This advanced course teaches the real-world skills required to finance infrastructure assets, taught from the perspective of industry practitioners. Each week, students will learn how to apply project finance principles to invest in a different infrastructure asset, including utility-scale solar, wind, battery storage, natural gas, and nuclear projects. Classes will feature a mix of lectures, case studies, hands-on modeling, and discussions with industry experts.
Trillions of dollars in investment are needed to build the infrastructure to address climate change and the growing demand for electricity. This course is designed for the students wanting to learn how to make those investments. By the end of the course, students will be prepared to navigate the complexities of infrastructure finance, including the frameworks, tools, and skills to invest in projects driving the global energy transition.
The purpose of this course is to give students an in-depth discussion of academic and policy/practitioner research to be able to address and evaluate the following questions. What are the challenges in measuring poverty? How pervasive is poverty and what are the underlying drivers of poverty? Has economic growth in developing countries (such as Brazil, China and India) helped to alleviate poverty? How pervasive is poverty in the United States? What are informal credit markets? Who participates in them? What are the interest rates and default rates in these markets? What are the challenges to the flow of credit to the poor borrowers? How can they be surmounted? What is the role of microfinance in delivering financial services to the Poor? How successful has been this effort? What are the challenges? What are some of the recent capital market innovations in the markets for the Poor? Can they help to scale up and bring down interest rates? - What are some of the innovations introduced by corporations and governments in this field? With a view to addressing the questions above, the course will begin by examining how poverty is measured, and characterize (using different measures) how pervasive poverty is. In this context, we will pay special attention to simple (exogenous) measures of poverty rates, and multi-dimensional measures of poverty, which link poverty to some underlying deprivations (such as lack of access to education, healthcare, living standards, etc.). We will also examine how the poor organize their lives, budget their consumption expenditures, and survey their access to certain services. After this the course will present evidence on the extent to which poverty has been alleviated in different parts of the world, and how the results compare with the Millennium Development Goals (MDG) set by the United Nations in 2000. Newly established Sustainable Development Goals will be briefly presented. We will also explore the extent to which economic growth in countries has influenced poverty rates. In this context, we will examine the poverty alleviation process and major indicators of poverty in Brazil, China and India before and after these economies began to experience significant economic expansion: this discussion will shed some light on the relationship between economic growth and poverty rates. After characterizing poverty, the course will turn to the role of markets (broadly defined to include private markets, corporate social initiatives, and government initiatives) that address the needs of the poor
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.
The course is designed to introduce law and business students to the unusual regulatory and business conditions and challenges in the media industries. A variety of topics are covered including intellectual property, the history and structure of the media industries, communications regulation, strategies of integration and consolidation and patterns of innovation in the media industry.
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."
This course will introduce students to frameworks for making better decisions in the business world, drawing from microeconomics and the theory of rational choice in a largely non-technical way. The goal is to equip students with the know-how to quickly analyze and optimize decisions that might otherwise result in paralysis or avoidable errors. The course will pair accessible explanations of economic tools with situations drawn from the workplace and everyday life.
This course is required of EHS Policy Track students in the semester before they complete their practicum. Most class sessions will entail a presentation by a environmental health policy practioner followed by class discussion. Past guests include people from the US FDA, NYU Law School, and the New York State Department of Environmental Protection. Students will prepare biweekly position papers and a research essay. Open to non-policy track students by permission of instructor only.
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.
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.
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.
How does diagramming make subjects available for intellectual exploration, explanation, and even play? How do diagrams thwart understanding? We might think of diagrams as fixed forms of imaging that passively reflect existing notions, but by exploring recent work on diagramming by historians of art as well as scholars in the philosophy of mind, this course will study the ways in which diagrams can function as creative spaces in which thinkers can contemplate the possibilities of innovative juxtapositions and systems of organizing information.
Socially vulnerable communities bear a disproportionately high burden of environmental exposures due to structural challenges such as racism. This multi-disciplinary course will introduce environmental justice scholarship and advocacy through a public health lens. The class will explore foundational theories critical to the environmental justice movement, innovative research approaches for characterizing inequities in environmental health as well as analyzing potential solutions, and community-driven strategies for systemic change. This course will draw on cross-disciplinary materials from academic articles and communications for a broad audience, such as podcasts, news articles, or non-technical reports. Lastly, using a range of practice-based approaches, students will have opportunities to reflect on their own social position and how that informs their public health approach.
This course combines the methods and teachings of security analysis with practical buy-side methodologies to identify and research value investments across the capital structure. Emphasis will be placed on the development and implementation of a disciplined and repeatable research and catalyst-driven evaluation process. 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 necessary to identify attractive value investments through a variety of methodologies for several alternative fund strategies, including event-driven investments and merger arbitrage. When reviewing capital structures, potential catalysts, and other elements related to the cross-asset investment process, dislocations, security mispricing, and hedging considerations will surface creating opportunities for the long and short sides. M&A catalysts will be vetted for their quality, timing, likelihood of occurrence, and estimated impact on securities across the capital structure.
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.
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."
The course is intended to provide students with an understanding of the objectives, methods and applications of pharmacoepidemiology -- the study of the use and effects of drugs in diverse populations. Students will be exposed to the role of Pharmacoepidemiology in the biopharmaceutical development process, from the perspective of regulators (e.g. FDA), policymakers (e.g. Health Technology Assessment agencies), payers, and the biopharmaceutical industry. Epidemiologic methods will be reviewed in the context of pharmaceutical, biotechnology and medical device evaluation. Study designs and data sources used to evaluate drug safety and effectiveness will be discussed using real-world examples. Special attention will be paid to methodological issues, such as confounding by indication, forms of selection and information bias that are unique to pharmacoepidemiologic research. Finally, select special topics are covered, including: risk-benefit analysis, clinical outcomes assessment, and comparative effectiveness research. Students will integrate the methods and operational principles discussed in class into a group presentation, which proposes and defends a study design to address post-approval safety and effectiveness concerns of a hypothetical new drug.
This course is not a traditional business law class. This course is an application-oriented class that provides the business professional with an understanding of certain essential legal concepts that are an integral to anyone embarking on a career which involves public or private company transactional activities.
The purpose of this course is to provide the student with a framework that will enable the student to identify legal issues that arise in various circumstances during the deal process and analyze ways to optimize the desired economic outcomes through an (a) understanding of the likely legal implications of a particular strategy and (b) appreciation of the consequences flowing from the deal structure and documentation. This course will focus primarily on the legal regime in the United States, although the laws of other jurisdictions will be noted where appropriate.
The course is highly interactive – legal principles will be imparted as students seek to identify legal issues arising in actual deal situations. Student class participation is a significant element of the course, accounting for 30% of the student grade.
The purpose of this course is for students to understand the methods involved in determining the role of nutrition in the etiology of various disease states. Examples in the literature will be used to illustrate various aspects of nutritional epidemiology including assessment of dietary intake, biochemical markers of nutritional intake, body composition and issues in analysis of nutritional data in epidemiological studies.
Employers now use these tools in their daily work, and they expect new hires to arrive with
practical experience rather than general familiarity. They need someone who can produce financial
analysis with AI, who knows where the tools fail on financial data, and who takes responsibility
for the result. That expectation falls most directly on the newest members of a team, and this course
is designed to help you meet it.
At the same time, I hope this course helps you build a “brand” of your own. As AI takes over more
of the analysis, the analysis itself will do less to set you apart as the people you compete with will
have the same tools. What sets you apart will inevitably have to be harder to copy: a story about
what you have done and why, a point of view about where the tools help and where they mislead,
and a reputation as someone colleagues want on their team.
This course integrates epidemiologic and human genetics methods to understand the complex aging traits. The first half of the course discusses substantive and epidemiologic aspects of age-related diseases (e.g., cardiovascular disease, osteoporosis), and the second half of the course discusses how genetic and epidemiologic methods can be used to examine the issues discussed in the first half. Topics include study design, modeling of aging, statistical genetics methods, epidemiology and genetics of age-related diseases and geriatric conditions.
Infectious disease epidemiology monitors the occurrence of infectious diseases and develops strategies for preventing and controlling disease. It requires the use of traditional epidemiologic methods as well as methods that cannot be applied to non-infectious diseases, such as mathematical modeling. In addition to knowing epidemiologic methods, infectious disease epidemiologists need to be familiar with the clinical and biological features of important infectious diseases as well as laboratory techniques for the identification and quantification of infectious agents. This course is designed to provide an introduction to infectious disease epidemiology. It will focus on the tools and methods used in identifying, preventing, and controlling infectious diseases to improve public health. Case studies based on the literature and the work of faculty members will be used to illustrate the real-world application of these tools and methods to address public health problems.
Cities are dynamic centers of human achievement where new ideas are generated, industries flourish, and cultures intertwine. Highly skilled workers, creatives, entrepreneurs, and scientists have long been drawn to these dense urban environments due to social and professional networks, industry clustering and the myriad of cultural and public resources cities offer. However, the Covid-19 pandemic disrupted the trend towards increasing urbanization as workers emptied urban downtowns and worked remotely. These disruptions have important consequences for city economies and urban and suburban real estate valuations. Cities are now forced to transform once again and re-imagine their future in a world of hybrid work, AI, and climate change. This course will explore how urban centers are adapting to these seismic challenges and how leaders must reconcile future growth with social and environmental stewardship. This course will explore the process of disruption and transformation using cities as the unit of analysis. It will combine conceptual analysis with real-world strategies pursued by cities such as New York City to effectuate urban regeneration. This includes critical infrastructure underpinning urban mobility, clean energy, and real estate investments in housing, office, industrial and entertainment assets, often through public-private partnerships. This course is meant for MBA students seeking a bigger-picture perspective on the intersection of business and government in the realm of real estate, innovation and infrastructure.
Prerequisites: MUSI G8412. A study of the theoretical and practical aspects of ethnomusicological field work, using the New York area as a setting for exercises and individual projects.
The course "Private Equity" focuses on the essential aspects of corporate finance relevant to the private equity industry. 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 financial modeling, deal structuring, PE fund raising and private equity investment management. We will cover the basic LBO model used throughout the industry to structure and value deals.
This course has several goals. The first is to delineate a “personality” for chronic diseases (CDs). CDs are not extensions in time of acute illness. CDs most often have long, latent, asymptomatic beginnings, often attributable to risk factors, themselves often modifiable; interventions are usually designed for amelioration and management rather than treatment and cure As these diseases emerge in complex contexts with upstream triggers that are embedded in social, political, and economic realms, successful management requires an understanding of these drivers.
The second goal is to enlarge the visual field of the public health student to see these diseases in their global settings. It is now widely recognized that these same chronic diseases—heart disease, stroke, lung disease, diabetes, and cancer—are emerging as the dominant health issues for all countries on all continents. Hence, the course will cover these disorders in both developed and developing countries.
The third goal is to present the complexity of interventions. Prevention, or management, requires interventions that intersect personal, national and global behavior, and equally important, cultural patterns, and political realities. Effective intervention requires exploration of the impact of urbanization and globalization. Creating actionable plans requires input from a wide array of disciplines including, but is not limited to, anthropology, urban planning, political science, trade policy, corporate policy, information technology, advertising, and lobbying. This course is designed to tie these factors together in a focused manner that will permit the student to grasp the breadth of the problems and appreciate the new public health roles epidemiology will need to play to combat this modern epidemic.
“Advanced Private Equity” expands on the topics learned in “Private Equity” from a PE investment professional's perspective. The course follows the private equity cycle from sourcing to exit. With the help of guest speakers from the PE industry, students will learn about the early stages of the deal process: sourcing and diligence. The class will build a complex three-statement LBO model, learning about how modern deals are structured with private credit, management rollovers, and non-traditional capital structure decisions. The course shifts to the ownership side of PE deals: value creation. We will cover the strategies used by PE owners to grow and improve their portfolio companies, incorporating initiatives into our models. The course uniquely combines lectures and guest speakers on all topics, where the guest speakers bring applications of all key issues to the classroom.
This course is targeted for both business and law school students seeking to develop an understanding of the issues involved in raising capital for entrepreneurial ventures as well as emerging growth companies. The course will combine a brief overview of the fundamentals of securities regulation with a practical analysis of the key business and valuation issues to be considered in raising capital at all stages in a companys evolution from startup to IPO. The course will draw from case studies based on the actual experiences of entrepreneurs and companies in their pursuit of growth capital.
FINCB8421
Research on health outcomes is predicated on investigators’ ability to accurately conceptualize and operationalize health constructs of interest. This course will provide an introduction to basic concepts of measurement theory –classical test and modern —and how they are applied to public health research utilizing health outcomes. Students in this course will learn key elements of applied psychometrics using research examples from the literature and from their own area of interest. In addition to a group project intended to facilitate students’ understanding of the principles presented in lectures, each student will also undertake a measurement project that will enable them to apply this knowledge to their specialized area of research. Students will learn to select and how to collect measures as well as assess the quality of measurement in epidemiologic research.
Corporate valuation and financial modeling covers a wide range of valuation methodologies used in industry. At
the end of the course, students will be able to value a firm or a project. To reach this goal, we will cover the
following topics:
1. The free cash flow method for firm valuation
2. Financial statement modeling
3. The appropriate opportunity cost of capital for the FCF
4. Choice of capital structure
5. The relative valuation approach to firm valuation
6. Other approaches: the APV method, the LBO model
The course will consist of approximately one-half lecture and one-half in-class case discussions, for which students
should prepare carefully.
“Private Equity Capstone” asks students to synthesize their learning, experience, and service during their time at CBS
into a final project. Students identify an area of interest and deliverables before the class starts. They identify a PE firm,
investor, or portfolio company to sponsor their project from their own searches or the PE Program’s network. The
sponsor and student work to refine the details of the project (one of four general options), where the question or issue
is relevant for the sponsor’s current business. The sponsor’s role is to provide the seed of a real-world business or
investment problem faced by a practitioner, while giving the student feedback on the project. The course provides an
opportunity for the student to gain experiential learning beyond internships and networking opportunities.
Prerequisites: the instructors permission. Students will make presentations of original research.
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This course focuses on epidemiologic approaches to the study of disorders occurring during early human development (in the period from conception to birth) and on the consequences of events during this period for later development and health. The aim is to impart key concepts and methodological issues of special importance to the study of perinatal phenomena. These include: the timetable of human development relevant to teratogenesis, measurement of prenatal (and largely unobserved) event, chromosomal abnormalities, differentiation of growth velocity and length of gestation, consequences of infections during pregnancy, the role of the placenta, and long-term outcomes of perinatal events on neurological development and adult health. The emphasis is on the application of epidemiological methods to the study of perinatal exposures and outcomes and on some of the distinctive methodological and ethical problems that arise in this area.
Financial outcomes depend on far more than selecting investments with attractive risk-adjusted returns. Households, wealthy families, and long-horizon capital owners face taxes, liquidity needs, retirement spending, insurance risks, estate considerations, charitable giving, concentrated positions, and intergenerational objectives. A strong wealth management process brings these decisions together so that capital is managed in service of the client’s broader financial goals rather than in isolation.
This is what distinguishes wealth management from investment planning. Investment planning focuses primarily on portfolio construction, asset allocation, security selection, diversification, and implementation. Wealth management incorporates those disciplines but adds financial planning and, critically, the integration between the two. Each of the decisions above can materially change what the optimal portfolio should be. In that sense, wealth management is about maximizing after-tax, after-fee wealth, not simply maximizing investment returns.
More U.S. residents have been killed with guns since 1968 than died in all the wars since the country’s founding. Addressing this crisis means solving tenacious public health problems in the realms of science and of politics. In this course we will review the epidemiology of gun violence and the empirical foundations of efforts to address it through policy, study design, programmatic interventions, and environmental/physical design. We will consider obstacles to the rigorous study of gun violence as well as the innovative approaches researchers have adopted to overcome them, whether in the fields of epidemiology, health policy, medicine, criminology, or economics. And we will place all of this in the political and legal context that shapes our collective actions. Through lectures and discussion, students will become familiar with the main factors connected with firearm injury, the epidemiologic study of gun violence, the policy actors that have influenced the U.S. response to date, and the underlying beliefs and behaviors that define the U.S. relationship with guns. By reviewing both new and canonical research throughout the course, students will learn to apprise how diverse study designs — including surveys, case control studies, time-series, randomized control trials, social network analyses, and quasi-experimental approaches — are well-suited to shed light on different aspects of this subject.
We are in the midst of a historic capital expenditure supercycle driven by artificial intelligence; yet, data centers—the physical “building blocks” of AI—remain comparatively opaque even as they become part of everyday life. This course provides “ground truth” on what data centers are, how they come together, and the perspectives of the developers, customers, utilities, investors, and policymakers who make them happen. This is a practitioner’s course and does not require a specific technical background; it is for students interested in real estate development and investing, energy infrastructure, public policy, and technology.
Prerequisites: the instructors permission. This course examines recent research and classic texts on the role of ethnic groups in political analysis. The class addresses three broad questions: what are ethnic groups, when do they become politically salient, and how does ethnic competition affect the distribution of resources in a society. Many of the readings utilize econometric methods. A statistical background at the level of W4710 is assumed, with familiarity through W4712 strongly recommended.
The primary objectives in this course are to gain knowledge about and to critically engage with current topics in the field of injury control and prevention, to develop research and scientific inquiry skills, and to make meaningful connections with experts in this field. In this course, we will learn from experts on four topics in the field of injury control and prevention. By the end of the semester, students will have improved their ability to interpret peer-reviewed research on current topics in injury control and prevention and will be prepared to go forward asking important scientific questions in this field, with a solid sense of what is already known and what is worthy of further inquiry and investigation. Readings will be determined by the four guest speakers based on what is relevant to their field of 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 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?
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.
As a basic science of public health, epidemiology is responsible for the identification of causes of disease that can guide the development of rational public health policies. The accuracy of the information provided by epidemiologic studies is therefore of central concern. Epidemiologic methods are the tools we use to make valid causal arguments. This course builds upon the methods introduced in P6400 Principles of Epidemiology or the Quant core module. The primary objective is to provide students with the basic tools necessary to design, carry out, and interpret the results from observational epidemiologic studies.
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.
Prerequisites: the instructors permission. Students will make presentations of original research.
The course will provide an introduction to substantive cardiovascular disease epidemiology as well as important methodological concepts pertaining to risk factor epidemiology. It will also cover new directions and some controversies. Because pathophysiology understanding is important to public health, some necessary aspects will also be covered.
P8442 offers students an in-depth look at the epidemiology and control of tuberculosis (TB). Students are lectured by specialists and leaders in the field on topics including TB epidemiology in the US and abroad, clinical aspects of TB disease and latent TB infection, TB/HIV, molecular epidemiology of TB, TB control from the perspective of health departments and hospitals, TB drug and vaccine development, social aspects of TB and TB advocacy. Students are expected to master the field of infectious disease epidemiology and control as it applies to TB. Course readings cover state-of-the-art and historical articles.
The course will provide an introduction to the microbiome and will discuss the role of microbiome in human health. Microbiome refers to the collective community of microbes (e.g. bacteria, archaea, viruses and fungi) and the function of their genomes. The number of studies related to microbiome has grown recently, coinciding with interest from the public and media in the potential of the microbiome to affect human health. The goal of this course is to provide background on important concepts related to microbiome and methodological issues common in epidemiological studies of microbiome. Concepts related to microbial ecology, gut biogeography, relationship with nutrition and metabolism, and how various factors including life stages affect the microbiome will be covered. The course will also focus on epidemiologic methods for gut microbiome studies including a focus on study design, implementation, and analysis along with a discussion on potential threats to causal inference. The concepts and methods learned will then be applied to various topics of microbiome and health (gastrointestinal diseases, infectious diseases, cancer, diabetes, obesity and environmental health).
This 1.5 credit course will introduce students to current and emerging issues in injury and violence and provide a conceptual approach from which to view injury and violence within a public health framework. The multifaceted, multidisciplinary nature of injury and violence prevention will be illustrated using principles and applications of epidemiology, health policy, behavioral science, law, medicine and engineering. A combination of lecture, discussion and structured interactive group exercises will be used to illustrate key concepts, including common risk factors and injury-related health disparities, across intentional and unintentional injury mechanisms in vulnerable populations. The contribution of injury and violence to the total health burden and a systems approach to prevention will be woven into class sessions covering cutting edge and cross cutting issues related to specific mechanisms of injury such as motor vehicle, poisonings and overdoses, drowning, fire/burns, falls and violence including issues and trends in firearm injuries. Issues in surveillance, measurement and evaluation will be illustrated as the class examines current approaches to translating injury science into effective population-level prevention.
Russia's war against Ukraine has multiplied Eurasia's connections with the wider world. This graduate seminar examines these connections beyond the usual boundaries of the “post-Soviet space.” Topics include wartime exiles and refugees, independent media in exile, disinformation and transnational repression, oligarchs and their enablers, sanctions evasion, shifting energy flows, and the changing roles of China, Central Asia, the South Caucasus, Türkiye, and the Gulf. The course also addresses broader global debates over empire, regionalism, decolonization, and whether “Eurasia” remains a useful analytical category.
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
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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.
Machine learning, broadly defined as analytic techniques that fit models algorithmically by adapting to patterns in data, is growing in use across many areas within public health and healthcare. This course is intended for students with existing training in epidemiology and basic biostatistics who seek an introduction to the use of machine learning within epidemiologic research and practice. This includes an overview of key-terms and commonly-used algorithms, debates of the ethical and scientific considerations on the use of data-driven analytics when the goals are improvements in public health and causal inference and in-depth discussions about common implementations of machine learning within the current epidemiologic literature. Using a flipped classroom format, the course will combine online lecture videos with in-class discussions and group exercises to ensure a balance of substantive knowledge and practical skills. Through this hybrid learning approach, students will learn to apply critical thinking techniques as they explore the opportunities and limitations of using machine learning within the context of epidemiology. Throughout the duration of the course, all classes will include clear examples from the epidemiologic literature, discussions on ethical issues surrounding the use of machine learning and hands-on programming exercises in R/R Studio. After completion of this course, students will be able to discuss scenarios where machine learning can (and cannot) benefit epidemiologic analysis, analyze public health data using commonly-used machine learning techniques in R software, and pursue either more in-depth technical training or informed collaborations with scientists with specialized machine learning expertise.
This seminar, taught by adjunct practitioners Kristin Gilbertson and Andrew Gundlach 01, focuses on portfolio management for family offices, public endowments and private foundations, and to a lesser extent pension funds. The class will introduce the various investment strategies employed, the development of an investment policy, asset allocation, risk management, the choice between active vs. passive management, consideration in evaluating fees and incentive structures, liquidity management, the manager search process, operational due diligence and ongoing performance monitoring. Public and private equity strategies (long only, hedged, PE, VC and direct investments in equities) will be the primary focus, though macro, event arbitrage and fixed income/credit will also be reviewed. Also to be discussed are asset allocation and implementation are influenced by important considerations such as investor tax status, philanthropic goals, societal values, liabilities and payout ratios. There will be guest speakers, and the final exam will be a semester-long project of relevance in the field. This is an application based course, which is not open to the bidding process.
Whether you want to follow a career in private equity or just want to know how to intelligently analyze investment opportunities, define successful strategies and manage companies, this course will build on concepts learned in the introductory Private Equity course and provide you with the necessary skills to be a successful value-oriented private equity investor, while understanding the particular challenges of investing in Emerging Markets.
Through a combination of lectures, case discussions, real life examples and a Private Equity Game Simulation this course focuses primarily on the two key components of a successful private equity business:
Analyzing & Selecting Investment Opportunities
and
Managing Portfolio Companies, with a special focus on crafting winning marketing strategies
.
The skills & toolkit you’ll learn in this course, go beyond Private Equity. Analyzing & valuating businesses, implementing operational improvements and realizing value for shareholders are key activities for any organization, especially those operating in Emerging Markets.
This course builds on the basics covered in the Private Equity Finance course and
focuses on three main issues: 1) Value creation through strategic marketing analysis of opportunities, 2) Management of portfolio companies
and 3) How these concepts apply in Emerging Markets
Specifically, we will review key models and frameworks used by top world-class PE practitioners and management consultants to evaluate deals, to better understand industries, drivers of value, players and the likelihood of success of different business models.
Additionally, we will focus on how to manage portfolio companies to achieve superior returns and how to diagnose, solve, recommend and implement top strategic corporate decisions.
All of these skills will be developed and discussed through the lens of Emerging Markets, paying particular attention to the added complexity that these markets bring to PE investment, mainly regarding macro risks, information asymmetry, governance and other issues.
The course´s ultimate objective is to develop a disciplined, structured and analytical approach to consistently help you evaluate deals and manage investment opportunities in Emerging Markets.
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).
This course will provide an introduction to the existing research on sexual and gender minority (SGM) health with a specific emphasis on epidemiologic theory and methods. Through readings and group discussions we will cover issues related to the design of epidemiologic studies that focus on different sexual and gender minority populations (e.g., queer cisgender populations and transgender and non-binary populations). In addition the course will review the sexual and gender minority health literature as it pertains to group differences (e.g., race, socioeconomic status), using intersectionality as a conceptual and methodological framework. Lectures will include both content- and methods-focused components. Substantive topics of focus include social determinants of health and specific health outcomes and health behaviors, such as HIV, substance use and mental health burdens. Methodological issues that are particularly challenging in sexual and gender minority health will be discussed, including sampling sexual and gender minority populations, causal inference methods in sexual and gender minority health research, and analytical approaches in epidemiologic studies of sexual and gender minority populations.
This course provides students with the opportunity to apply epidemiologic principles and methods and develop foundational skills necessary to critically evaluate the existing sexual and gender minority health research literature. This course fulfills an elective requirement for the Social Determinants of Health certificate. Participation in class discussion, experiential learning activities, and a final paper will be used to evaluate progress towards learning objectives.
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.
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.
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.
Taiwan is a leading example of democratic transition and consolidation, the sole culturally Chinese democracy, one of four “Asian tigers” that forged a model of state-led economic development, the world’s 22nd largest economy, the dominant producer of high-end computer chips that power the 21st century economy, and a strategic hot spot considered “the most dangerous place on earth” in the context of U.S.-China strategic competition. It is the site of intense political contestation over national identity and complex electoral and party politics, and the target of advanced cognitive warfare from mainland China. It contends with problems of societal resilience in the domains of energy, food supply, communications, civil defense, and other fields. This course examines Taiwan’s political development, institutions, parties, elections, identity politics, social movements, political economy, and foreign/China policy, while placing Taiwan in comparative perspective to explore the extent to which its experiences are unique or illustrate general theories of political development, economic development, party politics, and international relations.
The primary objectives in this course are to learn to systematically review and summarize primary research in chronic disease epidemiology, to synthesize scientific evidence to establish causal inference, and to understand how this evidence relates to scientific decision making for improving health outcomes. In this course, we will evaluate 4 topics in the epidemiology of chronic diseases. By the end of the semester, students will improve their ability to interpret the literature on current topics in chronic disease epidemiology and will be able to evaluate how the evidence can inform health decision making and causal inference. Readings will be based upon publications highlighted in the Dean’s Seminar Series on Chronic Disease and the Department of Epidemiology’s Chronic Disease Cluster seminars.
This course is an intro to intermediate level infectious disease mathematical modeling methodological class. It will introduce the fundamental principles of infectious disease modeling. Emphasis will be given to compartmental meta-population models. Over the course, we will learn a variety of mathematical models for infectious diseases, starting from simple compartmental models to more complex compartmental models with various structures, including multiple risk groups, age groups, spatial network, and multiple hosts. In addition to these models, we will also discuss how key epidemiological parameters (e.g. the basic reproductive number) can be estimated from real disease data. Other topics will include vaccination/antiviral efficacy assessment, survival analysis, and agent based models. Half of the course will be devoted to hands-on computer lab excises, using the R Studio open source program (if students are familiar with Python or Matlab, these programs can be used instead).
Seminar for students in the Social Determinants certificate program
This course is designed to offer a general introduction to early American history from the colonial era to the early national era in North America. The goal of the course is to introduce students to the early American field broadly defined. Through weekly discussions of selected monographs and essays we will explore the key themes of early American history, examine methodological innovations and changes, and explore shifting historiographic trends in this broadly defined chronological field. Accordingly, we will approach our study by examining a few important historical constructs – the representation of the western hemisphere as a New World; the fact that European colonists, their African slaves, and the imperial governments that ruled North America’s settler colonies were part of a larger Atlantic World --connecting people and political regimes in Europe, Africa and the America. And finally, we will wrestle with the fact that as late as the end of the eighteenth century the majority of the North American was controlled by autonomous indigenous peoples making colonial history a story of encounter between an emergent indigenous New World and the peoples and institutions of Europe Empire.
Comparative media is an emergent approach intended to draw upon and interrupt canonical ideas in film and media theory. It adopts a comparative approach to media as machines and aesthetic practices by examining contemporary media in relation to the introduction of earlier technologies. The class also extends our focus beyond the U.S. and Europe by examining other cultural locations of media innovation and appropriation. In doing so, it decenters normative assumptions about media and media theory while introducing students to a range of media practices past and present.
The course is intended to teach students how to apply basic epidemiological and statistical methods and concepts. The material builds on concepts introduced in epidemiology and biostatistics core courses (or the Quant core module), and serves as a bridge to the methods presented in more advanced epidemiology courses. Each session is a combination of didactic lecture and hands-on practice. Students conduct epidemiological analyses on actual data sets, and learn the importance of data preparation and cleaning, descriptive analyses, as well as how to conduct categorical analyses, ANOVA, and linear regression in SAS.
In the last twenty-five years the historical study of museums has ballooned into a veritable separate discipline known as museum studies, which deals with the history of collections, the ideology of the museum as a public institution, and the politics of exhibitions. It is not the intention of this seminar to present an overview of this vast literature but rather to posit a set of questions proper to architectural history that intersect with both the history and historiography of the museum since the mid-18th century, with an overwhelming emphasis on the art (as opposed to the natural history, science, technology, history, or literary) museum. The seminar intertwines two themes at vastly different scales: the inclusive one of the architectural history of the art museum as a building – including all aspects of interior disposition, display strategies and technologies, lighting, exterior form, and urban spatial disposition – and the more highly specialized one of architecture as a subject matter for collecting and display in the museum context. Within art history the focus has been largely on the development of both the architectural and institutional structure of the art museum; but the fact that architecture overlaps issues of aesthetics, of history, and of science and technology, invites us to consider both the question of the architecture of the museum and architecture in the museum from a more comprehensive view of the museum type. In both a set of questions recur: the idea of de-contextualization, of aesthetic experience divorced from use and daily environment, of classification and display, of education and/or vs. entertainment, or cultural hegemony and colonialism.
Generative AI tools, such as Large Language Models (LLMs), represent a subset of artificial intelligence technologies capable of generating new content, including text, images, audio, and video, that mimic human-generated content. Unlike earlier AI approaches, such as machine learning, which are designed to recognize or classify data, generative AI can create novel data outputs by leveraging the patterns, styles, or information it has learned during its training process. This ability to recognize and generate patterns shares many similarities with the goals of Epidemiology, which focuses on identifying patterns of health and disease in populations.
Although these generative AI models are relatively new, their adoption in the research environment, including in Epidemiology, is rapidly increasing. The introduction of LLMs has the potential to revolutionize scientific research by providing unprecedented speed, innovation, and efficiency. This is achieved by enabling novel and compelling ways to explore data. However, the complexity of the neural networks behind these models' decision-making processes and lack of transparency in data training sources can make it challenging to understand how they arrive at specific outcomes and biases. The opacity of these models, coupled with the necessity of training them on potentially biased data sets, underscores the need for responsible use. Therefore, epidemiologists face the challenge of ensuring that research findings generated by AI are real, ethical, and reliable.
This course is designed to introduce LLMs and other AI approaches, highlighting their potential to enhance epidemiological research. It aims to explore innovative ways AI/LLMs can be utilized, understand the ethical considerations involved, investigate the potential public health concerns raised by AI, and examine firsthand applications of AI within the field of public health. The class will include informational lectures on-line and in person, with in-class applied discussions and learning exercises.
The course is an advanced Mergers & Acquisitions Seminar that focuses on current trends and recent developments in the media industry. The course will be divided into two parts. Each week during Part I will be devoted to the analysis of a different recent media transaction. The pedagogic framework is not structurally different from traditional M&A analysis. The overlay of mediaspecific commercial, strategic and regulatory issues will provide additional insight into a particularly dynamic segment of the economy. Each week will focus on a different transaction type (e.g., cash divesture, cash acquisition, stock merger etc.) different media industry sub-sector (e.g., cable, newspapers, broadcasting etc.) and different aspects of the analytical framework (e.g., financial analysis, corporate governance etc.) Part II will be devoted to group board presentations of hypothetical transactions. Groups must be formed and have their hypothetical transaction approved by the instructor by week 4 of the course. Course grades will be primarily based on the quality of written materials and presentations by the group. Each group member will receive the same grade on their project. 20% of the course grade will be on based on individual weekly homework assignments. Outside speakers/board members with first-hand knowledge of the industries and transactions considered will participate during both Part I and Part II of the course.
Ethnography is often taught as a method of observation. This course begins from a different premise: ethnography is a political technology of knowledge production shaped by empire, race, capital, gender, and disciplinary power. It is also a fragile and unfinished writing practice that scholars continually remake. This seminar treats ethnography as a site of struggle over these questions: Who can produce knowledge? Whose worlds become legible? Which archives endure? What research should refuse to know? And, how writing itself organizes relations of power?
Interdisciplinary group work as part of Dissertation Proposal Seminar series.
This course introduces students to basic research methods used in health policy research. After providing an introduction to regression analysis, the class will focus on developing the skills to enable students to analyze the effect of a government program (or a variable that can be affected by a government program) on health outcomes. Specific learning objectives include: developing data management skills, computing descriptive statistics, and performing regression analysis using Stata, a simple yet powerful and widely-used statistical software package; critically evaluating empirical research conducted by others; and applying skills to evaluate the effect of a publicly provided government program.
Large data sets provide crucial information for monitoring the health of our nation and evaluating public health policies. The principal goal of this course is for students to develop the skills to identify, process, and analyze these data to answer a specific research or policy question. The class is an applied, hands-on course that provides an introduction to several major health data sets and guides students in processing and analyzing these data. Students will hone computer and statistical skills developed in other research methods courses. Students with also gain insight into active research projects that utilize large scale health data sets via a series of guest lectures. By accessing data that measure health variables of current importance, the class provides a foundation for developing a variety of health policy research questions.
This course covers marketing strategy for all players, from biotech startups to pharmaceutical firms and service providers. It has two objectives: Present methods and models used in the life sciences sector, and demonstrate how they are successfully used in current business situations. Key learnings include how to segment consumer and medical markets, brand a new product/service, create a marketing plan for a startup, decide on a pricing approach and integrate online/offline communications. Students customize the course to their needs with a term paper (instead of final exam) based on a consulting assignment for a company.
This course covers marketing strategy for all players, from biotech startups to pharmaceutical firms and service providers. It has two objectives: Present methods and models used in the life sciences sector, and demonstrate how they are successfully used in current business situations. Key learnings include how to segment consumer and medical markets, brand a new product/service, create a marketing plan for a startup, decide on a pricing approach and integrate online/offline communications. Students customize the course to their needs with a term paper (instead of final exam) based on a consulting assignment for a company.