Fall 2018 Electives

2200 and 6600 Level Undergraduate Finance Elective Course Offerings – Fall 2018

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

All of these courses are being offered by practicing professionals and renowned academics, who bring their “real world” applications, expertise, and highly esteemed research into the classroom. In addition 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 Fall of 2018. 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 Professor 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.

MFIN2205: Corporate Financial Strategies, Offered T TH 9AM and T Th 10:30AM

This course examines how corporate financial managers create value for stakeholders through a broad range of financial transactions. We will first take an in depth look at corporate valuation methodologies from both a theoretical and applied perspective. Then, using a combination of case studies, class presentations, and assigned readings, we will focus on applications of these methods in the context of various types of corporate restructurings. Specific applications will include capital structure and financing decisions, M&A and other asset restructuring decisions, and more complex financial transactions including buyouts and distressed restructurings. This course is taught by Professor Edith Hotchkiss. (Prerequisites: MFIN1127; MFIN1151 no less than a corequisite)

 

MFIN2207: Real Estate Finance, Offered T Th 3PM

Introduction to the various ways income-producing real estate is financed in the private and public capital markets. The course will cover basics of real estate financial analysis, construction loans, permanent loans, joint ventures, private equity institutional investing, distressed debt workouts, REITs and commercial mortgage-backed securities. All the real estate courses are offered on campus, including a new real estate finance course for MBA and MSF students offered in Fall 2018. This course is taught by Professor Edward Chazen.  (Prerequisite: MFIN1021)

Instructor Background: Edward Chazen is Senior Lecturer at the Carroll School of Management at Boston College and joined the BC faculty in 2015. His area of expertise is real estate development, finance and urban planning.  Prior to joining Boston College he was Senior Lecturer at Brandeis University, where he created and taught real estate courses and managed its Real Estate Specialization in the Brandeis International Business School.  From 1994 - 2010 he was an adjunct professor at Boston University and Babson College while he worked full time in the real estate investment industry. In addition to teaching Prof. Chazen has written 9 case studies about US and international real estate development projects, which he actively uses in his courses. He also is active on several Boston College and Carroll School committees, including the AACSB Committee, Teaching Committee and Learning Technology Committee.

His industry experience over 27 years included working as a real estate loan officer at GE Capital, a senior investment officer for investment management companies, and starting a company that arranged joint ventures between developers and institutional investors. He received his BA degree from Emory University and MBA degree from New York University.

 

MFIN2210: Entrepreneurial Finance, Offered M W 9AM and M W 10:30AM

The objective of this course is to introduce undergraduate students with a special focus on entrepreneurial finance, investment banking, and financial engineering. The first part of the course will cover such issues as venture capital, private equity, and IPOs with the second part of the course will cover different aspects of the investment banking industry, and the role of investment banks in various corporate transactions such as IPOs, Seasoned Equity Offerings, Stock Repurchases, Corporate Spin-offs, Equity Carve-outs, Leveraged Buyouts, and Mergers and Acquisitions. This course has one MANDATORY EVENING meeting from 4:30PM-6:50PM on Wednesday, November 14th.  This meeting is mandatory.  If you have a conflict, please do not register for this course.  This course is taught by Professor Andrew Hession-Kunz. (Prerequisite: MFIN1021)

 

MFIN2225: Financial Policy, Offered M W 9AM and T Th 10:30AM

Topics treated intensively include the valuation of the firm, risk analysis in capital budgeting, capital structure theory and policy, and dividends. The second phase will deal almost exclusively with cases designed to provide an opportunity to (1) apply the principles covered during the first segment; (2) integrate the firm's financial decisions; (3) demonstrate the relationship between corporate finance and other subfields of finance; (4) introduce the notion of financial strategy; and (5) show the relationship between finance and other management functions. There are two sections of this course being taught, one by Professor Elliott Smith and a second by Professor Helen Peters. (Prerequisite: MFIN1127; MFIN1151 can be a corequisite)

 

MFIN2235: Investment Banking, Offered M W 1:30PM and M W 3PM

This course is the study of investment banking beginning with strategic planning and financial management; moving to the analysis, financing and valuation of investment opportunities; and finishing with the study of corporate governance and ethical issues faced by investment bankers. This course examines the primary functions of investment banking such as syndication, mergers & acquisitions (M&A), leveraged buyouts (LBO) and corporate restructuring. This course is taught by Professor Darren Kisgen. (Prerequisite: MFIN1127)

 

MFIN2250: Fixed Income Analysis, Offered T TH 1:30PM

This course presents the fundamental theoretical concepts of financial economics. Topics include measuring and managing interest rate risk, the theory of portfolio choice, and introduction to asset such as capital assets pricing models, arbitrage pricing theory, option pricing models and state-preference theory. This course is taught by Professor Helen Peters. (Prerequisite: MFIN1151)

 

NEW! MFIN2270: Data Analytics in Finance, Offered M W Noon and M W 3PM

Corporations, investment banks, and asset management firms increasingly base their operational and investment decisions on the statistical analysis of “big data.” In this course, you will be introduced to Python, a popular open-source modern programming language, and learn how to use it to extract data from online sources, estimate univariate and multivariate regressions on real-world financial data, and perform Monte Carlo simulations. This course is taught by Professor Jonathan Reuter. (Prerequisite: MFIN1021)

(All MFIN6600 level courses, as listed below, have limited enrollment and require department permission)

 

MFIN6602: Venture Capital, Offered Wednesday 4:30 - 6:50PM

This course looks at the nature of the VC firm, its fundraising, and compensation. It further explores the strategies, valuation, and corporate management issues. Of importance are the VC's exit strategies, term sheet negotiations, and syndicating. This course has one MANDATORY EVENING meeting from 4:30pm-6:50pm on Wednesday, November 14th.  This meeting is mandatory.  If you have a conflict, please do not register for this course. This course is taught by Professor Andrew Hession-Kunz. (Prerequisite: MFIN1127)

 

MFIN6606: Forecasting Techniques, Offered ONLINE

The theory and practice of applied time series analysis will be explored. First the different segments (trend, seasonality, cyclical and irregular) of a time series will be analyzed by examining the Autocorrelation functions (ACF) and Partial Autocorrelation functions (PACF). The specifics model to model the various types of time series include linear regression, panel regression, seasonal decomposition, exponential smoothing, ARIMA modeling as well as combining models. This course is taught by Fr. Richard McGowan. (Prerequisite: MFIN1127;OPER1135)

 

MFIN6619: Seminar on Economic Crises, Offered Thursday 4:30 - 6:50PM

This course examines the current financial and economic situation in light of previous financial panics and regulatory responses. This course is taught by Professor Dick Syron. (Prerequisite: MFIN1127)

Instructor Background: Richard F. Syron served as the Chief Executive Officer and Chairman of Federal Home Loan Mortgage Corporation from December 2003 to September 2008. Mr. Syron serves as Chairman of Woods Hole Oceanographic Institution. He served as Chief Executive Officer of Thermo Electron Corp. from June 1999 to November 2002 and served as its President from June 1999 to July 2000 & as its Chairman of the Board of Directors since January 2000. He served as Chief Executive Officer and Chairman of the Board ... of Freddie Mac from December 2003 to February 2005. Mr. Syron served as Chairman and Chief Executive Officer of American Stock Exchange Inc. from April 1994 to May 1999. He served as the President of the Federal Reserve Bank of Boston from 1989 to 1994. He served as President of Federal Home Loan Bank of Boston from 1986 to 1989. He served as Executive Chairman of Thermo Fisher Scientific, Inc. (Thermo Electron Corp.), since November 2002. Earlier, Mr. Syron served as assistant to then-Federal Reserve Chairman Paul Volcker and as Deputy Assistant Secretary of the U.S. Treasury Department in Washington D.C. He served as Chairman of the Boston College board.

 

MFIN6622: Mergers and Acquisitions, Offered Monday 7 - 9:30PM

This course will review the merger & acquisition process from the perspective of buyers and sellers of both private and public companies. Placing emphasis on the valuation of companies as well as the analysis of non-financial factors, the course will endeavor to provide the participants with a practical approach to analyzing and advising clients on the positive and negative aspects of an M&A transaction. Additional topics will include understanding the use of leverage, transaction structure, due diligence, and the concept of fairness. The class will be a combination of lectures and case studies presented in class by the participants. This course is taught by Professor Paul Marcus. (Prerequisite: MFIN1127)

Instructor Background: Paul Marcus is the Managing Member of PM Financial Expert Consultants, LLC a Dispute and Corporate Finance Consulting Practice. Paul has over 30 years of experience in advising clients in commercial disputes or litigation, corporate finance, mergers and acquisitions, security and business valuation, solvency analysis, investment decision making, performing independent fundamental research and due diligence, strategic planning and financial analysis, raising and providing capital, originating, structuring, and negotiating complex financial transactions.

 

MFIN6640: Finance Seminar: Simulation and Optimization, Offered Monday 7 - 9:30PM

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. This course is taught by Professor Sam Haidar. (Prerequisite: MFIN1151)

Instructor Background: Sam 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: Applied Fundamental Analysis, Offered Thursday 7 - 9:30PM

The goal of the course is to build one's business and investment judgment by providing hands-on experience to identify and craft compelling "value"-oriented investment ideas (Buffett's definition of value and growth as two sides of the same coin) grounded in real-world frameworks and developing and applying a fundamental analysis toolkit. Simply put students will learn mental models to identify higher probability successful ideas and models to avoid higher likelihood of permanent losses of capital based on systematic real world case studies.

The goal of investing is simply the highest absolute return over a lifetime, net of fees and net of taxes. VERY infrequently, you may be able to identify companies with knowable, dramatic competitive advantages that allow for high teens annualized compounding levels over decades that you buy once and never sell. In addition we discuss infrequent -- but far more frequent than businesses with knowable dramatic competitive advantages at great prices-- high-conviction ideas that have strong upside potential (e.g. 100%+ upside in 2 - 3 years) and limited (or ideally) NO risk of a permanent loss of capital.

By the end of the course, students should have a robust framework for: (i) cutting out 90% of the noise in 20 minutes or less and identifying ideas they want to spend more time on based on real-world filters (ii) prosecuting an investment opportunity by analyzing a firm's financial statements to build a reasonable estimate of a business' intrinsic value and how it grows over time, and (iii) clearly communicate an effective thesis. This course is taught by Professor Arvind Navaratnam. (Prerequisite: MFIN1127)

Instructor Background: Arvind Navaratnam leads the special situations (event driven) investing efforts, which he conceived of and founded, at Fidelity Investments. Prior to Fidelity, Mr. Navaratnam was a private equity investment professional at Texas Pacific Group (TPG) and Rho Capital Partners. Mr. Navaratnam holds degrees in engineering, economics, and philosophy from Columbia University, as well as an MBA from Harvard Business School.

 

MFIN6680 Renewable Energy Investments, Offered Monday 4:30 - 6:50PM

In this course we will examine how large scale renewable energy projects actually get financed and built, using the structures of modern non-recourse project finance. We will examine the economics of large-scale green power production, and how it fits into the U.S. and global energy industries. Through a mixture of lectures and real-life examples students will get to see how renewable energy project finance works in actual deals that mix finance, public policy, legal, engineering, and environmental issues. The skills developed in analyzing non-recourse cash flow-based finance will be generally applicable to students interested not just in green energy, but also more widely in private equity and infrastructure investing. The course is designed to introduce students to the theory and practice of project finance in the energy and renewables sector, complementing academic finance theory with the practical aspects of financing capital intensive energy projects. This course is co-taught by Professor Seabron Adamson and Professor Santosh Raikar. (Prerequisite: MFIN1127)       

Instructor Backgrounds:

Seabron Adamson is a Vice President in the energy practice at Charles River Associates. He was formerly a Vice President of CRA and co-Head of the firm’s Energy and Environment practice from 2006 to 2008. He has also worked for a major hedge fund as a power and gas markets analyst and energy economist.

Seabron’s professional focus is energy and environmental economics, and analysis of energy markets and investments. He focuses primarily on the electric power and natural gas sectors, with a focus on investment valuation, litigation support, due diligence, and market design.

In addition to his consulting work with CRA, Seabron is an adjunct lecturer at the A.B. Freeman School of Business of Tulane University and a research associate of the Tulane Energy Institute. He has taught energy portfolio management at Tulane at the graduate level. His research has been published in Energy Economics, Energy Policy and other journals. His work on financial transmission rights markets in electricity markets was recently published in a new book published by Springer. He has also published on environmental economics matters related to market-based mechanisms for controlling carbon and other air pollutants.

Santosh Raikar is a senior banking professional with more than 15 years of experience in investment banking and investment management in energy and infrastructure sectors with versatile background in the areas of project finance, private equity, structured finance, commodities finance, etc. Extensive investment and underwriting experience across the capital structure with notional volume of more than $6 billion.

 

6600 and 8800 Level Graduate Finance Elective Course Offerings – Fall 2018

The Finance Department is delighted to offer the following MFIN6600 and MFIN8800 level graduate elective courses for the Fall of 2018.

All of these courses are being offered by practicing professionals and renowned academics, who bring their “real world” applications, expertise, and highly esteemed research into the classroom. In addition 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 Fall of 2018.

Graduate students will be able to register directly for these courses beginning on Wednesday, April 11, 2018.

If you have any questions in connection with these course offerings and requirements please feel free to contact Leia Hopson.

 

MFIN6602: Venture Capital, Offered Wednesday 4:30 - 6:50PM

This course looks at the nature of the VC firm, its fundraising, and compensation. It further explores the strategies, valuation, and corporate management issues. Of importance are the VC's exit strategies, term sheet negotiations, and syndicating. This course has one MANDATORY EVENING meeting from 4:30pm-6:50pm on Wednesday, November 14th.  This meeting is mandatory.  If you have a conflict, please do not register for this course. This course is taught by Professor Andrew Hession-Kunz. (Prerequisite: MFIN8807)

 

MFIN6606: Forecasting Techniques, Offered ONLINE

The theory and practice of applied time series analysis will be explored. First the different segments (trend, seasonality, cyclical and irregular) of a time series will be analyzed by examining the Autocorrelation functions (ACF) and Partial Autocorrelation functions (PACF). The specifics model to model the various types of time series include linear regression, panel regression, seasonal decomposition, exponential smoothing, ARIMA modeling as well as combining models. This course is taught by Fr. Richard McGowan. (Prerequisite: MFIN8807;OPER7705)

 

MFIN6619: Seminar on Economic Crises, Offered Thursday 4:30 - 6:50PM

This course examines the current financial and economic situation in light of previous financial panics and regulatory responses. This course is taught by Professor Richard Syron. (Prerequisite: MFIN8807)

Instructor Background: Richard F. Syron served as the Chief Executive Officer and Chairman of Federal Home Loan Mortgage Corporation from December 2003 to September 2008. Mr. Syron serves as Chairman of Woods Hole Oceanographic Institution. He served as Chief Executive Officer of Thermo Electron Corp. from June 1999 to November 2002 and served as its President from June 1999 to July 2000 & as its Chairman of the Board of Directors since January 2000. He served as Chief Executive Officer and Chairman of the Board ... of Freddie Mac from December 2003 to February 2005. Mr. Syron served as Chairman and Chief Executive Officer of American Stock Exchange Inc. from April 1994 to May 1999. He served as the President of the Federal Reserve Bank of Boston from 1989 to 1994. He served as President of Federal Home Loan Bank of Boston from 1986 to 1989. He served as Executive Chairman of Thermo Fisher Scientific, Inc. (Thermo Electron Corp.), since November 2002. Earlier, Mr. Syron served as assistant to then-Federal Reserve Chairman Paul Volcker and as Deputy Assistant Secretary of the U.S. Treasury Department in Washington D.C. He served as Chairman of the Boston College board.

 

MFIN6622: Mergers and Acquisitions, Offered Monday 7 - 9:30PM

This course will review the merger & acquisition process from the perspective of buyers and sellers of both private and public companies. Placing emphasis on the valuation of companies as well as the analysis of non-financial factors, the course will endeavor to provide the participants with a practical approach to analyzing and advising clients on the positive and negative aspects of an M&A transaction. Additional topics will include understanding the use of leverage, transaction structure, due diligence, and the concept of fairness. The class will be a combination of lectures and case studies presented in class by the participants. This course is taught by Professor Paul Marcus. (Prerequisite: MFIN8807)

Instructor Background: Paul Marcus is the Managing Member of PM Financial Expert Consultants, LLC a Dispute and Corporate Finance Consulting Practice. Paul has over 30 years of experience in advising clients in commercial disputes or litigation, corporate finance, mergers and acquisitions, security and business valuation, solvency analysis, investment decision making, performing independent fundamental research and due diligence, strategic planning and financial analysis, raising and providing capital, originating, structuring, and negotiating complex financial transactions.

 

MFIN6640: Finance Seminar: Simulation and Optimization, Offered Monday 7 - 9:30PM

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. This course is taught by Professor Sam Haidar. (Prerequisite: MFIN8801)

Instructor Background: Sam 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: Applied Fundamental Analysis, Offered Thursday 7 - 9:30PM

The goal of the course is to build one's business and investment judgment by providing hands-on experience to identify and craft compelling "value"-oriented investment ideas (Buffett's definition of value and growth as two sides of the same coin) grounded in real-world frameworks and developing and applying a fundamental analysis toolkit. Simply put students will learn mental models to identify higher probability successful ideas and models to avoid higher likelihood of permanent losses of capital based on systematic real world case studies.

The goal of investing is simply the highest absolute return over a lifetime, net of fees and net of taxes. VERY infrequently, you may be able to identify companies with knowable, dramatic competitive advantages that allow for high teens annualized compounding levels over decades that you buy once and never sell. In addition we discuss infrequent -- but far more frequent than businesses with knowable dramatic competitive advantages at great prices-- high-conviction ideas that have strong upside potential (e.g. 100%+ upside in 2 - 3 years) and limited (or ideally) NO risk of a permanent loss of capital.

By the end of the course, students should have a robust framework for: (i) cutting out 90% of the noise in 20 minutes or less and identifying ideas they want to spend more time on based on real-world filters (ii) prosecuting an investment opportunity by analyzing a firm's financial statements to build a reasonable estimate of a business' intrinsic value and how it grows over time, and (iii) clearly communicate an effective thesis. This course is taught by Professor Arvind Navaratnam. (Prerequisite: MFIN8807)

Instructor Background: Arvind Navaratnam leads the special situations (event driven) investing efforts, which he conceived of and founded, at Fidelity Investments. Prior to Fidelity, Mr. Navaratnam was a private equity investment professional at Texas Pacific Group (TPG) and Rho Capital Partners. Mr. Navaratnam holds degrees in engineering, economics, and philosophy from Columbia University, as well as an MBA from Harvard Business School.

 

MFIN6680: Renewable Energy Investments, Offered Monday 4:30 - 6:50PM

In this course we will examine how large scale renewable energy projects actually get financed and built, using the structures of modern non-recourse project finance. We will examine the economics of large-scale green power production, and how it fits into the U.S. and global energy industries. Through a mixture of lectures and real-life examples students will get to see how renewable energy project finance works in actual deals that mix finance, public policy, legal, engineering, and environmental issues. The skills developed in analyzing non-recourse cash flow-based finance will be generally applicable to students interested not just in green energy, but also more widely in private equity and infrastructure investing. The course is designed to introduce students to the theory and practice of project finance in the energy and renewables sector, complementing academic finance theory with the practical aspects of financing capital intensive energy projects. This course is co-taught by Professor Seabron Adamson and Professor Santosh Raikar. (Prerequisite: MFIN8807)

Instructor Backgrounds: Seabron Adamson is a Vice President in the energy practice at Charles River Associates. He was formerly a Vice President of CRA and co-Head of the firm’s Energy and Environment practice from 2006 to 2008. He has also worked for a major hedge fund as a power and gas markets analyst and energy economist.

Seabron’s professional focus is energy and environmental economics, and analysis of energy markets and investments. He focuses primarily on the electric power and natural gas sectors, with a focus on investment valuation, litigation support, due diligence, and market design.

In addition to his consulting work with CRA, Seabron is an adjunct lecturer at the A.B. Freeman School of Business of Tulane University and a research associate of the Tulane Energy Institute. He has taught energy portfolio management at Tulane at the graduate level. His research has been published in Energy Economics, Energy Policy and other journals. His work on financial transmission rights markets in electricity markets was recently published in a new book published by Springer. He has also published on environmental economics matters related to market-based mechanisms for controlling carbon and other air pollutants.

Santosh Raikar is a senior banking professional with more than 15 years of experience in investment banking and investment management in energy and infrastructure sectors with versatile background in the areas of project finance, private equity, structured finance, commodities finance, etc. Extensive investment and underwriting experience across the capital structure with notional volume of more than $6 billion.

 

MFIN8808: Financial Policy, Offered Tuesday 7 – 9:30PM

This course applies financial theories, techniques, and models to the study of corporate financial decisions. Aspects of corporate strategy, industry structure, and the functioning of capital markets are also addressed. Students are required to study an actual firm from the perspective of concepts and models developed in the course and present the study to the class. This course will be taught by Professor Elliott Smith. (Prerequisite: MFIN8807; MFIN8801 can be a corequisite)

 

MFIN8821: Corporate Valuation and Restructure, Offered Wednesday 7 -9:30PM

This course exposes students to a broad range of financial restructuring techniques that can be applied to improve business performance. Case discussion and visitors are used to illustrate how various corporate restructuring approaches can be used to increase firm value and to highlight characteristics of potential candidates for different restructuring techniques. The case analysis provides opportunity to practice the application of standard corporate valuation methods. This course will be taught by Professor Edith Hotchkiss. (Prerequisite: MFIN8807)

 

MFIN8835: Real Estate Finance, Offered Wednesday 4:30 – 6:50PM

Real Estate Finance is for graduate students to learn the ways that private and public capital sources are used to finance income-producing property. The class covers the following topics: 1. basics of real estate financial analysis and financial statements 2. how to value income property and terminology unique to real estate 3. permanent loans 4. construction loans 5. equity financing and joint ventures 6. distressed debt & equity, and workouts 7. institutional real estate, private equity investing 8. Real Estate Investment Trusts (REITs) 9. Commercial Mortgage-Backed securities (CMBS) 10. Corporate sale-leaseback financing 11. Residential mortgage financing and the Sub-prime mortgage crisis 12. Government role in real estate finance and tax credit financing Teaching methods include lectures, illustrative case studies, Excel-based financial exercises and videos of interviews with industry experts and representative transactions. Grades consist of a midterm exam, one individual case study report, class participation, a team case study presentation, a team presentation of a REIT stock analysis, and a final project preparing an investment memorandum for debt or equity financing of an actual property. This course will be taught by Professor Ed Chazen. (Prerequisite: Either MFIN7704 or MFIN7722)

Instructor Background: Edward Chazen is Senior Lecturer at the Carroll School of Management at Boston College and joined the BC faculty in 2015. His area of expertise is real estate development, finance and urban planning.  Prior to joining Boston College he was Senior Lecturer at Brandeis University, where he created and taught real estate courses and managed its Real Estate Specialization in the Brandeis International Business School.  From 1994 - 2010 he was an adjunct professor at Boston University and Babson College while he worked full time in the real estate investment industry. In addition to teaching Prof. Chazen has written 9 case studies about US and international real estate development projects, which he actively uses in his courses. He also is active on several Boston College and Carroll School committees, including the AACSB Committee, Teaching Committee and Learning Technology Committee.

His industry experience over 27 years included working as a real estate loan officer at GE Capital, a senior investment officer for investment management companies, and starting a company that arranged joint ventures between developers and institutional investors. He received his BA degree from Emory University and MBA degree from New York University.

 

MFIN8880: Fixed Income Analysis, Offered Thursday 4:30 – 6:50PM

This course presents the fundamental theoretical concepts of financial economics. Topics include measuring and managing interest rate risk, the theory of portfolio choice, and introduction to asset such as capital assets pricing models, arbitrage pricing theory, option pricing models, and state-preference theory. This course will be taught by Professor Pierluigi Balduzzi. (Prerequisite: MFIN8801)