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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description and materials
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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materials
