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This course will develop and apply the basic tools and models of corporate finance to real-world corporate decisions. This course is designed to be the second course in the standard finance sequence; that is, it is designed to be the natural follow-up to the Winter Managerial Finance course. This course will develop and extend standard tools and techniques of financial analysis, valuation, and model-building, and apply these methods to a wide range of cases. Case topics will include mergers and acquisitions, private equity, corporate governance, capital structure, agency conflicts, and corporate restructuring. For all of these applications, this course will emphasize the central importance of financial analysis, valuation, and modeling to guiding optimal decision making.

The focus of this course is to apply the fundamental ideas and tools of corporate finance to real-world investment and financing decisions. This course is designed to be the second course in a standard finance sequence; that is, it is designed to be the natural follow-up to the Winter Managerial Finance course. We will develop and extend standard tools and techniques of valuation, and model-building, as well as frameworks and apply these to a wide range of cases. Case topics will include valuation, capital structure choice, financial distress and bankruptcy, agency conflicts and governance, payout policy (and cash management), leveraged buyouts, private equity, mergers and acquisitions, staying private versus going public decision, and valuing control in firms through dual shares and pyramids/keiretsu structure in global settings. Students will be expected to develop detailed model-based analyses for the cases using the tools and techniques we develop in this course, and to employ their analyses to reach and defend specific recommendations for these cases.

This course will expose students to the fundamentals, best practices, and advanced techniques of corporate financial modeling. We begin with basic operating and integrated financial statement models, and ultimately develop financial models to analyze major corporate transactions, including venture capital funding, mergers and acquisitions, and leverage buyouts. We will integrate theories presented throughout the MBA core, particularly those from accounting and finance, and take a hands-on approach to understand how the theory is implemented in practice.nnThe focus of the course will be on developing critical financial modeling skills, understanding best practices, and recognizing common pitfalls. Students will work on a series of cases and build models that can be used for earnings and pro-forma financial statement forecasts, valuation, the assessment of financing needs, merger analysis, and LBO evaluation.nnStudents will also gain experience presenting financial models and critically assessing them. By the conclusion of the course, students will develop the skills to construct complex financial models and the logical frameworks to utilize them for various organizational applications.

Students will engage in the development of corporate financial modeling cases and solutions. Students will also develop materials to aid others in building financial models, and serve as case leaders during lab workshops. Extensive background in financial modeling and experience with Excel is required.

The purpose of this course is to familiarize students with the different types of trading strategies employed by various money management institutions. These financial trading strategies are used to manage the risk and return profiles of specific portfolios. Throughout the sessions, students will be challenged to understand and explore the application and implementation of these different strategies. Trading simulations employed on the Rotman Interactive Trader and Rotman Portfolio Manager (using real market data and computer generated data) will be used extensively in this course as a way to learn and test different strategies. All classes will be held in the new Real-time Analytics and Investment Lab (RAIL), located on the third floor of the Bass Building (B312). Students are expected to attend all sessions. Graded are based on in-class simulation results, class participation, and two written assignments.

This is a course about the financial decision-making process largely from the point of view of the CEO of an entrepreneurial venture, ranging from very early to very late stages. 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 cycles from initial angel or venture capital investments through exit decisions, in order to see the issues that arise when these principles are applied in practice. In some cases we show the viewpoint of the entrepreneur and in others the perspective of the investor. After all, as an entrepreneur, one cannot negotiate effectively without understanding an investor's motivations. Conversely, an investor 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 provisions.

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 course will not be offered next academic year, 2017-2018.

This course considers a wide range of topics in theoretical corporate finance (broadly interpreted). Topics include capital structure decisions, agency conflicts in the firm, dividend policy, security design, optimal financial contracting, the theory of the firm, the market for corporate control, and banking and financial intermediation, among others. The primary focus is on how asymmetric information, agency conflicts, strategic interactions, and incomplete contracting affect corporate financial decision-making. The course aims both to familiarize students with influential papers and current research, and to promote new research ideas in the area.

This course is an introduction to empirical research in asset pricing. The focus of the course is on the interplay between financial economic theory, econometric method, and that analysis of financial market data. Topics include tests of asset pricing models, return predictability in time-series and cross-section, empirical studies of asset market imperfections, and studies of individual and professional investor behavior. Class discussions will draw on textbooks/monographs and original articles and working papers.