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MSGF Sample Class - Conflicts Among Sell-side Analysts? Snap's Valuation in the Post IPO Period

Data: 3 April 2019 (Wed)

Venue: SBF Centre, 160 Robinson Road, #06-01, Singapore 069014

On March 2, 2017, Snap Inc. went public at an initial offering price of $17.00 per share. Over the next three weeks, several unaffiliated analysts (i.e., not serving as underwriters for the IPO) made investment recommendations on Snap. When the IPO quiet period ended on March 27, many more analysts – including analysts from the IPO’s lead underwriters – issued recommendations.

In this talk, we will explore the challenges of valuing young, rapidly growing technology firms and the role analysts play in conveying value-relevant information. We use “Valuing Snap After the IPO Quiet Period” (HBS Case #218095) to:

  • illustrate the mechanics of discounted cash flow valuation of Snap,

  • assess the reasonableness of the key inputs in analysts’ valuation analysis,

  • highlight the potential conflicts of interest facing affiliated sell-side analysts,

  • analyze how research analysts actually value firms.

There will be an introduction to MSGF program during the Sample Class.

Confirmed participants will be given the "Valuing Snap After the Quiet Period (A)" case in advance and are required to review the case prior to attending the class.

Speaker Bio

Vidhan Goyal is Professor of Finance at Hong Kong University of Science and Technology. Professor Goyal’s research interests are in capital structure, corporate governance, and debt contracts. His research papers have been published in top academic journals including the Journal of Business, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Financial Intermediation, Financial Management, and Journal of Corporate Finance. Professor Goyal has also contributed a chapter to the Handbook of Empirical Corporate Finance.

Professor Goyal won the Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations in 2003. He has many other research and teaching awards. In 2014, he received the Citation of Excellence Award for being the best and most highly cited Citation of Excellence winner for the past 15 years. Professor Goyal is an Associate Editor of the Journal of Corporate Finance and Financial Management and Editor of the International Review of Finance. He is a member of the American Finance Association and Western Finance Association. He co-chaired the program committee of the Asian Finance Associations meetings in 2008 and 2009. Professor Goyal has also received many teaching awards including the Michael Gale Medal for Distinguished Teaching, which is the highest honor awarded to a single faculty each year by the Hong Kong University of Science and Technology.


1830 - 1900 Registration and Refreshment 1900 - 1910 Welcome and Introduction 1910 - 2030 Sample Class & Case Discussion 2030 - 2100 Q&A

To RSVP, please click here. If you have any questions, please feel free to contact Tracy Chau at or +852 2358 5028.

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