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Corporate Applied Finance II Finance 233-851 Spring 2004 5 credits Instructor: Office: Telephone: E-mail: Professor James K. Seward 5297 Grainger Hall 263-2738 jseward@bus.wisc.edu Overview Applied Corporate Finance II is an advanced corporate finance course that builds on the knowledge gained in Applied Corporate Finance I. The second semester offers students more advanced practical corporate finance experience. Students work in teams on real world problems for consulting firms, investment banks, public corporation and private companies. Project sponsors include companies such as Promega Corporation, 3M, Procter and Gamble, Qualcomm, Inc., ioGenetics, American Family Insurance, Madison Valuation, Deutsche Bank and UBS Warburg. Consulting projects typically involve an analysis of problems in areas such as Real Options, Mergers and Acquisitions, Corporate Restructuring, and Valuation. Each project requires students to develop their expertise in three general areas: 1. Students collect data and information to conduct an analysis of the project sponsor s problem areas. 2. Students develop an effective written presentation of their findings and recommendations. 3. Students provide and oral presentation of their written report to the project sponsor. Presentations are typically attended by CEOs, CFOs, treasurers, and other interested finance professionals. Course Format Students will meet 5 hours per week for instruction. Students should also expect to meet with their groups on an average of approximately 6-8 hours per week. Student groups will travel to sponsor companies for conferences and presentations throughout the semester. Off campus research may also be necessary for certain projects. Sample project topics include the following: Project 1: Real Options Students will demonstrate to a project sponsor how real options analysis, decision tree diagrams and Monte Carlo simulation complement Net Present Value for evaluating early-stage techonologies. Project 2: Mergers and Acquisitions Students will summarize, assess and prioritize the relative attractiveness of financial and strategic available decisions to firms with excess capital. In addition, one possible use of funds (takeovers) will be examined in detail to assess the attractiveness of acquisition opportunities available within a specific industry. Project 3: Corporate Restructuring and Reorganization Students will provide a comprehensive comparative analysis of alternative funding sources and opportunities in the venture capital and strategic alliance markets for a startup biotechnology company. Specific recommendations for capital availability, covenants and other operating and financing restrictions contained in the funding arrangements, and ownership and governance implications for each source will be addressed. Project 4: Corporate Restructuring and Reorganization Students will assess the advantages and disadvantages of a leveraged buyout for a publicly-traded company that operates in a specific industry. Project 5: Valuation Students will estimate the aggregate company valuation of a company and compare that with their estimates of the values of its distinct operating segments. Based upon the discrepancy between the implied valuation and the stock market valuation of the company, further analysis was conducted to assess the source(s) of the deviation between results obtained from relative and absolute valuation methodologies. Specific recommendations were provided to narrow the gap between market valuation and implied valuation. Required Texts 1. Valuation: Measuring and Managing the Value of Companies, 3rd ed., Tom Copeland, Tim Koller, Jack Murrin, New York: John Wiley & Sons, 2002. 2. Real Options Analysis: Tools and Techniques for Valuing Strategic Investments and Decisions, Jonathan Mun, New York: John Wiley & Sons, 2002. 3. Early-Stage Technologies: Valuation and Pricing, Richard Razgaitis, New York: John Wiley & Sons, 1999. 4. Course Reading Packet Grading There will be 5 corporate finance consulting projects throughout the semester. Grades are determined on the following basis: 20% Discussion preparation and participation 30% Peer evaluation 30% Project sponsor evaluation 20% Presentations

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