Insegnamento a.a. 2022-2023

Starting from the analysis of the financial needs of the firms, the course describes the ways in which intermediaries 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. Case discussions will be used to have the students undestand the complexities of the intermediaries' operations.

• 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.  

• 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

• 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

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. 

1 hour approx. closed book final exam consisting of multiple choice and open-ended questions & one group assignment (not compulsory but strongly encouraged) & participation to the groups presentations evaluation process (not compulsory but strongly encouraged).

The exam and the assignments are meant to establish and verify if the students are able to identify and distinguish:

1) the features of Investment Banks, Hedge Funds and Private Equity firms operations;

2) the critical aspects of the above firms management;

3) the suitability of the above intermediaries offer to the needs of their clients at a general level and by applying the theoretical concepts covered during the lectures through the cases discussed with their peers.

Specifically, the general exam open questions section aims at assessing if the students are able to identify and adequately apply:

1) the features of various tools used to analyze financial investments;

2) the methodological implications of choosing among the above ones;

exploiting

a) the techniques learnt during the course;

b) the knowledge about the characteristics of the services that the intermediaries offer and their implications on these firms operations that the students are required to master in order to complete successfully their coursework.

“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.