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Students will interpret information from companies' public financial disclosures to assess the likelihood of different events or outcomes. Companies featured in past years include Tyco, AIG, CIT, Fannie Mae, Tesla, Pharmasset and Gilead and Commerzbank. nn This is a hands-on course with an emphasis on experiential learning. 25% of the grade will be based on class participation, and 75% will be based on cases and projects. The course will focus on valuing the securities of companies undergoing significant changes as a result of litigation, restructuring, regulatory changes, mergers, spin-offs or significant industry shifts. nn Specifically, the course material is designed to improve student skills in: (1) assessing the relative attractiveness of individual companies, (2) building stock screens to filter and rank firms based on user-specified parameters, (3) buying and shorting individual equity positions, and (4) monitoring and managing portfolio risk. However, there will be a number of individual cases and a final group project. This Bass seminar is designed to develop students' ability to interpret and use financial accounting information in credit and equity valuation contexts. No specific undergraduate major or courses are required for admission, but experience with analytic and quantitative concepts is important. Students will be expected to: (1) make one presentation (most likely as a part of a two-to-three person group) that explores the valuation and value drivers of a specific emerging market firm and (2) attend all four classes. This case-driven course is designed to help students who plan to serve on boards as private-equity or venture investors, entrepreneurs who will need to assemble and manage boards, and executives who realize they will need to interact with and answer to boards. The primary criteria for admission are intellectual vitality, demonstrated leadership potential, and personal qualities and contributions. The course is beneficial for entrepreneurs, consultants, investors and managers operating in or considering expansion to developing markets. Topics covered will include an assessment of related party transactions, importance of political factors and social networks, governance conflicts, and the risk of expropriation. This course is focused on helping students understand the role boards and board members play in corporate governance and the lives of businesses large and small. To assess the probability of corporate events, investors must make judgments about the quality of a company's earnings and assets and understand how accounting policies may influence management's representations.
The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, retirement planning, cash and equity compensation, organizational form, tax planning for multiple jurisdictions, and M&A. This is an advanced elective course on the economics of active investing in public equity markets. Michael Spence, Venkataraman Srinivasan, Myra Strober**, James C. Wilson*; (Associate Professor) Andrea Shepard; (Senior Lecturers) David L. Some of the classes will be held in the "Real-time Analytics and Investment Lab" (R. Material covered in a second Financial Modeling course, as well as in Accounting 312 (Evaluating Financial Statement Information) and Accounting 313 (Accounting-based Valuation) will come in handy. nnn Event-driven investing follows the life cycle of companies as they revamp their corporate structures in response to economic and regulatory environments.