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

Academic Positions
Clinical Professor of Finance, Kellogg School of Management, Northwestern University, 2005-present

Other Professional Experience
Managing Director and Head of Central Region Investment Banking, JP Morgan
Managing Director and Head of U.S. Equity-linked Securities Origination, UBS Invertment Bank
Managing Director and Head of Corporate Transactions, O'Connor Partners
Vice President, Goldman Sachs
Senior Vice President, Lehman Brothers
Assistant Vice President, Bank of America

Print Research
Books
Stowell, David. 2013. Investment Banks, Hedge Funds and Private Equity. Beijing: Elsevier.
Abstract
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 Vishwas Setia. 2014. Quintiles IPO. Case 5-413-756 (KEL843).
AbstractLink
Stowell, David and Evan Meagher. 2008. Investment Banking in 2008 (A): Rise and Fall of the Bear. Case 5-308-507(A) (KEL378).
AbstractLink
Stowell, David and Stephen Carlson. 2009. A Tale of Two Hedge Funds: Magnetar and Peloton. Case 5-308-508 (KEL402).
AbstractLink
Stowell, David and Tim Moore. 2007. McDonald's, Wendy's, and Hedge Funds: Hamburger Hedging. Case 5-106-006 (KEL181).
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Stowell, David and Matthew Raino. 2007. The Toys “R” Us LBO. Case 5-107-002 (KEL168).
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Stowell, David and Theron McLarty. 2009. Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives. Case 5-209-250 (KEL417).
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Stowell, David and Peter Rossmann. 2007. Freeport-McMoRan: Financing an Acquisition. Case 5-407-751 (KEL345).
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Stowell, David, Evan Meagher and Rebecca Frazzano. 2008. Investment Banking in 2008 (B): A Brave New World. Case 5-308-507(B) (KEL380).
AbstractLink
Stowell, David and Jeremy Hartman. 2007. Cerberus and the U.S. Auto Industry. Case 5-107-009 (KEL315).
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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).
AbstractLink
Stowell, David and Nicholas Kawar. 2014. H. J. Heinz M&A. Case 5-413-757 (KEL848).
AbstractLink
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).
AbstractLink
Stowell, David and Christopher D Grogan. 2006. The Best Deal Gillette Could Get? Proctor & Gamble’s Acquisition of Gillette. Case 5-206-251 (KEL183).
AbstractLink

 
Print Teaching
Teaching Interests
Investment banking, hedge fund and private equity
Full-Time / Evening & Weekend MBA
Investment Banking (BUSCOM-715)
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. Pre-requisites: Corporate Finance is a pre-requisite for this course. Securities Regulation is also a pre-requisite. Previous coursework or professional experience in Accounting is recommended. Students with a professional background in Finance may receive a waiver of the Corporate Finance pre-requisite with professor permission. This course is offered on the quarter calendar on the Chicago campus in the Wieboldt Building.

Investment Banking (FINC-461-0)
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 (FINC-915-0)
This course offers students an experiential learning opportunity in the venture capital industry with a focus on all aspects of the venture space, including venture capital funds, corporate venture, seed, incubators, social venture and portfolio companies. Students will be placed as an intern with a venture-related firm in the Chicago area where they will work for two days each week for 10 weeks. Some students will be placed at a remote firm in another state, with limited on-site work. All students commit to complete at least 150 hours of work during the quarter. A project report based on work for the firm is due at the end of the quarter. Students will meet in class only twice: during the first and last Wednesdays of the quarter. Course registration is by application only, which must be submitted directly to the application site approximately eight weeks before the quarter starts. The professor, in consultation with the sponsoring firms, makes the final selections

.

Prerequisites: Students must have completed Financial Accounting (ACCT 430) or Turbo Accounting (ACCT 434) and Finance II (FINC 431) or Accelerated Corporate Finance (FINC 440). Other recommended courses include Entrepreneurial Finance and Venture Capital (FINC-445), Market Research and Analytics (MKTG-450), Technology Marketing (MKTG-468). Managerial Accounting (ACCT-431), Financial Decisions (FINC-442), Analytical Decision Modeling (OPNS-450), and Competitive Strategy (MECN-441).

More information can be found on the Heizer Center webpage 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 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.

Private Equity Lab (FINC-939-0)
This course was formerly known as FINC 939 Byout Lab

This course offers an experiential learning opportunity in private equity with a principal focus on leveraged buyouts. Students will be placed as an intern with a buyout fund in the Chicago area, where they will work for two days each week for 10 weeks. Some students will be placed at a remote fund in another state, with limited on-site work. All students commit to complete at least 150 hours of work during the quarter. Students meet in class only twice: during the first and last Wednesdays of the quarter. There are required readings and a project report based on work for the fund is due at the end of the quarter. Course registration is by application only, which must be submitted directly to the application site approximately eight weeks before the quarter starts. The professor in consultation with the sponsoring firms makes the final selections.

Prerequisites: Students must have completed Financial Accounting (ACCT 430) or Turbo Accounting (ACCT 434) and Finance II (FINC 431) or Accelerated Corporate Finance (FINC 440). Other recommended courses include, Financial Modeling for LBO Transactions (FINC 940), Wall Street, Hedge Funds and Private Equity (FINC 931), Financial Decisions (FINC 442), Corporate Restructuring (FINC 448), Financial Strategy and Tax Planning (FINC 447) and Investment Banking (FINC 461).

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-944-5)
This course was formerly known as 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 & 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.