All programmes > Investment Banking

Investment Banking (B-KUL-HMH17F)

6 ECTSEnglish39 First term
Praet Alain (coordinator) |  Praet Alain
OC Business Administration FEB Campus Brussel

Aims

This course evaluates the following learning outcomes:

 

The student

1.1 (FB) analyses operational problems related to the banking sector and portfolio management using knowledge regarding financial products and markets and finance-specific methods of analysis

5.1 collects and consults sources and data purposefully and critically, on the basis of a given management problem or social question and takes into account the characteristics of the type of source or data used (popularizing or scientific source, primary or secondary data).

5.7 synthesizes research results acquired on the basis of a critical analysis (and integration) of information from relevant sources and data, and substantiates solutions for a complex management problem or social question.

8.1 formulates, as a member of a team, the interdisciplinary problem that is at the basis of the project, analyses the content of the project, the circumstances surrounding the project and factors that will influence the course of the project, and uses this information to formulate the (general) goals of the project. 

10.1 (FB) keeps his/her knowledge about the financial sector up to date, based on both developments in the sector and scientific publications

Previous knowledge

If you want to follow this course, it is advisable to have completed the following courses first, Corporate Finance (Ondernemingsfinanciering).

Is included in these courses of study

Activities

6 ects. Investment Banking (B-KUL-HMH17f)

6 ECTSEnglishFormat: Lecture39 First term
Praet Alain
OC Business Administration FEB Campus Brussel

Content

Mergers and acquisitions
- Merger waves
- Motives
- Estimating merger gains and costs
- Empirical evidence on mergers

Valuation
- Comparables analysis
- Dividend Discount Model (DDM)
- Discounted Cash Flow Valuation (DCF)
- Real option valuation

Diversification
- Valuation effect of diversification
- Corporate focus

Corporate Restructuring
- Leveraged (LBO) and management buy out (MBO)
- Spin-offs, equity carve-outs, asset sales, privatization
- Private equity
- Financial Distress

Internal and external capital markets
- Evidence on internal capital markets
- IPO and seasoned equity
- Dividend Policy

Governance and Corporate Control around the world
- Ownership, control and corporate governance (Belgium, Europe, Rest of the world)
- Agency problems
- Family ownership

Additional and/or less topics may be discussed in class dependent on the time available and recent developments.

 

Course material

Mergers, Acquisitions, and Other Restructuring Activities, De Pamphilis. Toledo is being used for this learning activity. The student may also be asked to buy a limited number of selected case-studies.

https://webapps.odisee.be/Ancor/SSM/Pages/BekijkSSM.aspx?OID=23844

Format: more information

The course will be taught by formal lectures. These include guest lectures that may be included in the course.

Evaluation

Evaluation: Investment Banking (B-KUL-H75014)

Type : Partial or continuous assessment with (final) exam during the examination period
Description of evaluation : Written, Paper/Project
Type of questions : Multiple choice, Open questions

Explanation


Evaluation characteristics

The exam is a closed book written exam.

 

Determination final result

The assessment for this course consists of 2 parts.
- A final exam
- Assignment(s) that has (have) to be handed in during the semester. The exact timing of the assignment(s) will be announced in class and published on Toledo. The assignment(s) are cases or applications of the theory discussed in the formal lectures.

The final score is calculated as a weighted average of the exam and the assignments. More details will be provided on Toledo.

Second exam opportunity

The exam will again be a written closed book exam that counts for the same number of points as in the first exam period.

With respect to the assignment(s), the student has the choice between keeping the points of one or all of the assignments of the first exam period or handing in one or more new assignments. If the students wishes to hand in one or more new assignments, the professor should be contacted by email to receive one or more new assignments and to know when the the assignment(s) should be handed in.