Econ 452a THE ECONOMICS OF CORPORATE CONTROL
Sandy Pensler Day & Time TBA

This seminar examines the economics of corporate control including its
relation to the valuation of the firm. Topics include issues of
ownership: divergences of interest between owners and managers, the
principles of executive compensation and the power of stockholders. This
seminar will also examine bankruptcies, restructurings and take-overs
including analysis of the legal framework in which they take place.

In addition to lectures, the course will have two guest lecturers by
outside experts. Students will be organized in teams and be responsible
for class presentations on various topics. In addition to presentations,
students are required to submit a 10-15 page paper analyzing either a
company or a specific topic.

Sandy Pensler (M.A. Yale Economics, J.D. Harvard Law School) is President
of PenslerCapital Corporation and has devoted most of his professional
career to the valuation of assets and to analyzing and advising on matters
of corporate control. At Dillon Read, now UBSWarburg, Mr. Pensler was an
investment banking partner in corporate finance specializing in mergers and
acquisitions. He has advised many leading companies on valuing, financing,
negotiating, and closing the purchase or sale of various companies and
assets. He has previously taught a successful seminar on corporate control
at Yale.