<Course Code> – Investment Banking
<Programme> – Feb to May 2023
Course Information
Course Duration: Spring 2024 Semester
Credit Hours: 4 credit hours
Meetings: By Appointment
Location: Ground Floor, New Faculty Office Block
Prerequisites: Foundational knowledge in finance; Proficiency in mathematics, particularly algebra and
basic statistics; Basic computer skills, including proficiency in Microsoft Excel; While not a strict
prerequisite, a genuine interest in investment banking and financial markets will enhance a student's
engagement and motivation in the course.
Equivalent Courses: Valuation; Mergers and Acquisitions
Exclusive Courses: NA
Instructor Information
Instructor: Prof. Rupesh Sharma
Biography: Prof. Rupesh is an Assistant Professor at the Jindal School of Banking & Finance,
specializing in quantitative analysis, financial management, and banking. With a recent PhD in Finance
from IIM Tiruchirappalli, his research centres on performance and risk management in banking, lending
markets, and corporate finance. Beyond academia, he is a theatre enthusiast hailing from Delhi, where
he completed his schooling and college studies.
Email: rupesh.sharma@jgu.edu.in
Phone: +8930111909
Office: 7B North, 4th Floor, New Faculty Office Block
Office Hours: 10 am to 2 pm on Weekdays
Homepage: https://www.linkedin.com/in/rupesh-sharma-7a391120/
Investment Banking: Prof. Rupesh Sharma Page 1 of 7
1. Course Description
Welcome to the ‘Investment Banking’ Course. In this comprehensive program, we will embark on a
journey to demystify the intricate world of valuation—a cornerstone of investment banking.
Understanding "What Is Value?" is at the core of our exploration, where we will delve into key concepts
such as Book Value, Market Value, and Enterprise Value. We'll dissect valuation multiples, unlocking
their significance in assessing the worth of a company. Our course is structured around the three
fundamental methods of valuation: Comparable Company Analysis, Precedent Transactions Analysis,
and Discounted Cash Flow Analysis.
Throughout our journey, we will also explore Leveraged Buyouts, financing structures, and their impact
on valuation, as well as the nuances of Mergers and acquisitions, including both Sell-Side and Buy-Side
perspectives. Lastly, we'll shed light on the Initial Public Offering (IPO) process, a pivotal moment in
a company's journey to the public markets. By the end of this course, you'll possess a robust foundation
in valuation and analysis, empowering you to excel in the dynamic world of investment banking.
2. Course Intended Learning Objectives
CLO1:
Develop a comprehensive understanding of investment banking services
CLO2:
Demonstrate proficiency in business valuation, management of securities, evaluation of
IPOs, and Mergers & Acquisitions
CLO3:
Apply comparative analysis, precedent transactions analysis, discounted cash flow analysis
and other tools to analysis to extract meaningful insights for financial decision-making
CLO4:
Enhance critical thinking and problem-solving skills using financial case studies and realworld scenarios.
CL05:
Understand the regulatory framework and ethical considerations in investment banking,
ensuring adherence to industry standards and compliance requirements.
Teaching and Learning Activities:
A. Lectures
B. Case Studies and Group Discussions
C. Valuation Projects
D. Guest Speaker Sessions
Combination of lectures and hands-on practical exercises involving real-world data from financial
statements and corporate disclosures. Students will actively engage with the course material both inside
and outside the classroom, gaining practical experience in the workings of financial markets and
investment banking services.
Investment Banking: Prof. Rupesh Sharma Page 2 of 7
3. Scheme of Evaluation and Grading
Assessment Task
Weightage
Nature
Week of Assessment
A1: Class Quiz
10
Individual
Weeks 4 and 8
A2: Class Participation
10
Individual
Continuous
A3: Take-Home Assignment
10
Individual
Week 10
A4: Project Presentation
20
Individual
Week 14
A5: End Term
50
Individual
End of Semester
Description of Assessment Tasks:
Class Quiz
There will be two classroom quizzes composed of 30 multiple-choice
questions for 10 marks.
Class Participation
Class participation will be evaluated continuously, considering the
quality of students' contributions during class discussions.
Take Home Assignment
The assignment will require students to showcase their skills in the
analysis of financial statement data.
Project Presentation
The project presentation will involve applying the concepts and tools
throughout the course to analyse an IPO/Merger/Acquisition event,
followed by presenting the findings in class.
End Term
The end-term exam will adhere to the University's policy and be
conducted as an open-book examination.
Grade Definition:
The schema of the grade sheet may change. Students will be informed well in advance of any changes
in the schema of the grade sheet.
Letter
Grade
Percentage
Grade
of Marks
Value
O
80
above
A+
75-79
and 8
7.5
Grade Definitions
Outstanding: Exceptional knowledge of the subject matter,
thorough understanding of issues, ability to synthesise ideas,
rules and principles and extraordinary critical and analytical
ability.
Excellent: Sound knowledge of the subject matter, thorough
understanding of issues, ability to synthesise ideas, rules and
principles and critical and analytical ability.
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Letter
Grade
Percentage
Grade
of Marks
Value
A
70-74
7
Very Good: Sound knowledge of the subject matter, excellent
organisational capacity, ability to synthesise ideas, rules and
principles, critically analyse existing material and originality in
thinking and presentation.
A-
65-69
6
Good: Good understanding of the subject matter, ability to
identify issues and provide balanced solutions to problems and
good critical and analytical skills.
B+
60-64
5
Fair: Average understanding of the subject matter, limited ability
to identify issues and provide solutions to problems and
reasonable critical and analytical skills.
B
55-59
4
Acceptable: Adequate knowledge of the subject matter to go to
the next level of the study and reasonable critical and analytical
skills.
B-
50-54
3
Marginal: Limited knowledge of the subject matter and irrelevant
use of materials, and poor critical and analytical skills.
P1
45-49
2
Pass 1: Pass with a basic understanding of the subject matter.
P2
40-44
1
Pass 2: Pass with a rudimentary understanding of the subject
matter.
Grade Definitions
(Not applicable to Bachelor of Architecture)
0
Fail: Poor comprehension of the subject matter, poor critical and
analytical skills and marginal use of the relevant materials. This
will require repeating the course.
F
Below 40
P
Pass
‘P’ represents the option of choosing between a Pass/Fail grading
system over the CGPA grading system in the COVID-19 semester
in Spring 2020. The option is provided when students attain a
minimum of 40 percentage marks under the current grading
structure in each subject.
I
Incomplete
Extenuating circumstances preventing the student from
completing coursework assessment or taking the examination; or
where the Assessment Panel at its discretion assigns this grade. If
an “I” grade is assigned, the Assessment Panel will suggest a
schedule for the completion of work or a supplementary
examination.
4. Academic Integrity and Plagiarism:
Learning and knowledge production of any kind is a collaborative process. Collaboration demands an
ethical responsibility to acknowledge whom we have learnt from, what we have learned, and how
reading and learning from others have helped us shape our ideas. Even our ideas demand an
Investment Banking: Prof. Rupesh Sharma Page 4 of 7
acknowledgement of the sources and processes through which those ideas have emerged. Thus, all ideas
must be supported by citations. All ideas borrowed from articles, books, journals, magazines, case laws,
statutes, photographs, films, paintings, etc., in print or online must be credited with the source. If the
source or inspiration of your idea is a friend, a casual chat, or something that you overheard, or heard
being discussed at a conference or in class, even they must be duly credited. If you paraphrase or directly
quote from a web source in the examination, presentation or essays, the source must be acknowledged.
The University has a framework to deal with cases of plagiarism. All forms of plagiarism will be taken
seriously by the University, and prescribed sanctions will be imposed on those who commit plagiarism.
Attendance Policy:
For all students, the course attendance policy implemented by their respective schools shall be
applicable.
Use of phone/ texting/ laptop:
Students are allowed to use phones and laptops in the class. However, if the use of the device disrupts
the class then the instructor can also prohibit the use of devices.
5. Keyword Syllabus:
Investment Banking; Valuation; Financial Analysis; Banking Services; Quantitative Analysis; Financial
Management; Book Value; Market Value; Enterprise Value; Valuation Multiples; Comparable Company
Analysis; Precedent Transactions Analysis; Discounted Cash Flow Analysis; Leveraged Buyouts;
Mergers & Acquisitions; Initial Public Offerings (IPOs); Securities; Financial Decision-Making;
Regulatory Frameworks; Financial Modelling; Capital Markets; Financing Structures; Corporate
Restructuring; Underwriting; Private Placement; Buybacks; De-listing; Compliance Requirements
6. Course Material
Textbooks:
•
Investment Banking: Valuation, LBOs, M&A, and IPOs by Joshua Rosenbaum and Joshua
Pearl (2020), Wiley Finance
•
Investment Banking: Concepts Analysis and Cases by Pratap Giri (2017) 3rd Edition, McGraw
Hill India
Handout/Other Readings: The handouts and other reading material will be shared during the course.
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7. Session Plan
CLOs
Covered
Week No.
Session Details
Week 1
Fundamentals of Investment Banking
1
Reading: Chapter 5, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017), McGraw Hill India
Week 2
Understanding Business Value
1&2
Reading: Chapter 7, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017), McGraw Hill India
Week 3
Discount Cash Flow Analysis
3
Reading: Chapter 3, Investment Banking: Valuation, LBOs, M&A, and
IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley Finance
Week 4
Comparable Company Analysis
3
QUIZ 1: 30 MCQs based on Week 1-3 classes for 10 Marks.
Reading: Chapter 1, Investment Banking: Valuation, LBOs, M&A, and
IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley Finance
Week 5
Precedent Transactions Analysis
3
Reading: Chapter 2, Investment Banking: Valuation, LBOs, M&A, and
IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley Finance
Week 6
Leveraged Buyouts and LBO Analysis
2&4
Reading: Chapters 4 and 5, Investment Banking: Valuation, LBOs,
M&A, and IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley
Finance
Week 7
Sell-Side of Mergers and Acquisitions
2&4
Reading: Chapter 6, Investment Banking: Valuation, LBOs, M&A, and
IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley Finance
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Week No.
Session Details
CLOs
Covered
Week 8
Buy-Side of Mergers and Acquisitions
2&4
QUIZ 2: 30 MCQs based on Week 4-7 classes for 10 Marks.
Reading: Chapter 7, Investment Banking: Valuation, LBOs, M&A, and
IPOs by Joshua Rosenbaum and Joshua Pearl (2020), Wiley Finance
Week 9
Initial Public Offerings
2&4
Reading: Chapter 8, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017) McGraw Hill India
Week 10
Process of Underwriting
2&5
Submission of Assignments!
Reading: Chapter 9, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017) McGraw Hill India
Week 11
Private Placement, Buybacks, and De-listing
4&5
Reading: Chapters 11 and 13, Investment Banking: Concepts Analysis
and Cases by Pratap Giri (2017) McGraw Hill India
Week 12
Corporate Restructuring
4&5
Reading: Chapter 14, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017) McGraw Hill India
Week 13
Investment Banking in India
All CLOs
Reading: Chapter 6, Investment Banking: Concepts Analysis and
Cases by Pratap Giri (2017) McGraw Hill India
Week 14
Project Presentations
All CLOs
Reading: All previously suggested chapters
Week 15
Revision and Doubt-Clearing Sessions
All CLOs
Reading: All previously suggested chapters
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