Results for FINANCE

This seminar is designed to provide some experience with research methods and topics in finance, and to assist undergraduates with career interests in financial research, whether academic or not, with preparation for those careers. The seminar meetings are weekly and discussion based, covering a range of issues and methods in financial economics. Students are expected to prepare a 30-minute research presentation once during the quarter.

This course covers the foundations of finance with an emphasis on applications that are vital for corporate managers. We will discuss many of the major financial decisions made by corporate managers, both within the firm and in their interactions with investors. Essential in most of these decisions is the process of valuation, which will be an important emphasis of the course. Topics include criteria for making investment decisions, valuation of financial assets and liabilities, relationships between risk and return, capital structure choice, payout policy, the use and valuation of derivative securities, and risk management. This course is targeted to those students who are new to finance and for those with little quantitative background.

This course covers the foundations of finance with an emphasis on applications that are vital for corporate managers. We will discuss many of the major financial decisions made by corporate managers, both within the firm and in their interactions with investors. Essential in most of these decisions is the process of valuation, which will be an important emphasis of the course. Topics include criteria for making investment decisions, valuation of financial assets and liabilities, relationships between risk and return, capital structure choice, the use and valuation of derivative securities (e.g., options and convertible securities), and risk management. This accelerated course is designed for those students who are relatively new to finance but who possess solid quantitative skills.

This course covers the foundations of finance with an emphasis on applications that are vital for corporate managers. We will tackle most of the important financial decisions made by corporate managers, both within the firm and in their interactions with investors. Essential in most of these decisions is the process of valuation, which will be an important emphasis of the course. Topics include criteria for making investment decisions, valuation of financial assets and liabilities, relationships between risk and return, capital structure choice, payout policy, the use and valuation of derivative securities (e.g., options and convertible securities), and risk management. This advanced course is targeted to those with a strong background in finance and (at least) solid quantitative skills.

This course is intended for those who plan careers that may involve debt financing for their businesses or other investments, or involve trading or investing in debt instruments and their derivatives, including money-market instruments, government bonds, repurchase agreements, interest-rate swaps, mortgage-backed securities (MBS), corporate bonds, structured credit products, and credit derivatives. We will emphasize institutional features of the markets, including trading, pricing, and hedging. There is a special focus on distressed debt. Most lectures will start with a cold-called student presentation of an un-graded short homework calculation. There will also be a series of graded homework, an in-class mid-term, and about six graded 'pop quizzes' of 10 minutes or less.

This interdisciplinary course will discuss the role of the financial system within the broader economy and the interactions between the financial industry and the rest of society. The course will provide an overview of the financial system, cover the basic economic principles essential for understanding the role of finance in the economy, and discuss of policy issues around financial regulation. It seeks to mix students from GSB, Law School, Public Policy, Economics, Political Science, and other departments. Topics to be discussed include: nn* The financial system, from microfinance to global megabanks: how and why finance can benefit society as well as endanger and harm. nn* Financial regulation: why and how? nn* Other people's money: the challenge of effective control, governance, and trust. nn* The politics of banking and finance. nn* Ethical issues in finance.

Financial crises are as old as financial markets themselves. There are many similarities between historical events. The recent credit crisis, for example, is far from unique. More often than not financial crises are the result of bubbles in certain asset classes or can be linked to a specific form of financial innovation. This course gives an overview of the history of financial crises, asset price bubbles, banking collapses and debt crises. We start with the Tulip mania in 1636 and end with the recent credit and debt crises. The purpose of the course is to understand the causes of past crises and to develop a conceptual framework that ties common elements together. We will discuss the lessons that we can draw for financial markets today.

This is a course about the financial decision-making process for start-up firms. The course takes a two-pronged approach: First, we develop tools and concepts of corporate finance related to modeling, valuation, control, and investment decisions within an entrepreneurial context. Second, we use cases with firms at different stages of their life cycle from initial angel or venture capital investments through exit decisions, to see the issues that arise when these principles are applied in practice. In some cases we take the viewpoint of the entrepreneur and in others the viewpoint of the investor. After all, as an entrepreneur, you cannot negotiate effectively without understanding the investor's motivations. Conversely, you cannot evaluate a potential investment opportunity without appreciating the entrepreneur's perspective and incentives. Finally, we explore new developments in entrepreneurial finance such as crowdfunding and early liquidity provision.

In 2001, Jim O'Neil of Goldman Sachs wrote a research note which underscored the importance of so-called Emerging Markets to a well-balanced investment portfolio. Still today, most investors have little or no investment exposure beyond North America, Europe, Japan and more recently India, China and Brazil. All of this is just beginning to change. The not yet fully formed investment category called frontier market private equity is emerging and within the next decade is likely to be an asset class of its own. Private equity investments are being made in southeast Asia, in MENA(Middle East/ North Africa), in sub-Saharan countries beyond South Africa and in Latin America. Even fund of funds are appearing across these markets. At the same time, investors face a world of diminished returns expectations in developed economies just as aging demographics and the need for continued growth, innovation and infrastructure renewal places increasing demands for payout. Suffice it to say, investors will be looking beyond traditional asset classes and geographies for sources of return. This new course is designed to expose you to the still emerging, not yet fully formed world of frontier market private equity. To set the context we will start by reviewing the fundamentals of economic growth and development globally. In addition we will discuss the fundamental concepts involved in constructing and evaluating the performance of a large scale investment portfolio. We will then review cases on the elements of the private equity cycle/process and specifically address the special demands of frontier markets in general. We will also focus on issues that are specific to various markets (e.g. Nigeria, Vietnam, etc.). Students taking the course will be given the opportunity to make important contributions to the knowledge base of this still very young field by working in small teams to research topics of personal and general interest, the results of which will be reported to the rest of the class.

This 2-unit elective at the GSB is an analytical review and overview of private equity partnerships. The course looks at all aspects of private equity investing and may be of interest to five groups of students: (i) students who aspire to be employed in private equity as a career; (ii) students who plan to be employed by operating companies that are owned by private equity firms; (iii) students who may invest in private equity partnerships as a limited partner; (iv) students who find private equity to be an interesting part of the financial community in general (v) students who expect to participate in corporate business development or mergers and acquisitions. The course will meet for nine classes, most for a duration of 90 minutes. One class will be a mock investment review committee presentation as a final project.

This course continues F620 and covers a number of main concepts in market microstructure. Among the topics that are covered are (i) Rational Expectations models and their foundations (ii) strategic trading models (iii) models of market and funding liquidity. In addition to the discussion of theoretic models time will be allotted to empirical applications.

This course provides an introduction to empirical research in corporate finance, with an emphasis on the application of cross-sectional and panel data econometric techniques for causal inference. Topics include investment policy, entrepreneurship and innovation, financing decisions, firm ownership, corporate governance, managerial incentives, financial contracting, and the structure and internal organization of firms. The course assumes knowledge of econometrics at the level of MGTECON 603.

This class is devoted to recent developments in the empirical corporate finance literature. Topics include: financial contracting, liquidation and renegotiation, taxation and capital structure, the role of labor markets, leveraged buyouts, executive compensation, the causes and consequences of the financial crisis, and implications of finance for the public sector. The class is very interactive. Many of the sessions will consist of student presentations about the papers from the reading list. We will also further explore empirical methods relevant for applied research in corporate finance, with a focus on identification and panel data issues.

This course is offered for students requiring specialized training in an area not covered by existing courses. To register, a student must obtain permission from the faculty member who is willing to supervise the reading.

This course is elected as soon as a student is ready to begin research for the dissertation, usually shortly after admission to candidacy. To register, a student must obtain permission from the faculty member who is willing to supervise the research.