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FTMBA 2021_I Investment Banking

Course code
Course type
FT MBA Course
Weekly Hours
HS 2020
Prof. Dr. Nihat Aktas, Dr. Olaf Schween, Sebastian Voigt
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
This course is devoted to the practice of investment banking and corporate valuation. It aims at introducing to the world of investment banking, with a particular focus on equity financings, IPOs, mergers & acquisitions, leveraged buyouts, and debt financing. Central to all of these topics is corporate valuation, and as such, the first part of the course will be devoted to covering the valuation methodologies most typically used by investment bankers. A particular focus will be given to Discounted Cash Flow (DCF) valuation and to the theoretical underpinnings of the discount rate used in the DCF approach (i.e., the cost of financing: from cost of equity and cost of debt to cost of capital) and to its empirical derivation. In addition, relative valuation models (multiples) and specific topics such as valuing private companies will be discussed. After a broad overview on investment banking and its recent evolution, the second part of the course will focus on practical aspects and describe the role of investment bankers in major transactions, such as initial public offerings, leveraged buyouts, mergers and acquisitions, and acquisition finance.
Date Time
Wednesday, 02.12.2020 08:45 - 16:00
Thursday, 03.12.2020 08:45 - 16:00
Thursday, 17.12.2020 08:45 - 16:00
Stowell, David P., 2017. Investment Banks, Hedge Funds, and Private Equity. Academic Press, 3rd Edition.Damodaran, Aswath, 2012. Investment valuation: Tools and techniques for determining the value of any asset. Wiley Finance, 3rd edition.Berk, Jonathan, and Peter DeMarzo, 2014. Corporate Finance, Pearson International.
Lectures, expert testimonies, and case analyses
Take Home Exam,

Expected Final Submission Deadline: Jan 8, 2021, 23.55 pm

Basic knowledge in Corporate Finance and Managerial Finance
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