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Courses

FI 3010. Consumer Finance. (3)

Prerequisites: None. (This course may not be counted for degree credit by students seeking the B.B.A. degree.)
This is a survey course in consumer and personal finance. Topics include goal setting, budgeting, purchasing, and insurance/investment analysis. The course is “practical” as opposed to “theoretical” in content and is presented from the consumer’s point of view. The purpose of the course is to allow students to learn to apply finance decision techniques to everyday life.

FI 3300. Corporation Finance. (3)

Prerequisites: Acct 2101, Acct 2102, Econ 2106.
CSP: 1, 2, 6. B.B.A. students may not register for this course until Econ 2105, Econ 2106, and Acct 2102 are passed with degree credit.
This is an introductory course in the financial management of nonfinancial corporations and the role of interest rates and capital markets in the economy. Topics include the structure and analysis of financial statements, time value of money calculations (using financial calculators), stock and bond valuation, financial forecasting, valuation of income-producing physical assets, determination of the cost of capital and the profitability of proposed investments in fixed assets, risk-return tradeoffs that must be considered in using financial leverage, and methods used in obtaining funds from the various capital markets. This course is taught mainly through lectures and class discussions of textual materials and problems.

FI 4000. Fundamentals of Valuation. (6)

Prerequisites: Fi 3300, Math 1070, BCom 3950. CSP: 1, 2, 6.
This course develops core competencies that all finance majors should possess. Topics include foreign exchange markets, interest rate risk, term structure theory, introductory option pricing, future markets, valuation, and modern portfolio theory. Quantitative methods examined in conjunction with each topic.

FI 4020. Financial Analysis and Introduction to Loan Structuring. (3)

Prerequisites: Fi 3300, CSP: 1, 2, 6.
Students intensively examine financial statements and business characteristics to learn the information content of financial statements. Applications focus on how they can be used to identify the pattern of funds need for a business and the best financing vehicle to meet that need. The primary tools of analysis are financial statement construction, cash flow statements, financial ratios, common-sized statements, cash budgets, proforma statements, sustainable growth rates, and cost-volume-profit analysis. Students evaluate the needs of a variety of companies that differ with respect to type, industry, profitability, growth, seasonality, cyclicality, and degree of distress. The primary teaching method is case analysis, and a significant course objective is development of communication skills.

FI 4040. Foundations in International Finance. (3)

Prerequisites: Fi 4000, CSP: 1, 2, 6.
This course exposes students to foreign exchange risk and develops their understanding of institutional realities encountered by the financial manager in a global economic environment. Activities of currency arbitrage, hedging, and speculation are examined in light of exchange rate regimes, eurocurrency markets, the balance of payments, mechanics of foreign exchange conditions in international finance, and international trade activities.

FI 4200. Introduction to Derivative Markets. (3)

Prerequisites: Fi 4000. CSP: 1, 2, 6.
This course introduces students to derivative instruments, which are contracts whose values derive from prices of underlying assets and goods such as equities, currencies, debt, and commodities. The main focus is on the valuation and application of the principal derivative building blocks including futures and forward contracts, options, and swaps. Coverage is given to the market structure and to how these products are specifically used by corporations and financial institutions for controlling financial market risks. The course keeps abreast of global developments and new product innovations.

FI 4240. Global Portfolio Management. (3)

Prerequisite: Fi 4000. CSP: 1, 2, 6.
Using Fi 4000 as a base, this course explores the practical aspects of investment valuation and portfolio management in a global framework. The focus is on market microstructure, bond- and equity-portfolio management, and overall asset allocation. Practical aspects of portfolio management are introduced through lectures and class discussions of journal articles and of cases.

FI 4300. Advanced Corporate Finance. (3)

Prerequisite: Fi 4000. CSP: 1, 2, 4, 6.
This course develops a framework for analyzing corporate investment and financial decisions facing financial managers and introduces students to the tools to make such decisions. Students are introduced to the central issues in capital structure and dividend policy decisions and the interaction between financing and investment decisions. Techniques are introduced for evaluating strategic investments in technology, mergers and acquisitions, corporate restructurings, and research and development. They also form the basis for the valuation of firms in traditional and new-technology industries and security offerings such as initial public offerings. A variety of pedagogical vehicles are used including problem solving, case studies, lectures, and group projects.

FI 4320. Cases and Readings in Corporate Finance. (3)

Prerequisite: Fi 4000. CSP: 1, 2, 4, 6.
This course focuses on financial policy-making and practical applications of the topics covered in Fi 4300 through case analyses, complementary contemporary readings, and problem solving. The course also provides an opportunity for the study of additional topics of special current significance. These additional topics include the joint impact of financing and investment decisions on firm value, and some or all of the following: capital raising, corporate control, risk management, international capital budgeting and financing, project finance, reorganizations, and advanced equity valuation. These additional topics are also covered in the same applications-oriented style.

FI 4389. Directed Readings in Finance. (1-3)

Prerequisites: Fi 4000, consent of instructor.

FI 4400. Financial Management of Financial Services Firms. (3)

Prerequisite: Fi 4000. CSP: 1, 2, 6.
This course examines the major financial management issues confronting depository financial service firms (commercial banks and bank holding companies, savings organizations, credit unions). Specific topics include the economics of intermediation; forces affecting change; legal/regulatory influences; profitability analysis; and management of various risk areas such as interest rate risk, liquidity risk, and capital management. One area not covered is loan analysis since the topic is treated in great depth in Fi 4020. Classroom instruction includes lecture, discussion, and cases.

FI 4420. The Financial System. (3)

Prerequisite: Fi 4000. CSP: 1, 2, 6.This is a macro-finance course, focusing on the broad issue of funds flows through the entire economy. The objective is to provide students with an understanding of the characteristics of the major financial markets and financial instruments, the identity and nature of the major players in those markets, the forces influencing how funds flow through the worldwide system, and the role of interest rates in the process. While the course does address the role of the Federal Reserve in the financial system, monetary theory and policy are not covered.

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Graduate

FI 8000. Valuation of Financial Assets. (3)

Co-requisite: MBA 8135. CSP 1, 2, 6.
This course develops core competencies that all finance graduates regardless of area of specialization should possess. Topics include foreign exchange markets, interest rate risk measures, term structure theory, introductory option pricing, futures markets, swaps, and valuation. This course is required of all MBA students seeking a major or a concentration in finance as well as all M.S. in finance students. This course is a prerequisite for all other finance electives except Fi 8020 and Fi 8040 and may be taken after or simultaneously with MBA 8622.

FI 8020. Financial Analysis and Loan Structuring. (3)

Prerequisites: MBA 8135. CSP: 1, 2, 6.
This course provides students with the skills to analyze a business, determine its funding needs, and design a financing structure to satisfy those needs (primarily, private debt instruments). There is minimal discussion of pricing; the focus is credit analysis. The principal teaching method is case analysis, and a significant course objective is the development of logical thinking and communication skills. The case mix includes companies of all sizes including small- and medium-sized firms. Students have the opportunity to evaluate the needs of a variety of businesses that differ with respect to type, industry, profitability, growth, cyclicality, and degree of distress.

FI 8040. Survey of International Finance. (3)

Prerequisites: MBA 8135. CSP: 1, 2, 6.
This course surveys the conceptual and institutional aspects of financial decision making in multinational firms in a global economic environment. The students are introduced to foreign exchange risk with special emphasis on the mechanics of foreign exchange and related derivatives markets as well as the parity conditions in international finance. Institutional realities of regional economic blocks, foreign exchanges regimes, euro markets, and balance of payments are discussed to highlight their impact on financial management.
FI 8060. Current Issues in Finance. (1-6) Corequisites: MBA 8135. CSP: 1, 2, 6. This course allows for in-depth analysis of select, topical issues in finance.  Coverage is drawn from current issues in financial markets that do not necessarily require an entire semester of study.  As examples, topics could include corporate governance, executive compensation, financial market regulation, and financial system reform.   Reliance is placed on authoritative faculty having specific expertise in a topic area, readings from the current professional literature, guest speakers, case studies, and group projects.  The topic of each offering will be announced in advance, and students may take this course multiple times for course credit as different topics are covered.

FI 8200. Derivative Markets I. (3)

Prerequisite: Fi 8000. CSP: 1, 2, 6.
This course focuses on the valuation, uses, and regulation of derivative instruments—contracts or agreements whose values derive from the prices of underlying assets such as equities, commodities, interest rates, and currencies. The course is presented from the perspective of corporate risk managers and institutional professionals who use these valuable risk-shifting instruments for controlling market risks. Coverage is presented of both exchange and off-exchange derivatives including futures, options, forwards and swaps, and structured products such as hybrid debt having embedded derivative features. The course keeps abreast of global trends, trading develoments such as electronic markets, and new products such as electricity, weather, bandwidth, and credit derivatives.

FI 8220. Derivative Markets II. (3)

Prerequisite: Fi 8200. CSP: 1, 2, 6.
This course is a continuation of Fi 8200 and presents a more advanced treatment of derivative instruments including coverage of important risk management products that trade largely in the off-exchange market. Particular focus is on the valuation and practical application of forward contracts, swaps, and related products such as caps and floors, exotic options, and structured products. The course also explores the integration of these instruments into an overall risk management framework. In doing so, consideration is given to market, liquidity, legal, operational, and credit risks.
FI 8240. Global Portfolio Management. (3) Prerequisite: Fi 8000. CSP: 1, 2, 6. This course explores in greater depth than possible in Fi 8000 the practical aspects of investment valuation and portfolio management in a global framework. The focus is on market microstruc-ture, bond- and equity-portfolio management and overall asset allocation. Practical aspects of portfolio management are introduced through lectures and class discussions of journal articles and cases.

FI 8260. Hedge Funds and Their Trading Strategies. (3)

Prerequisite: Fi 8000. CSP: 1, 2, 6.
This is an advanced graduate elective course on hedge funds, which have emerged as popular investment vehicles. The course will cover institutional topics including the history and evolution of hedge funds, the differences between hedge funds and mutual funds, funds of hedge funds, and key sources of information such as databases, indices, and benchmarks. The course will investigate hedge fund risk-return characteristics, performance evaluation, risk management, asset allocation, and managerial compensation. Trading strategies to be considered will include long-short equity, merger arbitrage, relative value arbitrage, convertible arbitrage, fixed income arbitrage, and trend-following.

FI 8300. Advanced Corporate Finance. (3)

Prerequisites: Fi 8000. CSP 1, 2, 6.
This course develops a framework and tools for analyzing corporate investment and financing decisions. Students become familiar with the cutting-edge techniques for evaluating capital invest-ments, the central issues in capital structure and dividend policy decisions, and the interaction between financing and investment decisions. Techniques covered provide the tools necessary to evaluate strategic investments in technology, mergers and acquisitions, corporate restructurings, and research and development. Skills are developed for the valuation of firms in traditional and new technology industries as well as security offerings such as initial public offerings. Reliance is placed on a variety of pedagogical vehicles including problem solving, case studies, lectures, and group projects.

FI 8310. Investment Banking. (3)

Prerequisites: MBA 8135, FI 8000. CSP 1, 2, 6.
This course covers the three distinct activities of investment banking: (1) underwriting- new issues of securities, (2) fee banking-activities that earn a fee like advising on corporate restructurings, securities and economic research, and other types of financial consulting, and (3) transactions- trading in the secondary markets, proprietary trading for the firms own account, and retail brokerage. The emphasis of the course will be on equity underwriting and advising in corporate restructuring activities. It will also focus on the principles of firm valuation. These tools will be used to value, for example, an initial public offering firm, the target firm in a takeover contest, and a leveraged buyout firm

FI 8320. Corporate Financial Strategy. (3)

Prerequisite: Fi 8000. CSP: 1, 2, 6.
This course uses a combination of lectures, case analyses, class discussion, and team projects to develop the ability and skills necessary to make strategic financial decisions within the firm. The emphasis is on investment and financial decision-making and their impact on firm value; capital market imperfections and their impact on the capital acquisition process; and corporate governance and its impact on firm value. Specific topics will vary according to current relevance and may include the estimation of divisional cost of capital, project analysis including flexibility and real options, incentive alignment, corporate governance, and the influence of alternative financing choices on firm value.
FI 8340. Multinational Corporate Finance. (3) Prerequisite: Fi 8000. CSP: 1, 2, 6. This course covers various aspects of the financial management of the nonfinancial multinational firm in a global setting. It deals with currency exposure management, capital expenditure processes, capital structure decision, and short- and long-term financing strategies in the presence of impediments to market integration such as reporting requirements, taxes, and regulations. The phenomena of globalization and multinational firms are examined from a variety of conceptual view-points and their policy implications are analyzed using cases.

FI 8350. Corporate Restructuring and Workouts. (3)

Prerequisite: Fi 8000. CSP: 1, 2, 6.
This is an advanced course examining corporate restructuring. It exposes students to a broad range of restructuring strategies that can be employed to increase firm value. Class coverage and case discussions will illustrate how the various corporate restructuring strategies can be used to improve firm performance. The course begins with a brief consideration of mergers and acquisitions. It then focuses on restructuring strategies available to individual firms to improve their competitive situation and enhance shareholder value. Topics here include spin-offs, equity carve-outs, split-offs, sell-offs, leveraged recapitalizations and LBOs. This is followed by a consideration of restructuring of financially distressed firms under both out of court and formal bankruptcy circumstances.

FI 8360. Special Topics in Corporate Finance. (3)

Prerequisite: Fi 8000. CSP: 6.
This seminar-style course allows for in-depth study of select corporate finance topics of special current significance. Coverage is drawn from cutting-edge issues such as the capital acquisition process, investment banking, venture capital financing, the financial management of the e-commerce firm, corporate control, international capital budgeting and financing, project finance, corporate reorganizations and restructuring, corporate governance, and the interaction of product-market strategies and financial strategies. Reliance is placed on readings from the professional literature, lectures, case studies, and group projects. The topic of each offering will be announced in advance, and students may take this course multiple times for course credit as different topics are offered.

FI 8389. Directed Readings in Finance. (1-3)

Prerequisites: Fi 8000, consent of instructor, good academic standing.

FI 8400. Financial Management of Depository Financial Services Firms. (3)

Prerequisite: Fi 8000. CSP: 1, 2, 6.
This course addresses financial management of firms that specialize in deposit-type financial assets (i.e., commercial banks and bank holding companies, savings organizations, and credit unions). Specific topics include: the economic foundation of depository financial institutions, legal/regulatory structure, market dynamics, performance analysis, asset/liability management, liquidity management, and other risk/return management issues. One area not covered is loan analysis since that topic is treated in great depth in Fi 8020.

FI 8420. The Financial System. (3)

Prerequisites: Fi 8000. CSP: 1, 2, 6.
This is a macro-finance course, focusing on the broad issue of funds flows through the entire economy. The course analyzes the dynamic and complex pattern of world-wide funds flows, the identity of the major players in the system and the factors influencing their behavior in financial markets, the basis for the myriad financial assets available, the crucial importance of a well-developed financial system for economic development, the influence of the legal/regulatory system, and financial innovation. Special attention is placed on the structure and role of interest rates.

FI 8440. Finance and Banking in the Global Economy. (3)

Prerequisites: Fi 8000. CSP: 1, 2, 6.
This course allows for in-depth study of select finance and banking topics of global significance. Coverage is drawn from cutting-edge issues such as the global financial architecture, the management of risk exposures (market/credit/operational/other risks), financial value chains, regulatory frameworks and developments, project financing decisions, corporate governance, and the interaction of product-market strategies and financial strategies. Topic coverage will also include newer developments in the financial world such as, for example, Islamic banking, microfinance, peer-to-peer lending, or credit derivatives.

FI 9000. Mathematical Methods in Contemporary Financial Theory. (3)

Prerequisites: Math 3435 or equivalent; and consent of instructor. CSP: 6.
This course develops techniques of mathematics useful in a variety of problems in finance, including asset pricing, consumption and portfolio choice, game theory, contingent claim valuation, and the economic theory underlying financial markets. Topics covered may include relevant parts of the theory of topological vector spaces, convex analysis, probability theory, stochastic processes, stochastic calculus, dynamical systems, dynamic programming and stochastic control theory. The techniques covered depend on the instructor and the needs of the students.

FI 9100. The Theory of Asset Valuation. (3)

Prerequisites: Fi 9000 or consent of instructor. CSP: 6.
This course acquaints students with the modern theory of asset valuation. Topics covered may include the relationship between no-arbitrage conditions and the existence of equilibrium pricing measures, spanning, market completeness and the uniqueness of the pricing functional, and the pricing of derivative securities in both continuous-time and discrete-time stochastic econo-mies. The specific topics covered depend on the instructor and the needs of the students.

FI 9200. Seminar in the Theory of Investments. (3)

Prerequisites: Fi 9000, Fi 9100; or consent of instructor.
This seminar exposes the student to the basic theoretical paradigms of contemporary investments research. Topics which may be covered include portfolio theory, two-fund separation, mean-variance analysis, contingent-claim pricing, consumption-based asset pricing theory, asset pricing in a rational expectations setting, and the microstructure of securities markets. The specific topics covered depend the instructor and the needs of the students.

FI 9300. Seminar in Corporate Finance. (3)

Prerequisites: Fi 9000 or consent of instructor. CSP: 6.
This course acquaints students with theoretical and empirical research in corporate finance. Topics covered may include the effect of taxes and transactions costs on corporate capital structure, bondholder-stockholder and stockholder-manager agency conflicts, the effect of informational asymmetry between firms and outside investors on financial decisions, the design of securities, the design of optimal control mechanisms, theory of corporate control, bankruptcy and corporate restructuring, shareholder heterogeneity, and corporate governance. The specific topics covered depend on the instructor and the needs of the students.

FI 9400. Theory of Financial Management of Financial Institutions. (3)

Prerequisite: Fi 9000 or consent of instructor. CSP: 6.
This course develops the theory of the financial markets and institutions which link suppliers and users of investment capital. Topics which may be covered include: the reasons for the existence of financial intermediaries, productivity of financial institutions, the determinants of interest rates, the pricing of interest-rate-contingent instruments, optimal regulatory policies for financial institutions, the capital structure and hedging policies of institutions, market microstructure and non-depository financial intermediation, bank credit policies and credit rationing, macro finance, and the role of intermediaries in supplying liquidity. The specific topics covered depend on the instructor and the needs of the students.

FI 9500. Advanced Topics in Contemporary Finance Research. (3)

Prerequisite: consent of instructor. CSP: 6.
This doctoral-level course is devoted to analyzing significant topics in finance research. Topics covered in the course will vary across a wide spectrum of possible areas and methodologies in finance research. The course may be repeated when the topics vary.