Course Descriptions

Insurance and Risk Management courses

Required courses

IRM 3090: Principles of Risk and Insurance

This course discusses the structure of the insurance industry, examining the strategic, regulatory and risk management issues associated with the different types of products and institutions. The course starts by identifying a variety of different risks and providing a fundamental analysis of insurance markets and risk sharing. Given these fundamentals, the course conducts a detailed examination of the various operational functions in insurance companies (including underwriting and pricing) and the various insurance products available (including property, liability, life, and health insurance). The course also examines the financial structure of insurance companies and studies the management of assets and liabilities. It provides important context and background for the more detailed and analysis of various products and functions covered in subsequent courses (IRM 4010: Life and Health Insurance; IRM 4020: Property and Liability Insurance; and IRM 4030: Risk Analysis and Management).

IRM 4110/IRM 6010*: Life and Health 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 marketplace. 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 concerns determining which contracts or products are best suited to solve a variety of problems faced by individuals and businesses. The course will also discuss the issues raised by major regulatory reforms. It further describes the types of goals various types of customers of such products can have. The learning objectives of the course are to enable students to: (1) describe what the differences between the various products imply with respect to performance on the variety of customer goals, (2) evaluate whether the specific terms of one contract or product dominate another, (3) identify the major sources and implications of regulation, with a historical perspective, (4) describe how the regulatory environment affects the efficacy of various product features in terms of performance, and (5) compare the efficacy of life insurance products to alternative products offered by other financial services organizations (e.g., mutual funds, banks, etc.).

*Course is cross-listed as 6010 for graduate level enrollment. Students may not enroll in both IRM 4110 and IRM 6010.

IRM 4120/IRM 6020**: Property and Liability Insurance

This course provides a detailed survey of the legal, financial, pricing, underwriting, and strategic issues involved in the variety of different property and liability insurance products available in the marketplace. The course will be divided into two parts. The first part covers the material with respect to property insurance and risk, while the second part covers the material with respect to liability insurance and risk. The learning objectives for this course include enabling students to: (1) describe the types of goals various types of customers of such products can have, (2) describe what the differences between the various products imply with respect to performance on the variety of customer goals, (3) evaluate whether the specific terms of one contract or product dominates another, (4) describe the process by which such products are distributed, and (5) identify the major sources and implications of regulation.

**Course is cross-listed as 6020 for graduate level enrollment. Students may not enroll in both IRM 4120 and IRM 6020.

IRM 4030: Risk Analysis & Management

The course considers a variety of sources of risk and introduces techniques to manage these risks, including diversification, reinsurance and securitization. The course also examines the use of products designed to isolate various types of risk, including derivatives. After completion of this course, students should be able to (1) quantify the probability of an insurable event, the cost given that event, and expected value of an insurance contract written on that event, conditional on available information, (2) determine the financial value of insurance markets and contracts, (3) identify and quantify the financial and operational risks facing financial services firms in general and insurance companies in particular, (4) determine and apply the appropriate set of financial and operational risk management strategies and techniques in order to maximize value, and (5) identify and quantify the trade-offs between various risk management techniques.

Electives

IRM 4041: Enterprise Risk Management (three credit hours)

Organizations today face a wider array of risks than ever before, and investors, regulators and other parties demand that management understand and manage these risks in the most effective and efficient manner possible. This is the goal of Enterprise Risk Management.

This course examines how the economic, regulatory, technological, and organizational environment in which a business operates determines that enterprise’s risk. Emphasis is placed on the techniques and challenges associated with (1) identifying and qualitatively and quantitatively characterizing an enterprise’s various sources of risk, (2) understanding how these sources interact to form the overall risk profile of the enterprise, and (3) developing and implementing a plan to manage enterprise risk across the enterprises various units.

The course consists of two main sections. The first section focuses on the fundamentals of risk, risk management, and ERM, including an extensive analysis of why corporations bother to manage risk at all. The second section consists of application in a live case, where student teams work with actual business enterprises to develop aspects of an implementable ERM program.

IRM 4155/6055: Retirement Planning and Employee Benefits (three credit hours)

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.

With this course, students are able to:

Describe the types of goals various types of clients and/or employees can have with respect to retirement products and employee benefits.
Identify and describe each step in the employee benefit planning process.
Identify and describe each of the potential types of employee benefits typically provided (e.g., health insurance, disability insurance, fringe benefits, etc…).
Describe the variety of retirement vehicles that are available, being able to advise a potential client or employee on the pros and cons of each in specific circumstances; be able to evaluate whether specific features dominate other features.
Describe the regulatory environment and the set of rules concerning qualifications, implementation, taxes, and distribution that apply to the variety of employee benefits and retirement plans.
Optimally design an employee benefit and retirement plan to achieve the goals of the employer given differences in the costs to the employer and the benefits to employees of various plan features.

BANA 4080: Data Mining and Analysis (three credit hours)

The study of data mining and analysis techniques as applied to problems in business and industry. Topics may include, but are not limited to, data visualization, advanced regression techniques, neural networks, cluster analysis, classification, discriminant analysis, and predictive modeling.

ECON 4090: Health Economics (three credit hours)

The course applies economic theory to analyze the health care sector in the United States. It also evaluates the government's role in health care and compares health care systems in various countries.

MKTG 3000: Professional Selling (three credit hours)

The course is designed to enable students to increase their understanding and competence in professional selling, to understand the role of professional selling within the context of the marketing and promotional mix of the firm, to present principles of professional selling, and to enhance career-critical analytical, interpersonal and communication skills, prompting students to become more effective communicators.

Certified Financial Planner courses

CFP required courses

FIN 4001: Corporate Finance (three credit hours)

In this course you will develop the analytical tools necessary for analyzing corporate financing decisions. Central to these decisions is the firm’s cost of capital and value of the firm. You will learn how to compute the cost of capital and how to apply it to numerous questions like what is the value of the firm, how should the firm raise capital, what is the optimal mix of debt and equity, what should the firm’s payout (dividend) policy be, and how the concept of options is applicable to corporate finance decisions etc. Time value of money, financial statements, some lessons in the capital market history, risk and return, the security market line are therefore prerequisite (i.e., FIN 3080) to the course. You must not take this course without it.

In this course, students will develop the analytical tools necessary for analyzing corporate investment (capital budgeting) and financing decisions. You will learn how to evaluate projects, account for uncertainty in forecast cash flows, compute the cost of capital, analyze the value of the firm, determine how the firm should raise capital, understand theories of the optimal mix of debt and equity and the firm’s payout (dividend) policy, and be introduced to alternate views of executive decision-making.

FIN 4011: Investments (three credit hours)

Students should expect to learn the fundamental principles of investment management. The goal is to equip students with the tools necessary to make good investment decisions. The course is organized into three segments. The first segment introduces the background knowledge, including asset classes, security markets, and investment companies. The second segment covers the classic portfolio theory, including risk and return, asset allocation, and efficient diversification. The third segment covers modern asset pricing theory, including the Capital Asset Pricing Model, the Efficient Market Hypothesis, and behavioral finance. Investment decisions are based on rigorous analysis of financial market data and economic news. The Bloomberg terminal is one of the most widely used computer software systems that financial professionals use to access data and news. Students will learn how to use the basic functions of Bloomberg terminal by completing an 8-hour online course of Bloomberg Market Concepts (BMC). During the course, current market events and industry applications will be discussed. The course focuses mostly on equity, leaving advanced materials on fixed income securities to FIN4014 (Fixed Income) and derivatives to FIN4021 (Derivatives).

FIN 4041: Financial Modeling (three credit hours)

This is a very hands-on course, designed to enable students to build skills useful in business and utilize financial models in Excel. In the course will explore forecasting, data analysis, valuation methodologies, present value and future value, NPV, amortization schedules, bond valuation, and the translation of finance formulas to excel. This is a very hands-on class so class attendance and participation is a significant part of your grade. The course will pull material from multiple disciplines, especially accounting. With this course students are able to

Understand how to utilize Excel to in evaluating Time Value of Money, Valuation, Capital Structure, Capital Budgeting, Financial Planning, International Finance, and Options and Corporate Finance evaluations.
Understand how to evaluate the output of the above utilizing Excel.

IRM 4110: Life and Health Insurance (three credit hours)

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 marketplace. 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 concerns determining 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. Describes the types of goals various types of customers of such products can have. The learning objectives of the course are to have students be able to: (1) describe what the differences between the various products imply with respect to performance on the variety of customer goals, (2) evaluate whether the specific terms of one contract or product dominates another, (3) identify the major sources and implications of regulation, with a historical perspective, (4) describe how the regulatory environment affects the efficacy of various product features in terms of performance for the customer and in terms of profitability to the insurance provider, and (5) compare the efficacy of life insurance products to alternative products offered by other financial services organizations (e.g., mutual funds, banks, etc.)

ACCT 3072: Introduction to Tax (three credit hours)

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 (two credit hours)

This course provides a detailed survey of taxation and estate planning (including the probate process, trusts, life insurance, deductions and tax credits, depreciation, asset categorization and business assets, investments) from the perspective of a professional financial advisor providing tax and estate planning strategies for a client (including an individual or business entity).

The course examines the topics above, providing the student with an in-depth understanding of the various elements of personal income taxation and how estate and tax planning can effectively limit tax exposures given the specific goals and circumstances of the client.

This course covers the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: 32-43 and 53-73.

With this course, students are able to:

Identify and implement the appropriate estate planning process, with an understanding of how the implementation impacts estate and gift taxes.
Identify and describe the various components of individual taxation.
Identify and describe the Estate Planning process, from planning to implementation.
Describe and implement the various Estate Planning tools and documents and explain their appropriate application.
Describe the regulatory environment and the rules concerning qualifications, implementation, taxes, and distribution that apply to the variety of taxation and estate planning issues.

IRM 4155/6055: Retirement Planning and Employee Benefits (three credit hours)

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

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

With this course, students are able to:

Describe the types of goals various types of clients and/or employees can have with respect to retirement products and employee benefits.
Identify and describe each step in the employee benefit planning process.
Identify and describe each of the potential types of employee benefits typically provided (e.g., health insurance, disability insurance, fringe benefits, etc…).
Describe the variety of retirement vehicles that are available, being able to advise a potential client or employee on the pros and cons of each in specific circumstances; be able to evaluate whether specific features dominate other features.
Describe the regulatory environment and the set of rules concerning qualifications, implementation, taxes, and distribution that apply to the variety of employee benefits and retirement plans.
Optimally design an employee benefit and retirement plan to achieve the goals of the employer given differences in the costs to the employer and the benefits to employees of various plan features.

FIN 4160/6060: Fundamentals of Financial Planning (one credit hour)

This course examines how to develop and implement an effective financial plan from the perspective of a financial planning professional advising individual clients. The course focuses on both (1) which strategies are most effective at achieving a specific set of client goals and (2) the process of managing the relationship with the client.

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. Through case analyses, students are exposed to examples of effective and ineffective financial plans.

FIN 6060 is a pre-requisite for the one semester credit hour course FIN 6061 (Financial Plan Capstone), the Certified Financial Planning (CFP) capstone course where the student creates an effective financial plan for an actual client. Since FIN 6061 requires the integration of all the financial planning concepts and topics developed throughout the sub-program focused on the CFP designation, as well as the integration of the material specifically focused on the creation of financial plans, this course satisfies the capstone requirement of the MS-FIN program for graduate students.

This course covers the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: General Principles (CFP Topics 1-12), Interpersonal Communication (CFP Topics 74-75), and Professional Conduct (CFP Topics 76-78).

With this course, students are able to:

Be able to diagram the personal financial planning process.
Recognize unethical practices in the financial planning profession.
Explain the functions and products of financial institutions.
Compare mechanisms for controlling personal and professional liability.
Analyze a client’s degree of risk and loss aversion.
Demonstrate effective structured communication.
Explain the CFP Board’s Code of Ethics and Professional Responsibility.
Integrate the Practice Standards in developing and communicating a financial plan for a client.
Be able to establish and define the client relationship.
Gather data and frame goals and objectives.
Evaluate the client’s financial position.
Develop a comprehensive plan.
Communicate the plan to a client.

FIN 4161/6061: Financial Planning Capstone (three credit hours)

This course is the companion course to FIN 4160/6060 (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 Certified Financial Planning (CFP) capstone course where the student creates an effective financial plan for an actual client. This course has students gain experience with the following topics on the Principle Topics List of the Certified Financial Planner (CFP) Board of Standards: General Principles (CFP Topics 1-12), Interpersonal Communication (CFP Topics 74-75), and Professional Conduct (CFP Topics 76-78).

There will be no class lectures for this course. Rather, 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 three deliverables (described in detail below) are met. Students will be able to consult with the course instructor throughout the term for clarification or to resolve any issues that arise.

With this course, students are able to:

Integrate the Practice Standards in developing and communicating a financial plan for a client.
Be able to establish and define the client relationship.
Interview the client to gather data and frame goals and objectives.
Evaluate the client’s financial position.
Develop a comprehensive plan.
Communicate the plan to a client.

Financial Risk Management courses

Required courses:

BANA 7031: Probability Models (four credit hours)

PROBABILITY MODELS: Events, probability spaces and probability functions; Random variables; Distribution and density functions; Joint distributions; Moments of random variables; Special expectations; Moment generating functions; Conditional probability and conditional moments; Probability inequalities; Independence; Special probability distributions including: binomial, negative binomial, multinomial, Poisson, gamma, chi-square, normal, beta, t, F, mixture distributions, multivariate normal; Distribution of functions of random variables; Order statistics; Asymptotic results including: convergence in distribution, central limit theorem, convergence in probability, Slutsky's theorem STOCHASTIC MODELS: Discrete time Markov processes, Markov pure jump processes, Birth and death processes, Branching processes, Poisson process, Pure birth processes, Yule process; applications in several areas, e.g. queuing models, machine repair models, inventory models, etc.

BANA 7041: Statistical Models (four credit hours)

Basic estimation, hypothesis testing, and data analysis. Point and interval estimation. One factor ANOVA. Fitting and drawing inferences from simple and multiple linear regression models. Variable selection procedures. Residual diagnostics and model correction procedure for linear regression.

BANA 7050: Forecasting and Time Series Methods (two credit hours)

This is a course in the analysis of time series data with emphasis on appropriate choice of forecasting, estimation, and testing methods. The course covers univariate Box-Jenkins methodology for fitting and forecasting time series; ARIMA models; stationarity; non-stationarity; auto-correlation functions; partial and inverse autocorrelation functions. Estimation and model fitting. Diagnosing time series models. Forecasting: point and interval forecasts, seasonal time series models; transfer function models; intervention models; modeling volatility with ARCH, GARCH, and other methods; modeling time series with trends. Multiequation time series models: vector auto regression (VAR), cointegration and error correction models, nonlinear time series models, state space time series models, Bayesian time series and forecasting.

FIN 7020: Theory of Financial Decision Making (three credit hours)

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.

FIN 7037: Fixed Income (three credit hours)

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 7042: Options and Futures (three credit hours)

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 (three credit hours)

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 7052: Securities Trading and Markets (two credit hours)

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 (three credit hours)

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 2008 financial crisis.

IRM 7060: Advanced Financial Risk Management (three credit hours)

The course focuses on techniques and methods applied to market risk, operational risk, and credit risk faced by a variety of different financial institution (including banks, insurance companies, hedge funds, etc…), given the regulatory environment in which they operate.

Upon completion of the course, students should be able to

Appropriately apply the standard set of metrics to quantify a variety of different types of risks faced by a variety of different types of financial institution, including market risk, credit risk, and operational risk.
Delineate a set of alternative approaches for managing the set of identified and quantified risks.
Develop and apply the appropriate concrete steps to implement each approach, while being able to identify potential limitations of specific techniques.
Analyze the trade-offs between each alternative approaches, being able to make and defend specific recommendations.
Consider the management and regulatory environment of the institution and discuss strengths and weakness of those environments with respect to the incentive to manage financial risk effectively.

IRM 7065: Applied Projects in Financial Risk Management (three credit hours)

This is a project- and case-based course designed to provide students seeking careers in financial risk management at major financial institutions (e.g., commercial banks, investment banks, insurance carriers (both P&C and life), hedge funds, pension funds, reinsurance firms, etc…) real-world projects that allow students to gains practical experience applying the tools and techniques developed in pre- and co-requisite courses (see below). Students will work on applied projects that utilize the material covered on the Financial Risk Manager (FRM) designation exams administered by the Global Association of Risk Professional (GARP), which includes foundational material from the economics, probability and statistics, and finance disciplines, as well as state-of-the-art techniques used by modern financial institutions.

This course serves as the Capstone course for students in the MS-FIN program seeking to specialize in financial risk management.

The course contains the following elements:

Lectures focused on issues with respect to application and implementation of specific financial risk management analytical tools (e.g., out-of-sample testing) to specific applied real world problems;
Analysis of relevant cases on corporate governance and risk management;
Project work conducted in collaboration with financial institutions that partner with the Carl H. Lindner III Center for Insurance and Risk Management in the Lindner College of Business at the University of Cincinnati.

Students consult with these financial institutions to assess

Their risk management process and strategy,
How they apply analytical techniques and models,
The set of analytical tools and software they commonly use,
The common problems encountered when applying theory to practice, and
Specific applied problems that require analysis.

Students work in small teams (two to three members) to conduct analyses of real-work problems and present (written and oral) their analysis to industry partners. Team management and effective communication of insightful analysis is required for successful completion of the course requirements.

Each student’s knowledge and contribution to an applied project will be assessed individually by the faculty member via oral examination and via peer-evaluation. Industry partners will also take part in the evaluation of the quality of the analysis, recommendations, and professionalism.

The types of applied projects students will work may include:

Bank stress testing
Optimal hedging of market and interest rate risk exposures from annuities
Asset-liability management
Value at Risk metrics of market risk
Quantification of the costs and transfer of emerging risks (e.g., cyber-terrorism)
Evaluation of the risk management processes and control of pension funds
Profit maximization subject to regulatory constraints
Hedging stochastic volatility

ACCT 8089: Financial Statement Analysis (two credit hours)

This course is designed to understand financial statements and to use them to make sound decisions that you will be using in the real life. Managerial decision making and analysis will be emphasized. In order to successfully complete this course, one must already have at least a basic understanding of US Financial Accounting.

Electives

BANA 6025: Optimization Models (two credit hours)

This course provides an introduction to optimization modeling using state-of-the-art software. Students will learn how to build linear, integer and nonlinear models for optimization applications. This course includes an introduction to basic solution techniques and post-optimization analysis including graphical approaches, duality and sensitivity analysis.

BANA 7035: Simulation Analysis (two credit hours)

Probabilistic and statistical underpinnings of simulation modeling and analysis. Topics include advanced modeling techniques, advanced methods for modeling input processes, random-number generators, generating random variates and processes, design and analysis of simulation experiments, variance-reduction techniques, gradient estimation, and optimizing simulated systems.

BANA 7042: Statistical Modeling (two credit hours)

Nonlinear regression and generalized linear model. Logistic regression for dichotomous and polytomous responses with a variety of links. Count data regression including Poisson and negative binomial regression. Variable selection methods. Graphical and analytic diagnostic procedures. Overdispersion. Generalized additive models. Limited dependent variable regression models (Tobit), Panel Data models.

BANA 7046: Data Mining I (two credit hours)

This is a course in the statistical data mining with emphasis on hands-on data analysis experience using various statistical methods and major statistical software (SAS and R) to analyze large complex real world data. Topics include: Data Processing. Variable Selection for linear regression and generalized linear regression. Out-of-sample Cross Validation. Generalized Additive models. Nonparametric smoothing methods. Classification and Regression Tree. Neural Network. Monte Carlo Simulation.

BANA 7047: Data Mining II (two credit hours)

This is a course is the follow-on course to BANA 7046 (Data Mining I). It examines statistical data mining techniques with emphasis on hands-on data analysis experience using various statistical methods and major statistical software (SAS and R) to analyze large complex real world data. Topics include: Missing Data Imputation, Bootstrapping, Boosting and Multiple Additive Regression Trees, Bayesian Trees, Support Vector Machine, Discriminant Analysis, Cluster Analysis, Factor Analysis, Principle Component Analysis.

BANA 6037: Data Visualization (two credit hours)

This course provides an introduction as well as hands-on experience in data visualization. It introduces students to design principles for creating meaningful displays of quantitative and qualitative data to facilitate managerial decision-making.;

FIN 7072: Behavioral Finance (two credit hours)

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 7046: Alternative Investments (two credit hours)

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 7055: International Finance (two credit hours)

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.

STAT 6042: Survival Analysis and Logistic Regression (three credit hours)

This course will begin with a detailed description of maximum likelihood. It will then discuss generalized linear models, including logistic and Poisson regression. Finally various topics in survival analysis will be covered: namely Kaplan-Meier curves and log-rank statistics, Weibull regression, and Cox proportional hazard regression. Examples from medicine and engineering will be given. SAS and S-plus statistical software will be used.

STAT 6045: Statistical Computing with SAS and S-plus (three credit hours)

This course will cover the basics of using the SASand S-plus statistical software. Topics covered include: importing external files, subsetting and merging data files, performing statistical procedures, graphics, matrix calculations, and macros and functions.