Susan Chaplinsky
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GBUS 844
Entrepreneurial Finance and Private Equity
Fall Semester, Early Week, Second Half
Times: 10:00 a.m. - 11:25 a.m., 11:45 a.m. - 1:10 p.m.

ENTREPRENEURIAL FINANCE AND PRIVATE EQUITY explores a comprehensive set of financial situations that arise in high growth and high risk enterprises.  The course examines a range of enterprises from early to late stage to provide perspective on how the maturity of an organization influences the nature and structure of financing and valuation.  We cover issues related to the measurement of returns in private equity funds, valuing enterprises at different stages of development, and structuring deals using various forms of financing. The focus of this course is on analytical methods – to better measure performance and value enterprises.  Each party’s view of the value of the enterprise forms a basis for negotiation upon which the percent of equity participation and the terms of the contract are determined.  The pricing and terms depend not only the deal itself but also upon prevailing market conditions.  As venture firms are rapidly growing organizations, there must be sufficient flexibility built into the current round of capital raising and the contract terms to carry the firm through its next stage of development.

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GBUS 847
Corporate Financing
Fall Semester, Early Week, First Half
Times: 10:00 a.m. - 11:25 a.m., 11:45 a.m. - 1:10 p.m.

Corporate Financing focuses on capital raising in the U.S. and international markets and has as its ultimate goal greater understanding of the capital acquisition process.  The course emphasizes capital raising in the public markets – the public equity and debt markets and the quasi-public Rule144A market.  The first part of the course surveys a number of commonly used financing arrangements, such as follow-on equity issues, initial public offerings, ADRs, and several forms of straight and convertible debt.  The range of securities covered is meant to accomplish two goals – one, to inform students of the terminology and the basic features of these instruments, and two, to help students understand the appropriate context in which a particular security should be used.  The latter part of the course examines financial structure and how the various individual securities work together within a firm’s overall capitalization.  Since firms typically rely on multiple providers of capital, well-designed financial structures must achieve compatibility among the interests of the individual capital providers.  The extent to which the market perceives the potential for conflict affects both the availability and costs of external capital. 

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