David Stowell
David Stowell

FINANCE
Clinical Professor of Finance

Print Overview

Prior to joining Kellogg, Professor Stowell worked at JP Morgan as Managing Director and head of Midwest Investment Banking. He also previously worked at UBS Investment Bank as Managing Director and Co-Head of Equity Capital Markets, at Goldman Sachs as Vice President for Corporate Finance and at O'Connor Partners as Managing Director for Equity Derivatives. He holds a teaching affiliation with the Kellogg School’s Heizer Center for Private Equity and Venture Capital.



Areas of Expertise
Banking and Financial Institutions
Corporate Bankruptcy
Corporate Capital Structure
Corporate Finance
Corporate Restructuring
Derivative Securities and Markets (Futures, Options, Commodities)
Financial Engineering
Investment Banking
Mergers and Acquisitions
Payout Policy (Dividends, Repurchases)
Regulation of Financial Markets
Venture Capital and Private Equity
Print Vita
Education
MBA, 1978, Finance, Columbia University
BA, 1976, Economics, Utah State University

 
Print Research
Books
Stowell, David. 2012. Investment Banks, Hedge Funds and Private Equity. Elsevier, Academic Press, 2nd ed.
Stowell, David. 2010. Investment Banks, Hedge Funds and Private Equity: A New Paradigm. Elsevier, Academic Press.
Cases
Stowell, David and Deepa Pai. 2009. Technical Note: No Assets, No Products, No Business Plan: Risks Associated with Special Purpose Acquisition Companies. Case 7-209-252 (KEL455).
Stowell, David and Stephen Carlson. 2009. A Tale of Two Hedge Funds: Magnetar and Peloton. Case 5-308-508 (KEL402).
Stowell, David and Theron McLarty. 2009. Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives. Case 5-209-250 (KEL417).
Stowell, David, Evan Meagher and Rebecca Frazzano. 2008. Investment Banking in 2008 (B): A Brave New World. Case 5-308-507(B) (KEL380).
Stowell, David and Evan Meagher. 2008. Investment Banking in 2008 (A): Rise and Fall of the Bear. Case 5-308-507(A) (KEL378).
Stowell, David and Jeremy Hartman. 2007. Cerberus and the U.S. Auto Industry. Case 5-107-009 (KEL315).
Stowell, David and Peter Rossmann. 2007. Freeport-McMoRan: Financing an Acquisition. Case 5-407-751 (KEL345).
Stowell, David and Matthew Raino. 2007. The Toys “R” Us LBO. Case 5-107-002 (KEL168).
Stowell, David and Tim Moore. 2007. McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging. Case 5-106-006 (KEL181).
Stowell, David and Christopher D Grogan. 2006. The Best Deal Gillette Could Get? Proctor & Gamble’s Acquisition of Gillette. Case 5-206-251 (KEL183).
Stowell, David and Paul Stowell. 2005. Kmart, Sears, and ESL: How a Hedge Fund Became One of the World's Largest Retailers. Case 5-205-250 (KEL133).

 
Print Teaching
Teaching Interests
Investment banking, hedge fund and private equity
Full-Time / Part-Time MBA
Investment Banking (FINC-461-0)

This course counts toward the following majors: Finance

This course focuses on investment banking firm organizational structure, products, risks, earnings, regulations, innovations and competition. The functions of the "banking" business, including M&A, and equity, bond and convertible financings and the "sales and trading" business, including client-related sales and trading and proprietary trading, will be analyzed. In addition, new, innovative Wall Street securities and advisory products will be reviewed. Finally, investment banking relationships with LBO funds, hedge funds and corporate and institutional clients will be explored.

Venture Lab (V-Lab) (FINC-915-0)
This new course offers students an experiential learning opportunity in the venture capital industry. For the duration of the class term, each student will be placed with a venture capital firm and will be required to submit a project report (presentation) at the end of the quarter based on work the student completed for the firm throughout the academic quarter. The insights from this hands-on course will be most beneficial to students who have not had extensive experience in the venture capital space, but who would like to pursue a career in that field. More information can be found at: http://www.kellogg.northwestern.edu/research/heizer/lab.htm. Registration for this course is by application only.
Note: This course may not be dropped after the first day of the quarter.


Wall Street, Hedge Funds and Private Equity (FINC-931-0)

This course counts toward the following majors: Finance

This course focuses on the activities of private equity (LBO) funds and hedge funds, their influence on corporate decision-making, and corporate measures that are taken to counter threats and exploit opportunities represented by these investors. Competition and cooperation among investment banks, private equity funds and hedge funds is also analyzed. The course also reviews innovative equity, debt and convertible transactions, including hedge fund investing and hedging strategies in relation to these securities. Guest speakers and case studies are a core part of the course.

Buyout Lab (B-Lab) (FINC-939-0)

This course counts toward the following majors: Finance

This course offers an experiential learning opportunity in private equity through leveraged buyout. It is designed for students who want to pursue a career in buyouts but do not have extensive experience in this field. The primary content of the course is a project that students complete with a buyout fund in the Chicago area, where they will work for one day each week for 10 weeks. Students meet in class during the first week of the quarter prior to starting work for the buyout fund; they have required readings as well as discussions and guest speakers during the quarter, and will complete a project report based on their work for the fund. Course registration is by application only, which must be submitted directly to the supervising professor six weeks before the quarter starts. The professor in consultation with the sponsoring firms, makes the final selections. Prerequisites: First-year students must have completed Financial Accounting (ACCT 430) and Finance II (FINC 441 or FINC 440). Other recommended courses include Strategy & Organization (MGMT 452), Wall Street, Hedge Funds and Private Equity (FINC 931), Financial Decisions (FINC 442), Corporate Restructuring (FINC 448), Derivative Markets I (FINC465) and Financial Strategy and Tax Planning (FINC 447). Second-year students must have completed at least two of the six recommended courses.

More information can be found here.

Registration for this course is by application only
Note: This course may not be dropped after the first week of the quarter.


Investment Banking Recruiting Prep (FINC-944-B)
This course prepares first-year students for investment banking summer internship interviews by focusing principally on M&A valuation and execution and capital markets financings, with particular emphasis on cash flow, cost of capital, financial statement impact, capital structure and other related technical considerations for investment bankers. The relationship between investment banking, hedge funds and private equity will also be discussed.

Executive MBA
Investment Banks, Hedge Funds and Private Equity (FINCX-931-0)
This course focuses on the activities of private equity (LBO) funds and hedge funds, their influence on corporate decision-making, and corporate measures that are taken to counter threats and exploit opportunities represented by these investors. Competition and cooperation among investment banks, private equity funds and hedge funds is also analyzed. The course also reviews innovative equity, debt and convertible transactions, including hedge fund investing and hedging strategies in relation to these securities.