Kevin Kaiser

Kevin Kaiser
  • Adjunct Professor of Finance

Contact Information

  • office Address:

    2342 Steinberg Hall-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104-6367

Research Interests: Corporate finance, Managing for Value, Private Equity, Financial Distress

Overview

Kevin Kaiser, Adjunct Full Professor of Finance

Kevin Kaiser is Senior Director of the Alternative Investments Initiative and Adjunct Full Professor of Finance at the Wharton School of the University of Pennsylvania. He was Professor of Management Practice and on the finance faculty at INSEAD since 1992. Kevin holds a BA (Honours) in Economics from The University of Western Ontario and a PhD in Finance from the Kellogg Graduate School of Management at Northwestern University.

Kevin’s research has focused on private equity, corporate restructuring and financial distress, more recently oriented around corporate governance and management for value creation. In addition to his research in academic and practitioner journals and newspapers, he has co-authored two books, The Blue Line Imperative, with David Young, and Becoming a Top Manager, with Michael Pich and I.J. Schecter.

Kevin teaches extensively in executive and degree programmes. He joined Wharton in 2017 from INSEAD where he was an eight-time recipient of the MBA award for Best Teacher for Electives, a three-time recipient of the EMBA award for Best Teacher for Electives and in 2016 received INSEAD’s award for Outstanding Contribution to Executive Education. In 2013, Kevin was a finalist for the Economist Intelligence Unit’s world-wide Business Professor of the Year competition. He brings to the classroom his deep knowledge of academic theory together with his real-world experience working in the Corporate Finance and Strategy practice of McKinsey & Co. (1997-1999), and as a principal in bfinance.com, a venture capital-financed marketplace for business finance (1999-2002).

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Research

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)

Teaching

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

  • FNCE311 - Infrastructure Investing

    The world economy runs on the infrastructure which has been built over the past 10,000 years. Each year, this infrastructure requires updating and new additions, from roads and bridges (the original infrastructure), to railroads, airports (the more recent infrastructure), to telecommications and solar and wind power installations (modern infrastructure). There is a vast amount of public (i.e., taxpayer money directed by government officials) and private (i.e., individuals' money typically managed on their behalf and directed by private equity or banks into infrastructure investments). In this course, we will cover Infrastucture Financing and investing from various angles. We will provide descriptions of types of infrastructure, examine the financing needs of infrastructure projects, consider the historic role of government and non-government funding, and assess the changing needs of consumers and role of technology and the increasing demands posed by a globalizing economy. As private equity firms continue to build infrastructure funds, the need for, and role for, private money continues to evolve, so we will also examine infrastructure investing as a alternative asset class from the investors' perspective.

    FNCE311001 ( Syllabus )

  • FNCE391 - Asp-corp Restructuring

    FNCE391401 ( Syllabus )

    FNCE391402 ( Syllabus )

  • FNCE811 - Infrastructure Investing

    The world economy runs on the infrastructure which has been built over the past 10,000 years. Each year, this infrastructure requires updating and new additions, from roads and bridges (the original infrastructure), to railroads, airports (the more recent infrastructure), to telecommications and solar and wind power installations (modern infrastructure). There is a vast amount of public (i.e., taxpayer money directed by government officials) and private (i.e., individuals' money typically managed on their behalf and directed by private equity or banks into infrastructure investments). In this course, we will cover Infrastucture Financing and investing from various angles. We will provide descriptions of types of infrastructure, examine the financing needs of infrastructure projects, consider the historic role of government and non-government funding, and assess the changing needs of consumers and role of technology and the increasing demands posed by a globalizing economy. As private equity firms continue to build infrastructure funds, the need for, and role for, private money continues to evolve, so we will also examine infrastructure investing as a alternative asset class from the investors' perspective.

    FNCE811001 ( Syllabus )

  • FNCE891 - Asp-corporate Restucturing And Distress Investing

    FNCE891401 ( Syllabus )

    FNCE891402 ( Syllabus )

Past Courses

  • FNCE291 - Corporate Restructuring

    This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms. The objective is to give students tools necessary to deal with the often-complex situation facing a failing firm. The participants will gain a basic understanding of 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 will explore the difference between economic and financial distress, and the implications for the restructuring process. Since bankruptcy provides a threat point for any distressed restructuring, the course reviews key issues of the legal framework governing bankruptcy and reorganization in the U.S. and internationally. Finally, we will consider distressed debt as an asset class and develop techniques for investing in distressed securities. The course is case based, providing ample opportunity to practice valuation of distressed companies, and hosts several guest speakers from the restructuring industry. It should be of interest for a range of careers, including private equity, investment banking, and turnaround management.

  • FNCE311 - Infrastructure Investing

    The world economy runs on the infrastructure which has been built over the past 10,000 years. Each year, this infrastructure requires updating and new additions, from roads and bridges (the original infrastructure), to railroads, airports (the more recent infrastructure), to telecommications and solar and wind power installations (modern infrastructure). There is a vast amount of public (i.e., taxpayer money directed by government officials) and private (i.e., individuals' money typically managed on their behalf and directed by private equity or banks into infrastructure investments). In this course, we will cover Infrastucture Financing and investing from various angles. We will provide descriptions of types of infrastructure, examine the financing needs of infrastructure projects, consider the historic role of government and non-government funding, and assess the changing needs of consumers and role of technology and the increasing demands posed by a globalizing economy. As private equity firms continue to build infrastructure funds, the need for, and role for, private money continues to evolve, so we will also examine infrastructure investing as a alternative asset class from the investors' perspective.

  • FNCE387 - ASP - 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 thrugh active engagement. Assignments require students to develop/practice skills on fundamental analysis.

  • FNCE791 - CORPORATE RESTRUCTURING

    This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financially distressed firms. The objective is to give students tools necessary to deal with the often-complex situation facing a failing firm. The participants will gain a basic understanding of 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 will explore the difference between economic and financial distress, and the implications for the restructuring process. Since bankruptcy provides a threat point for any distressed restructuring, the course reviews key issues of the legal framework governing bankruptcy and reorganization in the U.S. and internationally. Finally, we will consider distressed debt as an asset class and develop techniques for investing in distressed securities. The course is case based, providing ample opportunity to practice valuation of distressed companies, and hosts several guest speakers from the restructuring industry. It should be of interest for a range of careers, including private equity, investment banking, and turnaround management.

  • FNCE811 - Infrastructure Investing

    The world economy runs on the infrastructure which has been built over the past 10,000 years. Each year, this infrastructure requires updating and new additions, from roads and bridges (the original infrastructure), to railroads, airports (the more recent infrastructure), to telecommications and solar and wind power installations (modern infrastructure). There is a vast amount of public (i.e., taxpayer money directed by government officials) and private (i.e., individuals' money typically managed on their behalf and directed by private equity or banks into infrastructure investments). In this course, we will cover Infrastucture Financing and investing from various angles. We will provide descriptions of types of infrastructure, examine the financing needs of infrastructure projects, consider the historic role of government and non-government funding, and assess the changing needs of consumers and role of technology and the increasing demands posed by a globalizing economy. As private equity firms continue to build infrastructure funds, the need for, and role for, private money continues to evolve, so we will also examine infrastructure investing as a alternative asset class from the investors' perspective.

  • FNCE887 - ASP - 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 thrugh active engagement. Assignments require students to develop/practice skills on fundamental analysis.

Awards and Honors

INSEAD MBA: Outstanding Teacher of Elective Courses
INSEAD MBA Graduating Class: Award:
July 2004 INSEAD – Outstanding Teacher of Elective Courses
July 2005 INSEAD – Outstanding Teacher of Elective Courses
December 2005 INSEAD – Outstanding Teacher of Elective Courses
July 2006 INSEAD – Outstanding Teacher of Elective Courses
December 2006 INSEAD – Outstanding Teacher of Elective Courses
July 2007 INSEAD – Outstanding Teacher of Elective Courses
December 2008 INSEAD – Outstanding Teacher of Elective Courses
July 2009 INSEAD Certificate of Recognition for Excellence in Teaching
December 2010 INSEAD – Outstanding Teacher of Elective Courses
INSEAD Global Executive MBA (GEMBA): Outstanding Teacher of Elective Courses
INSEAD GEMBA Graduating Class: Award:
December 2007 INSEAD – Outstanding Teacher of Elective Courses
December 2011 INSEAD – Outstanding Teacher of Elective Courses
December 2012 INSEAD – Outstanding Teacher of Elective Courses
INSEAD Executive Education (awards instituted 2013/14)
Year Award:
2013/14 INSEAD – Teaching Excellence in Executive Education
2013/14 INSEAD – Programme Direction Excellence in Executive Education
2014/15 INSEAD – Teaching Excellence in Executive Education
2014/15 INSEAD – Programme Direction Excellence in Executive Education
2015 INSEAD – Outstanding Contribution to Executive Education (Distinguished Service award)
2015/16 INSEAD – Teaching Excellence in Executive Education
2015/16 INSEAD – Programme Direction Excellence in Executive Education
Non-INSEAD Awards
Year Award:
2013   Finalist, Economist Intelligence Unit, Business Professor of the Year
“Kevin Kaiser uses his deep knowledge of management practice to deliver lectures that go far beyond basic textbook teaching. Yet he presents such complex ideas with engagement and panache.”
William Ridgers, Business Education Editor, The Economist

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