Corporate Finance

• Instructor: Andrew Hertzberg
  h-index: 7 Info
• 3 points

Corporate Finance

• Instructor: Andrew Hertzberg
  h-index: 7 Info
• 3 points

Advanced Corporate Finance

• MTWRFS 9 a.m.-5 p.m.
• Instructor: Faculty
  h-index: 37 Info
• 3 points

Equity Investment Management

• MTWRF 9 a.m.-5:15 p.m.
• Instructor: Faculty
  h-index: 37 Info
• 3 points

Foundations of Valuation

• MW 4:10 p.m.-5:40 p.m.
• MW 2:20 p.m.-3:50 p.m.
• MW 9 a.m.-10:30 a.m.
• MW 10:50 a.m.-12:20 p.m.
• Instructor: Bruno Pellegrino
  Info
• 1.5 points

Corporate Finance (Half-Term)

• MW 4:10 p.m.-5:40 p.m.
• MW 2:20 p.m.-3:50 p.m.
• MW 9 a.m.-10:30 a.m.
• MW 10:50 a.m.-12:20 p.m.
• Instructor: Olivier M Darmouni
  Info
• 1.5 points

Capital Markets & Investments

This Capital Markets course has three 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, equilibrium pricing, diversification, the Capital Asset Pricing Model (CAPM), efficient and inefficient markets, performance evaluation, and derivative securities, particularly options. - To provide sufficient background knowledge for students seeking an overview of capital markets and an introduction to advanced finance courses.

• T 6 p.m.-9 p.m.
• None None-None
• Instructor: Jian Li
  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."

• Instructor: Donna M Hitscherich
  Info
• 3 points

ENTREPRENEURIAL FINANCE & PRIV

The course uses a two-pronged approach to the study of entrepreneurial finance. First, we will analyze principles of corporate finance, valuation, and coordination and control of firms, with an eye toward developing the tools and concepts of entrepreneurial financial management. Second, we will use cases on firms at different stages of their life cycle to illustrate how these tools and concepts may be applied in practice. In following these two approaches, we will examine the case dynamics and decisions from the viewpoint of both the entrepreneur and that of the investors to understand their motivations, objectives, and considerations. Entrepreneurial Finance and Private Equity investing are intrinsically linked. As an entrepreneur, you cannot negotiate effectively without understanding the investors modifications. As an investor, you cannot evaluate a potential opportunity without appreciating the entrepreneurs perspective

• Instructor: Tetyana Babina
  Info
• 3 points

ENTREPRENEURIAL FINANCE & PRIV

The course uses a two-pronged approach to the study of entrepreneurial finance. First, we will analyze principles of corporate finance, valuation, and coordination and control of firms, with an eye toward developing the tools and concepts of entrepreneurial financial management. Second, we will use cases on firms at different stages of their life cycle to illustrate how these tools and concepts may be applied in practice. In following these two approaches, we will examine the case dynamics and decisions from the viewpoint of both the entrepreneur and that of the investors to understand their motivations, objectives, and considerations. Entrepreneurial Finance and Private Equity investing are intrinsically linked. As an entrepreneur, you cannot negotiate effectively without understanding the investors modifications. As an investor, you cannot evaluate a potential opportunity without appreciating the entrepreneurs perspective

• Instructor: Tetyana Babina
  Info
• 3 points

Impact Investing Seminar

Impact investing has emerged in recent years as a high potential approach to long-term sustainable social and financial value creation. Although its basic business and investment theories do not differ substantially from that typical in established capital markets, there are unique and specific challenges to successful investment in social ventures. This finance elective will provide a detailed introduction to this developing sector of impact investing, equipping students with vital, practitioner-focused skills in the following areas: Development of social impact business models and selection of appropriate entity type Techniques for capitalizing both for-profit and non-profit social ventures, including investment, grants and organic reinvestment approaches. Assessment and measurement of impact, using a competitive advantage framework to compare social enterprises and determine best growth strategy. Legal and governance strategies to preserve mission-focus throughout organizational scale. This course is suitable for students interested either in impact investing as an investor or in social enterprises as an entrepreneur. It is also suitable for students wishing to learn about the impact investing and social enterprise space in general. Course material is taught from the perspectives of the company and the investor over the full organizational lifecycle.All students must possess strong financial skills and solid competence in Microsoft Excel. Experience of venture equity and debt financing methods is beneficial, but not essential. By the end of the course, students will have acquired understanding and skills in investment structuring for small and large enterprises, evaluating deal opportunities from financial and social returns perspectives, and structuring and operating impact investment funds.

• Instructor: Bhakti Mirchandani
  Info
• 1.5 points

Applied Value Investing

While the professors background is investing, this course is to a great extent a study of the elements that make a business great. As a result this class provides a sound intellectual framework to think about business in general, and as such it is equally appropriate for students who will work for a great business, build a great business, or invest.COURSE DETAILS: Value Investing is simply the purchase of any asset at a price that is significantly less than its true value. To learn how to do that when investing in common stocks, Warren Buffet has said investment students need to study two things: How to value a business. How to think about market prices. Through practical work as business analysts, the students in this class will primarily learn and intensely practice the skills and framework necessary to understand (and therefore value) a business.The professor has historically found the most value by investing in great (or future great) businesses. As a result, A SIGNIFICANT part of the course will be spent on: Detailed study of what makes a great business, and how to identify/build great (or future great) businesses Realization that to accomplish anything great", it is enormously helpful to identify, understand and align yourself with certain "truths" (For example the necessity of a broad understanding of people, group dynamics, the importance of independent thinking, basic probability, basic finance and accounting, EVA, the implications of proper focus, etc., etc.)."

• Instructor: Thomas N Tryforos
  Info
• 3 points

Value Investing Across the Capital Struc

Value Investing Cap Struc

-

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

Real Estate as an Asset and a

NOTE: YOU SHOULD NOT ENROLL IN THIS COURSE IF YOU HAVE TAKEN OR PLAN ON TAKING REAL ESTATE FINANCE (B7331)
The goal of this course is to make you knowledgeable and conversant about the principles of real
estate, with many changes as the world has adjusted to the new circumstances of COVID-19. As both a physical asset and an investment asset with a defined location in space, real estate is strikingly different from other asset classes. Real estate forms part of the alternative investment asset class and institutional investors invest a substantial part of their portfolio in real estate. We will look at the investors in real estate and the investment management firms and how they are investing
internationally. We will give an overview of investing in all major commercial property types: office,
logistics, retail, hotels, and residential, niche sectors like senior housing and student housing, and the purchase of a home and consider how these are changing to a quickly evolving world. The goal is to give an overview of the international real estate market and provide you with the tool set to identify investment opportunities globally, certainly for investing but also to find a place to live and figure out how to work.

• MTWRF 9 a.m.-5:30 p.m.
• 3 points

The Case for Boring: Investing in Invest

This course provides a primer on analyzing investment grade corporate bonds. It takes an investor perspective (to evaluate / quantify risk-reward across various IG corporate industries and companies) and a management perspective (to identify optimal capital structure/credit ratings). The course incorporates guest speakers from various functionalities on the buy side (portfolio managers, analysts, and traders), the sell side (underwriters, sales/trading/research), and the management side (treasurers). It will include an overview of “crossover” corporate bonds (falling angels/rising stars), LBO targets, ESG instruments such as green bonds and sustainability-linked bonds, and “corporate-adjacent” bonds (ABS, CMBS, munis). Students will gain exposure to both top-down and bottom-up approaches to IG corporate
bond research and analysis.

• M 2:20 p.m.-5:35 p.m.
• Instructor: Ellen Carr
  Info
• 1.5 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.
• TR 2:20 p.m.-3:50 p.m.
• TR 4:10 p.m.-5:40 p.m.
• MW 9 a.m.-10:30 a.m.
• MW 10:50 a.m.-12:20 p.m.
• MW 2:20 p.m.-3:50 p.m.
• Instructor: Brian P Lancaster
  Info
• 3 points

Corporate Financial Management

Advanced Corporate Financ

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.

• MW 9 a.m.-10:30 a.m.
• MW 10:50 a.m.-12:20 p.m.
• Instructor: Xavier Giroud
  h-index: 15 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

• MW 10:50 a.m.-12:20 p.m.
• Instructor: Mark Zurack
  CULPA: 1 Info
• 1.5 points

The Equity Analyst Toolkit

As a student and professional focused on Investment Management, you will be asked to repeatedly ramp-up on businesses, to create a variety of analyses and to synthesize your findings in stock pitch. This process can be incredibly daunting when you first try it (and even for experienced, full-time professionals) due to the sheer volume of information available.

The key is ensuring maximum return-on-time in your investment research. In this class, you’ll learn to avoid the typical early-career equity analyst mistakes that waste time and how to zero in on the critical variables that drive the company you’re researching.

You’ll also learn how to connect qualitative and quantitative factors throughout your research process to create a persuasive thesis supported by proprietary research, grounded in detailed financial analysis and presented through compelling visuals that convey your ideas in a succinct, cogent fashion.

In the end, the goal of this course is to help you maximize your efficiency and effectiveness of your research process from the initial ramp-up to the final pitch.

• T 9 a.m.-12:15 p.m.
• Instructor: Michael B Kimpel
  Info
• 1.5 points

Hybrid Fund Investing: Crossing Over fro

In this class, students will be introduced to a variety of hybrid public/private equity investing strategies and situations, including (pre-IPO) crossover funds, tactical opportunity funds, SPACs, PIPEs, take-privates, and more. We will discuss the key similarities and differences between public and private investing, highlighting areas of synergy (and dis-synergy) in the investment process. Teaching methods will include an upfront review of hybrid investment frameworks, hands-on analysis of case studies and real-life situations, and insights from many guest speakers.

Pre-Req: B8306 - Capital Markets & Investments

• M 6 p.m.-9:15 p.m.
• Instructor: Charles Murphy
  Info
• 1.5 points

Blockchain Markets Infrastructure and Us

This course addresses the current structure of deployed applications on the blockchain and the structure of communication across protocols and blockchains. It will begin by covering the fundamental building blocks of on-chain activity: AMMs, borrow/lending protocols, oracles, and bridges. The course will then shift toward analysis of these protocols, including previous hacks/exploits, risk evaluation, and implications for both crypto and financial markets structure

• R 2:20 p.m.-5:35 p.m.
• 1.5 points

Current Topics in Private Equity

Current Topics in PE

This course provides students with an overview of recent and emerging topics in private equity that influence industry decision-makers and capital providers. Understanding the political, regulatory, and macroeconomic issues covered in the course is critical for private equity practitioners’ success in their deal evaluation, valuation, asset allocation, and post-deal integration activities. Discussion and analysis of these topics also ensure that students entering the private equity industry are prepared for conversations about critical topics with their colleagues. The topics for this term are:
? Allocating private equity in the institutional investor’s portfolio and changes to risk and return.
? Blurring the lines between public and private equity: new fund structures and emerging regulation.
? Private equity as venture capital: growth equity and the changing investment model.
? Private equity in emerging markets.
? Does private equity matter? Exploring the impacts of private equity in firms and industries.
We invite an expert guest speaker each week to provide their experience and expectations and the topic. Their participation is paired with lecture material and/or a case discussion. Course materials include background readings, news articles, and academic work on private equity. The course deliverables include case memo writeups – a combination of qualitative and quantitative analysis -- and a final project that requires student groups to analyze an emerging topic not covered in the course.
Students are expected to have a mastery of the “mechanics” of private equity, including fund structure, deal structuring options, valuation techniques, the role of operational changes, etc. This mastery is assumed with a student’s completion of the prerequisite course Foundations of Private Equity or with professor's review of a student’s career experience in private equity.
Before taking this course, students are recommended to take B8457 (Foundations of PE I) and B8306 (Capital Markets & Investments).

• MW 4:10 p.m.-5:40 p.m.
• Instructor: Michael Ewens
  Info
• 1.5 points

Investment Banking Tax Factors

As the course title implies, we will familiarize students with the tax principles that must be considered by corporate managers and their advisers with respect to transactions that result in a re-alignment of the corporations business activities or its capital structure. In most respects, the course will be taught from the perspective of the outside adviser engaged to provide guidance regarding a major corporate transaction or financing decision. The student will, once the course is completed, secure an ability to recognize common re-structuring/financing scenarios confronting management and be positioned to propose viable solutions to these problems in a manner that minimizes tax outlays, consistent with prudent and, above all, ethical business practice.The course features a final examination and a term paper; typically, but not necessarily, the paper is prepared on a group basis. The readings for the course consist, primarily, of Lehman Brothers Tax and Accounting" Research Reports and "The Willens Report" research pieces and articles from professional taxation journals as well as decided cases and I.R.S. pronouncements.We will supply all such reading materials on the first day of class."

• R 2:20 p.m.-5:35 p.m.
• Instructor: Robert Willens
  Info
• 3 points

Climate Tech

Climate Tech refers to a broad range of technologies designed to mitigate the drivers and impacts of climate change. Development and commercialization of these technologies is essential if humanity is to maintain global prosperity while also avoiding catastrophic climate change. This immersion course provides students with the opportunity to work on a real-world technology to address climate change.

Students will be placed in teams of four, composed of two CBS students and two SEAS engineering students. Student teams will be matched with venture capital funds actively financing climate tech that have identified an innovative technology for mitigating or adapting to climate change. Students will meet virtually with their assigned venture fund at the beginning of the course, during a mid-point check-in, and at the end of the course for the final presentation.

Each team will be tasked with assessing their assigned technology on (i) technical viability, (ii) commercial opportunity, and (iii) impact on mitigating or adapting to climate change. The final course deliverables are a presentation to classmates, a presentation to each team’s assigned investment fund, and a written report or presentation deck for the investment fund. Students are also required to complete a reflections assignment at the conclusion of the course. During weeks 4 – 11 students will spend up to nine hours every week doing independent research, collaborating with the fund, and completing assignments.

The purpose of this immersion course is for students to learn to work in teams across different skill sets and disciplines, combining expertise in business and engineering, with the objective of learning how to evaluate technology solutions to climate change. This course is designed to replicate the real-world experience in which collaborative teams use a multi-disciplinary approach to assess the opportunities, challenges, and impacts of new technology solutions to climate change.

• W 2:20 p.m.-5:35 p.m.
• 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."

• M 9 a.m.-12:15 p.m.
• W 2:20 p.m.-5:35 p.m.
• Instructor: Donna M Hitscherich
  Info
• Instructor: Luigi Rizzo
  Info
• 3 points

From Feast to Famine & Back Ag

This course studies the evolution of the high yield bond and loan markets, and the behavior of market participants from
peak to trough and back again through various credit cycles. Through lectures, case studies, and guest speakers, we
discuss through-cycle changes in valuation, structure, capital raising, liquidity and other investor considerations.
To provide context, we will use the Caesars/Harrah’s 2006 leveraged buyout as a case study that illustrates each phase
of the credit cycle. Four other case studies (HCA, NXP, Realogy and a contemporary case, TWTR) will be used to highlight
the two extremes of the cycle (“feast” and “famine”), and how they build on the calmer (some might even say boring)
phases of the credit cycle.
Students should leave the course with an understanding of the concept of the credit cycle and the ability to identify peak
and trough conditions and behaviors.

• TWRFS 9 a.m.-5 p.m.
• Instructor: Ellen Carr
  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.

• MW 4:10 p.m.-5:40 p.m.
• MW 6 p.m.-7:30 p.m.
• Instructor: Boaz Abramson
  Info
• 3 points

Capstone: Real Estate Investment

Real Estate Private Equit

The Real Estate Project Class provides students who intend on pursuing careers in real estate the opportunity to learn how to analyze and execute value-add investments and presentations of same under the guidance of an experienced professor and practitioner, as well as a veteran real estate owner/investor/intermediary sponsor. The course will include instruction in investment conceptualization, analysis, strategy, research and execution. Presentation skills, both oral and written, are integral to the course and project. Two student groups, each group consisting of three or four students, will work with an outside project sponsor to create a transaction presentation based on a real-world sponsor investment.

Personal laptops will NOT be permitted in class. CBS iPads will be permitted only.

Either B8332 RE Transactions or at least 1-year experience of real estate/ transactions experience with instructors permission is required for this course.

• W 2:20 p.m.-5:35 p.m.
• Instructor: Andrew Jacobs
  Wikipedia Info
• 3 points

Capstone: Real Estate Investment

Real Estate Private Equit

The Real Estate Project Class provides students who intend on pursuing careers in real estate the opportunity to learn how to analyze and execute value-add investments and presentations of same under the guidance of an experienced professor and practitioner, as well as a veteran real estate owner/investor/intermediary sponsor. The course will include instruction in investment conceptualization, analysis, strategy, research and execution. Presentation skills, both oral and written, are integral to the course and project. Two student groups, each group consisting of three or four students, will work with an outside project sponsor to create a transaction presentation based on a real-world sponsor investment.

Personal laptops will NOT be permitted in class. CBS iPads will be permitted only.

Either B8332 RE Transactions or at least 1-year experience of real estate/ transactions experience with instructors permission is required for this course.

• W 2:20 p.m.-5:35 p.m.
• Instructor: Andrew Jacobs
  Wikipedia Info
• 3 points

Real Estate Development

Real estate development is the physical and financial process by which society fulfills its spatial needs. Housing, office buildings, hotels, industrial space, retail; all of these are created by private developers who have the vision and capacity to manage the risks of development. This course will provide an understanding of the real estate development process and its role in value creation for investors and the surrounding community. Topics will include project envisioning; location and site selection and evaluation; highest and best use analysis; zoning and land use regulation; building design and construction; capital stack (debt and equity; developer compensation); ownership structures; marketing, leasing, and asset management; and exit strategies. The class will also cover non-traditional development (e.g., adaptive re-use, affordable housing, modular and pre-fab), as well as the opportunities for entrepreneurs in this space. The class will include prominent guest speakers who will share their experience from the trenches. There will be one or two site visits to projects currently underway. Real Estate Finance or demonstrated financial work experience is a pre-requisite of this class.

• W 6 p.m.-9:15 p.m.
• Instructor: Ben Atkins
  Info
• 3 points

Real Estate Development

Real estate development is the physical and financial process by which society fulfills its spatial needs. Housing, office buildings, hotels, industrial space, retail; all of these are created by private developers who have the vision and capacity to manage the risks of development. This course will provide an understanding of the real estate development process and its role in value creation for investors and the surrounding community. Topics will include project envisioning; location and site selection and evaluation; highest and best use analysis; zoning and land use regulation; building design and construction; capital stack (debt and equity; developer compensation); ownership structures; marketing, leasing, and asset management; and exit strategies. The class will also cover non-traditional development (e.g., adaptive re-use, affordable housing, modular and pre-fab), as well as the opportunities for entrepreneurs in this space. The class will include prominent guest speakers who will share their experience from the trenches. There will be one or two site visits to projects currently underway. Real Estate Finance or demonstrated financial work experience is a pre-requisite of this class.

• W 6 p.m.-9:15 p.m.
• Instructor: Ben Atkins
  Info
• 3 points

Real Estate Mergers & Acquisit

High-stakes real estate M&A transactions require consummate deal-making skills and a thorough understanding of the underlying business, legal, tax, financial and strategic frameworks. This case study oriented Workshop will explore, in particular, the relevant financial advisory and legal skills needed to consummate these transactions, and will also highlight these skills in a combination of relevant class discussions, exercises/assignments and guest lectures.

Volatility and inconsistency between publicly traded REIT and REOC prices and the underlying net asset value of these assets have and will continue to create M&A opportunities in the publicly traded real estate sector, whether through strategic combinations, privatizations, hybrid public and private transactions or sophisticated and complex public/private joint ventures. Capital flows into the U.S. real estate sector continue to be robust, which makes for a more interesting M&A dynamic. Thanks in part to the efforts of NAREIT (the National Association of Real Estate Investment Trusts) there continues to be legislative improvement in the tax scheme that governs REITs. This has provided REITs with greater operating and transaction flexibility, and recent legislative changes have improved the ability of foreign persons to invest in publicly traded REITs. On the other hand, as the Federal corporate tax rate has declined from 35% to 21%, the tax advantage of the REIT dividends paid deduction has lessened.

This Workshop will take a multi-disciplinary approach, based on the premise that effective transaction advisors must understand the business, financial and tax goals and implications of the deal and, similarly, that an effective business or finance executive must also have a solid grasp of the financial, structural, legal, and tax underpinnings for the transaction.

• M 6 p.m.-9:15 p.m.
• Instructor: John T Haggerty
  Info
• 1.5 points

Real Estate Mergers & Acquisit

High-stakes real estate M&A transactions require consummate deal-making skills and a thorough understanding of the underlying business, legal, tax, financial and strategic frameworks. This case study oriented Workshop will explore, in particular, the relevant financial advisory and legal skills needed to consummate these transactions, and will also highlight these skills in a combination of relevant class discussions, exercises/assignments and guest lectures.

Volatility and inconsistency between publicly traded REIT and REOC prices and the underlying net asset value of these assets have and will continue to create M&A opportunities in the publicly traded real estate sector, whether through strategic combinations, privatizations, hybrid public and private transactions or sophisticated and complex public/private joint ventures. Capital flows into the U.S. real estate sector continue to be robust, which makes for a more interesting M&A dynamic. Thanks in part to the efforts of NAREIT (the National Association of Real Estate Investment Trusts) there continues to be legislative improvement in the tax scheme that governs REITs. This has provided REITs with greater operating and transaction flexibility, and recent legislative changes have improved the ability of foreign persons to invest in publicly traded REITs. On the other hand, as the Federal corporate tax rate has declined from 35% to 21%, the tax advantage of the REIT dividends paid deduction has lessened.

This Workshop will take a multi-disciplinary approach, based on the premise that effective transaction advisors must understand the business, financial and tax goals and implications of the deal and, similarly, that an effective business or finance executive must also have a solid grasp of the financial, structural, legal, and tax underpinnings for the transaction.

• M 6 p.m.-9:15 p.m.
• Instructor: John T Haggerty
  Info
• 1.5 points

Advanced Seminar in Real Estate (Half-Te

Adv. Seminar in RE (Half-

This case-based course addresses and, where possible, simulates complex problem solving applied to real estate. The emphasis is on strategic decision making and the types of issues that principals and investors face in acquiring, financing, owning, managing, developing, and restructuring real estate. Using cutting-edge case materials developed for the Columbia MBA Real Estate Program, the course focuses on analyzing complex problems and developing a recommended course of action based on in-depth analysis, both quantitative and qualitative. The course aims to develop your understanding of and appreciation for the multiple dimensions - economic, financial, and institutional - that shape the decision-making environment for real estate investment. Drawing upon the participation of case principals in the classroom, the course also addresses the issues and tactics of how the various industry actors - pubic companies, private equity funds, and individuals - execute their strategies, including dynamics that constrain actors and organizations in the real estate business. The course is designed to challenge students with complex situations so that they can not only hone their analytical skills, but also develop effective means of communicating their analytical insights and conclusions to different audiences: investors, lenders, clients, and joint-venture partners.

• T 2:20 p.m.-5:35 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.

• MW 9 a.m.-10:30 a.m.
• Instructor: Michael Ewens
  Info
• 3 points

ENTREPRENEURL FINANCE

What is entrepreneurial finance? In short, it is a course designed to learn how to evaluate, finance, and capitalize on new business opportunities. More generally, we know that finance studies valuation and the allocation of resources under uncertainty. Indeed, fundamental topics in finance (e.g., valuing cash flows, assessing the cost of capital, choosing among suppliers of funds, and aligning incentives for value maximization) are as important for entrepreneurial firms as for more established firms. However, the capital market for financing entrepreneurial activities, and private equity investing more generally, differs fundamentally from capital markets considered in standard corporate finance. New and growing firms likely to have less information about their future prospects. Investments in private companies are also often illiquid and under-diversified, hence difficult decisions about financial contracting have to be made.

• M 2:20 p.m.-5:35 p.m.
• Instructor: Tetyana Babina
  Info
• 3 points

Financing Innovation in Healthcare

The primary objective of this course is to provide you with a comprehensive
understanding of the significant economic, strategic, and regulatory aspects involved in financing
innovations within the healthcare industry. In the ?first half of the course, you will be introduced
to the risk-return pro?les and market failures specific to the biopharma industry. Additionally, we
will explore the integral roles played by various ?financing channels, including government funding,
non-pro?t organizations, venture capital, and mergers and acquisitions, in driving the innovation
process. The second half of the course will focus on examining the distinctive ?financial characteristics of U.S. hospitals and analyzing how external financing impacts healthcare quality and
technology adoption.

• MW 9 a.m.-10:30 a.m.
• Instructor: Xuelin Li
  Info
• 1.5 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 9 a.m.-12:15 p.m.
• W 2:20 p.m.-5:35 p.m.
• Instructor: Parinitha R Sastry
  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 6 p.m.-9:15 p.m.
• Instructor: Michael J Mauboussin
  Wikipedia Info
• 3 points

Applied Security Analysis I

Applied Security Analysis I emphases practical application of value investing. Students will work in teams to find an appropriate investment idea, perform thorough primary research, and deliver a pitch to a portfolio manager."The class is integrated with The Pershing Square Value Investing and Philanthropy Challenge. This competition, which began in 2007, signifies the commitment of both Columbia Business School and Pershing Square to produce talented and knowledgeable graduates who are ready to take on leadership roles and to demonstrate the importance of philanthropy to these future leaders in value investing. Winning teams will receive a cash prize with a percentage of those winnings to be donated to a charity of their choice.All student teams will pitch their ideas to investment professionals three times over the course of the semester, simulating the job of the analyst to convince a portfolio manager of the worthiness of an idea. Feedback will be provided on the strength of the idea, the areas of further research required, and presentation skills. *Class attendance is required when outside speakers are present including Bill Ackman, the Philanthropy Discussion, and Finals (takes place off-campus). Grades will be reduced 1 level (ex. H to an HP) for any unexcused absences.**This course will be demanding. Students should expect 20-25 hours of work per week outside of class."

• R 6 p.m.-9:15 p.m.
• 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.

• T 6 p.m.-9:15 p.m.
• 3 points

Distressed Value Investing

The goal of Distressed Value Investing is to provide students with broad-based exposure to what is one of the most complex and intellectually stimulating areas of the market. The class will introduce distressed investing broadly, touching on many different styles of investing in distressed companies and securities. The class also emphasizes hands-on distressed analysis, teaching students to interpret and learn from dynamic real-life situations. To facilitate this learning process, the class includes the insights of many guest speakers.

• M 6 p.m.-9:15 p.m.
• Instructor: Daniel E Krueger
  Info
• Instructor: Michael A Gatto
  Info
• 3 points

Value Investing

This class, taught in Term A, is intended to teach students the fundamentals of the value approach to investment management developed by Graham and Dodd. This will be done through a combination of formal lectures, cases and in-class valuation discussions. The substantive areas covered will include (1) the fundamental assumptions and approaches to value investing, (2) techniques for assessing fundamental value - balance sheet and earnings power approaches, (3) structuring value-based portfolios to control risk and (4) designing strategies for searching efficiently for value investing opportunities.

• TR 4:10 p.m.-5:40 p.m.
• TR 6 p.m.-7:30 p.m.
• Instructor: Tano Santos
  h-index: 27 Info
• 1.5 points

Legends in Value Investing

This class combines B8377 Value Investing in Term A with the Value Investing with Legends lecture series in Term B. Term A is intended to teach students the fundamentals of the value approach to investment management developed by Graham and Dodd. This will be done through a combination of formal lectures, cases and in-class valuation discussions. The substantive areas covered will include (1) the fundamental assumptions and approaches to value investing, (2) techniques for assessing fundamental value - balance sheet and earnings power approaches, (3) structuring value-based portfolios to control risk and (4) designing strategies for searching efficiently for value investing opportunities. The second half of the semester (Term B) is intended to expose students to the practical implementation of Graham and Dodd investing principles. Through presentations by leading value investors, students will learn how individuals develop an investment process to suit their personality and personal biases. Investors will discuss: 1. search strategy, 2. valuation approach, 3. research techniques, and 4. risk management in the context of their own investments.

• TR 6 p.m.-7:30 p.m.
• Instructor: Tano Santos
  h-index: 27 Info
• 1.5 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

VC Seminar

This course focuses on the role of venture capital and venture capitalist in selecting, funding, and developing emerging growth companies. Students should expect to complete the course with a basic understanding of the processes employed by those making the risk-reward determinations to fund new and growing companies. The class should be worthwhile for students interested in venture capital, investing in growth companies, working with early stage and growth companies, and entrepreneurship.

• T 6 p.m.-9:15 p.m.
• Instructor: Zachary K Schwarzman
  Info
• 1.5 points

Alternative Assets in Institutional Port

This course examines key themes and issues related to investing in alternative assets from the perspective of major asset owners, such as defined benefit pension plans. The course will focus on the investment process and benefits of applying alternative investments, specifically hedge funds and fund-of-funds, to traditional portfolios. The course will also address the role of real estate, timber, venture capital, private equity, hard assets, infrastructure assets and commodities within traditional portfolios.The goals of this course are for participants to: Understand the objectives and constraints of institutional investors, specifically corporate and public pension plans; Appreciate the benefits, and potential drawbacks, of including alternative assets within the context of large institutional portfolios; Gain insight into the analysis and selection of hedge funds, as well as the construction of hedge fund of fund portfolios; Develop an awareness of analysis, selection, and management of alternative asset portfolios including private equity, commodities, currencies, etc.This course will make significant use of practical, real-world examples. Moreover, the professors expect to engage CIOs of pension plans, as well as major hedge fund managers (such as David Einhorn of Greenlight, Scott Bessent of Soros, and others) to participate in the course as guest lecturers.Students who are looking to pursue careers in any traditional or alternative asset class will benefit from this course. Further, students interested in careers at corporate or public pension plans, fund of funds, consultants or research providers should benefit from this course."

• M 6 p.m.-9:15 p.m.
• 1.5 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

• R 6 p.m.-9:15 p.m.
• 1.5 points

Compounders

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 12 students to ensure quality of
experience for all involved. This seminar is not open to the bidding process and no auditors will be
allowed. Please see the below for details on admittance.
The key to equity wealth creation is hiding in plain sight. Since 1926, a mere four percent of stocks have
generated all the wealth in the US stock market1. We call these unique companies “compounders.”2
With the exception of a few magic market companies (Facebook, Google), the vast majority of
compounders achieve this distinction in two acts. One product in one market, in most cases, is simply not
enough to become a durable and sustainable large-cap company. A second act is usually an adjacent
product or market. Think of Netflix transitioning from in-home DVD rental to streaming, or Grubhub
moving from marketplace to first party delivery, or Vail Mountain Resorts translating its subscription
season pass into an acquisition platform.
Compounders is a class dedicated entirely to the exploration of these companies. We will start off with an
examination of their core characteristics and life-cycle. We will then delve more deeply into four
compounder patterns, illustrated with case studies and brought to life by the executives who led these
companies to this rare distinction.
Students will be paired with experienced investors and, over the course of the class, will study six recent
compounders with the goal of extracting contemporary patterns that may help us to identify the future
drivers of equity wealth creation. The goal of the class is to understand compounder patterns: what are
the people, processes and systems that allow small companies to become durable and sustainable large
companies over time?

• W 2:20 p.m.-5:35 p.m.
• 1.5 points

Value Investing in Credit Markets

Corporate credit markets are a central part of U.S. capital markets, however they are generally not well understood by MBA graduates, due to a more typical classroom focus on equities. This course will enable students to develop an understanding of the corporate credit markets and build a practical skill set to evaluate and invest in individual credits using a classic Value Investing methodology.
The approach will be a pragmatic one. Throughout the course, we will focus both on learning how to interpret the market as well as on 4 to 5 different companies - all debt issuers of different credit risk profiles - and will utilize class lectures to discuss the factors that shape capital structure and pricing of various securities (debt or equity) issued by these companies. As part of the final project, students are expected to work in teams and analyze and generate a buy or sell recommendation on the securities issued by a U.S.-based corporate issuer. This assignment will provide students with an opportunity to solidify the learnings in a hands-on, experiential manner.
In addition to lectures and student presentations, students will also hear from representatives of private equity, credit and distressed investment management, and investment banking firms. These speaker sessions will enable students to gain access to multiple viewpoints to credit markets and various investing techniques and styles.
Given the importance of credit to companies, we believe that the skill set and knowledge obtained from this class will be valuable whether one becomes an equity (public or private) investor, a credit investor, or an investment banker. We want this course to prepare students for an internship or full-time role in credit research; while we welcome anyone with an interest in the class, the material is targeted towards those with limited corporate credit experience.

• W 6 p.m.-9:15 p.m.
• 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.

• R 9 a.m.-1 p.m.
• W 9 a.m.-12:15 p.m.
• R 2:20 p.m.-5:35 p.m.
• Instructor: Angela W Lee
  Info
• 1.5 points

Shareholder Activism

Shareholder Activism as V

Value investing is a challenging but simple endeavor based on two key principles: 1) We view
shares in a public company as fractional ownership of the business, and 2) we focus on the
business’ long-term prospects, and try to buy shares at a discount to fair value, with a margin of
safety against risks inherent in any enterprise. When you execute this strategy well, you will
find that the biggest risk to your investment does not derive from a weakness in your business
analysis, or a deficiency in your ability to predict future cash flows. The biggest risk does not
come from macroeconomic conditions or the seductive cries and cheers of a volatile Mr.
Market. No -- when a good investment process yields a lousy outcome, the culprit is often bad
corporate oversight. The inverse of this equation is equally important. The best investments,
the ones that compound value over many years, don’t arise simply from buying at a bargain
price. They benefit from a board and management team that know how to drive shareholder
value.
This course is about shareholder activism and corporate governance, taught from the
perspective of value investors, but filled with lessons for anyone who wants to learn how public
companies work. We believe that most young investment analysts do not have a deep enough
understanding of the complicated interactions between public company CEOs, boards of
directors, and shareholders. The best way to learn about corporate oversight is to study the
fault line where these three constituencies meet. Without this knowledge, it is difficult to
evaluate the prospects of a poorly-governed company that must change course to create value.
It is even harder to use your position as a shareholder to be an agent for positive change.
Shareholder activism can be put to good use and bad. It challenges corporations to utilize their
assets efficiently, but can also foster destructive and destabilizing short-term strategic
decisions. It is our goal to teach you to differentiate between good and bad interventions, and
to give you the tools to lead activist campaigns of your own.
This will be a fast-paced course with a significant workload, as we examine historical and
current activist situations. At the end of this course, the students will pitch their own activist
engagement – a valuable opportunity to gain hands-on experience crafting a real campaign.
The winning team will have their work presented

• M 6 p.m.-9:15 p.m.
• 1.5 points

Corporate Restructuring

This course will familiarize students with the financial, legal and strategic issues associated with
both corporate and governmental restructurings. The main focus will be on the restructuring of
financially distressed firms with particular emphasis on the negotiations between stakeholders to
convert existing claims into securities of the reorganized firm. The course will begin with a review
of the basics of corporate distress: how firms get into financial trouble, warning signs, balance
sheet composition and risk, and cost of both debt and equity capital. The course will include
discussions of operational restructuring techniques which can be used to avoid or at least mitigate
the need for balance sheet restructurings.

• R 6 p.m.-9:15 p.m.
• Instructor: Robert A Johnson
  Info
• 1.5 points

Foundations of VC (3 Credits)

Please note that this section of Foundations of VC is application-based only and only open to students enrolled in the Venture Fellows Program. Students interested in taking this course should consider B8439 Foundations of Venture Capital: https://courses.business.columbia.edu/B8439
-
Foundations of Venture Capital 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.

• Instructor: Angela W Lee
  Info
• 3 points

Project Finance: Principles and Applicat

PRJ FINC: Principles/Appl

This course will provide students with a strong practical and theoretical framework to be able to analyze complex infrastructure investment projects from first principles and will cover both the structuring aspects of this financial discipline (commercial and legal frameworks, key risk and mitigants, financial modelling) as well as real-world infrastructure project finance case studies and industry sector guest speakers. Overall, the course provides a practical and quantitative approach to understanding project finance transactions; focuses on energy and infrastructure transactions; integrates principles of corporate finance with an understanding of specific technologies, industrial organization, regulatory framework and country-specific policies; examines foreign exchange issues, taxation, risk evaluation and mitigation and key contractual structures; explores the fundamentals of International Project Finance; and complements and adds to the current fundamentals of Project Finance course. This course is relevant to students contemplating careers in financing infrastructure projects, considering dual engineering/finance degrees, or working for developers/sponsors of international infrastructure projects, private equity investors and infrastructure funds or international financial organizations such as Multilateral development institutions (World Bank, Asia Development Bank, Inter-American Development Bank, Asia Development Bank, Asia Infrastructure Investment Bank).

• MW 10:50 a.m.-12:20 p.m.
• Instructor: Paul D Clifford
  Info
• 1.5 points

Seminar In Wealth Management:

• W 6 p.m.-9:15 p.m.
• 3 points

Practice of Wealth Management

The purpose of the course is to provide students with a fundamental understanding of the business and practice of wealth management. Topics will include an overview of asset management, equity portfolios, stock selection, valuation metrics, mutual funds, ETFs, outside managers, asset allocation, income needs, and illiquid investments. These subjects will be discussed in the context of the changing macroeconomic environment. Emphasis will be placed on the importance of relationship management. Who are the clients? What are their core values and goals? We will discuss topics such as money and identity, success and status, family dynamics, and philanthropy. We will also address ways of understanding the purpose of wealth management, and the shifting focus from investment returns to a goals-based" approach."

• W 6 p.m.-9:15 p.m.
• 3 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.
• Instructor: Omid Malekan
  Info
• 3 points

Building a VC Investment Thesis

Building a VC Investmnt T

Learning Objectives & Course Overview: To understand the spectrum of investment theses, from very specific to more opportunistic. To understand the process of developing an investment thesis (different roles, who is involved, what resources are needed). To start to build a perspective on a specific sector as an early stage (Seed / Series A) investor. This course will cover different sectors each time it is taught, and it is not meant to be a deep dive on any one particular sector There will be 2-3 guest lectures where students will hear investors share their firms investment thesis, 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. Intended Audience: Aspiring investors who want to understand how investors develop an investment thesis Founders who want to understand how seed investors evaluate startups. This course is not intended for students who want to deep dive on a particular sector or who want to specifically focus on growth and later stages of VC investing. This course will not go deep into these topics: Strategic VCs (corporate/government/university), organizational structure (the merits of having a deep platform team) and governance of a fund (compensation, investment decision voting).

• T 9 a.m.-12:15 p.m.
• Instructor: Angela W Lee
  Info
• 1.5 points

Distressed Real Estate Investing

Distressed RE Investing

B8332 Real Estate Transactions is recommended. The goal of this course is to make you knowledgeable and conversant about the principles of real estate investing as applied to purchasing distressed assets. The Covid crisis is only the most recent example of how changes in the economy or capital markets can have a profound impact on real estate investors. During the Great Recession and the US Savings and Loan crisis before that, real estate assets suffered appreciable losses, and thus also provided an opportunity for investors to find new opportunities to recapitalize and reposition troubled properties and companies. As both a physical asset and an investment asset with a defined location in space, real estate is strikingly different from other asset classes. It is a long-lived asset that depends on attractive financing, rental increases, and long-term appreciation to maintain its value. Real estate forms part of the alternative investment asset class and institutional investors target a substantial part of their alternatives portfolio in real estate. The class will cover both US and international distressed investments and across traditional and niche sectors. The goal is to provide students with the tools to identify and purchase distressed real estate assets globally and to target superior risk-adjusted rates of return.

• T 6 p.m.-9:15 p.m.
• 1.5 points

Distressed Real Estate Investing

Distressed RE Investing

B8332 Real Estate Transactions is recommended. The goal of this course is to make you knowledgeable and conversant about the principles of real estate investing as applied to purchasing distressed assets. The Covid crisis is only the most recent example of how changes in the economy or capital markets can have a profound impact on real estate investors. During the Great Recession and the US Savings and Loan crisis before that, real estate assets suffered appreciable losses, and thus also provided an opportunity for investors to find new opportunities to recapitalize and reposition troubled properties and companies. As both a physical asset and an investment asset with a defined location in space, real estate is strikingly different from other asset classes. It is a long-lived asset that depends on attractive financing, rental increases, and long-term appreciation to maintain its value. Real estate forms part of the alternative investment asset class and institutional investors target a substantial part of their alternatives portfolio in real estate. The class will cover both US and international distressed investments and across traditional and niche sectors. The goal is to provide students with the tools to identify and purchase distressed real estate assets globally and to target superior risk-adjusted rates of return.

• T 6 p.m.-9:15 p.m.
• 1.5 points

Value Investing in Private Credit

Value Investing Private C

This course will focus on investing in private credit up and down the debt stack including senior secured, mezzanine, unsecured, and convertible debt from both an origination and secondary market perspective. In addition, there will be an introduction to portfolio construction and management including workouts and loan sales.

• T 6 p.m.-9:15 p.m.
• 1.5 points

Real Estate Analytics

Real estate accounts for one third of the capital assets around the world. You simply cannot ignore it in as an investor or in any business, whether the business is called real estate or not. The last few years have seen a rapid increase in the use of Big Data in the real estate industry. Much more data have become available that allow companies to radically improve their decision making and create value in ways that are rapidly transforming the real estate industry. This course will use tools from business analytics and new, large real estate datasets to help shed light on important questions in residential and commercial real estate. The course will foster both conceptual understanding and hands-on skill acquisition through coding in Python. This course is meant both for students with strong programming background who want to learn more about real estate and for students of real estate who want to beef up their data analytics skills.

Python knowledge needs to be demonstrated by passing the CBS Python advanced-proficiency exam (B0002). Anyone who has not taken "Python for MBAs" and woud like to register for that class should email python@gsb.columbia.edu to arrange a special sitting of the advanced qualification exam.

• T 9 a.m.-12:15 p.m.
• Instructor: Stijn G Van Nieuwerburgh
  Info
• 3 points

Family Enterprise and Wealth

This course introduces students to the complex topics of family enterprise and family wealth. Wealth in the United States and globally has become increasingly concentrated in the hands of a small number of families, which is having a major impact on business, financial, and philanthropic sectors. These families often start with an entrepreneur who creates an operating business, that later evolves into trusts, holding companies, investment vehicles, a family office, and charitable foundations. This conglomeration of holdings is referred to as a complex "family enterprise" and all the assets of the family comprise its "wealth." Given the magnitude of this trend, it is almost inevitable that each MBA student will own, work for, invest in, or otherwise interact with family enterprises after graduation.
Students will be exposed to a variety of perspectives, including in-depth research, analysis, and insider's views on family dynamics, governance, business, investments, and philanthropy. The course will proceed from the perspective of family first and particular emphasis will be given the fact that the family’s “human capital” is its most important resource to foster a successful family enterprise and optimize its important role in society. Technical issues, including legal concepts and structures applicable to family enterprises, will also be examined. Guest lecturers from industry and family enterprises will provide real-life context to class discussions.
Students will leave the course prepared to more effectively own, manage, and work with family enterprises, and with a more nuanced understanding of family wealth as it is now understood by leading global families. This will have a direct impact on future success, both personally and professionally. While the course will be especially relevant for students who come from family enterprises, it will also provide insights and tools for students who intend to work in private wealth management, privately held companies, management consulting, private equity/ venture capital, and social enterprises. This is not just an investment, finance, or family business management course, as those subjects are covered in more detail elsewhere in the curriculum but is a multi-disciplinary approach to this complex set of issues.
The course has the following objectives:
- Increase awareness of the role and importance of family enterprises globally.
- Expand understanding of “family wealth” as it is defined and developed by leading

• T 2:20 p.m.-5:35 p.m.
• Instructor: Patricia M Angus
  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

(PhD) Finance Pre-Thesis Semin

• R 2:20 p.m.-5:35 p.m.
• Instructor: Kairong Xiao
  h-index: 9 Info
• 1.5 points

(PHD) ASSET PRICING II

• M 6 p.m.-9:15 p.m.
• Instructor: Stijn G Van Nieuwerburgh
  Info
• 1.5 points

(PhD)Fincl Econometrics I

(PhD)Fncl Ecnmtrcs Time S

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

(PhD) Financial Econometrics: Panel Data

(PhD) Financl Econ: Panel

• T 9 a.m.-12:15 p.m.
• Instructor: Xavier Giroud
  h-index: 15 Info
• 1.5 points

Empirical Corporate Finance

• R 9 a.m.-12:15 p.m.
• Instructor: Xavier Giroud
  h-index: 15 Info
• 3 points

Microstructure Theory

• M 6 p.m.-9:15 p.m.
• Instructor: Jian Li
  Info
• 1.5 points

Empirical Asset Pricing I

• T 2:20 p.m.-5:35 p.m.
• Instructor: Stijn G Van Nieuwerburgh
  Info
• 1.5 points

Big Data In Finance

• F 9 a.m.-12:15 p.m.
• Instructor: Harry Mamaysky
  h-index: 15 Info
• 3 points

Systematic Investment Strategies

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

Text Data in Finance

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

Corporate Valuation and Financial Modeli

Corp Valuation and Fincl

• TWRFS 2 p.m.-6 p.m.
• Instructor: Daniel Wolfenzon
  h-index: 20 Info
• 1.5 points

MS Internship

• 1.5 points

MS Finance Thesis

• R 2:20 p.m.-5:35 p.m.
• Instructor: Jeffrey Meli
  Info
• 3 points