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Carroll School of Management

Undergraduate Electives Spring 2018

The Finance Department is delighted to offer the following MFIN2200 and MFIN6600 level undergraduate elective courses for the Spring of 2018.

All of these courses are being offered by practicing professionals and renowned academicians who bring their "real world" applications, expertise, and highly esteemed research into the classroom.  In additional to some very exciting new courses, these courses have met with resounding success in the past and we are happy to offer them again for the Spring 2018 semester.

Since the MFIN6600 level courses are graduate level/senior level courses with limited enrollments, seniors will require departmental approval. This would require that the seniors visit with Elliott Smith in Fulton 330B to seek approval, giving consideration to the student’s successful completion of the required prerequisites.

Department permission can only be sought once your pick time has officially passed.

If you have any questions in connection with these course offerings and requirements, please feel free to contact Elliott Smith.


 

MFIN2202: "Derivatives and Risk Management"   

Both sections offered M 7:00 – 9:30 PM

This course is an introduction to derivative assets such as futures, forwards, swaps, and options, financial engineering, risk management, and mortgage and credit derivatives.  We will cover the pricing of these derivative assets as well as securities that contain embedded options.  We will examine risk management strategies such as static and dynamic hedging, and will consider applications from equity, commodity, bond, and mortgage-backed markets.

(Prerequisite – MFIN1151). These sections are offered by Professors Dec Mullarkey (01) and Alan Marcus (02) and are co-registered with the graduate sections, MFIN886001/02. As such, Department Permission is required.

 

MFIN2207: "Real Estate Finance"  

T/Th 3:00 – 4:15 PM

This course is designed as an introduction to real estate investment decision-making. The objective of the course is to assist students in developing an understanding of how real estate investment decisions are undertaken. This involves market assessment of real estate players, properties, external interactions and financial analysis as affected by capital markets. In order to accomplish this, a working vocabulary and understanding of certain functional areas in the real estate industry will be integrated into the course. The major functional areas include property assessment, development, management structure, financial analysis and decision making.

(Prerequisite – MFIN1021). This course is offered by Professor Edward Chazen.

 

MFIN2210: "Entrepreneurial Finance”

01: M/W 12:00 – 1:15 PM          02: M/W 9:00 – 10:15AM

The course will focus on finance within early stage fast-growth companies, to enable better finance-related decisions in entrepreneurial settings.  We will study how finance contributes at every stage of the business, including external financing such as Venture Capital and Private Equity, managing towards milestones, company valuation, board relationships, exits, and the entrepreneurial ecosystem.  The course relies on a textbook, cases, and current news and blogs to develop fluency in the concepts of finance needed for high growth companies.

(Prerequisite – MFIN1021). Two course sections are offered by Professor Drew Hession-Kunz.

 

MFIN2212: "Venture Capital and Private Equity”

01: T/Th 10:30 – 11:45AM            02: T/Th 12 – 1:15 PM

This course will provide a thorough understanding of how venture capital and private equity firms operate. Topics include how VC/PE firms are structured and how they manage a fund over the course of its life cycle: raising a fund, sourcing deals, evaluating investment opportunities, valuing businesses, negotiating term sheets with entrepreneurs, adding value to portfolio companies, and exiting investments. While this course takes the perspective of the investor, it will also cover the funding life cycle of a typical start-up with an emphasis on what the roles of Venture Capital and Private Equity are relative to other sources of financing.  Course material will be presented primarily through case studies and selected readings.  Class participation is important as students will learn from each other as they discuss the real problems faced by private equity professionals.  This course will be beneficial to anyone interested in investing in or buying a business someday either as an entrepreneur or as a private equity professional.

(Prerequisite – MFIN1021) Two course sections are offered by Professor Rory Smith.

Instructor Background

Rory B. Smith has over 25 years of hands-on private equity deal experience.  Mr. Smith is a founding partner of Nautic Partners, LLC, a private equity investment firm with over $2.5 billion under management.   While at Nautic, Mr. Smith was a member of the firm’s Executive and Investment Committees, and served on boards of both public and private companies.  Mr. Smith retired from Nautic Partners in 2008 to invest his own capital in midsized businesses as the CEO of Plandome Capital LLC.  In addition to his investment activities, Mr. Smith is a high school lacrosse coach, an Ironman distance triathlete, and an avid outdoorsman.  He holds a BA from Amherst College and an MBA from the Harvard Business School.

 

MFIN2225: “Financial Policy”

01: M/W 9:00 - 10:15 AM          02: M/W 10:30 – 11:45 AM

This course draws on numerous financial models in order to comprehend and evaluate corporate financial policies as they affect the economic value of the firm. This is accomplished through case studies, class discussions, presentations, and lectures. Thus, a rigorous and in-depth application of the theories and techniques supporting the goal of value maximization will be undertaken.

(Prerequisites – MFIN1127 & MFIN1151 being no less than a co-requisite). Two course sections are being offered by Professors Elliott Smith and Helen Peters.

 

MFIN2230: “International Finance”

01: T/Th 4:30 - 5:45 PM        02: Th 7:00 – 9:30PM

Corporations and investors cannot ignore their direct and indirect exposures to international risk factors in the increasingly globalized world economy. Such exposures are especially problematic given the highly volatile international financial markets. This course introduces students to identifying and managing currency risk by providing a description of the international financial markets, their products, and applications. The course

presents an overview of international money markets, bond markets, the foreign exchange spot and forward markets, and foreign exchange derivative markets. The course sets to identify nominal international risk factors that firms might be exposed to and discusses several of the recent international banking and currency crises. Students are introduced to a variety of financial tools or derivative products that can be used to hedge part or all of the exposure to these risk factors; foreign currency futures, options, forward contracts and swaps.

(Prerequisite – MFIN1151). These sections are offered by Professor Rui Albuquerque and section (02) is co-registered with the graduate section, MFIN884001. 

 

MIN2250: "Fixed Income Analysis"

M/W 1:30 – 2:45 PM

The objective of this course is to introduce the fixed income markets and to develop a thorough understanding of the tools for evaluating these securities and managing interest rate risk. This is a rigorous quantitative course and requires some background in finance and statistics. At the end of the semester, students should be comfortable with managing interest rate risk, credit risk, currency risk, structure risk, and regulatory risk.

(Prerequisite – MFIN1151). This course is offered by Helen Peters.


 

MFIN6616: "Investment Banking”

M 7:00 – 9:30 PM

The primary goal of the course is to provide a broad introduction to the investment banking business, including mergers and acquisitions and capital raising.  Topics in the first half of the course will be dedicated to valuation techniques, mergers and acquisitions, including LBOs and private equity, the basic building blocks of understanding investment banking. The second half of the course will include a review of current investment banking industry issues and trends, with some reference to current reactions revolving around the financial crisis, applied valuation, the securities offering process (focusing on initial public offerings), and a review of various types of securities and transactions.  You may be introduced to several “industry” focused investment banking activities.

(Prerequisite – MFIN1127). This course is offered by Professor Robert Cramer.  

Instructor BackgroundA veteran of the financial service industry for over twenty five years, Rob Cramer is currently a Managing Director and leads the Financial Institutions Investment Banking practice at Oppenheimer and Co in Boston. Before joining Oppenheimer in 2013, Rob headed the Boston branch investment banking practice of RBC Capital Markets and led the firm’s specialty finance investment banking practice since RBC entered the U.S. in 2001 through the acquisition of his predecessor firm, Tucker Anthony Sutro which he joined in 1994. His investment banking expertise includes all forms of equity capital raising, including ipos, private placements, follow-on offerings, convertible and preferred securities, as well deep merger and acquisition/strategic advisory experience.  A graduate of Bates College, Rob has also earned an M.A. from Middlebury College and an M.B.A. from Stern School of Business at NYU.

 

MFIN6619: “Seminar on Economic Crises”

M 4:30 – 6:50 PM

During the past decade the world has experienced two major financial and economic crises, one originating in 2008 in the U.S. and the other a few years later in Europe.  Within the context of lectures, discussions, and guest speakers, this course examines the historical antecedents to these two crises and explores their regulatory, political, financial and economic repercussions.

(Prerequisite – MFIN1127). This course is offered by Professor Phil Strahan.

 

MFIN6621: “Equity Securities Analysis”

Th 7:00 – 9:30 PM

The goal of this course is for every student to be able to analyze a company as a potential investment and understand its valuation.  The course will start with the finance basics underlying equity valuation and then move on to understand how financial statements are useful inputs for forecasting and ultimately valuing equity.  We will cover various valuation techniques, from the fundamental valuation of future cash flows to relative valuation using multiples and other methods.  While rigorous, this course will bring financial theory alive in the classroom through an emphasis on in-class discussion and case study analysis.  Where appropriate, guest lecturers will be brought in to share their specific expertise and perspectives as an investor.  While the course description is specific to equity securities, the tools and techniques taught will apply to all financial analysis and decision making.

(Prerequisite – MFIN1127 and MFIN1151) This course is offered by Professor Tiago Duarte-Silva.

Instructor BackgroundDr. Duarte-Silva focuses on commercial, securities, and shareholder disputes, including the valuation of business enterprises and securities, the development and rebuttal of damages arguments and calculations, class certification, loss causation and materiality, and support at deposition and trial.  These disputes include litigation as well as domestic and international arbitration.

He has experience in alleged accounting misstatements or omissions, appraisal actions, event studies/ price impact analysis, assessments of market efficiency, alleged market manipulations in financial markets, insider trading, debt/equity issues and buybacks, buyouts, settlement analyses, and structured finance.  His securities expert work resulted in the successful denial of class certification.

Dr. Duarte-Silva’s research on earnings announcements, event studies, the incorporation of information into prices, prejudgment interest, commercial and investment banking, equity and debt underwriting, and regulatory enforcement has been published in the Journal of Financial Economics, the Journal of Applied Corporate Finance, Finance Research Letters, the Journal of International Arbitration, Law360, the Westlaw Journal of Securities Litigation & Regulation, the ABA’s Securities Litigation Journal and Litigation News, and the Harvard Law School Forum on Corporate Governance and Financial Regulation.  

 

MFIN6640: "Simulation and Optimization in Finance"

W 7:00 – 9:30 PM

This course studies the theory and practice of financial simulation and optimization using quantitative techniques that enable finance professionals to make optimal decisions under uncertainty.  While theoretical material and background for these techniques will be introduced, the focus is on their applications and hands-on implementation utilizing software packages and programing platforms that are widely used in the financial industry. Topics include simulation of important probability distributions, random walks, linear and nonlinear optimization and back-testing. Lectures draw on examples such as asset allocation under different definitions of risk; portfolio risk management; modeling asset price dynamics; trading strategies; index tracking; derivative pricing, hedging, arbitrage; capital budgeting under uncertainty and real options.  Techniques and applications can be used to supplement advanced theoretical material that will be covered in later courses.  Guest speakers will be scheduled to speak about certain topics and their experiences.

(Prerequisite – MFIN1127 and MFIN1151) This course is being offered by Professor Haissam Haidar, Ph.D

Instructor BackgroundSam Haidar, PhD joins Carroll School of Management with more than 25 years of industry experience in quantitative analysis and modeling featured in more than 30 publications in prestigious journals. After earning his degree, Dr Haidar joined Harvard University faculty for more than 7 years performing cutting- edge research. Thereafter, Dr Haidar joined quantitative investment industry to build stock selection models and optimal portfolios using advanced mathematical and statistical methods. At MFS Investment management, he introduced novel approaches to combine fundamental and quantitative signals in the investment process. His research helped manage almost $20 billion of US and global equity strategies. Recently, Dr Haidar founded Nabla Investments (Newton, MA) , a firm specializing in quantitative equity research and consulting.

 

MFIN6665: “Fundamental Analysis”

Th 4:30 – 6:50 PM

The goal of this course can be simply stated:  teach the students how to pick stocks.  However, that simple description covers an enormously complex and varied range of material, knowledge and skills.  A one semester course can only start students on this road.  Breadth will be emphasized so that students can go into the world with a framework to operate from.  Practical skills and approaches will be emphasized wherever possible with modest touches of financial theory.  Current examples and topics will be used wherever possible.  Upon completion students should be able to buys stocks in their own portfolio, interview for and begin work as an analyst in the investment management industry.

(Prerequisite – MFIN1151) This course is being offered by Professor Keith Quinton

Instructor BackgroundKeith Quinton retired at the end of 2014 after a career of 30+ years in the investment industry. During his career Mr. Quinton developed some of the first “quantimental” approaches, built some of the first sector relative, sector specific quantitative models for US and Global markets and has had a particular focus on portfolio construction and risk models.  Mr. Quinton spent the last 13 years of his career at Fidelity Investments in Boston where he ran the Disciplined Equity Fund and a variety of other retail and institutional portfolios.  Prior to joining Fidelity, Mr. Quinton held a wide range of research and investment positions across the industry. Mr. Quinton earned a BA in Russian from Dartmouth College in 1980 and an MBA from the Tuck School at Dartmouth College in 1982. He is a CFA charter holder and a member of CQA.  Mr. Quinton is currently a lecturer at The Tuck School at Dartmouth College where he covers many aspects of investment management from a practitioner’s perspective. He serves on the Independent Investment Committee (IIC) for the New Hampshire Retirement System and is a Director of the State of New Hampshire Municipal Bond Bank.