Universität Wien
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030297 KU Access to Capital Markets, IPO/ICO and Investment Funds (2024W)

A Comparative EU-US Approach

4.00 ECTS (2.00 SWS), SPL 3 - Rechtswissenschaften
Prüfungsimmanente Lehrveranstaltung
Moodle

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 40 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

  • Dienstag 15.10. 16:00 - 20:00 Seminarraum SEM64 Schottenbastei 10-16, Juridicum 6.OG
  • Donnerstag 17.10. 14:00 - 18:00 Seminarraum SEM51 Schottenbastei 10-16, Juridicum 5.OG
  • Montag 21.10. 16:00 - 18:00 Seminarraum SEM43 Schottenbastei 10-16, Juridicum, 4.OG
  • Dienstag 22.10. 16:00 - 20:00 Seminarraum SEM52 Schottenbastei 10-16, Juridicum 5.OG
  • Donnerstag 24.10. 14:00 - 18:00 Seminarraum SEM51 Schottenbastei 10-16, Juridicum 5.OG

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

In this course, we learn what it means for companies to "go public", that is, to raise capital by issuing securities (shares, bonds) or crypto-assets (investment token) to a wide investor audience. We also discuss how mutual funds/investment funds, ETFs, SPACs (Special Purpose Acquisition Vehicles) and securitisations work. Furthermore, you will be familiarised with the regulation of brokers and dealers as well as credit rating agencies.
The answers to all these questions are shaped by law, for example by mandated information disclosure, investment fund regulation, and exchange law. We will see how the differences of EU and US legal frameworks may contribute to the difference in number between EU and US listed companies, the transatlantic debate about ESG, the fraud at Wirecard, and Elon Musk's pay. This is going to be fun!

In order to explore from various angles, our two-week intensive course is taught by a an experienced practitioner from the US Securities and Exchange Commission (SEC) and an academic from the EU.
The first half of the course offers a basic explanation of financial market actors and their regulation. (No prior knowledge of capital markets law or finance is required for this course.) In this context, we also compare public funding to bank loans, "venture capital" and "private equity", and discuss the actual Initial Public Offering process for listing shares on a stock exchange. In the second half of the course, we deep-dive into the regulation of investment intermediaries, in particular brokers and dealers. The third part will deal with information intermediaries, such as credit rating agencies.

Art der Leistungskontrolle und erlaubte Hilfsmittel

Students will be graded based on three factors:
1. Classroom participation – 40% of grade.
2. Small-group oral presentation of a scholarly paper – 30% of grade.
3. Writing a short response paper (3-5 pages) commenting on a presentation paper of choice (other than the paper presented by the student in class) – 30% of Grade.

Mindestanforderungen und Beurteilungsmaßstab

See above.

Prüfungsstoff

This course is held in block format and, therefore, continuous participation informed by the required pre-readings is essential. Students are further required to participate in a small-group oral presentation, and to submit a short response paper after the in-person sessions.

Literatur

Pre-readings are assigned for each class. Scholarly papers are introduced in the kick-off class and students can submit their preferences for presenting one of them and responding to another. There is no written exam.
(Further material may be distributed upon request in preparation of oral presentations and response papers.)

The course will be based on pre-readings of select chapters of:
Brealey, Myers & Allen: Principles of Corporate Finance (12th edn., 2020)
John Armour et al.: Principles of Financial Regulation (2016)
Larry Harris: Trading & Exchanges (2003).

Pre-readings will be introduced as part of the first lesson. No readings are required before the course starts.
Materials on the EU and US legal framework are introduced in class.
Small-group oral presentations & response papers should analyze the scholarly paper of choice by drawing on concepts discussed during the course, therefore they do not require participants to study secondary literature.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mi 25.09.2024 14:45