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| Law and Valuation - LAWS8034 | |||||||||||||||||||||||||||||||||||||||||||||||
Description The mission of this course is to teach prospective lawyers what they should know about value and valuation, in a broad sense, whether they take their legal skills to private practice, public service, or the private sector, such as investment banking or consulting. The course teaches the application of the theory of finance to the problem of determining the value of any asset, real or financial.
Every asset has a value, whether a publicly traded company, a rare painting, or real estate. The details of valuation, the information required, the precision attainable, and the most appropriate valuation technique, depend on the nature of the asset and the information available, but the basic principles remain the same. The course provides an introduction to the basic theoretical principles and their application to the valuation of a broad spectrum of asset classes, including valuation of private firms, new start-ups, firms with negative earnings (such as – until recently – Amazon.com), real estate, valuation aspects of mergers and acquisitions, and other applications, as time permits. LLM Specialisation Recommended Prior Knowlegde none
Course Objectives This course is designed with the needs in mind of corporate lawyers; tax lawyers; real estate lawyers; bankruptcy and workout lawyers. This course will be useful for other types of lawyers as well, in fact, for anyone who cares about valuing assets of some kind, including for instance, valuation aspects of Native Title and regulatory takings. Family lawyers and trust and estate lawyers, for instance, have to know how to value assets.
The course also covers legal aspects and implications of all the topics we cover. Taxation, for instance, is pervasive in valuation. It drives value (witness the role of taxes in capital structure and value of the firm), and also takes value as an input (as in ad valorem taxation of intellectual property, and the taxation of new financial products.) Valuation also plays a crucial role in corporate mergers and takeovers, minority shareholder remedies, analysis of insider trading, and commercial damages. Assessment Written assignments - 30%
Final exam - 70% Course Texts Leading textbooks in valuation; papers, such as Reed & Eisenhofer, Valuation Litigation, Delaware J. Corp. Law
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