30173 - CORPORATE BANKING
Course offered to incoming exchange students
Department of Finance
LUCIA SPOTORNO
Suggested background knowledge
Mission & Content Summary
MISSION
CONTENT SUMMARY
The course describes the ways in which financial intermediaries such as investment banks create value through their advisory and capital deployment activities. The first (and main) section is specifically devoted to investment banks, depicting their organizational structure and the services they offer in the security issuance, M&A, sales and trading, research and wealth management businesses. The second part deals with hedge funds, private equity funds and focuses on LBO deals valuation. Cases discussion will be used to have the students undestand the complexities of the intermediaries' operations.
Intended Learning Outcomes (ILO)
KNOWLEDGE AND UNDERSTANDING
- Describe Investment banks, hedge funds and private equity funds operations;
- Explain how the above intermediaries offer and price their services;
- Identify the synergies between different businesses and the advantages in offering them separately or as part of a package,
- Illustrate the functioning of the tools they apply when performing their activities;
- Identify the methoological limitations of the above tools and the implications on the relationships with the clients.
APPLYING KNOWLEDGE AND UNDERSTANDING
- Analyze the tools that investment banks and private equity funds employ when they advise their clients/define their acquiring strategy and choose the appropriate ones
- Plan an acquisition and an LBO by drawing up the various steps it encompasses
- Apply the techniques depicted in the course to evaluate the most appropriate behaviour
- Simulate the possible results under various scenarios hypothesis
Teaching methods
- Face-to-face lectures
- Guest speaker's talks (in class or in distance)
- Exercises (exercises, database, software etc.)
- Case studies /Incidents (traditional, online)
- Group assignments
DETAILS
Cases are included in the course materials. Their content and the main concepts they help uncover will be part of the exam questions.
In order to foster class participation in their discussion, before the relevant lecture I provide the students with a guideline so that they focus their reading towards the main points and do not waste time on details.
To create an incentive for preparing to the discussion, each case will be part of an group assignment.
Depending on the situation in December, one additional case might be part of the lecture by an invited speaker.
Exercises will be illustrated in class and additional examples will be given through the course Blackboard.
Assessment methods
Continuous assessment | Partial exams | General exam | |
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ATTENDING STUDENTS
The general exam allow students to obtain a maximum grade of 28. One group assignment will allow them to obtain up to four additional points in order to increase their final grade. I do not require that students attend the lectures but if anyone enrolls in a group she/he needs to be up to date with the contents of the course in order to effectively contribute to the group work and she/he must show up when the group is presenting its work taking part to the oral presentation.
Up to one extra point will be awarded to those students who will evaluate the group presentations. The evaluation activity will take place during class time so students who are not attending those lectures cannot obtain the extra points.
NOT ATTENDING STUDENTS
If students choose not to participate to the group assignment/presentation evaluation activity because they decide not to attend any of the relevant lectures (see the attending students warning) their maximum grade at the general exam will be 28 out of 30.
Teaching materials
ATTENDING AND NOT ATTENDING STUDENTS
“Investment Banking, Hedge Funds and Private Equity”, by David P. Stowell, 3rd edition, 2017, Academic Press, Elsevier Inc. is the reference book. Lectures slides will be provided as well.