All graduate courses offered by the Finance Department are listed below.
However, not all of the below are taught every quarter. Scroll down the page to see which courses are currently being offered.
FNCE
Courses
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Introduction to the basic concepts and tools of finance. Review of balance sheet and income statement categories. Emphasis on the time value of money, present value calculations, the opportunity cost of capital, the valuation of simple securities, and evaluating investment opportunities in a capital budgeting system. Prerequisites: ACTG 300 and OMIS 353.
# Units: 3
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# Units: 3
Study of investment securities and markets. Review of valuation tools. Analysis of stocks, bonds, and derivatives. Construction of portfolios and the control of investment risks. Prerequisite: ECON 401 and FNCE 451.
# Units: 3
A study of the financial issues specific to firms operating internationally. Review of valuation tools. Emphasis on the sources of capital available to multinational firms, analyzing foreign investment opportunities, and currency risk management. Other topics may include international working capital management and import/export financing. Prerequisite: FNCE 455.
# Units: 3
A study of financial service companies such as commercial banks, investment banks, and insurance companies. Review of valuation tools. Emphasis on the evolution of financial intermediaries, analyzing financial service firms' investment opportunities under regulatory constraints, interest rate risk management, and the relation between financial institutions and financial markets. Other topics may include the political economy of financial regulation. Prerequisite: FNCE 455.
# Units: 3
A study of corporate governance and corporate restructurings. Emphasis on how corporate ownership, control, and organizational structures affect firm value. Other topics may include valuing merger candidates, agency theory, and takeover regulation. This course generally places a heavy emphasis on case projects and/or class presentations. Prerequisite: FNCE 455.
# Units: 3
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This course focuses on the risks, practices, and problems that are particular to financing and investing in real property. Students learn the concepts and techniques necessary to analyze the financial decisions embedded in property development and investment. Prerequisite: FNCE 455.
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Business risk management using futures, options, and swaps. Considers the institutional features of futures and option trading first, then introduces the theory of futures and option pricing. These tools are applied to the problems of hedging and cross-hedging commodity inventories in agriculture, metals, and other physical commodities. Covers managing financial risks such as foreign currency positions, general interest rate risk management, and the problem of portfolio immunization. Includes econometric estimation of hedge ratios. Prerequisite: FNCE 455.
# Units: 3
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This course covers the financial topics most relevant to newly formed companies, with an emphasis on Silicon Valley-style startups that target large markets and raise outside capital. Topics include: (1) valuation, which is the course's primary theme, underlying all of the topics covered; (2) evaluating business opportunities, which focuses on the underlying economic principles that differentiate large opportunities from small opportunities; (3) funding business opportunities, which covers both identifying a company's needs and acquiring the capital for financing those needs; and (4) discussing how successful entrepreneurial ventures "exit." Prerequisite: FNCE 455.
# Units: 3
An applications course that discusses the implementation of finance theory to valuation problems. This course provides practical valuation tools for valuing a company and its securities. Valuation techniques covered include discounted cash-flow analysis, estimated cost of capital, market multiples, free-cash flow, and pro forma models. Prerequisite: FNCE 455.
# Units: 3
The design, valuation, and risk management of derivative securities (futures, options, etc.), including structured products. Topics include arbitrage theory, futures, equity options, bond options, credit derivatives, swaps, and currency derivatives. Students will undertake mathematical modeling of derivatives, including implementation and applications in investments, corporate finance, and risk management. Prerequisite: FNCE 455.
# Units: 3
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Covers special topics; offered on an occasional basis.
# Units: 3
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Provides the tools necessary to analyze the opportunities and potential competitive threats in commercial Web-based organizations. To quantify and apply the analysis, focus is on valuing Internet companies based on a careful examination of their business model and environment. Prerequisite: FNCE 451. Concentration: Fnce, EN.
# Units: 1
Understanding the Asian crisis in terms of the dynamics of global financial markets. An analysis of the crisis within the context of the growing influence and power of global financial markets (GFM). Discussion of the different explanations for the crisis and its spread. Illustrates the economic importance of GFM and the need for businesses to understand how they function. Prerequisite: FNCE 451. Concentration: Fnce.
# Units: 1
Analyzes the challenges facing companies from first-round financing to initial public offering (or major liquidity event) in designing their planning and control systems. Focus is on the operation of the firm, its organization structure, its financial and nonfinancial systems, and its reward systems. Prerequisite: FNCE 451. Concentration: Fnce, EN
# Units: 1
How the Internet will affect the development of financial institutions such as banks and brokerages. Covers the basic theory of financial intermediation as it applies to online financial service firms. Discusses the impact of a migration to online financial services and the competitive changes created. Prerequisite: FNCE 451. Concentration: Fnce, EN.
# Units: 1
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# Units: 4
This course will familiarize students with the valuation techniques used to value private businesses for different purposes including funding, mergers and acquisition, value enhancement strategies, etc. Specifically, the class will focus on the fundamental analysis, relative valuation techniques, and the use of real option techniques. This is a hands-on course in which the participants will prepare a valuation report that employs these different techniques. Prerequisite: FNCE 451. Concentration: none.
# Units: 1
This class will cover the late 1990s technology bubble. It is now a foregone conclusion that the Internet boom included a stock market bubble that eventually encompassed virtually all technology stocks. The current belated dash to declare the Internet boom a bubble means that it is time to carefully define what constitutes a stock market bubble, to begin examining the now-unquestioning acceptance of a high tech bubble, and to determine what are the most important lessons to be learned from high tech stocks rapid rise and subsequent collapse. Prerequisite: FNCE 451. Concentration: Fnce.
# Units: 1
This class will cover market-neutral stock market investing. Most equity investment strategies involve diversifying to eliminate unsystematic risk while enjoying the stock markets long-term upward trend. In contrast, market-neutral invest strategies are designed to make money regardless of the broad markets movements. This can reduce short-term risk but introduces special challenges. The course will outline each market-neutral investment strategy, explain the advantages and risks, and use real examples. Prerequisite: FNCE 451. Concentration: Fnce.
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Default risk is a relatively modern area of finance. In the past, it comprised fundamental analysis of firms by rating agencies. It has evolved into a highly technical and quantitative discipline that requires focused training. This course introduces students to the practice of modern credit-risk modeling. Prerequisite: FNCE 451.
# Units: 1
This course will introduce students to the mathematical tools for analysis and valuation of options. Basic models will be taught and implemented on spreadsheets so that students are comfortable with using options in common financial applications. Prerequisite: FNCE 451.
# Units: 1
This course will introduce students to simulation techniques in modern finance. This has become a well-accepted approach to valuing securities and also is used for risk management. Students will learn from hands-on examples how to undertake analyses of complex scenarios in a simple way using simulation models on spreadsheets. Prerequisite: FNCE 451.
# Units: 1
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# Units: 4
An introduction to the broad asset class, private equity. The class covers the history of private equity and the role it plays in an institutional portfolio. Particular attention is paid to the structure and economics of private equity partnerships. Prerequisite: FNCE 455.
# Units: 1
An in-depth look at private equity funds that invest in high-growth, generally high-tech, start-up companies. The class will focus on the particulars of venture partnerships, the past performance of venture capital as an asset class, and how venture partnerships invest their capital. Prerequisites: FNCE 455 and FNCE 714.
# Units: 1
An in-depth look at private equity funds that invest in more mature companies. The class will focus on the particulars of growth capital/buyout partnerships, the past performance of growth capital as an asset class, and how growth capital partnerships invest their capital with an emphasis on the role of leverage. Prerequisite: FNCE 455.
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# Units: 4
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# Units: 4
This course will discuss the causes and consequences of the US mortgage crisis in three class sessions. The first class will cover the events leading up to the crisis (1992-2006), including the residential real estate boom and asset-backed securitization. The second class will cover the crisis including a series of RIP case studies: What killed Bear Stearns? What killed Fannie Mae and Freddie Mac? What killed AIG? What killed Lehman Brothers and Merrill Lynch? What killed Washington Mutual and Wachovia? The third class will focus on how the crisis can be expected to change the global financial services industry in the future, and will involve student groups presenting their research on the possible futures of particular industries: banking (commercial and investment), insurance (underwriting and reinsurance), and investment services (asset management including alternatives). These presentations, along with accompanying written reports, will determine the majority of student grades. Prerequisites: FNCE 455.
# Units: 1
This course is an excellent introduction to start-up company culture, attitudes and aspirations of founders and employees, hiring and retaining the best, early stage product development and definition of the product to be closer to market requirements, winning the first customers, selecting the right VC and right valuation, and alternate financing models in the absence of a formal funding etc.
# Units: 1
This course will articulate the different dynamics in start-up company valuations. A start-up company from its inception to exit will have to go through many rounds of financing including sometimes seed funding. It is very common to see valuations that vary from company to company at different stages. The course covers the key drivers behind these variations and gives examples of several start-up companies that have been funded in the past few years that stand as good examples.This class will cover many topics such as Seed Funding, Series A-D funding, Mezzanine Round funding, M&A exits and liquidation---each of which is small enough to be easily grasped, and together form a comprehensive whole. At the end of the course, the student will be required to undertake real-world examples to understand the various dynamics of a start-up companys funding and valuation.
# Units: 1
A two unit course covering building early stage companies and Valuation Variations in these companies would be offered. This course is beneficial to students who are entrepreneurs, employees of start-up companies or the ones who have a dream to start a company someday or to anyone who is interested in learning about the early years in start-up companies. The goal of this course is to provide a focused exposure to specialty topics in an early stage company growing revenues from 0 to $20M. The course will look at the pitfalls, lessons to be learnt, team building techniques at different stages of growth, early market identification, product definition, pricing issues, etc. Students will go through the mechanics of valuation and funding at various stages in the Start-up life cycle.
# Units: 2
The objective of this course is to provide a working knowledge of the risks and opportunities arising from climate change and climate policy. We will examine how carbon regulations and cap-and-trade affect companies, and the tools and strategies to manage these risks. We will study how climate change may change the way we do business, looking at the physical, operational and financial impact of climate change, and discuss the emerging tools to foster business resilience. The course has a practical focus and will use real-world case studies to highlight different market and regulatory approaches, and to learn from past and current business ventures in the broader climate sector.
# Units: 4
This course is a first introduction to broad emerging paradigms in data science, machine learning, big data, analytics, and corresponding business implications. A broad overview of the field will be provided, and an introduction to various statistical tools used in data analytics. Case studies may be used. Class discussion will be important. An introduction to various data sets will also be undertaken.
# Units: 1
Introduction to the basic concepts and tools of finance. Review of balance sheet and income statement categories. Emphasis on the time value of money, present value calculations, the opportunity cost of capital, the valuation of simple securities, and evaluating investment opportunities in a capital budgeting system. Proceeds to a study of investment securities and markets. Review of valuation tools. Analysis of stocks, bonds, and derivatives. Construction of portfolios and the control of investment risks.
# Units: 6
Introduces the basic concepts and tools of finance. Reviews balance sheet and income statement categories. Emphasizes the time value of money, present value calculations, the opportunity cost of capital, valuation of simple securities, and evaluating investment opportunities in a capital budgeting system.
# Units: 4
Deals with the basic and advanced concepts of corporate finance, particularly the role of the financial manager and the goal of financial management. For this purpose, the course focuses on agency conflicts and corporate governance, capital structure, payout policy, financial distress, options (real and executive), derivatives/hedging, and international issues.
# Units: 4
The course provides a comprehensive background in the mathematical topics required for learning Quantitative Finance and Business Analytics and Data Science: Calculus, Linear Algebra, and Probability Theory. Applications of these topics in a variety of business contexts will be included.Pre-requisite: None.This course is a pre-req for FNCE2404, 2408.
# Units: 4
This course is designed to provide a comprehensive introduction to forecasting methods used in Time Series Analysis. The class covers a range of topics in time series forecasting. The class will provide you with a language to describe time series data and ultimately cover modeling techniques such as ARIMA, SARIMA, and GARCH to produce forecasts.
# Units: 2
Explores investment securities and markets; reviews valuation tools; analysis of stocks, bonds, and derivatives. Introduces constructing portfolios and controlling investment risks. Focuses on learning how to value assets given forecasts of future cash flows. Concentrates on the risk characteristics of different asset classes. Covers four broad areas: (a) bonds and other fixed income securities, (b) risk/return relationships, portfolio diversification, and equity factor models, (c) performance evaluation and security analysis, and (d) currencies, international interest rates, and derivatives. Combines the theoretical underpinnings of finance with real-world examples. Before taking the course, students should understand time value of money (discounting), capital budgeting, and evaluation of two-stock portfolios.
# Units: 4
This course covers key issues in panel data analysis, with an emphasis on their applications in empirical research, especially empirical corporate finance. The course aims to introduce various econometric methods for analyzing panel data and develop core techniques to identify casual relations in the data. We will begin with the standard linear regressions, and extend to pooled, fixed effect, and random effect regression models, instrumental variables, differences-in-differences, selection models, and regression discontinuity. Students will be exposed to a broad range of applications in finance through reading academic papers and conducting their own empirical analysis.
# Units: 2
This course covers the basic conceptual foundations and tools of econometrics and applies them to case studies with real-world data. The Key statistical technique used in this course is multiple linear regression.
# Units: 2
FinTech has rapidly become a prevalent part of our vernacular, and an understanding of the evolution of traditional finance methods is an important part of a Finance majors arsenal. This course covers the evolution of traditional finance methods -- namely, the disruptions and innovations that have transformed: (i) how we access capital; (ii) how we allocate or invest capital; (iii) how we settle or transfer capital; and (iv) how we monitor and maintain the integrity of financial institutions and transactions.
# Units: 2
This course covers key issues in panel data analysis, with an emphasis on their applications in empirical research, especially empirical corporate finance. The course aims to introduce various econometric methods for analyzing panel data and develop core techniques to identify casual relations in the data.
# Units: 2
This course introduces participants to quantitative techniques and algorithms that are based on big data (numerical and textual) or are theoretical models of big systems or optimization that are currently being used widely in business. It introduces topics that are often qualitative but that are now amenable to quantitative treatment. The course will prepare participants for more rigorous analysis of large data sets as well as introduce machine learning models and data analytics for business intelligence.
# Units: 4
This course goes over the techniques utilized in large scale corporate financial transactions. The course is taught entirely by the case method. The transactions covered in this course include spinoffs/divestitures, mergers, LBOs/MBOs, equity carve-outs, and restructurings. The course discusses the strategic use and value-add of each type of transaction, the appropriate context for using them, alternative structuring approaches, tax and regulatory consequences, cross-boarder implications, and valuation principles.
# Units: 2
Deals with the basic and advanced concepts of corporate finance, particularly the role of the financial manager and the goal of financial management. For this purpose, the course focuses on agency conflicts and corporate governance, capital structure, payout policy, financial distress, options (real and executive), derivatives/hedging, and international issues.
# Units: 4
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# Units: 3
Studies financial issues specific to firms operating internationally. Examines the global financial environment, agency problems and corporate governance, international financial markets, exchange rate behavior, and corporate hedging decisions using currency options, currency futures, forward & cross-currency interest rate swaps by the multinational corporation (MNC) and understanding international parity relations.
# Units: 4
Analyzes the main functions of financial institutions such as commercial banks, investment banks, and insurance companies from the perspective of a corporate issuer, and reviews the recent developments in the financial service industry. Topics covered include payment processing systems, extension of credit to businesses and consumers, money management, investment banking and securities trading, and latest developments in the industry brought by new players using digital technologies and big data. Potential market size, product pricing, and profitability of the new players will be evaluated. (2 units)Prerequisite: FNCE 2400 Financial Forecasting and Analysis or FNCE 3000 Financial Management.
# Units: 2
Examines corporate governance and corporate restructurings. Emphasizes how corporate ownership, control, and organizational structures affect firm value. Other topics include valuing merger candidates, agency theory, and takeover regulation. Places a heavy emphasis on case projects and/or class presentations.
# Units: 4
This course introduces the practical aspects of investment management. This is part one of a two-course sequence. The two proposed courses will provide students a framework to gain a detailed understanding of dynamics and factors affecting todays investment managers.
# Units: 2
This course builds on the material covered in Applied Portfolio Management I and focuses on the practical aspects of portfolio performance evaluation and risk management.
# Units: 2
Course teaches the concepts and techniques necessary to analyze financial decisions embedded in property investment, development and Finance. Students will analyze the real estate market, investments in residential and commercial real estate by individuals, partnerships and trusts. Emphasis is on the valuation and cash flow of analysis of these projects and an understanding of the financing alternatives using actual properties for sale and case analysis.
# Units: 4
This course focuses on the skills in financial planning and analysis (FP&A). FP&A involves the budgeting, forecasting, and analytical processes that support an organization's financial health and business strategy. Topics covered include analyzing financial statements, developing financial models for forecasting, valuation, and risk analysis, interpreting model outputs, and communicating through effective use of data visualization methods. Students will learn how to implement FP&A using these techniques in case analysis and simulation exercises.
# Units: 4
Covers financial topics most relevant to newly formed companies, with an emphasis on Silicon Valley-style startups that target large markets and raise outside capital. Includes topics on: (1) valuation, which is the courses primary theme, underlying all of the topics covered, (2) evaluating business opportunities, which focuses on the underlying economic principles that differentiate large opportunities from small opportunities, (3) funding business opportunities, which covers both identifying a companys needs and acquiring the capital to finance those needs, and (4) discussing how successful entrepreneurial ventures exit.
# Units: 2
This course focuses on the issues faced by start-up CFOs, and is directly relevant to entrepreneurs, founders and the early employees at start-ups who are evaluating, communicating, and implementing new business opportunities. The class builds on its prerequisite, FNCE 2480.
# Units: 2
Discusses implementing finance theory for valuation problems. Provides practical valuation tools for valuing a company and its securities. Covers valuation techniques including discounted cash-flow analysis, estimated cost of capital, market multiples, free-cash flow, and pro forma models.Pre-reqs: FNCE 2400 OR FNCE 3000
# Units: 4
This course is designed to provide a comprehensive introduction to forecasting methods used in Time Series Analysis. The class covers a range of topics in time series forecasting. The class will provide you with a language to describe time series data and ultimately cover modeling techniques such as ARIMA, SARIMA, and GARCH to produce forecasts.
# Units: 3
Examines the design, valuation, and risk management of derivative securities, (futures, options, etc) Including structured products. Includes topics on arbitrage, theory, futures, equity options, bond options, credit derivatives, swaps and currency derivatives. Mathematical modeling of derivatives, including implementation and applications in investments, corporate finance & risk Management.
# Units: 4
Behavorial traps represent one of the most important obstacles to successfully implementing skills taught in traditional corporate finance courses. When it comes to improving the financial decision process, understanding these traps is absolutely essential. This course identifies the key psychological obstacles to values maximizing behavior, along with steps that managers can take to mitigate their effects. The objective of the course is to help students learn how to put the traditional tools of corporate finance to their best use, and mitigate the effects of psychological obstacles that reduce value.
# Units: 4
This course will comprise an immersion into the mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well as building and implementing models. It will be technology dependent since computers are essential to solving problems in this field.
# Units: 4
ESG is shorthand for environmental, social and governance investment criteria. Earlier and concurrent names include Socially Responsible Investing (SRI), Sustainable investing, Impact investing, Ethical Investing, Faith-Based Investing, Values-based Investing (VBI), and Green Investing. We will explore the following questions - What is ESG? What do ESG investors want? What do ESG investors get? What is the practice of ESG? What is the link between ESG and Corporate Social Responsibility (CSR)?
# Units: 2
Project based class for students in MS in Finance & Analytics. Students should discuss option with their Faculty Director
# Units: 4
Will introduce students to the cornerstone concepts underlying modern financial thinking and practice. Topics include financial analysis relating to corporate firms, securities in capital markets, asset managers and risk management.
# Units: 2
To provide a comprehensive background in the mathematical topics required for learning Quantitative Finance (QF) and Business Analytics and Data Science (BADS). The mathematical topics covered include Calculus, Linear Algebra and Probability Theory. Applications of these topics in a variety of business contexts will be included.
# Units: 4
FinTech has rapidly become a prevalent part of our vernacular, and an understanding of the evolution of traditional finance methods is an important part of a Finance majors arsenal. This course covers the evolution of traditional finance methods -- namely, the disruptions and innovations that have transformed: (i) how we access capital; (ii) how we allocate or invest capital; (iii) how we settle or transfer capital; and (iv) how we monitor and maintain the integrity of financial institutions and transactions.
# Units: 2
This course is designed to provide a comprehensive introduction to forecasting methods used in Time Series Analysis. The class covers a range of topics in time series forecasting. The class will provide you with a language to describe time series data and ultimately cover modeling techniques such as ARIMA, SARIMA, and GARCH to produce forecasts
# Units: 2
This course covers key issues in panel data analysis, with an emphasis on their applications in empirical research, especially empirical corporate finance. The course aims to introduce various econometric methods for analyzing panel data and develop core techniques to identify casual relations in the data. We will begin with the standard linear regressions, and extend to pooled, fixed effect, and random effect regression models, instrumental variables, differences-in-differences, selection models, and regression discontinuity. Students will be exposed to a broad range of applications in finance through reading academic papers and conducting their own empirical analysis.
# Units: 2
This course will comprise an immersion into the mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well as building and implementing models. It will be technology dependent since computers are essential to solving problems in this field.
# Units: 4
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# Units: 4
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# Units: 1
This course provides an introduction to finance. It addresses the theory and practice of financial management, the generation and allocation of financial resources. The main objective is to provide a foundation in the basic concepts of finance, including the time value of money, cash and working capital management, the role of financial markets, portfolio theory, asset pricing, and the risk-return tradeoff, and to expand awareness of institutions and practices in business and finance.
# Units: 4
This course goes over the techniques utilized in large-scale corporate financial transactions. The course is taught entirely by the case method. The transactions covered in this course include spinoffs/divestitures, mergers, LBOs/MBOs,equity carve-outs, and restructurings. The course discusses the strategic use and value-add of each type of transaction, the appropriate context for using them, alternative structuring approaches, tax and regulatory consequences, cross-border implications, and valuation principles.
# Units: 2
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# Units: 3
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# Units: 4
Deals with the basic and advanced concepts of corporate finance, particularly the role of the financial manager and the goal of financial management. For this purpose, the course focuses on agency conflicts and corporate governance, capital structure, payout policy, financial distress, options (real and executive), derivatives/hedging, and international issues.
# Units: 4
Explores investment securities and markets; reviews valuation tools; analysis of stocks, bonds, and derivatives. Introduces constructing portfolios and controlling investment risks. Focuses on learning how to value assets given forecasts of future cash flows. Concentrates on the risk characteristics of different asset classes. Covers four broad areas: (a) bonds and other fixed income securities, (b) risk/return relationships, portfolio diversification, and equity factor models, (c) performance evaluation and security analysis, and (d) currencies, international interest rates, and derivatives. Combines the theoretical underpinnings of finance with real-world examples. Before taking the course, students should understand time value of money (discounting), capital budgeting, and evaluation of two-stock portfolios.
# Units: 3
Studies financial issues specific to firms operating internationally. Examines the global financial environment, agency problems and corporate governance, international financial markets, exchange rate behavior, and corporate hedging decisions using currency options, currency futures, forward & cross-currency interest rate swaps by the multinational corporation (MNC) and understanding international parity relations.
# Units: 4
Analyzes the main functions of financial institutions such as commercial banks,investment banks, and insurance companies from the perspective of a corporate issuer, and reviews therecent developments in the financial service industry. Topics covered include payment processingsystems, extension of credit to businesses and consumers, money management, investment banking andsecurities trading, and latest developments in the industry brought by new players using digitaltechnologies and big data. Potential market size, product pricing, and profitability of the new players willbe evaluated.
# Units: 2
Examines corporate governance and corporate restructurings. Emphasizes how corporate ownership, control, and organizational structures affect firm value. Other topics include valuing merger candidates, agency theory, and takeover regulation. Places a heavy emphasis on case projects and/or class presentations.
# Units: 4
Analysis of investor behavior and its reflection in the investment industry and financial markets. Applications to individual investors and investment professionals such as portfolio managers and security analysts. Emphasis on the cognitive biases and emotions of investors. Prerequisite: FNCE 455.
# Units: 3
Finance 3464 focuses on the risk, practices and problems particular to the financing and investing in real property. The course teaches the concepts and techniques necessary to analyze financial decisions embedded in property investment, development and finance. Students will analyze the real estate market, investments in residential and commercial real estate by individuals, partnerships and trusts. Emphasis is on the valuation and cash flow analysis of these projects and an understanding of financing alternatives using actual properties for sale and case analysis.
# Units: 4
Explores business risk management using futures, options, and swaps. Considers the institutional features of futures and option trading first, then introduces the theory of futures and option pricing. Applies these tools to the problems of hedging and cross-hedging commodity inventories in agriculture, metals, and other physical commodities. Covers managing financial risks such as foreign currency positions, general interest rate risk management, and the problem of portfolio immunization. Includes econometric estimation of option related metrics such as hedge ratios.
# Units: 3
This course covers financial topics most relevant to leading the financial strategy and operations of newly formed companies. Our focus is on Silicon Valley start-ups that target large markets and raise outside capital, and the course is taught by two finance veterans who will draw from their “insider” and “outsider” perspectives of leading and raising capital for emerging companies. Among the topics examined through case studies, lectures and guest speakers are: (1) understanding business and financial models and their linkages; (2) raising capital and determining valuation throughout an emerging company’s lifecycle; and (3) building and leading finance teams to support company growth objectives. FNCE 3481 (Weeks 6-10) is a companion course and will extend our study of financial strategy and operations beyond the start-up stage and as companies operate as a publicly traded entity.
# Units: 2
This course extends our study of financial strategy and operations beyond the start-up stage and as companies operate as publicly traded entities. We’ll examine a company’s IPO readiness, its positioning against others in the public domain and how investors assign value to high-growth and “first of a kind” companies. We’ll also have case study discussions that illustrate various value-creation paths for companies, including financial and business model changes while publicly traded. Furthermore, we’ll tackle topics like the social and environmental responsibilities of tech companies and how cognitive diversity can lead to better outcomes. Like its companion class (FNCE 3480), the course is taught by two finance veterans who will draw from their “insider” and “outsider” perspectives of leading and raising capital for emerging tech companies.
# Units: 2
Discusses implementing finance theory for valuation problems. Provides practical valuation tools for valuing a company and its securities. Covers valuation techniques including discounted cash-flow analysis, estimated cost of capital, market multiples, free-cash flow, and pro forma models.
# Units: 4
This course is designed to provide a comprehensive introduction to forecasting methods used inTime Series Analysis. The class covers a range of topics in time series forecasting. The class willprovide you with a language to describe time series data and ultimately cover modelingtechniques such as ARIMA, SARIMA, and GARCH to produce forecasts.Learning ObjectivesUpon successfully completing this course, you will be able to: Describe a time series, make it stationary, and determine what techniques are likely toproduce a good forecast Understand and implement some basic applications of TSA Forecast time series data using TSA techniques and gauge the accuracy of the forecast Summarize key topics in the current literature in applied time series econometrics Interpret and communicate technical results to non-technical audiences
# Units: 2
Examines the design, valuation, and risk management of derivative securities (futures, options, etc.), including structured products. Includes topics on arbitrage theory, futures, equity options, bond options, credit derivatives, swaps, and currency derivatives. Mathematical modeling of derivatives, including implementation and applications in investments, corporate finance, and risk management.
# Units: 4
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# Units: 4
Covers the basics of financial instruments and the markets in which these instruments trade. Consists of two sections: fixed income securities and derivative securities. Uses case studies to introduce advanced securities and institutional features of their markets in which these securities trade. Develops a framework for analyzing new financial instruments including decomposing a security into simpler pieces, analyzing (pricing, hedging, etc.) each piece separately, and putting the pieces back together for a unified analysis. Explores the security design process, and the role and motivation of financial intermediaries, including commercial banks, investment banks, insurance companies, and hedge funds.
# Units: 3
Mathematical Finance is a rapidly expanding interdisciplinary field that involves mathematics and models for financial markets. Finance has become an increasingly quantitative discipline, and financial institutions are hiring graduates in finance, economics, mathematics, physics, and engineering. A solid mathematical and financial foundation is necessary to understand new paradigms in finance, and employers are also looking for graduates trained in both disciplines, with particular emphasis on modeling ability.This course will comprise an immersion into the mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well as building and implementing models. It will be technology dependent since computers are essential to solving problems in this field. Students will use tools from a variety of mathematical fields including probability, linear algebra, differential equations, stochastic calculus, and numerical analysis, although we only expect students entering the class to have a background in multivariate calculus, linear algebra, and a calculus based probability course as described in the Prerequisite section below. Each class will be a combination of mathematical finance theory and programming implementations. This course will comprise an immersion into the mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well as building and implementing models. It will be technology dependent since computers are essential to solving problems in this field. Students will use tools from a variety of mathematical fields including probability, linear algebra, differential equations, stochastic calculus, and numerical analysis, although we only expect students entering the class to have a background in multivariate calculus, linear algebra, and a calculus based probability course as described in the Prerequisite section below. Each class will be a combination of mathematical finance theory and programming implementations. Learning ObjectivesAnalyzing modern financial models for stock and bond evolution, option pricing, portfolio optimization, and risk management.Applying the mathematical tools used in modern finance, including stochastic calculus, Monte Carlo methods, matrix techniques, and finite difference schemes for solving PDEs.Analyzing financial questions using these mathematical tools. Examples will include determining the Black-Scholes equation (and solving it analytically for European options and numerically for American options) and optimizing the apportionment of stocks and cash in a portfolio via Markowitz Mean-Variance optimization.PrerequisitesStudents will need Linear Algebra (e.g., MATH 53, which may be taken concurrently with this course, or familiarity with matrix multiplication, inverses, and determinants through another course) plus some calculus-based probability (e.g., MATH 122 or AMTH 108 or permission of the instructor), and multivariate calculus (e.g., MATH 14). For undergraduate students in the School of Business, we will assume you have taken core finance courses and exposure to the mathematics in the above areas will be required. For graduate students in Business or Engineering, you should have taken math courses covering linear algebra and calculus-based probability (e.g. MSIS 2402). Please check with the professors that you have the prerequisites. These requirements may be waived with the permission of one of the instructors.
# Units: 4
So you want to be a Data Scientist? This course introduces participants to quantitative techniques and algorithms that are based on big data (numerical and textual) or are theoretical models of big systems or optimization that are currently being used widely in business. It introduces topics that are often qualitative but that are now amenable to quantitative treatment. The course willprepare participants for more rigorous analysis of large data sets as well as introduce machine learning models and data analytics for business intelligence.
# Units: 4
Investment knowledge is important to investment professionals, such as portfolio managers and financial advisers. They must know how to evaluate and select stocks, bonds, options and other securities, and how to guide investors to fitting portfolios and good investment behavior. Investment knowledge is also important to all of us as individual investors. The world of investment is changing rapidly as investment responsibilities and power move into the hands of individuals. The typical retirement plan is now a 401(k) type defined contribution savings plan where individuals make investments decisions and live by their outcomes. This course is centered on evidence-based knowledge of investments and investment behavior. It presents side by side standard and behavioral investment theory, evidence, and practice. These include analysis of wants and cognitive and emotional shortcuts and errors, portfolios, life-cycles of saving and spending, asset pricing, and market efficiency. These also include analysis of financial markets, such as stock exchanges, and securities, such as stocks, bonds, options, and futures.
# Units: 4
ESG is shorthand for environmental, social and governance investment criteria. Earlier and concurrent names include Socially Responsible Investing (SRI), Sustainable investing, Impact investing, Ethical Investing, Faith-Based Investing, Values-based Investing (VBI), and Green Investing. We will explore the following questions - What is ESG? What do ESG investors want? What do ESG investors get? What is the practice of ESG? What is the link between ESG and Corporate Social Responsibility (CSR)?
# Units: 2
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# Units: 3
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# Units: 1 - 3
Covers the practical side of raising capital in Silicon Valley. This class will be targeted directly toward entrepreneurs (and other curious parties) and includes: a brief history of venture capital in Silicon Valley; funding sources in Silicon Valley; exit strategies and why they matter from day one; contacting investors; the two-pager; what investors need from a business plan; valuing your company (idea); and presenting to investors. Prerequisites: none. Concentration: EN.
# Units: 1
Teaches simulation techniques in modern finance. This has become a well-accepted approach to valuing securities and also is used for risk management. Features hands-on examples how to undertake analyses of complex scenarios in a simple way by using simulation models on spreadsheets.
# Units: 1
Covers the history of the broad asset class, private equity, and the role it plays in an institutional portfolio. Pays particular attention to the structure and economics of private equity partnerships.
# Units: 1
Covers the basics of financial instruments and the markets in which these instruments trade. Consists of two sections: fixed income securities and derivative securities. Uses case studies to introduce advanced securities and institutional features of their markets in which these securities trade. Develops a framework for analyzing new financial instruments including decomposing a security into simpler pieces, analyzing (pricing, hedging, etc.) each piece separately, and putting the pieces back together for a unified analysis. Explores the security design process, and the role and motivation of financial intermediaries, including commercial banks, investment banks, insurance companies, and hedge funds.
# Units: 1
Evaluates private equity funds that invest in more mature companies. Focuses on the particulars of growth capital/buyout partnerships, the past performance of growth capital as an asset class, and how growth capital partnerships invest their capital with an emphasis on the role of leverage.
# Units: 1
Provides a broad overview of the Due Diligence process. Due diligence is the process by which potential investors identify and explore the critical aspects of a young company, and attempt to quantify both the risks and the advantages of making an investment. The state of the market, management expertise within the firm, technology risk, and legal concerns are just a few of the factors investors include in their due diligence analyses. Once an investor is educated about a companys risk and potential rewards, the terms of the investment must be negotiated, including valuation, preferences, and control features. Requires groups of students to study particular opportunities and present their findings and thoughts to the class.
# Units: 2
A two unit course covering Building early stage companies and Valuation Variations in these companies would be offered. This course is beneficial to students who are entrepreneurs, employees of start up companies or the ones who have a dream to start a company someday or to anyone who is interested in learning about the early years in start-up companies. The goal of this course is to provide a focused exposure to specialty topics in an early stage company growing revenues from 0 to $20M. The course will look at the pitfalls, lessons to be learnt, team building techniques at different stages of growth, early market identification, product definition, pricing issues, etc. Students will go through the mechanics of valuation and funding at various stages in the Start-up life cycle.
# Units: 2
This course is a first introduction to broad emerging paradigms in data science, machine learning, big data, analytics, and corresponding business implications. A broad overview of the field will be provided, and an introduction to various statistical tools used in data analytics. Case studies may be used. Class discussion will be important. An introduction to various data sets will also be undertaken.
# Units: 1
Overview: This course will introduce students to analytical techniques for bond markets and interest rate derivatives. This is essential content needed to be a bond quant. Students will learn to mathematically model the pricing of interest-rate related securities. Risk management of these securities in portfolios will also be taught. A light introduction to stochastic calculus will also be provided.
# Units: 1
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# Units: 2
This is the first in a series of two courses that cover alternative investments. Alternative investments contrast to widely-held investments like stocks, bonds, and mutual funds. This course covers how these investments are generally structured along with a closer study of a particular category, venture capital.
Elective for ENT Concentration
# Units: 2
This course introduces the practical aspects of investment management. This is part one of a two-course sequence. The two proposed courses will provide students a framework to gain a detailed understanding of dynamics and factors affecting todays investment managers.
# Units: 2
This course builds on the material covered in Applied Portfolio Management I and focuses on the practical aspects of portfolio performance evaluation and risk management.
# Units: 2
This two-unit course provides an introduction to fixed income. It covers the valuation and application of basic fixed-income securities and an introduction to select credit derivatives. The main objective is to provide a foundation in the basic concepts and mathematics of these securities and their applications, holistically as it pertains to a means to (i) immunize investment portfolios; (ii) raise capital, and (iii) hedge attendant risks.
# Units: 2
This course covers key issues in panel data analysis, with an emphasis on their applications in empirical research, especially empirical corporate finance. The course aims to introduce various econometric methods for analyzing panel data and develop core techniques to identify casual relations in the data.
# Units: 2 - 3
FinTech has rapidly become a prevalent part of our vernacular, and an understanding of the evolution of traditional finance methods is an important part of a Finance majors arsenal. This course covers the evolution of traditional finance methods -- namely, the disruptions and innovations that have transformed: (i) how we access capital; (ii) how we allocate or invest capital; (iii) how we settle or transfer capital; and (iv) how we monitor and maintain the integrity of financial institutions and transactions. Pre-requisite(s): FNCE 2452/3452/3000 (Financial Management) or FNCE 2700 (Finance Bootcamp)
# Units: 2