David Erickson

David Erickson
  • Senior Fellow and Lecturer of Finance

Contact Information

  • office Address:

    2431 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Overview

David Erickson is currently a Senior Fellow and Lecturer in the Finance Department. David is also a Lecturer in Law at Penn Law/University of Pennsylvania Law School.

In addition to his responsibilities at Wharton, David acts as a consultant to both private and public companies on capital markets, corporate governance, and exploring strategic alternatives. He was also an operating partner at Bessemer Venture Partners, one of the leading global venture capital firms and an advisory board member of Accompany, a relationship intelligence technology company (acquired by Cisco Systems, May 2018).

After over 25 years on Wall Street, David retired in 2013. Most  recently, he was co-head of global equity capital markets at Barclays. He was responsible for all of their corporate equity capital raising globally including all IPOs, follow-ons, private placements and convertibles, as well as equity derivatives. As part of his responsibilities, David was a member of the firm’s investment banking operating committee and equity capital commitment committee. Prior to Barclays’ acquisition of Lehman Brothers’ US broker-dealer in 2008, David was head of global equity capital markets at Lehman. In 2004, he was named Lehman’s head of US equity capital markets. Lehman was awarded International Financing Review’s 2005 US Equity House of the Year and US Equity-Linked House of the Year, for its equity capital markets success. Prior to 2004, David also had equity capital markets sector responsibilities for Technology, Internet, Media, Consumer & Retail, and Industrials. Early in his investment banking career, David also ran Bankers Trust International’s London-based investment management business. Before becoming an investment banker, David worked as a vice president at a Boston-based strategic consulting firm that focused on the investment banking industry.

Since retiring from Wall Street, David has been a guest lecturer on capital markets, corporate governance, and entrepreneurial finance at the business schools of Stanford and Kellogg and Northwestern Law School. Additionally, David currently serves on the board of trustees of My Money Workshop, a non-profit organization focused on improving financial literacy. He also has served on the leadership council of AmeriCares, a global emergency response and health non-profit organization; and the board of trustees of CancerCare, a leading national non-profit organization that provides assistance to those impacted by cancer.

David has a B.B.A. from Iowa State University and an M.B.A. from Boston University.

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Research

  • David Erickson Electrolux Prepares to Acquire GE Appliances: Continues to Build its Global Brand – Wharton – Case 99.

    Description: As the global appliance market consolidates, Electrolux, the large Swedish appliance manufacturer, makes a move to acquire General Electric’s appliances business.  The case examines the trends and dynamics driving the sector and addresses the issues associated with executing and financing a cross-border acquisition.

  • David Erickson and David Musto Alcoa Deals with the Financial Crisis – Wharton Case 98.

    Description: Alcoa, Inc. (Alcoa), an S&P 500 Index constituent and Dow Jones Industrial Average (DJIA) component, has just announced its fourth quarter 2008 earnings. In the midst of the Global Financial Crisis, Alcoa reported a net loss of US$1.19 billion for the quarter. With aluminum prices off by 56 percent in the last five months and a sharp drop in demand from its end markets, Alcoa announced a major restructuring including a workforce reduction of 15,000 jobs. Joan Davidson, a managing director at Pinnacle Capital (a fictitious investment bank), is scheduled to meet with Alcoa management and needs to strategize to give the company her recommendations on what actions Alcoa should take. The case examines Alcoa's history, current situation, and the potential alternatives it can take.   To use this case, please contact coursematerials@wharton.upenn.edu.  

  • David Erickson and David Musto Elliott Management Goes After Riverbed Technology – Wharton Case 97.

    Description: The case follows Elliott Management, one of the world’s largest activist investors, in its campaign in 2014 to buy out Riverbed Technology, a formerly high-flying technology firm.  The campaign involves a sequence of moves by Elliott and countermoves by Riverbed.  The narrative includes communications between the parties; Riverbed’s earnings announcements and other corporate actions; and the impact on Riverbed’s stock price. To use this case, please contact coursematerials@wharton.upenn.edu.

  • David Erickson and David Musto The Alibaba IPO – Wharton Case 96.

    Description: Alibaba Group Holding Limited (Alibaba) is finishing up its IPO roadshow. James Miller, an associate at Dragon Fund (a fictitious financial institution), is asked to prepare a recommendation on Alibaba for its upcoming Investment Committee meeting. The case examines Alibaba's history; business model; opportunity in China (and globally); governance structure; valuation (versus potential comparable companies); and the forms of securities it is offering. To use this case, please contact coursematerials@wharton.upenn.edu. 

  • David Erickson and David Musto EMC: The Carve-out of VMware – Wharton Case 95.

    Description: This case focuses on the strategic decision EMC made to carve out its high-growth subsidiary, VMware. The case examines some of the factors companies use to determine whether or not to carve out a subsidiary and the potential implications. It also examines the valuation impact on both EMC and VMware at IPO. To use this case, please contact coursematerials@wharton.upenn.edu.

Teaching

Co-teaching FNCE 283/783Strategic Equity Finance – with Professor David Musto (Spring 2020)

Co-teaching FNCE 783Strategic Equity Finance – with Professor David Musto (Spring 2020, WEMBA 44 West – SF)

Co-taught FNCE 783Strategic Equity Finance – with Professor David Musto (Summer 2019, WEMBA 44 East)

Co-taught FNCE 783Strategic Equity Finance – with Professor David Musto (Spring 2019, WEMBA 43 West – SF)

Co-taught FNCE 283/783Strategic Equity Finance – with Professor David Musto (Spring 2019)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Fall 2018, San Francisco)

Co-taught FNCE 895 – Strategically Capitalizing the Growth in China – with Professor David Musto (Fall 2018)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Summer 2018, WEMBA 43 East)

Co-taught FNCE 883 – Strategic Equity Finance – with Professor David Musto (Spring 2018, WEMBA 42 West – SF)

Co-taught FNCE 383/883Strategic Equity Finance – with Professor David Musto (Spring 2018)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Fall 2017, San Francisco)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Summer 2017, WEMBA 42 East – Phil)

Co-taught FNCE 383/883Strategic Equity Finance – with Professor David Musto (Spring 2017)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Fall 2016, San Francisco)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Fall 2016, WEMBA 41 East – Phil)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Summer 2016, WEMBA 41 West – SF)

Co-taught FNCE 383/883Strategic Equity Finance – with Professor David Musto (Spring 2016)

Co-taught LAW 907 (Penn Law) – Strategic Equity – with Professor Jill Fisch (Spring 2016)

Co-taught FNCE 883Strategic Equity Finance – with Professor David Musto (Summer 2015, WEMBA 40 East – Phil)

Co-taught FNCE 383/883Strategic Equity Finance – with Professor David Musto (Spring 2015)

Past Courses

  • FNCE283 - STRATEGIC EQUITY FINANCE

    This course combines lectures and cases, and will go through actual situations where companies need to make strategic decisions on raising equity capital. We will address different phases of a company's life cycle. Through these cases, from the decision-makers perspective, we will explore the different paths that can be taken and consider issues such as investor activism, governance and regulatory and valuation impact. FNCE 283 is a half semester course. FNCE 238 is recommended but not required.

  • FNCE399 - INDEPENDENT STUDY

    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

  • FNCE783 - STRATEGIC EQUITY FINANCE

    This half-semester course combines lectures and cases, and will go through actual situation where companies need to make strategic decisions on raising equity capital. We will address different phases of a company's life cycle. Through these cases, from the decision-makers perspective, we will explore the different paths that can be taken and consider issues such as investor activism, governance and regulatory and valuation impact.

  • FNCE883 - STRATEGIC EQUITY FINANCE

    Strategic Equity Finance has a new course number effective 19A This course is listed as FNCE783 going forward

  • FNCE895 - ASP PRIVATE EQUITY

    This course will be a survey of the private equity asset class. Its objective is to provide an understanding of the concepts, agents, and institutions involved in the late stage corporate private equity market in the U.S. and around the globe. It will examine the buyout market and the activities of buyout funds from the differing perspectives of private equity investors, private equity fund sponsors, and managers of the portfolio companies. The course will be taught almost entirely with cases. Distinguished Wharton alumni in the private equity industry will be our guest speakers for many of the cases based on transactions they concluded. While this course is primarily intended for graduate students, admission may be granted to a limited number of interested undergraduate students. PLEASE NOTE: this course may be recorded for live or subsequent distribution, display, broadcast, or commercialization in any media, including video, audio, or electronic media. For additional information, see the course syllabus or contact the department. This is a Pass/Fail course and will not count towards your concentration.

  • FNCE899 - INDEPENDENT STUDY

    Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

Awards and Honors

In the News

Knowledge @ Wharton

Activity

Latest Research

David Erickson Electrolux Prepares to Acquire GE Appliances: Continues to Build its Global Brand – Wharton – Case 99.
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In the News

Tesla’s Stock Electrified the Market and Shorted Out…Now What?

Tesla’s valuation crossed $100 billion just before CEO Elon Musk announced a $2 billion stock offering. How much is the company worth? Wharton’s David Erickson offers some insights in this opinion piece.

Knowledge @ Wharton - 2020/02/14
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Awards and Honors

Wharton Teaching Excellence Award 2020
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