Giddy | Applied Corporate Finance Course

Paul Weiss

Applied Corporate Finance

Prof. Ian Giddy, New York University

Goals
This three-part seminar offers an overview of the techniques of corporate finance with a special emphasis on valuation and the sources of value creation in corporate financing and mergers and acquisitions. We introduce the key decisions -- investment, financing and risk management -- that contribute to shareholder value. Running through the key computations and concepts of corporate finance, we discover the assumptions behind common models and ratios used in valuation of a company, and in leveraged buyout analysis. We apply this to several case studies, revealing also how an acquisition or other restructuring can alter the value of a company -- for better or for worse.

Instructor
Prof. Ian Giddy is a graduate of the University of Michigan (MBA 1972, PhD 1974) and the University of the Witwatersrand (BSc 1970). He has taught finance at NYU, Columbia, Wharton, Chicago and in over 40 countries worldwide during the past thirty years. He was Director of International Fixed Income Research at Drexel Burnham Lambert from 1986 to 1989. He is the author or co-author of numerous articles and books, including The Handbook of International Finance, The International Money Market, Cases in International Finance, Global Financial Markets, Asset Securitization in Asia and The Hudson River Watertrail Guide. He and his wife are the founders of Cloudbridge, a nature reserve in Costa Rica.

Method and Schedule
Sessions will start at 6:00pm and finish at 9:00pm. The lectures will offer structure, the discussions will amplify, and the case studies will apply tools and concepts to real-world applications. Participants are expected to attend each session in full. We will work in teams to resolve corporate finance issues, including gauging the appropriate capital structure for a company, estimating enterprise value, and arranging the leveraged finance for a buyout.

Background Reading
A Company in One Page
Notes on cost of capital and capital structure
Methods of Corporate Valuation
LBO Alchemy

Course Outline

Applied Corporate Finance

Session	Topics	Assignments and Materials
1 Mar 13, 2007	Corporate Finance, Investments and Financing Computing Funding Costs and the Cost of Capital A Company in a Nutshell: Key Accounting Numbers and How They Relate to Shareholder Value Investment Decisions Seeking the Optimal Capital Structure Structured Finance	Presentation Handout 1 Case studies Financing Photronics Oracle Spreadsheets Cost of Capital
2 Mar. 20, 2007	Valuing a Business Valuation as a Strategic Tool Tools & Techniques - Asset-based - Comparables - Cashflow methods Valuation in the Context of an Acquisition	Presentation Handout 2 Case study Selling Active Generation Spreadsheets Valuation P/E Ratios Industry ratios
3 April. 17, 2007	Leveraged & Mezzanine Finance High-Leverage Finance Senior, Mezzanine and Private Equity Finance Debt Capacity Analysis The "Venture Capital Method" in Private Equity Finance Leveraged Acquisitions and Buyouts	Presentation Handout 3 Case studies Ubuntu Properties The Leveraged Buyout of ISS Spreadsheets ubuntu.xls financing_iss.xls LBO capacity spreadsheet

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