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21 - 30 of 51 results for: FINANCE

FINANCE 326: Derivative Securities

This course is an introduction to options, futures and other derivative securities. The goal is to learn a core set of principles that underlie the pricing and use of derivatives. In particular, we will cover the valuation and use, both for risk management and for speculation, of forwards, futures, swaps, and options; the Black-Scholes option-pricing formula; delta-hedging; credit derivatives; financial risk management; and the role of derivatives in the recent financial crisis.
Units: 4 | Grading: GSB Letter Graded

FINANCE 327: Financial Markets

The aim of this course is to develop a thorough understanding of financial markets. We explore how investors make decisions about risk and return, how financial markets price risky assets in equilibrium, and how financial markets can sometimes malfunction. The course puts particular emphasis on the role of real-world imperfections that are absent from the standard textbook view of financial markets. For example, we explore the role of illiquidity: Why are there liquid markets for some types of assets but not for others? Why does liquidity often disappear in times of market turmoil? We will also study recent insights from behavioral finance about investor psychology and market inefficiencies. Moreover, we will look at financial innovations such as credit-default swaps, securitization, and hedge funds that play important roles in financial markets these days. We use cases to develop these topics in the context of practical decision-problems in the areas of asset allocation, risk management, and financing.
Units: 4 | Grading: GSB Letter Graded

FINANCE 329: Investment Seminar

"Global Principal Investing/Hedge Funds" is a seminar on selected topics in masterful investing in publicly traded and private equity/venture capital investments, with focus on the principal's point of view. We study hedge funds and mutual funds and meet with outstanding investors. The scope and context is global including emerging markets. The Seminar is taught by a founding director of one of the largest international investment funds. nn nnAll those registered in F321.1 will also be registered in F319. See yellow Term Sheet put in MBA Boxes in early May. nn nnAll those registered in F321.2 will also be registered in F329. See yellow Term Sheet.
Units: 4 | Grading: GSB Pass/Fail

FINANCE 330: Investment Management: Asset Allocation and Asset/Manager Selection

This course covers strategic and tactical asset allocation in investment portfolios as well as specific asset and manager selection issues. We consider challenges that are unique to the various asset classes that comprise broad-based portfolios, including: public equities, fixed income securities, private equity (both buyout and venture capital), hedge funds, and real assets (real estate, energy, timber, and commodities). We also consider challenges that are specific to various geographies (e.g., domestic, developed international and emerging markets) across the various asset classes. The portfolio optimization framework employed considers the perspective of different types of investors that vary along such dimensions as risk preference, investment horizon, tolerance for illiquidity, tax status, social objectives, and special asset-specific relationship, information or skill advantages. More specifically, our framework considers: tradeoffs between seeking diversification to control risks, and making concentrated bets where there appears to be outsized return prospects (whether due to one-off proprietary investment opportunities or the market appearing to value certain sectors improperly); tradeoffs between passive investment (at low administrative cost and complexity) and active investment designed to produce premium returns (despite the incremental cost and complexity); distinctions between investing as principals and delegating to managers, and the importance of aligning incentives among all parties; the importance of liquidity in driving the pricing, risk and expected returns to various asset classes and the importance of identifying which parties are natural suppliers of liquidity and which the natural demanders; the importance of effective underwriting and ongoing monitoring of investment opportunities; the importance of tax considerations in the pricing and expected returns to various asset classes; and the importance of identifying which parties form the natural clienteles in each asset class. For a number of the sessions, we will invite domain experts to add spice and depth to a portion of the class discussion.
Units: 4 | Grading: GSB Letter Graded

FINANCE 331: Practical Corporate Finance (Accelerated)

(Note: this course was formerly known as FIN 230) The main aim of this course is to enable students to apply the fundamental ideas of finance to problems in the area of corporate finance with all the complexities the real world entails. The course is a follow-up to the Fall Managerial Finance course where students learnt basics of valuation tecyhniques and various finance applications. We will explore both how to make all this knowledge practical as well as how to deepen our knowledge of fundamental finance ideas. nnnThe main focus of this course is on the corporate financial manager and how he/she reaches decisions as to investments, dividends and financing of all sorts. Topics include leveraged buyouts, hostile takeovers, private equity financing and venture capital, financial distress and bankruptcy, mergers and acquisitions, managing working capital. The cases will be used to motivate our discussion of how to bridge the gap between rigorous finance theory and its application to practical problems in corporate finance.nnnThe course is case-based and more advanced than FINANCE 324. "Advanced" means that we will discuss a lot of subtle qualitative issues as well as explore deeper fundamental applications of core finance ideas. The course is intensive and will require students to prepare carefully all cases, read and understand a lot of materials, and actively participate in the class discussion. The main teaching method is cold calling.
Units: 4 | Grading: GSB Student Option LTR/PF

FINANCE 335: Corporate Valuation, Governance and Behavior

This course will develop a detailed knowledge of corporate valuation techniques, together with an understanding of the role such valuations play in a wide range of corporate financing decisions. First, the course will carefully consider different valuation techniques, the assumptions that underlie each of these methods, how they are applied in practice, how they are related to one another, and how to decide which method of valuation is appropriate for a given application. After developing these tools, they will then be applied to a wide range of corporate finance settings. Among the applications to be considered are mergers and acquisitions, international valuation, corporate governance, financial distress, agency conflicts, asymmetric information, and overvaluation. For all of these applications, this course will emphasize the central importance of valuation to understanding observed phenomena and to guiding optimal decision making, as well as the unique challenges to valuation posed by the particular application.
Units: 4 | Grading: GSB Letter Graded

FINANCE 341: Modeling for Investment Management

This course will combine practical and up-to-date investment theory with modeling applications. Understanding beautiful theory, without the ability to apply it, is essentially useless. Conversely, creating state-of-the-art spreadsheets that apply incorrect theory is a waste of time. Here, we try to explicitly combine theory and application.nnThe course will be divided into 6 modules, or topics. The first day of each module will be a lecture on an investment topic. Also provided is a team modeling project on the topic. The second day of each module will be a lab. The lab day will begin with modeling concepts (tips) designed to help you use Excel to implement the module's investment topic. After the tips are provided, the remainder of the lab day is devoted to teams working on their modeling project and allowing for Q&A. On the third day of each module will be presentations and wrap-up.
Units: 3 | Grading: GSB Letter Graded

FINANCE 345: History of Financial Crises

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.
Units: 4 | Grading: GSB Letter Graded
Instructors: Koudijs, P. (PI)

FINANCE 346: Institutional Money Management

The object of this course is to study the money management industry from the perspective of the user --- an investor who wants to invest money. This course will study the main components of the money management industry: mutual funds, hedge funds, private equity funds and venture capital funds. It will also examine important users of the industry such as non profits, endowments and defined benefit pension funds. The emphasis of the course will not be on how fund managers make money, but rather on how the industry is organized, how managerial skill is assessed, how compensation is determined, and how economic rents are divided between managers and investors. The course will explore how competitive market forces interact with managerial skill and other market frictions to give rise to the observed organization of the industry.
Units: 3 | Grading: GSB Student Option LTR/PF

FINANCE 347: Money and Banking

This course is designed to help students understand the connections between money (the Federal Reserve), financial markets, and the macroeconomy. How are interest rates determined, and how does the Federal Reserve conduct monetary policy? What economic factors drive the yield curves in different bond markets? We will pay particular attention to the banking system, with an eye toward understanding the function and importance of banks. Topics will include the role of the Federal Reserve as a lender of last resort during the recent, and prior, financial crises, unconventional monetary policy tools such as quantitative easing and forward guidance. We discuss the role of the government in regulating the financial sector, paying particular attention to capital requirements for banks. We will often begin class with a discussion of current macro-financial market events in the context of our course coverage. The course is appropriate for anyone trying to gain a macroeconomic perspective on capital markets, from investors to bankers, or those simply interested in the linkages between interest rates, banks and the economy. Given the topics we cover, the course will also be interesting to those who want a better understanding of the 2007-2009 financial crisis and the ongoing Federal Reserve experiment in unconventional monetary policy.
Units: 3 | Grading: GSB Letter Graded
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