|History of Financial Economic Thought
|Advanced Econometrics and Financial Modeling1
|Global Money, Credit, and Banking
|Advanced Corporate Finance2
|Internship/Mentored Research Project
Concentrations: Choose One
|Advanced Investment Analysis and Portfolio Management
|Financial Engineering and Derivatives
|Total program credits
|1 It is highly recommended students take Mathematical Economics and Elements of Econometrics in preparation for this course.
2 For Accelerated Five-Year students, this is recommended as a replacement for FN-411: Financial Management.
3 For Accelerated Five-Year students, this is recommended as a replacement for FN-416: Financial Ethics.
EC-501 Advanced Macroeconomics
The primary objective of macroeconomic analysis is to explain the phenomena of aggregate movements in output, employment, and the price level. In the course of the semester, students will supplement theoretical models with case studies to examine the intellectual influences that have shaped the development of macroeconomic theory and policy. The course will examine the main theoretical and methodological differences among competing models, the empirical evidence supporting each model, and particular policy instruments for achieving macroeconomic stability. Prerequisite: EC-251
EC-502 Advanced Microeconomics
This class covers the workings of supply and demand in the determination of price, resource allocation, and distribution. It analyzes how individuals make decisions regarding consumption (including intertemporal consumption), savings, and employment. It looks at how firms make decisions regarding production output, pricing, and investment in different markets such as perfect competition, monopolistic competition, oligopoly, and monopoly. Game theory will be employed to shed light on how individuals and firms can make strategic decisions by considering the possible moves of other parties. It also uses the concepts of equity, efficiency, and market failure to analyze and evaluate government policies such as price floors and ceilings, tax policy, and environmental policy. Prerequisite: EC-252
FN-503 The History of Financial Economic Thought
This course covers the major ideas in the history of financial economic thought. Students will be exposed to the seminal contributions made by giants in this field representing different traditions. Special attention will be paid to how these individuals laid the intellectual foundation for the creation and critical assessment of financial models and structures.
FN-504 Advanced Econometrics and Financial Modeling
This course covers simple linear regression and multiple linear and nonlinear regression, including regressions with dummy variables and interaction variables. It also covers regression with a binary dependent variable, panel data, instrumental variables, and time series models. It will build on these tools by showing students how to apply them to financial modeling. The course will challenge students to use econometric software to estimate and interpret regressions with real world financial data. Prerequisite: EC-300
FN-505 Global Money, Credit, and Banking
This course will focus on the global dimensions of financial markets. Of particular interest will be comparative central banking and the interaction of different financial systems and institutions. In doing so, students will examine the historical evolution of financial and banking concerns in different countries and how they operate in the modern global economy with its interconnected financial markets. Prerequisite: FN-420
FN-506 Advanced Corporate Finance
This course provides the framework, concepts, and tools for analyzing modern corporate financial decisions based upon the fundamental principles of modern financial theory. The course will cover topics including discounted cash flow techniques, corporate capital budgeting and valuation, and investment decisions, supplemented by case studies. It will analyze how these issues influence short- and long-term financial policies, an appropriate capital structure, the cost of capital, and dividend policy.
FN-512 Advanced Investment Analysis and Portfolio Management
This course provides an overview of security analysis and portfolio management. It introduces the advanced concepts needed for analysis of individual securities such as stocks and bonds and groups of securities such as mutual funds. In addition to pricing of securities, the course will cover strategies for combining securities into portfolios and the management and evaluation of portfolios as market conditions change. The course will explore how statistical and mathematical tools can be used effectively to analyze many aspects of asset pricing and portfolio management.
FN-514 Financial Engineering and Derivatives
This course will introduce students to the pricing of derivatives securities such as forwards, futures, options, convertible bonds, swaps, credit derivatives, and asset-backed securities. It will also consider the role that some of these asset classes played during the latest financial crisis. The course will also cover financial engineering—the combination of derivatives and other assets to achieve hedging or investment return benefits.
FN-516 Financial Ethics
This course uses ethical theories to examine past and contemporary questions in finance involving ethical issues, with an explicit focus given to situations that present conflicts between/among parties. Through the use of case studies, students will become capable of investigating issues of value in a reasoned and coherent manner and how this has come to shape the rules and institutions that structure financial markets.
FN-524 International Finance
This course provides students with advanced training on the topics of foreign exchange markets, the international monetary system, and the balance of payments. It then examines exchange rate determination, currency derivatives, hedging against risk, and related concerns. Particular attention is paid to factors that influence how international investment decisions, including direct foreign investment, are formed. Considerable use of case studies and empirical evidence will be made.
FN-554 Emerging Markets
This course covers the essential elements of investing in emerging markets, including how such markets developed, how their processes of intermediation differ from developed country markets and what limitations exist, and what the dominant methods for arranging development finance are. The focus of this course is to provide a comprehensive understanding of why market conditions may differ from those in the mature economies. In doing so, certain policy issues will be discussed concerning the evolution of emerging market macroeconomic development and how investing strategies are informed by stakeholders in the Global North and the Global South.
FN-595 Internship/Mentored Research Project
In this course, students will have the option of either securing an internship or taking on an in-depth mentored research project. In the former, the student will have the opportunity to explore career interests while applying knowledge and skills learned in the classroom in a work setting, culminating in a final term paper. In the latter, the student will undertake an individual research project under the guidance of the faculty member teaching the course, which will result in the completion of a paper comparable in length to a Master’s thesis.