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."
This is an intense reading seminar in new directions in East European, Russian and Eurasian history from the turn of the nineteenth century to the present. The seminar explores the “Other Europe” as a constellation of specific regions as much as key localities from which to view the world. The course is based on the premise that global history should be narrated beyond center-periphery frameworks, and from any place where people have reimagined their relationship to a shared global modernity. We will investigate topics ranging from multi-confessional and multi-ethnic land empires (German, Russian, Habsburg, Ottoman, Soviet) and their post-imperial forms; globalization and isolation; nationalisms and internationalisms; modernization; communisms; borderlands; dictatorships; Orientalism outside of Western Europe; migration and expulsion across borders and the rise of so-called closed societies; interethnic and communal violence, genocide, and mass killing. Through the lens of cultural, intellectual, social, international, transnational, environmental, regional, urban, legal and gender history, and the history of science and technology, we will explore the region’s historic liminality (as a bridge between “East” and “West’) and its historic ties with Western Europe, the Ottoman Empire, the United States, and Southeast Asia.
This course is not a traditional business law survey 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 part of the decision-making process for a business enterprise to operate effectively in the United States.
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 operation of a business enterprise. 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 business situations. Daily student class participation is a significant element of the course, accounting for 20% of the student grade.
TBD
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.
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
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.
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.
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.
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.
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.
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See CLS curriculum guide for description
This course examines comparative political behavior from a political economy perspective, focusing on how incentives drive the micro-level behavior of voters and politicians. Students will rigorously examine contemporary debates, both theoretically and empirically. Student will also combine formal models and modern research designs to generate hypotheses, identify causal effects, and ultimately seek to interpret them. The course draws from evidence from across the democratic world. The goals of this course are twofold. The substantive goal is to familiarize students with theoretical arguments and frontier empirical evidence pertaining to central questions in comparative political economy. The methodological goal is to help students think critically and conduct cutting edge research. Specifically, the course aims to empower students to read and even write formal models, implement modern causal inference techniques in their research, and combine the two approaches to interpret the evidence.
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.
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?
This seminar traces major historical trends, transformations, events, and eras that have shaped labor and the lives of workers, mostly in the United States but also around the world. With some prefatory readings about the 18th and 19th centuries, this seminar will concentrate on the 20th and 21st centuries and examine different sectors of work and the varied laboring lives of individuals and communities. Topics covered include labor during Reconstruction; the racialization and feminization of labor; industrial factory work; agribusiness’s power and the food industry; union formation and campaigns; workplace traumas and tragedies; citizen-migrant tensions and solidarities; globalization and outsourcing; sex, tech, and gig work; and how cultural changes and political schisms affect attitudes in the working and middle classes.
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.
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
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 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.
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).
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.
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.
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.
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.
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.
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.
This diagnosis and management course will focus on each physiologic system and include unique characteristics relevant to midwifery care throughout the lifespan. Complex health concerns will be included in the context of consultation, collaborative management and/or referral to specialists. The course will reinforce appropriate standards and scope of midwifery practice with a critical analysis of social and political influences on health care including the effects of racism and gender bias on a person’s health.
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 mimics 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. Epidemiologists, therefore, face the challenge of ensuring that research findings generated by AI are real, ethical, and reliable.
This course is designed to introduce LLMs, highlighting their potential to enhance epidemiological research. It aims to explore innovative ways LLMs can be utilized, understand the myriad ethical considerations involved, investigate the potential public health concerns raised by AI, learn how to conduct basic analyses, and examine firsthand applications of LLMs within the field of epidemiology. The class will include informational lectures with in-class applied discussions and laboratory learning exercises using LLMs.
This graduate seminar explores the role of archives and “the archive” in the history and making of art history. How has the discipline defined its archives in the past, and how is it doing so now? How does one identify, navigate, and mine repositories of information for the purpose of art historical study? And what challenges or problems—theoretical, methodological, ethical—does such work raise? Our investigation will be grounded in and guided by readings drawn from a range of fields, including history, anthropology, critical theory, and queer, feminist, postcolonial, Indigenous, and critical race studies. Over the course of the semester, seminar members will also design and undertake an independent research project using one or more archives in the New York City area.
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.
This course is a continuation of Seminar I. Using the DNP Competencies in Comprehensive Care as the framework, students will analyze clinical decision-making and utilization of evidence for best clinical practices in the inpatient setting. Clinical appraisal and critique of challenging cases from the practice environment will facilitate the students’ application of the knowledge base and skills essential to the role of the nurse midwife.
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.
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.
The goal of Post-Acute and Long-Term Care Delivery Systems is to provide students with an understanding of the continuum of post-acute and long-term care. Three perspectives or approaches are used to describe and discuss the structure and function of the continuum of care. First, the continuum is examined as a “system” - that is, a cluster of interrelated components. Next, the continuum is explored from the point of view of public policy - that is, from the perspective of various courses of action open to government to address the financial and care delivery challenges that are present in the continuum and that exists for stakeholders and consumers. Finally, the continuum is analyzed as a market for providers of health care, social services and housing to an expanding population of individuals with chronic care needs.
Managing professionals is crucial to the success (or failure) of health care organizations because the provision of services primarily relies on human decision-making and interaction. Health care professionals determine the level of quality as well as the costs associated with health care services directly or indirectly. The goal of this course is to introduce students to the functions and issues associated with managing human resources in health care organizations through in class exercises and outside of class assignment that demonstrate the human resource challenges that graduates may face as health care executives in the future. Significant attention is given to: 1) workforce issues, 2) understanding legal issues related to the employment setting, 3) selection and retention of employees, 4) establishing performance standards and evaluating performance, and compensation, and 5) understanding the use and effects of monetary and non-monetary incentives in human resources management in the United States and globally.
This course introduces students to the complex topics of family enterprise and family wealth. Wealth in the United States and globally has become increasingly concentrated in the hands of a small number of families, which is having a major impact on business, financial, and philanthropic sectors. These families often start with an entrepreneur who creates an operating business, that later evolves into trusts, holding companies, investment vehicles, a family office, and charitable foundations. This conglomeration of holdings is referred to as a complex "family enterprise" and all the assets of the family comprise its "wealth." Given the magnitude of this trend, it is almost inevitable that each MBA student will own, work for, invest in, or otherwise interact with family enterprises after graduation.
Students will be exposed to a variety of perspectives, including in-depth research, analysis, and insider's views on family dynamics, governance, business, investments, and philanthropy. The course will proceed from the perspective of family first and particular emphasis will be given the fact that the family’s “human capital” is its most important resource to foster a successful family enterprise and optimize its important role in society. Technical issues, including legal concepts and structures applicable to family enterprises, will also be examined. Guest lecturers from industry and family enterprises will provide real-life context to class discussions.
Students will leave the course prepared to more effectively own, manage, and work with family enterprises, and with a more nuanced understanding of family wealth as it is now understood by leading global families. This will have a direct impact on future success, both personally and professionally. While the course will be especially relevant for students who come from family enterprises, it will also provide insights and tools for students who intend to work in private wealth management, privately held companies, management consulting, private equity/ venture capital, and social enterprises. This is not just an investment, finance, or family business management course, as those subjects are covered in more detail elsewhere in the curriculum but is a multi-disciplinary approach to this complex set of issues.
The course has the following objectives:
- Increase awareness of the role and importance of family enterprises globally.
- Expand understanding of “family wealth” as it is defined and developed by leading
This is a course about analytical thinking and skills for managers. Our aim is to further develop statistical skills, while emphasizing practical applications, translation to policy, and communicating results. We will spend the first half of the course building technical skills on fundamental and some advanced analytical methods, where each session will be a combination of teaching and practice. Next, we will apply all skills into interactive challenges (including presentation of results), where we will focus on written and visual communication of insights. We will close the class by covering the principles of survey design and analysis, plus utilizing insights for decision-making. We will develop these skills not only through directed challenges, but also through more practical examples, where only general guidance is provided and participants will utilize their own creativity and experience.
Resolving seemingly intractable policy issues depends on harnessing an array of strategies used by political actors. These strategies may include reframing an issue or bringing new evidence to light that stimulates new coalitions, persuading legislators that supporting a controversial measure is actually beneficial for their political career, or getting the media excited about an important, but very dry, technical policy issue. Another strategy is to change the venue in which the policy debate takes place – perhaps for example, by filing a lawsuit in state or federal courts, or bringing legislation before city government or state legislatures. As this course shows, the venue in which policy debates take place will structure the kinds of debates that are likely to occur.
Mental health policy is both a field of study and an area of advocacy in which you can engage, no matter where your career takes you. We will grapple with fundamental questions about what mental health is, how we can impact it, and where policy fits in a rapidly changing world. We will build a foundation in current directions and debates in mental health policy as well as explore emerging and frontier issues. You will also gain practical knowledge and skills to bridge theory and practice day-to-day, setting you up to have impact on one of the most foundational issues in public health across your career.
How do unique characteristics of the healthcare industry influence financial management in this sector? What techniques are effective in this field? How can we uses cases to avoid mistakes and to maximize efficiency and ultimately patient health? The goal of this class is to teach the principles necessary for effective financial management in healthcare to individuals who are not experienced financial executives. It is intended to make administrators comfortable in managing the finances of the department or other entity for which they have responsibility.
Information technology and the management of this technology is increasingly critical in healthcare. Healthcare represents a new frontier for information management. This class explores the promises and challenges of health information technology in today's environment. Readings and lectures will focus on the nature and uses of health care information systems in a variety of health care settings. Students will learn fundamental IT terminology, understand how IT fits into the organizational structure in terms of quality of care, financing, and strategic organizational issues as well as project management. They will also learn about opportunities and challenges for IT in healthcare in the future.
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The primary goal of environmental regulation is to protect human health, but there are a wide range of options available to policy makers and considerable disagreement over how to best implement regulation. This class focuses on understanding environmental health policy from an economic perspective. After reviewing basic economic concepts relevant for this course, we discuss an economic viewpoint of environmental issues, including when and how to intervene with markets. Since all environmental regulation requires knowledge of the threats posed by environmental exposure, we then focus on measuring the health benefits from environmental policies, recognizing we omit several important non-health benefits. We also briefly discuss the costs posed to society from environmental regulation, an important component of regulatory impact analysis often required by federal rules. We discuss the main approaches to environmental policy in the US, including incentive based approaches, such as tradeable discharge permits, emission taxes and subsidies, and voluntary programs, and the more traditional ‘command and control’ approach. After highlighting the strengths and weaknesses of each approach, we apply these concepts to current environmental policy on such topics as air quality, toxic and hazardous waste, climate change, and ozone depletion.