Investment Banking of the Future - Executive Education

Corporate finance is central to strategic decision making, with those having a deep understanding and skills in this area being highly sought after in investment banking, mergers and acquisitions and venture capital.

This programme is specially designed for senior executives working in Investment Banking and the Capital Markets industry to better formulate new strategies for clients, design new products and solutions, provide more effective advisory services and be more adept at creating value to bring their businesses to a new level. It will provide participants with real-world perspectives on issues in corporate finance, optimising financing structure, tackling issues related to governance and control in deals, and helping clients manage risk when structuring trans-border deals.

Programme Outline

Learning Objectives

Upon completion of this programme, participants will be able to:

Analyse and develop a deeper understanding of the Investment Banking business
Formulate new strategies for clients
Design and create new products
Appraise and adept more effective advisory skills
Evaluate and support more complete skills to master new problems and develop new solutions

Programme Outline

DAY 1
Morning Session
Tools for Investment Bankers: Valuation
We will start by focussing on two key moments of value creation for investment bankers: valuing and managing deals, and financing them. How to create value by valuing and structuring deals will be discussed, with an emphasis on the most important one: M&As. We will then focus on how to quantify value creation from different standpoints (cash flows, market, synergies), and consider how to advise the best deals and what the determinants of success and failures are.
Tools for Investment Bankers: Valuation and Negotiation: How to Frame the deal
In the second part of the morning, we will focus on how to structure and negotiate the deal, and consider how valuation, financing and negotiation will have to be jointly designed to optimise the customers’ needs.
Afternoon Session
Optimising the Financing Structure
In the second part of the morning, we will focus on how to structure and negotiate the deal, and consider how valuation, financing and negotiation will have to be jointly designed to optimise the customers’ needs.
Advanced Issues on Value and Control
We will consider both the purely financial issues as well as the more critical ones related to control and governance. These issues include the impact on voting and control over the company, the costs of raising equity from the public markets, and the use of rights offerings. We will focus on the incentives facing different parties in equity financing (investors, management, advisors and members of the board) and the importance and impact on corporate governance from alternative equity raising and voting allocation decisions.
DAY 2
Morning Session
Advanced Valuation Issues
On the second day, we will start by refining the investment banker’s tools by concentrating on risk: how to evaluate and assess it, and how to help the client manage it when structuring trans-border deals. We will focus on the international dimension of risk and develop a framework to quantify it, and calculate the cost of capital in an international environment. We will also consider how to structure deals that minimise risk and how these structures will affect valuation of international investment projects and takeovers.
How to Manage Risk using Finance and Organisational Structure of the Deals
Next, we will consider the way the benefits and costs that new integration/venture structure will have in terms of cost of financing and type of financing (debt vs. equity, local vs. home financing, currency-hedged vs. non-hedged financing, short-term vs. long-term debt, recourse vs. no-recourse debt, and market placed bonds vs. bank-loans).
Afternoon Session
New Scenarios for Investment Bankers
In this session, we will zoom on the changes that have happened in the investment banking industry and more importantly, what is likely to happen going forward. We will consider the new players within the same industry and/or geography, new products (securitisation and alternative funding), regulatory constraints and the solutions to it. We will focus on the major structural changes in the industry and try to understand how the traditional investment banking model has been changed.
New Tools to exploit Sources of Competitive Advantage
We will end by looking forward in the future and defining where the industry is heading to, and identify the key drivers of change and discuss how to cope with them. Finally, we will consider the key products, risks, innovations and influence on corporate decision-making, and investigate:

What the investment bank’s brand stands for
Who the investment bank’s main customers are
What the investment bank’s main strategies are
What the new services and solutions offered by the investment bankers are

METHODOLOGY

The programme will be a blend of lectures, case discussions and in-class development of practical illustrations to allow for a hands-on experience with the concepts studied and deep learning

Participant profile

The programme is relevant and useful to bankers in general, investment bankers, financial advisors, corporate executives, consultants, regulators, and heads of departments and units at Investment Banks who are involved in strategic planning and execution

trainer

Dr. Massimo Massa

Rothschild Chaired Professor of Banking and Professor of Finance, INSEAD

Note: All information on this page is correct but may be subject to change.

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Dr. Massimo Massa

Rothschild Chaired Professor of Banking and Professor of Finance, INSEAD

Dr. Massimo Massa is an internationally well regarded authority in value creation and behavioural finance, and has been quoted in numerous major business publications and professional journals. He has been a consultant on strategic issues related to governance and corporate financial and growth strategies, and has previously worked at the Bank of Italy. He is the Rothschild Chaired Professor of Banking and Professor of Finance at INSEAD, one of the world’s leading business schools.

Dr. Massimo Massa teaches International Finance, Corporate Finance, Asset Management, Behavioural Finance and Governance in the MBA, EMBA, PhD and Executive programmes at INSEAD. He is also Programme Director of the Advanced Asset Management programme, Interalpha Banking programme and the Master of Finance. He co-directs the programme on Value Creation for Owners and Directors, and has directed several programmes for corporations and banks, including ABN Amro, Societe Generale, FinecoBank, Technip, Mubadala and Bertelsmann. He also co-directs the Hoffman Fund for research in ownership and family firms at INSEAD.

Dr. Massa’s research has been quoted and discussed in major magazines and newspapers (The Economist, Business Week, New York Times, Wall Street Journal), as well as professional journals (Creditflux, Journal of Trading) and forums (Harvard Law Forum, Notre Dame Law Forum). His research interests include asset management, corporate finance, behavioural finance and financial intermediation; with his current research focusing on the link between corporate financial strategies, governance and type of ownership and how this affects value creation and growth in corporations. He also studies the strategies of asset managers and banks and their synergies. His articles have been published in all the top academic journals such as Review of Financial Studies, Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Financial Markets, Journal of Banking and Finance, Management Science, Journal of Monetary Economics and European Journal of Financial Management. Dr. Massa is also Associate Editor of the Journal of Empirical Finance and the Review of Finance.

He graduated summa cum laude from the Department of Economics at the LUISS University of Rome, Italy. He obtained an MBA from the Yale School of Management and an MA and a PhD in Financial Economics from Yale University. He is a CPA and Auditor.

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