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Professional Linkage Seminar (394-LK-27)

Topic

Investment Banking & Private Equity

Instructors

David Paul Stowell
312/927-0265
2211 Campus Drive Evanston, IL 60208
Office Hours: Tuesdays 9-12 am
David P. Stowell is a professor of finance at Northwestern University’s Kellogg School of Management. Prior to joining Northwestern, Professor Stowell worked at JP Morgan as Managing Director and head of Midwest Investment Banking. He also previously worked at UBS Investment Bank as Managing Director and Co-Head of Equity Capital Markets, at Goldman Sachs as Vice President for Corporate Finance and at O'Connor Partners as Managing Director for Equity Derivatives. Professor Stowell graduated from Utah State University with a BA in Economics and from Columbia University’s Graduate School of Business with an MBA in Finance. In addition to his current teaching responsibilities, he manages Paradigm Partners, a boutique investment bank which provides M&A and capital raising services and general advice on investment banking, hedge fund and private equity activities to selected clients.

Meeting Info

Kellogg Global Hub 1130: Wed 2:00PM - 4:50PM

Overview of class

*INFORMATION IS SUBJECT TO CHANGE*

The instructor of "Investment Banking & Private Equity" is: David Stowell

The course focuses on investment banking organizational structure, products, risks, earnings, regulations, innovations and competition. The functions of the "banking" business (M&A and financings, including equity, bonds and convertibles), the "sales and trading" business (institutional investor investing activity) and other investment banking businesses will be analyzed. In addition, the course focuses on private equity organizational structure, investment activity, relationships with limited partners, exit strategies, financial models, portfolio company cash flow and margin enhancing activity and the inextricable relationship between investment banks and private equity firms. This course will prepare students for internship and full-time interviewing for both investment banks and private equity firms, as well as provide a broad educational background for students generally interested in finance and investing.

Evaluation Method


  1. Class Participation and Group Evaluation (15% weighting). Classroom comments and questions should demonstrate knowledge of the topic being discussed and facilitate learning for the entire class. Participation points will be given based on in-class participation and chats. Class participation recorded by the professor and indicated by students represents half of this grade. The other half comes from the Group Evaluation component of the Class Participation and Group Evaluation survey completed by each student, which must be posted to Canvas prior to midnight of the last class.

  2. Case Questions. (20% total weighting) There are six cases and five of these cases have question sets that are each weighted 4%). A one page response to each set of case questions should be posted on Canvas prior to designated classes. The purpose of the questions is to ensure comprehension of the cases and to facilitate class discussion. Questions should be answered individually and not based on discussions with group members, other students, or any other source.

  3. Group Presentation to Class (18% weighting) on weekly financial and M&A market developments and selected private equity topics.

  4. Group Presentation on H.J. Heinz M&A Case (17% weighting). A group powerpoint presentation on the H.J. Heinz M&A case is due before class on the designated date (see description under Assignments in Canvas).

  5. Final Exam (30% weighting) Closed book in-class exam.

Class Materials (Required)


  • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System - and Themselves by Andrew Ross Sorkin (ISBN: 9780143118244; $20)

  • INVESTMENT BANKS,HEDGE FUNDS,+PRIVATE.. | Edition: 3RD 2018 by David Stowell (ISBN: 9780128047231; $95)

Class Materials (Suggested)


  • Barbarians at the Gate - Burrough and Heylar

  • When Genius Failed - Roger Lowenstein

  • Goldman Sachs: Culture of Success - Endlich

  • Liar's Poker -- Lewis

  • Greed and Glory on Wall Street - Auletta

  • Den of Thieves - Stewart

  • An Accidental Investment Banker - Knee

  • Tearing Down the Walls - Langley

Class Notes

There are no waitlists for BUS_INST courses. If the class closes before your registration time, please check back.

For more information, please view sample syllabus: https://businessinstitutions.northwestern.edu/courses/course-descriptions/index.html

Class Attributes

Attendance at 1st class mandatory