Professional Documents
Culture Documents
Who am I?
Course Basics and Housekeeping
Introduction
Jos Mara Liberti
Global Corporate Restructuring, Winter 2016 Jos Liberti
Who am I?
From
Buenos Aires, Argentina
Education
Ph. D. in Economics, University of Chicago.
BA and MA in Economics, Universidad de San Andrs, Buenos
Aires.
Who am I? (cont.)
Corporate Restructuring
Global Entrepreneurial Finance (New!)
Financial Decisions
Finance I/II (Turbo)
Finance I
Who am I? (cont.)
Who am I? (cont.)
The Rolling Stones (fanatic), used to play rugby for the Kellogg
Rhinos (Im too old and my bones are all broken now!) and
avid soccer fan!
Even students who work on their own country may find the
course extremely useful:
Comparing and contrasting opportunities, financing contexts,
governance and legal structures across countries.
Teaching Style
Dropbox
Announcements
Lecture Outlines
Exhibits and Case Study Questions
Case Material
Supplementary Material/Readings
Solutions to cases will only be distributed in class.
Everything will have an electronic copy except the case
solutions.
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Classroom Etiquette:
Laptop Policy: I will let you know when you should bring your
laptop to class to go over my valuation models.
If you are checking a valuation model, then I do not have any
problem, but I prefer if you are engaged in the discussion.
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Contact Information
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Housekeeping
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Environment? Life-cycle?
Competitors? Risks?
Key Success Factors?
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NON-FAMILY FIRMS
Owners Preferences
Cash-flow rights
No private benefits of control
Short investment and profit horizons
No such trade-offs
Agency conflict between shareholders and managers
Management Decisions
Investment decisions with long payback periods
Setting up a dual-class share structures and use of ADRs
Structural Characteristics
Larger
Higher dividend payout
Higher leverage
Control rights = Cash flow rights
More anti-takeover provisions
Smaller
Lower dividend payout
Lower leverage
Control rights > Cash flow rights (often?)
Less-anti takeover provisions
Firm Performance
Higher if founder is CEO or Chairman, especially with
dual class stock
Lower if descendant is CEO or Chairman
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Questions:
How does corporate restructuring create value?
When does it make sense for a company to restructure?
What kind of restructuring is most appropriate for dealing with a
given problem?
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Pre-Requisites
Be:
Curious!
Collegial!
Respectful to your classmates! No cell phones, no laptops except
when indicated.
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Pre-Requisites (cont)
Male/Female
Single/Married
Marketing/Finance
Lyrics/Non-Lyrics
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Class Participation:
35%
45%
Peer-Review Evaluation:
20%
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Final Remark
Remark: Have fun and learn! This is the reason why you are
here!
Any questions?
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