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Investment Banking - (B-F)

Kurs ID
FIN614
Art des Kurses
MSc Kurs
Wochenstunden
2,5
ECTS
5.0
Semester
FS 2024
Vortragssprache
Englisch
Vortragende/r
Jan Caspar Hoffmann
Bitte beachten Sie, dass AustauschstudentInnen im BSc-Programm der WHU eine höhere Anzahl an Credits erwerben als hier aufgeführt. Für weitere Informationen wenden Sie sich bitte direkt an das [International Relations Office].
— Session 1:

Module 0 - Adminstrative topics

Module 1 - The demystification of the (financial & operational) modelling

Module 2 - Valuation – the marriage of science and art

Bonus Module - Deep dive on comps

Bonus Module - Valuing digital readiness

— Session 2:

Module 3 - Bespoke process architecture as key success factor for optimal private M&A transaction outcomes

Module 4 - Basics, trends and pitfalls on the intersection of the legal world and M&A – the relevance of the SPA

— Session 3:

Module 5 -Generating Alpha – the importance of Private Equity as an asset class

— Session 4:

Module 6 - Public M&A – the Königsdisziplin of dealdoing

Module 7 - Quo vadis activism – an American Solution to an American problem?

Bonus Module - SPAC attack – the „blank check company IPO followed by a reverse merger“ came back with a vengeance…and now? Is it dead?

— Session 5:

Modelling workshop

Wrap-up and exam preparation

Date Time
Wednesday, 06.03.2024 08:00 - 13:00
Wednesday, 13.03.2024 08:00 - 13:00
Wednesday, 27.03.2024 08:00 - 13:00
Wednesday, 03.04.2024 08:00 - 13:00
Wednesday, 10.04.2024 08:00 - 13:00
Thursday, 25.04.2024 10:00 - 11:30
Objective is to offer an inter-disciplinary education that puts corporate finance elements in context with a broad variety of real life situations ranging from Investment Banking to Private Equity to the corporate world. The language is an almost universal one, as is the modus operandi, and emphasis will be put on realistic problem solving as opposed to textbook approaches.

Accordingly, the course will also cover topics such operational and financial modelling which ultimately are a basic requirement for not only understanding valuation techniques but also for example to assess value creation in a Leveraged Buyout scenario.

Enriched with multiple and diverse examples from Jan Caspar Hoffmann’s extensive deal doing over the last more than 2 decades, the course will illustrate applied theory in a global and cross-border setting.

In order to achieve maximum practical relevance, select high profile guest speakers covering various disciplines will be invited to contribute to the sessions.

Course target is to enable students to understand – and be able to apply – advanced Corporate Finance topics in a real life setting irrespective of the domain in which it takes place.

The course is complementary to various other courses offered, namely “Private Equity and Venture Capital”, “Mergers & Acquisitions and Other Corporate Restructurings” and “Investments” with marginal, if any, overlap.

Pre-reading of lecture materials is not required Complimentary reading: suggested but not required Rosenbaum, Joshua and Joshua Pearl. Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions. Hoboken, N.J.: Wiley, 2009 Koller, Tim;Goedhart, Marc and David Wessels. Valuation: Measuring and Managing the Value of Companies. 5th Ed. Hoboken, N.J. Wiley, 2010
Lectures
Self study
Written exam 70%;

Not case study-type exam
Various questions covering all modules of the course

Class participation 30%

Ongoing participation in class, consensus on modus operandi to be reached in first session

WHU 2023 – COURSE SYLLABUS INVESTMENTBANKING

Session 1 – March 8

  • The demystification of the (financial & operational) modelling
  • Valuation – the marriage of science and art
  • Deep dive on comps
  • Valuing digital readiness

Session 2 – March 15

  • Bespoke process architecture as key success factor for optimal private M&A transaction outcomes
  • Basics, trends and pitfalls on the intersection of the legal world and M&A – the relevance of the SPA
  • Guest speaker:Dr. Nico Abel, Managing Partner Germany, Cleary Gottlieb Steen & Hamilton

Session 3 – March 29

  • Generating Alpha – the importance of Private Equity as an asset class
  • Guest speaker:Benjamin Buerstedde, Partner, Advent International

Session 4 – April 5

    • Private Equity buy-and-build strategies – a powerful approach to value generation
  • Guest speaker:Nils Luessem, Partner, Ergon
  • Public M&A – the Königsdisziplin of dealdoing
  • Guest speaker (all three topics):Dr. Carsten Berrar, Global Co-Head Capital Markets Group, Sullivan & Cromwell
    • Quo vadis activism – an American Solution to an American problem?
    • SPAC attack – the „blank check company IPO followed by a reverse merger“ boom is over… for now…will it ever come back?

Session 5 – April 12

    • Secondaries – what is it, how does it work and why is it attractive?
    • Guest speaker:Jan Philipp Schmitz, Member of the Global Executive Board, Ardian
  • Modelling workshop – „The demystification of the (financial & operational) modelling“ put into context plus real-life application
  • Instructor:Sebastian Schmitz, Director, Moelis & Company
  • Wrap-up and exam preparation
150
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