Courses

Undergraduate FIN Courses

Course Code
Course Title Course Description
FIN 1004 Wall Street Uncovered (and Explained); the Good, the Bad, and the Ugly This course describes the current and past practices of Wall Street and discusses how these practices affect modern society. The course examines the history of Wall Street, starting with the humble beginnings of the New York Stock Exchange under a tree on Wall Street in New York City, lingering over a variety of booms, busts, and scandals, and culminating with the recent 2008 financial crisis, the resulting financial reforms, and the Occupy Wall Street Movement. The goal of the course is to demystify the often opaque current and past workings of Wall Street and to expose its activities to critical scrutiny, allowing students to have a historical perspective in which to judge the validity of the widely divergent views on Wall Street. Much of the course will take a critical look at popular culture and media portrayals of the workings of Wall Street, with a large part of the course examining the perspectives provided in film (e.g., the "greed is good" speech in the movie Wall Street), in writing (e.g., Liar's Poker), and by political and business commentators (ranging from Jim Cramer to Jon Stewart). The goal of the course is to expose students to both sides of the debates, allowing students to become informed contributors to society.
FIN 2081 Personal Finance Planning and management of personal financial problems, personal finance plans, budgets, credit and savings institutions in family financing, insurance, real estate, health insurance, and other financial issues.
FIN 3080 Business Finance This is the core finance course required of business majors. Business Finance acquaints students with the fundamental principles of finance. The two key concepts developed in the course will be 1) the time value of money; and, 2) the trade-off between risk and return. This is a 'tools' course that will provide you with the skills to analyze a wide range of financial decisions. A major emphasis in the class will be on learning how to think systematically about financial valuation and how to apply these insights to a variety of business (e.g., capital budgeting decisions) and personal (e.g., retirement planning, automobile and mortgage loans) financial problems.
FIN 4001 Corporate Finance In this course students will develop the analytical tools necessary for analyzing corporate financing decisions. Central to these decisions is the firm's cost of capital. After learning to compute the cost of capital, you are to apply it to numerous questions that are essential to corporate financing decisions including what is the value of the firm, should the firm raise capital, what is the optimal mix of debt and equity, what should the firm's payout (dividend) policy be, should the firm lease or buy its assets, and how to value a firm's equity as an option on the firm's assets?
FIN 4004 Advanced Corporate Finance This course covers three advanced topics in corporate finance: raising capital, mergers and acquisitions, and real options. Module 1 covers financial markets, instruments, and institutions, with the primary focus being on the capital raising and financing activities of firms at different stages in their life cycle. One of the critical activities a company must do well to succeed is the raising of capital. The when, where, and how of raising capital is the focus of the module. Module 2 uses an analytical framework and real-world applications to introduce the key principles and techniques of successful mergers, acquisitions, and leveraged buyouts. It addresses crucial questions including: Why do mergers that looked great on paper fail in reality? How does one value companies acquiring, or being acquired? What is the best negotiation strategy? What does it take to make the "synergy" come to life? How can a merger be funded in such a way as to retain the merged entity's flexibility? Module 3 covers capital budgeting under uncertainty and flexibility. Each student will be able to develop more advanced capital budgeting skills that will enable you to attack real-world corporate.
FIN 4005 Cases in Corporate Finance This course stresses the application of finance theory and methods to real business situations. Students will study problems of financial planning, capital structure, cost of capital, capital investment decisions, and corporate acquisitions.
FIN 4007 International Finance This course contains elements of a capital markets course, an investments course, and a corporate finance course. The course will focus on the currency markets, international capital markets, and the parity relationships that govern relative prices. Firms face many new risks when they expand their investments, operations, and financing globally. Much of this course will deal with the identification and management of these risks. The prevalent tools for managing these risks are derivative securities; therefore, we will carefully examine derivative securities that can be used to hedge foreign exchange risk and interest rate risk. We will also analyze how expanding the opportunity set of investments globally impacts diversification opportunities and the trade-off between risk and return.
FIN 4011 Investments This course is meant to provide students with an overview of investment management.  In this course we begin by describing the investment environment, the participants, and the securities/products.  The core principles we will emphasize are:  1) measuring risk and return, 2) diversification and its impact on risk and portfolio construction, 3) the trade-off between risk and return and the manifestation of this trade-off in asset pricing models, and 4) market efficiency.  We will also address behavioral finance, bond pricing and yields, and performance evaluation.
FIN 4013 Portfolio Management Portfolio Management covers the significant issues in managing client money professionally. This course provides a broad view of the investment process, client needs, institutional knowledge, historical precedents, and current issues in portfolio management.
FIN 4014 Fixed Income This course examines fixed-income markets, with an emphasis on the pricing and risk of fixed income securities, derivatives, and portfolios. Bond immunization and trading strategies will be discussed with an in-depth coverage of both Treasury and Corporate Debt Securities. We will explain how Federal Reserve uses monetary policy to influence the term structure of interest rates. This course helps students to establish a solid foundation in understanding fixed-income securities and furthermore to apply such knowledge to real-world investment decisions in bond markets.
FIN 4021 Derivatives The principal objective of this course is to provide a detailed examination of options, futures, forwards, and swaps. By the end of the course students will have a good knowledge of how these contracts work, how they are traded, how they are used, and how they are priced. A major emphasis in the class will be on how derivative instruments are used by financial institutions in light of recent economic events.
FIN 4035

Financial Information and Valuation

This course is designed to enable the student to understand financial statement inputs and drivers, to understanding the causes and effects of key financial rations, and to analyze financial statements in order to create forecast. The pedagogical methods used to enable the student to achieve the course goals are: 1) classroom lectures; 2) classroom discussion of current issue; 3) case analyses, and 4) a company analysis.
FIN 4041 Financial Modeling The purpose of this course is to help students develop spreadsheet modeling skills applied to a wide variety of corporate finance and investments topics that cover many of the quantitative models used in finance. This course will emphasize active, hands-on learning rather than passive, lecture style learning.
FIN 4052 Markets and Trading

The focus of this course is the structure of financial markets and the trading of securities, primarily U.S. equities. In previous finance courses you likely assumed away the frictions involved in the trading process. In this course we will study those frictions. We will closely examine market structure, trade pricing rules, order submission strategies, trading costs, block trading, arbitrage, and market efficiency. The type of order submitted and the resolution of that order will depend, in part, on the structure of the market. The market structure is influenced heavily by government regulation and communications technology. Therefore, we will discuss the influence of the market structure on the trading process and the impact of recent SEC rule changes and alternative trading systems on competition in U.S. equity markets. In academia, the study of these issues is called market microstructure.

FIN 4053

Financial Markets and Institutions

This course is designed to examine the operations of the financial markets and to increase understanding of the major types of financial institutions. The course will cover various markets (stock and money markets) and institutions (banks and pension funds) through which savings are used to fund investments.
FIN 4081C

Johnson Investment Counsel Student-Managed Fund, Jr. Analyst

In this sequence of courses (FIN 4081, FIN 4082, FIN 4083), undergraduate students manage the Johnson Investment Counsel Student-Managed Fund (hereafter referred to as the "Fund"), an actual portfolio of equity, fixed income, and alternative investment securities. The main goal of the Fund is to provide a rich applied educational opportunity for its members, providing hands-on experience at both portfolio management (including asset allocation, security analysis and selection, and industry analysis) and process management (including leadership, delineation and delegation of responsibilities, process and performance evaluation, external relations, and recruiting). The Fund has a hierarchical.
FIN 4082C Johnson Investment Counsel Student-Managed Fund, Senior Analyst In this sequence of courses (FIN 4081, FIN 4082, FIN 4083), undergraduate students manage the Johnson Investment Counsel Student-Managed Fund (hereafter referred to as the "Fund"), an actual portfolio of equity, fixed income, and alternative investment securities. The main goal of the Fund is to provide a rich applied educational opportunity for its members, providing hands-on experience at both portfolio management (including asset allocation, security analysis and selection, and industry analysis) and process management (including leadership, delineation and delegation of responsibilities, process and performance evaluation, external relations, and recruiting). The Fund has a hierarchical
FIN 4083C Johnson Investment Counsel Student-Managed Fund, Portfolio Manager In this sequence of courses (FIN 4081, FIN 4082, FIN 4083), undergraduate students manage the Johnson Investment Counsel Student-Managed Fund (hereafter referred to as the "Fund"), an actual portfolio of equity, fixed income, and alternative investment securities. The main goal of the Fund is to provide a rich applied educational opportunity for its members, providing hands-on experience at both portfolio management (including asset allocation, security analysis and selection, and industry analysis) and process management (including leadership, delineation and delegation of responsibilities, process and performance evaluation, external relations, and recruiting). The Fund has a hierarchical By Permission Only
FIN 4091 Financial Economics for Engineers This course is designed to educate engineering students on the fundamentals of finance, particularly those necessary to effectively evaluate the financial merits of capital budgeting projects.  To develop this skill set, we start with concepts such as the time value of money, interpreting financial information and statements, and understanding and measuring risk.  We then use these basic tools to learn to forecast cash flows and to incorporate risk in determining the net present value of various projects.  Finally, the course covers all of the required body of knowledge in the engineering certification exams.
FIN 4160 Foundations of Financial Planning FIN 4160 consists of text-book and case coverage of the fundamental principles of developing and implementing a financial plan, extensively examining the elements of an effective financial plan, the information required to make effective financial planning decisions, the set of decisions that must be customized to meet the client's needs, a set of appropriate decision-making criterion, and the elements of an effective process for producing the financial plan and a productive advisor/client relationship. The course focuses on both (1) which financial strategies are most effective at achieving a specific set of client goals and (2) the process of managing the relationship with the client. Through case analyses and experiential exercises, students are exposed to examples of effective and ineffective financial plans and effective and ineffective advisor/client interaction. FIN 6060 is a one semester credit hour course that is a pre-requisite for the two semester credit hour companion course FIN 6061 (Financial Planning Capstone) in which the student creates an effective financial plan for an actual client.
FIN 4161 Financial Planning Capstone This course is the companion course to FIN 4160 (Fundamentals of Financial Planning), which examines how to develop and implement an effective financial plan from the perspective of a financial planning professional advising individual clients. FIN 4161 (Financial Planning Capstone) is the Financial Planning (FP) capstone course where the student creates an effective financial plan for an actual client. Students will be assigned a client at the beginning of the term in which FIN 4161 is taken and it will be the student's responsibility to, using all of the principles discussed in FIN 4160, manage the relationship with the client so that the deadlines for the deliverables are met.
FIN 5099 Independent Study in Finance This is a self-managed course during which students independently pursues topics and/or completes a project of personal interest within this subject area. Student must obtain a faculty supervisor and appropriate approval prior to registration.

AFA Courses

Course Code Course Title Course Description
FIN 3180 Analytic Finance Academy Business Finance This is the core finance course required of business majors. Business Finance acquaints students with the fundamental principles of finance. The two key concepts developed in the course will be 1) the time value of money; and, 2) the tradeoff between risk and return. This is a ‘tools’ course that will provide you with the skills to analyze a wide range of financial decisions. A major emphasis in the class will be on learning how to think systematically about financial valuation and how to apply these insights to a variety of business (e.g., capital budgeting decisions) and personal (e.g., retirement planning, automobile and mortgage loans) financial problems.
FIN 4101 Analytic Finance Academy Corporate Finance Corporate Finance forms the second part of a two-course sequence covering basics of finance for business majors.  While the focus of your core finance course, FIN3080 was on investment policy and valuation ("How much is a stock/bond worth and which assets should I pick?"), Corporate Finance switches the emphasis to financing decisions ("Should a company issue debt, equity or hybrid forms of financing such as convertibles and warrants and how are these securities priced?").

The key issues in corporate finance are financing (How should we finance the investment projects we choose to undertake?) and valuation (How do we distinguish between good investment projects and bad ones?). These will be the main themes of the course. 

In the first part of the course, we will review some of the core concepts of risk, return and valuation.  The main topics we will review include time value of money, present and future value calculations and the principle of diversification in finance.  In addition, we will devote a lecture on applying discounted cash flow methods to project evaluation. This will help prepare you for future electives that require intensive valuation skills. We will cover valuation using WACC.  This technique will introduce the inter-linkages between financing and valuation.  

In the second part of the course, we will turn to the issue of capital structure choice.  We will study the seminal Miller and Modigliani (MM) Theorem, which provides the conditions under which project choice and financing choice can be separated.   As we will see, these conditions are very strong and are likely to be violated in most real world situations.  Instead, the strength of this theorem lies in showing when capital structure should matter by examining what happens when the MM assumptions do not hold.  We will see that under less idealized conditions financing decisions do matter, in part because they convey information to the capital markets, they shape managerial incentives, and they have tax implications.
FIN 4111 Analytic Finance Academy Investments This course is meant to provide students with an overview of investment management.  In this course we begin by describing the investment environment, the participants, and the securities/products.  The core principles we will emphasize are:  1) measuring risk and return, 2) diversification and its impact on risk, 3) the trade-off between risk and return and the manifestation of this trade-off in asset pricing models, and 4) market efficiency.  We will also address behavioral finance, bond pricing and yields, and performance evaluation.

The “Analytic” difference  – The differences I expect between this and a typical section of Investments are:  1) we will cover more material, 2) we won’t need to simplify any mathematical approaches, 3) we will work on more difficult problems, particularly those from CFA exams, and 4) I am assigning a project that has extensive data gathering and analysis requirements.

FIN 5035 Equity Analysis This course is about the analysis of financial information--particularly, but not limited to, a firm's financial statements--for making decisions about investing in a business. The primary focus is on equity (share) valuation, with some attention given to credit evaluation and the valuation of debt. The methods of fundamental analysis will be examined in detail.
FIN 5037 Fixed Income This course examines fixed-income markets, with an emphasis on the pricing and risk of fixed income securities, derivatives, and portfolios. Bond immunization and trading strategies will be discussed with an in-depth coverage of both Treasury and Corporate Debt Securities. We will explain how Federal Reserve uses monetary policy to influence the term structure of interest rates. This course helps students to establish a solid foundation in understanding fixed-income securities and furthermore to apply such knowledge to real-world investment decisions in bond markets.
FIN 5042 Options and Futures The principal objective of this course is to provide a detailed examination of options, futures, forwards, and swaps.  By the end of the course students will have a good knowledge of how these contracts work, how they are traded, how they are used, and how they are priced.  A major emphasis in the class will be on how derivative instruments are used by financial institutions in light of recent economic events.
FIN 5045 Portfolio Management This course presents the mainstream and alternate view of portfolio management using research papers, articles, and materials from academics and the markets. Many of the concepts covered are covered in the body of knowledge leading to the CFA designation.
FIN 5046 Alternative Investments The objective of this course is to provide the student with an introduction and understanding of the alternative investment universe and its many subcategories, including hedge funds, private equity and real assets. The class will strike a balance between academic evidence and real world pragmatism. Along the way, students will get the opportunity to hear several guest lecturers from the hedge fund, private equity, and real assets industry. It is expected that students would have an interest in alternative investments; however, no prior knowledge of alternative investments is required. Many concepts will build upon other traditional finance and investment courses.
FIN 5052 Markets and Trading

The focus of this course is the structure of financial markets and the trading of securities, primarily U.S. equities. In previous finance courses you likely assumed away the frictions involved in the trading process. In this course we will study those frictions. We will closely examine market structure, trade pricing rules, order submission strategies, trading costs, block trading, and market efficiency. The type of order submitted and the resolution of that order will depend, in part, on the structure of the market. The market structure is influenced heavily by government regulation and communications technology. Therefore, we will discuss the influence of the market structure on the trading process and the impact of recent SEC rule changes and alternative trading systems on competition in U.S. equity markets.

FIN 5054 Risk Management of Financial Institutions This course examines the regulatory and risk management issues facing a variety of financial institutions (including depository institutions, insurance companies, investment banks, mutual funds, and pension funds). The course will start with some of the basic theories of financial intermediation to identify the various services financial institutions provide. We also will identify and analyze the key types of risks faced by financial institutions (focusing on interest rate risk, market risk, liquidity, and credit risk). With this as context, we will then examine the set of techniques available for measuring and managing these risks. We will focus on recent trends in off-balance sheet activities, securitization, and other financial innovations and will examine the causes, consequences, and suggested remedies of the recent financial crisis.
FIN 5055 International Finance This course will focus on the currency markets, international capital markets, the parity relationships which govern relative prices, and derivative securities used to manage foreign exchange and interest rate risk. We will first discuss the institutional organization of each market. Given the market structure, our aim is to understand how prices are determined in each market. We often rely on theoretical models to make predictions on price determination. Testing these models reveals regularities in market prices and unexplained phenomena. We can then examine how the policies of corporations, governments, and regulators are formed based upon these prices. In other words, we take an in depth look at how these markets function and their implications for market participants. A thorough comprehension of the function of these markets is necessary to make effective fund-raising and investment decisions.
FIN 5062 Advanced Capital Budgeting An in-depth analysis of capital budgeting decisions. Topics covered include: estimation of the cost-of capital, issues in forecasting and valuing cash flows from projects, and the applications of real options to corporate capital budgeting decisions.
FIN 5063 Mergers and Acquisitions This course provides students with exposure to the basic components of the merger and acquisition (M&A) market area. M&A, a critical component of a corporation's financial strategy, is a function of both corporate finance and investment banking. This course is an ideal elective for students that have selected both investments and corporate finance as their focus areas. The basic approach will be to familiarize students with the M&A process from start to finish with emphasis on corporate strategy, deal negotiation, due diligence, pre-closing activities, capital structure, governance issues, structural concerns, and post-merger integration and divestitures. The course examines the topics above, providing the student with an in-depth understanding of the various elements of mergers and acquisitions and how M&A can enhance a business entity in achieving their stated financial objectives.
FIN 5071 Public Finance

This course will be interactive and discussion based. It will cover a variety of types of infrastructure assets and will focus on examining and understanding a wide variety of transaction structures including monetizations, public-private partnerships (P3s), availability payments, private equity investments, and project finance. It will also explore the role of these types of transactions in an overall investment portfolio. The course is appropriate for students interested in infrastructure finance from a range of perspectives including investor, lender, underwriter, project sponsor, public finance, development, and investment advisory.

FIN 5072 Behavioral Finance Behavioral Finance considers the impact of human psychology on financial markets and corporate decision-making. Topics covered judgment, social and emotional biases and their effects on investor behavior and market outcomes. Corporate finance applications will also be included.
FIN 5073 UC Capital This capital markets course incorporates UC Capital, a synthetic multi-asset fund, that acts as an experiential platform to not only practice and study the implementation of investment and risk management processes for all asset classes in capital markets, but also to form an understanding of how a fund operates to generate acceptable absolute risk-adjusted performance.
FIN 5093 Special Topics in Finance

In-depth study of special topics in Finance

Financial Planning Courses

Course Code
Course Title Course Description
FIN 4160/6060 Foundations of Financial Planning FIN 4160 consists of text-book and case coverage of the fundamental principles of developing and implementing a financial plan, extensively examining the elements of an effective financial plan, the information required to make effective financial planning decisions, the set of decisions that must be customized to meet the client's needs, a set of appropriate decision-making criterion, and the elements of an effective process for producing the financial plan and a productive advisor/client relationship. The course focuses on both (1) which financial strategies are most effective at achieving a specific set of client goals and (2) the process of managing the relationship with the client. Through case analyses and experiential exercises, students are exposed to examples of effective and ineffective financial plans and effective and ineffective advisor/client interaction. FIN 6060 is a one semester credit hour course that is a pre-requisite for the two semester credit hour companion course FIN 6061 (Financial Planning Capstone) in which the student creates an effective financial plan for an actual client.
FIN 4161/6061 Financial Planning Capstone

This course is the companion course to FIN 4160 (Fundamentals of Financial Planning), which examines how to develop and implement an effective financial plan from the perspective of a financial planning professional advising individual clients. FIN 4161 (Financial Planning Capstone) is the Financial Planning (FP) capstone course where the student creates an effective financial plan for an actual client. Students will be assigned a client at the beginning of the term in which FIN 4161 is taken and it will be the student's responsibility to, using all of the principles discussed in FIN 4160, manage the relationship with the client so that the deadlines for the deliverables are met.

IRM 4110/6010 Health and Life Insurance This course provides a detailed survey of the legal, financial, pricing, underwriting, and strategic issues involved in the variety of different life and health insurance products available in the market place. The course examines the variety of different products offered, highlighting how the differences affect their pricing and the service they provide. Much of the course examines how to determine which contracts or products are best suited to solve a variety of problems faced by individuals and businesses. The course will also examine the issues raised by major regulatory reforms (e.g., Obamacare). This course covers the material in the life and health insurance portion of the insurance licensing exam in the state of Ohio and the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: 13-23
IRM 4155/6055 Retirement Planning and Employee Benefits

This course provides a detailed survey of the strategic, legal, financial, and regulatory issues involved in the provision of employee benefits and retirement planning.

 

The course examines the variety of different products available, highlighting the differences across products and how these differences affect the efficacy of each product given the specific goals and circumstances of the client and/or employee.

 

The material is presented from the perspective of a professional financial advisor consulting with a firm on the types of employee and retirement benefits to provide (with a consideration of the costs and benefits to the employer that results) and from the perspective of individuals making selections among the various retirement and benefit plans available in the marketplace.  

 

This course covers the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: 44-52.

ACCT 3072/7072 Introduction to Taxation This course is designed to provide comprehensive coverage of individual federal income tax issues. The student will understand filing requirements, income inclusion, expense deduction and other special issues related to individual income tax returns. In addition to wage and business income, the course covers income from the sale of property. In addition to business deductions, the course covers the personal expenses and losses that are deductible by individuals. Throughout the course there is a focus on tax planning in order to minimize the negative impact of the federal income tax.
ACCT 5146/6046 Estate and Gift Taxation Planning Intensive study of federal taxation of estates and transfer of property rights by gift. Course will include financial planning perspectives relevant to the gross estate, taxable estate, taxable gift,and gift tax.

MS - FIN Courses

Course Code Course Title Course Description
FIN 6060

Fundamentals of Financial Planning

FIN 6060 consists of text-book and case coverage of the fundamental principles of developing and implementing a financial plan, extensively examining the elements of an effective financial plan, the information required to make effective financial planning decisions, the set of decisions that must be customized to meet the client's needs, a set of appropriate decision-making criterion, and the elements of an effective process for producing the financial plan and a productive advisor/client relationship. The course focuses on both (1) which financial strategies are most effective at achieving a specific set of client goals and (2) the process of managing the relationship with the client. Through case analyses and experiential exercises, students are exposed to examples of effective and ineffective financial plans and effective and ineffective advisor/client interaction. FIN 6060 is a one semester credit hour course that is a pre-requisite for the two semester credit hour companion course FIN 6061 (Financial Planning Capstone) in which the student creates an effective financial plan for an actual client.
FIN 6061 Financial Planning Capstone This course is the companion course to FIN 6060 (Fundamentals of Financial Planning), which examines how to develop and implement an effective financial plan from the perspective of a financial planning professional advising individual clients. FIN 6061 (Financial Planning Capstone) is the Financial Planning (FP) capstone course where the student creates an effective financial plan for an actual client. Students will be assigned an actual client at the beginning of the term in which FIN 6061 is taken and it will be the students responsibility to, using all of the principles discussed in FIN 6060, manage the relationship with the client so that the deadlines for the deliverables are met
FIN 7000 Foundations in Finance This course educates students in the fundamentals of Finance.  A primary focus of the course is on using time value of money techniques to evaluate capital asset decisions.
FIN 7014 Financial Management The objectives of the course are twofold. First, it is intended to continue to develop facility with the tools used in making financial decisions (22FIN 7013). Second, it is intended to develop the intuition necessary to correctly apply those tools in financial decision making. The emphasis of this course is on practical decision making. Being able to make practical decisions requires both sound knowledge of financial theory and mathematical facility. Hence, significant parts of this course will be devoted to the study of financial theory and the necessary mathematical tools.
FIN 7020 The Theory of Financial Decision Making This course has two main goals.  The first is to understand how well-run corporations create value.  The second is to develop a set of techniques for valuing capital investment projects in privately and publicly traded companies.  To support the first main goal, the course considers the theory of the firm and develops a set of principles concerning optimal allocation of costly resources and production levels in the face of market forces that depend on the nature of competition in input and output markets.  This section defines and identifies sources of market power that managers can exploit to create value.  With this analysis, students should be able to examine specific firms and the industries in which they operate to determine the firm’s short-term and long-term profitability and potential threats/risks.  To support the second main goal, the course (1) examines valuation techniques, (2) develops asset pricing models (the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT) in particular) to determine the appropriate required or opportunity cost of capital for discounting future cash flows, (3) considers basic risk management techniques, (4) examines how firms raise capital, (5) analyzes the effect of financing choices on shareholder wealth, firm value, risk, and tax payments, and (6) considers how corporations can design appropriate compensation schemes to induces effective managerial action and effort.  The course also defines real options and examines how real options are valued and affect capital budgeting decisions.  To support this task, the course examines the definition, use, and pricing of derivative securities such as financial options.  Throughout, a secondary goal is to have students develop intuition on financial issues so that they are not only able to analyze a variety of standard corporate finance problems but are also capable of analyzing new issues that will arise in the ever-changing business environment.
FIN 7035 Equity Analysis This course is about the analysis of financial information--particularly, but not limited to, a firm's financial statements--for making decisions about investing in a business. The primary focus is on equity (share) valuation, with some attention given to credit evaluation and the valuation of debt. The methods of fundamental analysis will be examined in detail.
FIN 7037 Fixed Income This course examines fixed-income markets, with an emphasis on the pricing and risk of fixed income securities, derivatives, and portfolios. Bond immunization and trading strategies will be discussed with an in-depth coverage of both Treasury and Corporate Debt Securities. We will explain how Federal Reserve uses monetary policy to influence the term structure of interest rates. This course helps students to establish a solid foundation in understanding fixed-income securities and furthermore to apply such knowledge to real-world investment decisions in bond markets.
FIN 7041 Investments This overview of investment analysis presents several views and approaches to equity valuation and decision making in today's markets. Students are encouraged to apply quantitative and economic analysis as well as firm valuation and market history to guide their decision process. Many of the concepts covered are covered in the body of knowledge leading to the CFA designation.
FIN 7042 Options and Futures The principal objective of this course is to provide a detailed examination of options, futures, forwards, and swaps. By the end of the course students will have a good knowledge of how these contracts work, how they are traded, how they are used, and how they are priced. A major emphasis in the class will be on how derivative instruments are used by financial institutions in light of recent economic events.
FIN 7045 Portfolio Management This course presents the mainstream and alternate view of portfolio management using research papers, articles, and materials from academics and the markets. Many of the concepts covered are covered in the body of knowledge leading to the CFA designation.
FIN 7046

Alternative Investments

The objective of this course is to provide the student with an introduction and understanding of the alternative investment universe and its many subcategories, including hedge funds, private equity and real assets. The class will strike a balance between academic evidence and real world pragmatism. Along the way, students will get the opportunity to hear several guest lecturers from the hedge fund, private equity, and real assets industry. It is expected that students would have an interest in alternative investments; however, no prior knowledge of alternative investments is required. Many concepts will build upon other traditional finance and investment courses
FIN 7052 Securities Trading and Markets The focus of this course is the structure of financial markets and the trading of securities, primarily U.S. equities. In previous finance courses you likely assumed away the frictions involved in the trading process. In this course we will study those frictions. We will closely examine market structure, trade pricing rules, order submission strategies, trading costs, block trading, and market efficiency. The type of order submitted and the resolution of that order will depend, in part, on the structure of the market. The market structure is influenced heavily by government regulation and communications technology. Therefore, we will discuss the influence of the market structure on the trading process and the impact of recent SEC rule changes and alternative trading systems on competition in U.S. equity markets.
FIN 7054 Risk Management of Financial Institutions This course examines the regulatory and risk management issues facing a variety of financial institutions (including depository institutions, insurance companies, investment banks, mutual funds, and pension funds). The course will start with some of the basic theories of financial intermediation to identify the various services financial institutions provide. We also will identify and analyze the key types of risks faced by financial institutions (focusing on interest rate risk, market risk, liquidity, and credit risk). With this as context, we will then examine the set of techniques available for measuring and managing these risks. We will focus on recent trends in off-balance sheet activities, securitization, and other financial innovations and will examine the causes, consequences, and suggested remedies of the recent financial crisis.
FIN 7055 International Finance This course will focus on the currency markets, international capital markets, the parity relationships which govern relative prices, and derivative securities used to manage foreign exchange and interest rate risk. We will first discuss the institutional organization of each market. Given the market structure, our aim is to understand how prices are determined in each market. We often rely on theoretical models to make predictions on price determination. Testing these models reveals regularities in market prices and unexplained phenomena. We can then examine how the policies of corporations, governments, and regulators are formed based upon these prices. In other words, we take an in depth look at how these markets function and their implications for market participants. A thorough comprehension of the function of these markets is necessary to make effective fund-raising and investment decisions.
FIN 7062 Advanced Capital Budgeting An in-depth analysis of capital budgeting decisions. Topics covered include: estimation of the cost-of capital, issues in forecasting and valuing cash flows from projects, and the applications of real options to corporate capital budgeting decisions.
FIN 7063 Mergers and Acquisitions This course provides students with exposure to the basic components of the merger and acquisition (M&A) market area. M&A, a critical component of a corporation's financial strategy, is a function of both corporate finance and investment banking. This course is an ideal elective for students that have selected both investments and corporate finance as their focus areas. The basic approach will be to familiarize students with the M&A process from start to finish with emphasis on corporate strategy, deal negotiation, due diligence, pre-closing activities, capital structure, governance issues, structural concerns, and post-merger integration and divestitures. The course examines the topics above, providing the student with an in-depth understanding of the various elements of mergers and acquisitions and how M&A can enhance a business entity in achieving their stated financial objectives.
FIN 7071 Public/Infrastructure Finance This course will be interactive and discussion based. It will cover a variety of types of infrastructure assets and will focus on examining and understanding a wide variety of transaction structures including monetizations, public-private partnerships (P3s), availability payments, private equity investments, and project finance. It will also explore the role of these types of transactions in an overall investment portfolio. The course is appropriate for students interested in infrastructure finance from a range of perspectives including investor, lender, underwriter, project sponsor, public finance, development, and investment advisory.
FIN 7072 Behavioral Finance Behavioral Finance considers the impact of human psychology on financial markets and corporate decision-making. Topics covered judgment, social and emotional biases and their effects on investor behavior and market outcomes. Corporate finance applications will also be included.
FIN 7073 UC Capital This capital markets course incorporates UC Capital, a synthetic multi-asset fund, that acts as an experiential platform to not only practice and study the implementation of investment and risk management processes for all asset classes in capital markets, but also to form an understanding of how a fund operates to generate acceptable absolute risk-adjusted performance.
FIN 7075 Finance Careers and Professional Development I

The course is designed to assist MS Finance students in their job search and their understanding of the many facets of the finance profession. As well as gaining an understanding of the entry process into the finance profession, students will participate in a series of presentations and other activities to increase their understanding of the finance profession and the points of entry of the various segments of the finance profession (ex. Investments, corporate, investment banking, and risk management). Students will also be exposed to the benefits of certifications such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), and Financial Risk Manager (FRM). This course is designed to work with and complement BA 7077 Career Management, which focuses on the skills needed for a student to successfully complete a job search. Students will meet for one hour each week, with guest speakers from corporations and government attending many of the class sessions. The numerous career paths available to finance students will be mapped out so that students are aware of the options that are available to MS Finance students.

FIN 7076 Finance Careers and Professional Development II The course is designed to assist MS Finance students in their job search and their understanding of the many facets of the finance profession. As well as gaining an understanding of the entry process into the finance profession, students will participate in a series of presentations and other activities to increase their understanding of the key areas of finance-corporate, investments, risk management, and real estate. A focus will be placed on particular segments of each area, such as: portfolio management, equity and fixed income analyst, private equity, risk management and insurance, financial planning, corporate finance. This course is designed to work with and complement BA 7077 Career Management, which focuses on the skills needed for a student to successfully complete a job search. Students will meet for one hour each week, with guest speakers from corporations and government attending many of the class sessions. The numerous career paths available to finance students will be mapped out so that students are aware of the options that are available to MS Finance students.
FIN 7081 Independent Study Individual study in a field not covered in regularly offered courses.
FIN 7082 Special Topics in Finance

In-depth study of special topics in Finance.

FIN 7090 Industry Practicum I This course is associated with the optional experiential component of the MS Finance program. To successfully complete this course the student is to do an internship in a pertinent area, such as investments, wealth management, corporate finance, risk management, insurance, and real estate.

PhD Courses

Course Code Course Title Course Description
FIN 9012 Corporate Finance Theory This course covers the theory of financial decision making in a variety of corporate forms (including public, private, start-up/entrepreneurial firms, and financial intermediaries).  This course will consider the theoretical foundations of the following topics: capital structure and payout policy, security issuance, governance (including mergers and acquisitions and performance incentives), and the existence of financial intermediaries.  The course will also introduce the student to the tools of game theory (Nash equilibrium and refinements, screening/signaling models, etc.) used in theoretical corporate finance research.
FIN 9013 Empirical Studies in Corporate Finance This course covers 1) the empirical methodologies used in testing and investigating corporate finance topics and 2) empirical examinations of important corporate finance issues. Representative topics covered include Empirical Methods/Techniques (event studies, long-term performance measurement); Mergers and Acquisitions(general issues, merger waves, proxy fights and takeovers); and, Performance Incentives and Organizational Form (boards of directors, compensation and insider holdings, institutional investors, block holders, and corporate governance).
FIN 9014 Asset Pricing Theory This covers the theory of how financial assets are priced (including equities, debt, and derivatives). Representative topics covered include the Efficient Markets Hypothesis, CAPM and APT, Intertemporal CAPM, Consumption CAPM, Derivatives Markets, and the Black-Scholes-Merton model.
FIN 9015 Empirical Studies in Asset Pricing and Investments This course introduces students to current empirical asset pricing research. Representative topics covered include Time-Series Stock Return Predictability, Cross-Sectional Stock Return Predictability, the Dynamics of Stock Market Volatility, and the Stock Market Risk/Return Relationship over Time. Each topic will be addressed in 3 respects: 1) commonly used empirical methodologies; 2) main empirical findings; and, 3) the relation between empirical research and theory. The course will provide an overview of the tension between empirical findings and economic theories and discuss recent theoretical developments that provide a better explanation of data.
FIN 9020 Advanced Topics in Finance This course will cover a series of selected research topics that are not currently addressed within the department's other semester-length courses. As a result, this seminar may be structured as a series of mini-courses, each covering a few sessions, taught by multiple instructors. Representative topics that may be covered include Behavioral Finance, Real Estate, Financial Institutions, Experimental Economics, and Market Microstructure.
FIN 9025 Research Colloquium: Current Topics in Finance

It is anticipated that most students will take this course during their second year in the program. In this colloquium the student will develop an independent, original research idea under the supervision of one or more faculty mentors. During the course the student will carry out all the theoretical analysis and empirical tests required to convert their research question into an original paper. The colloquium will culminate with the circulation of the finished research paper and a professional presentation of the research to the entire faculty.

FIN 9071 Research in Finance The student will work on individual research or in conjunction with a faculty member.
FIN 9091 PhD Dissertation Research The student will work on their proposal and/or thesis.