The course covers the theory and application of models of business valuation and of mergers and acquisitions. It examines alternative approaches to valuation: Discounted Cash Flow, Relative Valuation, and Contingent Claim Valuation. Although the various approaches of valuation are not mutually exclusive, there can be significant differences in outcomes depending upon the model used. The course analyzes the reasons for such differences, and helps identify the correct model in specific real-world contexts. The course also applies the basic principles of valuation to mergers and acquisitions. It analyzes the determinants of mergers and acquisitions, potential synergies from acquisitions and their valuation.