High-stakes real estate M&A transactions require consummate deal-making skills and a thorough understanding of the underlying business, legal, tax, financial and strategic frameworks. This case study oriented Workshop will explore, in particular, the relevant financial advisory and legal skills needed to consummate these transactions, and will also highlight these skills in a combination of relevant class discussions, exercises/assignments and guest lectures.
Volatility and inconsistency between publicly traded REIT and REOC prices and the underlying net asset value of these assets have and will continue to create M&A opportunities in the publicly traded real estate sector, whether through strategic combinations, privatizations, hybrid public and private transactions or sophisticated and complex public/private joint ventures. Capital flows into the U.S. real estate sector continue to be robust, which makes for a more interesting M&A dynamic. Thanks in part to the efforts of NAREIT (the National Association of Real Estate Investment Trusts) there continues to be legislative improvement in the tax scheme that governs REITs. This has provided REITs with greater operating and transaction flexibility, and recent legislative changes have improved the ability of foreign persons to invest in publicly traded REITs. On the other hand, as the Federal corporate tax rate has declined from 35% to 21%, the tax advantage of the REIT dividends paid deduction has lessened.
This Workshop will take a multi-disciplinary approach, based on the premise that effective transaction advisors must understand the business, financial and tax goals and implications of the deal and, similarly, that an effective business or finance executive must also have a solid grasp of the financial, structural, legal, and tax underpinnings for the transaction.
This case-based course addresses and, where possible, simulates complex problem solving applied to real estate. The emphasis is on strategic decision making and the types of issues that principals and investors face in acquiring, financing, owning, managing, developing, and restructuring real estate. Using cutting-edge case materials developed for the Columbia MBA Real Estate Program, the course focuses on analyzing complex problems and developing a recommended course of action based on in-depth analysis, both quantitative and qualitative. The course aims to develop your understanding of and appreciation for the multiple dimensions - economic, financial, and institutional - that shape the decision-making environment for real estate investment. Drawing upon the participation of case principals in the classroom, the course also addresses the issues and tactics of how the various industry actors - pubic companies, private equity funds, and individuals - execute their strategies, including dynamics that constrain actors and organizations in the real estate business. The course is designed to challenge students with complex situations so that they can not only hone their analytical skills, but also develop effective means of communicating their analytical insights and conclusions to different audiences: investors, lenders, clients, and joint-venture partners.
This case-based course addresses and, where possible, simulates complex problem solving applied to real estate. The emphasis is on strategic decision making and the types of issues that principals and investors face in acquiring, financing, owning, managing, developing, and restructuring real estate. Using cutting-edge case materials developed for the Columbia MBA Real Estate Program, the course focuses on analyzing complex problems and developing a recommended course of action based on in-depth analysis, both quantitative and qualitative. The course aims to develop your understanding of and appreciation for the multiple dimensions - economic, financial, and institutional - that shape the decision-making environment for real estate investment. Drawing upon the participation of case principals in the classroom, the course also addresses the issues and tactics of how the various industry actors - pubic companies, private equity funds, and individuals - execute their strategies, including dynamics that constrain actors and organizations in the real estate business. The course is designed to challenge students with complex situations so that they can not only hone their analytical skills, but also develop effective means of communicating their analytical insights and conclusions to different audiences: investors, lenders, clients, and joint-venture partners.
What is entrepreneurial finance? In short, it is a course designed to learn how to evaluate, finance, and capitalize on new business opportunities. More generally, we know that finance studies valuation and the allocation of resources under uncertainty. Indeed, fundamental topics in finance (e.g., valuing cash flows, assessing the cost of capital, choosing among suppliers of funds, and aligning incentives for value maximization) are as important for entrepreneurial firms as for more established firms. However, the capital market for financing entrepreneurial activities, and private equity investing more generally, differs fundamentally from capital markets considered in standard corporate finance. New and growing firms likely to have less information about their future prospects. Investments in private companies are also often illiquid and under-diversified, hence difficult decisions about financial contracting have to be made.
The changing definitions of race in America have been shaped by political institutions for centuries. Now, as since the founding of this nation, the U.S. (and societies abroad) are marked by racial inequality. Because of this persistent reality, politics
and
race continue to be intertwined. This course explores the various ways in which race and politics intersect (and possibly collide). We will observe how racial inequality - and the efforts to overcome it- affect various facets of American local, state, and national politics. Often, New York City will be the launching point for broader discussions and analyses pertaining to relationships between Blacks, whites, Latinos, and Asians. We will also pay particular attention to the causes of contemporary racial mobilization and to its consequences. In particular, we will discuss how NYC is affected by the current President and overall racialized tone of the Trump presidency and his administration. We will explore the origins of race as an organizing concept before moving into a discussion of contemporary racial politics and policy. Using themes such as inequality and governance, we will attempt to further discern the institutions which support and perpetuate practices such as disenfranchisement, gentrification, tiered civil rights and liberties, and possibilities for economic and special mobility. We will take up several topics that have engaged students of politics and scholars of policy for the past few decades and examine their relationship to race. These include but are not limited to education, immigration, transportation, housing, health, elections, social movements, poverty and homelessness, political representation, justice and inequality. We will also dissect these topics in relation to party politics and elections, group consciousness, group conflict and prejudice, political representation, and political unity – and often disunity – among dominant and non-dominant groups. As we do so, we will explore changes as well as continuities in the intersection of race and politics.
This course is intended to provide students with an overview of the range of investing and funding approaches used by impact investors. This will be done through a combination of lectures, discussions, and presentations by leading impact investors and thought leaders. The substantive areas covered will include: (1) financial instruments and techniques used to fund social enterprises (for-profit, nonprofit and hybrids); (2) the differing financial return and social impact return expectations of impact investors; (3) how investors/funders and investment/wealth managers and advisors structure their portfolios and funds; and (4) strategies used by impact investors to search for impact investing opportunities. As well as investor/funder perspectives, the course will explore the role of financial innovation in creating opportunities to finance social enterprises, and the enabling regulatory framework and information intermediaries that are needed to support the development of robust social capital markets.
This four week course explores how some citizens of the United States are prevented from realizing full economic and political citizenship. Students will examine the structural design of American political institutions, federal policy and the individuals that are charged with the responsibility of moving people from dependence on social programs to advancement to economic independence as full active citizens. What is it about the design of these policies and their implementation that prevents the achievement of economic independence for so many African-Americans in this country. And, what is the relationship between economic independence and the exercise of full political citizenship? We will identify and examine federal policies and the programs designed to be implemented by cities to provide assistance, the governing bodies and private institutions responsible for implementation. This course will equip students with the skills necessary to analyze current and former policy and develop their own innovative solutions that increase access to economic and social opportunity.
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.
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’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."
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 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.
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.
The aim of this course is to provide graduate students with a basic understanding of some of the key concepts and arguments within classic texts of European social theory. We will read works by Marx, Weber, Freud, Fanon, Foucault, Arendt and some others. The aim is to get a handle on the texts themselves, as a necessary aspect of acquiring basic literacy in the field, and only secondarily to contextualize them.
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."
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 valuation approaches.
This course introduces the student to the literature and data on social policies across the world. Most of the readings focus on similarities and differences within the rich world, but attention is also paid to policies in low and middle income countries. Students work in small teams to produce a paper with a quantitative analysis of differences in policies or outcomes across countries.
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.
A historical and conceptual study of what it is to think historically, with a focus on the hermeneutic tradition. Authors include Erasmus, Spinoza, Schleiermacher, Dilthey, Heidegger, Collingwood, Gadamer, and Habermas.
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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See CLS curriculum guide for description
Real Estate Finance (B8331) is not a prerequisite but is strongly recommended. Students who have not taken Real Estate Finance or lack demonstrable professional experience will be REQUIRED to take the real estate finance bootcamp" sessions that will be offered prior to the first class. Students enrolled in Real Estate Finance (B8331) in the current semester need attend the bootcamp but are welcome.
Real Estate Finance (B8331) is not a prerequisite but is strongly recommended. Students who have not taken Real Estate Finance or lack demonstrable professional experience will be REQUIRED to take the real estate finance bootcamp" sessions that will be offered prior to the first class. Students enrolled in Real Estate Finance (B8331) in the current semester need attend the bootcamp but are welcome.
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.
The course examines important international finance issues, and corporate and asset pricing, using a mixture of classes involving lecture/discussion and the analysis of cases. After a review of international finance fundamentals, we will examine international capital budgeting decisions, which require an understanding of exchange rates and the determination of an appropriate cost of capital. To do this, our valuations will use both discounted cash flow analysis, adjusted net present value analysis, and various multiples. We will also explore forecasting, currency risk, and political risk. Finally, the course discusses various tools to manage these different types of cross-border risks.
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.
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 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 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.
Please note this course was previously titled International Emerging Markets Project Finance." If you have previously taken the course under the old title, please do not take this course."
Refer to Law School Curriculum Guide for description.
This course is an applications oriented course requiring the student to solve actual problems
likely to be encountered by professionals in today?s private equity market.
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.
This graduate colloquium in the political history of the United States in the twentieth century is intended to provide graduate students with a foundation in the major scholarly works and the key historiographical questions in the field. We will treat political history broadly, looking at political institutions, elections, and struggles over policy as well as social movements, political ideas and the politics of daily life. This course is most relevant for graduate students who are preparing to take oral exams in 20th-century American history—but it will be of interest to graduate students in any field who want to engage in substantive and sustained discussion of this literature and the issues it raises.
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.
In this graduate seminar, we will explore new frontiers in the intersections of intellectual property law and the arts. Specifically, we will interrogate how the law undergirds the authentication and ownership of culture. We will read recent legal scholarship and relevant art and cultural history/theory to probe concepts such as: property, copyright/trademark, intangible cultural heritage, appropriation (of various kinds), commodification (of various kinds), geographical indications, and the commons and anticommons. Specific topics include theories of property (real, intellectual, cultural), “Andy Warhol Foundation v. Goldsmith,” Appropriation Art, kente cloth, hip-hop, Native American cultural property.
Advanced knowledge of the arts
or
law required—i.e. students are encouraged to apply from relevant doctoral programs, law schools, and graduate schools in cultural heritage/management.
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.
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.