Marshall School of Business
Courses of Instruction
The terms indicated are expected but are not guaranteed. For the courses offered during any given term, consult the Schedule of Classes.
Major Restrictions
Enrollment in most 500-level business courses by non-business graduate students requires special permission. For information about the registration application process for non-business students, visit the Schedule of Classes.
Finance and Business Economics (FBE)
FBE 324 The Financial System (4) Financial intermediaries in the flow of funds; aggregate financial asset analysis; money markets and interest rates; government debt and its economic effects. Open only to sophomores, juniors and seniors. Prerequisite: BUAD 350 or BUAD 351; or ECON 203 and ECON 205; or ECON 351x and ECON 352x.
FBE 391 Real Estate Finance and Investment (4, FaSp) Introduction to income-producing real estate from the perspective of finance, market analysis, capital markets, development and investment. Includes focus on analytical techniques and computer applications. (Duplicates credit in former FBE 365.) Prerequisite: BUAD 215x or BUAD 306.
FBE 400x Introduction to Real Estate Finance and Development (4, Fa) Case analysis examining economic and financial aspects of real estate decisions for non-business majors. Focuses on dynamics of financing, markets and the development process. Open to all majors. Not available for credit as a senior options course for business majors or for students in the real estate option. (Duplicates credit in former FBE 200x.)
FBE 402 Government and Business (4) American mixed capitalism, welfare, market failure, and the role of government in business; regulation and the public utilities, antitrust policy, and current topics in regulation-deregulation.
FBE 403 Introduction to the Legal Environment of Business (4, FaSp) Legal principles of business: litigation process, constitutional law, torts, product liability, crimes, contracts, sales and leases, intellectual property, international law, agency, employment law, and ethics. (Duplicates credit in the former BUAD 403.) Not open to freshmen.
FBE 416 Managerial Economics (4) Application of microeconomic theory to problems of the firm, quantification of demand and cost relationships; pricing policies. Prerequisite: BUAD 311; and BUAD 351 or ECON 203 or ECON 351x.
FBE 421 Financial Analysis and Valuation (4, FaSp) This course develops and uses tools of financial analysis to evaluate the performance and assess the value of individual companies in an industry context. Prerequisite: BUAD 215x or BUAD 306.
FBE 423 Introduction to Venture Capital and Private Equity (4, FaSp) Introduction to venture capital and private equity. Topics include fundraising, valuation of new firms and venture capital securities, and exiting investments through public offerings. Prerequisite: BUAD 215x or BUAD 306.
FBE 425 Management of Financial Institutions (4) Management problems of banks, savings and loans, and insurance companies; pricing of services; branching; lending criteria; asset and liability management.
FBE 427 Real Estate Law (4, FaSp) Principles of law regarding real property transactions; buyer-seller, debtor-creditor, landlord-tenant relationships; environmental law and land use control; investments and syndication.
FBE 428 Principles of Employment Law (4, FaSpSm) Survey of current employment law topics including employment discrimination arising within modern workplaces. Legal and business strategies for managing diversity for organizational success.
FBE 429 International Business Law (4, FaSp) Introductory course on the legal and regulatory environment of international business transactions.
FBE 430 Online Commerce and Intellectual Property (4, Sp) Introductory course on the legal and regulatory environment of online commerce, intellectual property, patents, copyright, trademarks, domain names, entertainment, multimedia, digital and Internet law.
FBE 431 Financial Policies and Corporate Governance (4, FaSp) Presentation of the theory and institutional details of corporate finance, with emphasis on debt and dividend policies, governance/voting rights, and security issuance and retirement. Prerequisite: BUAD 215x or BUAD 306.
FBE 432 Corporate Financial Strategy (4, FaSp) Linkage between financial theory and policy and corporate strategy, the role of financial managers in developing corporate strategy; applications of concepts and techniques using cases. Prerequisite: BUAD 215x or BUAD 306.
FBE 433 Corporate Governance and CEO Pay (4, Sp) Explores how value is created (or destroyed) through incentive compensation and corporate governance. Focus on bonuses, stock options, executive compensation, and financing policies. Prerequisite: BUAD 215x or BUAD 306.
FBE 435 Applied Finance in Fixed Income Securities (4, Sp) Emphasis on hedging tools necessary for portfolio managers. Introduction of all securities available in fixed income and provision of tools to analyze investments. Prerequisite: BUAD 215x or BUAD 306.
FBE 436 Financial Management of Multinational Corporations (4) International scope and dimension of financial planning; working capital management; financing and investment decisions of multinational corporations. Prerequisite: BUAD 215x or BUAD 306.
FBE 437 Entrepreneurial Finance: Financial Management for Developing Firms (4, Fa) Internal financial management of developing firms. Cash flow analysis; capital budgeting; sources of financing; risk analysis; measurement of profits; and mergers and acquisitions. Prerequisite: BUAD 215x or BUAD 306.
FBE 440 Trading and Exchanges (4, Sp) Theories, practices, and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability, and institutional change. Domestic and international public policy issues. Prerequisite: BUAD 215x or BUAD 306.
FBE 441 Investments (4, FaSp) Theories and applications of investment decision-making; the behavior of security prices, portfolio theory, asset pricing models, market efficiency, bond valuation and term structure, derivative securities. Prerequisite: BUAD 215x or BUAD 306.
FBE 443 Introduction to Forecasting and Risk Analysis (4) Introduction to econometric tools and versions of Capital Asset Pricing Models to estimate financial risk, stock market risk premia and to project economic activity. Prerequisite: BUAD 215x or BUAD 306 and BUAD 310.
FBE 445 Topics in Economic Analysis of Business Strategy and Policy (4, FaSpSm) Development of economic analysis to define and analyze strategy and policy options. Topics may include pricing and investment strategy using game-theory, and employee compensation and motivation, or investment in emerging markets. Prerequisite: BUAD 350 and BUAD 351, or ECON 351x and ECON 352x.
FBE 453ab Advanced Practicum in Investment Management (4-4) a: Application of investment management techniques in a laboratory setting. Stock selection, asset allocation, industry analysis, investment thesis research; off-site visits; oral and written presentations. Prerequisite: BUAD 215x or BUAD 306; corequisite: FBE 421 or FBE 441. b: Application of advanced investment management techniques in a laboratory setting. Bond portfolio management, quantitative stock screens, derivatives trading, portfolio optimization. Off-site visits and presentations. Open only to senior business majors.
FBE 458 Law, Finance and Ethics (4, FaSpSm) Law and ethics of agency, partnerships, corporations, limited liability companies, governmental regulation, mergers, creditor rights, secured transactions, bankruptcy, securities regulation, and antitrust.
FBE 459 Financial Derivatives (4, Fa) A rigorous introduction to the pricing and corporate use of financial derivatives — futures, options, forwards, and swaps — on stocks, exchange rates, bonds, and commodities. Prerequisite: BUAD 215x or BUAD 306.
FBE 460 Mergers, Acquisitions and Restructuring (4, FaSpSm) Practical understanding of the major strategic, economic, financial, human resources, and governance issues of mergers, acquisitions, and restructuring. Prerequisite: BUAD 215x or BUAD 306.
FBE 462 International Trade, Finance and Commercial Policy (4, FaSp) Commercial policies, treaty relationships, examination of policies influencing world trade and finance, the international financial system, exchange rates. Prerequisite: ECON 203 and ECON 205; or ECON 351 and ECON 352. Open only to sophomores, juniors and seniors.
FBE 466 Management of Real Estate Development: Feasibility Studies (4, Sp) By means of a significant real-world case study chosen each term, the development process is examined from the interrelated perspectives of finance, market analysis, and design and construction technology. Team-generated development proposals are proposed and presented in a consulting environment that includes industry participants. Prerequisite: FBE 391 and FBE 470 or FBE 400x.
FBE 470 Advanced Real Estate Analysis (4, FaSp) Mixed lecture/case approach covering market analysis, asset valuation, ownership structure, negotiation, asset management, corporate real estate, portfolio management, and affordable housing, appraisal and advanced financial modeling. (Duplicates credit in former FBE 465.) Prerequisite: FBE 391.
FBE 489 Real Estate Capital Markets (4, FaSpSm) Topics in real estate capital markets including markets for debt and equity; residential and commercial mortgages and mortgage-backed securities; REITs; institutional sources of capital. Prerequisite: FBE 391.
FBE 495x Practicum in Business Issues (Internship) (1, max 12, FaSpSm) Combined classroom discussion and structured, supervised field application of business theories and practices within a part-time employment context. Open only to undergraduate students in Finance and Business Economics certificate. Graded CR/NC.
FBE 498x Business Field Project (Undergraduate) (1-2, FaSpSm) Individual or team projects studying the business practices, needs, and opportunities of an entity. May include international research and travel and oral and written presentations. Graded CR/NC.
FBE 499 Special Topics (2-4, max 8, FaSpSm) Current developments in the field of finance and business economics; topics to be selected each semester. Prerequisite: BUAD 215x or BUAD 306.
FBE 515 Deals (3-4) (Enroll in LAW 815)
FBE 523 Venture Capital and Private Equity (3, FaSp) Advanced analysis of the economics of the private equity markets. Consider and value private securities in venture capital, initial public offerings, and leveraged buyouts. Prerequisite: GSBA 521b or GSBA 548.
FBE 524 Money and Capital Markets (3, Fa) Review of financial institutions and markets, the determinants of interest rates, the impact of government regulation and policy on the financial system. Prerequisite: GSBA 511; GSBA 521, GSBA 521b or GSBA 548; GSBA 544, GSBA 549, GSBA 580, or GSBA 580a.
FBE 525 Financial Institution Management, Strategy and Valuation (3, Fa) Application of economic and financial analytic techniques to the managerial problems of financial institutions and implications for financial firm strategy and valuation. Prerequisite: GSBA 521b or GSBA 548.
FBE 526 Macroeconomic Analysis for Business (3, Sp) The economic environment of business: American economic and social goals and policies and their impact on business; growth, stability, and the new priorities; international forces influencing business. Open only to graduate business and accounting students.
FBE 527 Entrepreneurial Finance: Financial Management for Developing Firms (3, FaSp) Internal financial management of developing firms. Cash flow analysis; capital budgeting; sources of financing; risk analysis; measurement of profits; and mergers and acquisitions. Prerequisite: GSBA 521b or GSBA 548.
FBE 529 Financial Analysis and Valuation (3, FaSp) An applications-oriented course to develop the financial and accounting tools required to do financial planning valuation and assessment of financial performance. Prerequisite: GSBA 521b or GSBA 548.
FBE 531 Corporate Financial Policy and Corporate Governance (3) Advanced analysis of the determinants of corporate capital structure and payout policies, allocation and value of corporate control, and security issuance and retirement. Prerequisite: GSBA 521b or GSBA 548.
FBE 532 Corporate Financial Strategy (3, FaSpSm) Linkage between financial theory and policy and corporate strategy; the role of financial managers in developing corporate strategy; applications of concepts and techniques using cases. Prerequisite: GSBA 521b or GSBA 548.
FBE 533 CEO Pay, Corporate Governance, and the Politics of Finance (3, Sp) Explores how value is created (or destroyed) in organizations, focusing on compensation and incentive systems and the causes and consequences of government (and populist) intervention. Prerequisite: GSBA 521b or GSBA 548.
FBE 535 Applied Finance in Fixed Income Securities (3, Sp) The basic principles underlying fixed income securities and how these principles apply to the practical aspects of fixed income management. Prerequisite: GSBA 521b or GSBA 548.
FBE 540 Hedge Funds (3, FaSp) Introduction to the investment strategies used by hedge funds, the quantitative tools and business plans used to implement them. Prerequisite: GSBA 521b or GSBA 548; recommended preparation: statistics and calculus.
FBE 543 Forecasting and Risk Analysis (3, FaSpSm) Application of econometric tools and versions of Capital Asset Pricing Models to estimate financial risk and stock market risk premia for portfolio management. Prerequisite: GSBA 511 and GSBA 506b or GSBA 524.
FBE 553ab Applied Portfolio Management (a: 3, Fa; b: 3, Sp) a: Application of portfolio management techniques in a laboratory setting. Stock selection, asset allocation, industry analysis, investment thesis research; off-site visits; oral and written presentations. Prerequisite: GSBA 521b or GSBA 548; corequisite: FBE 555. b: Application of advanced portfolio management techniques in a laboratory setting. Bond portfolio management, quantitative stock screens, derivatives trading, portfolio optimization. Off-site visits and presentations.
FBE 554 Trading and Exchanges (3, Sp) Theories, practices, and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability, and institutional change. Domestic and international public policy issues. Prerequisite: GSBA 521b or GSBA 548.
FBE 555 Investment Analysis and Portfolio Management (3, FaSp) Analysis and management of common stocks and fixed income securities; development of modern portfolio theory and the efficient market hypothesis; organization of securities markets. Prerequisite: GSBA 521b or GSBA 548.
FBE 557 Business Law and Ethics (3, SpSm) Business law of traditional and e-contracts, UCC, crimes, torts, employment, ethics, social responsibility, intellectual property, digital law, e-commerce, accountants’ liability, property, estates, and government regulation. Open only to graduate business and accounting students.
FBE 558 Legal Environment of Business and Corporate Governance (3, FaSpSm) Legal environment of agency law, general and limited partnerships, limited liability companies, corporate formation and financing, corporate governance, securities law, acquisitions, bankruptcy, and business ethics. Open only to graduate business and accounting students.
FBE 559 Management of Financial Risk (3, FaSp) Analysis of commodity, futures, and options contracts; theoretical and empirical approaches; spot and futures price relationships, speculation and hedging strategies; market efficiency. Prerequisite: GSBA 521b or GSBA 548.
FBE 560 Mergers and Acquisitions (3, Sp) Practical application of the critical components of mergers and acquisitions: deal flow strategies, preliminary negotiations, deal structures, due diligence, valuation, post-merger integration, and regulations. Prerequisite: GSBA 521b or GSBA 548.
FBE 562 Current Issues in International Finance (3, Fa) International monetary relations, financial markets, and institutions; theory and evidence of alternative approaches to balance of payments; current policy evaluation. Prerequisite: GSBA 511; GSBA 544, GSBA 549, GSBA 580 or GSBA 580a.
FBE 563 Theory of International Trade (3, Sp) Comparative advantage and gains from trade; factor proportions and efficiency; factor price equalization; terms of trade; tariffs, customs, unions and trade agreements. Prerequisite: GSBA 511; GSBA 544, GSBA 549, GSBA 580 or GSBA 580a.
FBE 564 International Financial Management (3, Sm) Financial management of the multinational firm; legal entities and taxation abroad; risk in foreign operations; strategies in foreign exchange, money and capital markets and institutions. Prerequisite: GSBA 521b or GSBA 548.
FBE 565 Economics of Urban Land Use: Feasibility Studies (3, Sp) Economic, market and financial analysis related to feasibility of real estate development; theory and case analysis. Prerequisite: FBE 589 or GSBA 511 or GSBA 521b or GSBA 548.
FBE 566 Real Estate Finance, Investments and Development (3, Sm) Analysis of economic and financial aspects of real estate decisions for students not concentrating in real estate. Dynamics of financing, markets and the development process. Not open to business, accounting and construction management students.
FBE 570 Advanced Topics in Real Estate Finance (3, Fa) Current topics in real estate finance including sources of equity and debt, the role of capital markets, REITs, conduits, portfolio analysis, and acquisition of distressed assets. Cases and analytic methods. Prerequisite: GSBA 521b or GSBA 548; recommended preparation: FBE 591.
FBE 571 Introduction to Financial Analysis: Practicum (3, FaSp) This introductory financial analysis (tools, techniques) practicum, emphasizes practical application of asset valuation and portfolio management techniques for those with little previous experience. (Duplicates credit in FBE 572 and FBE 573.) Graded CR/NC. Prerequisite: GSBA 548 or GSBA 521b.
FBE 572 Intermediate Financial Analysis: Practicum (3, Sp) This practicum emphasizes asset valuation, including applications of tools and inputs (including economics, accounting, and quantitative techniques) in asset valuation for those with prior experience. (Duplicates credit in FBE 571 and FBE 573.) Graded CR/NC. Prerequisite: GSBA 548 or GSBA 521b.
FBE 573 Advanced Financial Analysis: Practicum (3, Sp) This is an advanced practicum emphasizing portfolio management skills, including applied strategies (tools, inputs) in equity and fixed-income management for those with extensive prior experience. (Duplicates credit in FBE 571 and FBE 572.) Graded CR/NC. Prerequisite: GSBA 548 or GSBA 521b.
FBE 587 Legal and Regulatory Environment of Long Term Care (4, Fa) Comprehensive overview of substantive business law topics and issues as they affect the long term care industry. (Duplicates credit in FBE 557, FBE 558.)
FBE 588 Advanced Real Estate Law (3, SpSm) Legal aspects of real estate transactions; partnerships, syndicates, and other ownership forms. Legal aspects of land use control, zoning and environmental impact reports.
FBE 589 Mortgages and Mortgage-Backed Securities and Markets (3, Fa) Valuation and analysis of residential and commercial mortgages and mortgage-backed securities and related markets. Prerequisite: GSBA 521b or GSBA 548.
FBE 590 Directed Research (1-12, FaSpSm) Research leading to the master’s degree. Maximum units which may be applied to the degree to be determined by the department. Graded CR/NC.
FBE 591 Real Estate Finance and Investment (3, FaSp) Analysis of investment in and financing of real estate assets including projections, valuation, deal structure, contracts, portfolio and tax and entity considerations. Prerequisite: GSBA 521b or GSBA 548.
FBE 592 Field Research in Finance or Business Economics (.5-4, max 12, FaSpSm) Individual or team projects studying the business practices of an industry, company, government agency, country, geographic region, etc. Proposal, data collection, analyses, and written report. Open only to master’s and doctoral students. Graded CR/NC.
FBE 593 Independent Research in Finance or Business Economics (.5-4, max 12, FaSpSm) Independent research beyond normal course offerings. Proposal, research and written report/paper required. Open only to master’s students. Graded CR/NC.
FBE 595 Internship in Finance or Business Economics (.5-2, max 9, FaSpSm) Supervised on-the-job business experience in the student’s area of interest. (Curricular Practical Training.) Open only to graduate business and accounting majors. Graded CR/NC. Recommended preparation: Completion of required MBA, M.Acc., or MBT course work.
FBE 596 Research Practicum in Finance or Business Economics (.5-2, max 8, FaSpSm) Hands-on practical experience working with a Marshall faculty member in the Finance and Business Economics Department on an ongoing research project. Open only to master’s and doctoral students. Graded CR/NC.
FBE 597 Consulting Project in Finance or Business Economics (.5-5, max 12, FaSp) Individual or team project solving real business problems for an existing business entity, domestic and/or international. Proposal, field research, analyses and oral and written presentations. Open only to master’s and doctoral students. Graded CR/NC.
FBE 599 Special Topics (1, 1.5, 2, or 3, max 9, Irregular) Current developments in the field of Finance and Business Economics; topics to be selected each semester.
FBE 652 Financial Economics I (3, Irregular) Doctoral level seminar in financial economics; concentration on corporate finance theory and evidence.
FBE 653 Financial Economics II (3, Irregular) Doctoral level seminar in financial economics; concentration on contingent claims and continuous time models.
FBE 654 Ph.D. Seminar-Empirical Research Methods in Finance (3, Irregular) Empirical financial research methods are introduced. Applications are discussed and critiqued. Special attention is given to new statistical methods and to identifying fruitful research programs.
FBE 655 Financial Economics III (3, Sp) Doctoral-level seminar in financial economics; concentration on the theory of corporate governance and incentives in organizations.