printer friendly pageFINANCE 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.
Terms: Win
| Units: 3
Instructors:
Krishnamurthy, A. (PI)
GSBGEN 305: Investing for Good
Investing for Good will introduce students to the entire spectrum of purposeful, values-driven, and impact investing. We examine the field from the perspective of an institutional investor (i.e. fund manager, investment advisor, endowment manager, head of a family office, etc). Our goal is to have students emerge with a practical and analytical framework for: 1. evaluating impact and mission-aligned investments across multiple asset classes and sectors; 2. constructing a portfolio using impact as a lens; 3. designing an impact investment company; and 4. understanding the many practical and theoretical challenges confronting this exciting emerging field. We start by exploring some fundamental questions: what is a purposeful or impact investment; can impact investments be defined along a spectrum between conventional investing and philanthropy; whose money is it; what are the constraints and opportunities; how do we (re)define return and/or performance. We briefly analyze impact investing in the context of modern portfolio theory. We then develop a framework for portfolio construction and evaluation across four criteria: risk, return, liquidity, and impact. Through a combination of class dialogues, role plays, and case discussions, we will explore a wide variety of asset classes, impact themes, and investment challenges. A series of team-based investment committee simulations will comprise a significant portion of the course and will provide a significant experiential learning experience.Previous experience in finance, investing, social enterprise, entrepreneurship, or philanthropy is not required, but both helpful and welcomed. While first year students are encouraged to enroll, students who have limited familiarity with the basics of investing and corporate finance are strongly encouraged to purchase David Swensen's "Pioneering Portfolio Management" and cover the recommended chapters in advance of the course. It's is also important to note that this class will require financial modeling and detailed investment analysis.Many of the issues we'll be tackling have no unambiguous answers. Lively discussion and debate will be necessary and expected.
Terms: Win
| Units: 3
Instructors:
Ewald, C. (PI)
;
Patel, H. (SI)
GSBGEN 319: Strategic Philanthropy and Impact Investing
The course will be structured around the perspective of a foundation or a high net worth individual who has decided to devote substantial resources to philanthropy and wishes to decide which philanthropic goals to pursue and how best to achieve them. Although there are no formal prerequisites for the course, we will assume that students have experience working at a foundation, nonprofit organization, impact investing fund, or similar organization, or have taken an introductory course in strategic philanthropy such as
GSBGEN 381. (With the exception of several classes on strategy and evaluation, there is no substantial overlap with Paul Brest's course, Problem Solving for Social Change (
GSBGEN 367) , which has a different focus from this one.)
Terms: Spr
| Units: 3
Instructors:
Brest, P. (PI)
;
Wolfson, M. (SI)
GSBGEN 336: Energy Markets and Policy
This is a course on how energy and environmental markets work, and the regulatory mechanisms that have been and can be used to achieve desired policy goals. The course uses a electricity market game as a central teaching tool. In the game, students play the role of electricity generators and retailers in order to gain an understanding of how market rules(including environmental regulations and renewable energy mandates) affect the business strategy of market participants, and in turn economic and environmental outcomes. The goal of the course is to provide students with both theoretical and hands-on understanding of important energy and environmental market concepts that are critical to market functioning but not always widely appreciated. Concepts covered include: 1)regulated price-setting versus price-setting through market mechanisms, 2) BTU arbitrage in input energy choices, 3) uniform price vs. pay-as-bid auctions, 4) the ability and incentive to exercise unilateral market power, 5) unilateral versus coordinated exercise of market power, 6) transmission congestion, 7) forward contracts and their effect on market functioning, 8) dynamic pricing of electricity and active involvement of final demand, 9)the nature of energy reserves, 10) carbon pricing mechanisms including taxes and cap-and trade systems, 11) renewable portfolio standards and other renewable energy incentives,12) determination of levelized cost of energy (LCOE) and its impact on new capacity investment decisions, and 13) interactions between environmental mechanisms and regulations. We will also discuss the key features of the markets for major sources of energy such as oil, natural gas, coal, nuclear, solar, wind, and biomass. The course is useful background for private sector roles in energy production, research, management, trading, investment, and government and regulatory affairs; government positions in policymaking and regulation; research and policy functions in academia, think tanks, or consultancies; and non-profit advocacy roles related to energy and the environment.
Terms: Win
| Units: 3
Instructors:
Wolak, F. (PI)
;
Thurber, M. (SI)
GSBGEN 345: Disruptions in Education
This course explores the contemporary higher education industry, focusing especially on the places where disruptions of all kinds present significant opportunities and challenges for entrepreneurs, investors, and the businesses that serve this huge global market, as well as for faculty, students, and higher education leaders. Using a variety of readings and case studies to better understand recent disruptions and the unbundling occurring across the post-secondary landscape, from outside and inside the academy, both for-profit and non-profit, the course will examine technology in teaching and learning; the future of the degree and alternatives to the traditional credential; accreditation; competency based education; debt and education financing models; investing in the education space; workforce and lifelong learning; and tertiary products and platforms that serve the student services market. Guests will include higher education leaders and practitioners, as well as investors and entrepreneurs.
Terms: Win
| Units: 3
Instructors:
Urstein, R. (PI)
GSBGEN 348: The Economics of Higher Education
(Same as
EDUC 347) Topics: the worth of college and graduate degrees, and the utilization of highly educated graduates; faculty labor markets, careers, and workload; costs and pricing; discounting, merit aid, and access to higher education; sponsored research; academic medical centers; and technology and productivity. Emphasis is on theoretical frameworks, policy matters, and the concept of higher education as a public good. Stratification by gender, race, and social class.
Terms: Win
| Units: 4
Instructors:
Bettinger, E. (PI)
;
Lee, M. (TA)
GSBGEN 363: Fiscal Policy
One of every four dollars in the American economy will be spent by the federal government this year. This course will examine how federal spending, taxes, deficits and debt affect the U.S. economy and global financial markets, and how the economy affects the federal budget. We will look inside the federal budget to understand entitlement spending, what causes it to grow so fast, how it could be reformed, and why that's so hard to do. We'll understand where the money goes -- how much goes to infrastructure, education, housing, health care, energy and the environment, parks, scientific research, national defense, and other needs. We'll look at the stimulus vs. austerity debate, both within the U.S. and between the U.S. and Europe. We'll look beyond partisan battle lines and explore various fiscal philosophies that sometimes split the political parties. We'll cover the federal budget process from developing the President's budget to enacting individual spending and tax bills, and discuss process reforms including spending and deficit reduction targets, a balanced budget amendment, and line item veto. We'll cover the major players in the budget debate and understand where the big and small budget decisions are made. We'll look at federal taxation, where the money comes from, how it affects the economy, and how it might be restructured. We'll examine the recommendations of the President's budget commission and see if we can predict what will become of its recommendations. And we'll see if we, as a class, can solve our nation's fiscal problems as Washington has so far been unable to do.
Terms: Win
| Units: 4
Instructors:
Hennessey, K. (PI)
GSBGEN 367: Problem Solving for Social Change
Stanford graduates will play important roles in solving many of today's and tomorrow's major societal problems -- such as improving educational and health outcomes, conserving energy, and reducing global poverty -- which call for actions by nonprofit, business, and hybrid organizations as well as governments. This course teaches skills and bodies of knowledge relevant to these roles through problems and case studies drawn from nonprofit organizations, for-profit social enterprises, and governments. Topics include designing, implementing, scaling, and evaluating social strategies; systems thinking; decision making under risk; psychological biases that adversely affect people's decisions; methods for influencing individuals' and organizations' behavior, ranging from incentives and penalties to "nudges;" human-centered design; corporate social responsibility; and pay-for-success programs. We will apply these concepts and tools to address an actual social problem facing Stanford University. (With the exception of several classes on strategy and evaluation, there is no substantial overlap with Paul Brest's and Mark Wolfson's course, Strategic Philanthropy and Impact Investing (
GSBGEN 319), which has a different focus from this one.)
Terms: Aut
| Units: 3
Instructors:
Brest, P. (PI)
GSBGEN 377: Diverse Leadership as an Imperative for Impact
Our society implicitly prizes a particular approach to leadership - but today's cross-sectoral, impact-oriented leader cannot afford to be restricted to a single approach. If we aspire to address challenges across social, economic, and political arenas, with highly charged moral implications and multiple stakeholders, we have an imperative to use all available tools by discovering, celebrating, and advancing diversity in leadership.In this course, we will: (1) study a range of effective leadership approaches; (2) develop broad, transportable skills and frameworks required to lead in any complex setting - business, public sector, nonprofit sector; (3) delve into leadership tradeoffs and tensions; (4) explore and understand our own values and tacit and explicit decision-making criteria; and (5) recognize barriers to diversity and tactics to address them. Guiding questions will include: How does the context shape the solution set? What does inspired and inspiring leadership look like? How do race/gender/other identities enter into the equation? How do I develop my own brand of leadership? We will examine contemporary leaders and controversies in education and elsewhere, draw upon timeless historical thinkers, enjoy the wisdom of guest speakers, and work intensively in small groups to highlight challenges, opportunities, and tradeoffs. By exploring a range of approaches and situations, we will strive for deeper understanding of ourselves and of the context to become a more capable, empathetic and effective leaders.
Terms: Spr
| Units: 3
Instructors:
Colby, S. (PI)
GSBGEN 381: Philanthropy: Strategy, Innovation and Social Change
You have extraordinary potential to create social change, and Philanthropy: Strategy, Innovation and Social Change will empower you with the skills, experience and inspiration to actualize that potential. Regardless of your profession, industry, background, age, resource form or amount, this course will amplify your ability to make your giving, volunteering, service and leadership matter more. Through deep introspection you will develop your individual social change strategy and define and/or refine your social passions and philanthropic purpose. You will develop and apply skills essential to effective philanthropy, including creating a mission statement, mapping a social issue ecosystem, developing a philanthropic strategy and mitigating risk. You will create a theory of change that maps how you will transform your values and resources (including intellectual, human, network and financial capital) into measurable social change. You will also create a logic model, assess nonprofits and grant proposals, evaluate nonprofit programs and social change initiatives and develop strategies to share learning and increase impact. Case studies will illuminate diverse philanthropic models and approaches¿private foundations, corporate giving vehicles, venture philanthropy and LLCs, as well as policy change, advocacy and impact investing. Class activities will include role-plays, debates and simulations such as creating personal giving strategies, exploring the power dynamics of grantor-grantee relationships, giving funding pitches and assessing foundation grant proposals. Each student will select and evaluate a local nonprofit and create a formal grant proposal. Students will peer-review grant proposals, participate in a multi-stage grantmaking process and allocate $20,000 of grants funded by The Learning by Giving Foundation and Andreessen Philanthropies. Students will also have the unique opportunity to directly connect and engage with globally renowned philanthropic leaders, including Laura Muñoz Arnold (Arnold Foundation), Dr. Priscilla Chan (Chan Zuckerberg Initiative), Dr. Sandra Hernández (California Health Care Foundation), Laurene Powell Jobs (Emerson Collective), Dr. Alex Karp (Palantir), Dr. Judith Rodin (Rockefeller Foundation) and Darren Walker (Ford Foundation), among others.
Terms: Aut
| Units: 3
Instructors:
Arrillaga, L. (PI)
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