NOTE: Because of the different focuses for this course ...

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NOTE: Because of the different focuses for this course ...

  1. 1. Finance Department MBA Course Descriptions for Fall 07 and Spring 08 Semesters More information on these courses can be found on the Finance Department web page: http://www.mccombs.utexas.edu/dept/finance/courses/ which contains syllabi for most of the courses from the past fall or spring semesters. FIN 394.1 - Advanced Topics in Corporate Finance To be offered in Fall and Spring Description: This course continues and extends the discussion of the basic corporate financial management decision-making process begun in BA 385T. Topics covered in the course will include: an overview of financial management in the global marketplace; comparisons of financial and real investments; valuing real assets and real options; valuation with taxation; the role of financial leverage; optimal capital structure; bondholder- stockholder conflicts; stockholder-owner conflicts; evaluating financial distress; optimal debt management; managerial incentives and compensation arrangements; value-based management and information management; corporate control and restructuring: mergers, acquisitions, takeovers, spinoffs and selloffs; corporate governance issues; and the role of institutional activism. Prerequisites: BA 385T FIN 397.1 - Investment Theory and Practice To be offered in Fall and Spring Description: This course focuses on the examination and valuation of the major investment vehicles popular today throughout the world. Topics covered will include: an overview of the investment decision-making process; asset allocation in the global investment setting; analysis of security types; analysis of security markets and trading practices; aggregate market analysis and market indicators; risk, diversification, and optimal portfolio formation; risk and expected return: CAPM, APT, and factor models; domestic and international fixed- income investing: instruments, valuation, and strategies; domestic and international equity investing: instruments, valuation, and strategies; forward and futures contracts: valuation and strategies; option contracts: valuation and strategies; investment companies; and performance measurement. Prerequisites: BA 385T
  2. 2. 2 FIN 390.1 - Financial Markets and Institutions To be offered in Fall and Spring – will be taught by Lewis Spellman Description: The course presents a top-down overview of macro economic influences on financial market pricing of debt, equity, and foreign exchange. The course develops frameworks to understand the expectations the market is pricing such as from the rate of economic growth/recession, inflation/deflation, country risk and government price intervention in financial markets. These top-down considerations are inputs to asset allocation decisions. We examine how the global market came about and how it has affected financial pricing. Other topics include how debt and equity securities are created and traded; primary and secondary market operations; investment banking and the functions of brokers, dealers and intermediaries. The course makes use of current media and historical events to discuss the above topics based on financial and economic theory. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 FIN 394.2 - Financial Strategies Focus on business investment and financing decisions- to be offered in Fall - will be taught by Robert Parrino Focus on energy finance – to be offered in Fall – will be taught by Sheridan Titman Focus on mergers and acquisitions – may be offered in Spring but we need an instructor Description: This course develops an integrated, in-depth analysis of the interaction between the operating policies of a corporation and its financial decision-making strategies. Topics covered in the course will include: the tools of financial decision-making; corporate cash management; cost of capital evaluation; project analysis and valuation; the financial impact of marketing strategies; public and private company valuation; corporate acquisition policies; financing the required asset base; dividend policy; capital structure: internal versus external financing; assessing and managing investor clienteles; and assessing and managing business risk exposures. NOTE: Because of the different focuses for this course (business investment and financing decisions, energy finance, mergers and acquisitions), credit will be given if the course is taken with different focuses. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 FIN 394.3 - Global Finance To be offered in Spring – will be taught by Stephen Magee Description: This course provides students with an in-depth look at the financial management function in a multinational corporation. The following topics will be covered: an overview of global capital and equity markets; an analysis of the balance of payments; the 2
  3. 3. 3 creation of international money and the determination of foreign exchange rates; the mechanics of currency trading; interest rate and purchasing power parity relationships; managing foreign exchange risk; analyzing foreign direct investment; capital budgeting in a global environment; taxes, transfer prices, and intracompany loans; assessing and measuring political risk; and financial issues in emerging markets. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 Fin 394.4 - Financial Management of the Small Firm To be offered in Fall and Spring – will be taught by Jim Nolen Description: A corporate finance class focused on the financial issues of privately held companies. Topics include financial statement analysis, business valuation, financial forecasting, sources of capital, working capital management, financial leverage, value creation and exit strategies. This course is part of the entrepreneurship curriculum and combines the previously separate topics of small business finance and entrepreneurial harvest. This class is case-based where a significant part of the student’s grade is based on class discussion. The midterm and final exams consist of a written case analysis. In lieu of the case-based final exam, students will be offered an option to form small teams and find a privately-held company willing to allow the team to perform a financial analysis and business valuation of the company. The team deliverable will be a substantial written analysis at the end of the semester that includes an industry/competitor analysis, SWOT analysis, financial analysis, pro forma financial statements and a business valuation. The final written report will be presented to the business owners/directors. Prerequisites: BA 385T FIN 397.2 - Portfolio Management and Security Analysis To be offered in Fall and Spring – Focus on hedge fund strategies – will be taught by Roberto Wessels Description: This course is designed to acquaint the student with the modern practice of valuing financial securities and managing investment portfolios. Topics covered in the course will include: portfolio optimization methods; asset management for institutional investors: pension funds, endowment funds, and corporations; asset management for individual investors; asset allocation strategies: strategic, dynamic, tactical, and insured; domestic and international equity portfolio style management; risk control with derivatives; performance measurement techniques; managing client relationships; fundamental, technical, and efficient market equity valuation; aggregate market, industry, and company analysis: top-down versus bottom-up valuation; and financial statement analysis: earnings and cash flow analysis. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 3
  4. 4. 4 FIN 397.4 - Financial Risk Management Focus on energy finance – to be offered in Fall – will be taught by Ehud Ronn General Focus – to be offered in Spring – will be taught by Lorenzo Garlappi Description: This course focuses on how corporations manage their myriad business risk exposures and which of these exposures derivative securities are designed to address. The following topics will be covered: an overview of capital and derivative markets and the participants in those markets; the risk management process; measuring corporate risk exposure: gap analysis, value at risk, and stress testing; comparison of forward, futures, insurance, and option markets; theory of hedging, speculation and arbitrage; commodity, interest rate, stock index, and foreign exchange futures contracts: valuation and strategies; option valuation: binomial, Black-Scholes, exotic; commodity, interest rate, stock index, and foreign exchange option contracts: strategies and applications; and swap contracting. NOTE: This course is taught with a generalist focus or with a focus on energy finance issues. Because both classes have about a 70% overlap in material, they cannot both be taken. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 FIN 397.5 - Fixed Income Analysis May be offered in Spring Description: This course provides a comprehensive analysis and valuation of fixed-income securities from the perspective of a financial, security, or credit analyst. Topics covered in the course will include: an overview of Treasury, agency, and corporate fixed-income securities; trading conventions and practices in fixed-income markets, general approaches to valuing debt securities; theories and models of the term structure of interest rates; par, spot, and forward yields; an analysis and valuation of credit risk; fixed- and variable-income debt securities; asset-backed securities and structured notes; fixed-income derivatives: valuation and applications; and fixed-income portfolio management strategies. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 RE 386.2 – Real Estate Investment Decisions To be offered in Spring – will be taught by Lennie Sullivan Description: This course examines selected advanced problems and issues in the area of real estate investment. Topics include: discounted cash flow analysis, risk, sensitivity analysis, taxation, form of ownership, syndications/limited partnerships, the role of institutional investors, property management, and marketing investment property. Financial concepts and models are applied to real estate analysis so the student can take away an understanding to the real estate investment market. Prerequisites: BA 385T 4
  5. 5. 5 RE 386 Seminar in Real Estate Analysis To be offered in Fall – will be team-taught by Lennie Sullivan and Jay Hartzell Description: This course focuses on equity ownership/investment in real estate in both private and public market settings. Topics include asset allocation and diversification, project vs. entity level valuation analysis, including a comparison of REITS, private equity funds, and direct real property investments and their underwriting and valuation criteria, land and development option valuation, other equity investment issues; comparison and contrast of financial theory and real world application of financial concepts and evaluation methods. Prerequisites: BA 385T, RE 386.2 RE 388 Seminar in Real Estate Finance To be offered in Spring – will be taught by Jay Hartzell Description: This course examines the debt financing of residential and commercial properties. It analyzes primary and secondary mortgage markets, mortgage banking, loan instruments, mortgage securitization, as well as lenders and borrowers decisions regarding real estate financing. By the end of the course, students should have a thorough understanding of the use of debt to finance property investments, the measurement of the returns and risks of mortgage instruments, and the securitization of residential and commercial mortgages. Prerequisites: BA 385T, FIN 394.1, FIN 397.1 5

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