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Autor:   •  July 14, 2016  •  Coursework  •  588 Words (3 Pages)  •  741 Views

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New York University

School of Continuing and Professional Studies

INVESTMENT BANKING FUNDAMENTALS

Instructor:        Robert K. Nagle

Course #:        X51.9160

Course Objectives: 

The intent of this course is to provide students with an introduction to the investment banking industry.  The course will discuss the organization of investment banks and the key services provided in addition to the regulatory environment in which they operate.  Topics to be reviewed include raising capital, strategic advisory, principal transactions and asset management.  In addition, students will work in teams to complete a project which will involve creating a pitchbook used in investment banking, and they will be introduced to the research tools bankers utilize as well as financial modeling techniques for valuation.

Text (optional): 

The Business of Investment Banking, K. Thomas Liaw, Wiley, 2nd Edition

     

Other:            

Internet Resources:        www.bloomberg.com

www.hoovers.com

www.freeedgar.com / www.sec.gov

http://finance.yahoo.com/

Print:                          Wall Street Journal

Grading:  Attendance/Class Participation, 20%; Midterm, 40%; Final Project, 40%

Session 1:

Introduction to Investment Banking

Define investment banking and its major functions, the services provided and its customers.  Discuss the internal organizational structure of an investment bank, the various divisions and types of positions.  Review the history of investment banks and also discuss the current landscape including key themes and trends.  

Handout:  Pre-Course Survey

Reading:  Liaw; Chapters 1, 2, 3, 20

Session 2:

Regulatory Environment/Introduction to Final Projects

Review the investment banking regulatory environment including the role of the SEC.  Discuss the various types of SEC filings.

Introduce Final Projects and break class into teams.

[Allow time for team meetings.]

Handout:  SEC Filings

Reading:  Liaw; Chapter 16

Session 3:

Financial Instruments/Valuation Methodologies

Review the various types of financial instruments associated with investment banking, financial statement analysis and relating to the topic of valuation.  

Review valuation methodologies utilized by investment bankers.  Provide an introduction into comparable company analysis, which will be used in the Final Projects.

[Allow time for team meetings.] 

               

Session 4:

Financial Modeling (COMPUTER LAB)

Provide an introduction to financial modeling by leveraging a completed comparable company analysis model.  Students will gain hands-on experience and use this skill in their Final Projects.

[Allow time for team meetings.] 

Session 5:

Midterm Exam/Issuing Securities to the Public

MIDTERM EXAM SCHEDULED

Commence discussion on how investment banks issue securities to the public.  Topics to be included are: the deal process, role of investment banks, risks to investment banks, role of the underwriting syndicate and fee structure.  A more detailed look will be given to initial public offerings (IPOs).

[Allow time for team meetings.] 

Reading:  Liaw; Chapters 7, 8

Session 6:

Mergers & Acquisitions

Review the basic concepts of mergers and acquisitions, buyer’s and seller’s motivations, valuation, due diligence, fairness opinions, financing of M&A transactions and Anti-Trust regulations.

[Allow time for team meetings.] 

Reading:  Liaw; Chapter 6

 

Session 7:

Takeover Defense Material

Review the key components of takeover defense strategies and techniques as related to advisory services.  Topics include:  staggered Boards, unequal voting rights, poison pills, anti-greenmail provisions and strategic sales.

[Allow time for team meetings.] 

Session 8:

Final Projects/Presentations and Career Guidance

FINAL PROJECTS ARE DUE.  Teams will make their presentations.

Career guidance commentary.

Handout:  Interviewing at I-banks

Reading:  Liaw; Chapter 4

...

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