discussion
Group projects due
Final examination: Thursday, December 9, 11 am – 2 pm
In February, BBK Managing Director Guy
Morgan presented one of BBK’s many success
stories of an engagement in Mexico at the
RESA conference. RESA is the Evaluation and
Review of Automotive Association forum
sponsored by Bancomext, along with INA,
the Mexican Association of Automotive
Parts Manufacturers. According to INA, an
organization that represents over 1,000 Tier
One suppliers, Mexico can expect to increase
its automotive GNP from its current value
of approximately $35B to $78B by 2015 and
$118B by 2030, clearly making automotive
Mexico’s number one industry.
INA also reported that in 2007, Mexico’s
vehicle exports increased 4.2 percent over
2006, primarily due to the Japanese OEMs
(Honda, Nissan and Toyota) as well as
Volkswagen. Another contributing factor
is the strategic location of Mexico with its
free trade agreements with the U.S., Canada,
Japan, Europe and most of the South
American countries. It is INA’s view that this
upward trend will continue (INA membership
is expected to grow to more than 2,000
suppliers by 2015 and 3,000 by 2030) and
consequently, the Mexican auto parts
industry has been rapidly gearing up
for its next stage of growth.
Paving the way for this substantial industry
growth has required signifi cant preparation
and ample resources. In 2005, the Mexican
government, under the direction of President
Felipe Calderon, created a policy council
called ALITEC AUTO (ALITEC). This council
in the Ministry of the Economy represents an
alliance between government, academia and
the automotive industry, represented by INA
and AMIA (the Automotive Manufacturers
International Association which is comprised
of OEM corporations doing business in
Mexico). On the academia side, various
Mexican universities are represented by
FUMAC, the US-Mexico Foundation for
Science. Interestingly, FUMAC is studying
a proposal funded by the Ministry of the
Economy to develop incubator companies
in the U.S., possibly in the Detroit area, which
would allow these companies to create
business partnerships with U.S. Tier Ones.
ALITEC created an organization known
as A3P, or the Automotive Alliance for
Improving Productivity and Overall
Enterprise Competitiveness, which linked
the Ministry of the Economy, Bancomext and
several leading OEM and Tier Ones together
to address the challenges ahead and to
ensure Mexico’s supply base is ready to
produce vehicle subsystems with high valueadd
content. These Tier Ones include Nissan,
Sanluis, Magna, JICA (Japanese International
Cooperation Agency) and TRW.
As anticipated, challenges were revealed
as a result of a study conducted by the
Ministry of the Economy in February 2007,
which indicated that Mexico’s automotive
supply base needed to improve its global
competitiveness in cost, quality and delivery.
The report also stressed if Mexico is to be
successful in building a large export-dominated
supply and assembly business, investment
has to occur not only in infrastructure, but also
Q U A R T E R L Y
W I N T E R 2 0 0 8
Review
continued on page 4
　
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