THE FINANCE OF BUYOUTS AND ACQUISITIONS (WEMBA – WHARTON Executive MBA)
This is an MBA level course – FNCE 751 at Wharton.
The aim of the course is to provide an understanding of key concepts and institutions involved in corporate buyouts. This course is most suitable for finance majors who are considering careers in corporate finance, investment banking and buyout funds.
ADVANCED TOPICS IN PRIVATE EQUITY
This is an advanced undergrad level course – FNCE 384 taught at Wharton.
This course will address a variety of applied topics in private equity (PE), with a focus on growth and later-stage buyout transactions (venture capital is not explicitly addressed in this course), and a primarily U.S.-centric view that should be largely applicable in other markets. In addition, the course will focus on the transaction stage of PE investing i.e., the art of the deal and mostly leave aside deal sourcing, portfolio management and investor relations. The goal of this course is to educate students about the substance, process and mechanics of PE investing, through the lens of the investment professionals, counterparties and advisors that drive transactions to completion. Course topics will address the entire deal process, and will include the following: Commercial Diligence (incl. financial modeling); Debt Financing; Accounting Diligence; Sales & Purchase Agreements; Comps Analysis; and Other Advisory Work. Throughout the course, students will learn about each element of the deal process through in-class lectures, while concurrently apply those learnings to a real-time mock deal, and preparing dealmaterials that mirror a real private equity transaction. The in-class lectures will cover both conceptual frameworks and real-world examples.
THE FINANCE OF BUYOUTS AND ACQUISITIONS
This is an advanced undergrad level course – FNCE 251 taught at Wharton.
The course focuses on financial tools, techniques, and best practices used in buyouts (financial buyers) and acquisitions (strategic buyers). While it will touch upon various strategic, organizational, and general management issues, the main lens for studying these transactions will be a financial one. It will explore how different buyers approach the process of finding, evaluating, and analyzing opportunities in the corporate-control market; how they structure deals and how deal structure affects both value creation and value division; how they add value after transaction completion; and how they realize their ultimate objectives (such as enhanced market position or a profitable exit). The course is divided into two broad modules. The first module covers mergers and acquisitions, and the second one studies buyouts by private equity partnerships.
ADVANCED CORPORATE FINANCE
This is an advanced undergrad level course – FNCE 203 taught at Wharton.
The theme of this course is value-based management. There has been significant progress in financial theory over the past four decades. However, the theory explains the real world by stylized and simplified models. Financial techniques, although based on sound theoretical models, are not always perfect for dealing with the complexities of the real world. Value-based management introduces coherence and consistency in dealing with complex real world problems instead of ad hoc financial decisions with no theoretical basis. Through case studies, we will have an opportunity to tackle real world financial problems faced by corporate financial managers.
The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 100. Some areas of financial management not covered in FNCE 100 are covered in FNCE 203. These include mergers and acquisitions, corporate reorganizations, financial planning, and some other selected topics. Other areas that are covered in FNCE 100 are covered more in depth and more rigorously in FNCE 203. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, dividend policy.
INTERMEDIATE CORPORATE FINANCE
This is an advanced undergrad level course – F305 taught at Kelley.
This course provides an in‐depth understanding of the way companies make decisions and how value is created in a business. We will build on the time value of money concepts and risk/return analysis that you have learned in earlier finance courses, and make extensive use of the accounting concepts from your 200 level account courses, especially the organization of the balance sheet and income statement. By the end of this course, students should be able to: 1. Evaluate corporate projects and make decisions based on financial data, 2. Analyze a firm’s financial statements, 3. Value a firm, 4. Understand how corporate decisions impact the value of the firm. 5. Develop complex spreadsheet models in Excel.
This is an introductory level undergrad course – MAN 321 taught at Bilkent University.
This class aims to introduce the students to the world of finance, through the fundamental concepts, such as time value of money, risk, return, and asset valuation. After taking this course students will be able to measure and analyze the financial performance of a firm, apply the time value of money to solve financial problems, value financial and real asset investments, define and measure risk and rate of return, calculate fair values of bonds and common stocks, and apply capital budgeting techniques.
CORPORATE FINANCIAL STRATEGY
This is a more advanced undergrad level course – MAN 425 taught at Bilkent University.
The primary objective of “Corporate Financial Strategy” is for students to understand the implications of financial theory in real situations and to be able to analyze and communicate the implications of their analyses to an informed audience. The course outline is organized to include major strategic decisions of corporations such as capital structure, payout policy, real options, mergers, risk management, as well as corporate governance and valuation. A second objective is for students to function in teams for case studies and presentations. A final objective is for students to refine and expand specific skills and use of financial analytical tools in a real-world context.
This is an intermediate level undergrad course – 6F:117 taught at the University of Iowa.
This course will focus on preparing students to make the three main decisions in corporate finance: the capital budgeting decision, the financing decision, and the payout decision. We will maintain a balance between theory and application while exploring corporate finance topics. I will bring in several examples from publicly traded companies to illustrate the topics covered in lectures. Using corporate finance theory as the baseline, we can analyze real-world deviations and the implications of imperfections. Additionally, by completing the assigned cases, students will gain experience in making the decisions required of financial managers and analysts. Topics in this course will be covered at an intermediate level. Therefore, it will be essential for students to have a working knowledge of the material covered in Introduction to Financial Management. Topics such as time value of money and asset valuation will be briefly reviewed, but students are responsible for knowledge of these topics. Class sessions will typically include class discussion and lecture with some practice examples and spreadsheet modeling. Live company examples will be used to illustrate ideas when possible.