Tuesday, November 22, 2022
Teaching Corporate Finance: Public & Exempt Offerings
Yesterday, I taught my Corporate Finance students about public offerings (focusing on initial public offerings--IPOs) and exempt offerings of securities. The front end of this course focuses on the instruments of corporate finance and the back end focuses on a number of different corporate finance transactional contexts. Although Business Associations is a prerequisite for the course, Securities Regulation is not. As a result, the 75 minutes I spend on public and exempt offerings is less doctrinally focused and more practically driven (unsurprising, perhaps, given the fact that my Corporate Finance course is a practical applied experiential offering).
Students prepare for the class session by reading parts of the SEC's website on going public and exempt offerings and reviewing an IPO checklist created and modified by me from a timetable/checklist I generated while I was in full-time law practice. Each student also must bring to class and be prepared to discuss a news article or blog post on public securities offerings. I share general knowledge and we dialogue about insights gained from the discussion items they bring to class. It usually turns out to be a fun and engaged class day, and yesterday's class meeting proved to be no exception.
I captured the board work on my phone and have pasted the photos in below. (I should note that I use a much more detailed public offering timeline in Securities Regulation, which I have memorialized in a series of PowerPoint slides. But the whiteboard version depicted below seems to be at about the right level of detail for the students in this course.) I am curious about how my coverage of public and exempt securities offerings might compare to what others give to this material in similar courses. Feel free to share in the comments.