Investment Banking

What makes the Goizueta experience unique is the activity of putting theory into practice. This concentration puts theory into practice to help you obtain roles in investment banking as asset managers and the future deal makers that direct funds from investors to companies that need capital.

Sample Courses

Introduction to the concepts, assumptions, and methods underlying managerial accounting, with an emphasis on using accounting information to plan and control a company's operations. Topics include information relevant for decision-making, cost behavior, activity-based costing, pricing, cost-volume-profit analysis, operating budgets and variance analysis, capital budgeting, and performance evaluation.

Methods and techniques commonly used to analyze financial statements of US and multinational companies: business strategy analysis, transaction analysis, assessment of earnings quality, financial ratio and cash flow analysis, credit analysis and bankruptcy prediction, forecasting accounting numbers and pro forma statements, and valuation using discounted cash flows, residual income, and market multiples.

The course objectives are to provide an understanding of the drivers of value creation and destruction in mergers and acquisitions (M&A) and to develop skills in the design and evaluation of these transactions. Familiarity with M&A is a foundation for effective work in a wide range of fields including investment banking, private equity, consulting, corporate development, and advising senior management. The focus of the course will be primarily to analyze M&A from the perspective of a financial advisor, integrating issues from economics, accounting, law, strategy and organizational behavior where appropriate.

The first part of the course is a review of capital market theory and how to estimate the divisional cost of capital. We then examine the efficient market theory and how it affects our investment decisions. The next section concentrates on dividend policy and the share repurchase decision. The fourth part focuses on the firm's capital structure. The basic issue is whether or not the firm's capital structure influences the value of its common stock. Other topics include examining the benefits and costs of mergers, divestitures, going-private, going public and financial restructuring.

This course is intended to give students an idea of the work conducted by investment banks.  Areas reviewed will include debt financing, equity underwriting, merger & acquisition advisory assignments, and trading activity. Special emphasis will be placed on the methods commonly applied when conducting valuation, debt capacity, and transaction analysis.  In addition, to provide context, there will be a brief summary of investment banking history and of the peripheral players (private equity and hedge funds) that interact with banks.

The course surveys the private equity industry, with an emphasis on the financial and economic tools useful for leveraged buyout and venture capital investing. The primary audience for this course is finance majors interested in careers at private equity funds. The secondary audience is students planning careers that have significant interaction with private equity funds, either as providers of these funds (pension fund managers, institutional investors, investment advisors) or as consumers of them (managers/owners of startups or buyout candidates). More information at www.emoryprof.com.

This course uses academic studies, practitioner-oriented readings, articles from the popular press, and a term project to cover both conventional wisdom and state-of-the-art methods used in managing a stock portfolio. Enrolled students comprise the Goizueta Business School Student Investment Fund, LLC, responsible for managing a portfolio of real assets. The entire investment portfolio consists of student stock picks. As a term project, students develop and present to the class their own quantitative model. Course topics include active stock selection emphasizing quantitative selection methods, trading, databases, software, performance evaluation, risk management, brokerage accounts, and the money management industry.

This course is designed for students interested in better understanding (i) how the private equity industry works, (ii) how to structure the acquisition of a business and (iii) how to make money by leveraging key value drivers in a business. Unlike traditional courses, this course takes a unique approach by bringing in leading experts and practitioners to provide industry perspectives for almost every class. More information at www.emoryprof.com.

The course surveys distressed investing with a focus on real estate. The first module covers the institutional structure of the distressed market and valuation techniques. The second module features a broad overview of distressed investing strategies across the capital structure and market segments. The third module provides an in-depth analysis of distressed investing techniques. The primary audience for this course is finance majors interested in careers in real estate finance or in private equity and hedge funds. The secondary audience is students planning careers that have significant interaction with real estate finance and/or private equity and hedge fund industries. More information at www.emoryprof.com.

Corporate Governance of Publicly Traded Corporations has been in a state of rapid evolution over the past 30 years.  It began in the 1980's with the recognition that Corporations in the US were not being managed in the interests of shareholders and Agency problems were recognized as a root cause.  The advent of Corporate Raiders further forced the issue and questions arose regarding takeover protections and entrenched boards. Two major pieces of legislation, Sarbanes Oxley and Dodd Frank grew directly out of these episodes.

The objective of this course is to prepare you to work in the areas of portfolio management, stock research and investment banking. The course is designed to improve your understanding of the fundamental concepts of security investments. The course will primarily focus on security analysis and management of stock portfolios. We will also cover fundamentals of fixed-income securities and equity options.

This is a course dealing with the valuation and use of derivative financial assets. Initially we will study option contracts. We will consider relative pricing requirements for these contracts enforced by arbitrage. Extension of this technique will lead to the derivation of exact valuation models. During the second portion of the course we will study futures contracts. The focus again will be on relative pricing requirements enforced by arbitrage. The overall objective of the class is to give students skills to assess the values and risks of derivative assets and to develop trading and hedging strategies based on their analyses.

The course surveys distressed investing with a focus on real estate. The first module covers the institutional structure of the distressed market and valuation techniques. The second module features a broad overview of distressed investing strategies across the capital structure and market segments. The third module provides an in-depth analysis of distressed investing techniques. The primary audience for this course is finance majors interested in careers in real estate finance or in private equity and hedge funds. The secondary audience is students planning careers that have significant interaction with real estate finance and/or private equity and hedge fund industries. More information at www.emoryprof.com.

This course discusses in the depth all facets of operating and financing an entrepreneurial venture. The class structure is unconventional. The core of the course consists of students applying their knowledge at actual entrepreneurial ventures (practicum) and be actively involved in a commercialization forum (RAISE). The class room time supplements and is secondary to the core experience of working with entrepreneurial ventures. The primary audience for this course are (i) students interested in starting their own company or joining an entrepreneurial venture and (ii) students interested in joining firms that capitalize entrepreneurial ventures (angels, venture capital firms, private equity firms, family offices, endowments, sovereign wealth funds, pension funds, etc.). More information at www.emoryprof.com.

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    Investment Banking, Private Equity, and Asset Management