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FINANCE 201: Finance

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.
Units: 3 | Grading: GSB Letter Graded

FINANCE 205: Accelerated Managerial Finance

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.No previous background in finance is required or expected for this course. Content will be comparable to F201, but the majority of course lecture material will be delivered online, with in-class sessions devoted to applications of key concepts. This "flipped classroom" version of the course is intended for self-motivated students with an interest in applications. Prerequisite material for the course will be posted online in the fall.
Units: 3 | Grading: GSB Letter Graded

FINANCE 229: MSx: Finance

This course covers the foundations of finance with an emphasis on applications that are vital for corporate managers. We will consider many important financial decisions made by corporate managers, both within the firm and in their interactions with investors. Essential to most of these decisions are financial valuations, 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, and capital structure choice.
Units: 3 | Grading: GSB Letter Graded

FINANCE 319: Private Equity Investing Seminar

The Investments courses comprise an intensive overview of active fundamental investing in both the public and private equity markets. They are relevant for students who intend to pursue careers in private or public equity investing, as well as those who want to better understand investing from the perspective of an entrepreneur or individual. The vast majority of sessions will feature an outstanding investor guest lecturer. Previous guests included Andreas Halvorsen (Viking Global), Jim Coulter (TPG), Hadley Mullen (TSG Consumer Partners), Ryan Cotton (Bain Capital), Bill Oberndorf (SPO Partners) and Tim Bliss (Investment Group of Santa Barbara), and this year's lineup will be substantially similar. Established and taught for 50 years by the legendary Professor Jack McDonald, the Investments courses will be taught by John Hurley, founder of Cavalry Asset Management and Professor Steve Grenadier in Autumn 2019. Students are required to take F319 and F321 concurrently for 5 total units during the Autumn Quarter. F321 is a 2-unit compressed course that meets MWF from 3:00-5:50pm during Weeks 1 and 8 of the quarter. It addresses real-world applications of business analysis and valuation tools and teaches the skills necessary to evaluate investment opportunities. F319 is a 3-unit course that meets Tu/Th 1:30-2:50 PM throughout the quarter. Students delve into specific topics in private equity, venture capital, hedge funds, mutual funds and principal investing. Students can elect to take F319 graded or pass/fail. The Investments courses will make use of original case studies and teaching notes authored by the late Professor Jack McDonald and a team of course alumni from prior MBA classes. Case discussions and lecture discussions will be led by the teaching team and investors/principals who were involved. The Investments courses enable MBA students to learn a broad investing skillset and study the careers of outstanding investors.
Units: 3 | Grading: GSB Student Option LTR/PF

FINANCE 320: Debt Markets

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 the 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, a take-home mid-term, and about seven graded 'pop quizzes' of 10 minutes or less.
Units: 3 | Grading: GSB Letter Graded
Instructors: ; Duffie, D. (PI); Bray, S. (GP)

FINANCE 321: Investment Management and Entrepreneurial Finance

The Investments courses comprise an intensive overview of active fundamental investing in both the public and private equity markets. They are relevant for students who intend to pursue careers in private or public equity investing, as well as those who want to better understand investing from the perspective of an entrepreneur or individual. The vast majority of sessions will feature an outstanding investor guest lecturer. Previous guests included Andreas Halvorsen (Viking Global), Jim Coulter (TPG), Hadley Mullen (TSG Consumer Partners), Ryan Cotton (Bain Capital), Bill Oberndorf (SPO Partners) and Tim Bliss (Investment Group of Santa Barbara), and this year's lineup will be substantially similar. Established and taught for 50 years by the legendary Professor Jack McDonald, the Investments courses will be taught by John Hurley, founder of Cavalry Asset Management and Professor Steve Grenadier in Autumn 2019. Students are required to take F319 and F321 concurrently for 5 total units during the Autumn Quarter. F321 is a 2-unit compressed course that meets MWF from 3:00-5:50pm during Weeks 1 and 8 of the quarter. It addresses real-world applications of business analysis and valuation tools and teaches the skills necessary to evaluate investment opportunities. F319 is a 3-unit course that meets Tu/Th 1:30-2:50 PM throughout the quarter. Students delve into specific topics in private equity, venture capital, hedge funds, mutual funds and principal investing. Students can elect to take F319 graded or pass/fail. The Investments courses will make use of original case studies and teaching notes authored by the late Professor Jack McDonald and a team of course alumni from prior MBA classes. Case discussions and lecture discussions will be led by the teaching team and investors/principals who were involved. The Investments courses enable MBA students to learn a broad investing skillset and study the careers of outstanding investors.
Units: 2 | 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. The 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 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? How do Federal Reserve actions impact the US as well as other economies? 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, valuation, and regulation of banks. We touch on a number of topics including the role of the Federal Reserve as a lender of last resort during financial crises, unconventional monetary policy tools such as quantitative easing and forward guidance, cryptocurrency, and emerging market financial crises. We will often begin class with a discussion of current macro-financial market events in the context of our course coverage.
Units: 3 | Grading: GSB Letter Graded

FINANCE 377: China's Financial System

This course is a survey of China's financial system, including its banking industry, monetary policy structure, and financial markets (bonds, derivatives, equities, foreign exchange, alternative asset management, and related markets). The goal is an integrated view of how capital, risk, and liquidity are intermediated within China and cross-border. Current trends (including liberalization of markets and financial stability) will be emphasized. Coverage will be through lectures, reading of research, including primary source documents and secondary (journalistic and analyst) commentary. There will be a range of subject-matter-expert speakers. Using our special High Immersion Classrooms at Stanford and at the Stanford Center at PKU, this course is able to draw live speakers in Beijing and to meet with some students at Beijing University or Tsinghua University. Students will participate actively in class discussion, make a 5-minute research presentation, and submit a 10-page term paper.
Units: 3 | Grading: GSB Letter Graded
Instructors: ; Duffie, D. (PI); Bray, S. (GP)

FINANCE 385: Angel and Venture Capital Financing for Entrepreneurs and Investors

This course covers all the stages of funding for early stage high-growth companies, from seed funding to venture capital rounds to a successful exit. We will concentrate on how entrepreneurs and investors make and should make important decisions. Examples of issues that we will cover are: How can entrepreneurs raise funding successfully? What are typical mistakes entrepreneurs make in raising capital and negotiating with investors? How to choose your investor? How to pitch to an investor? How do angels and VCs generate and process their deal flow and select companies? How are VCs involved in business decisions such as recruiting talent and replacing CEOs? What are the important provisions of financial contracts between VCs and founders? How to value early-stage companies? The course is very applied and mostly case-based. We will discuss a lot of nitty-gritty details that is a must for founders and investors. Case protagonists, founders, angels, and VCs will be among guest speakers. No prior knowledge of the VC industry is needed.
Units: 3 | Grading: GSB Letter Graded

FINANCE 555: Private Wealth Management and Personal Investing

The Private Wealth Management and Personal Investing course will address issues that relate to the management of personal assets as opposed to institutional investing. Many investment courses at the GSB emphasize large institutional portfolios but this course is about portfolio decisions for individuals. It will cover the origins and growth of private wealth management as an industry, investment planning, risk management, inter-generational transfers of wealth, choice of wealth advisors and philanthropy. Special emphasis is on understanding how wealth managers may be evaluated, including potential conflicts of interest, and performance measurement. Classes will focus on case studies and various readings. Each class will include visits from professionals in the wealth management and personal investing business. Active class participation and a group project are required.
Units: 2 | Grading: GSB Student Option LTR/PF

FINANCE 620: Financial Markets I

This course is an introductory PhD level course in financial economics. We begin with individual choice under uncertainty, then move on to equilibrium models, the stochastic discount factor methodology, and no-arbitrage pricing. We will also address some empirical puzzles relating to asset markets, and explore the models that have been developed to try to explain them.
Units: 3 | Grading: GSB Letter Graded

FINANCE 627: Venture Capital and Finance of Innovation

In this course we will study the theory and empirics of venture capital (VC) and, more broadly, finance of innovation. We will start by reviewing the way the VC and related markets function and then will dive into such topics as VC contracting, valuation, and impact on innovation. We will review most important research studies published in the field over the past 20+ years and pay particular attention to recent research.
Units: 3 | Grading: GSB Letter Graded

FINANCE 637: Macroeconomics and Financial Markets

This PhD course will cover research topics at the boundary between macroeconomics and finance. Topics will include the study of macroeconomic models with financial frictions, the term structure of interest rates, conventional and unconventional monetary policy, sovereign debt crises, search frictions and segmentation in housing markets, (over)leveraging by households, heterogeneous expectations, excess volatility, financial bubbles and crises. Student presentations and course paper requirement. Designed for second year PhD students in economics or finance.
Units: 3 | Grading: GSB Letter Graded

FINANCE 691: PhD Directed Reading (ACCT 691, GSBGEN 691, HRMGT 691, MGTECON 691, MKTG 691, OB 691, OIT 691, POLECON 691, STRAMGT 691)

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.
Units: 1-15 | Repeatable for credit | Grading: GSB Pass/Fail

FINANCE 692: PhD Dissertation Research (ACCT 692, GSBGEN 692, HRMGT 692, MGTECON 692, MKTG 692, OB 692, OIT 692, POLECON 692, STRAMGT 692)

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.
Units: 1-15 | Repeatable for credit | Grading: GSB Pass/Fail

FINANCE 802: TGR Dissertation (ACCT 802, GSBGEN 802, HRMGT 802, MGTECON 802, MKTG 802, OB 802, OIT 802, POLECON 802, STRAMGT 802)

Units: 0 | Repeatable for credit | Grading: GSB Pass/Fail
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