Course Syllabus

Management in Investment Banking [MGT515]

Module 3; 2013-14

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Announcements

30 Apr 2014

All grading is now complete -- thank you for taking this course; I do hope you learned something that will benefit you in many years to come! 

DESCRIPTION STATISTICS FOR FINAL COURSE GRADE

Mean 91.5
Standard Error 1.358014322
Median 93
Mode 95
Standard Deviation 6.652884304
Sample Variance 44.26086957
Kurtosis 3.43370967
Skewness -1.527000394
Range 30
Minimum 70
Maximum 100
Sum 2196
Count

24

DESCRIPTIVE STATISTICS FOR THE FINAL PROJECT

Mean 90
Standard Error 2.436884
Median 95
Mode 95
Standard Deviation 11.93825
Sample Variance 142.5217
Kurtosis 1.000559
Skewness -1.20009
Range 48
Minimum 57
Maximum 105
Sum 2160
Count 24

 

12 Apr 2014

1) The projects have been graded -- overall the teams demonstrated high energy and did good work!  Most important feedback is that you really want to utilize the things discussed in the classroom and the readings in your course output; recall, use terminology and concepts.  It is quite apparent  many, perhpas the vast majority, of the students are not reading the material, or certainly not using it....your loss, no doubt.  Anyway, the mean score for the Companies project is 89 and the mean for the Business project is 93.  The grades have been posted to your individual desktops.

11 Apr 2014

The listing of final project topics at the bottom of this page has been removed -- too much error can be introduced by managing the topic selection in multiple places.  Instead, each student will see in their web desktop an entry with the topic (or not) identified in the section for grades.  Be sure that your topic is listed correctly there.

4 Apr 2014

Thanks again for the course feedback you have been providing me.  In issue that was raised is that student do not yet have a sense of the fairness of grading in the course, which is something reasonable to know at this stage of the course. The grading in this course is entirely subjective scores, and I try to be reasonable and fair, but best-case accurate in my best-unbiased assessment of each individual.

Because I am not evaluating the projects until all projects (of each type) have been submitted (scores are relative to the mean of the class, etc), I cannot yet give sense of the course grading.  However, I have just assigned the course participation grades to each individual in the course, which should give you a sense of where you stand at this point. To provide overall perspective class statistics are provided for you.

FYI.....Descriptive statistics for Classroom Participation assigned scores:

Mean 88.95833333
Standard Error 1.534009578
Median 90
Mode 90
Standard Deviation 7.515081455
Sample Variance 56.47644928
Kurtosis -1.183468057
Skewness 0.135374545
Range 20
Minimum 80
Maximum 100
Sum 2135
Count 24
 
3 Apr 2014

The two Current Event items mentioned in class today are:

Google Split

http://blogs.marketwatch.com/thetell/2014/03/31/google-investors-are-about-to-get-goog-and-googl-shares-in-stock-split/

HP lawsuit settled

http://www.thestreet.com/story/12594203/1/why-hewlett-packard-hpq-hit-a-one-year-high-today.html

 

30 Mar 2014

After several requests, I agree that students will be encouraged to submit your FINAL project earlier than the actual due date so that you can focus on final exams for other courses. Therefore, if you submit your final project before WEDNESDAY, April 16 9:00am, you will receive 5 bonus points for your project AND you will also have your project grade reported to you by 9:00 am the following day, April 17. No extra bonus points for reports received after 9am April 16.

22 Mar 2014

Attention Groups AA, BB, CC: Since you are the first to present, I think it reasonable to reduce the requirement for sending your PPT to the professor somewhat.  For these three groups, the PPT must be delivered to me 24 hours in advance, not 48; therefore, PPT should be received by me before 10:30am on WEDNESDAY 26 Mar.  Note: others groups will not be afforded this extra time.  Thus, groups DD, EE, A should have their PPT to me by SATURDAY, 29 Mar 10:30am

17 Mar 2014

Class:  please be sure to PRE-REGISTER for the Morgan Stanley Speaker  http://managementLive.phbs.info

15 Mar 2014

If a Company group needs an idea....how about investigating Swiss banking Julius Baer Group?

14 Mar 2014

Notice the class time adjustments for the Thursday, March 20 session -- see schedule below. Please pre-register for attending the speaker event at HTML.

8 Mar 2014

PROJECT GROUPS: Project group membership has been assigned. See the section of this page below the schedule. On Monday (10 Mar.) in class each group will meet for a few minutes to organize. At that time, the group should identify a group member as a point-person that is the liaison to the instructor for the course. I would be looking for the group to select and begin to clear their project idea with the instructor by end of class on Monday (17 Mar). Have fun with these projects and explore....take risks, learn stuff! Keep in mind that in class it is okay to make mistakes; in your career it is usually not so okay.

7 Mar 2014

1. The materials for the course feedback assignment are now available.  There are two parts: (a) qualitative feedback, and (b) quantitative feedback.

1A. Please COMPLETE the qualitative feedback by completing this WORD DOC and submitting your responses (WORD DOC format) via the student desktop. 

1B. Please REVIEW the quantitative feedback survey PDF.  THIS SURVEY IS ANONYMOUS.  I will distribute this form in class for your completion on monday.

2. NEWS: Safeway acquired by Cerberus PE firm.   HTML  If any student has time to investigate this acquisition, I would appreciate if you could speak what you know about this transaction on Monday....

3. Heads up:  Watch Morgan Stanley stock over the next few weeks...if you are a market technician, it looks like a upside breakout for MS is being set-up and may occur; there is an increasing probability of such...."technically."  A 5-yr underperformer, but nice set-up in place....for up or down.

5 Mar 2014

See article (courtesy of classmate Nathan):  China banks strike back against threat from Internet finance

http://www.cnbc.com/id/101438106

1 Mar 2014

Take a quick look at "Volatility In China's Currency Could Mark The Start Of A Big Shift In Policy"

http://www.sfgate.com/technology/businessinsider/article/Volatility-In-China-s-Currency-Could-Mark-The-5261839.php

26 Feb 2014

Take a quick look at "..the most influential on Wall Street" http://www.cnbc.com/id/101431077

Also, here is some insight on JPM strategy http://finance.yahoo.com/news/businesses-jp-morgans-investment-bank-160834112.html

23 Feb 2014

Given the two grading plans announced below [21 Feb], the said project descriptions have been posted at the bottom of this webpage. If you chose grading plan #2, that is to commit to just one group project, you can select either project #1 or #2. If you want grading plan 1, thus involved in two projects, you will be assigned one project #1 and one project #2.  The group membership assignments for these projects will be made by the professor AFTER the 5th class meeting -- that is after you select your individual grading plan.

21 Feb 2014

Folks, given the larger-than-expected course enrollment, the informal class feedback, and recent discussion with individuals, for this course there will be two grading plans to select from: 1) participation 20%, 2 group presentations (3-4 members) 40% and 1 final individual written project 40%; and 2) participation 20%, 1 group presentation (3-4 members) 20%, and 1 final individual written project 60%. I will provide all details in class on Monday (24 Feb).

20 Feb 2014

1. Glad to see you all in class today...previous classmates and all the new. The REALLY important and effective video to watch is called "Understanding the Financial Crisis very good explanation HD" Go HERE: http://www.youtube.com/watch?v=JVSpPXterd0 be sure to watch -- you will be happy you did!

2. Please try to catch up on the assignments as best you can over the weekend.....

10 Feb 2014 Welcome to the course website!  Prior to the first class meeting, be sure to review the current syllabus; it can always be found via the link at the top of this webpage.

Schedule

 

Session
Number
Date Day

Class Topic(s)

Pre-class Preparation

(do prior to class start, except as noted)

Notes
01 17 Feb M

Introductory Overview; 

Industry Regulations & Reforms

1. Review the CURRENT Course Syllabus.
[use the link at the top of this webpage]
Classroom Slides PDF
02 20 Feb H Industry Regulations & Reforms

1. Set up your personal desktop on this website: Create your personal account and complete your profile with your headshot photo.

2. Watch the John Mack video "John Mack on Saving Morgan Stanley, Inside the Bunker" (circa 2009; 27 minutes) YOUTUBE URL

3. Watch the Hank Paulson interview with John Mack video "Mack, Paulson full interview" (1 hour) YOUTUBE URL

4. Watch the John Mack interview about blame for the recession "Mack: Banks had a role in economic woes". (2010; 6 minutes) YOUTUBE URL

5. Read article on The 2008 Financial Crisis and Subsequent Reforms (7 pgs.) PDF

6. Read article about Industry Regulation and Ethics (20 pgs.) PDF

7. Prepare and submit your Self-Introduction and CV (before 3rd class meeting) PDF

Classroom Slides PDF
03 24 Feb M Industry Regulations & Reforms

1. Watch the Lloyd Blankfein interview "Lloyd Blankfein's Advice to Summer Interns: Goldman Sachs Summer 2013". (41 minutes). YOUTUBE URL

2. Read US Treasury Article on Five years after the Financial Crisis HTML

3. Study the US Treasury Presentation on Five years after the Financial Crisis PDF

4. Read speech "The Impacts of Post-Crisis Global Regulatory Reforms on Financial Markets" by US Securities & Exchange Commission by the Commissioner HTML

5. Read article (7 pgs.) on Trends and Challenges of IB PDF

6. Read article about Employment in Investment Banking (28 pgs.) PDF

7. Prepare and submit your Self-Introduction and CV(before 3rd class meeting) PDF

Classroom Slides PDF
04 27 Feb H Firm Structure

1. Read article about IB Firm Types & Industry Structure  (12 pgs.) PDF

2. Read article What Investment Banks Do (3 pgs.) PDF

3. Read article How Does an IB Work (7 pgs.) PDF

Classroom Slides PDF
05 3 Mar M Firm Structure

1. Commit to a course grading plan.

2. Read article about Divisions & Services (25 pgs.) PDF

3. Read 1993 article about IB industry overview  (22 pgs.) PDF

Classroom Slides PDF
06 6 Mar H Firm Structure

1. Read article about How IBs Compete and Profit (11 pgs.) PDF

2. Read 1993 article about IB industry structure (16 pgs.) PDF

3. Read article How IB Make Their Money (3 pgs.) PDF

Classroom Slides PDF
07 10 Mar M Investment Banking Services

1. Submit course feedback. There are two parts: (a) qualitative feedback, and (b) quantitative feedback.

1A. Please COMPLETE the qualitative feedback by completing this WORD DOC and submitting your responses (WORD DOC format) via the student desktop. 

1B. Please REVIEW the quantitative feedback survey PDF.  THIS SURVEY IS ANONYMOUS.  I will distribute this form in class for your completion.

2. Read article Venture Capital and Private Equity (23 pgs.) PDF

3 Read article Mergers & Acquisitions (18 pgs.) PDF

Classroom Slides PDF
08

13 Mar
***time change***
2:30 -3:30 Room 501

H Investment Banking Services

1. Read article Equity Underwriting and IPOs (25 pgs.) PDF

2. Read article Debt Underwriting (33 pgs.) PDF

Guest Speaker: Harley Seyedin, President, AmCham South China HTML

Classroom Slides PDF

09 17 Mar M Investment Banking Services

1. Read article Asset Securitization (23 pgs.) PDF

2. Read article Listing on Exchanges (18 pgs.) PDF

Webinar: Volker Rule & Private Equity HTML (1 Hr)

Classroom Slides PDF

  19 Mar 8:00pm W   TENCENT Q4 Results Conference Call HTML  
10

20 Mar

***Lecture time change***
10:30 - 11:00

Break: 11:30-12:30 (suggest group meetings)

***GUEST SPEAKER time change***
12:30 -1:30 Room TBA

H Investment Banking Services

1. Read article Trading, Market Making and Brokering (25 pgs.) PDF

2. Read article Repurchase Agreements and Prime Brokerage (21 pgs.) PDF

Guest Speaker: Jim McGill, Managing Director, Morgan Stanley Please register  HTML 

Classroom Slides PDF

11 24 Mar M Investment Banking Services

1. Read article Derivatives and Financial Engineering, FX, Commodities, Swaps (23 pgs.) PDF

2. Read article Investment Management (19 pgs.) PDF

 
12 27 Mar H Investment Banking Services

1. Read article Clearing and Related Operations (11 pgs.) PDF

2. Read article Research (11 pgs.) PDF

3. Read article Funding and Risk Management (13 pgs.) PDF

GROUP-PROJECT PRESENTATIONS

GROUPS AA, BB, CC

13 31 Mar M Global Players: Firms & People

1. Submit course feedback. There are two parts: (a) qualitative feedback, and (b) quantitative feedback.

1A. Please COMPLETE the qualitative feedback by completing this WORD DOC and submitting your responses (WORD DOC format) via the student desktop. 

1B. Please REVIEW the quantitative feedback survey PDF.  THIS SURVEY IS ANONYMOUS.  I will distribute this form in class for your completion.

2. Watch the Greg Smith (Ex-Goldman) talk "Why I Left Goldman Sachs: Greg Smith on Business Ethics & the Financial Services Industry" (Jan. 2013; 1:04) YOUTUBE

3. Watch 30 under 30: Jannifer Fan, Arbalet Capital "30 Under 30: Wall Street Veteran" (7:01) YOUTUBE

GROUP-PROJECT PRESENTATIONS

GROUPS EE

 

14 3 Apr H Global Players: Firms & People   GROUP-PROJECT PRESENTATIONS GROUPS B, C, D
15

7 Apr Mon (HOLIDAY: NO CLASS)

Class moved to WEDNESDAY 9 April 10:30-12:20

W China & Emerging Markets: Firms & People  

GROUP-PROJECT PRESENTATIONS GROUPS E, F

Classroom Slides PDF

16 10 Apr H China & Emerging Markets: Firms & People 1. Read article Information Services (20 pgs.) PDF

GROUP-PROJECT PRESENTATIONS

GROUPS DD, A (orig mar 31)

17 14 Apr M China & Emerging Markets: Firms & People

1. Read article IB in BRICs (less China) (21 pgs.) PDF

2. Read article IB in China (9 pgs.) PDF

 
18 17 Apr H China & Emerging Markets: Firms & People  

FINAL PROJECTS RECEIVE BONUS POINTS IF SUBMITTED prior to 9:00am April 16.

Classroom Slides PDF

Final
Exam
Day
21 Apr M     FINAL PROJECTS ARE DUE 23:59

Projects: Group Presentation Project #1 (Company)

Description PDF

Project Team-Feedback Form  PDF

GROUP TOPICS (6 groups):

GRP  TOPIC

A  Nomura Securities  PDF

B  Huaitai United Securities PDF

C  European Investment Bank PDF

D  China Orient Asset Management Corporation PDF

E  China Renaissance PDF

F  CICC (China International Capital Corporation Limited) PDF

 

GROUP MEMBERSHIP (6 groups):

GRP  MEMBER

A Chen Chen Leonard

A Pauwel Adams

A Fang Shaoming Shirley

A Lu Shiying

B Hou Lixiang Leon

B Elien Buyse

B Chu Jie Britney Chu

B FU TIANWA FIFI

C Li Xin Andy

C WANG HAO Steven Wang

C Federico Paolucci

C Jin Xin Stone

D Michael Li

D Hu Rongjie Colin

D xuyumeng Alex

D seven

E Nathan Patrick Richter

E li tingting Isabelle

E Ma Jifei Francis Ma

E xuan qing ling Keelyn Xuan

F Hamish Hu

F Deng Rongchao Carlos

F Jan Thomas Roschke

F Yan Yu Yolanda

 

 

Projects: Group Presentation Project #2 (Business)

Description PDF

Project Team-Feedback Form  PDF

GROUP TOPICS (5 groups):

GRP  TOPIC

AA      Wealth Management PDF

BB       Venture Capital PDF

CC      Private Equity PDF

DD      IPO PDF

EE       Emission Trading PDF

 

GROUP MEMBERSHIP (5 groups):

GRP  MEMBER

AA Elien Buyse

AA Hu Rongjie

AA li tingting

AA xuyumeng

BB Michael Li

BB Deng Rongchao

BB Jin Xin

BB Lu Shiying

CC Hamish Hu

CC Fang Shaoming

CC FU TIANWA

CC Nathan Patrick Richter

DD Chen Chen

DD Pauwel Adams

DD seven

EE Ma Jifei

EE Jan Thomas Roschke

EE Yan Yu

 

Final Project: Individual Written Report on an Event

Description PDF