JJUA54036U Private Equity - From Venture Capital to Buyouts
To obtain a 12 grade students should demonstrate a thorough
understanding of micro and/or macro aspects of private equity in
broad terms and/or a thorough understanding of a particular topic
within the overall framework of the course.
On a macro level, students should demonstrate a thorough
understanding of industry drivers, such as the growth in savings
deployable, the effects of corporate governance and regulation on
the attractiveness of private versus public capital as well public
policy issues such as transparency, any systemic risks associated
with financial innovation and in particular the trading and
transfer of risks and taxation.
On a micro level, students should demonstrate a thorough
understanding of the structures and workings of venture capital and
private equity firms, in particular on the screening, investment,
value creating and exit cycle, on capital structure issues as
related to the stage and risk profile of portfolio companies, on
the control and agency issues related to governance as well as of
the contracts used to regulate principal/agent relations and to
ensure alignment of interest, both in relation to limited partners
and general partners and in relation to portfolio companies.
As this is a multi disciplinary course, students may select a topic
of their own choosing within law, economics, finance and public
policy for their project work. Students may choose to submit a
paper with a more narrow focus than described above and achieve a
12 grade based on a thorough understanding of the subject matter in
question and an overall understanding of the course material.
The course is a joint University of Copenhagen Department of
Economics/Faculty of Law graduate course introducing students to
key aspects of private equity. The course is designed to be of
interest to students of law, economics, finance and public policy,
emphasizing the interrelationships between academic disciplines
within this field.
The course is a joint University of Copenhagen Department of
Economics/Faculty of Law graduate venture introducing students to
key aspects of private equity and hedge funds.Students completing
this course will have gained an understanding of the workings and
practices of private equity and hedge funds as well as regulatory,
economic, corporate governance and public policy implications of
the growth of the alternative investment industry. Students will
also have had an opportunity to study with fellow students from
other departments and/or academic fields within departments, as
well as gaining insights and perspectives from external speakers
from the alternative investment industry, portfolio companies and
regulators.
To obtain a 12 grade, students should demonstrate through their
written project work and the oral examination a thorough
understanding of micro and/or macro aspects of the alternative
investment industry, in particular private equity and hedge funds,
in broad terms and/or a thorough understanding of a particular
topic within the overall framework of the course.
On a macro level, students should demonstrate a thorough
understanding of industry drivers, such as the growth in savings
deployable, the effects of corporate governance and regulation on
the attractiveness of private versus public capital as well public
policy issues such as transparency, any systemic risks associated
with financial innovation and in particular the trading and
transfer of risks and taxation.
On a micro level, students should demonstrate a thorough
understanding of the structures and workings of private equity
funds, in particular on the screening, investment, value creating
and exit cycle, on capital structure issues as related to the stage
and risk profile of portfolio companies, on the control and agency
issues related to governance as well as of the contracts used to
regulate principal/agent relations and to ensure alignment of
interest, both in relation to LPs and GPs and in relation to
portfolio companies and management thereof.
As this is a multi disciplinary course, students may select a topic
of their own choosing within law, economics, finance and public
policy for their project work. Students may choose to submit a
paper with a more narrow focus than described above and achieve a
12 grade based on a thorough understanding of the subject matter in
question and an overall understanding of the course
material
Private Equity as an Asset Class, CH 1-8, Guy-Fraser-Sampson,
Wiley Finance, 2007, pages 180
Contracts & Incentives, THR, NA, pages 23
Capital Structure, Stewart C. Myers, Journal of Economic
Perspectives, spring 2001, pages 21
A Survey of Corporate Governance, Andrei Shleifer; Robert W.
Vishny, The Journal of Finance, Vol. 52, No. 2. (Jun., 1997), pp.
737-783., pages 46
Limited Partnership Agreements, NA, BVCA, pages 27
Suggested supplementary material
The Economics of the Private Equity Market, George W. Fenn and
Nellie Liang, Dallas FED, pages 72
Relevant legal acts, Public acts, Plesner (law firm), pages
n/a
- Category
- Hours
- Preparation
- 241
- Seminar
- 34
- Total
- 275
- Credit
- 10 ECTS
- Type of assessment
- Written assignmentThe exam is a written paper in English on a subject written within the course outline. The subject is chosen by the student, and the student may ask the lecturers for prior approval of the subject. The paper should be of 8 - 12 pages (max. 31,000 characters incl. space) excl. index and appendixes. Submission of the paper is done electronically at the course homepage. The deadline for submission is late May, early June (a more precise date is disclosed later).
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
- Exam period
- beginning of June 2014
Course information
- Language
- English
- Course code
- JJUA54036U
- Credit
- 10 ECTS
- Level
- Full Degree MasterFull Degree Master choice
- Duration
- 1 semester
- Placement
- Spring
- Schedule
- Undervisningen foregår på Økonomisk Institut / Teaching is taking place at Department of Economics
Se skemaet her:
https://skema.ku.dk/ku1415/reporting/textspreadsheet?objectclass=student+set&idtype=id&identifier=60554&t=SWSCUST2+student+set+textspreadsheet&days=1-7&weeks=1-52&periods=1-68&template=SWSCUST2+student+set+textspreadsheet. - Study board
- Law
Contracting departments
- Law
- Department of Economics
Course responsibles
- Jesper Lau Hansen (17-4f6a78756a773351667a334d6673786a73456f7a7733707a336970)
Lecturers
Department of Economics:
Søren Hovgaard (course coordinator), email:
soren.p.hovgaard@econ.ku.dk
Faculty of Law:
Tomas Krüger Andersen, email: tomas.kruger.andersen@jur.ku.dk