Finance Minor

This entry-level course in economics covers the fundamentals of macroeconomics and, together with ECN 101, it provides the necessary prerequisites for any other upper-level course in economics. This course introduces students to the study of economics as a field of knowledge within the social sciences. In the first part, focus will be on the definition, the explanation, and the significance of national income, business fluctuations, the price level, and aggregate employment. In the second part, special attention is devoted to the functioning of a payment system based on currency and bank money. Finally, students will discuss the instruments and the functioning of public policy aimed to stabilize prices and maintain high levels of output and employment within the current macroeconomic context. Current economic news will be regularly scrutinized.

This is an entry-level course in economics, covering fundamentals of microeconomics and aimed at students who choose it as an elective or plan to continue their studies in economics. This course helps students develop basic analytical skills in economics and microeconomics. It provides students with a basic understanding of the market system in advanced capitalist economies. It examines the logic of constrained choice with a focus on the economic behavior of individuals and organizations. After a theoretical analysis of the determinants and the interaction of supply and demand under competitive conditions, alternative market structures will be investigated, including monopolistic and oligopolistic forms. The course examines the conditions under which markets allocate resources efficiently and identifies causes of market failure and the appropriate government response. The introduction to the role of government includes its taxing and expenditure activities as well as regulatory policies.

The analysis of contemporary challenges calls for a theoretically informed and multi-disciplinary approach. This course introduces students to the key concepts related to allocating tangible and intangible resources under conditions of scarcity, and producing public or commercial goods and services. In doing so, the course draws on political, managerial, game-theoretical and economic frameworks and encourages students to apply them to a broad range of cases. The objectives include enabling students to understand and analyze policy-making, the functioning of markets and their social and political implications, as well as the management of public and private institutions. Specific topics covered include (but are not limited to) modes of decision-making, rational behavior, supply and demand, competitive dynamics, welfare, externalities and public goods, consumer choice, and basic monetary and fiscal policy. While special emphasis will be placed on the analysis of political and managerial challenges, the course is relevant to students of other disciplines.

This course is designed to provide students with a basic knowledge of financial accounting concepts, procedures, analysis, and internal reports as an essential part of the decision-making process. The focus is on the three basic steps of the accounting process: recording, classifying, and summarizing financial transactions. Emphasis is placed on the general accounting activities leading up to the preparation of financial statements.

Managerial Finance is an introductory course in corporate finance that teaches students the basic theoretical and practical foundations in financial decision-making. In particular, students will learn about concepts and tools needed for valuing investment projects. Topics covered include the time value of money, valuation of corporate investment projects, the risk/return relationship, capital budgeting, the cost of capital, developing appropriate selection criteria, and short- and long-term financial management. Throughout the course, real-world examples are used to link theory with practice. (This course was previously BUS 326. Students may not earn credit for both BUS 226 and BUS 326.)

This course introduces students to the basic concepts and tools needed to make wise and informed personal financial decisions. The content of this course is presented from a practical point of view and with an emphasis on the consumer as the financial decision-maker. The primary objective of this course is to help students apply finance practices to their own lives. For example, students will learn how to plan and manage personal finances, how to obtain credit to purchase a home or a car, and how to invest personal financial resources in stocks, bonds, and real estate. Students will also learn how to interpret financial and economic news that have an impact on personal finances.

This course examines the infrastructure of the financial system and provides students with a comprehensive understanding of the different functions performed by financial markets and institutions and the role they play in assisting small and large companies. The main emphasis of this course will be the in-depth exploration of the major instruments in the financial market and the institutional characteristics of the markets (i.e.: money, stock, bond, mortgage, crypto, and blockchain markets) in which these assets are traded. Furthermore, the course analyzes the different types of financial intermediaries (commercial banks, investment banks, mutual funds, venture capitalists), which facilitate the flow of funds and are crucial for a well-functioning financial market.

This course provides students a comprehensive understanding of the management of investment portfolios including topics such as portfolio and asset pricing theories, portfolio optimization, asset allocation, security analysis (macro analysis, financial statement analysis), fixed income portfolio management, active (mutual funds, hedge funds) and passive (ETFs) investment strategies, performance evaluation, taxation, portfolio risk management, and international diversification. An additional emphasis of this course will be the in-depth analysis of alternative asset classes such as real estate, precious metals, and cryptocurrency.

This course deals with financial problems of multinational business. Topics include sources of funds for foreign operations, capital budgeting and foreign investment decisions, foreign exchange losses, and evaluation of securities of multinational and foreign corporations. Particular emphasis is placed on international capital and financial markets. Recommended: BUS 306.

This course explores the intersection between finance and technology and how technological developments are transforming the finance industry. The main emphasis of this course will be the in-depth analysis of the digitalization in the financial service industry focusing on three core areas: Payments, Lending, and Investments. The course will examine the market structure and its digital transformation by comparing services offered by traditional and challenger banks. Finally, the course will provide evidence on the impact of those new services on consumers, investors, and corporations.

This upper-level course in economics is the first part of a two-semester sequence including ECN 328. This course is designed to provide students with an understanding of the monetary dimension of contemporary economies. This includes the nature of the means of settlement, the technology of monetary payments, the banking system and its pro-cyclical, crisis-prone character that requires control and regulation, the response of financial markets to changing policy conditions and perceived risks, and central banks’ operations and goals when setting interest rates. Special attention is devoted to current monetary policy issues with special reference (but not limited) to the practice of the U.S. Fed and the European Central Bank. Recommended prerequisite: BUS 226, ECN 225, ECN 256.

This upper-level course in economics is the second part of an ideal two-semester sequence including ECN 325. This course is designed to provide students with an appreciation of the meaning and consequence of international monetary relations, notably with respect to cross-border payments and investments under different monetary, banking, financial, and political institutions. In the first part, the class will investigate currency exposure, the currency market and its actors, the determination of exchange rates, measures and indices of the external value of a currency. In the second part, focus will be on the structure of balance-of-payments accounting, the size and significance of current account imbalances, and exchange rate policies. Finally, students will study monetary unions with special reference to the current issues and future prospects of Economic and Monetary Union in Europe. Recommended prerequisites: ECN 225, ECN 256, ECN 325

This course focuses on the basic concepts of value and risk, and explores the principles that guide strategic investment decisions. Major emphasis is placed on the notion of net present value, the evaluation and pricing of bonds and stocks, and the definition and measurement of risk. The concepts of portfolio risk and expected return, as well as the role of portfolio diversification are carefully investigated. Students are then introduced to market efficiency, portfolio theory and the relationship between risk and return in the context of alternative theories, mainly the capital asset pricing model and the arbitrage pricing theory. (Recommended: ECN 225, ECN 256; Strongly Recommended: MAT 200)

This course focuses on the financing decisions of firms. After an introduction to the questions related to the definition of debt policy and the capital structure of the firm, the course investigates the problems related to the issue of securities and dividend policy, as well as the impact of corporate taxes and the costs associated to bankruptcy, financial distress and conflicts of interest. The second part of the course studies the fundamentals of option pricing theory and the valuation of options - with applications to warrants and convertible bonds - and provides an introduction to the use of derivatives for hedging financial risk.