Business 30131, Advanced Financial Analysis and Valuation for Global Firms
The course covers advanced financial analysis and valuation for global firms. It is designed for students that already have a basic familiarity with corporate valuation and DCF analysis (e.g., from corporate finance class or a prior job) as well as solid accounting knowledge. We cover financial analysis of different business models, specific situations (e.g., cyclicals, young growth companies, closely-held firms) as well as the analysis and valuation of foreign companies (e.g., emerging markets, reporting under IFRS). Capital markets have become increasingly global, providing more opportunities for corporate investments and M&A abroad. Evaluating these global investments, however, poses unique challenges for financial analysis (e.g., regarding information, accounting and governance) as well as valuation problems.
This course is likely useful for students who aim for careers in consulting, investment banking, investment management, equity or credit analysis, transaction services, private equity and venture capital, as well as corporate finance, including M&A functions. It is a capstone class, drawing on other classes at Booth.
Business 30132,Navigating the ESG Landscape
This half-quarter course covers the emerging ESG landscape with a focus on using and analyzing information, disclosure and sustainability reporting. We begin by clarifying what CSR, ESG and sustainability mean and how they relate to corporate objectives and the purpose of the firm. We cover different ESG erspectives, the central role of externalities, materiality concepts for ESG information and how they connect to firm objectives. Next, we discuss the current state of firms’ voluntary ESG disclosure and reporting practices, the role of markets in shaping the demand for and supply of ESG information as well as the role of information intermediaries (e.g., rating agencies). Thereafter, we examine the emerging ESG and sustainability reporting infrastructure including standards and reporting mandates. We discuss the economic effects we should expect from these regulatory efforts. Equipped with this understanding, we discuss the role of ESG information in sustainable finance, including in ESG investing, private markets, and banking. We cover the quality of ESG information and the challenges that arise with respect to greenwashing and the assurance of information. Finally, we examine how corporate managers produce ESG information, use it internally, including to manage ESG risks and opportunities, provide incentives, in governance or to create accountability.
The course comprises a mix of lectures, class discussion, cases, group projects, and guest speakers. The lectures draw heavily on academic studies as well as provide examples from industry trends and corporate practices.
This course is likely useful for students who are interested in climate, CSR, ESG and sustainability issues, especially if they expect to use information and disclosures on these issues in their future careers. This is particularly relevant for students who want to pursue careers in banking, consulting, corporate roles in accounting and finance, or investment management. ESG implications play an increasingly important role in corporate decisions. Corporate ESG footprints are being scrutinized in credit, investment and M&A decisions. Familiarity with ESG disclosures and reporting standards as well as the ability to understand and analyze ESG information are therefore becoming more and more relevant.
Business 30907, Topics in Empirical Accounting Research
The course is designed for Ph.D. students in accounting, finance and related fields. Broadly speaking, its primary objective is to advance your understanding of empirical research on the role of accounting information and disclosure in capital markets, corporate finance and corporate governance. The course covers a wide range of topics, including disclosure studies (e.g., on the link between disclosure and the cost of capital) studies on disclosure and securities regulation, on earnings management as well as studies on governance and international research in accounting. We will also cover studies on bank regulation, market-to-market accounting and the crisis. For each of the topics, we will discuss economic hypotheses, research methodologies, econometric techniques, and data issues. We will also discuss ideas for future research in various areas.