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In its exploration of the future of money and payments, this course focuses on technology, market competition, and public policy. Money and payments have long been dominated by physical cash and by transfers between deposit accounts of correspondent banks, including central banks. After a grounding in conventional payment systems, the course investigates ongoing improvements and disruptions of conventional approaches with new technologies, including instant payment systems, narrow banking, central bank digital currencies, and cryptographic applications such as blockchain-based digital ledgers, stablecoins, zero-knowledge proofs, smart-contract settlement, and automated market making. Policy concerns include financial inclusion, efficiency, disruption of banking, privacy, anti-money-laundering, financial stability, and monetary policy transmission. Grading is based on homework assignments and quizzes. This class may not be audited. Recommended for students who have taken at least an introductory course in computer science.

This course introduces the fundamental principles of financial and managerial accounting, cost accounting, managerial decision-making, interpreting financial statements and ratios, cost data, budget information. The course will conclude by introducing select topics in corporate governance and managerial economics that are relevant for decision-making. Highlights include learning: -- The definition and measurement of assets, liabilities, owners' equity, revenues, and expenses. -- The accrual accounting process and the difference between earnings and cash flows. -- The format, purpose, and preparation of the four financial statements and footnotes. -- The distinction between financial and managerial accounting. -- How different decisions affect cash flows, revenues, expenses, and profits. -- Different types of cost that are relevant for decision-making and break-even analysis (e.g., fixed costs and variable costs, direct and allocated costs, and sunk and future costs). -- The concept of the time value of money and the discounted cash flow (DCF) framework for evaluating investment projects and valuation, which entails (i) estimating expected future cash flows, and (ii) assessing risk. -- The difference between diversifiable (or idiosyncratic) and non-diversifiable (or systematic) risk, and the concept of "Beta," which is a common measure of stock price risk. -- How hedging can be used to reduce exposure to risk. -- How to apply the present value framework to decisions involving choices among projects, personal finance decisions, and valuing of common liabilities (e.g., mortgages and bonds). -- Key principles of corporate governance and ethical decision-making. This course may not be audited.

Unlock the language of corporate social responsibility with our course "Metrics and Their Meaning: Interpreting Corporate Environmental and Social Impact Disclosures." Have you wondered what corporations reveal about their environmental and social policies and performance? Do you want the skills to interpret their disclosures, to understand how companies manage their carbon emissions and fulfill their social responsibilities? If so, this course can guide you through the nuances of corporate impact reporting. The course takes an interactive approach to deepen your understanding of how corporations communicate their environmental and social impacts. Class sessions will include exercises with classmates, group conversations, and discussions with influential guest speakers who are leading the charge in corporate measurement and reporting. We will explore various frameworks for measurement, evaluation, risk assessment, and disclosure, shedding light on the motivations behind corporate engagement in environmental and social activities and disclosure, and the responsibilities of managers and directors. We will also delve into understanding the landscape of key players influencing corporate disclosure decisions, from corporate management to citizens and activists to institutional investors and regulatory bodies such as the US Securities Exchange Commission, the International Sustainability Standards Board, and the European Union. Gain the ability to read ESG reports critically, along with a foundational understanding of financial reports. No prior accounting knowledge is necessary, as we will provide essential basics in the initial sessions. The course culminates in group projects that offer an in-depth exploration of issues related to assessing an organization's social and environmental footprint. Project topics may include evaluating sustainability disclosures, analyzing standard-setting and disclosure regulation, or generating and evaluating innovative business models for positive environmental and social impacts. nWhile this course may not be audited, a request for Pass/Fail grading may be submitted for instructor review.

This course will begin by examining strategy in established companies. What is strategy? What are the components of good strategies? How is internal and external strategic consistency achieved? Who sets strategy, and how? With answers to these questions in hand, we will turn to how strategy is different in start-ups. How do founders set strategy when the future direction of the company is still uncertain? Finally we will look briefly at the strategic management of not-for-profit organizations. The course will be taught mainly by the case method, with active class participation. Often the protagonist of the case will join as a guest. Preparation for each class is essential and students should expect to be "cold called." Every class will require a short write-up of the preparation assignment questions. Two of those will receive a numerical grade. The class grade will be based on class participation, completion of the assignments, the two assignment grades, and an in-class final. This course may not be audited.

This course provides tools that can help you successfully lead individuals, groups, and organizations. The material serves as a practical guide to managing workplace behavior - your own and that of your coworkers. To explain key concepts, we draw on robust social science research, which highlights several leadership challenges: making sound decisions, motivating employees to implement your vision, influencing others to support your ideas, and dealing with interpersonal conflict. We explore these issues using readings, cases, lectures, discussions, and in-class exercises. In many ways, this is a course in applied social and behavioral science. By this, we mean that the course will cover a variety of core concepts and theories from psychology and organizational science that will help you diagnose organizational problems and decide on the best course of action. The goal is to apply research-based knowledge to resolve practical dilemmas. This will be accomplished through careful analysis of experiential exercises and discussion of cases involving examples from actual organizations. After taking this course, students will be better able to: (1) craft more compelling communication that encourages others to recognize the value of their ideas, (2) build strong, dynamic, and highly motivated teams, and (3) manage collaboration challenges with a combination of sensitivity and political savvy. These skills will be invaluable as you pursue your professional goals after Stanford. This course may not be audited.

Policymakers often need to make decisions when the implications of those decisions are not known with certainty. In many cases they rely in part on statistical evidence to guide these decisions. This requires statistical methods for estimating causal effects, that is the impact of these interventions. In this course we study how to analyze causal questions using statistical methods. We look at several causal questions in detail. For each case, we study various statistical and econometric methods that may shed light on these questions. We discuss what the critical assumptions are that underlie these methods and how to assess whether the methods are appropriate for the settings at hand. We then analyze data sets, partly in class, and partly in assignments, to see how much we learn in practice. Pre-requisites: One quarter course in statistics, at the level of STATS 116 or STATS 117. Programming experience with Python will be helpful but is not required. This course may not be audited.

Human thinking is geared toward understanding and mastering social interactions. BUSGEN 115 explores cognitive, affective, behavioral, social and organizational processes that shape how we manage strategic interactions. The course builds on concepts and research findings from decision theory, behavioral game theory, negotiation research, and other relevant streams of investigation in the social sciences. By the end of this course, you should have a better understanding of the structural and psychological factors that underlie competition and cooperation, bargaining, contracting, social influence, dispute resolution, and other types of social and organizational interactions. To understand how decisions happen, we will use a combination of experiential exercises in class, in-depth discussions of research findings, and student presentations. We will play interactive games in our meetings to understand how various conditions, such as power and uncertainty, influence our decisions. These simulated interactions will provide you with opportunities to develop your behavioral skills, get constructive feedback from other participants, and learn how you come across. So, if you enjoy in-class exercises, you will enjoy our simulations. At the same time, if you enjoy analyzing human behavior and social interactions, you will like the readings and our discussions. After taking this course, you will be better able to identify and avoid common traps in strategic decision making and have a deeper understanding of other people's thinking and decision making processes in interactive contexts. This course may not be audited.