COLUMBIA UNIVERSITY GRADUATE SCHOOL OF BUSINESS. Division of Finance and Economics (646) Office Hours: TBD

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1 COLUMBIA UNIVERSITY GRADUATE SCHOOL OF BUSINESS Finance B Prof. John J. Moon Entrepreneurial Finance 317 Uris Hall Division of Finance and Economics (646) Summer 2008 Office Hours: TBD Course Overview In this course, we study entrepreneurial finance in the broader context of corporate finance. Leveraging off of concepts developed in the core corporate finance course, we examine real world corporate finance issues particularly relevant to executives and investors in the entrepreneurial setting. The objectives of this course are three-fold: i) reinforce understanding of the concepts covered in the core corporate finance course by applying them to case studies involving entrepreneurs; ii) examine advanced corporate finance topics relevant to entrepreneurship; iii) introduce concepts, terms and institutions commonly used in the practice of private equity/venture capital investing. Course Requirements and Grading Each three-hour session will be comprised of an introductory lecture with class discussion of the required readings followed by time dedicated to the analysis of a case study which covers the concepts for that session. The first (approx.) 80 minutes of each class will be dedicated to lecture and class discussion of that session s topics. The class discussion will be followed by an analysis of that session s case study for the remaining (approx.) 90 minutes. (A 5-10 minute intermission will divide the two 90 minute segments.) This course will rely heavily on class participation and requires substantial preparation for each three-hour session. It is essential that students complete all required readings and prepare for substantive class discussion with detailed notes and a short (two-page) write-up on the assigned case study for that session. Group discussions and team-based case analysis prior to class is strongly encouraged. To encourage this interaction, every study group/team is expected to submit a two-page memorandum analyzing that session s case. These memoranda will comprise 1/3 of the course grade. Given the emphasis on discussion (both in this class as well as in the real world ) 1/3 of the course grade will be based on class participation. The remaining 1/3 of the course grade will be based on a team-based, takehome final exam. To facilitate class discussion, please remember to bring name cards to every session.

2 Course Materials and Information Required readings, cases and case questions will be available to you either in the case book or in the following textbooks: Required Brealey, Richard A., Stewart C. Myers and Franklin Allen, 2006, Principles of Corporate Finance (Eighth Edition), McGraw-Hill/Irwin, New York, NY. Levin, Jack S., 2007, Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions, Aspen Publishers, Inc., New York, NY. Putterman, Louis, and Randall S. Kroszner, eds., 1996, The Economic Nature of the Firm: A Reader (Second Edition), Cambridge University Press, Cambridge, U.K. Recommended but not Required Amram, Martha and Nalin Kulatilaka, 1998, Real Options: Managing Strategic Investment in an Uncertain World, Harvard Business School Press, Boston, MA. Copeland, Tom, Tim Koller and Jack Murrin, 2000, Valuation: Measuring and Managing the Value of Companies (Third Edition), John Wiley & Sons, Inc., New York, NY. In addition, the course will have a dedicated website for other more timely information and relevant downloadable material as it becomes available. The course website can be accessed through ANGEL.

3 Assignment for First Class Given the amount of material to cover in the course and the three-hour session format, much of the first day of class will be devoted to substantive class discussion on the readings and that session s case, Technical Data: Business Plan. Casebooks should be available in advance of the first day of class through Operations. Students should be prepared to discuss the readings and the case in detail on the first day of class. Again, to facilitate class discussion, please remember to bring name cards to every session. Please find questions which will be used to guide class discussion below: Technical Data: Business Plan 1. Should Parker enter the business? 2. Would you invest in this deal? What is the implied valuation of the firm at the proposed deal price? 3. What is Parker investing in this venture? 4. How much money should Parker raise? Is $100,000 the right amount? 5. How has the deal been structured? Why?

4 Session 1. Finance? Introduction and Overview: What s so Special About Entrepreneurial 1. Some Thoughts on Business Plans Case # A Note on Valuation in Private Equity Settings Case # Entrepreneurial Finance: A course overview 2. What is entrepreneurial finance? 3. Corporate finance theory and entrepreneurship 4. People-Opportunity-Context-Deal Framework C. Case Study: Technical Data Corporation: Business Plan Case # A Note on Private Equity Information Sources Case # Session 2. Capital Structure and Valuation: Theory and Practice 1. Brealey, Myers and Allen Ch. 18: How Much Should a Firm Borrow? 2. New Venture Financing Case # Review of Modigliani-Miller Propositions: Is capital structure irrelevant? 2. Implications of leverage 3. Special challenges of high growth companies a. Short-term finance and managing working capital 4. Alternative forms of organization/finance a. Franchising b. Outsourcing

5 5. Common sources of financing for entrepreneurs C. Case Study: John M. Case Company Case # Valuation by Copeland, Koller and Murrin (2000) 2. Miller and Modigliani (1958) (1963) 3. Titman and Wessels (1988) Session 3. Information Problems in Entrepreneurial Finance 1. Asquith, Paul and David W. Mullins, 1986, "Signaling with Dividends, Stock Repurchases, and Equity Issues," Financial Management Autumn: Smith, Jr., Clifford W., 1986, Investment Banking and the Capital Acquisition Process, Journal of Financial Economics 15: Market for lemons and adverse selection 2. Signaling 3. Asymmetric information and capital raising for companies large and small C. Case Study: NetFlix.com, Inc. Case # Akerlof (1970) 2. Asquith and Mullins (1986) 3. Fazzari, Hubbard and Peterson (1988) 4. Lamont (1997) 5. Myers and Majluf (1984) 6. Ross (1977) 7. Spence (1973)

6 Session 4. Agency Problems in Entrepreneurial Finance 1. The Economic Nature of the Firm Ch. 23: Jensen and Meckling 2. Eclipse of the Public Corporation HBR Reprint # Agency costs of equity 2. Large shareholders and monitoring 3. Debt as a bonding mechanism 4. The LBO considered 5. Agency costs of debt C. Case Study: O.M. Scott & Sons Company Leveraged Buyout Case # Fama and Jensen (1983) 2. Jensen and Meckling (1976) 3. Jensen (1993) 4. Morck, Shleifer and Vishny (1988) 5. Kaplan (1986) 6. Palepu (1990) Session 5. The Modern Corporation vs. the Entrepreneur 1. Jensen, Michael C., and William H. Meckling, 1992, Specific and General Knowledge, and Organizational Structure, in Contract Economics edited by Lars Werin and Hans Wijkander, Blackwell Publishers, Cambridge, MA. (Sections 1-5 required and Sections 6-8 optional) 2. The Economic Nature of the Firm Ch. 6: Chandler 1. Boundaries of the firm and optimal firm size: markets vs. hierarchies

7 2. The rise of the modern corporation 3. The entrepreneur s role in the growth and development of an industry C. Case Study: Parenting Magazine Case # The Visible Hand, Chandler (1977) 2. Jensen and Meckling (1992) 3. Klein, Crawford and Alchian (1978) 4. Markets and Hierarchies, Williamson (1975) Session 6. Evaluating and Structuring Venture Capital Investments 1. A Method for Valuing High-Risk, Long-Term Investments Case # A Note on Private Equity Securities Case # Private equity securities 2. The Venture Capital Method and VC valuation 3. Overview of a venture capital term sheet C. Case Study: Apex Investment Partners (A): April 1995 Case # Levin (2004) 2. Black (1976) Session 7. Identifying and Evaluating Exit Alternatives: Mergers and Acquisitions 1. Brealey, Myers and Allen Ch. 32: Mergers

8 1. Basic considerations and motivations for sale of a company 2. Overview of an M&A sale process 3. Legal, tax and accounting implications of basic M&A structures C. Case Study: Technical Data Corporation Case # Session 8. Identifying and Evaluating Exit Alternatives: Initial Public Offerings 1. A Note on the Initial Public Offering Process Case # When is a company a candidate for an IPO? What makes them so? 2. The IPO process C. Case Study: Netscape s Initial Public Offering Case # Ritter (1991) 2. Loughran and Ritter (1995) 3. Megginson and Weiss (1991) Session 9. Venture Capital and Private Equity Partnerships 1. A Note on Private Equity Partnership Agreements Case # A Note on the Private Equity Fundraising Process Case # Structure of partnerships 2. Various types of LPs 3. Key Regulatory Issues B. Case Study: Weston Presidio Offshore Capital: Confronting the Fundraising Challenge Case # C. Additional Reading

9 1. Gompers and Lerner (1999) 2. Kaplan and Schoar (2005) 3. Hsu (2004) Session 10. Real Options 1. Brealey, Myers and Allen Ch. 22: Real Options 2. The Options Approach to Capital Investment HBR Reprint # Identifying real options 2. Implications of real options on the traditional valuation of enterprises 3. Practical approaches to valuing real options C. Case Study: 1. MW Petroleum Corporation (A) Case # D. Required Modeling Exercise: In Excel, value the proved undeveloped reserves of MW Petroleum employing two methodologies: 1) traditional DCF analysis and 2) option pricing theory. ed files are due at the beginning of class. E. Additional Reading 1. Brealey, Myers and Allen Ch. 20: Understanding Options and Ch. 21: Valuing Options 2. Amram and Kulatilaka (1998) 3. Black and Scholes (1973) 4. Dixit and Pinkdyck (1994)

10 References Akerlof, George A., 1970, The Market for Lemons : Quality and the Market Mechanism, Quarterly Journal of Economics 84: Amram, Martha, and Nalin Kulatilaka, 1998, Real Options: Managing Strategic Investment in an Uncertain World, Harvard Business School Press, Boston, MA. Asquith, Paul, and David Mullins, 1986, Equity Issues and Offering Dilution, Journal of Financial Economics 15: Asquith, Paul and David W. Mullins, 1986, "Signaling with Dividends, Stock Repurchases, and Equity Issues," Financial Management Autumn: Baker, George P., III, and Karen H. Wruck, 1990, Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott and Sons Co. Inc., Journal of Financial Economics 25: Baker, George P., III, and Karen H. Wruck, 1991, "Lessons from a Middle Market LBO: The Case of O. M. Scott," Journal of Applied Corporate Finance 4(1): Beatty, Randolph P., and Jay R. Ritter, 1986, Investment banking, Reputation and the Underpricing of Initial Public Offerings, Journal of Financial Economics 15: Black, Fischer, 1976, "The Dividend Puzzle," The Journal of Portfolio Management, Winter 1976: Black, Bernard S. and Ronald J. Gilson, 1998, Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets, Journal of Financial Economics, 47: Black, Fischer, and Myron Scholes, 1973, The Pricing of Options and Corporate Liabilities, Journal of Political Economy 81: Brealey, Richard A., and Stewart C. Myers, 2000, Principles of Corporate Finance (Sixth Edition), Irwin/McGraw-Hill, New York, NY. Chandler, Alfred D., 1977, The Visible Hand, Harvard University Press, Cambridge, MA. Copeland, Tom, Tim Koller and Jack Murrin, 2000, Valuation: Measuring and Managing the Value of Companies (Third Edition), John Wiley & Sons, Inc., New York, NY. Dixit, Avinash, and Robert S. Pindyck, 1994, Investment Under Uncertainty, Princeton University Press, Princeton, NJ. Fama, Eugene F., and Michael C. Jensen, 1983, Separation of Ownership and Control, Journal of Law and Economics 26:

11 Fazzari, S.M., R.Glenn Hubbard and Bruce C. Petersen, 1988, Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, Fenn, George W., Nellie Liang and Stephen Prowse, 1995, The Economics of the Private Equity Market, Board of Governors of the Federal Reserve System, Washington, D.C. Gompers, Paul, and Josh Lerner, 1999, The Venture Capital Cycle, The MIT Press, Cambridge, MA. Hsu, David H., 2004, What Do Entrepreneurs Pay for Venture Capital Affiliation? Journal of Finance 59: Ibbotson, Roger G., Jody L. Sindelar and Jay R. Ritter, 1994, The Market s Problem with the Pricing of Initial Public Offerings, Journal of Applied Corporate Finance 7, Spring: Jensen, Michael C., and William H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 3: Jensen, Michael C., and William H. Meckling, 1992, Specific and General Knowledge, and Organizational Structure, in Contract Economics edited by Lars Werin and Hans Wijkander, Blackwell Publishers, Cambridge, MA. Jensen, Michael C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review 76: Jensen, Michael C., 1993, The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems, Journal of Finance 48: Kaplan, Steven N., 1989, The Effects of Management Buyouts on Operations and Value, Journal of Financial Economics 24: Kaplan, Steven N., and Antoinette Schoar, 2005, Private Equity Performance: Returns, Persistence, and Capital Flows, Journal of Finance 60: Klein, Benjamin, Robert G. Crawford and Armen A. Alchian, 1978, Vertical Integration, Appropriable Rents and the Competitive Contracting Process, Journal of Law and Economics 21: Lamont, Owen, 1997, Cash Flow and Investment: Evidence from Internal Capital Markets, Journal of Finance 52: Levin, Jack S., 2000, Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions, Aspen Publishers, Inc., New York, NY. Loughran, Tim, and Jay R. Ritter, 1995, The New Issues Puzzle, Journal of Finance 50:

12 Megginson, William L., and Kathleen A. Weiss, 1991, Venture Capitalist Certification in Initial Public Offerings, Journal of Finance 46: Modigliani, Franco, and Merton H. Miller, 1958, The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review 48: Modigliani, Franco, and Merton H. Miller,1963, "Corporate income taxes and the cost of capital: a correction" American Economic Review 53: Morck, Randall, Andrei Shleifer and Robert Vishny, 1988, Management Ownership and Market Valuation, Journal of Financial Economics 20: Myers, Stewart C., and N. Majluf, 1984, Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have, Journal of Financial Economics 13: Myers, Stewart C., 1977, Determinants of Corporate Borrowing, Journal of Financial Economics 5: Palepu, K.G., 1990, Consequences of Leveraged Buyouts, Journal of Financial Economics, 27: Putterman, Louis, and Randall S. Kroszner, eds., 1996, The Economic Nature of the Firm: A Reader (Second Edition), Cambridge University Press, Cambridge, U.K. Ritter, Jay R., 1991, The Long-Run Performance of Initial Public Offerings, Journal of Finance 46: Ross, Stephen A., 1977, The Determination of Financial Structure: The Incentive Signaling Approach, Bell Journal of Economics 8: Shleifer, Andrei, and Robert Vishny, 1992, Liquidation Values and Debt Capacity: A Market Equilibrium Approach, Journal of Finance 47: Smith, Jr., Clifford W., 1986, Investment Banking and the Capital Acquisition Process, Journal of Financial Economics 15: Smith Clifford W., and Jerold B. Warner, 1979, On Financial Contracting: An Analysis of Bond Covenants, Journal of Financial Economics 7: Spence, A. Michael, 1973, Job Market Signalling, Quarterly Journal of Economics 87, Titman, Sheridan, and Walter Wessels, 1988, The Determinants of Capital Structure Choice, Journal of Finance 43: Warner, Jerold B., 1977, Bankruptcy Costs: Some Evidence, Journal of Finance 32:

13 Williamson, Oliver E., 1975, Markets and Hierarchies: Analysis and Antitrust Implications, Free Press, New York, NY.

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