Corporate Finance

• Instructor: Jay Dahya
  Info
• 3 points

Foundations of Valuations

Foundations of valuation is an introductory finance course required for all MBA students. It is designed to cover those areas of finance that are important to all managers, whether they specialize in finance or not. At the end of the course, you will be familiar with the most common financial instruments (stocks, bonds, options) and the methods to value them. More specifically, we will cover the following topics:

1. General framework for valuation (present value formula)
2. Bond and bond valuation (spot rates, yield to maturity, duration, convexity)
3. Stocks (stock valuation, dividend growth model)
4. Basic concepts of risk and return and the CAPM
5. Options (Black-Scholes formula)

The course will be a mix of lectures and cases. Students are expected to come prepared to class since the course relies on several in-class exercises students will solve in excel.

• Instructor: Haran Segram
  Info
• Instructor: Dominik Supera
  Info
• 1.5 points

Corporate Finance (Half-Term)

Corporate finance is an introductory course required for all MBA students. It is designed to cover those areas of finance that are important to all managers, whether they specialize in finance or not. At the end of the course, you will be able to value a firm. To reach this goal, the course covers the following topics:

1. Introduction to frameworks for firm valuation (enterprise DCF and multiples)
2. Multiple valuations
3. Free cash flows (definition, projections)
4. Residual value
5. Weighted average cost of capital
6. Optimal capital structure

The course will consist of approximately one‐half lecture and one‐half in‐class case discussions, for which students should prepare carefully. The course aims to provide students with an understanding of sound theoretical principles of finance and the practical environment in which financial decisions are made.

• Instructor: Yiming Ma
  h-index: 4 Info
• 1.5 points

Corporate Finance (Half-Term)

Corporate finance is an introductory course required for all MBA students. It is designed to cover those areas of finance that are important to all managers, whether they specialize in finance or not. At the end of the course, you will be able to value a firm. To reach this goal, the course covers the following topics:

1. Introduction to frameworks for firm valuation (enterprise DCF and multiples)
2. Multiple valuations
3. Free cash flows (definition, projections)
4. Residual value
5. Weighted average cost of capital
6. Optimal capital structure

The course will consist of approximately one‐half lecture and one‐half in‐class case discussions, for which students should prepare carefully. The course aims to provide students with an understanding of sound theoretical principles of finance and the practical environment in which financial decisions are made.

• Instructor: Yiming Ma
  h-index: 4 Info
• 1.5 points

Foundations of Valuation

• MWF 2:20 p.m.-3:50 p.m.
• MWF 10:50 a.m.-12:20 p.m.
• MWF 9 a.m.-10:30 a.m.
• MWF 4:10 p.m.-5:40 p.m.
• MWF 10:50 a.m.-12:20 p.m.
• MWF 9 a.m.-10:30 a.m.
• MWF 2:20 p.m.-3:50 p.m.
• Instructor: Vyacheslav Fos
  Info
• Instructor: Daniel Wolfenzon
  h-index: 20 Info
• Instructor: Dominik Supera
  Info
• 1.5 points

Corporate Finance (Half-Term)

• MW 2:20 p.m.-3:50 p.m.
• MW 10:50 a.m.-12:20 p.m.
• MW 9 a.m.-10:30 a.m.
• MW 4:10 p.m.-5:40 p.m.
• MW 10:50 a.m.-12:20 p.m.
• MW 9 a.m.-10:30 a.m.
• MW 2:20 p.m.-3:50 p.m.
• Instructor: Emmanuel Yimfor
  Info
• Instructor: Kairong Xiao
  h-index: 9 Info
• Instructor: Yiming Ma
  h-index: 4 Info
• Instructor: Kairong Xiao
  h-index: 9 Info
• Instructor: Emmanuel Yimfor
  Info
• Instructor: Sorin Maruster
  Info
• Instructor: Yiming Ma
  h-index: 4 Info
• Instructor: Kairong Xiao
  h-index: 9 Info
• Instructor: Emmanuel Yimfor
  Info
• Instructor: Yiming Ma
  h-index: 4 Info
• 1.5 points

DEBT MARKETS

The course will describe the major players in Debt Capital Markets, key institutions, broad empirical regularities, and analytical tools that are used for pricing and risk management. Some parts of the course will be analytical while others will be largely institutional. Each session will be organized around one or two key topics. In addition, class notes will be used to supplement and clarify issues. Some selected papers will also be kept in Canvas to serve as background reading for class discussions.

• Instructor: Mahadevan S Sundaresan
  Info
• 3 points

Strategic Equity Finance

The name of the course, Strategic Equity Finance, was chosen because Equity is where Strategy meets Finance. The course is case-driven with the objective of putting students in the "decision-maker's seat" in a variety of strategic situations - whether to go public (or not); deciding to acquire or divest businesses; dealing with financial crises - either, market-driven or self-imposed - where a company may potentially use equity. Through the course, students, who want to go into corporate (or private equity/VC) strategic financing roles, will learn how/why to use equity strategically; and students, who want to go into banking or consulting, will learn tools that will help them advising companies and private equity/VC firms.

• Instructor: David Erickson
  Info
• 1.5 points

Seminar in Value Investing

This course is designed to develop the approach to investments and security analysis pioneered by Benjamin Graham and David Dodd. The course details the comprehensive statistical evidence in favor of such an approach and the types of investments that are likely to be fruitful targets of a value approach. The course focuses on an approach to determining intrinsic values in practice that has the advantage of segregating valuation information by reliability level and using only the most reliable information as a basis for investment decisions in order to obtain a margin of safety." The course consists of lectures and visiting speakers who are successful practicing value investors."

• Instructor: Paul Johnson
  h-index: 8 Info
• 3 points

Seminar in Value Investing

This course is designed to develop the approach to investments and security analysis pioneered by Benjamin Graham and David Dodd. The course details the comprehensive statistical evidence in favor of such an approach and the types of investments that are likely to be fruitful targets of a value approach. The course focuses on an approach to determining intrinsic values in practice that has the advantage of segregating valuation information by reliability level and using only the most reliable information as a basis for investment decisions in order to obtain a margin of safety." The course consists of lectures and visiting speakers who are successful practicing value investors."

• Instructor: Paul Johnson
  h-index: 8 Info
• 3 points

Value Investing Across the Capital Struc

Value Investing Cap Struc

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• MTWRU 9 a.m.-5 p.m.
• Instructor: Keith W Luh
  Info
• 3 points

An Introduction to Blockchain and Crypto

This course will introduce fundamental concepts and a high-level overview of the burgeoning blockchain and cryptocurrency space. The course will begin by providing a background in fundamental concepts in Computer Science such as in cryptography, distributed systems, and data structures. It will then move on to an in-depth overview of blockchain, the history of Bitcoin and the proliferation of new consensus models, ICOs, smart contracts, and more. Industry guest speakers will share their perspectives.

• MTWRU 9 a.m.-5 p.m.
• 3 points

CAPITAL MARKETS & INVESTMENTS

This is a first course in capital markets and investments. The course has three principal goals: To introduce the principles of asset valuation from an applied perspective. The majority of the class is concerned with the valuation of financial securities. The valuation issues to be discussed are heavily used in portfolio management and risk management applications. To introduce the following concepts: Arbitrage. The term structure of interest rates. Portfolio theory, risk-control, and diversification. Equilibrium asset pricing models; the CAPM. Efficient and inefficient markets. Performance evaluation. Pricing and hedging basic derivative securities (futures and options) To provide sufficient background knowledge for students seeking an overview of capital markets and an introduction to advanced finance courses.

• TR 9 a.m.-10:30 a.m.
• TR 10:50 a.m.-12:20 p.m.
• F 12:30 p.m.-2 p.m.
• T 9 a.m.-12:15 p.m.
• Instructor: Kent Daniel
  h-index: 25 Info
• 3 points

Corporate Financial Management

Formerly known as Advanced Corporate Finance develops the art and science of optimal strategic decision-making by applying corporate financial theory to cases of financial policy, financial instruments and valuation. In particular, the following topics are studied: cost of capital and capital budgeting, discounted cash flow valuation and financial multiples, payout policy, equity and debt financing, option pricing theory and applications, corporate control and recapitalizations. The classes are structured to maximize the synergy between theory and practice, providing students portable, durable and marketable tools for their internships and careers.

• MF 2:20 p.m.-5:35 p.m.
• Instructor: John Moon
  Info
• 3 points

DEBT MARKETS

The course will describe the major players in Debt Capital Markets, key institutions, broad empirical regularities, and analytical tools that are used for pricing and risk management. Some parts of the course will be analytical while others will be largely institutional. Each session will be organized around one or two key topics. In addition, class notes will be used to supplement and clarify issues. Some selected papers will also be kept in Canvas to serve as background reading for class discussions.Outline of Key Topics:- Overview of Debt Securities: What are debt securities? What are their sources of risk and return? Historical performance of fixed income securities. - Major players and their functions: United States Treasury, Federal Reserve Banks, Primary Dealers, Inter-Dealer Brokers (IDB), Rating agencies, Sell-side and Buy-side institutions. - Bond mathematics: a) price and yield conventions, b) PVBP, Duration (modified, effective and key-rate), convexity, and negative convexity. Trading applications: spread trades, bullet vs barbell positions. - Term Structure Theory: Spot rates, forward rates, par yields, modeling interest rates and pricing bonds. - Structural models of default: Modeling credit risk, credit spreads and their behavior, Distance to default, forecasting rating changes, high-yield and investment-grade debt markets - Government, Agency and Corporate markets - Municipal markets - MBS: Structure of MBS markets, prepayments, Option Adjusted Spreads, Pass-through securities, REMICs, risk measures - Asset-backed markets - Derivatives: Treasury futures, Interest Rate Swaps, and Single-name credit default swaps - Clearinghouses vs exchanges vs OTC markets

• FMW 9 a.m.-10:30 a.m.
• Instructor: Mahadevan S Sundaresan
  Info
• 3 points

DERIVATIVES

Successful investing in Equities Markets requires more than just picking stocks given the wide
array of products at a portfolio manager's disposal. Through a combination of lectures, a case
study and guest speakers, this course is intended to provide firsthand experience on how
products like Options, Swaps, Futures, ETFs, and Structured Notes, and are structured, valued,
and used. Although most of the course relates to Equities, there will be some content on
Derivatives on other Asset Classes

• T 6 p.m.-9:15 p.m.
• Instructor: Mark Zurack
  CULPA: 1 Info
• 3 points

The Analyst's Edge

What should you expect to learn from this class?
1. Develop and refine a high-quality investment process
2. Build background and primary research skills
3. Attain greater awareness and insight into metacognition and psychology in investing
4. Understand the different ways of managing risk in investing
5. Develop and cultivate relationships with industry experts
6. Build relationships with fantastic alumni

There are many ways to make money in the markets and our goal is to provide you
with an investment process/approach that can be applied not just to public investing,
which is the focus of this class, but also to other asset classes.
Speakers: Each class will be supplemented with a guest speaker who is an expert in
their field and in the key topic of each class to further bridge theory and practice.
Speakers will include hedge fund managers, experienced investment analysts, CEOs,
industry experts, and investigative researchers.
Mentors: Each student will be provided a mentor from the industry. We encourage
you to connect with them regularly, utilize their feedback in your work, and build a longterm relationship.

• W 6 p.m.-9:15 p.m.
• 3 points

Private Equity Field Study

PE Field Study Lab

The “Private Equity Lab” offers a distinctive experiential learning opportunity for students to engage directly with private equity firms on real-world projects. This course is a blend of academic instruction and hands-on experience, tailored for those looking to deepen their understanding of private equity (PE) through practical application. Partnering with PE firms identified through the Columbia Business School's (CBS) alumni network in the New York City area, this program supports students who work on specific research projects integral to the firms' current deals, portfolio management, or investment strategy. These projects are screened to be mission-crucial but not mission-critical for the firms. This ensures students will work on meaningful projects while protecting the partner firm’s performance.  The course thus facilitates a connection between a student and a PE firm with a self-contained research project that could benefit from the student’s skills.  
The course aims to coordinate a collection of such projects that would otherwise be organized as “Field Study Projects” in independent studies and seeks to overcome the challenge of students sourcing these opportunities and identifying faculty advisors to mentor the project. Importantly, this is not an internship arrangement, and students are not paid (thus, the hours worked are capped at the usual amount of total expected class time).

• T 2:20 p.m.-3:20 p.m.
• Instructor: Michael Ewens
  Info
• 1.5 points

ASSET MANAGEMENT

This course applies financial theory to the issues and problems of asset management. In order to understand these issues, we must start with the specific goals, characteristics, and considerations of the asset owner. Asset owners may be individuals (e.g. personal wealth), collective owners (e.g. families or pension funds), charitable endowments and foundations (e.g. Columbia University), corporations, and nations (e.g. sovereign wealth funds). We characterize the properties of asset returns and the nature of various investment strategies to assess how asset management can meet the specific investment goals of asset owners. Asset owners usually delegate management of their portfolios to financial intermediaries, which may invest across a broad array of assets or specialize in a certain investment style or asset class. The delegated nature of investments necessitates understanding the principal-agent issues and market frictions associated with each type of asset class.

• R 9 a.m.-12:15 p.m.
• Instructor: Geert Bekaert
  CULPA: 1 Wikipedia h-index: 75 Info
• 3 points

Mergers & Acquisitions

This course is designed to be an applications oriented course and will draw heavily upon real world change of control case studies. The course builds on the prior courses in corporate finance. The course will not introduce significantly new finance principles or analytical techniques other than those to which the student has been exposed to previously in the prerequisite introductory courses in finance at Columbia. The course will seek to apply basic finance principles and analytical techniques to actual problems likely to be encountered by senior management of major corporations or those who are the advisors to such management in the context of an M&A transaction. At the conclusion of the course, the student will have gained an appreciation for the role M&A plays on today's corporate landscape and have formed an opinion as to whether or not an M&A transaction makes sense" for the firm. The student should expect at the conclusion of this course to have gained a level of competency in M&A commensurate with an entry-level investment banking associate in M&A. Whether or not the student "practices" M&A, the course will afford the student with an insider's look into what is an undeniable major force on today's corporate landscape. Accordingly, students who are interested in investment banking, consulting, equity research, corporate development, corporate lending, strategic planning, private equity, leveraged finance, or proprietary trading many wish to consider this course."

• R 2:20 p.m.-5:35 p.m.
• R 6 p.m.-9:15 p.m.
• Instructor: Donna M Hitscherich
  Info
• 3 points

Real Estate Finance

The course focuses on the set of concepts and techniques used to analyze and finance income-producing real property. It starts with the characteristics that make real property different, including cash flow uncertainties, debt sources and tax features. It then considers the available strategies and structures of real estate finance, including capital structure choices for construction and permanent financing. Extensive use is then made of cases to illustrate the range of choices and outcomes.

• TR 2:20 p.m.-3:50 p.m.
• TR 4:10 p.m.-5:40 p.m.
• Instructor: Tomasz Piskorski
  h-index: 21 Info
• 3 points

Real Estate Transactions

Real Estate Transactions is to provide you with an understanding of the institutional framework of commercial real estate transactions. It is the complement to the analytics of finance and investment. Real estate transactions draw upon a vast array of laws and regulations - property law, contract law, land-use law, environment law, securities law, constitutional law, corporate law, bankruptcy law, insurance law, and riparian law. Tax considerations similarly play a significant role in shaping transactions as real estate is highly sensitive to taxation at all levels of government and across all stages of property ownership. You should finish the course knowing how the terms and conditions spelled out in a term sheet find their way into particular sections and provisions of a deals legal documentation. To succeed in this business, you will need to be savvy consumers of legal expertise, notwithstanding the knowledge and expertise of your attorney.

• FMW 6 p.m.-7:30 p.m.
• 3 points

Private Equity Allocation

The course "Private Equity: Capital Formation, Innovation, and Impact" focuses on the dynamics in private equity between General Partners (GPs) and Limited Partners (LPs), especially through the private equity capital formation process, the market innovations driven by the needs of both GPs and LPs and the increasing emphasis on sustainability and impact. We start with an overview of the investor’s – limited partner’s – problem: allocating capital to private equity managers, funds and co-direct investments. The course covers the major types of limited partners, including both the traditional LPs, such as pensions, endowment, and insurers, and the fastest growing global LP segments, such as sovereign wealth funds in Asia and the Middle East, family offices, and private wealth in Europe and Asia. We will investigate how illiquidity and the absence of periodic mark-to-markets stress the traditional portfolio construction problem. The private equity industry has experienced several financial innovations that have altered the risk-return profile and impacted the set of investors able to access the asset class. We will discuss secondary transactions, evergreen structures, and co-investments. Finally, given their size and political influence, institutional investors are at the forefront of sustainability and ESG initiatives. The course will cover how private equity uniquely addresses these challenges. The course includes lectures, case discussions, and guest speakers. The topics covered in the class include:

- Capital formation: the global landscape of institutional LP capital
- Sovereign wealth funds, private wealth, and family offices
- Secondary transactions for limited partner positions and co-investments
- The role of state-backed capital
- Portfolio construction and management with private equity as a major component
- ESG and other sustainability objectives
- Evergreen funds and fund extension issues

Students interested in careers in any financial industry where they expect to interact with large institutional investors or private equity investors will benefit from this course.

• W 6 p.m.-9:15 p.m.
• 1.5 points

Private Equity Finance

The course "Private Equity Finance" focuses on the essential aspects of corporate finance relevant to the private equity industry. It covers topics that are critical for interviews and practice in PE investing. The course follows the "private equity cycle" of selection, valuation, and harvesting. Initially, students learn to evaluate a target company from the perspective of a private equity firm, keeping in mind the needs of investors and management. The course then delves into funding negotiations, deal structuring, and private equity investment management. Classic valuation techniques such as DCF, comparables, and APV are reviewed, along with models specific to private equity transactions (for example, the LBO model). Additionally, students will gain insight into the legal and regulatory frameworks that govern private equity finance and the ethical considerations that arise in this field. Finally, the course concludes with a study of investment exit strategies.

By the end of the course, the student will understand the language of private equity, the solutions available for valuation and deal structure, and the economic frictions that must always be addressed. This course provides a comprehensive overview of private equity finance and prepares students for careers in this exciting and dynamic industry.

This course is an applications-oriented course requiring the student to solve actual problems. After the 2023-24 academic year, this course is a pre-requisite for all 2nd year PE electives offers in the curriculum. The 2023-24 course is not available to students who have enrolled in Foundations of PE I as half of the course material has significant overlap.

• FM 9 a.m.-12:15 p.m.
• Instructor: Aamir Rehman
  Info
• 3 points

Applied Credit Investing

In this twelve-person seminar, we will review the structure of the high yield bond and private lending markets and develop a practical approach to assess credit risk. The class will be divided into four groups of three students each. Homework assignments and presentations are to be completed collaboratively within each group. We will discuss market trends and analyze recent debt offerings. The emphasis will be placed on developing analytic skills for reviewing corporate credit (i.e., understanding the economics/cash generation capacity of a business, one’s position in a balance sheet and rights as a creditor) and assessing how the market measures and prices credit risk.

• W 9 a.m.-12:15 p.m.
• 1.5 points

Impact Investing

This course is intended to provide students with an overview of the range of investing and funding approaches used by impact investors. This will be done through a combination of lectures, discussions, and presentations by leading impact investors and thought leaders. The substantive areas covered will include: (1) financial instruments and techniques used to fund social enterprises (for-profit, nonprofit and hybrids); (2) the differing financial return and social impact return expectations of impact investors; (3) how investors/funders and investment/wealth managers and advisors structure their portfolios and funds; and (4) strategies used by impact investors to search for impact investing opportunities. As well as investor/funder perspectives, the course will explore the role of financial innovation in creating opportunities to finance social enterprises, and the enabling regulatory framework and information intermediaries that are needed to support the development of robust social capital markets.

• W 9 a.m.-12:15 p.m.
• Instructor: Mark Berryman
  Info
• 1.5 points

Activist Value Investing for Small Cap C

Activist VI for Small Cap

• T 6 p.m.-9:15 p.m.
• 1.5 points

Strategic Equity Finance

• TR 10:50 a.m.-12:20 p.m.
• Instructor: David Erickson
  Info
• 1.5 points

Managing Large Pools of Assets for Famil

This course will teach students how to construct investment portfolios for various asset allocation purposes (family offices, endowments, foundations, etc.).  The course will teach the history and evolution of the asset allocation industry and its varying schools of thought. The professors will draw on their own insights and frameworks developed at East Rock Capital and several industry practitioner guest speakers. Students will learn how to identify high-conviction investment opportunities in established and emerging managers and direct investment opportunities and how to construct diversified portfolios focused on long-term wealth creation rather than short-term performance.  By the end of the class the students will have a strong foundation to start their careers in asset allocation.

The course will focus on identifying specialized managers. Students will analyze case studies of both direct and indirect investments and learn strategies for conducting thorough due diligence. A significant component of the course will involve portfolio construction techniques. Students will learn how to categorize holdings into appropriate buckets (e.g., "Generational Assets," "Liquid Assets," and "Family-Directed Assets") to balance risk, return, and investment goals.

The objective is to equip students with practical frameworks for sophisticated wealth management tailored to multi-generational family investors.

The course will meet weekly, and preparation for each class is critical.  We will have several outside speakers to research each week and weekly reading assignments based on that week’s module.   The final exam will be a semester-long project to put everything we have learned all semester to work. 

This course is most relevant for students interested in asset allocation, wealth management, running a family office, and investing. It is an application-based course that is not open to the bidding process.

• T 2:20 p.m.-5:35 p.m.
• 3 points

Climate Finance

Climate change may be today’s most serious challenge to the future of humanity. Scientists have concluded that avoiding catastrophic climate change will require a reduction in greenhouse gas emissions to zero by 2050 or shortly thereafter, a dramatic reversal after several hundred years of industrial growth. This will require a rapid transformation of the global economy, requiring trillions of dollars in capital and creating new and risks and opportunities for investors to finance the transition. This course builds on the lessons learned in B8705 Business and Climate Change. The course begins with an introduction to climate finance and the topic of carbon markets, followed by classes on project finance to finance renewable energy, venture and growth capital to finance emerging climate technologies, and public equity strategies including divestment and ESG investing. Financial products in the fixed income and insurance markets are examined for climate impact, followed by a class session on development finance to understand the unique challenges and solutions to investing in climate solutions in emerging markets. The course wraps-up with a class session on the strategies used by banks and investment firms for the transition to net zero, concluding with a discussion of the impact of the climate crisis on opportunities and careers in finance.

• W 2:20 p.m.-5:35 p.m.
• Instructor: Bruce M Usher
  Info
• 1.5 points

Security Analysis

The course’s objective is to present a rational investment philosophy and process for equity security analysis and capital allocation. The course has three sections:
(1) Investment Philosophy and Capital Markets
What is the objective of security analysis and investing?
Why does a value-based methodology win over time?
Does Modern Portfolio Theory explain empirical evidence?
What is more instructive for investment analysis – determining value or expected return?
What is the difference between “cheap” and “mis-priced”?
(2) Investment Process – Valuation and Competitive Strategy
What is the difference between a great business, a good business and a bad business?
How can we evaluate when a business and/or an industry’s mid-long term economics change?
How can we evaluate company specific structural mis-pricings that exist?
How can we categorize investment opportunities to improve how we value and define them?
How can we define a process to source mis-pricings into investment categories?
What are the commonly used valuation methodologies and which are most instructive for certain situations?
What is the most effective framework for modeling a business and what are the pitfalls?
How can we evaluate management’s history of capital allocation? How important is it and how do we factor this into valuation?
(3) Capital Allocation and Global Macro
What top-down inputs are instructive for a security analyst?
What lessons have we learned from previous bubbles?
Can computing and evaluating asset class expected returns help source where a security analyst might find mis-pricings and compounding opportunities?
How do we evaluate secular headwinds or tailwinds for industries and businesses?
What are the pitfalls of consensus thinking and is there a benefit to seeking the edge of the crowd?
What are the key economic data points that truly inform the analyst where we are in certain cycles?
The curriculum will seek to answer these questions by first reviewing investing principals and concepts. Thereafter we will bring in company executives and investment practitioners to provide real world evidence of these principles in action and allow for students to participate in a
thoughtful, factual dialogue.

• W 2:20 p.m.-5:35 p.m.
• Instructor: Christopher Begg
  Info
• 3 points

Applied Value Investing

This course combines the methods and teachings of security analysis with practical buy-side methodologies to identify and research attractive value investments. Emphasis will be placed on the development and implementation of a sound and repeatable research process. Both long and short methodologies will be covered during the semester.
This course will leverage your theoretical learning in security analysis plus require you to develop business acumen and industry expertise. A combination of fundamental analysis and assessment of intrinsic value will be balanced with thematic thinking and business judgment. The course should arm you with the tools to identify attractive value investments through a variety of methodologies for several alternative fund strategies. Throughout the semester, students will prepare five full investment memoranda on assigned stock securities. After the first name, which will be assigned to the entire class, subsequent stocks will be assigned to small groups of students. Certain students will be required to develop the long thesis while others develop the short thesis. Ultimately each student will select one of their ideas to further develop (long or short) for a final presentation to the class and outside fund managers. The class will be kept small to take advantage of the instructional method. Class discussions will be complemented by guest discussions from highly regarded investment professionals from the long only and hedge fund community.

• FM 6 p.m.-9:15 p.m.
• R 6 p.m.-9:15 p.m.
• T 2:20 p.m.-5:35 p.m.
• FM 6 p.m.-9:15 p.m.
• R 2:20 p.m.-5:35 p.m.
• Instructor: Kevin Oro-Hahn
  Info
• 3 points

Advanced Investment Research

This will be a demanding class meant for the student intent on entering the investment management industry post-graduation. As such, only students who demonstrate a compelling interest in professional investment management will be admitted, and admission will be limited to 10 students to ensure quality of experience for all involved. This seminar is not open to the bidding process and no auditors will be allowed. The purpose of this section of Advanced Investment Research is to help students learn how to rip apart" a company and draw thoughtful conclusions about whether it might make for a good investment opportunity. Topics will include stock selection, identifying the key investment factors, developing a variant view, and networking with industry contacts to help confirm or refute one's thesis. The class will culminate with students delivering a detailed research recommendation on a single investment idea to a panel of judges. The goal is for students to leave class with an actionable investment idea and a framework for how to develop and research ideas in the future.
This class will be demanding and potentially overwhelming if you are not prepared to dedicate significant time and energy to it. Students should expect 20-25 hours of work per week outside of class, and the work load may be higher if you have not previously done detailed fundamental investment research. We recommend that you do not take this class if you are unable to put in this amount of time because you will not be able to keep up, and you will not be happy with your final grade.
Note: this class will also include a substantial pre-class assignment which will be a material part of the final grade.

• T 6:30 p.m.-9:30 p.m.
• Instructor: Kian Ghazi
  Info
• 3 points

Mental Models, Investment Fram

Please note that this course was open to Value Investing applicants only, and is not biddable. The roster has been set, and the course is now closed. This course will help students learn the process of performing investment case studies. Investors use case studies to build a library of mental models and real-world analogies to facilitate pattern recognition in order to make superior investment decisions, refine search filters, identify key investment factors, assess how investments are likely to play out, develop and monetize their circle of competence, and to understand the life cycle of investments and where we stand today in that cycle. This class is complementary to the Value Investing Program.

• W 2:20 p.m.-5:35 p.m.
• 3 points

Hedge Funds

The course is designed for individuals who wish to learn more about the investment strategies employed by hedge funds. Students range from those considering a career switch out of a very broad range of activities to this style of asset management to those who are interested in affiliated activities, from marketing hedge funds to selling to them. The course is outlined in more detail in the attached syllabus, or in the brief video.

• T 6 p.m.-9:15 p.m.
• Instructor: Fa Savoldelli
  Info
• 3 points

Legal Financial Arbitrage: Merger Arbitr

This class will focus on an increasingly important (yet academically underdeveloped) area of intersection in law and finance: Legal-Financial Arbitrage (LFA). This field is a subset of financial arbitrage, a well-known practice of spotting hard-to-justify price differences among two (or more) identical (or highly correlated) investments and then capitalizing on those differences in a riskless (or nearly riskless) way. LFA is a subset of financial arbitrage, but LFA focuses on pricing differences occasioned by legal/regulatory uncertainties or anomalies (e.g., contract interpretation and enforceability, regulatory status and enforcement, etc.), capitalizing on those differences using the tools of arbitrage trading.

LFA is a true cross-profession enterprise. Although financial arbitrage is nothing new in financial markets, and assessing legal risks is the stock-in-trade for attorneys, the two skill sets have started to intersect meaningfully in LFA, as so-called “strategic situation” and “merger arbitrage” traders have increasingly focused their attention on legal matters that may not be fully appreciated by other market participants, either because they are less attentive to legal and regulatory situations or because the trade rests on unique judgments about how legal matters will unfold.

The most commonly employed LFA trading strategies concern announced M&A transactions (which provide a natural setting where the value of an M&A target’s stock should home in on a known value at a future time if a deal closes). We will focus much of our attention on M&A transactions.  But like LFA trading generally, we will not be so limited.  LFA opportunities exist in many other law-relevant domains, such as corporate governance and board control fights, bankruptcies, commercial/IP litigation, and mass tort claims. What will link all the situations we study, however, is the central importance of combining sound legal assessments to generate (probabilistic) forecasts of the outcomes of these situations, to assess how these outcomes will affect prices of the firms’ traded securities.  We will discuss how biased beliefs and the risks faced by market participants can lead to investment opportunities.  Finally, we will discuss the implementation of optimal arbitrage positions. Accordingly, we hope to facilitate dialogues and innovative idea generation
between
JD and MBA students (working in teams).

• R 4:20 p.m.-6:10 p.m.
• Instructor: Kent Daniel
  h-index: 25 Info
• 3 points

Short Selling

There’s an old Wall Street adage: “Don’t short valuation.” So, is everything else fair game? What about frauds, are those sure things? The purpose of this class is to answer these questions and equip students to profitably employ short-selling investment strategies. We will introduce students to all aspects of short-selling. However, we will assume that students have prior knowledge of the basics mechanics of shorting a stock, as well as various accounting tricks and “shenanigans” that companies employ to mask weaknesses in their business. To that end, we will provide some materials that should be reviewed before the start of class to review these concepts.

In class, we will first dig into the academic literature behind short selling. We will discuss what has worked historically, and whether or not it has been successful as of late. We will then read and discuss case studies on “famous” shorts and frauds. We will, with the benefit of hindsight, try to identify inflection points in the arc of each company. The students will also become familiar with the risks of shorting frauds too early. We will examine various short selling strategies, including “activist shorting”, that are currently being employed in the markets. We will evaluate what elements make for a compelling short “pitch.” Additionally, students will learn about idea sourcing, portfolio management, risk management, and compliance.

While the title and focus of the class is “Short Selling,” it is important to note that the techniques and investment approaches we will discuss are highly applicable to long-focused investing as well. Deciding not to own a security that is included in a tracking index is functionally the same as shorting the security, and understanding a company’s true profitability (and not the version that it promotes through its accounting decisions) is highly important for valuation efforts. A deep and skeptical research approach should assist fundamental analysts in all fields. We will approach this topic from both theoretical and practical perspectives, drawing heavily on the academic literature around short selling as well as highly-experienced practitioners. We will examine what makes a profitable short, and pay particular attention to unsuccessful shorts and
how to avoid them. The mosaic of analysis will include accounting, market microstructure, fundamental factors, behavioral finance, value-added research, and various v

• T 6 p.m.-9:15 p.m.
• 1.5 points

Private Equity Leverage

Leveraged Buyout.  The term itself has a mystique to many people, but at its core it refers to buying a company (a “buyout”) using leverage (i.e., debt), usually a lot of it.  While many types of business owners can utilize borrowings to fund an acquisition, the term is synonymous with private equity firms buying companies using significant amounts of borrowed capital.  Leveraged buyouts date back to the 1960s, when the predecessors of the original private equity firms were bootstrapping deals together.  While much has changed in the intervening decades—including the development and maturation of the private equity industry—some things have not, including leverage's importance in any buyout.  Without one or more lenders or other credit providers, there cannot be a leveraged buyout; therefore, lenders and credit investors are important stakeholders in closing every private equity buyout.  In addition, the leverage places certain constraints on the borrower, so the lender or credit provider is a key stakeholder in the ultimate success of the private equity firm’s investment.

 

By its nature, the financing of leveraged transactions is significantly different from that of large-cap publicly traded or Fortune 500 companies, which often have access to low-cost commercial paper, the investment-grade bond market, global banks, and numerous other parts of the capital markets.  While those companies may borrow tens of billions of dollars from banks and other sources, those companies’ debt is typically considered relatively low risk (perhaps having a low debt-to-cap ratio or denoted as “investment grade”).  Today, leverage in buyouts is often 40%, 50%, or even 60%+ of the company’s total capitalization.  Underwriting for these deals in significantly different than traditional underwriting.

This course will cover the topic of leverage used in private equity buyouts
1
:  why leverage is important, various commonly deployed forms of leverage, and trends in the overall marketplace (including the rapid growth of private credit, especially in the middle market).  This course will provide:


an understanding of the various forms of leverage commonly deployed by private equity firms (and other business owners) in transactions, including borrowings from banks and private credit firms and through the issuance of high-yield bonds

the experience of acti

• W 6 p.m.-9:15 p.m.
• Instructor: Eric Rogoff
  Info
• 1.5 points

Digital Investing

The course is designed to introduce business students to the application of value investing concepts and disciplines to digital businesses. We will cover a wide range of digital business models in companies at a variety of stages and development.The course is organized around major digital business models and industry verticals. After the introductory sessions, each week will closely examine a leading digital company (or companies) within the model/vertical at issue, as well as an alternative established or emerging digital competitors. The analytical framework will be reflected in an Investment Committee Memorandum template that will serve as a basis for class discussion. The template incorporates the key decision-making variables relevant to a value investing approach. The first half of each class will focus on the overall sector identified and leading company example.The second half will include Investment Committee Memo presentations by two student groups on the alternative digital business examined. Some sessions will include participation of relevant leading digital investors or executives. In addition to weekly readings, the two textbooks for the class are: Value Investing: From Graham to Buffett and Beyond (VI) by Bruce Greenwald et al. and The Curse of the Mogul: What's Wrong with the World's Leading Media Companies (COM) by Jonathan Knee et al. The reading assignments for class combine chapters of the book with relevant background materials on the general sector and specific companies studied. Grading is based on:Final examination (65%) Group presentations (25%) Class participation (10%)"

• T 2:20 p.m.-5:35 p.m.
• Instructor: Jonathan A Knee
  h-index: 5 Info
• 3 points

Foundations of VC

The course is very experiential. Learnings will be applied to companies that are currently fundraising and you will assess each company as if you were considering investing. There will be 2-3 guest lecturers (in addition to the startup pitches) from experts in the ecosystem so students get a varied perspective. Real company info will be shared in this class. As a result, class slides will be handed out in class but not shared electronically and class sessions will not be recorded.

• W 9 a.m.-1 p.m.
• W 6 p.m.-9:15 p.m.
• R 2:20 p.m.-5:35 p.m.
• 1.5 points

Modern Value

You might have heard that value, quant value to be specific, has not performed well over the last decade. Consider the Figure below. It shows the returns associated with investing $1 in four quant strategies, big value, big growth, small value and small growth. The facts are straightforward. Big growth has outperformed big value, but the value premium is alive and well amongst small stocks. In general, when one looks at value versus growth, growth has outperformed greatly. Does this mean value investing is dead? Absolutely not. Journalists and observers confuse quant value with value investing Modern value is about value investing: The process by which we estimate the fundamental value of the business operations of the firm in the context of the competitive position the company has in the industry and markets in which it operates. Notice that I wrote process. Value investing is indeed structured and systematic, and it needs to be because it is granular, focused on the specifics of the firm under consideration. Thus, it is easy to get lost in the details of the firm. The process helps you assess the importance of each bit of information and integrate them coherently in the analysis that combines tools from accounting, valuation and the economics of strategic behavior. around the appropriate aspects of the business?

• MTWRF 9 a.m.-5 p.m.
• Instructor: Tano Santos
  h-index: 27 Info
• 3 points

Real Estate Debt Markets

This half session "B" course is focused primarily on the commercial real estate debt markets and is complimented by the half session "A" course, Real Estate Equity Markets. Students may wish to take both half courses sequentially for a complete understanding of the Real Estate Capital Markets or individually. The purpose of this course is to provide the student with a comprehensive understanding of both theory and practice in the commercial real estate debt markets both from the perspective of capital providers as well as property investors. The approach will be to make sure students first have a thorough grasp of the relevant theories and models used to value these assets and then to apply that understanding to reality seeing the limitations of the theory. Students will learn how to underwrite, size, and analyze a variety of commercial real estate debt including balance sheet first mortgage loans, first mortgage loans for securitization and CMBS, and subordinate debt structures including mezzanine loans, B- notes and preferred equity. The course will also teach the student how to analyze the $800 billion CMBS market, the largest commercial real estate debt market and the associated CRE CDO, CRE CLO and CMBX markets both from a theoretical and practical perspective. These markets finance about one quarter of all commercial real estate debt. They were also at the heart of the recent commercial real estate bubble, collapse and rebirth. Some time will also be devoted to agency "CMBS (multifamily)" markets including FNMA DUS MBS, FHLMC K certificates and Ginnie Mae Project and construction loan certificates. As a final project, students will be grouped into teams and given commercial real estate securities to analyze on a Bloomberg to make investment decisions. All students who would like to understand these critical markets and their connection to the commercial property markets are welcome. The course would be particularly appropriate for students wishing to pursue careers in real estate finance and/or trading, creating, investing in, researching, selling or regulating commercial real estate securities. The course is also recommended for students wishing to pursue careers as developers or investors in commercial real estate properties themselves (" the dirt") but want to understand how to fund their ventures via these instruments and how volatility in the real estate debt capital markets for these instruments can create opportunities and risks in the property markets themselves.

• T 6 p.m.-9:15 p.m.
• Instructor: Brian P Lancaster
  Info
• 1.5 points

Real Estate Equity Securities

Important Scheduling Notes: The first class (9/7/21) conflicts with Rosh Hashana and will be moved to either Thurs 9/9/21 or Fri 9/10/21 from 1:00 - 4:15 pm. The final class (10/12/21) will be held on Friday 10/15/21.
FINCB8457

• T 6 p.m.-9:15 p.m.
• Instructor: Ross L Smotrich
  Info
• 1.5 points

An Introduction to Blockchain

This course will introduce fundamental concepts and a high-level overview of the burgeoning blockchain and cryptocurrency space. The course will begin by providing a background in fundamental concepts in Computer Science such as in cryptography, distributed systems, and data structures. It will then move on to an in-depth overview of blockchain, the history of Bitcoin and the proliferation of new consensus models, ICOs, smart contracts, and more. Industry guest speakers will share their perspectives.

• R 9 a.m.-12:15 p.m.
• 3 points

Residential Real Estate: Dirt, Debt, And

The course’s objective is to teach the student how to develop, value, finance, and invest in residential real estate and residential real estate debt securities and derivatives as well as to understand how the US residential financing system works. Given its’ broad and deep sweep, students will learn about a wide range of topics ranging from the importance of fits and finishes in selling homes in a new subdivision, to how to entitle land, to how blockchain is being used to disrupt the mortgage origination process, to how to create an Agency residential CMO companion bond and a lot more. A range of housing types will be covered including: single family subdivisions, market rate urban condominiums, low and moderate income housing, workforce and student housing, manufactured housing, and senior residential living
communities, and rental apartments. At the end of the course we will also focus on racism and real estate.
The course is recommended for Columbia Business School MBA, EMBA, PhD and MSc financial engineering students who
wish to understand these markets better or who want to pursue careers or side businesses in developing and/or buying
residential types of real estate, and/or who wish to trade, sell, research, or institutionally invest in residential real estate
securities and derivatives. Cross registrants from SIPA, the School of Engineering, Law and Journalism schools who want
to better understand how housing development and the US housing finance system works are also welcome.

• MW 10:50 a.m.-12:20 p.m.
• Instructor: Brian P Lancaster
  Info
• 3 points

Finance in the Family Firm

The course is directed towards students who are involved with the management of family businesses, either their own family's or someone else's, as well as towards students who interact with family businesses. The focus of this course is primarily on financing decisions faced by
privately held family businesses. We will explore the family, business, and ownership issues found in family owned and managed companies to get a better understanding of how financial decisions are influenced.
Through lectures, case studies, student work experiences and guest speakers, we consider questions of control, growth, liquidity, and the evolving role of governance and the family office in the financing decisions of the family owned enterprise.
The course has the following objectives:
• Develop a system framework to analyze factors influencing family business financial decisions.
• Increase your understanding, effectiveness and commitment as a member of a family firm (either you own family’s or someone else’s) or as an advisor to such firms
• Identify the characteristics that differentiate a family business from other businesses
• Examine the life cycles of family businesses from the perspective of business, family and ownership
• Learn to identify and evaluate situations and problems in family businesses
• Examine best practices and explore emerging trends in family business management
• Develop family business competitive strategies

• RF 9 a.m.-5 p.m.
• Instructor: Craig S Wo
  Info
• 1.5 points

The Credit Superhighway

The outstanding notional amount of debt instruments in the world is well over $100 trillion which makes it larger than the global equity markets. Credit, is actually what makes the world go around yet it gets much less billing and excitement than other asset classes. If you think credit is just fixed income, I have a few hedge fund managers you should meet Some of them will be our occasional guest speakers!

• FM 2:20 p.m.-5:35 p.m.
• Instructor: Avi Friedman
  Info
• 3 points

Investing in Medical Technolog

This course focuses on the critical factors and approaches that managers and sophisticated investors use to identify and value attractive business opportunities and investments in the medical technologies sector. It will provide students with an understanding of the current economic and competitive environment for the development and commercialization of new medical devices, including regulatory, pricing, and reimbursement factors. It will highlight new emerging technologies in the field, and explore how to assess such novel technologies and build commercial models for valuation purposes.
Guest speakers from the medical device industry (company executives, physicians/ surgeons, investors, investment bankers) and investment case studies will be used to provide students with practical insight into this complex sector. Critical issues to be examined include:
- Strategies and risks associated with discovering, developing, and approving new medical technologies, including impact of government oversight and regulation;
- Pricing/reimbursement and health policy/ legislative matters impacting the medical technology sector; - Keys to evaluating novel medical technologies and analyzing business drivers and future performance of medical device & diagnostic companies (public and private);
- How to build commercial models, including valuation methodologies that successful investors use to value/price companies in this sector;
- Conducting due diligence and market analysis on medical technologies from which to formulate investment ideas;
- Considerations in taking long and short investment positions in this sector.
The course is cross-functional in its approach and focuses on real-world" problems currently facing senior managers and investors in this sector. This course will be useful for students interested in careers in the life science and healthcare services sectors, as well as healthcare consulting, investment banking, equity research, venture capital, private equity, and investment management given the large and growing healthcare practices of such firms. Some understanding of, or experience in, the healthcare/medical technologies sector will be highly valuable."

• M 6 p.m.-9:15 p.m.
• Instructor: Efrem J Kamen
  Info
• 1.5 points

Investing in Social Ventures

This half semester course provides students with the opportunity to perform due diligence on early-stage social ventures
(nonprofit and for-profit ventures with a social or environmental mission). This course is designed for MBA students
interested in impact investing, social entrepreneurship, or philanthropy. The objective of the course is for students to
learn both the theory of investing in early-stage social ventures and the practice of evaluating early-stage social ventures
through a due diligence process. This course is not designed for the evaluation of larger, well-established social
enterprises.
Students are placed in teams to evaluate social entrepreneurs from the Columbia University community who have applied
for funding from the Tamer Fund for Social Ventures. The course is a combination of in-class lectures and discussion, and
practical application of class lessons outside of the classroom. Major topics covered include: the due diligence process,
assessing venture pitches and teams, due diligence in emerging markets, due diligence of non-profits, impact
measurement and management, and valuations and deal structure.
During the course, each student team completes detailed due diligence on their assigned social venture, including
diligence on applicants, the social venture and the sector. The course concludes with student teams submitting a written
due diligence report and a recommendation for funding to the Investment Board of the Tamer Fund for Social Ventures.

• R 2:20 p.m.-5:35 p.m.
• 1.5 points

FINANCE THEORY I

• TR 9 a.m.-10:30 a.m.
• Instructor: Neng Wang
  h-index: 31 Info
• 3 points

(PhD) Finance Pre-Thesis Semin

• M 4 p.m.-7 p.m.
• Instructor: Kairong Xiao
  h-index: 9 Info
• 1.5 points

(PhD) Corporate Finance Theory

• TR 10:50 a.m.-12:20 p.m.
• Instructor: Neng Wang
  h-index: 31 Info
• 1.5 points

(PhD) Asset Pricing I

• F 2:20 p.m.-5:35 p.m.
• Instructor: Harry Mamaysky
  h-index: 15 Info
• 3 points

(PhD) Introduction to Economet

This course serves as an introductory course to econometrics and statistical inference at the graduate level (MS/PhD). The course covers basic concepts of mathematical statistics, including estimation methods and statistical inference. The intent is to provide the foundations for data analysis and applied empirical work

• F 9 a.m.-12:15 p.m.
• Instructor: Eliot Abrams
  Info
• 3 points

Econometrics and Statistical Inference I

Econometrics & Stat Infer

This course is an introduction to econometrics and statistical inference at the graduate level (PhD). Topics will include mathematical statistics, estimation methods for linear and non-linear models, and statistical inference. The intent is to develop a rigorous understanding of econometric models necessary for empirical research in economics, operations, and marketing.

• W 6 p.m.-9 p.m.
• Instructor: Nicola Rosaia
  Info
• 3 points

Introduction to Continuous Tim

• F 2:20 p.m.-3:50 p.m.
• Instructor: Michael Johannes
  h-index: 21 Info
• 1.5 points

Advanced Derivatives

• MW 2:20 p.m.-3:50 p.m.
• Instructor: Michael Johannes
  h-index: 21 Info
• 1.5 points

Systematic Investment Strategies

• R 2:20 p.m.-5:35 p.m.
• Instructor: Achilles Venetoulias
  Info
• 3 points

Research in Entrepreneurial Finance

Research in Entrepren. Fi

• W 9 a.m.-12:15 p.m.
• Instructor: Michael Ewens
  Info
• 1.5 points