SM1612 - ruc international summer school

Valuation and Portfolio Management
Chinmoy Ghosh
Nationality: United States
University of Connecticut
[email protected]
Doctoral student
Corporate Finance
Lecture and group discussion.
(1) Group Case Analysis 30%
(2) Class participation 5%
(3) Group Class Homework 15%
(4) Final exam 50%
2 credits
Curriculum Vitae
Professor Chinmoy Ghosh is a Post Graduate Diploma in Management (PGDM) from IIM
Calcutta. After working in industry for a few years post his graduating from IIM
Calcutta, he joined Pennsylvania State University, USA, where he did his doctorate
in Financial Economics. Professor Chinmoy Ghosh is presently the Gladstein Professor
of Business and Innovation, and Head of the Department of Finance at the School of
Business, University of Connecticut (UConn), USA.
He set up in 2001, and has since
been the Director and Chairman of the Board for the Student Managed Investment Fund
at UConn. From 2007 – 2014, he served as the Executive Director of the Financial
Accelerator at the Downtown Hartford campus of UConn. In 2011, he led the team that
launched the Masters of Science in Financial Risk Management (MsFRM), one of the
most successful graduate programs in the history of the Business School. Professor
Ghosh is an Ackerman Scholar of the School of Business. He has been involved in over
a dozen PhD dissertations as major or associate advisor. He has published over fifty
articles in academic journals including Journal of Financial Economics and Journal
of Financial and Quantitative Analysis. He is ranked among the top 20 most prolific
research scholars in the world in Real Estate, and among the top 3 percent of research
scholars in Finance. He won the MBA Best Teacher of the Year award in 2000, and every
year over the period 2002-12, the Best EMBA Teacher Award in 2004 and 2006, and
Graduate Teacher of the Year Award in 2006. His consulting assignments include
Fidelity Investments, Prudential Inc., International Development Research Council
(IDRC), Cigna, and IBM Global Finance, SS&C Inc, NorthEast Utilities, Alpha Equity,
Conning Investments. He is an active consultant in the seminar circuit of the AICPA
and AIMR CFA Program.
Course Description
This course starts with performance measurement, and then discusses various trading
and risk management strategies. The main themes discussed in the course and the
readings and cases to be discussed are listed below.
•Portfolio Performance Evaluation: Measuring portfolio performance.
•Performance Attribution Analysis
•Portfolio Management: Construction and Allocation decisions
•M&A Valuation and Arbitrage: Applying valuation techniques to valuation of
potential targets. Identifying arbitrage opportunities in M&A deals.
•Bond Portfolio Management: Valuation and Arbitrage in Bond markets.
•Valuation of Private and Closely held firms
•IPO Valuation: Uses valuation techniques to price IPOs. Use of financial
forecasting in DCF Valuation, and multiples using comparable firm approach.
Day 1
Equity Portfolio Performance Evaluation
1. Determinants of Portfolio Performance
2. Conducting Performance Attribution Analysis in the Classroom using Real Market
Performance Attribution Analysis
3. Measuring Mutual Fund Performance – case discussion
Day 2
Performance Attribution Analysis
4. Darden Capital Management
Portfolio Management
5. Virginia Investment Partners
6. Multifactor Models
Day 3
Portfolio Management
8. Investment Policy at the Hewlett Foundation
9. Dimensional Fund Advisors
M&A Arbitrage:
Applying valuation techniques to valuation of potential targets.identifying
arbitrage opportunities in M&A deals.
10. A note on Mergers and Acquisitions and Valuation
Abbott Labs – discussion
Falaron Capital
Stock or Cash? (HBR article)
P&G’s Acquisition of Gillette
Day 5
Bond Portfolio Management
15. Fixed Income Arbitrage in a Financial Crisis (A): US Treasuries in November 2008
16. Arbitrage in Government Bond Market
Day 6
IPO Valuation: Valuation techniques for IPOs.
Use of financial forecasting in DCF Valuation, and multiples using comparable firm
17. A note the IPO process
18. Valuation of Netscape IPO - case assignment
19. Facebook IPO
Day 7
Valuation of Closely Held Firms
20. Valuation of Family and Closely Held Firms
21. Spyder Active Sports
22. Mogen Inc – Convertible Bonds
Day 8
Final exam
Required Textbook