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| Semester | spring semester 2024 |
| Course frequency | Every spring sem. |
| Lecturers | Pascal Böni (pascal.boeni@unibas.ch, Assessor) |
| Content | This course covers the private markets in several dimensions. We start with topics such as (i) the development of private markets, (ii) growth drivers, (ii) private market institutions, and (iii) performance evaluation of private market funds on day one. On days two to six, we will delve deeper into private market topics such as different investment strategies/segments (i.e. private equity, buyout, venture capital, private debt, property and infrastructure), develop an understanding of how investors conduct due diligence on private market funds and how private market funds select investments. |
| Learning objectives | After this course, student should (i) understand the evolution of private markets and their institutions; (ii) be able to assess the importance of private markets relative to other capital markets; (iii) understand the institutional set-up of private markets; (iv) be able to explain how performance measurement works in private markets as opposed to public markets; (v) have a good understanding of how the private equity, private debt, real estate and infrastructure investment strategies work, (vi) understand how private market funds select investments. |
| Bibliography | Students are expected to read the following papers ahead of the course start: Böni, P., Manigart, S. (2023). Private Debt Fund Returns, Persistence, and Market Conditions. Financial Analyst Journal 76(4), 121-144 Fang, L., Ivashina, V., Lerner, J. (2015). The disintermediation of financial markets: Direct investing in private equity. Journal of Financial Economics 116(1), 160-178 Kaplan, St. N., Schoar, A. (2005). Private Equity Performance: Returns, Persistence, and Capital Flows. Journal of Finance LX(4), 1791-1823 Kaplan, St. N., Strömberg, P. (2009). Leveraged Buyouts and Private Equity. Journal of Economic Perspectives 23(1), 121-146. Kräussl, R., Lehnert, K., Rinne (2017). The search for yield: Implications to alternative investments. Journal of Empirical Finance 44, 227-236 Lerner, J., Nanda, R. (2020). Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn. Journal of Economic Perspectives 34(3), 237-261. |
| Admission requirements | Course readings (see bibliography) must be done prior to course start. The students are expected to have a basic understanding of the papers read. Details will be explained and discussed throughout the lectures. |
| Course application | 1. Please enrol for the course and the subsequent assignment via this link here https://adam.unibas.ch/goto.php?target=crs_1714052_rcodeNrTp94HZS3&client_id=adam from 01.01.24 - 05.02.24. Please make sure that you are already registered for the spring semester and have paid the semester fees. 2. Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the enrolment deadline and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you have access to the enrolment link. 3. A deregistration is possible until 12.02.24 at the latest by email to belegungstorno-wwz@unibas.ch. Please state the course number, title and your matriculation number! 4. Please note that your registration will be entered in your Online Services only after the official deadline of the course registration period, i.e. after 25.03.2024. 5. The following applies to everyone: enrollment = registration for the exam/assignment! In case of non-participation after registration it will be noted as "nicht erschienen" in the transcript. |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| unregelmässig | See individual dates | ||
| Date | Time | Room |
|---|---|---|
| Wednesday 07.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Thursday 08.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Friday 09.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Monday 12.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Tuesday 13.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Wednesday 14.02.2024 | 08.30-12.30 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Modules |
Module: Core Courses in Finance and Money (Master's Studies: Finance and Money) Module: Core Courses in Monetary Economics and Financial Markets (Master's Studies: Business and Economics) Module: Field Electives in Economics and Public Policy (Master's Studies: Economics and Public Policy) Module: Field Electives in Finance and Money (Master's Studies: Finance and Money) Module: Finance Field: Financial Markets and Asset Pricing (Master's Studies: Finance and Money) Module: Specific Electives in Business and Economics (Master's Studies: Business and Economics) Module: Specific Electives in Finance, Controlling, Banking (Master's Studies: Business and Economics) Module: Specific Electives in Monetary Economics and Financial Markets (Master's Studies: Business and Economics) Specialization Module: Areas of Specialization in International and/or Monetary Economics (Master's Studies: International and Monetary Economics) |
| Assessment format | record of achievement |
| Assessment details | Classroom participation: 20% Mid-term written exam (open-book), at the end of the third course day: 20% Final written exam (open-book), at the end or after the course (tbd): 60% Date of the written exam: tbd |
| Assessment registration/deregistration | Registration/deregistration: teaching staff |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |