What is underpricing? Discuss how underpricing varies with time, market conditions and from country to country. Discuss the main theories/reasons/factors that explain underpricing.

Discuss the importance of a thorough conservative financial analysis when evaluating benefits of M&A. What are the consequences of an acquirer overpaying for a target company? Discuss some of the most common mistake companies make during M&A process and potential solutions.

Explain Altmans Z-score model. What does it predict? What are the main ratios used in the model? What do these ratios measure? What does a change (increase/decrease) in each of these ratios indicate?