Opus College of Business
Opus College of Business Mission
Inspired by Catholic intellectual tradition, the Opus College of Business develops effective,
principled business leaders who think globally, act ethically and create enduring value for
society.
FINC 714 INVESTMENT BANKING
COURSE:
Number:
Section:
Semester:
Time:
Location:
FINC 720
Section 210
Fall 2024
6:00PM – 9:00PM Wednesdays
Schultz Hall 315
INSTRUCTOR:
Name:
Jeff Hawkes
Office:
Virtual
Phone:
612-701-2873
Email:
hawk4954@stthomas.edu
Office Hours: Tuesday 11:30am to 12:30pm and by appointment
Faculty Access to Student Policy:
I am available for meetings during office hours and by appointment. I respond to email or
voicemail inquires generally within 48 hours on normal business days. However, any inquiries
received during holidays including weekends may be responded to after such holidays. I will
notify the class in advance if I will be unavailable. The best mode of contacting me is by email.
REQUIRED TEXT AND MATERIAL:
A. Required Textbook: Investment Banks, Hedge Funds and Private Equity, Fourth Edition,
2023, Academic Press.
B. Various Articles (links will be provided on Canvas) and HBS cases to be assigned throughout
the semester
C. Financial calculator: Each student should have a Texas Instruments BAII+ (or similar)
D. Subscription to the Wall Street Journal is recommended.
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COURSE DESCRIPTION:
This course will focus on the practice of investment banking, M&A and private equity.
Curriculum will concentrate on the application of corporate finance tools to the types of
problems and situations that investment bankers routinely face, as well as on understanding the
structure and organization of the industry. Topics include the background and organization of
the industry, equity and debt capital, mergers and acquisitions, leveraged buyouts and private
equity, wealth management and hedge funds and corporate restructurings.
The course will utilize lectures, case studies and related discussions as its primary learning
platform and assumes a solid working knowledge of financial management, corporate
finance, economics and accounting. This course will require students to apply principles
developed in class and through the readings to actual investment banking challenges and
opportunities as presented in cases and other real-time situations. The course does not
generally involve routine lectures on textbook material. See the class schedule for the
sequencing of topics. Prerequisites: Standard Core Courses and FINC 600.
COURSE OBJECTIVES:
The primary course objectives are as follows: 1.) understand the fundamental organization and
business models of the investment banking and private equity industries 2.) apply the knowledge,
tools and methods of corporate finance to actual investment banking problems and opportunities
3.) improve your business presentation and teamwork skills through group projects, and 4.)
develop your written and analytical skills through the final case write-up and presentation.
ASSIGNMENTS & GRADING POLICY:
FACTOR
Attendance and Participation
Group Projects / Mid-term Case
Final Case Presentation
Final Case Write-up
Exams and Quizzes
TOTAL
1.
PERCENT OF FINAL GRADE
20%
20%
25%
20%
15%
100%
Attendance and Participation:
This course is discussion and case focused. Accordingly, attendance and importantly classroom
participation by students in discussions is essential to the learning process. Each student should
come to classes prepared to add value to the learning process through case/article discussions and
in their group presentation. Student’s grades will be likely be impacted by a full letter grade
based on case preparation and related discussions.
2.
Group Projects:
Groups will be assigned to work in “investment banking” teams throughout the semester. Each
group will represent an investment banking firm and the required case work from this
perspective. Each group will present a mid-term and final case; the final case will be presented
to a panel of current/former investment bankers and/or company executive officers who will
evaluate and grade your presentations and “pitch”.
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3.
Final Case Write-up:
This write-up should be no more than 8 pages total, consisting of not more than 4 pages of text
and not more than 4 pages of supporting spreadsheets/numerical work. The case will be
provided one week before the final class date. I will provide case related questions which should
help you focus your analysis. Students you may consult your group however the final write-ups
should be submitted individually and represent your own unique analysis of the case. Grades will
be assigned on an individual basis. More information and specific case details will be provided
later in the semester.
4.
Exams and Quizzes
At various times during the course, an exam or quiz will be administered. Students will receive
advance notification as to when these will occur. Exams/quizzes may be administered in class,
or, they may be done through Canvas. The exams/quizzes will test information contained in
assigned textbook readings, cases and in-class material. Off class quizzes are due at 11:59pm CT
on the following Tuesday.
EXPECTATIONS REGARDING WORK OUTSIDE OF CLASS
This is a 3-credit course. It is expected that students will spend a minimum of 6 hours of study
time outside of class per week on assigned readings, written assignments, problems, case
analyses, papers, projects and other work. It should also be noted that students may need to
spend more time than this minimum requirement. The specific readings, assignments, problems,
cases, papers, projects and other work are listed in this syllabus and in any supplemental
materials provided by the instructor. This is a rigorous class covering a significant amount of
material.
ATTENDANCE POLICY
As per UST policy, the maximum number of absences allowed is two. It is the responsibility of the
student to manage all potential emergencies and needs within the two allowed absences.
OCB/UST COURSE RELATED POLICIES
It is every student’s responsibility to be fully aware of each of the relevant course policies
including the following:
▪ Academic Integrity
▪ Student Access to Faculty
▪ Disabilities Enhancement Program
▪ Disclaimer of Syllabus as a Contract
▪ Expectations of OCB Students
For the full policies, see http://www.stthomas.edu/business/students/policies/ and
http://www.stthomas.edu/business/students/policies/expectations.html
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RECORDING OF CLASS SESSIONS
Any recording (audio, visual or in any other way) of classroom activities, including lectures and
classroom discussions, is prohibited without my prior written consent. If I allow a student to
record classroom activities, the recording is for that student’s personal educational use only, and
no part of the recording can be disseminated, distributed, copied or broadcast in any form or
manner.
DISCLAIMER
Remember, this syllabus is not a contract, but a plan for action. The instructors reserve the right
to alter its stipulations, upon prior notification to students, if and when educational circumstances
warrant changes.
CONFIDENTIALITY POLICY
The classroom is a confidential environment. This means that all personal and organizational
communication remains within the learning system.
Enhancement Program for Disability
Academic accommodations will be provided for qualified students with documented disabilities
including but not limited to mental health diagnoses, learning disabilities, Attention Deficit
Disorder, chronic medical conditions, visual, mobility, and hearing disabilities. Students are
invited to contact the Disability Resources office about accommodations early in the semester.
Appointments can be made by calling 651-962-6315 or in person in Murray Herrick, room 110.
For further information, you can locate the Disability Resources office on the web at
http://www.stthomas.edu/enhancementprog/.
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FINC 720
Investment Banking
Tentative Schedule
Fall 2024
Date
Topic
09/04
Live Class Session 1: Course Introduction
Overview of Investment Banking
Readings
Chapter 1: Overview of Investment Banking
“what killed Red Lobster?” (several links posted to Canvas)
Topics:
• Course Overview / Syllabus
• Investment banking overview
• Team assignments
09/11
Off -class: Overview of Regulatory
Introduction to Capital Structure
Readings
Chapter 2: Regulation of the Securities Industry
Chapter 3: Financing
09/18
Live Class Session 2: Valuation / DCF
Topics:
• Guest Speaker (TBD)
• Group mini presentations (tell us about your IB firm)
• Valuation, DCF and modeling basics
• Assignment of Mid-term case
09/25
Off Class: Mergers and Acquisitions
Readings
Chapter 4: Mergers and Acquisitions
10/02
Live Class Session 3: Leveraged Buyouts
Topics:
• Guest Speaker (TBD)
• Group mini presentation(target overview and invest highlights)
• LBO concepts and modeling basics
10/09
Off-Class: LBO Modeling Cont. / Merger consequences
Readings
Chapter 17: LBO Financial Model
Assignment
Work on LBO model for mid-term presentation
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10/16
Off-Class: Wealth Management
Readings
Chap 6: Asset Management, Wealth Management, and Research
10/23
Off-Class: What is Private Equity?
Readings
Chapter 16: Overview of Private Equity
10/30
Live Class Session 4: Mid-Term
• Group Case Presentations
• Case write-ups due
11/06
Off-Class: Private Equity Impacts
Readings
Chap 18: Private Equity Impact on Corporations
11/13
Live Class Session 5
Topics:
• Case due and discussion
• Modeling best practice
• Prep for final / Open class discussion topics
11/20
Off-Class Investment Banking Careers
Readings
Chapter 10
11/27
Thanksgiving / No Class
Prepare for final case presentations
Final PowerPoint and Models due 11:59pm CT on 12/2
12/04
Live Class Session 6: Final Case Presentation
12/11
Final Case Write-up Due
Case Write-Up
HBS case will be announced on 12/4 and due on the evening of the final class (12/11)
and will be focused on M&A/LBO, related valuation and other concepts learned during
the course.
Note: This syllabus is a work in progress.
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