FNCE611 - CORPORATE FINANCE (Course Syllabus)
This course serves as an introduction to business finance (corporate financial management and investments) for both non-majors and majors preparing for upper-level course work. The primary objective is to provide the framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques; corporate capital budgeting and valuation; investment decisions under uncertainty; capital asset pricing; options; and market efficiency. The course will also analyze corporate financial policy, including capital structure, cost of capital, dividend policy, and related issues. Additional topics will differ according to individual instructors.
Prerequisites: ACCT 611, 612, 613; MGEC 612, 611; STAT 613, 621 prerequisite or concurrent.
FNCE612 - ACCELERATED CORP FINANCE (Course Syllabus)
This course is intended for students with prior knowledge of finance or with strong analytical backgrounds. Together with the pre-term preparation course (FNCE604) the foundation for subsequent courses in corporate finance, corporate valuation, investments, and financial derivatives. Its purpose is to develop a framework for analyzing a firm's investment and financial decisions. This course will start where FNCE604 ends. More precisely, it will provide an introduction to capital budgeting techniques under uncertainty, asset valuation, the operation and efficiency of capital markets, the optimal capital structure and dividend policy of the firm and options. In short, it will cover all the topics of a typical semester-long finance introductory class in six weeks. This course assumes that students are familiar with the material covered in FNCE 604. As a result, it is only available to those students who successfully passed the Finance Placement Exam at the end of the pre-term. This course is not suitable for students new to finance and with limited analytical backgrounds. This course is hard. The pace is fast and it requires a major investment of time and effort outside class. Only first year students can enroll in this class after Fall 2019.
Other Information: Q-1 Half Semester course
FNCE613 - MACROECN & GLOBAL ECONOM (Course Syllabus)
This course is required for all students except those who, having prior training in macroeconomics, money and banking, and stabilization policy at an intermediate or advanced level, can obtain a waiver by passing an examination. The purpose of FNCE 613 is to train the student to think systematically about the current state of the economy and macroeconomic policy, and to be able to evaluate the economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory to understand the workings of financial markets and the operation and impact of government policies. Specifically, the course studies the determinants of the level of national income, employment, investment, interest rates, the supply of money, inflation, exchange rates, and the formulation and operation of stabilization policies.
FNCE614 - CORPORATE FNCE (HALF CU) (Course Syllabus)
This course serves as an introduction to corporate investments for non-majors. The primary objective is to provide a framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques, corporate capital budgeting and valuation, investment decisions under uncertainty, and capital asset pricing. This course will not cover the following topics included in FNCE 611, the full semester Corporate Finance course: market efficiency, corporate financial policy (including capital structure, cost of capital, dividend policy, and related issues), and options. Please Note: This course will not count towards the Finance Major. Format: Primarily lecture. Grading based on problem sets, one or two cases, and a final exam.
Prerequisites: ACCT 611, 612, 613; MGEC 612, 611; STAT 613, 621; prerequisite or concurrent.
FNCE615 - MACROECONOMICS (HALF CU) (Course Syllabus)
FNCE 615 Introduction To Macroeconomics and The Global Economic Environment (Half Cu) is intended for non-finance majors. It is a half-semester course in macroeconomics, with an emphasis on current events and policy applications. The goal of this course is to provide the foundation needed to recognize and understand broad economic and financial movements in the global economy. Key topics include national income accounting, production and economic growth, employment, business cycles, monetary and fiscal policy, and international finance. By the end of this course, students will be able to evaluate and discuss the global economic environment in which business and financial decisions are made. PLEASE NOTE: This course will not count towards a Finance Major
Prerequisites: FNCE 611 or FNCE 612
FNCE717 - FINANCIAL DERIVATIVES (Course Syllabus)
This course covers one of the most exciting yet fundamental areas in finance: derivative securities. In the modern financial architecture, financial derivatives can be the most challenging and exotic securities traded by institutional specialists, while at the same time, they can also be the basic securities commonly traded by retail investors such as S&P Index Options, Beyond trading, the basic ideas of financial derivatives serve as building blocks to understand a much broader class of financial problems, such as complex asset portfolios, strategic corporate decisions, and stages in venture capital investing. The global derivatives market is one of the most fast-growing markets, with over $600 trillion notional value in total. It is important as ever to understand both the strategic opportunities offered by these derivative instruments and risks they imply. The main objective of this course is to help students gain the intuition and skills on (1) pricing and hedging of derivative securities, and (2) using them for investment and risk management. In terms of methodologies, we apply the non-arbitrage principle and the law of one price to dynamic models through three different approaches: the binomial tree model, the Black-Scholes-Merton option pricing model, and the simulation-based risk neutral pricing approach. We discuss a wide range of applications, including the use of derivatives in asset management, the valuation of corporate securities such as stocks and corporate bonds with embedded options, interest rate derivatives, credit derivatives, as well as crude oil derivatives. In addition to theoretical disussions, we also emphasize practical considerations of implementing strategies using derivatives as tools, especially when no-arbitrage conditions do not hold.
Prerequisites: The following introductory Finance and Statistics courses are recommended but not required. FNCE 611 or FNCE 612; STAT 613, FNCE 613 may be taken concurrently.
FNCE719 - INTL FINANCIAL MARKETS (Course Syllabus)
FNCE 719 is a course on international financial markets. Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives (forwards, options, and swaps), international stock and bond portfolios, and cryptocurrencies. Students learn about the features of financial instruments and the motivations of market participants. The class focuses on risk management, investing, and arbitrage relations in these markets.
Prerequisites: The following introductory courses are recommended but not required. FNCE 611 (or FNCE 612), FNCE 613.
FNCE720 - INVESTMENT MANAGEMENT (Course Syllabus)
This course studies the concepts and evidence relevant to the management of investment portfolios. Topics include diversification, asset allocation, portfolio optimization, factor models, the relation between risk and return, trading, passive (e.g., index-fund) and active (e.g., hedge-fund, long-short) strategies, mutual funds, perfermance evaluation, long-horizon investing and simulation. The course deals very little with individual security valuation and discretionary investing (i.e., "equity research" or "stock picking").
Prerequisites: The prerequisites for MBA students are FNCE 611 or FNCE 612; and STAT 613 or STAT 621 Given that investment management requires one to analyze and deal effectively with uncertainty, a good grounding in statistics is essential, and familarity with statistics should extend through multiple regression, covariance, and correlation.
FNCE721 - REAL ESTATE INVESTMENTS (Course Syllabus)
This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two mid-terms, (depending on instructor). Cross-listed with FNCE 721. Lecture with disucssion required.
Prerequisites: FNCE 611 or 612
Other Information: Lecture with discussion required
FNCE725 - FIXED INCOME SECURITIES (Course Syllabus)
This course covers fixed income securities (including fixed income derivatives) and provides an introduction to the markets in which they are traded, as well as to the tools that are used to value these securities and to assess and manage their risk. Quantitative models play a key role in the valuation and risk management of these securities. As a result, although every effort will be made to introduce the various pricing models and techniques as intuitively as possible and the technical requirements are limited to basic calculus and statistics, the class is by its nature quantitative and will require a steady amount of work. In addition, some computer proficiency will be required for the assignments, although familiarity with a spreadsheet program (such as Microsoft Excel) will suffice.
Prerequisites: FNCE 611 or FNCE 612 and STAT 613 or STAT 621
FNCE726 - ADVANCED CORP FINANCE (Course Syllabus)
The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 726. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 726. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.
Prerequisites: FNCE 611 or FNCE 612; and FNCE 613.
Other Information: Professor Opp's sections cannot be taken Pass/Fail
FNCE728 - CORPORATE VALUATION (Course Syllabus)
The focus of this course is on the valuation of companies. The course covers current conceptual and theoretical valuation frameworks and translates those frameworks into practical approaches for valuing companies. The relevant accounting topics and the appropriate finance theory are integrated to show how to implement the valuation frameworks discussed on a step-by-step basis. The course teaches how to develop the required information for valuing companies from financial statements and other information sources in a real-world setting. Topics covered in depth include discounted cash flow techniques and price multiples. In addition, the course covers other valuation techniques such as leveraged buyout analysis. Professor Glode does not allow Pass/Fail, this course must be taken for a grade. Attendance at the first class is mandatory.
Prerequisites: Minimum of normal first-year courses in accounting, economics, statistics, and FNCE 611 or 612; FNCE 613 (further coursework in financial accounting such as ACCT 742 is very useful).
Other Information: Professor Glode's sections may not be taken Pass/Fail
FNCE730 - URBAN FISCAL POLICY (Course Syllabus)
This course will examine the provision of services through cities and other local governments. Why cities exist, whether urban public finance matters, investments in infrastructure, realities of local governments such as inequality, poverty, crime, corruption, high cost of living and gentrification, will be covered. We will pay special attention to recent topics, such as partnerships with the private sector, enterprise zones, and other subsidies to businesses, the role of technology, and real estate policies that promote affordability and sustainable city development.
FNCE731 - INTERNATL CORP FINANCE (Course Syllabus)
This course analyzes financial problems corporations face that result from operating in an international environment. Major topics covered are corporate strategy and the decision to invest abroad, international portfolio diversification, managing exchange risk, taxation issues, cost of capital and financial structure in the multinational firm, and sources of financing. Departmental Website: https://fnce.wharton.upenn.edu/ Registration: Registration for MBA electives is handled through the MBA Course Auction. For questions about core courses or MBA electives that don't appear in the course auction please contact the MBA Program Office. Non-MBAs interested in graduate classes must work throught the academic department and the MBA Program Office.
Prerequisites: FNCE 611 or 612 - A thorough knowledge of Corporate Finance is assumed
FNCE732 - INTERNATIONAL BANKING (Course Syllabus)
This course focuses on international financial institutions, especially the activities of global, systemically important banks. We will examine how current and historical events are reshaping the industry and highlight the basic analytics of managing a bank's exposure to liquidity, credit, market and reputational risk. Most classes will begin with discussion of a current event related to course topics. Three team projects will be assigned that will give you deeper exposure to analytic techniques related to the course. Throughout the semester, we will discuss public policy issues facing the international financial system.
Prerequisites: FNCE 611 or 612; FNCE 613. One, but not both, can be taken concurrently.
FNCE738 - CAPITAL MARKETS (Course Syllabus)
The objective of this course is to give you a broad understanding of the instruments traded in modern financial markets, the mechanisms that facilitate their trading and issuance, as well as, the motivations of issuers and investors across different asset classes. The course will balance functional and institutional perspectives by highlighting the problems capital markets participants are seeking to solve, as well as, the existing assets and markets which have arisen to accomplish these goals. We will consider design, issuance, and pricing of financial instruments, the arbitrage strategies which keep their prices in-line with one another,and the associated economic and financial stability issues. The course is taught in lecture format, and illustrates key concepts by drawing on a collection of case studies and visits from industry experts.
Prerequisites: FNCE 611 or 612; and FNCE 613
FNCE739 - BEHAVIORAL FINANCE (Course Syllabus)
There is an abundance of evidence suggesting that the standard economic paradigm - rational agents in an efficient market - does not adequately describe behavior in financial markets. In this course, we will survey the evidence and use psychology to guide alternative theories of financial markets. Along the way, we will address the standard argument that smart, profit-seeing agents can correct any distortions caused by irrational investors. Further, we will examine more closely the preferences and trading decisions of individual investors. We will argue that their systematic biases can aggregate into observed market inefficiencies. The second half of the course extends the analysis to corporate decision making. We then explore the evidence for both views in the context of capital structure, investment, dividend, and merger decisions.
Prerequisites: FNCE 611 or 612; and FNCE 613. Recommended: FNCE 720 and FNCE 726.
FNCE750 - VENT CAP & FNCE INNOVAT (Course Syllabus)
This course covers the finance of technological innovation, with a focus on the valuation tools useful in the venture capital industry. These tools include the "venture capital method," comparables analysis, discounted cash flow analysis, contingent-claims analysis. The primary audience for this course is finance majors interested in careers in venture capital or in R&D-intensive companies in health care or information technology.
Prerequisites: FNCE 611 and FNCE 613 - FNCE 613 may be taken concurrently
FNCE751 - FNCE OF BUYOUTS & ACQS (Course Syllabus)
The focus of this course is on buying (or acquiring controlling stakes in) firms. The main topics to be covered are mergers and friendly acquisitions, hostile takeovers and buyouts. Using case studies, the course surveys the drivers of success in the transactions. While issues regarding motive and strategy will be discussed, financial theory would be the main lens used to view these control acquiring transactions. This will allow students to (1) evaluate transactions through valuation approaches and (2) structure deals employing financial innovation as a response to legal framework and economic frictions. This course should be of interest to students interested in pursuing careers as private equity investors, advisors in investment banking and corporate managers that deal with these issues. This course assumes familiarity with valuation analysis. During the spring semester students are not permitted to take this course pass fail.
Prerequisites: Pre-Requisites FNCE 611 and FNCE 613 (Or 612) - C0-Requisites FNCE 726 or FNCE 728 may be taken concurrently.
FNCE754 - IMPACT INVESTING (Course Syllabus)
This course explores Impact Investing, a discipline that seeks to generate social benefits as well as financial returns. From tiny beginnings, the Impact Investment space has expanded and now commands significant attention from policymakers, wealthy and public-spirited individuals, academia and, not least, the world's largest asset managers and philanthropic foundations. Evangelists believe it may be the key to freeing the world from poverty. Skeptics think it will remain confined to the boutique. Regardless, Impact Investing is becoming a distinct career specialization for finance professionals despite the diverse skillset each must have and the uncertainty of the new field's growth.
Prerequisites: Prerequisites This course has no specific prerequisites, but given its wide-ranging subject matter, students will benefit from completion of any of the following Wharton courses: FNCE 613 Macroeconomics and the Global Economic Environment; FNCE 720 Investment Management; FNCE 738 Capital Markets; and FNCE 895 Private Equity. Coursework or practical experience in microeconomics,development economics, international philanthropy, Non-Governmental Organizations, financial risk management and political risk analysis will also be useful.
FNCE756 - ENERGY FINANCE (Course Syllabus)
The objective of this course is to provide students with detailed knowledge of corporate structures, valuation methods, project finance, risk management practices, corporate governance issues, and geo-political risks in the energy industry. In general, this course seeks to provide students with an overall context for understanding energy issues and risks, and how these might affect financing and investment decisions for both providers of energy and end-users of energy.
Prerequisites: The prerequisites for the course are FNCE 726 Advanced Corporate Finance or FNCE 728 Corporate Valuation. Students who receive permission to enroll without the prerequisites are expected to review the relevant topics as necessary to meet the requirements of the class.
FNCE783 - STRATEGIC EQUITY FINANCE (Course Syllabus)
This course combines lectures and cases, and will go through actual situatio where companies need to make strategic decisions on raising equity capital. We will address different phases of a company's life cycle. Through these cases, from the decision-makers perspective, we will explore the different paths that can be taken and consider issues such as investor activism, governance and regulatory and valuation impact. FNCE 783 is a half semester course offered in Q3 of the spring semester.
Prerequisites: FNCE 611/612
FNCE785 - BUSINESS STRATEGY & CORP (Course Syllabus)
FNCE791 - CORPORATE RESTRUCTURING (Course Syllabus)
This course will explore the highly active and sophisticated deal making environment that is the hallmark of modern distress corporate restructuring. The course is primarily comprised of two key components. The first is groundwork-laying lectures by three of the top practitioners in the restructuring field. In particular, the lectures will focus on fundamental rights and obligations of debtors, creditors, and other parties in interest in the various types of major chapter 11 cases, providing critical insight into understanding the motivations, strategies, and available tools for chapter 11 participants (which also serve as the foundation for out-of-court deals). The course also will provide a valuation framework for distressed assets. The second element of the course is a series of case study panels. The professors survey the market trends from the previous year bring together key participantsfrom recent deals, including the CEO or chairman of the company, the judge, the lead banker and lead lawyer, and the lead investors to give their insight and perspectives to the class. These panels will provide students real-world insights into the most current issues in the field. By Video application only. send a short 30 second to 1 minute video why you want to take this course. The video must go to Kyle.Ferrier@Kirkland.com by 8-1-19
Prerequisites: FNCE 611 or FNCE 612; FNCE 613, FNCE 726 and FNCE 728
Other Information: This year the application process is a short 30 second to 1 minute video on why the student wants to do the course. The video should be sent to Kyle.Ferrier@Kirkland.com. The deadline to submit the video is August 1, 2019. The course's content will be presented using a mixture of lectures, case studies, and guest speakers. The speakers will be Wharton alumni with leadership roles in the restructuring industry as managers, advisors, and investors.
FNCE811 - INFRASTRUCTURE INVESTING (Course Syllabus)
The world economy runs on the infrastructure which has been built over the past 10,000 years. Each year, this infrastructure requires updating and new additions, from roads and bridges (the original infrastructure), to railroads, airports (the more recent infrastructure), to telecommications and solar and wind power installations (modern infrastructure). There is a vast amount of public (i.e., taxpayer money directed by government officials) and private (i.e., individuals' money typically managed on their behalf and directed by private equity or banks into infrastructure investments). In this course, we will cover Infrastucture Financing and investing from various angles. We will provide descriptions of types of infrastructure, examine the financing needs of infrastructure projects, consider the historic role of government and non-government funding, and assess the changing needs of consumers and role of technology and the increasing demands posed by a globalizing economy. As private equity firms continue to build infrastructure funds, the need for, and role for, private money continues to evolve, so we will also examine infrastructure investing as a alternative asset class from the investors' perspective.
Prerequisites: FNCE 611 Corporate Finance; FNCE 728 is recommended but not required.
FNCE812 - FNCE ECON LAW FISCAL CR
The focus will be on the causes of fiscal crises, a careful detailing of who wins and who loses, and then on how such crises might be resolved and, perhaps most importantly, how they might be prevented in the future. The course will draw upon the fiscal experiences of US local governments (New York, Philadelphia, Detroit, Orange County, Puerto Rico), utilities (WPPSS) and states (Illinois), and the international experience from such countries as Greece, Brazil, and Argentina. The costs of such crises for citizens, pensioners, and bond holders can be significant. We seek to understand the underlying economic, political, and legal/regulatory causes of such events so that they may be prevented in the future. The importance of private information and public regulation for disciplining the fiscal performance of democratically elected governments will be a central concern. We believe strongly that diagnosing and treating the "disease" of fiscal mismanagement is an interdisciplinary endeavor drawing on finance, economics, political science, and the law. Students with backgrounds in any of these disciplines are welcome.
FNCE841 - DISTRESSED INVESTM VALUE (Course Syllabus)
This course familiarizes students with financial, strategic and legal issues associated with the restructuring of financally distressed firms and investment in distressed securities. The objective is to give students the concepts and tools necessary to assess the often-complex situation facing a firm facing financial distress. The participants will gain a basic understanding of the various options available for distressed firms, such as out-of-court workouts, exchange offers, prepackaged and pre-negotiated, bankruptcies, distressed asset sales, 363 auctions, and Chapter 11 reorganization. We will explore the difference between economic and financial distress, and the implications for the restructuring process. Finally, we will consider distressed debt as an asset class and develop techniques for investing in distressed securities. We will approach the investment opportunities using the concepts of value investing, in which we sharply distinguish the value of an asset from its price (as Warren Buffet explains, "Price is what you pay, value is what you get") Students will sharpen their conceptual knowledge of finance and valuation in order to properly estimate the value of a distressed firm, and then supplement that with the complexities of valuing specific securities with the capital structure.
Other Information: The course is lecture and case based, providing ample opportunity to prac valuation of distressed companies, and hosts various guest speakers from restructuring industry. It should be of interest for a range of careers, including private equity, investment banking, and turnaround management.
FNCE883 - STRATEGIC EQUITY FINANCE (Course Syllabus)
Strategic Equity Finance has a new course number effective 19A This course is listed as FNCE783 going forward
Prerequisites: FNCE 611 Corporate Finance
Other Information: Strategic Equity Finance was assigned a new course number effective 19A This course is listed as FNCE783 going forward
FNCE884 - ADVANCED TOPICS IN PE
This course will address a variety of applied topics in private equity (PE), with a focus on growth and later-stage buyout transactions (venture capital is not explicitly addressed in this course), and a primarily U.S.-centric view that should be largely applicable in other markets. In addition, the course will focus on the transaction stage of PE investing i.e., the art of the deal and mostly leave aside deal sourcing, portfolio management and investor relations. The goal of this course is to educate students about the substance, process and mechanics of PE investing, through the lens of the investment professionals, counterparties and advisors that drive transactions to completion. Course topics will address the entire deal process, and will include the following: Commercial Diligence (incl. financial modeling); Debt Financing; Accounting Diligence; Sales & Purchase Agreements; Comps Analysis; and Other Advisory Work. Throughout the course, students will learn about each element of the deal process through in-class lectures, while concurrently apply those learnings to a real-time mock deal, and preparing dealmaterials that mirror a real private equity transaction. The in-class lectures will cover both conceptual frameworks and real-world examples. FNCE 884-001 will be taught by Professor Bilge Yilmaz. Section 001 will contain six hours of material on how to execute the value creation plan post acquisition through an operational partner's perspective. In balance, section 002 will be taught by Professor Bilge Yilmaz and David Bard, Senior Fellow and Lecture will spend more time on all other topics.
Prerequisites: Successful completion of core finance requirements, FNCE 611 and FNCE 613, as well as FNCE 726 or FNCE 751; special permission can also be requested based on relevant professional experience.
FNCE885 - ASP - FIN-TECH (Course Syllabus)
The course exposes students to this fast-growing and exciting intersection between finance (Fin) and technology (Tech) while emphasizing the role data and analytics play. The course is structured around three main FinTech areas: (i) Lending/Banking services, (ii) Clearing (iii) Trading. It provides specific coverage and examples of developments from(1) market-place lending, (2) blockchain and distributed ledgers, (3) quantitative trading and its use of non-standard inputs. In each of these areas, we start by analyzing the marketplace, the incumbents, and then proceed to alalyze the impact of the most relevant technologies have on the business. The course is built around data/code examples, cases, guest lectures, and group projects. Student are thus expected to work in teams and demonstrate a high level of independent learning and initiative.
Prerequisites: A thorough knowledge of FNCE 611 is assumed
FNCE886 - ASP - HEDGE FUNDS
This course will cover critical aspects and characteristics of hedge funds and the hedge fund industry. It will look at the legal foundations and structures of hedge funds including the primary regulations in the U.S. and abroad that are most relevant for hedge funds. It will also present the major hedge fund strategies, describe operation, control, administration, due diligence and valuation issues. Performance evaluation and investing in hedge funds from the investor's perspective will be discussed as will be issues of potential changes in regulation, risk management, and the use of leverage. The format of the course will mix lectures with presentations from industry participants, hedge fund managers, those who invest in hedge funds, those who advise them and provide services to them, and those who regulate them. Those who want to launch a hedge fund, join an existing one, invest in one, or provide services to one will want to register for this course.
Prerequisites: FNCE 611 or FNCE 612
FNCE887 - ASP-SHAREHOLDER ACTIVISM (Course Syllabus)
The aim of the course is to provide an introduction to shareholder activism. The course makes use of lectures and case studies. The lectures expose the students to the institutional and empirical facts as well as approaches followed by leading shareholder activists. The case studies are designed to provide students an experience on identifying potential opportunity for value creation thrugh active engagement. Assignments require students to develop/practice skills on fundamental analysis.
FNCE888 - PE EQUITY: FUNDRAISING (Course Syllabus)
This course is for second year MBA students. Please Note: Students cannot receive credit for both FNCE 884 and FNCE 888.....This course will address a variety of topics in private equity (PE) leveraging a highly practical and real-world approach. It will focus on growth and later-stage buyout transactions (venture capital is not explicitly addressed in this course), and a primarily U.S.-centric view that should be largely applicable in other markets. The course will focus on several key areas outside the private equity transaction: fundraising, sourcing investment opportunities, and creating value under PE ownership. The goal of this course is to educate students about these aspects of PE investing through the lens of the investment professionals, consultants, counterparties and advisors that live them each day. Students will be expected to actively engage in classroom discussions, challenging one another and the lecturers about how to think through these issues in an ever-evolving investment world. In addition, throughout the course, students will be expected participate actively with their teams as they proceed with at home assignments.
Prerequisites: FNCE 751 is Strongly recommended
Other Information: This course is for second year MBA students. Please Note: Students cannot receive credit for both FNCE 884 and FNCE 888.
FNCE893 - ASP POL DECIS BY CT BANK (Course Syllabus)
This course aims to provide the future global manager and financial analyst with the knowledge on policies set by central banks, regulators and governments to reach the goals of price and financial stability as well as support of growth and employment. The core of the course connects between the formal and actual goals that central banks follow and the related economic analysis on which the goals and the policies are set. We will explain the economic rationale for the policy prescriptions to reach the goals and how these are implemented using institutional framework in the US, the European Central Bank (ECB), Israel and remarks on other countries. We use data, current events and events of the 2007-2013 financial crisis as a basis for discussion and assignments. All these are aimed at understanding how and why the Federal Reserve of the US (the Fed), The bank of Israel (BOI) and the European Central Bank (ECB) set their policies and how that is related to academic research on these issues.
Prerequisites: FNCE 611 or 612; FNCE 613; STAT 613.
Other Information: Requirements; Final examinations (55%-passing grade is required); two out of three assignments (cases) done by teams of 3-4 students (20%); one group participation (10%); active participation in class discussion (15%)
FNCE895 - ASP PRIVATE EQUITY
This course will be a survey of the private equity asset class. Its objective is to provide an understanding of the concepts, agents, and institutions involved in the late stage corporate private equity market in the U.S. and around the globe. It will examine the buyout market and the activities of buyout funds from the differing perspectives of private equity investors, private equity fund sponsors, and managers of the portfolio companies. The course will be taught almost entirely with cases. Distinguished Wharton alumni in the private equity industry will be our guest speakers for many of the cases based on transactions they concluded. While this course is primarily intended for graduate students, admission may be granted to a limited number of interested undergraduate students. PLEASE NOTE: this course may be recorded for live or subsequent distribution, display, broadcast, or commercialization in any media, including video, audio, or electronic media. For additional information, see the course syllabus or contact the department. This is a Pass/Fail course and will not count towards your concentration.
Prerequisites: FNCE 726 and FNCE 751 or permission from the instructor.
FNCE896 - GLOBAL MODULAR COURSE
Open to MBA, Executive MBA and Undergraduate students, these modular courses are intended to provide unique educational experiences to students in a regional context that has particular resonance with the topic. Taught around the globe, the modular courses help us enrich the curriculum and research on our own campuses in Philadelphia and San Francisco.
FNCE897 - FNCE IN MID EAST & N AFR
This is a Wharton Global Modular Course on finance in the Middle East and North Africa. Its objective is to bring students, academics and industry experts together to study financial markets, practice, and institutions in this region.
Other Information: Course Format - This course will be taught through cases and lectures. Guest Lecturers - Distinguished practitioners will lecture and conduct case discussions. Our guest lecturers will bring their experience and insights to the classroom.
FNCE899 - INDEPENDENT STUDY
Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. At a minimum, we need a description of the methodology you intend to employ, a bibliography and description of the data that you will use as well as a list of interim deliverables and dates to ensure that you complete the project within the semester. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. You must submit your Finance ISP request using the Finance Department's ISP form located at https://fnce.wharton.upenn.edu under the Course ISP section
Prerequisites: FNCE 899, ISP's must be supervised by a Standing Faculty member of the Finance Department.