Option volatility pricing advanced trading strategies and techniques 2nd edition

The mission of the Stanford Graduate School of Business is to create ideas that deepen and advance the understanding of management, and with these ideas, develop innovative, principled, and insightful leaders who change the world.

The two-year Master of Business Administration M. Interdisciplinary themes of critical analytical thinking, creativity and innovation, and personal leadership development differentiate the Stanford M. A Joint Degree Program allows Stanford students to combine the M. Dual Degree programs are offered with the School of Medicine M. A and the program in International Policy Studies M. The primary criteria for admission are intellectual vitality, demonstrated leadership potential, and personal qualities and contributions.

No specific undergraduate major or courses are required for admission, but experience with analytic and quantitative concepts is important. Almost all students obtain one or more years of work experience before entering, but a few students enroll directly following undergraduate study. Participants generally have eight or more years of work experience, with at least five years of management experience. Some students are sponsored by their company, but most are self-sponsored.

The Doctor of Philosophy Ph. D degree program is designed to develop outstanding scholars for careers in research and teaching in various fields of study associated with business education.

Students focus on one of seven discrete areas of study including accounting, economic analysis and policy, finance, marketing, operations information and technology, organizational behavior, and political economy. For detailed information on programs, curricula, and faculty, see the School's web site.

Michael Harrison, Charles A. March, Joanne Martin, Arjay Miller, James R. Miller III, William F. John Roberts, Myron S. Van Horne, Robert B. Carroll, Yossi Feinberg, Paul Pfleiderer, Sarah A.

Rajkumar Chellaraj, Stephanie Frost, Page Hetzel, Ranga Jayaraman, Dave Weinstein. Admati, Susan Athey, William P. Barth, Jonathan Bendor, Lanier Benkard, Jonathan B. Burgelman, Steven Callander, Glenn R. Darrell Duffie, Yossi Feinberg, Francis J. Flynn, George Foster, Steven R. Gruenfeld, Wesley Hartmann, Chip Heath, Guido Imbens, Charles I.

Jones, Ron Kasznik, Daniel P. Kramer, Keith Krehbiel, David M.

Kreps, Arvind Krishnamurthy, David F. Lowery, Hanno Lustig, Neil Malhotra, John G. McNichols, Haim Mendelson, Dale T. O'Reilly III, Michael Ostrovsky, Paul Oyer, Jeffrey Pfeffer, Paul C. Plambeck, Madhav Rajan, Hayagreeva Rao, Joshua Rauh, Stefan J. Reiss, Condoleezza Rice, Garth Saloner, Yuliy Sannikov, Amit Seru, Kathryn L. Shaw, Baba Shiv, Kenneth W.

Shotts, Itamar Simonson, Kenneth J. Soule, Ilya Strebulaev, Zakary Tormala, Lawrence W. Wein, Seungjin Whang, S. Christian Wheeler, Stefanos Zenios, Jeffrey H. Mohsen Bayati, Shai B. Bernstein, Anne Beyer, Konstantinos Bimpikis, Katherine Casey, Pedro Gardete, Amir Goldberg, Nir Halevy, Sharique Hasan, Dan Iancu, Saumitra Jha, Peter Koudijs, Jonathan Levav, Ivan Marinovic, Sridhar Narayanan, Navdeep Sahni, Stephan Seiler, Takuo Sugaya, Gabriel Weintraub, Ali Yurukoglu.

Mohammad Akbarpour, Stephen Anderson-Macdonald, Justin Berg, Elizabeth Blankespoor, T. Renee Bowen, David Broockman, Svetlana Bryzgalova, Lisa De Simone, Sebastian Di Tella, Rebecca Diamond, John-Paul Ferguson, Octavia D. Foarta, Brandon Gipper, Lindred Greer, Yonatan Gur, Benjamin Hebert, Szu-chi Huang, Michal Kosinski, Nicholas S. Lambert, Rebecca Lester, Timothy McQuade, Aruna Ranganathan, Daniela Saban, Paulo Somaini, Adina Sterling, Christopher Tonetti, Victoria Vanasco, Kuang Xu.

Bettinger, Nicholas Bloom, Timothy F. Correll, Jens Hainmueller, Warren H. Hausman, Takeo Hoshi, Ronald A. Hoxby, Daniel McFarland, Paul R. Milgrom, Monika Piazzesi, Walter W. Powell, Balaji Prabhakar, Martin Schneider, Ilya Segal, Robert I. Douglas Abbey, Magid Abraham, Matthew Abrahams, Richard Abramson, Burton Alper, Kathryn Kostopoulos Amarotico, Federico Antoni, Laura K. Arrillaga-Andreessen, Naomi Bagdonas, Tyra Banks, Matthew Bannick, Ed Batista, Sven Beiker, Kirk D.

Bowman, Scott Brady, Melissa Briggs, Todd Brinton, Denise Brosseau, Jeffrey Brown, Anne Marie Burgoyne, Dikla Carmel-Hurwitz, R. Anne Casscells, Safra Catz, Jeffrey Chambers, Bryna Chang, Robert B.

Chess, Michael Child, Leslie Chin, Stephen J. Ciesinski, George Cogan, Susan Colby, Andrea Corney, Richard Cox, John Cronkite, Stephen Davis, David Demarest, Gary Dexter, Collin Dobbs, David M. Dodson, Nicholas Donatiello, Marissa Duswalt, R. James Ellis, Charles Ewald, Peter Francis, Richard P. Francisco, Ricki Frankel, Douglas Galen, Sadiq Gillani, Matthew Glickman, John Glynn, Jacob Goldfield, Theresia Gouw, Ann Grimes, Saar Gur, William Guttentag, Mark Hartmann, Laura Hattendorf, Keith Hennessey, John Hurley, Mary Ittelson, Sujay Jaswa, Franklin Johnson, Stephen Johnson, Efrat Kasznik, David Kaval, Hugh Keelan, Peter B.

Kelly, Dan Klein, Stuart Klein, Allison Kluger, Glenn Kramon, Christopher Krubert, Nitsa Lallas, Margaret Laws, Thomas H. Layton, Gloria Lee, Mark Leslie, Jane Leu, Aaron Levie, Peter Levine, John Lilly, Leo E. Linbeck III, Robert J. Lisbonne, Ann Livermore, Emily Ma, Christopher Mahowald, Kevin Mak, Fern Mandelbaum, Paraag Marathe, Michael Marks, Christine McCanna, Kelly McGonigal, William L. Meehan III, Lenny Mendonca, Sophie-Charlotte Moati, Shantanu Narayen, Raymond Nasr, Allison O'Hair, Abhishek Pani, Heidi Patel, Robert Pearl, Giovanna Prennushi, Andrew Rachleff, Anne Raimondi, Alyssa Rapp, Alan Rappaport, Barry Rhein, Gerald Risk, Carole Robin, Dennis M.

Rohan, Howard Rosen, JD Schramm, Heiner Schulz, Yifat Sharabi Levine, Robert Siegel, Russell Siegelman, Leslie Simone, Stephanie Soler, Mike Speiser, F. Watson, Graham Weaver, Lauren Weinstein, Leah Weiss, Peter C. Wendell, Maxwell Wessel, Amy Wilkinson, Norman Winarsky, Donald Wood, Thomas Wurster, Andrew Youmans, Peter Ziebelman. Financial accounting is the measurement of economic activity for decision-making. Financial statements are a key product of this measurement process and an important component of firms' financial reporting activities.

The objective of this course is not to train you to become an accountant but rather to help you develop into an informed user of financial statement information. While financial statement users face a wide variety of decisions, they are often interested in understanding the implications of financial statement information for the future cash flows and earnings potential of a firm. We will focus on understanding the mapping between underlying economic events and financial statements, and on understanding how this mapping affects inferences about future profitability and liquidity.

The following learning objectives will be emphasized: This course provides an introduction to the concepts and tools of managerial accounting. The first part of the course covers alternative costing methods and illustrates how the resulting cost information can be used to analyze the profitability of individual products and customers.

The second part of the course will examine the role of internal accounting systems in evaluating the performance of individual business segments and divisions of the firm. Included in this part are topics related to the choice of internal pricing methods for transferring goods and services across divisions of the firm and the use of financial metrics for assessing the profitability of these divisions.

Financial Accounting - Accelerated. This course develops students' ability to read, understand, and use corporate financial statements. The course is oriented toward the user of financial accounting data rather than the preparer and emphasizes the reconstruction and interpretation of economic events from published accounting reports.

The course is geared toward students with some familiarity in dealing with financial statement information and allows for deeper coverage and discussion in class. This course provides a comprehensive introduction to the concepts and tools of managerial accounting. The first part of the course demonstrates how management can rely on internal accounting information to measure and manage the profitability of individual products and customers.

As part of that analysis, we examine alternative costing methods and illustrate how the resulting cost information can be used for decision making. The second part of the course focuses on the role of the internal accounting system in evaluating managerial performance and in coordinating the activities among business units within the firm. Our focus here will be on performance metrics that enable effective decentralization by aligning the objectives of individual business units with the overall corporate goals.

A characteristic of business is the extensive use of accounting data. The financial accounting course has the general objective of developing students' understanding of the nature, scope, and limitations of accounting information. To achieve this objective the course attempts to: An issue of particular interest will be the managerial incentive aspects of accounting information and disclosures. This course is designed to enhance students' understanding of current financial reporting issues through a detailed analysis and comparison of U.

The course will cover the development of accounting standards, implementation of these standards, and how to interpret output from these standards. The course highlights intermediate and advanced financial reporting topics including fair value accounting, asset securitization, consolidation including special purpose entities, foreign currency translation, derivatives and hedging, leases, revenue recognition, pensions, and equity compensation.

The course also focuses on evaluating emerging financial reporting issues such as proposed financial reporting standards put forth by U. This course should help students better understand the environment governing global financial reporting and how firms develop financial statement information within this environment.

This course aims to develop students' understanding of the relation between accounting numbers and underlying economic activity, and to develop students' ability to evaluate the quality of reported accounting numbers. The course will then focus on how to use them in decision contexts including evaluating profitability, forecasting future earnings and cash flows, selecting an appropriate financial reporting strategy, and assessing risk.

Accordingly, the course will focus on several factors essential to this goal. These include understanding 1 the business environment a firm operates in, its contracting practices and their implications for what accounting principles are applied and what judgments are required; 2 the process that generates accounting numbers and its implications for the quality of those numbers for decision purposes; 3 approaches for assessing the sustainability and growth of a firm's revenues and earnings using financial statement information; and 4 approaches to evaluate earnings quality, the risk of earnings restatements, liquidity and solvency.

This course should be of value to students who will be in senior positions within corporations and will determine financial reporting policies, as well as those outside corporations who will make investment or other decisions at least partially based on financial statement information.

This course is designed to develop students' ability to interpret and use financial accounting information in an equity valuation context. The perspective taken is that of an outsider relying on publicly available financial information for investment purposes. The course relies heavily upon financial statement analysis tools and the residual income framework for equity valuation.

The second half of the course introduces the accounting-based valuation framework and develops the link between financial statement analysis, forecasting and equity valuation. The capstone to the course is the completion of a comprehensive, real-time valuation of a publicly traded firm or registered IPO candidate. The course is structured for students to gain a deeper understanding of the economic pressures behind the valuation creation and valuation process, and will be useful to those students who anticipate making investment or credit decisions at least partially based on historical and prospective financial statement information.

Performance Measurement, Compensation, and Governance. The course will examine the academic and professional controversies surrounding corporate governance and executive compensation.

A basic framework will be developed to integrate the many important dimensions of corporate governance in the U. The institutional features of corporate governance and executive compensation will be documented using the professional business and legal literatures.

In addition, the scientific research in accounting, economics, finance, and organizational behavior will be used to provide insights into the measurement and consequences of observed corporate governance and executive compensation choices. After successfully finishing the course, a student should be able to i understand the debates about appropriate choices for corporate governance and executive compensation and ii critically evaluate the implications of academic and professional research studies on these controversial issues.

This course provides a comprehensive overview of strategic, economic, accounting and financial issues related to mergers and acquisitions. In discussing these cases, we will examine the situation faced by the company, the issues surrounding the transaction, including the financial reporting implications, and focus on the managerial incentives and the judgment applied.

Class time comprises mini lectures that introduce some of the more technical concepts, case discussions, and guest speakers who will offer additional perspectives on the subject matters.

Catz is the CEO of Oracle Corporation and a member of its Board of Directors. She has led Oracle through more than acquisitions in recent years including PeopleSoft, Siebel, BEA, Sun Microsystems, and many more. Prior to joining Oracle inMs. Catz also serves on the board of directors for HSBC Holdings plc. Traditional business courses analyze an array of factors affecting business decisions but provide little systematic consideration of the role of taxes.

By contrast, tax accounting courses traditionally concentrate on technical legal and administrative issues while ignoring the environment in which taxes enter an individual's or firm's decision. This case-based course intends to bridge this gap by providing a framework for recognizing how taxes affect strategic personal and business decisions and gaining experience analyzing a wide range of tax-related issues.

The goal of this course is to provide an approach to thinking about taxes that will be valuable across jurisdictions even as laws change. Informational Arbitrage in Equity Markets. This is an advanced elective course on the economics of active investing in public equity markets.

We will cover a set of foundational skills needed to select, and manage, a portfolio of public stocks. Students will make extensive use of the analytical tools. Some of the classes will be held in the "Real-time Analytics and Investment Lab" R.

There is no final exam. However, there will be a number of individual cases and a final group project. Material covered in a second Financial Modeling course, as well as in Accounting Evaluating Financial Statement Information and Accounting Accounting-based Valuation will come in handy.

However, none of these courses are required. Analysis and Valuation for Event-Driven Investing. This Bass seminar is designed to develop students' ability to interpret and use financial accounting information in credit and equity valuation contexts. The course will focus on valuing the securities of companies undergoing significant changes as a result of litigation, restructuring, regulatory changes, mergers, spin-offs or significant industry shifts.

Throughout the course, students will 1 enrich their understanding of how alternative economic, legal, political and regulatory outcomes affect the value of various components of a company's capital structure and 2 develop their ability to apply financial statement analysis to assess the likelihood and valuation implications of the events of interest.

For example, in rising economic periods companies may undertake acquisitions or spin off divisions to enhance shareholder value. During adverse environments, bankruptcy and reorganizations often reshape the capital structure by offering opportunities to create value through the restructuring process. During economic transitions, debt and equity investors may make significantly different assessments of the quality of a company's earnings, its assets, and its likelihood to meet its debt obligations.

To assess the probability of corporate events, investors must make judgments about the quality of a company's earnings and assets and understand how accounting policies may influence management's representations.

Investors must also interpret how accounting policies function at various points in a firm's life cycle, influencing the quality of earnings for firms differently in different economic environments. Companies featured in past years include Tyco, AIG, CIT, Fannie Mae, Tesla, Pharmasset and Gilead and Commerzbank.

Students will interpret information from companies' public financial disclosures to assess the likelihood of different events or outcomes.

The course will also feature readings on current accounting standards, articles from the popular press, publicly available financial statement information, and guest speakers with in-depth knowledge of investing strategies vis a vis the case companies. The aim is to allow students to conduct independent research on a company, industry, economic context, or financial reporting environment of particular interest. Students will develop their investment idea, articulate their sense of the possible outcomes for the components of the firm's capital structure, and explain how they have assessed the likelihood and valuation consequences of those outcomes.

At the conclusion of the course, students will present their strategies to the class and a panel of expert judges. This course aims to develop students' understanding of the relation between accounting numbers and underlying economic activity, and to develop students' ability to evaluate the quality of accounting numbers.

The course will focus on several skills essential to these goals. This course should be of value to students who expect to be in senior positions within corporations and will determine financial reporting policies, as well as those in investment banking, venture capital, investment management, consulting or public accounting. Class sessions will be devoted to a mix of lecture, discussion, group exercises and cases. The class will conclude with a mini-project where you analyze how a firm manipulated its financial statements or disclosures and identify the key clues that are visible in their financial statements.

Analysis and Valuation of Emerging Market Firms. This course examines the unique institutional, governance and transparency issues affecting corporate valuations in emerging markets. Through lectures, case discussions and the students' real-time analysis of an emerging market firm, this condensed course is structured for students to gain a deeper understanding of the economic pressures behind the value creation, value destruction and valuation process in emerging economies.

The course focuses on critically interpreting financial and non-financial information for purposes of assessing firm fundamentals and corporate governance risk in the presence of weak legal systems, strong political forces, limited investor protections, limited market development, strong macro-economic forces, opacity and resultant business arrangements.

The course is beneficial for entrepreneurs, consultants, investors and managers operating in or considering expansion to developing markets. The course is designed to introduce students to the unique institutional, corporate governance and transparency issues facing managers and investors in emerging economies, and the impact these issues have on assessment of firm performance and value.

The goal of the class is to gain an understanding of how country-level institutional forces interact with firm-level factors to shape firm value in these countries, how to interpret published financial reports in this environment to identify the source of firm-level value creation, and to use your assessment of the firm to identify the primitive sources of the firm's risks and opportunities.

Topics covered will include an assessment of related party transactions, importance of political factors and social networks, governance conflicts, and the risk of expropriation. Students will be expected to: This course is focused on helping students understand the role boards and board members play in corporate governance and the lives of businesses large and small. This case-driven course is designed to help students who plan to serve on boards as private-equity or venture investors, entrepreneurs who will need to assemble and manage boards, and executives who realize they will need to interact with and answer to boards.

The course is designed to help students understand the issues boards face - both routine and non-routine - through the eyes of the board member. By understanding the roles and responsibilities of board members and the mechanisms though which they exercise these duties, students will come away with an understanding of how boards function effectively and in too many cases fail to function effectively.

The course will include examining boards in a variety of contexts with a focus on three types of situations: Individual Taxes and Financial Planning.

The goal of this course is to provide a fundamental understanding of the principles of taxation and tax planning as they relate to personal income taxes and considering an individuals financial position. Traditional business courses analyze an array of factors affecting business decisions but provide little systematic consideration of the role of taxes in individual financial planning decisions. By contrast, tax accounting courses traditionally concentrate on technical legal and administrative issues while ignoring the environment in which taxes enter an individual's decision-making.

This case-based course intends to bridge this gap by discussing how taxes affect a variety of personal financial planning decisions. The objective of this course is to develop a framework for understanding how taxes affect business decisions. The key themes of the framework - all parties, all taxes and all costs - are applied to decision contexts such as investments, compensation, and organizational form.

The goal of this course is to provide a new approach to thinking about taxes that will be valuable across jurisdictions even as laws change. This is a 2-credit advanced elective in equity investing that will be offered in the Spring quarter. This course is open only to students that were enrolled in Alphanomics ACCT in the Fall of If you complete ACCT in the Fall ofyour spot in this course will be automatically reserved. However, you still have a chance to opt out of this course at the end of the Fall quarter.

In the Fall quarter, we will cover some of the foundational skills needed to build and manage a portfolio of public stocks. Towards the end of Fall, student who choose to continue onto the Spring course ACCT will form teams of 4 to 6 each and submit a proposal for a hedge fund product. Students then manage this portfolio for the rest of the school year their trades and portfolio statistics are automatically tracked.

The ACCT portion of the course will require each student group to make a class presentation, as well as turn in a written report. This is a hands-on course with an emphasis on experiential learning. Students will make extensive use of analytical tools in the new "Real-time Analytics and Investment Lab" High-speed R. As part of this course, students will be required to design stock screens, conduct back-tests, do detailed company analyses, execute virtual trades, and manage portfolio risk.

Project in Event-Driven Investing. This project-focused course is designed to develop students' ability to interpret and use financial accounting information in credit and equity valuation contexts. Students will work in groups to develop a recommendation for an event-driven investment strategy.

The project will feature financial statement and valuation analysis to assess the risks and rewards of the proposed strategy. Groups will be mentored by experienced investors.

The course will be of value to those students who anticipate making investment decisions using financial statement information. Financial Reporting and Management Control. This course is aimed at doctoral students in accounting and neighboring fields including economics, finance, political economics and operations management. The course seeks to provide an introduction to the role of accounting information in i measuring firm performance, ii projecting profitability and firm value for external constituents, iii and motivating and controlling the firm's management.

The main topics covered in this course include: Profitability Measurement and Accrual Accounting. Performance Evaluation and Managerial Incentives. The Informational Role of Accounting Numbers 5. Earnings Quality Constructs and Measures. The primary objective of the course is to introduce students to current research paradigms on these topics and to identify promising avenues for future research.

The course readings include recent theoretical and empirical papers. Seminar in Empirical Accounting Research. Empirical Research on Financial Reporting: This doctoral-level course covers research on the role of accounting information in capital markets. The focus is on introducing students to key themes in empirical accounting and capital markets research, and to key research designs applied to examine information-related questions.

Course topics include market efficiency, the role of accounting in providing information to investors, anomalies, alternative sources of information, accounting measurement attributes, earnings management, earnings quality, and the role of auditors in the provision of information to investors.

The readings focus on research design, and key theories, themes and approaches from the accounting, finance, economics and psychology literature. Our overall goal is not only to review existing research, but also to identify new research opportunities. Applications of Information Economics in Management and Accounting. This course develops tools from information economics to study the strategic interactions between agents inside a firm and between firm insiders and market participants.

Common to these studies is that agents acquire private information that is valuable to other parties. The range of applications includes: The purpose of this PhD seminar is to facilitate your conception and execution of substantive individual research in financial reporting. It provides a vehicle for supplementing and integrating your knowledge of basic research tools and methods, as well as an exposure to the dimensions of contemporary research in the field of financial reporting.

The focus of the research we will discuss in this seminar is on global financial reporting. Such research encompasses studies dealing with contemporary financial reporting issues as well as research addressing issues relating to the globalization of financial reporting.

Because these issues are also of concern to financial reporting standard setters, we will discuss whether and how the research we study informs standard setting debates. Consent of the instructor. Selected Topics in Empirical Accounting Research. This course examines selected topics in accounting research. The course features several faculty who will each give a focused look at a given area, introduce students to important questions in that area, key papers in the related literature, and critical aspects of the research designs applied in the area.

The aim is to increase student's familiarity with empirical accounting research, their ability to critically evaluate research and research designs, and to prepare students to conduct independent research. Applications of Contract Theory in Accounting Research. This course develops tools from information economics to study the strategic interactions between different agents inside a firm.

Market Efficiency and Informational Arbitrage. The informational efficiency of stock markets has been a central theme in financial economic research in the past 50 years. Over this period, the focus of academic research has gradually shifted from the general to the more specific. At the same time, increasing attention is being paid to regulatory and market design issues that could either impede or enhance market pricing efficiency. Our starting point is the observation that, with costly information, equilibrium prices will invariably reflect some mispricing.

The existence of mispricing introduces a role for informational arbitrage, whereby some traders will invest resources to become informed about the mispricing, with hopes of profiting from it. We review recent academic evidence on this process, and reflect on its implications for future market-related research. Our goal is not only to review existing research, but also to stimulate new work in the area. As such, I expect it will be of primary interest to Ph. Given our focus on returns prediction and the role of information in arbitrage strategies, this course should be of particular interest to those interested exploring the relation between information flows and market pricing dynamics.

Most of the readings in the earlier readings derive from finance and economics market efficiency, limits to arbitrage, and behavioral finance ; most of the later readings derive from financial accounting equity valuation, fundamental analysis, earnings management, and analyst behavior. This course is offered for students requiring specialized training in an area not covered by existing courses.

To register, a student must obtain permission from the faculty member who is willing to supervise the reading. This course is elected as soon as a student is ready to begin research for the dissertation, usually shortly after admission to candidacy. To register, a student must obtain permission from the faculty member who is willing to supervise the research. Doctoral Practicum in Teaching. Doctoral Practicum in Research.

It covers microeconomic concepts relevant to management, including the economics of relationships, pricing decisions, perfect competition and the "invisible hand," risk aversion and risk sharing, and moral hazard and adverse selection.

Managerial Economics - Accelerated. Previous economics is not necessary, but it does help to be comfortable with simple mathematical models. The business world has become more quantitative and economics-oriented in the last 30 years, but many of the key ideas in economics, relating to topics such as pricing, monopoly, imperfect competition, game theory, moral hazard and adverse selection, public choice, externalities, risk aversion, capital market pricing and equilibrium, and auction theory can all be usefully approached with this relatively small amount of math.

The key is for students to develop the small number of intellectual tools that enables one to analyze a wide variety of economic problems. This course is an introduction to Microeconomics, focusing on microeconomic concepts relevant to managerial decision making. Topics include demand and supply, cost structure, price discrimination, perfect competition, externalities, and the basics of game theory. No prior Economics background is required but students who have not had courses in this area or not had one in a very long time may want to brush up on math prior to the start of classes.

Smart Pricing and Market Design. This is the Advanced Applications option in the menu of courses that satisfy the Management Perspectives requirement in Optimization and Simulation Modeling OSM.

The course is tailored to students who already have command of basic optimization and simulation techniques, or have an advanced mathematical background that will allow them to catch up quickly. The focus of the course is on applying these techniques to a particular business domain: The pricing component of the course will handle both traditional topics, such as price differentiation, and more modern ones, such as dynamic pricing.

In the market design component of the course, we will apply optimization and simulation techniques to such topics as auctions e. No background in economics or in the pricing and market design topics mentioned above is required or expected.

Growth and Stabilization in the Global Economy. This course gives students the background they need to understand the broad movements in the global economy. Key topics include long-run economic growth, technological change, wage inequality, international trade, interest rates, inflation, exchange rates, and monetary policy.

By the end of the course, students should be able to read and understand the discussions of economic issues in The Economist, the Wall Street Journal, the New York Times, or the Congressional Budget Office.

Business and Public Policy Perspectives on U. This class will analyze the growth in inequality in the US over the last several decades and how that trend is likely to continue or change in the future. We will ask if and how public policy can affect inequality.

We will also focus on business's role -- what are the responsibilities of private sector companies, how does inequality affect them, and how should the growth in inequality affect their strategies? We will look at inequality in income, some of its potential sources, and its effects in other areas. Specifically, we will look at education, housing, the social safety net, migration, and the job market.

The class will be very interactive and will be based on readings drawn from academic research, case studies, news, and opinion readings. We will also have guest speakers from industry, government, and non-profits. The class will be co-taught by a GSB labor economist and an advisor to policy makers with decades of business experience. The class will not meet on May 23 or May Instead, there will be a mandatory, all-day class field trip to explore inequality issues in depth and in person on Wednesday, May If you have an academic-related reason you cannot make the trip, we will assign alternative work.

However, the trip is required unless you have a conflicting class or academic obligation. This is an advanced applications economics course that applies recent innovations and high-powered tools to organization and general management. MBA1 students must have a strong background in microeconomics to take the course and should consult with their advisors. The course objective is to equip managers with an extensive set of analytical and applicable tools for handling the following topics: These topics will be covered in a combination of lectures and cases.

This course provides the legal, institutional, and economic background necessary to understand the financing and production of health services in the US. Analysis of Costs, Risks, and Benefits of Health Care.

For graduate students, and with permission of instructors, advanced undergraduates. This course provides the conceptual basis for understanding how to assess the effectiveness, costs, and cost effectiveness of health-care interventions. Students will gain an understanding of how to assess whether health-care interventions work, and if they work, whether they are worth what they cost. The course will cover principal evaluative techniques for health care, including, cost-effectiveness analysis, cost-benefit analysis, utility assessment, and decision analysis.

Emphasis is on the practical application of these techniques. Group project presented at end of quarter. Guest lectures by experts from the medical school, entrepreneurs, pharmaceutical industry, and health care plans. The course content is relevant to researchers in health services and health policy, health-care managers, entrepreneurs, health-care consultants, and physicians. The objective of this course is to give students an understanding of what international economic policy means for business leaders.

To do this, students will have to understand the economic forces that determine the patterns and consequences of international trade. We will analyze trade policy tools used by governments e. This course will combine lecture, case studies and group interaction. Business and Macroeconomics in Today's Global Economy. This class applies the macroeconomic concepts that you've learned another course e.

In this class, there will be a new topic each week, chosen only days in advance to ensure timeliness. Examples may include "Janet Yellen's Monetary Policies" or "Economic Growth in Latin America" or "Thomas Piketty's New Book on Wealth Inequality. Over the next day, students will read each others' entries.

Finally, during class time, each group will lead a discussion of their blog post for minutes. This course was originally designed to provide an overview of the crisis in financial markets that began inand of the various policies that were devised in response to the crisis' both short-term stabilization efforts and longer-term regulatory reform.

However, as time goes on the course has evolved to spend less time on a historical review of those past events though they are still significant and worth studying and more time looking at the present and the future. We will be more focused on process thinking through the things we analyze rather than in making sure we cover a fully comprehensive set of topics. We have guest speakers for about half of the classes.

The list changes from year to year, but here is 's list: Tanya Beder, Kevin Warsh, Ron Beck, David Booth, Jay Crandall, Tom Kempner, Katie Hall, Hal Varian, and Larry Summers.

Motivation in Theory and in Practice. This course focuses on one question: How do organizations motivate their key employees to provide consummate effort? By consummate effort, we mean effort above and beyond what is normal or expected, with particular emphasis on cases where the key employees are knowledge workers performing ambiguous and creative tasks. This will include both the economic theory of incentives, but also social psychological theories of motivation and, in particular, on when and how economic forces and social psychological forces come into conflict and when and how they can be marshaled together.

Each team will identify a organization or related group of organizations say, several firms inside the same niche in an industryand during weeks 4 through 7 of the quarter, each team will investigate how the organization s they are studying answer the basic question. Students will be expected to relate what they find to the theoretical constructs of the early part of the quarter. During this period, each team will meet at least weekly with the instructor to review progress achieved and to plan next steps.

Each team will make a presentation of 45 minutes to an hour. These presentations should include a full analysis of the organization s any relevant history, business model and strategy, and so forth. They should then answer the basic question, giving to the greatest extent possible tangible measures and evidence for their assertions. Teams will Nigerian stock market today prices be allowed to present "designs" for organizations that they are in the process of founding or that they hope to found.

There must be evidenceanecdotal at least, more systematic if possibleof how well the organization's approach to motivation is working. This report will be due on the last day of final exams, may be prepared off campus and emailed in. I have a reputation for requiring a LOT of work from students. This reputation is deserved. I have every intention of enhancing my reputation in this regard, in this course, so caveat discipulus.

Unhappily, you cannot access course evaluation data on the number of hours that students report they work, so you will have to take my word for it: My courses are in the far upper tail of the distribution. You can access data on the question on "Sets High Expectations. Economic issues permeate all that happens in government. This topics-based course will exam a variety of historic and current issues on the political agenda where economics is central to decision making. It is taught by faculty who served at the White House in either the Clinton or George W.

Measuring Impact in Practice. This class will provide students practical skills for measuring impact in business and social enterprise, with a principal focus on evaluating, conducting, and analyzing experiments and quasi-experiments.

How large is the impact of raising prices on sales? Is an advertising campaign working? Does a non-profit actually improve people's lives? Students will finish the course with the ability to design, analyze, and skeptically evaluate experiments that can rigorously answer questions like these. Students will acquire a conceptual understanding of basic experimental statistics to inform these skills.

Students will also be exposed to how leading companies, researchers, and social innovators strategically deploy experiments. Finally, students will conduct their own experiments on a topic of their choosing in small groups. The class will not assume any prior statistical or mathematical training. Completing short problem sets will require acquiring basic knowledge of R. The Economics of Internet Search. This class will explore the economics of the internet search business.

The class will consist of lectures, guest speakers, and short student presentations. The course will begin with an overview of internet search, including the technology and engineering as well as the role of search for consumers, in society and the internet industry. We will then study search as a platform market, considering the interaction between the different sides of the market users, advertisers, and publishers components stock market profits schabacker well as competition across platforms on different sides of the market.

The advertising marketplace will receive special focus, including the design of the auction. We will also study the role of search in the internet ecosystem, examining recent trends towards vertical integration and its impact on the development of independent internet products and services. Finally we will address search as a data-driven business. Throughout, the course will draw parallels to other internet platform businesses, using search as an in-depth case study through which broader themes can be chinese yuan currency exchange rate forecast. Platform Competition in Digital Markets.

This class will analyze the economics of digital platform markets. The class format will consist of lectures and guest speakers. Concepts will be presented in the context of leading examples of internet and technology platforms such as online advertising, computing technology platforms e.

The course will begin with economic definitions of platform markets, and it will review the most important insights from recent research in economic theory and strategy. It will then consider the role of scale economies and 1930 stock market rally effects in determining the dynamics of platform competition and long-run industry structure.

Next, the class will consider key strategic decisions for firms, including entry strategies, vertical integration and exclusive deals. Inclusive Economic Growth and Poverty Reduction in Developing Countries.

Poverty rates have fallen markedly in countries around the world, as more households have joined the lower middle-class. However, by developed country standards, poverty remains pervasive. What has caused the decline in rates of poverty and can we expect further decreases or can we act to accelerate the improvements?

Therefore, the class will consider the evidence on the factors that have contributed to inclusive economic growth in developing countries. A second answer as to why poverty has fallen, but remains at high levels, is that governments and aid agencies and foundations have targeted programs to the poor. This course discusses macroeconomic policy, targeted government policies, aid, and entrepreneurship in developing countries. Examples will be given from Latin America, South Asia, and Africa.

The course is co-taught by a Stanford economist and a World Bank consultant and will build on examples from recent experiences. The class is aimed at GSB students who are either intellectually curious about the topic or anticipate doing business in developing countries.

The class will be co-taught by a GSB labor economist and an advisor to policy makers with decades of business experience see http: Statistical Experimentation in Businesses. Most statistical questions involving data ultimately are about causal effects. What is the effect richard carlson dont worry make money changing prices on demand? What is the effect of an advertising campaign on demand.

In this course we discuss statistical methods for analyzing causal effects. We look at the analysis and design of randomized experiments. We also look at various methods that have been used to establish causal effects in observational studies. Students will develop the skills to assess causal claims and learn to ask the right questions and evaluate statistical analyses. You will carry out research projects and work with statistical software.

Data Driven Decision Making. This is a short course on binary options min deposit 50 driven decision making.

The purpose of the course is to help students become intelligent consumers and producers of data analytics in the business context. We will spend a lot of time on understanding the difference between correlation and current euro dollar rate in indian rupees, and measurement issues such as small sample problems and selection bias.

By the end of the course students will have sharpened analytical skills, and will be more critical of data and statistical analyses. Topics in International Macroeconomics and Finance.

This course gives students a background to understand fundamental issues in international macroeconomics and finance.

Key topics include international asset pricing, hedging exchange rate risk, the relation between interest rates and exchange rates, business cycle fluctuations in emerging markets as well as in developed countries, banking and currency crises.

By the end of the course, students should be able to read and understand the discussions of these topics in a publication such as The Economist. Each week we will have one lecture on fundamental concepts and one that applies these to recent events. This economic policy compressed course will briefly examine a variety of government policies and how each influences technology, innovation, and entrepreneurship.

We will examine a range of policy topics from the perspectives of both policymakers and the firms affected by these policies. Possible topics subject to change include: The course is aimed primarily at helping those interested in technology, entrepreneurial, or finance roles understand how policymakers think about and make decisions that affect these sectors.

The course is taught by a former senior White House economic advisor to President George W. These data provide a global insight into the basic management practices around monitoring, targets and talent management that firms adopt around the world. We will examine the link between management and performance, and the reasons for differences in management across firms, industries and countries.

This will be supplemented with the results from more recent research with Accenture and the World Bank in India on change management interventions in a developing country context. Interested students can look at some of the academic, business and media focused output from the research on: This course provides an introduction to the foundations of modern microeconomic theory.

Topics include choice theory, with and without uncertainty, consumer and producer theory, dynamic choice and dynamic programming, social choice and efficiency, and fundamentals of general equilibrium. This course studies the roles of information, incentives and strategic behavior in markets. The rudiments of game theory are developed and applied to selected topics regarding auctions, bargaining, and firms' competitive strategies; information economics; and contracting and market design.

Auctions, Bargaining, and Pricing. This course covers auction theory, matching, and related parts of the literature on bargaining and pricing.

Key papers in the early part of the course are Myerson and Satterthwaite on bargaining, Myerson on optimal auctions, and Milgrom and Weber's classic earn much money pet society. We then turn to markets in which complicated preferences and constraints, limitations on the use of cash, or variations in contract details among bidders play an important role.

Emphasis is on matching markets such as the National Resident Matching Program and asset auctions such as the spectrum auctions. This is the first course in the sequence in graduate econometrics.

The course covers some of the probabilistic and statistical underpinnings of econometrics, and explores the large-sample properties of maximum likelihood estimators. You are assumed to have introductory probability and statistics and matrix theory, and to have exposure to basic real analysis. Topics covered in the course include random variables, distribution functions, functions of random variables, expectations, conditional probabilities and Bayes' law, convergence and limit laws, hypothesis testing, confidence intervals, maximum likelihood estimation, and decision theory.

This course presents a comprehensive treatment of econometric methods used in economics, finance, marketing, and other management disciplines. Among the topics covered are: This course uses Matlab or similar computational software, but previous experience with such software is not a prerequisite.

This course completes the first-year sequence in econometrics. It develops nonparametric, semiparametric and nonlinear parametric models in detail, as well as optimization methods used to estimate nonlinear models. The instructor will discuss identification issues, the statistical properties of these estimators, and how they are used in practice.

Depending on student and instructor interest, we will consider advanced topics and applications, including: Microeconomic Theory for Non-Economist PhDs. This course will be a first quarter PhD course in microeconomic theory, aimed at PhD students who do not plan to become professional economists. Relative to a course geared to economics PhDs the class will differ in two important ways. First, there will be almost no emphasis on proofs. Students and faculty review and present recent research papers on basic theories and economic applications of decision binary options min deposit 50, game theory and mechanism design.

Applications include market design and analyses of incentives and strategic behavior in markets, and selected topics such as auctions, bargaining, contracting, signaling, and computation. Applied Econometrics and Economic Research. The primary objective of this course is to prepare students to evaluate and produce research in empirical microeconomics.

The emphasis will be on the overall process of conducting such research: Students will be expected to read and discuss papers covering a variety of applied topics. Methodological issues will be discussed in depth wherever they arise, and especially where they are central to understanding a paper's implications, but methodology will not be the central focus of the course. Other topics will be selected based partly on student input.

This course covers various topics in macroeconomics and is designed to expose students to macroeconomic methods, classic papers in the field, and the latest research at the frontier.

The current focus is on economic growth. Using theoretical and empirical tools, we consider questions like: How do we understand long-run growth in per capita income?

Why are some countries so much richer than others? Other topics include misallocation as a source of TFP differences, the direction of technical change, growth live forex currency pairs and currency rates the environment, the rise in health spending, patenting, and international trade.

The goal of this course is to teach students how to use the tools of open economy macroeconomics to connect to the burgeoning literature on institutions in a way that helps them to frame interesting research questions in the area of stabilization, reform, and growth in developing countries.

In turn, two principal forces drive TFP growth: This course will employ the tools of open economy macroeconomics to study the second of these two forces. Recent contributions in the literature focus on the impact of cross-country differences in initial institutions on long-run growth and development.

Prominent examples of such institutional differences how to get onyx big money medal in gears of war 3 the nature of the legal origins and property rights bequeathed to a country by its colonial masters.

Political Science, History, International Relations who are willing to make the analytical investment that is necessary to understand and debate the issues in a logical, coherent, and systematic fashion. Modern macroeconomics of aggregate fluctuations in stock market ticker gadget economies.

Current research on sovereign debt, fiscal policy and financial flows, low growth and stagnation, low interest rates, financial crises, unemployment fluctuations, and other timely topics. The course will be organized around the detailed study of recent research papers. Some lectures will be given by visiting macroeconomists.

Students develop a research proposal and present it to the instructors as the final exam. Satisfaction of the economics department's core macro requirement or consent of the instructors. Theory and Practice of Auction Market Design. This class will focus on several topics in auction market design and related areas. Students are expected to be familiar with the material in those courses. We will briefly review some basics of auction theory, but the main goal of the class is to bring students closer to doing independent research and introduce them to recent contributions and currently active research areas.

Specific topics may include: This is an advanced game theory course and requires a basic background in game theory or an advanced applied game theory course. The course covers foundational topics such as type spaces, modeling reasoning and rationality, game forms, solution refinements and more.

A collection of additional topics will be covered independently via problem solving assignments in workshop style meetings with student presentations. The goal of this course is to introduce students to frontier research in quantitative macroeconomics and finance with heterogeneous agents. We emphasize theory and numerical methods as well as option volatility pricing advanced trading strategies and techniques 2nd edition to confront model predictions with both micro and macro data.

Potential applications cover a wide range of topics in household finance, corporate finance and firm dynamics, asset pricing, housing and labor markets, business cycles and growth.

Public Finance and Taxation III. The course covers various topics relating to social stockbee market monitor 2016. The first half of the course covers the rationale for government interventions into private insurance markets, adverse selection, social insurance design and the intersection between social insurance and intra-family insurance.

The second half of the course covers local public policy through the lens of social insurance, and includes topics such as spatial equilibrium, placed-based policies and housing policy. Economics of Electronic Commerce and the Internet.

This course is designed to introduce students to research topics in electronic commerce and the economics of the internet. The methodological focus is on applied economic theory models, empirical work, and field experiments. The course requires a literature review and research proposal, which will be presented to the class at the end of the term.

Other topics that may be selected according to student interest include social networks, social media, intellectual property and innovation, broader economic impacts of technological innovation, security, internet policy, the impact of the internet on education and health, privacy, and other regulatory issues surrounding the internet.

Dynamic Political Economy Theory. This course best way to make money with rsbot intended to be an introduction to dynamic political economy theory.

We will cover research at the frontier of this field and some useful tools. Tools will be primarily dynamic game theory - including Markov models and models of reputation.

Topics covered will include dynamic legislative bargaining, dynamic coalition formation, endogenous institutions, endogenous policy formation, and policy experimentation. Empirical Applications of Dynamic Oligopoly Models in I. This course will provide an overview of recent advances in, and applications of, dynamic oligopoly models in I. We will start by introducing a simple framework for dynamic oligopoly in the context of a dynamic investment model.

We will move on to other applications and extensions of the framework, including dynamic entry models and dynamic mergers, with a discussion of antitrust issues. We will cover an empirical model of dynamic network adoption and participation. We will learn alternative econometric approaches to the identification and estimation of dynamic oligopoly models, including a discussion of serially correlated unobserved shocks.

Finally, we will discuss methods for computing counterfactuals and welfare, and then speculate about some unresolved issues and the potential for future work in this area. Reading Group in Industrial Organization.

This course meets weekly on Tuesdays at Noon. The primary purpose of the course is to read and discuss current working papers in Industrial Organization and related fields e.

Students are required to present papers once per quarter and both students and faculty may also present their own working papers. The course is an important introduction to PhD level research topics and techniques. Topics in Continuous Time Dynamics. This seminar-style course studies a selection of micro-economic models in dynamic settings, and explores the use of continuous-time methods to solve them.

For every topic discussed, the class introduces gradually the set of relevant mathematical tools: It is targeted at those who seek to become familiar with the literature on continuous-time dynamics and want to understand the functioning of these models, either by general interest or to apply these techniques. Machine Learning and Causal Inference.

This course will cover statistical methods based on the machine learning literature that can be used for causal inference. In economics and the social sciences more broadly, empirical analyses typically estimate the effects of counterfactual policies, such as the effect of implementing a government policy, changing a price, showing advertisements, or introducing new products.

This course will review when and how machine learning methods can be used for causal inference, and it will also review recent modifications and extensions to standard methods to adapt them to causal inference and provide statistical theory for hypothesis testing. We will also consider topic modeling, Bayesian methods, and a brief overview of textual analysis. Quantitative Methods for Empirical Research.

This is an advanced course on quantitative methods for empirical research. Students are expected to have taken a course in linear models before. In this course I will discuss modern econometric methods for nonlinear cnn stock market exchange, including maximum likelihood and generalized method of moments.

The emphasis will be on how these methods are used in sophisticated empirical work in social sciences. Special topics include discrete choice models and methods for estimating treatment effects.

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Natural Resource and Energy Economics. Management and provision non-renewable and renewable natural resources, with considerable attention to energy provision and use. This seminar will examine applications of labor economics to business issues and firms' practices. Material will include both theoretical and empirical work, and the syllabus will range from classics in Personnel Economics to current unpublished research.

Some of the topics to be covered include, but are not limited to, compensation practices, assignment of decision rights, organizational structure, attracting, retaining, and displacing employees, and workplace practices such as team-based organization, profit sharing, etc.

Undergraduate Finance Research and Discussion Seminar. This seminar is designed to provide some experience with research methods and topics in finance, and to assist undergraduates with career interests in financial research, whether academic or not, with preparation for those careers. The seminar meetings are weekly and discussion based, covering a range of issues and methods in financial economics.

Students are expected to prepare a minute research presentation once during the quarter. This course covers the foundations of finance with an emphasis on applications that are vital for corporate managers. We will discuss many of the major financial decisions made by corporate managers, both within the firm and in their interactions with investors.

Essential in most of these decisions is the process of valuation, which will be an important emphasis of the course. Topics include criteria for making investment decisions, valuation of financial assets and liabilities, relationships between risk and return, capital structure choice, payout policy, the use and valuation of derivative securities, and risk management.

This course is targeted to those students who are new to finance and for those with little quantitative background. Topics include criteria for making investment decisions, bombay stock exchange working hours of financial assets and liabilities, relationships between risk and return, capital structure choice, the use and valuation of derivative securities e.

Therefore, students choosing this course should be relatively comfortable with basic mathematical operations e. A good diagnostic is to skim Section 4. If you are comfortable with the level of basic mathematics involved even if the concepts are newis a good choice. Content will be comparable to F, but the majority of course lecture material will be delivered online, with in-class sessions devoted to applications of key concepts. This "flipped classroom" version of the course is intended for self-motivated students with an interest in applications.

Prerequisite material for the course will be posted online in the fall. Applications, Techniques, and Models. This course will develop and apply the basic tools and models of corporate finance to real-world corporate decisions. This course is designed to be the second course in the standard finance sequence; that is, it is designed to be the natural follow-up to the Winter Managerial Finance course.

This course will develop and extend standard tools and techniques of financial analysis, valuation, and model-building, and apply these methods to a wide range of cases. Case topics will include mergers and acquisitions, private equity, corporate governance, capital structure, agency conflicts, and corporate restructuring. For all of these applications, this course will emphasize the central importance of financial analysis, valuation, and modeling to guiding optimal decision making.

The focus of this course is to apply the fundamental ideas and tools of corporate finance to real-world investment and financing decisions. This course is designed to be the second course in a standard finance sequence; that is, it is designed to be the natural follow-up to the Winter Managerial Finance course.

We will develop and extend standard tools and techniques of valuation, and model-building, as well as frameworks and apply these to a wide range of cases. Students will be expected to develop detailed model-based analyses for the cases using the tools and techniques we develop in this course, and to employ their analyses to reach and defend specific recommendations for these cases.

This course, intended for graduate students and advanced undergraduates, covers the foundations of finance with applications in corporate finance and investment management. It discusses many of the major financial decisions made by managers and investors, emphasizing the process of valuation. Topics include criteria for making investment decisions, risk and return, market efficiency, capital structure, and the valuation of derivative securities e.

The course also provides coverage of the major financial instruments issued by corporations. This course covers the foundations of corporate finance including the management of capital structure, financial forecasting, dividend policy, financial distress, cost of capital and capital budgeting. It discusses the major financial decisions made by corporate managers and the impact of those decisions on investors and the value of the firm. Topics include criteria for understanding the valuation of financial assets and liabilities, relationships between risk and return, market efficiency, and the role of derivative securities, including options.

The course also provides coverage of the role of financial markets in the operations of the firm. This advanced applications course brings recent advances in finance to bear on real-world challenges in investment management and corporate finance.

The goal of this course is to develop a deeper understanding of how capital markets actually work, drawing on recent advances in modern finance. We discuss the implications for financial decision making by managers and investors. The course is intended for MBA1 students who are familiar with the foundations of finance, including discounted cash flow DCF analysis, internal rate of return IRR calculations, mean-variance analysis and the Capital Asset Pricing Model CAPM.

Examples of broad topics covered in the class include corporate capital structure decisions, challenges in portfolio management, performance analysis of mutual funds, hedge funds and private equity, IPOs, hedging of currency and interest rate risk, etc. To be eligible, students must have passed the placement exam in Week Zero, must have solid quantitative skills and have a willingness to analyze data. Private Equity Investing Seminar. This PE Investing seminar launched in focuses on private equity investing, including investments with control, buyouts, and minority investments at various stages in a company's life.

Private equity investing activity has grown significantly over the past 2 decades. Private equity includes both established and early stage companies. The course extends and deepens the entrepreneurial finance area for those with an interest in private equity, venture capital and principal investing, taking a global view. The Seminar meets with many outstanding investors.

All those registered in F See yellow Term Sheet put in MBA Boxes in late April. This course is intended for those who plan careers that may involve debt financing for their businesses or other investments, or involve trading or investing in debt instruments and their derivatives, including money-market instruments including central bank deposits, government bonds, repurchase agreements, interest-rate swaps, mortgage-backed securities MBScorporate bonds, structured credit products, and credit derivatives.

We will emphasize institutional features of the markets, including trading, pricing, and hedging. There is a special focus on distressed debt. Most lectures will start with a cold-called student presentation of an un-graded short homework calculation.

There will also be a series of graded homework, a take-home mid-term, and about six graded 'pop quizzes' of 10 minutes or less. Investment Management and Entrepreneurial Finance. Our focus is fundamental value investing. This investment course discusses many practical and conceptual factors influencing the analysis and value of companies and deals, including publicly listed and private equity investments, and on success of investment approaches.

The focus of this course is on quoted and private equity investments and on entrepreneurial finance. This course enables MBA students to learn a broad investing skill-set and to study outstanding investors. Financial Intermediaries and Capital Markets. This course focuses on financial markets, institutions, and instruments.

We consider when and how firms raise capital through the life cycle, beginning with the capital-raising decisions and transactions for young firms and then discussing the decisions facing older, listed firms.

We concentrate mainly on the firm's perspective while also considering the perspective of financial intermediaries. Issues to be considered in this course include the role of financial intermediaries like banks, the decision to go public, the pricing and role of investment banks in IPOs, bank debt, project finance, public debt, private placements, securitizations, convertibles, and markets for junk bonds. The focus of this course is to apply the fundamental ideas of corporate finance to real-world problems.

This course is a follow-up to the Fall course in Managerial Finance in which the basics of finance and valuation were covered. We will explore both how to make the acquired knowledge practical as well as to deepen our understanding of the core principles of finance. These cases provide an opportunity to bridge the gap between theory and real-life situations.

Students are expected to develop their own spreadsheets and provide recommendations based on their analysis of the case material.

This course is an introduction to options, futures and other derivative securities. The goal is to learn a core set of principles that underlie the pricing and use of derivatives. In particular, we will cover the valuation and use, both for risk management and for speculation, of forwards, futures, swaps, and options; the Black-Scholes option-pricing formula; delta-hedging; credit derivatives; financial risk management; and the role of derivatives in the recent financial crisis.

The aim of this course is to develop a thorough understanding of financial markets. We explore how investors make decisions about risk and return, how financial markets price risky assets in equilibrium, and how financial markets can sometimes malfunction. The course puts particular emphasis on the role of real-world imperfections that are absent from the standard textbook view of financial markets.

For example, we explore the role of illiquidity: Why are there liquid markets for some types of assets but not for others? Why does liquidity often disappear in times of market turmoil? We will also study recent insights from behavioral finance about investor psychology and market inefficiencies. Moreover, we will look at financial innovations such as credit-default swaps, securitization, and hedge funds that play important roles in financial markets these days.

We use cases to develop these topics in the context of practical decision-problems in the areas of asset allocation, risk management, and financing. F - Investment Seminar: We study hedge funds and mutual funds and meet with outstanding investors. The scope and context is global including emerging markets. The Seminar is taught by a founding director of one of the largest international investment funds.

This course covers strategic and tactical asset allocation in investment portfolios as well as specific asset and manager selection issues. We consider challenges that are unique to the various asset classes that comprise broad-based portfolios, including: We also consider challenges that are specific to various geographies e. The portfolio optimization framework employed considers the perspective of different types of investors that vary along such dimensions as risk preference, investment horizon, tolerance for illiquidity, tax status, social objectives, and special asset-specific relationship, information or skill advantages.

More specifically, our framework considers: For a number of the sessions, we will invite domain experts to add spice and depth to a portion of the class discussion. The course is a follow-up to the Fall Managerial Finance course where students learnt basics of valuation tecyhniques and various finance applications. We will explore both how to make all this knowledge practical as well as how to deepen our knowledge of fundamental finance ideas.

Topics include leveraged buyouts, hostile takeovers, private equity financing and venture capital, financial distress and bankruptcy, mergers and acquisitions, managing working capital. The cases will be used to motivate our discussion of how to bridge the gap between rigorous finance theory and its application to practical problems in corporate finance. The course is intensive and will require students to prepare carefully all cases, read and understand a lot of materials, and actively participate in the class discussion.

The main teaching method is cold calling. This course explores how economic and political forces interact to shape the financial system. The financial system is rife with conflicts of interests that markets fail to address effectively. The political process meant to correct these market failures, however, is itself rife with conflicted interests.

We will discuss the roles, information and incentives of the key actors and show that politics often trumps economics in predictable ways. You will gain a better understanding of critically important and ongoing policy issues that will shape the financial system for years to come. Topics include the structure and role of banks and other financial institutions, housing and credit markets, central banks, global cooperation, governance option volatility pricing advanced trading strategies and techniques 2nd edition accountability, and the role of the media.

Corporate Valuation, Governance and Behavior. This course will develop a detailed knowledge of corporate valuation techniques, together with an understanding of the role such valuations play in a wide range of corporate financing decisions. First, the course will carefully consider different valuation techniques, the assumptions that underlie each of these methods, how they are applied in practice, how they are related to one another, and how to decide which method of valuation is appropriate for a given application.

After developing these tools, they will then be applied to a wide range of corporate finance settings. Among the applications to be considered are mergers and acquisitions, international valuation, corporate governance, financial distress, agency conflicts, asymmetric information, and overvaluation. For all of these applications, this course will emphasize the central importance of valuation to understanding observed phenomena and to guiding optimal decision making, as well as the unique challenges to valuation posed by the particular application.

The Finance of Retirement and Pensions. The financial economics of how retirement is financed, particularly in the US. Properties of financial instruments such as bonds and stocks. Optimization of individual retirement account or k portfolios. Measuring defined benefit pension liabilities. Impact of defined benefit pension liabilities on corporate, state, and local budgeting. The economics of national retirement policy including Social Security and government treatment of private retirement savings.

Modeling for Investment Management. This course will combine practical and up-to-date investment theory with modeling applications. Understanding beautiful theory, without the ability to apply it, is essentially useless. Conversely, creating state-of-the-art spreadsheets that apply incorrect theory is a waste of time.

Here, we try to explicitly combine theory and application. The course will be divided into 6 modules, or topics.

The first day of each module will be a lecture on an investment topic. Also provided is a team modeling project on the topic. The second day of each module will be a lab. The lab day will begin with modeling concepts tips designed to help you documentary on the stock market crash of 1929 Excel to implement the module's investment topic.

On the third day of each module will be presentations and wrap-up. History of Financial Crises. Financial crises are as old as financial markets themselves. There are many similarities between historical events. More often than not financial crises are the result of bubbles in certain asset classes or can be linked to a specific form of financial innovation. This course gives an overview of the history of financial crises.

We go back almost years and start with the Tulip mania of The purpose of the course is to understand the causes of past crises and to develop a conceptual framework that ties common elements together. We will discuss the lessons that we can draw for financial markets today.

The object of this course is to study the money management industry from the perspective of the user an investor who wants to invest money. This course will study the main components of the money management industry: It will also examine important users of the industry such as non profits, endowments and defined benefit pension funds. The emphasis of the course will not be on how fund managers make money, but rather on how the industry is organized, how managerial skill is assessed, how compensation is determined, and how economic rents are divided between managers and investors.

The course will explore how competitive market forces interact with managerial skill and other market frictions to give rise to the observed organization of the industry.

This course is designed to help students understand the connections between money the Federal Reservefinancial markets, and the macroeconomy. How are interest rates determined, and how does the Federal Reserve conduct monetary policy? What economic factors drive the yield curves in different bond markets?

We will pay particular attention to the banking system, with an eye toward understanding the function and importance of banks. Topics will include the role of the Federal Reserve as a lender of last resort during the recent, and prior, financial crises, unconventional monetary policy tools such as quantitative easing and forward guidance.

We discuss the role of the government in regulating the financial sector, paying particular attention to capital requirements for banks. We will often begin class with a discussion of current macro-financial market events in the context of our course coverage. The course is appropriate for anyone trying to gain a macroeconomic perspective on capital markets, from investors to bankers, or those simply interested in the linkages between interest rates, banks and the economy.

Given the topics we cover, the course will also be interesting to those who want a better understanding of the financial crisis and the ongoing Federal Reserve experiment in unconventional monetary policy.

This course will expose students to the fundamentals, best practices, and advanced techniques of corporate financial modeling. We begin with basic operating and integrated financial statement models, and ultimately develop financial models to analyze major corporate transactions, including venture capital funding, mergers and acquisitions, and leverage buyouts.

We will integrate theories presented throughout the MBA core, particularly those from accounting and finance, and take a hands-on approach to understand how the theory is implemented in practice. Students will work on a series of cases and build models that can be used for earnings and pro-forma financial statement forecasts, valuation, the assessment of financing needs, merger analysis, and LBO evaluation.

By the conclusion of the course, students will develop the skills to construct complex financial models and the logical frameworks to utilize them for various organizational applications. Advanced Corporate Financial Modeling. Students will engage in the development of corporate financial modeling cases and solutions. Students will also develop materials to aid others in building financial models, and serve as case leaders during lab workshops. Extensive background in financial modeling and experience with Excel is required.

This course provides an introduction to behavioral finance, a discipline which integrates insights from psychology into the study of financial decisions and markets. There will be a focus on understanding the psychological underpinnings of financial decision-making as well as the institutional frictions that may allow these psychological mechanisms to influence economic outcomes. Applications include the pricing of assets relative to fundamental value, trading strategies, managerial behavior, and household savings and investment decisions.

Conceptual issues will be emphasized through a mix of case discussions and lectures, and quantitative exercises will serve to develop analytical tools for making financial choices. The purpose of this course is to familiarize students with the different types of trading strategies employed by various money management institutions.

These financial trading strategies are used to manage the risk and return profiles of specific portfolios. Throughout the sessions, students will be challenged to understand and explore the application and implementation of these different strategies. Trading simulations employed on the Rotman Interactive Trader and Rotman Portfolio Manager using real market data and computer generated data will be used extensively in this course as a way to learn and test different strategies.

All classes will be held in the new Real-time Analytics and Investment Lab RAILlocated on the third floor of the Bass Building B Students are expected to attend all sessions. Graded are based on in-class simulation results, class participation, and two written assignments.

This is a course about the financial decision-making process largely from the point of view of the CEO of an entrepreneurial venture, ranging from very early to very late stages. The course takes a two-pronged approach: First, we develop tools and concepts of corporate finance related to modeling, valuation, control, and investment decisions within an entrepreneurial context.

Second, we use cases with firms at different stages of their life cycles from initial angel or venture capital investments through exit decisions, in order to see the issues that arise when these principles are applied in practice.

In some cases we show the viewpoint of the entrepreneur and in others the perspective of the investor. After all, as an entrepreneur, one cannot negotiate effectively without understanding an investor's motivations. Conversely, an investor cannot evaluate a potential investment opportunity without appreciating the entrepreneur's perspective and incentives.

Finally, we explore new developments in entrepreneurial finance such as crowdfunding and early liquidity provisions. This course is a survey of China's financial system, including its banking industry, monetary policy structure, and financial markets bonds, derivatives, equities, foreign exchange, alternative asset management, and related markets.

The goal is an integrated view of how capital, risk, and liquidity are intermediated within China and cross-border. Current trends including liberalization of markets will be emphasized. Coverage will be through lectures, reading of both primary source documents and secondary journalistic and analyst commentary, as well as a range of subject-matter-expert speakers. Using our special High Immersion Classrooms at Stanford and at the Stanford Center at PKU, this course meets jointly with a parallel course offered at Beijing University.

Students will participate actively in class discussion, make a 5-minute topical presentation, and submit a short page paper. Private Equity in Frontier Markets: Creating a New Investible Asset Class. InJim O'Neil of Goldman Sachs wrote a research note which underscored the importance of so-called Emerging Markets to a well-balanced investment portfolio. Still today, most investors have little or no investment exposure beyond North America, Europe, Japan and more recently India, China and Brazil.

All of this is just beginning to change. The not yet fully formed investment category called frontier market private equity is emerging and within the next decade is likely to be an asset class of its own.

Even fund of funds are appearing across these markets. At the same time, investors face a world of diminished returns expectations in developed economies just as aging demographics and the need for continued growth, innovation and infrastructure renewal places increasing demands for payout.

Suffice it to say, investors will be looking beyond traditional asset classes and geographies for sources of return. This new course is designed to expose you to the still emerging, not yet fully formed world of frontier market private equity. To set the context we will start by reviewing the fundamentals of economic growth and development globally. In addition we will discuss the fundamental concepts involved in constructing and evaluating the performance of a large scale investment portfolio.

We will also focus on issues that are specific to various markets e. Students taking the course will be given the opportunity to make important contributions to the knowledge base of this still very young field by working in small teams to research topics of personal and general interest, the results of which will be reported to the rest of the class.

This course will not be offered next academic year, Angel and Venture Capital Financing for Entrepreneurs and Investors. This course covers all the stages of funding for early stage high-growth companies, from seed funding to venture capital rounds to a successful exit. We will concentrate on how entrepreneurs and investors make and should make important decisions. Examples of issues that we will cover are: How can entrepreneurs raise funding successfully?

What are typical mistakes entrepreneurs make in raising capital and negotiating with investors? How to choose your investor? How to pitch to an investor?

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How do angels and VCs generate and process their deal flow and select companies? How are VCs involved in business decisions such as recruiting talent and replacing CEOs? What are the important provisions of financial contracts between VCs and founders?

How to value early-stage companies? The course is very applied and mostly case-based. We will discuss a lot of nitty-gritty details that is a must for founders and investors. Case protagonists, founders, angels, and VCs will be among guest speakers. No prior knowledge of the VC industry is needed.

The Political Economy of Banking Regulation in US and Europe. The financial crisis exposed the extreme fragility of the financial system and the harm financial crises can cause.

Have regulatory reforms in the US and Europe been effective and, if not, how and why? Does it matter if some institutions are "too big to fail," and, if so, how and why? This course will discuss the economic and political forces that are shaping the financial system in US and Europe and evaluate recent and current events that will have important implications for the economy for many years.

We will see how politics trumps economics in Washington, London and Brussels in different but broadly predictable ways. Private Wealth Management and Personal Investing. The Private Wealth Management and Personal Investing course will address issues that relate to the management of personal assets as opposed to institutional investing.

It will cover the origins and growth of private wealth management as an industry, investment planning, risk management, inter-generational transfers of wealth, philanthropy and tax planning. Special emphasis is on issues surrounding the selection of a wealth manager, how managers may be evaluated, including potential conflicts of interest, and performance measurement.

Classes will focus on case studies and various readings. Two instructors will lead the class, one from the GSB and one from the private wealth management industry. Most classes will be augmented by visits from professionals in the wealth management and private banking business. Active class participation and a group project are required. This course is a speaker series, exposing students to the world of first-class investors and their philosophies. Each week will have a different visitor describing their investment strategy and experience.

Attendance at all sessions is a requirement to pass the course. This course is designed to have a fast learning curve and is a pre-requisite for FIN, the advanced extension of this course. Financial Trading Strategies 2. This course is an extension of FIN, Financial Trading Strategies. Students will expand on introductory topics from the Financial Trading Strategies Course and be required to build extensive live-market models and risk management models.

Class discussions will closely link current market events and pricing anomalies to theoretical and simulated markets and we will closely study the deviations between them. Private Equity - An Overview of the Industry. This 2-unit elective at the GSB is an overview of the private equity industry including its reason for being and its growth. The course looks at all aspects of private equity partnerships and private equity investing.

The course may be of particular interest to five groups of students: The course will meet for nine classes. Each class will have at least one senior partner from a private equity firm to comment on the activities of his firm. In years past, some of the true leaders of the industry have participated.

One class will be a mock investment review committee presentation as a final project. This course is an introductory PhD level course in financial economics. We begin with individual choice under uncertainty, then move on to equilibrium models, the stochastic discount factor methodology, no-arbitrage pricing and corporate finance. We will also address some empirical puzzles relating to asset markets, and explore the models that have been developed to try to explain them.

This course continues F and covers a number of main concepts in market microstructure.

Among the topics that are covered are i Rational Expectations models and their foundations ii strategic trading models iii models of market and funding liquidity. In addition to the discussion of theoretic models time will be allotted to empirical applications. Dynamic Asset Pricing Theory. This course is an introduction to multiperiod models in finance, mainly pertaining to optimal portfolio choice and asset pricing. The course begins with discrete-time models for portfolio choice and security prices, and then moves to a continuous-time setting.

The topics then covered include advanced derivative pricing models, models of the term structure of interest rates, the valuation of corporate securities, portfolio choice in continuous-time settings, and finally general-equilibrium and over-the-counter asset pricing models.

Students should have had some previous exposure to general equilibrium theory and some basic courses in investments. Strong backgrounds in calculus, linear algebra, and probability theory are recommended. Problem assignments are frequent and, for most students, demanding. F and MGTECON or equivalentor permission of instructor.

This course considers a wide range of topics in theoretical corporate finance broadly interpreted. Topics include capital structure decisions, agency conflicts in the firm, dividend policy, security design, optimal financial contracting, the theory of the firm, the market for corporate control, and banking and financial intermediation, among others. The primary focus is on how asymmetric information, agency conflicts, strategic interactions, and incomplete contracting affect corporate financial decision-making.

The course aims both to familiarize students with influential papers and current research, and to promote new research ideas in the area.

This course is an introduction to empirical research in asset pricing. The focus of the course is on the interplay between financial economic theory, econometric method, and that analysis of financial market data. Topics include tests of asset pricing models, return predictability in time-series and cross-section, empirical studies of asset market imperfections, and studies of individual and professional investor behavior. This is a course on contemporary theoretical and empirical issues in corporate finance.

Building upon the first-year courses in corporate finance theory and empirical methods in finance, we will examine issues in asset pricing applications to corporate finance, dynamic capital structure dynamic financing decisionsfinancial distress, financing and investment interactions, and behavioral corporate finance. Both conceptual economic frameworks and econometric methods will be developed as needed. A requirement for this course is that students complete two written projects, one theoretical and one empirical, and at least one of these projects will be presented to the class.

Finance Pre-Seminar Reading Course. This course provides an introduction to empirical research in corporate finance, with an emphasis on the application of cross-sectional and panel data econometric techniques for causal inference.

Topics include investment policy, entrepreneurship and innovation, financing decisions, firm ownership, corporate governance, managerial incentives, financial contracting, and the structure and internal organization of firms.

Empirical Dynamic Asset Pricing. This course explores the interplay between dynamic asset pricing theory, statistical assumptions about sources of risk, and the choice of econometric methods for analysis of asset return data. Therefore, the lectures will be a blend of theory, econometric method, and critical review of empirical studies.

Both arbitrage-free and equilibrium preference-based pricing models will be discussed, with particular emphasis given to recent developments and outstanding puzzles in the literature.

In particular, I will assume familiarity with dynamic asset pricing theory, at the level of F; and large-sample theory for least-squares, generalized method-of-moments, and maximum likelihood estimation methods. We will review these methods in the context of specific applications, but this material will not be developed in depth. Advanced Empirical Corporate Finance. This class is devoted to recent developments in the empirical corporate finance literature.

The class is very interactive. Many of the sessions will consist of student presentations about the papers from the reading list. We will also further explore empirical methods relevant for applied research in corporate finance, with a focus on identification and panel data issues.

Advanced Topics in Empirical Asset Pricing. This course will survey current research topics in empirical asset pricing. The emphasis will be on giving students exposure to active research areas and open questions rather than well-established areas and empirical techniques. Topics may include liquidity, capital market frictions, money management, volatility, investment-based asset pricing, return predictability, bubbles, and consumption-macro asset pricing models.

Macroeconomics and Financial Markets. This PhD course will cover research topics at the boundary between macroeconomics and finance. Topics will include the study of macroeconomic models with financial frictions, the term structure of interest rates, conventional and unconventional monetary policy, sovereign debt crises, search frictions and segmentation in housing markets, over leveraging by households, heterogeneous expectations, excess volatility, financial bubbles and crises.

Student presentations and course paper requirement. Designed for second year PhD students in economics or finance. This course examines how exceptionally creative individuals from a variety of domains including the arts, sciences, politics, technology, and society found a sense of purpose in their lives and then successfully pursued that purpose.

In the creative domain, for example, we examine the lives of filmmaker George Lucas, Apple CEO Steve Jobs, lifestyle designer Martha Stewart, and master chef Thomas Keller. In the political sphere, we examine the lives of Margaret Thatcher, Martin Luther King, and Robert F. We also explore the work of individuals engaged in philanthropic efforts around the globe, including Melinda Gates and Paul Farmer.

We complement the study of these individuals, and others, with a variety of readings from the social science literature on happiness, meaning, and creativity. Students interested in psychology, philosophy, creativity, the arts and sciences, or business should find the course particularly useful and engaging. Students, working individually and in small groups, will have a chance to apply the course concepts to their own lives, using a series of reflective writing exercises.

Students will complete an independent research project on a topic or person of interest to them. They will make a presentation to the class on the basis of their research.

The course is designed to be highly discussion-oriented and interactive. Letter grades for the course will be based upon the quality of the independent library research and class presentation, along with the quality and consistency of class participation. Both components research and class participation are equally weighted. Seminar in Entrepreneurial Communication. College campuses have been the incubators for thousands of new business ventures.

What makes the difference between a successful entrepreneur and an initial failure out of the gate? It's often not the quality of the idea, but rather the ability of the entrepreneurs to successfully communicate their vision to potential investors, employees, and customers. This seminar will explore successful and failed entrepreneurial communication.

Students will learn the basics of persuasive oral and written communication, and then apply these principles to their own ideas. Students of all sexual orientations are invited to apply for this unique new seminar looking at the distinct challenge LGBT leaders have faced in communicating effectively. Through the years, many individuals have led the struggle for gay rights and inclusion through a variety of different communication strategies and tactics; some were successful while others were not.

This seminar course will explore some of the key leaders in the LGBT community and how they chose to communicate. Together we will search through a variety of film clips, transcripts, news reports, and other historical elements to see how the message, media, and moments work together.

A number of guest speakers will also share their perspective on what it means to "Lead Out Loud. All students will benefit from this exploration of how to communicate about controversial, sensitive, and personal subjects with greater strength and purpose. The Economic Survival of the Performing Arts. Even the most artistically accomplished and well-managed performing arts organizations--symphony orchestras, operas, dance companies, and many theaters--tend to live on the edge financially.

In fact, most performing arts groups are organized as nonprofit organizations, because they cannot make enough money to cover costs and survive as profit-seeking businesses.

In this seminar we will explore the reasons for the tension between artistic excellence and economic security,drawing on the experience of performing arts organizations in the United States and in countries whose governments have adopted quite different policies toward the arts.

Using economic concepts and analysis that we develop in the seminar, you will first examine the fundamental reasons for the economic challenges faced by performing arts organizations. In later sessions, we will consider and evaluate alternative solutions to these challenges in the United States and other countries. Later, you will prepare a longer paper applying concepts learned to one of the performing arts or a particular arts organization that interests you.

You will submit that paper in stages, as you learn about concepts and issues that are relevant to your analysis. There will also be a final exam. Curricular Practical Training for PhD Students. GSB students are eligible to report on work experience that is relevant to their core studies under the direction of the Director of the PhD Program.

Registration for this work must be approved by the Director of the PhD Program and is limited to students who present a project which in judgment of the Advisor may be undertaken to enhance the material learned in PhD courses. It is expected that this research be carried on by the student with a large degree of independence and the expected result is a written report, due at the end of the quarter in which the course is taken.

Because this course runs through the summer, reports are due the 2nd week of October. Units earned for this course do not meet the requirements needed for graduation. In sections of 18 students or less, you will analyze, write about, and debate a set of topics that exemplify the types of problems contemporary managers regularly confront. CAT will enhance your ability to identify critical issues when exploring challenging business and policy problems.

The emphasis will be on developing reasoned positions and making valid, evidenced-based arguments that support those positions. The economies of the world are ever more closely linked. Record levels of international trade and investment are achieved every year. Cross-border mergers and acquisitions are booming. The foreign exchange markets handle trillions of dollars of volume daily.

Offshore provision of services has grown immensely. Host governments and non-governmental organizations operating internationally affect how companies do business far from their home bases and close to home.

Nearly all businesses today are somehow connected to the world economy, and it is quite likely that the process of globalization will continue apace. To succeed as a leader in your career, you will need to be able to think systematically about the challenges and opportunities brought about by globalization.

Our objectives are to help you: To develop an analytic framework that you can use to understand how countries are different or similar in ways that matter to the globalization of business. To understand how corporate strategies can deal with these differences and similarities, resulting in competitive advantage.

With leadership comes responsibility. This course explores the numerous ethical duties faced by managers and organizations. It combines analytical frameworks with the latest findings on human behavior to inform a wide range of ethical decisions and strategies. Readings include case studies, insights from experimental psychology and economics, and excerpts from or about major works of moral philosophy.

Through online and in-class exercises, discussions, and personal reflection, you will reveal and assess your ethical intuitions, compare them with more explicit modes of ethical thought, and learn how to use ethics in business settings. A diverse set of ethical viewpoints will be considered with an emphasis on not only their implications for ethical behavior but also on the social and cognitive pitfalls that undermine the ability of business leaders to fulfill their ethical duties.

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Communication is crucial to the success of all leaders, but as you climb within an organization the ability to write and speak effectively is magnified. This course will explore how individuals can develop and execute effective communication strategies for a variety of business settings.

Deliverables will include written documents and oral presentations and you will present both individually and in a team. You will receive continuous feedback to improve your communication effectiveness. Through this highly interactive course, you will see why ideas, data and advocacy are combined for a professional, persuasive presentation.

This section is specifically designed with the needs of a senior leader in mind and is only open to Sloan Students.

Students who elect to take this course in the fall should not also take strategic communication in the winter or spring; the courses will have sufficient overlap in concepts and assignments. This course explores the numerous ethical duties faced by managers and their organizations. It combines classical philosophical theories with contemporary scholarship on human behavior to inform a wide range of ethical situations, decisions, and strategies.

Resources include case studies, insights from experimental psychology and economics, and excerpts from or lectures on major works of moral philosophy. Through online and in-class exercises, discussions, and personal reflection, students will discover, reveal, and assess their ethical intuitions, compare them with more explicit modes of ethical thought, and began to learn how to explicitly apply ethics in business settings.

The Core Curriculum in the Workplace. GSB students are eligible to report on work experience that is relevant to their core studies under the direction of the Senior Associate Dean responsible for the MBA Program. Registration for this work must be approved by the Assistant Dean of the MBA Program and is limited to students who present a project which, in judgment of the Advisor, may be undertaken to enhance the material learned in the first year core required courses.

It is expected that this research be carried on by the student with a large degree of independence and the expected result is a written report, typically due at the end of the quarter in which the course is taken.

Specific assignment details and deadline information will be communicated to enrolled students. Investing for Good will introduce students to the entire spectrum of purposeful, values-driven, and impact investing. We examine the field from the perspective of an institutional investor i. Our goal is to have students emerge with a practical and analytical framework for: We briefly analyze impact investing in the context of modern portfolio theory. We then develop a framework for portfolio construction and evaluation across four criteria: Through a combination of class dialogues, role plays, and case discussions, we will explore a wide variety of asset classes, impact themes, and investment challenges.

A series of team-based investment committee simulations will comprise a significant portion of the course and will provide a significant experiential learning experience. While first year students are encouraged to enroll, students who have limited familiarity with the basics of investing and corporate finance are strongly encouraged to purchase David Swensen's "Pioneering Portfolio Management" and cover the recommended chapters in advance of the course.

It's is also important to note that this class will require financial modeling and detailed investment analysis. Lively discussion and debate will be necessary and expected. The major objective of this course is to provide the student with an understanding of the fundamentals of real estate investment.

The course covers land economics, market analysis, finance, taxation, investment analysis, investment vehicles, real estate risk, development and urban design. Major land uses are discussed including apartments, retail, office, and industrial. The course is designed for students with limited or no background in real estate. Advanced Seminar on Social Entrepreneurship and Global Poverty. As an "advanced" seminar, this course is designed for students with strong backgrounds or interests in social entrepreneurship as a tool for solving social problems.

The learning format is based on active engagement. For most of the classes, students will be required to lead off the class discussions. The ultimate goal of this course is to make students and the instructor smarter about the strengths and limits of social entrepreneurship as a tool for social change.

To this end, we will focus on global poverty reduction as a testing ground. During this process we will explore different theories, concepts, frameworks, and guidelines for effective social entrepreneurship to see whether, when and how these help. The first focuses on how social entrepreneurship fits in a broader framework of social change and social innovation.

The second module provides a brief overview of issues, debates, and theories about poverty and development. The third module focuses on specific entrepreneurial interventions aimed at addressing some of the conditions that keep people poor or make them poor.

It will be taught in a discussion style. The reading will be demanding. So if you are not prepared to dig into the reading or to engage in active discussion, or if you don't feel like you bring relevant knowledge to add to the mix of discussion, this is not the course for you. It is not meant to be an introduction to social entrepreneurship. If everyone contributes, we will all emerge from the course with new perspectives and frameworks for advancing practice in this field.

Only take this course if you are ready for an intellectual adventure and ready to make the investment it requires. Creating High Potential Ventures in Developing Economies. This course addresses the distinctive challenges and opportunities of launching high-potential new ventures in developing economies. Developing economies are attractive targets for entrepreneurs because many are just starting to move up the growth curve, and they offer low-cost operating environments that can be great development labs for potentially disruptive innovations.

They increase in attractiveness when their political institutions stabilize and they become more market-friendly. At the same time, developing economies pose serious challenges. Pioneering entrepreneurs take on significant risks to gain early mover advantages.

Specifically, entrepreneurs will not be able to count on the same kind of supportive operating environments that we take for granted in the developed world.

They often face cumbersome permit and licensing processes, poorly developed financial and labor markets, problematic import and export procedures, unreliable local supply chains, weak infrastructure, corruption, currency risks, limited investment capital, lack of financial exits and more.

This course is designed to help would-be entrepreneurs - both founders and members of entrepreneurial teams - better understand and prepare for these issues as they pursue the opportunities and address the challenges to start, grow, and harvest their ventures in these environments. For the Tuesday sessions, students will read about and discuss the key challenges described above and potential solutions. Guests will describe their own startup and investing experiences in developing economies and answer questions.

A framework based on the recently published World Economic Forum WEF report on "Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics" will be used to structure the course. Each student will prepare a short paper on a topic of interest from this portion of the course. Students must come in willing to be team players and do the work necessary to complete this exercise over the full quarter.

Each team member's contributions will be assessed by fellow teammates. Teams will be formed before the start of class or on the first day at the latest. The team will describe, in a final presentation, the challenges and opportunities in their country using the WEF framework. The final presentation will also include the team's thoughts on the viability of their proposed venture and how it capitalizes on their country's assets and addresses its challenges.

A detailed business plan is not required; however, specific recommendations and plans for next steps that would be carried out during a 3 to 6 month field and market research study in the country will be part of the final presentation. Business leaders have marketing strategies, expansion strategies, finance strategies, even exit strategies.

Successful leaders, however, also have communication strategies. This course will explore how individuals and organizations can develop and execute effective communication strategies for a variety of business settings. You will receive feedback to improve your communication effectiveness. In the final team presentation, your challenge is to craft an oral presentation that will persuade your audience to accept your strategic recommendations.

By doing this, you will see why ideas, data and advocacy are combined for a professional, persuasive presentation. An important new feature of this course is that a team of external communications coaches work in concert with the professor to ensure that students get rigorous and individualized coaching and feedback.

Waitlists have been long for this course, and you're encouraged to keep that in mind as you make your course selections. Waitlisted students are encouraged to attend the first two classes. Strategies for Successful Communicators. Successful leaders have to conceive, author, rebuild, pivot, differentiate, and finally maintain a personal reputation to make a lasting, recognizable and powerful identity.

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Reputation Management will explore how you can effectively communicate to create, adapt and maintain your personal reputation. Your reputation remains fluid as you navigate your career decisions and interact with different professionals along your journey. Students will learn the fundamentals of strategic corporate communication and the risk of not managing reputation effectively.

These frameworks will be extended with specific case studies to illustrate where individuals, groups, and firms have faced the challenge of managing reputation effectively. We will focus on both traditional and virtual components of communication including the relevancy of online reputation management.

Finally we will invite well-known leaders from a range of industries who have built and sustained their reputations, through effective communication. Each leader has had to manage their reputations in the public eye, and alongside their peers, supervisors, and employees. Guests will be invited to discuss their conscious and unplanned strategies of how to successfully communicate the kind of person, leader, innovator, or public figure they strive to be.

Students will create a case study drawn from their own experience or personal networkof a reputation dilemma.

A final assignment requires students to research their own reputation history by projecting what they think their reputation is, creating their own survey for friends, colleagues and employers to take, conduct three interviews about their personal reputation with three individuals who have worked closely with them, and then synthesize all this feedback into a cohesive paper and short video that reflects their authentic work and personal reputation.

Throughout the course students will post at least one blog drawn from class concepts and respond to posts by peers in the class.

Strategic Philanthropy and Impact Investing. The course will be structured around the perspective of a high net worth individual who has decided to devote substantial resources to philanthropy and wishes to decide which philanthropic goals to pursue and how best to achieve them.

Improving and Measuring Social Impact. This course focuses on strategy and actionable measurement in government, non-profit organizations, market-based social enterprises, philanthropy, and impact investing.

Eisenhower2 You can't manage what you can't measure, 3 Measurement is expensive and its results are often ignored, 4 "Not everything that counts can be counted and not everything that can be counted counts" apocryphally attributed to Einstein5 "The more any quantitative social indicator is used for decision making, the more subject it will be to corruption pressures and the more apt it will be to distort and corrupt the social processes it is intended to monitor.

These issues will be addressed mainly through business school case studies, which place the students in the position of CEOs, managers, and investors called upon to make major decisions. The course has a fair amount of reading - not more than is common in undergraduate and graduate courses, but more than is typical for MBA courses in the GSB.

The disruptive nature of the Internet has set in motion the destruction of business models that have supported traditional media organizations. This course will examine the current state and broader economic challenges facing the media industry. Students will analyze new digital media ventures and hear from industry experts facing innovation challenges at the intersection of content, technology and business. The course also will identify paths for entrepreneurs interested in building a media business.

And experiment with prototyping new digital media ventures. Leading with Mindfulness and Compassion.