Finance (FNCE)

Head of Department: Professor Chinmoy Ghosh

Department Office: Room 464, School of Business

Major requirements

Courses in the department are open to juniors and seniors only with the exception of FNCE 1000.

1000. Contemporary Issues in Finance

One credit. Prerequisite: Open to freshmen and sophomores, others with consent of instructor. May not be used to satisfy junior-senior level major requirements in the School of Business. May be repeated for credit in different sections in combination with BADM 1801 or MGMT 1801 up to a maximum of three credits.

The world of business has changed. No longer can we refer to the cliche “business as usual.” Today’s business world is a complex, challenging and exciting place. Each section of the course will capture some aspect of this challenge and excitement. Students will be exposed to undercurrents that challenge and perplex today’s managers and executives around the world.

3101. Financial Management

Three credits. Prerequisite: ACCT 2001; ECON 1200 or both 1201 and 1202; MATH 1070Q and 1071Q, or MATH 1131Q and 1070Q/1132Q, or MATH 1125Q, 1126Q, and 1132Q/1070Q; and STAT 1000 or 1100; open only to Business majors with 40 or more credits completed.

An introductory examination of how a business plans its needs for funds, raises the necessary funds, and invests them to attain its goals.

3230. Real Estate Principles

Three credits. Prerequisite: Open only to Business majors of junior or higher status.

Overview of the personal, social and business aspects of real estate. Emphasis on home purchase decisions, location analysis, market characteristics and investment decision-making.

3302. Investments and Security Analysis

Three credits. Prerequisite: FNCE 3101; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status. Not open for credit to students who have passed or are taking FNCE 3303.

A study of the nature of securities, the mechanics and costs of trading, and the ways in which the securities markets operate. Risk-return analysis will be applied in making decisions to buy or sell stocks, bonds and options. The semester-long project requires the student to follow and analyze the performance of individual stocks and a portfolio of investments including stocks, bond, options, and futures. Written analysis is required.

3303. Principles of Investments and Derivatives

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status. Not open for students who have passed or are taking FNCE 3302. Offered only at the Hartford, Waterbury, and Stamford Regional Campus locations for students admitted to business major programs offered only at those locations. Cannot be used toward fulfilling the Finance major requirements.

Application of the general principles of investing to a wide range of assets including bonds, stocks, and derivatives. Various models are used to price fundamental assets such as bonds and stocks as well as derivative securities such as options and futures contracts. Written analysis is required.

3332. Real Estate Investments

Three credits. Prerequisite: FNCE 3101 or FNCE 3230 or BADM 3730; open only to Business majors of junior or higher status.

Risk-return analysis for alternate types of real estate investments. Techniques and applications of investment decision-making and value estimation. Lease analysis, cash flow, forecasting, appraisal techniques, discounted cash flow modeling, portfolio management, and equity securitization including real estate investment trusts.

3333. Real Estate Finance

Three credits. Prerequisite: FNCE 3101 or FNCE 3230 or BADM 3730; open only to Business majors of junior or higher status.

Investment characteristics of mortgages and the structure and operation of mortgage markets – both primary and secondary, including the role of securitization. Risk and return characteristics of various mortgage instruments, both residential and commercial, are analyzed from the perspective of both the borrower and lender. Tools for measuring and managing the risks of portfolios of mortgages and mortgage-backed securities are introduced.

3334. Real Estate Markets

Three credits. Prerequisite: Open only to Business majors of junior or higher status.

The success of an investment in real estate depends on the location of the property and its ability to compete for renters and buyers. The internet and information management technology provide powerful tools for analyzing the property, competitive properties, demographics, employment and other characteristics of demand. Students will gain hands-on experience with the application of technology to the analysis of supply and demand in real estate markets. Case studies and student projects stress applications to commercial real estate such as office buildings, shopping centers and apartments.

3335. Commercial Real Estate Appraisal

Three credits. Prerequisite: Open only to Business majors of junior or higher status.

The process used to complete a commercial appraisal assignment, determining a dollar value, as of a certain date, for income producing real estate. Follows standards set by the Appraisal Institute Uniform Standards of Professional Appraisal Practice. Provides students with tools to conduct their own appraisal assignment and answer questions typical of an exam required by the Appraisal Institute. These skills are widely recognized in the real estate industry and are in demand through all phases of the real estate cycle.

3336. Real Estate: A Practical Approach

Three credits. Prerequisite: FNCE 3332; open only to Business majors of junior or higher status.

Provides students with practical, high-level, tactical and strategic real estate concepts. Students must decide whether to invest in real property, analyze the income from various real estate developments, learn the art of negotiation, explore the costs of maintaining a building, and devise strategies to protect their interests in a complex business partnership.

3715. Personal Finance

Three credits. Prerequisite: Open only to Business majors of junior or higher status. Recommended preparation: Completion of a college level math course is strongly recommended.

Designed to provide students with practical financial management skills that will enable them to identify their personal financial goals, and to plan and make financial decisions that will help them reach those goals. Topics include budgeting, investing, effective use of cash and credit, taxes, insurance, housing and automobile purchases, and retirement planning.

4209. Applications in Financial Management

Three credits. Prerequisite: FNCE 3101; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status. Recommended preparation: OPIM 3103.

An intermediate level course using cases i.e., problems faced by actual firms, to teach students how to apply financial management concepts and techniques to real-world situations.

4301. Advanced Issues in Security Valuation

Three credits. Prerequisites FNCE 3101 and FNCE 3302; open only to Business majors of junior or higher status.

Valuation of an investment through assessing a company’s ability to produce free cash flow, maintain a consistent return on capital and reinvest capital effectively over time; interpretation of financial and management practices; evaluation of the psychological framework and investment thought process that is useful in the analysis of the physical, intellectual and emotional factors related to valuing an investment.

4302. Fixed Income Securities

Three credits. Prerequisite: FNCE 3101 or instructor consent; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status.

Provides an understanding of the common types of fixed income securities and their valuation, the major risks associated with investing in fixed income securities, the standard measures of those risks and approaches to managing those risks. In addition the basics of modeling interest rate processes and valuing securities with embedded options will be introduced.

4303. Advanced Issues in Asset Allocation and Portfolio Management

Three credits. Prerequisites FNCE 3101 and FNCE 3302; open only to Business majors of junior or higher status.

Valuation of a business including models such as discounted cash flows, relative metrics, contingent claim valuation and liquidation value; evaluation of specific business models that companies pursue to create competitive advantage including toll gate positioning, segregation vs. integration, and organic vs. mechanistic strategies.

4304. Financial Risk Management

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

Applications of financial structuring and engineering with particular attention to uses of derivatives.

4305. Global Financial Management

Three credits. Prerequisite: FNCE 3101; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status.

Focuses on the detailed study of: (1) exchange rate determination, (2) operation of the foreign currency and global capital markets, and (3) hedging both transaction and economic exposure to exchange rate changes.

4306. Financial Services

Three credits. Prerequisite: FNCE 3101; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status.

Study of the role of financial services companies in the money and capital markets, funds acquisitions, investment and credit extension.

4307. Financial Modeling

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

Students will learn to use Excel to solve financial problems and build sophisticated models for financial decision making. Applications will be drawn from financial statement analysis, corporate financial planning, capital budgeting, modern portfolio theory, fixed income investments, options pricing, and others.

4319. Entrepreneurial Finance

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

An overview of the entrepreneurial finance process, both from the perspective of entrepreneurs and also of private equity investors. It focuses on integrating basic knowledge of finance principles with the complexities of new ventures.

4410. Security Valuation and Portfolio Management

Three credits. Prerequisite: FNCE 3101; open to juniors or higher; open only to Financial Management majors at the Stamford campus.

Determining asset allocation strategies and equity valuation methods, along with the study and interpretation of business models, and the value drivers that create shareholder wealth. Evaluation of the investment thought process that is useful in the analysis of the physical, intellectual, social, and emotional factors related to valuing a business and/or an investment.

4420. Alternative Investments and Risk Management

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

Provides knowledge of investment characteristics of alternative investments such as hedge funds, private equity, and commodities. Students learn how to form portfolios and evaluate their performance.

4430. Mergers and Acquisitions

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

Provides the theoretical background as well as the analytical and technological tools necessary to analyze corporate combinations, restructurings, and bankruptcies. Specific topics include relevant laws, takeover defenses, corporate control issues, leveraged buyouts, valuation, restructuring and bankruptcy.

4440. Financial Ethics

One credit. Prerequisite: BLAW 3175 or BADM 3720; open only to Business majors of junior or higher status.

Provides an understanding of the importance of ethics in the finance profession. The focus is on the concept that capital markets operate on trust; topic coverage includes professionalism and integrity of the capital markets, duties to clients and employers, investment analysis and recommendations, and conflicts of interest.

4450. Financial Reporting and Analysis

Three credits. Prerequisite: FNCE 3101; open only to Business majors of junior or higher status.

Provides a more thorough understanding of the general principles of the financial reporting system, underscoring the critical role of the analysis of financial reports in investment decision.

4891. Field Study Internship

One to three credits. Hours by arrangement. Prerequisite: Students enrolled in the Real Estate Intern program must have earned a “C” or better in FNCE 3230; for all others, completion of FNCE 3101 and at least one other finance course related to the internship area, with a grade of “C” or better in each course; open only to Business majors of junior or higher status; consent of instructor and Department Head required prior to beginning the internship. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory).

Designed to provide students with an opportunity for supervised field work in relevant major areas within the Department. Students will work with one or more professionals in their major academic area. Student performance will be evaluated on the basis of an appraisal by the field supervisor and a detailed written report submitted by the student.

4893. Foreign Study

Credits and hours by arrangement, up to a maximum of six credits. Prerequisite: Open to juniors or higher; consent of Department Head required, prior to the student’s departure.

Special topics taken in a foreign study program.

4895. Special Topics

Credits and hours by arrangement. Prerequisite: Announced separately for each offering; open only to Business majors or Mathematics-Actuarial Science-Finance majors of junior or higher status. With a change in content, may be repeated for credit.

Classroom course in special topics in finance, insurance or real estate as announced in advance for each semester.

4899. Independent Study

Credits by arrangement, not to exceed six in any semester. Prerequisite: Open only to Business majors of junior or higher status; open only with consent of instructor and Department Head.

Individual study of special topics in finance, insurance or real estate as mutually arranged between a student and an instructor.

4997W. Senior Thesis in Finance

Three credits. Hours by arrangement. Prerequisite: ENGL 1010 or 1011 or 2011; open to juniors or higher; open only to Finance Department Honors Students with consent of instructor and Department Head.

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