Capital Markets & Investments
- F 8:30 a.m.-11:30 a.m.
- None None-None
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Instructor:
Sorin Maruster
Info - 3 points
Real Estate Finance
Real estate accounts for one third of the world's capital assets. This course provides students with a comprehensive understanding of real estate valuation, cycles, markets, investments, and decision-making, using modern finance and economics tools. The bulk of the course covers income-producing (commercial) property, although we will discuss residential housing as well. This course provides a unified finance-based framework to answer real estate investment decision-making problems encountered in the real world. Doing so requires a good understanding of the institutional features that differentiate real estate from other asset classes and markets as well as modern finance and economics tools.
- W 6 p.m.-9 p.m.
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Instructor:
Christopher Mayer
Wikipedia h-index: 42 Info - 3 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.
- S 8:30 a.m.-11:30 a.m.
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Instructor:
Aamir Rehman
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.
- S 3:45 p.m.-6:45 p.m.
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Instructor:
Bhakti Mirchandani
Info - 1.5 points
Seminar in Value Investing
Columbia Business School is the academic home of Benjamin Graham and the birthplace of security analysis and value investing. Graham taught Advanced Security Analysis at Columbia from 1927 to 1956. Graham and David Dodd published their seminal work, Security Analysis, in 1934 and Graham published The Intelligent Investor in 1949. Roger Murray took over teaching the course upon Graham’s retirement and taught it until he retired in 1977. After a 16-year gap, value investing returned in the fall of 1993 under Professor Bruce Greenwald’s guidance and has been offered at the school ever since. Interestingly, the course was renamed Introduction to Value Investing, which was the first time the course referenced value investing in its name. Notable graduates from the program include Warren Buffett, Mario Gabelli, Leon Cooperman, Chuck Royce, Art Sandberg, Glenn Greenberg, William von Mueffling, and Todd Combs. This course introduces a framework for investing based on fundamental analysis and evaluates investment opportunities through the lens of an equity investor. Although much of the material in this course has a strong academic foundation, the goal is to develop practical tools that the student can use immediately to improve their investment process and decision making in the real world. The course will demonstrate how to determine a company’s fundamental value. Key inputs in the analysis will be the company’s level of profitability and financial returns, the duration of its competitive advantage, the value of its growth opportunity, the strength of its management team, and the risks inherent in the investment. These tools apply to public and private markets, and the course will show how to use the tools in each opportunity. The course material will be delivered through lectures, exercises, readings, in-class discussions, and homework assignments; the last day of the course will be devoted to student presentations of an investment recommendation using the tools from the course. This survey course is designed to introduce the fundamentals of the Graham and Dodd value approach to investment analysis. The basic analytical structure and its relationship to many elements from the MBA curriculum will be described through lectures, exercises, readings, in-class discussions, and homework assignments; the last day of the week will be devoted to student presentations of an investment recommendation.
- MTWRU 9 a.m.-5 p.m.
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Instructor:
Paul Johnson
h-index: 8 Info - 3 points
Foundations of VC
Learning Objectives: (1.) To understand and experience the process of investing in early stage startups. At the end of this course you will know the terms, process, and mechanics involved in each phase of investing a. Deal sourcing and selection
- S 8:30 a.m.-11:30 a.m.
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Instructor:
Alexander Kimmet
Info - 1.5 points
Capital Markets & Investments
This course provides students with a rigorous foundation in capital markets and investments, emphasizing asset valuation from an applied perspective. It covers valuation techniques for financial securities, essential to portfolio management and risk management applications. Key topics include arbitrage, the term structure of interest rates, portfolio theory, diversification, equilibrium asset pricing models such as the CAPM, market efficiency and inefficiencies, performance evaluation, analysis of common pooled investment vehicles, behavioral finance, and tax-aware investment strategies. Through interactive activities, case studies, and simulations utilizing real-world market data, students will acquire analytical skills and foundational knowledge required for advanced finance courses and practical roles within the investment industry.
Note for MBA students: B5300 is a full term course offered only to EMBA students and is not available to MBA students. MBA students must complete B6301, Foundations of Valuation, to satisfy this prerequisite. If you sat the Corporate Finance exemption exam, please note this exam corresponds to B6302, the half term version, which does not fulfill the B5300 or B6301 requirement for this course.
- MWF 9 a.m.-12:15 p.m.
- MW 2:20 p.m.-5:35 p.m.
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Instructor:
Harry Mamaysky
h-index: 15 Info - 3 points
Corporate Financial Management
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.
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 9 a.m.-12:15 p.m.
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Instructor:
Boaz Abramson
Info - 3 points