41  Session 32: Capstone — Project Presentations

Unit Capstone (both tracks reunified)
Format Project presentations + brief course wrap-up
Assessment milestone Final paper + presentation due
ImportantCapstone Session

Both tracks reunite for project presentations. Each student presents for 20 minutes + 5-minute Q&A. The Q&A is graded.

Order: Random selection at start of class. Be prepared from the start.

Final paper: Submit via course site before your presentation. Final paper graded separately.

41.1 Session Structure (75 Minutes × Possibly Multiple Class Days)

With 32-session courses typically having 20–30 students, the capstone often spans 2 class meetings (Session 32 spread across the final week). Coordinate with your TA on scheduling. Assume two 75-minute slots: Session 32-A and Session 32-B.

41.1.1 Per-Student Time Allocation

Element Duration What happens
Set-up 1 min Take seat, audio check, slide load
Presentation 20 min Project presentation
Q&A 5 min Questions from instructor, TA, fellow students
Transition 1 min Wrap up, next student up
Total per student ~27 min

In a 75-minute class, 2–3 presentations per class period is the realistic cap.

41.1.2 Total Capstone Time

  • 20–30 students × 27 min = ~9–14 hours
  • Across 32-A, 32-B, and possibly designated final exam week sessions
  • Plan accordingly

41.2 Final Course Wrap-Up Slide Briefs

After all presentations conclude, a brief wrap-up session.

41.2.1 Slide 32.1 — Title

  • Title: “Course Conclusion”
  • Tag line: “What we built. Where it goes.”

41.2.2 Slide 32.2 — Course Synthesis (One-Slide)

  • Title: “GE-LAV in one slide (revisited)”
  • Layout: Same master visual from Session 24
  • The five main results:
    1. Jensen bias (closed-form)
    2. Optimal exit boundary \(L^*(t)\)
    3. Welfare gap (~2.3%/yr)
    4. Pigouvian exit tax
    5. Strict valuation hierarchy DCF ⊊ LAV ⊊ GE-LAV

41.2.3 Slide 32.3 — What Each Student Now Knows

  • Title: “What you can now do”
  • For Track 1 students:
    • Apply GE-LAV to real private market assets
    • Communicate liquidity-adjusted analysis to IC/board
    • Distinguish DCF/LAV/GE-LAV in practice
    • Make informed allocation, exit, and stress test recommendations
  • For Track 2 students:
    • Derive the framework’s results from first principles
    • Implement HJB, FP, MFG numerically
    • Extend the framework theoretically
    • Connect to broader MFG/systemic risk research

41.2.4 Slide 32.4 — How to Use This Knowledge

  • Title: “Where this knowledge goes”
  • Professional use cases:
    • LP allocation decisions and IPS construction
    • GP valuation discipline and IC communication
    • Regulatory and policy work
    • Consulting / advisory work for institutional investors
    • PhD research extending the framework
  • Continuing education:
    • GE-LAV platform updates (new asset classes, new calibrations)
    • Regulatory developments (Solvency II updates, IPEV revisions)
    • Academic literature on MFG and private market valuation

41.2.5 Slide 32.5 — Personal Note

  • Title: “Thank you”
  • Brief acknowledgment of the cohort:
    • First time teaching this course
    • Recognition of student engagement
    • Encouragement to stay in touch (LinkedIn, professional network)
  • Course evaluation: Reminder to complete

41.3 How the Presentations Are Graded

Each presentation is graded on the criteria from the project specification:

Criterion Weight
Clarity of motivation and question 3%
Quality of empirical work and calibration 5%
Correct application of GE-LAV framework 6%
Quality of comparison and economic interpretation 4%
Quality of recommendation/conclusion 3%
Q&A defense 4%
Total presentation 25%

The final paper adds 5% more:

Criterion Weight
Improvement over draft 2%
Writing quality and polish 2%
Final results are correct 1%
Total final paper 5%

Combined: Project = 30% (presentation 25% + final paper 5%) + 15% (proposal 5% + draft 15%) = 50% of course.

41.4 Q&A Guidelines

41.4.1 For Presenters

  • Anticipate questions: Re-read your work; what would you ask if you were the instructor?
  • Be honest about limitations: Saying “I assumed X; the result would change if Y” beats pretending you handled everything
  • Defend with reasoning, not certainty: “My approach was Z because of A and B” is better than “Z is the obvious choice”
  • Stay calm: Q&A is meant to test understanding, not to embarrass

41.4.2 Common Questions (Examples)

  • “Why did you choose this specific asset?” → Should align with your motivation slide
  • “How robust is your calibration to parameter variation?” → Should match your sensitivity analysis
  • “Did you consider the McKean-Vlasov externality?” → Critical for stress scenarios
  • “What’s the IC-relevant magnitude here?” → Numbers in dollars, not percentages
  • “Why does GE-LAV differ from DCF in this case?” → Channel-specific decomposition expected
  • “Would Track [other] students have approached this differently?” → Cross-track perspective

41.5 Final Logistics

41.5.1 Submission Checklist (Day of Session 32)

41.5.2 After Session 32

  • Final grades: Posted within 14 days
  • Re-grade requests: 7 days from grade posting; submit in writing
  • Course website remains live: All materials accessible for at least 1 year
  • Reference and recommendation requests: Email instructor; standard 2-week turnaround

41.6 A Final Word

The GE-LAV framework introduced in this course is new. The book was published in 2026; the framework has only been in the public discourse for a year. You — as students in the first iterations of this course — are among the earliest to systematically understand and apply this material.

That means you carry forward responsibility:

  • For Track 1 students: bring intellectual honesty to GE-LAV adoption. Help institutions use it well.
  • For Track 2 students: extend the framework. Test it. Critique it. Make it stronger.

If you find errors, omissions, or improvements in the course or the framework, please share them. The course will be revised; the framework will evolve. Your contribution shapes both.

Thank you for the semester.

← Session 31 | Schedule | Back to Course Home

Beyond this course: The production GE-LAV® engine at liquidityillusion.com is where the framework continues evolving. Bookmark it.