Roni Michaely is the Rudd Family professor of finance at the Johnson Graduate School of Management at Cornell University and also affiliated with the Interdisciplinary Center.
His research is in the areas of corporate finance, capital markets, and valuation. Currently, his research is focused on conflict of interest in capital markets, corporate payout policy, and securities’ valuation. He was recently recognized as one of the most cited people in finance, and serves an associate editor for the Journal of Finance.
His research has appeared in many journals and news publications. Professor Michaely has given over 200 invited research talks and presentations worldwide. His research has also received many awards and honors. He was also the director of the Israeli Securities Authority (1998-2003) and the chairman of Tachlit investment committee. He consults on restructuring and trading strategies and is currently on the board of Tipranks, an Israeli start-up firm.
This course is about financing start-up firms. In it, students will analyze the financing decision of start-ups using the principles of corporate finance such as valuation, control of firms, and investment decisions with an eye towards developing these concepts in an entrepreneurial context. Students will do this through in-depth discussion of the concepts, applications through several cases, and a dialogue with practitioners. Students will analyze issues both from the perspective of the entrepreneur and that of the investors. As an entrepreneur it is important not only to know the ‘lingo’ but to also understand the principles behind it. This will allow students to better structure the capital of their future start ups and effectively negotiate with Angels, VCs and banks. Conversely, they cannot evaluate a potential investment opportunity without appreciating the entrepreneur’s perspective and incentives. Broadly speaking the course is divided into two topics: raising capital and exit strategies. As it stands now, students will discuss raising capital through equity (and its derivatives), and debt. In terms of exit strategies we will discuss exit through acquisition and through IPO.