In 2020, the tragic loss of George Floyd and numerous other incidents of police brutality, alongside the disproportionate COVID-19 impact against Black people in the United States, led to a heightened global response to racial injustices. This period marked a transformation within the field of racial redress. In 2021, the UN created the Permanent Forum of People of African Descent, and the Office of the United Nations High Commissioner for Human Rights (OHCHR) unanimously passed Human Rights Council resolution 43/1, Promotion and protection of the human rights and fundamental freedoms of Africans and of people of African descent. Nationally, municipalities began to be accountable for historical racial injustices, such as the passage of housing reparations in Evanston, Illinois, for historical discriminatory zoning policies between 1920-1950.
Despite the transformation, reparations remain a contentious political issue. HR40, a federal bill to support the formation of a reparations commission, appears to be stalled in committee. A California task force voted to limit reparations to individuals who could prove enslaved ascendancy, creating rifts within the Black community for those who believe reparations are also due for other historical injustices, such as those that occurred during the Jim Crow Era. Public opinion polls suggest that over sixty percent of the population remains opposed to the idea of reparations. Even the process of forwarding local reparations is a complex process fraught with community disagreement on the value and need for racial repair.
This course will examine the concept of reparations, explore the historical and contemporary US reparation efforts, and study how various sectors approach this issue, including legal scholars, historians, community activists, and legislators.
Clinical seminar in Women's Health is designed to provide the Women's Health Subspecialty student with an opportunity to expand on clinical practicum experiences via case presentation and faculty led group clinical discussion. Each student will present a case chosen from the women's health practicum experience. The presenting student will lead a class discussion based on their case facilitated by the course instructor. Some seminar sessions will include a didactic component presented by the course instructor to further elaborate on clinical issues presented in the cases over the course of the semester.
This course will explore the relationship between representative and direct democracy, movement strategy and public policy development in the United States. The course will begin by defining movements and their relationship to power and democratic institutions. This course will examine three movements (1) civil rights, (2) Black Lives Matter/policing reform, and (3) disability rights and the relationship between policy development and governance. We will then examine limitations and opportunities for movement and protest strategies overall. The final two classes will focus on the principles of protest and governance and visioning. Student presentation will consider 21st century strategies for mobilizing popular movements and future opportunities for local and national governance change. And the final course will address scenario planning for the near future.
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.
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.
Architecture can be both a building and a body of knowledge. This seminar investigates the role of buildings (studioli, private and public libraries, academies, museums, and archives) in the shaping of learning activities, in the organization, selection and preservation of knowledge, and in the collection and display of objects. It also considers the spatial organization of interiors and the creation of customized furnishings, such as shelves and cabinets. At the same time, it analyzes how various kinds of knowledge, especially of art and architecture, were accumulated, stored, and organized through the making and collection of drawings, maps, prints, and books. In doing so, it aims to test how buildings could accommodate and shape different structures of knowledge and how, in turn, taxonomic organization and the “architecture of knowledge” could influence the making of buildings and furnishings. The seminar will also be an effective way to observe how these two spheres contributed to the creation of a dominant knowledge over other types of knowledge. The seminar focuses on the seventeenth and eighteenth centuries, a time characterized by expanding global knowledge through intensified information exchange, colonization, and exploration, all of which prompted an increased proliferation of maps, books, and new media for collecting information. These objects were assembled in European libraries, museum and other types of archives. This was also a pivotal period for the trajectory of such disciplines as history and (pre-)archaeology and for the creation of new institutions devoted to learning and knowledge preservation. Through this seminar, students will learn to put the history of art and especially architecture in conversation with the histories of knowledge, of science, of management of information, of books, and of museums and archives. Some classes will take place at the Avery Library.
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.
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."
Geographic Information Systems (GIS) has emerged as an essential tool for public health researchers and practitioners. The GIS for Public Health course will offer students an opportunity to gain skills in using GIS software to apply spatial analysis techniques to public health research questions. The laboratory section of the course will give students the opportunity for hands-on learning in how to use GIS systems to analyze data and produce maps and reports. These laboratory exercises will be designed to increasingly challenge the students to incorporate the analytic skills and techniques they have learned in other courses with the geospatial and spatial statistics techniques commonly used in GIS. Guest speakers will be invited to share their real-world examples of GIS in Public Health research and practice. These speakers will include Columbia researchers and staff from government agencies or non-profit organizations.
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.
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.
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.
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 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."
TBD
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
General topics in Machine Learning
This seminar tries to understand the historical links between two discourses that emerged simultaneously in Europe in the late eighteenth century: aesthetics and political economy. How was land (a source of economic value) conceptually separated from landscape (an object of aesthetic enjoyment) in Europe and in the colonies? What does the history of taste, the aesthetic faculty of discrimination, look like when understood against the background of global commodities (sugar, coffee, tea, etc.) that Europeans came to enjoy in the same period? What is the historical relationship between aesthetic value and economic value? This graduate seminar examines global contexts, texts, and artworks in the long nineteenth century in an attempt to understand concepts that developed in tandem in discourses of aesthetics and political economy.
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.
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.
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.
This seminar will explore legal issues relating to the regulation of psychoactive drugs. We will review the standard arguments for and against legalization, decriminalization, and other regulatory models. We will consider the challenges of assessing drug dangerousness and scheduling drugs. We will discuss emerging controversies involving the international drug control system, the commercialization of the domestic cannabis industry, and psychedelic patents. And we will study in particular depth whether and how constitutional values such as liberty and equality might help guide U.S. drug policy.
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.
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.
Prerequisites: the instructors permission. Students will make presentations of original research.
Tech Arts: Advanced Post Production covers advanced techniques for picture and sound editing and the post production workflow process. The goal of the course is to give you the capabilities to excel in the field of post production. We will focus extra attention to concepts and workflows related to long-form projects that can contain a team of technical artists across the post production pipeline. We will cover preparing for a long-form edit, digital script integration, color management and continuity, advanced trimming, and advanced finishing. The hands-on lessons and exercises will be conducted using the industry-standard Non-Linear Editing Systems, Avid Media Composer, and Davinci Resolve.
Each week’s class will consist of hands-on demonstrations and self-paced practice using content created by the students and provided by the program.
See CLS Curriculum Guide
The idea that culture influences politics has been a core theme of the modern social sciences. But scholars have debated what culture is, what it influences, and how. The course looks at some of the foundational works in this literature. It then focuses on the stream of research that uses survey research methods and in so doing, focuses on the understanding of political culture as a distribution within a society of values, norms, and attitudes toward political objects. Within this literature, we look at how social scientists using survey research have assessed the impact of political culture on one type of behavior, political participation, and one type of attitude, regime legitimacy. This in turn involves a discussion of the distinction in the literature between democratic and authoritarian regime types, and how they differ with respect to drivers of participation and causes of legitimacy. The course deals with culture, regime type, participation, and legitimacy at both the conceptual and methodological levels. By critiquing prominent works in the field, we will learn more about problems of measurement, question formulation, response category design, and questionnaire design, and about practical problems of gaining access and conducting interviews in various social and political environments. We will develop an appreciation of how sampling techniques affect the reliability of findings, and discuss the possibilities and limits of using non-random and flawed samples. Students who can use statistical software will have an opportunity to work with the Asian Barometer Survey Wave 4 dataset.
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Although the 1970s has become an object of cultural nostalgia or ridicule (or both), it remains markedly out of focus in comparison with the 1960s and 1980s. Historians and art historians, both, have found it difficult to summarize and even sometimes to talk about. This course will examine the historical and art historical transformation of this decade and explore new historical and methodological tools by which to approach it. Particular attention will be paid to artistic engagements with the body (including, but not limited to feminist and performance art), to the radicalization of political action (drawing, in part, upon period discussions of violence), and to the emergence of related cultural phenomena such as punk rock. The increased hybridization of media, the heterogeneous mixing of different “movements,” and the unparalleled melding of art with popular culture that mark this period will also be examined, as will the legacies of its cultural production and contemporary artistic practices.
See CLS curriculum guide for description
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.
A central issue of our time is the strength of democracy in an era of mounting threats of authoritarianism, rising inequality, and deep insecurity and precarity for working people. This seminar will probe the relationship between labor, inequality, and an inclusive, multiracial democracy from a variety of perspectives in law, political science, sociology, history, and economics. Our discussions will address questions as varied as: Can political democracy thrive when people spend the bulk of their time in workplaces that are autocratic? What is the connection between workplace democracy and political democracy? How have global trade, outsourcing, contracting, on-call and contingent employment arrangements, monopolistic business practices, and technology shaped labor markets while contributing to rising inequality and an erosion of democracy? How does racial and gender stratification in labor markets interact with ethnonationalism and growing threats of authoritarianism—and what role does labor organizing play in countering ethnonationalism and authoritarianism? How can labor law be reformed to achieve greater workplace, economic, and political democracy and what are new hooks and opportunities for labor organizing? During several sessions we will be joined by policy makers and labor organizers or by academics who will present works-in-progress for discussion.
A central issue of our time is the strength of democracy in an era of mounting threats of authoritarianism, rising inequality, and deep insecurity and precarity for working people. This seminar will probe the relationship between labor, inequality, and an inclusive, multiracial democracy from a variety of perspectives in law, political science, sociology, history, and economics. Our discussions will address questions as varied as: Can political democracy thrive when people spend the bulk of their time in workplaces that are autocratic? What is the connection between workplace democracy and political democracy? How have global trade, outsourcing, contracting, on-call and contingent employment arrangements, monopolistic business practices, and technology shaped labor markets while contributing to rising inequality and an erosion of democracy? How does racial and gender stratification in labor markets interact with ethnonationalism and growing threats of authoritarianism—and what role does labor organizing play in countering ethnonationalism and authoritarianism? How can labor law be reformed to achieve greater workplace, economic, and political democracy, and what are new hooks and opportunities for labor organizing? During several sessions, we will be joined by policymakers and labor organizers or by academics who will present works-in-progress for discussion.
This seminar is a “deep dive” into market manipulation, with an emphasis on the securities markets and extensions to commodities and futures as well. We begin with the history of prohibitions on market manipulation and literature on the conditions under which manipulation is expected to be profitable. We then critically appraise enforcement actions and criminal prosecutions for specific types of manipulation: wash trading / matched orders, spoofing and layering, “open-market” strategies like banging the close and cross-market manipulation, as well as “pump and dump” and “short and distort” cases. We consider jurisprudence on private damages claims under the Securities Exchange Act of 1934 and the Commodities Exchange Act and issues like standing, class certification and damages. We also consider manipulation claims under the antitrust laws. Finally, we conclude by considering to what extent traditional academic critiques of securities class actions apply to market manipulation cases.
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 course emphasizes critical analysis of disparities in women’s health both historically and in the current health care system. Institutional racism and misogyny will be examined as a major contributor to health disparities. Health outcomes across the lifespan for women in the United States will be compared and contrasted with outcomes in low and high resource countries. The social and political context will include disparities identified based on the social determinants of health which include age, race, poverty, mental and physical capacity, ethnicity, language, country of national origin, gender identity, sexual orientation. Efforts to close the gap in disparities will be identified and analyzed.
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.
Inspired by the current rise in scholarship on art in Indigenous and African Diaspora traditions, this course will consider myriad ways of imagining land and life. It will chart pre-twentieth century landscape painting that exercises the picturesque in the time of slavery and imperialism and moves towards ecocritical considerations in our current moment, touching Africa, Asia, Europe and the Americas. We will then look at how understandings of our world are cultivated in Modern and Contemporary art in multi-media and growing digital practices from the 20th century forward. How do artists see and imagine our emplacement and encode the social world through place? How can we use such ideas to chart our way through a changing climate and world? How does landscape, even in its apparent challenges, function as home/friend/support? In what ways can land symbolize grounds for empathy rather than serve as a site of polarization with distinct interests forever at odds and incommensurable?
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.
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
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.
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.
This course addresses issues throughout a woman’s life span in the arena of gynecological well-being. It focuses on the development of a knowledge base that enables us to understand what gynecological and reproductive well-being is for a woman and how this impacts her health physically, mentally, emotionally, and culturally. From this perspective, we can develop appropriate patient education to maximize her ability to achieve and maintain well-being. Topics include the full range of gynecologic and reproductive health maintenance issues and challenges women face across the life cycle.
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.
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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 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).
Refer to Law School Curriculum Guide for description.
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."
This class builds upon the principles learned in the two foundational courses of the subspecialty in Women’s Health: Comprehensive Women’s Health and Advanced Care for the Childbearing Year. The student will perform and document women's health and/or antepartum physical exams in both laboratory practice and clinical settings focusing on health promotion and maintenance.
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.
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.
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.
This course focuses on the public health implications of mass criminalization and mass incarceration in the United States, from a critical social epidemiologic perspective. The course will provide students with foundations in theory and evidence for the ways in which the carceral state produces social inequalities in health. It will also address key substantive and methodological challenges in the epidemiologic study of these issues. The course will be guided by a critical sociology of mass criminalization and incarceration and analyses of structural racism and political economy.
Substantive topics include the components of, and policies that govern, each system within the criminal legal system; the myriad health implications of individual- and community-level exposure to the criminal legal system; and conflicting perspectives on prevailing approaches to public safety, policing, and punishment. Students will be able to describe public health problems the criminal legal system creates, exacerbates, or perpetuates, and explain why certain populations are unjustly affected. Students will be able to identify methodological problems in research on mass criminalization and incarceration, e.g., structural confounding, time-varying confounding, social causation vs. social selection, selection bias, measurement issues, appropriate levels of analysis, spatial dependence, ethical issues. They will be able to interpret, synthesize, and critique theoretical scholarship and empirical research on mass criminalization and incarceration and evaluate the strength of evidence on given topics. Students will be assessed based on participation in class discussion, short outlines/mind maps synthesizing weekly readings, group presentations, and a final individual paper.
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.
This course provides the graduate nurse-midwifery student with a theoretical and practical knowledge of the neonate, breastfeeding, and the postpartum period with an emphasis on the first six weeks. Normal physiology and family centered management skills are emphasized. Students are encouraged to provide care that recognizes and respects the cultural dynamics of the family. Pathophysiology is also covered to familiarize the nurse-midwife with various interventions when deviations from the normal are encountered.
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).
Didactic presents an understanding of the process of labor, birthing, and immediate postpartum and how this impacts on the mother and baby from a midwifery perspective. Specific focus centers on the midwifery management process, particularly for the normal, with differential diagnosis to determine when intervention/consultation is necessary. Birthing management will be viewed in a variety of settings and cultures. Practical skills for assessment and management will be taught. The course will provide mastery of the core competencies required by ACNM.
Seminar for students in the Social Determinants certificate program
Clinical practice includes nurse-midwifery management of the care of the normal intrapartum woman/ newborn/ family and collaboration and/or referral for complex management. Experience on the postpartum ward and in newborn care is obtained in this clinical rotation when intrapartum patients are not available.
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.
Clinical skills preparation is essential before a student enters clinical practicum. A variety of skills relevant to intrapartum, newborn, and postpartum care are taught and then practiced in simulation settings and peer practice.
Independent research with individual faculty. Tailored to the particular interests and needs of the individual student. May include literature review, research projects, or other special studies that enrich the student’s program.