Kevin Kaiser

The Hazards of Growth, Journal of Applied Corporate Finance, Vol. 27, Issue 3, pp. 88-95, 2015 (with S. David Young).

Transitioning to General Management, The European Business Review, Number 20, 2015 (with Michael Pich and IJ Schecter)

Becoming a Top Manager, published by Jossey-Bass (Wiley), January 2015 (with Michael Pich and I.J. Schecter).

Managing for Value, 2.0, Journal of Applied Corporate Finance, Vol. 26, Issue 1, pp. 8-19, 2014 (with S. David Young).

The Blue Line Imperative: A Radical New Approach to Value-Based Leadership, The European Business Review, 2013 (with S. David Young)

The Blue Line Imperative, published by Jossey-Bass (Wiley), August 2013 (with S. David Young).

Value Creation in the Private Equity and Venture Capital Industry, INSEAD Working paper 2010-19, March 2010 (with Christian Westarp).

Why the Banks Must Die, INSEAD working paper, February 2010 (with S. David Young).

Need Cash? Look Inside Your Company, Harvard Business Review, May 2009 (with S. David Young).

The Value Creation Imperative, INSEAD Working Paper 2009-53, September 2009.

Blue Line Management: What Value Creation Really Means, INSEAD Working Paper 2009 2009-37, May 2009 (with S. David Young).

Reversing Corporate Diversification and the Use of the Proceeds from Asset Sales: The Case of Thorn EMI, Financial Management, Winter, 2001 (with Aris Stouraitis).

Agency Costs and Strategic Considerations behind Sell-offs: the UK Evidence, European Financial Management, Vol. 7, No. 3, pp. 319-349, September, 2001 (with Aris Stouraitis).

European Bankruptcy Laws: Implications for Firms Facing Financial Distress, Financial Management, Volume 25, Number 3, 1997.

Bankruptcy Laws in Industrialized Countries, Hacienda Pública Española, 1997.

Value Creation through Corporate Restructuring: European Divestitures, European Management Review, June 1995 (with Aris Stouraitis).

A Mixed-Integer Programming Study of Rental Space Acquisition and Allocation, Proceedings, 1993 Real Estate Educators Association Annual Conference (with C. Christopher Corpuz and Edwin S. Mills).

Low Income Housing in the 1980s, Research in Urban Economics, Vol. 8, 1990 with Edwin S. Mills)

FNCE 891/391 Corporate Restructuring

This course is designed to provide students with an understanding of the issues regarding corporate restructuring and the financial management of distressed corporations. In any situation of financial distress, there are two imperatives requiring attention if parties aspire to restructure rather than liquidate: (1) dealing with the restructuring of the various claims on the organization and resolving who will receive what new claim, in replacement of existing claims, and (2) ensuring the newly restructured entity is able to successfully manage for value creation and be a viable firm post-restructuring. The interaction of these two imperatives, in particular, how alternative restructuring proposals impact the viability of the newly restructured firm, is key to a successful distressed restructuring.

FNCE 887/387 Shareholder Activism

Current Courses (Fall 2024)

• FNCE2530 - Distressed Investing

  This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms and investment in distressed securities. The objective is to give students the concepts and tools necessary to assess the often-complex situation facing a firm in financial distress. The course covers the various options available for distressed firms, such as out-of-court workouts, exchange offers, prepackaged and pre-negotiated, bankruptcies, distressed asset sales, 363 auctions, and Chapter 11 reorganization. We consider distressed debt as an asset class, develop techniques for investing in distressed securities and assess investment opportunities using the concepts of value investing. Students will sharpen their conceptual knowledge of finance and valuation in order to properly estimate the value of a distressed firm, and its securities. We will also address the importance of value creation and how to manage for value creation to either resolve distress or avoid it in the first place. FNCE 2030 or FNCE 2070 are recommended.

  FNCE2530001 ( Syllabus )

• FNCE4020 - Shareholder Activism

  The aim of the course is to provide an introduction to shareholder activism. The course makes use of lectures and case studies. The lectures expose the students to the institutional and empirical facts as well as approaches followed by leading shareholder activists. The case studies are designed to provide students an experience on identifying potential opportunity for value creation through active engagement. Assignments require students to develop/practice skills on fundamental analysis. Completion of either FNCE 2030 or FNCE 2070 is recommended.

  FNCE4020001 ( Syllabus )

• FNCE7530 - Distressed Investing

  This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms and investment in distressed securities. The objective is to give students the concepts and tools necessary to assess the often-complex situation facing a firm in financial distress. The course covers the various options available for distressed firms, such as out-of-court workouts, exchange offers, prepackaged and pre-negotiated, bankruptcies, distressed asset sales, 363 auctions, and Chapter 11 reorganization. We consider distressed debt as an asset class, develop techniques for investing in distressed securities and assess investment opportunities using the concepts of value investing. Students will sharpen their conceptual knowledge of finance and valuation in order to properly estimate the value of a distressed firm, and its securities. We will also address the importance of value creation and how to manage for value creation to either resolve distress or avoid it in the first place. FNCE 7030 or FNCE 7070 are recommended.

  FNCE7530001 ( Syllabus )

• FNCE8020 - Shareholder Activism

  The aim of the course is to provide an introduction to shareholder activism. The course makes use of lectures and case studies. The lectures expose the students to the institutional and empirical facts as well as approaches followed by leading shareholder activists. The case studies are designed to provide students an experience on identifying potential opportunity for value creation through active engagement. Assignments require students to develop/practice skills on fundamental analysis.

  FNCE8020001 ( Syllabus )

All Courses

• ECON4999 - Independent Study

  Individual study and research under the direction of a member of the Economics Department faculty. At a minimum, the student must write a major paper summarizing, unifying, and interpreting the results of the study. This is a one semester, one c.u. course.

• FNCE2070 - Valuation

  The focus of this course is on the valuation of companies. The course covers current conceptual and theoretical valuation frameworks and translates those frameworks into practical approaches for valuing companies. The relevant accounting topics and the appropriate finance theory are integrated to show how to implement the valuation frameworks discussed on a step-by-step basis. The course teaches how to develop the required information for valuing companies from financial statements and other information sources in a real-world setting. Topics covered in depth include discounted cash flow techniques and price multiples. In addition, the course covers other valuation techniques.

• FNCE2530 - Distressed Investing

  This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms and investment in distressed securities. The objective is to give students the concepts and tools necessary to assess the often-complex situation facing a firm in financial distress. The course covers the various options available for distressed firms, such as out-of-court workouts, exchange offers, prepackaged and pre-negotiated, bankruptcies, distressed asset sales, 363 auctions, and Chapter 11 reorganization. We consider distressed debt as an asset class, develop techniques for investing in distressed securities and assess investment opportunities using the concepts of value investing. Students will sharpen their conceptual knowledge of finance and valuation in order to properly estimate the value of a distressed firm, and its securities. We will also address the importance of value creation and how to manage for value creation to either resolve distress or avoid it in the first place. FNCE 2030 or FNCE 2070 are recommended.

• FNCE2910 - Corporate Restructuring

  This course explores the highly active and sophisticated deal making environment that is the hallmark of modern corporate restructuring. The course is primarily comprised of two key components. The first is groundwork-laying lectures that focus on fundamental rights and obligations of debtors, creditors, and other parties in interest in the various types of major chapter 11 cases, providing critical insight into understanding the motivations, strategies, and available tools for chapter 11 participants (which also serve as the foundation for out-of-court deals). The second element of the course is a series of case study panels based on market trends from the previous year that bring together key participants from recent deals, including the CEO or chairman of the company, the judge, the lead banker and lead lawyer, and the lead investors to give their insight and perspectives to the class.

• FNCE3990 - Independent Study

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

• FNCE4020 - Shareholder Activism

  The aim of the course is to provide an introduction to shareholder activism. The course makes use of lectures and case studies. The lectures expose the students to the institutional and empirical facts as well as approaches followed by leading shareholder activists. The case studies are designed to provide students an experience on identifying potential opportunity for value creation through active engagement. Assignments require students to develop/practice skills on fundamental analysis. Completion of either FNCE 2030 or FNCE 2070 is recommended.

• FNCE6110 - Corporate Finance

  This course serves as an introduction to business finance (corporate financial management and investments) for both non-majors and majors preparing for upper-level course work. The primary objective is to provide the framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques; corporate capital budgeting and valuation; investment decisions under uncertainty; capital asset pricing; options; and market efficiency. The course will also analyze corporate financial policy, including capital structure, cost of capital, dividend policy, and related issues. Additional topics will differ according to individual instructors.

• FNCE7070 - Valuation

  The focus of this course is on the valuation of companies. The course covers current conceptual and theoretical valuation frameworks and translates those frameworks into practical approaches for valuing companies. The relevant accounting topics and the appropriate finance theory are integrated to show how to implement the valuation frameworks discussed on a step-by-step basis. The course teaches how to develop the required information for valuing companies from financial statements and other information sources in a real-world setting. Topics covered in depth include discounted cash flow techniques and price multiples. In addition, the course covers other valuation techniques such as leveraged buyout analysis.

• FNCE7530 - Distressed Investing

  This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms and investment in distressed securities. The objective is to give students the concepts and tools necessary to assess the often-complex situation facing a firm in financial distress. The course covers the various options available for distressed firms, such as out-of-court workouts, exchange offers, prepackaged and pre-negotiated, bankruptcies, distressed asset sales, 363 auctions, and Chapter 11 reorganization. We consider distressed debt as an asset class, develop techniques for investing in distressed securities and assess investment opportunities using the concepts of value investing. Students will sharpen their conceptual knowledge of finance and valuation in order to properly estimate the value of a distressed firm, and its securities. We will also address the importance of value creation and how to manage for value creation to either resolve distress or avoid it in the first place. FNCE 7030 or FNCE 7070 are recommended.

• FNCE7910 - Corporate Restructuring

  This course explores the highly active and sophisticated deal making environment that is the hallmark of modern corporate restructuring. The course is primarily comprised of two key components. The first is groundwork-laying lectures that focus on fundamental rights and obligations of debtors, creditors, and other parties in interest in the various types of major chapter 11 cases, providing critical insight into understanding the motivations, strategies, and available tools for chapter 11 participants (which also serve as the foundation for out-of-court deals). The second element of the course is a series of case study panels based on market trends from the previous year that bring together key participants from recent deals, including the CEO or chairman of the company, the judge, the lead banker and lead lawyer, and the lead investors to give their insight and perspectives to the class.

• FNCE8020 - Shareholder Activism

  The aim of the course is to provide an introduction to shareholder activism. The course makes use of lectures and case studies. The lectures expose the students to the institutional and empirical facts as well as approaches followed by leading shareholder activists. The case studies are designed to provide students an experience on identifying potential opportunity for value creation through active engagement. Assignments require students to develop/practice skills on fundamental analysis.

• FNCE8960 - Global Modular Course

  Open to MBA, Executive MBA and Undergraduate students, these modular courses are intended to provide unique educational experiences to students in a regional context that has particular resonance with the topic. Taught around the globe, the modular courses help us enrich the curriculum and research on our own campuses in Philadelphia and San Francisco.

• FNCE8990 - 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 8990 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.

• LAW9080 - Law Seminar

  Please consult the Course Finder.

Knowledge at Wharton

• How Will Twitter Change?, Knowledge at Wharton - 5/3/2022