Courses at Johnson Graduate School of Management, Cornell University, Lecture notes of Lease Finance and Investment Banking

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J O H N S O N G R A D U A T E S C H O O L OF M A N A G E M E N T

ADMINISTRATION

TBA, dean

L. Joseph Thomas, associate dean for academic affairs

Douglas Stayman, associate dean for curriculum Cathy S. Dove, associate dean for M.B.A, Program and administration

Randy Allen, associate dean for corporate relations Rebecca Mitchell, associate dean for alumni affairs and development Thomas B. Hambury, director of executive programs Daniel Szpiro, director o f Boardroom Executive M.B.A. Program

Randall Sawyer, director o f admissions

Karin S. Ash, director o f career services Deniqua Crichlow, director o f Office of Diversity and Inclusion Ann W. Richards, financial aid director and associate director of admissions Rhonda H. Velazquez, director of student activities and special events

Kerwin-Michael Smith, college registrar

The Johnson Graduate School o f Management prepares men and women for managerial careers in business. The school offers course work in many disciplines to provide potential managers with an understanding o f the complexities o f the professional world in which they operate and o f the organizations of which they will becom e a part.

A bachelor’s degree or its equivalent is required for admission to the two-year program leading to the master of business administration (M.B.A.) degree. Nearly half of the students have a background of undergraduate studies in arts and sciences, and about one-quarter in engineering. Five percent o f the students begin their graduate training immediately after receiving their bachelor’s degrees and the remaining 95 percent following work experience. Combined degree programs allow highly qualified Cornell students to co-register in the school during their senior year, thereby earning a master’s degree in less than the usual time. The doctoral program, administered through the Graduate School, provides an advanced level o f education in business for those who seek careers in teaching and research at leading universities. More detailed information about these programs is available from the Office o f Admissions and Student Affairs, Johnson Graduate School of Management, 111 Sage Hall. Students in other graduate programs and undergraduate students registered with the university are welcome in most classes. See the Johnson School web site: www.johnson.

cornell.edu/academic/courses/ for information on enrollment and a complete course roster.

UNDERGRADUATE ONLY

NBA 300(3000) Entrepreneurship and

Enterprise

Fall, spring. 3 credits. Prerequisite: n o n - Johnson School students. Johnson School students, see NBA 564. D. BenDaniel. Uses Cornell-developed case studies and lectures to address entrepreneurial management in start-up ventures and new- business development in existing companies. Topics include valuation o f business, planning, obtaining resources, management o f growth, and cashing out. Guest lecturers speak on specialized topics such as corporate and patent law, bankruptcy and workouts, leveraged buyouts, and valuations o f businesses. Students team up to write and present business plans. The course attempts to integrate marketing, finance, operations, and human-resource topics in the context o f high- growth business ventures.

COURSES FOR NON-JOHNSON

SCHOOL STUDENTS

NBA 507(5070) Entrepreneurship for

Scientists and Engineers

Fall, spring. 3 credits. Prerequisite: M.Eng., Ph.D., and M.S. students; priority given to seniors as undergraduates. G. Schneider. Designed for mentored independent study, this course uses streaming video, guest speakers, distance learning, and special lectures/tutorials. There is no homework and few required class meetings. Work is focused on one project: Students form a start-up team, choose a technical business idea, and develop and found a business that can attract venture investors. Tutorial sessions with instructors apply lessons to the team business plan. Students learn how high-technology ideas are converted into world-class businesses in venture-backed start-up companies and in new business development in existing companies. Slides take the student from idea to initial public offering. Grading is based on a final exam focusing on the video lectures, a written business plan, and its final presentation to a judging panel.

NBA 515(5150) Leadership Theory and

Practice

Fall, spring. 3 credits. M. Hostetler. This course will focus on the challenges of effective leadership in a com plex world. The course has four significant parts: 1. Exploring historical and contemporary theories and models o f leadership through the required text and selected articles; 2. Examining and applying the Johnson School’s Leadership Model; 3. Analyzing the practical challenges of leadership through case studies, executive speakers, and company visits; 4. Developing self-awareness of the student’s leadership

strengths and weaknesses through the use of behavioral instruments and group exercises and creating a personal action plan for improvement. A critical element o f this course will be the coaching and feedback students will receive on their own leadership styles and behaviors from their peers and instructor.

NBA 553(5530) Accounting and Financial

Analysis for Engineers

Spring. 3 credits. Prerequisite: non-Johnson School students. J. D’Souza. Focuses on basic financial and managerial accounting and the econom ic and financial concepts that have a bearing on managerial decisions. The goals are to (1) give students a working knowledge o f the accounting process and the value and limitations o f the data that com e out o f the accounting information system; (2) familiarize students with key concepts in managerial accounting and the application o f cost information to pricing and operating decisions; Q ) promote an understanding o f the use o f econom ic theory in the evaluation o f capital investment projects. The teaching methods consist of lectures and cases. Students are evaluated on the basis o f exams.

NCC 550(5500) Financial Accounting

Fall, spring. 3 credits. Prerequisite: n o n - Johnson School students. Similar in content to M.B.A. core course NCC 500. Staff. Introductory accounting course that examines the subject from the viewpoint o f users external to the organization. Topics include transaction analysis; the accounting cycle; financial-statement preparation, use, and analysis; revenue recognition and cost measurement; present value; and problems in financial-accounting disclosure.

NCC 553(5530) Marketing Management

Fall, spring. 3 credits. Prerequisite: n o n - Johnson School students. Similar in content to M.B.A. core course NCC 503. Staff. Addresses controllable and uncontrollable marketing variables that managers in multiproduct firms face in today’s business environment. Topics include customer behavior, product planning, distribution, advertising and promotion, pricing, and competitive strategy.

NCC 554(5540) Management and Leading

in Organizations

Fall, spring. 3 credits. Prerequisite: n o n - Johnson School students. Similar in content to M.B.A. core course NCC 504. Staff. Takes a resource-based approach to management by arguing that organizations should link their strategy to their internal resources and capabilities. Develops this them e by addressing (1) the strategic value of internal resources and capabilities; (2) the role o f human resources and organizational behavior in formulating and implementing strategy; and (3) the importance o f structure and the design o f organizations in formulating and implementing strategy. Topics include how firms create sustainable competitive advantage through internal resources and capabilities; best practices for managing

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people; effects o f best practices on attitudes and behaviors; why putting the customer first is not necessarily best practice from a resource-based perspective; why organizational culture is central to organizational effectiveness; why the formal organizational chart and structure o f an organization are important; how organizations innovate; how organizations change through re-architecture and re-engineering; what firms gain and lose through pursuing core competencies; and what firms gain through strategic alliances and networks. The course makes extensive use o f case materials.

NCC 556(5560) Managerial Finance

Fall, spring. 3 credits. Prerequisite: n o n - Johnson School students. Similar in content to M.B.A. core course NCC 506. Letter grades only. Staff. Introduces business finance through theory and case studies. Topics include stock and bond valuation, the capital budgeting decision, portfolio theory, the asset-pricing models, raising capital, capital structure, mergers and acquisitions, costs of capital, option pricing, and risk management. International applications are considered within each topic area. Grading is based on an exam, group case reports, homework, and class participation.

NCC 559(5590) Strategy

Spring. 3 credits. H. Schneider. Among the critical tasks facing any senior manager are the creation, implementation, and evaluation of a business unit’s strategy. This course seeks to provide the management student with the tools and frameworks essential to carrying out these tasks. Many of these tools and frameworks will be based on recent advances in game theory, industrial organization, and organization theory, although the course will also draw from the older business policy tradition. Students who successfully complete this course will be able to analyze industries, identify areas o f strategy advantage and disadvantage, and devise strategies that exploit advantages and remedy disadvantages.

IMMERSIONS

Only the Johnson School offers learning immersion courses in strategic operations, managerial finance, investment banking, brand management, and entrepreneurship. Immersions offer a semester o f continuous focus, real-world problem solving, and site visits to dozens o f companies.

MFI— Managerial Finance Immersion

Prerequisite; NCC 506 with grade o f B or better. Specifically designed for students planning to pursue finance careers. Some students interested in nonfinance careers (including consulting) may wish to consider this course, but they should recognize that it is not specifically designed for this purpose. A major objective is to help students make more informed choices about how to launch their finance careers.

NBA 502(5020) Managerial Cost

Accounting

3 credits

NBA 506(5060) Financial Statement

Analysis

1.5 credits

NBA 549(5490) Managerial Finance—

Practicum

2.0 credits

NBA 558(5580) Corporate Financial

Policy

1.5 credits

NBA 565(5650) Corporate Governance

1.0 credit

NBA 656(6560) Valuation Principles

1.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading

in Organizations

2.5 credits

IBI— Investment Banking Immersion

Prerequisite: NCC 506 with grade o f B or better. Specifically designed for students planning to pursue careers in investment banking. Inappropriate for students interested in following a finance career in nonfinancial industry or nonfinance careers (including consulting). This course is designed to meld the practical and theoretical aspects o f the field. A great deal o f interaction and discussion is expected between students, participating faculty, and visiting practitioners. While the course is designed to make its students more attractive as candidates for employment in the investment banking profession, and it is expected that some o f the participating firms will be using their visits to identify candidates for summer internships, obtaining relevant summer internships remains the responsibility o f the students.

NBA 500(5000) Intermediate Accounting

3.0 credits

NBA 511(5110) Financial Modeling

1.5 credits

NBA 556(5560) Investment Banking—

Practicum

2.5 credits

NBA 558(5580) Corporate Financial

Policy

2.5 credits

NBA 656(6560) Valuation Principles

1.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits

CMAM— Capital Markets and Asset Management

Prerequisite: NCC 506 with grade o f B or better. Specifically designed for students planning to pursue careers in research (both buy-side and sell-side), sales, and trading, either at Wall Street firms (sell-side) or at buy-side firms such as mutual funds. Melds the practical and theoretical aspects o f the field. A great deal of

interaction and discussion is expected between students, participating faculty, and visiting practitioners. While the course is designed to make its students more attractive as candidates for employment in the investment management profession, and it is expected that some o f the participating firms will use their visits to identify candidates for summer internships, obtaining relevant summer internships remains the responsibility o f the students.

NBA 542(5420) Investment and Portfolio

Management

3.0 credits

NBA 583(5830) Capital Markets and

Asset Management Practicum

2.5 credits

NBA 656(6560) Valuation Principles

1.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits

Highly recommended courses for CMAM Immersion:

NBA 500(5000) Intermediate Accounting

3.0 credits

NBA 506(5060) Financial Statement

Analysis

1.5 credits

NBA 673(6730) Derivatives I

1.5 credits

NBA 511(5110) Financial Modeling

1.5 credits

SBM— Immersion in Brand Management

Limited enrollment. Prerequisites: NCC 500, 501, 502, 503, and 506; permission of instructor. Full-time program for the semester; students are not able to take other courses concurrently. The course objective is to begin developing students to think and act like brand managers, some o f the best trained and most upwardly mobile professionals in industry. It provides students with a unique opportunity to begin internalizing the concepts, principles, and tools necessary to achieve success in brand management. While the course focuses on managing traditional consumer brands, high-tech products, services, and global branding are also addressed. In- class methods consist o f (1) academic and industry lecturers; (2) on-site visits with marketing and manufacturing professionals; (3) case and project discussions and presentations; and (4) a brand management simulation. Course requirements consist o f (1) discussion o f readings; (2) individual case write-ups and presentations; (3) group projects and presentations (including a capstone simulation); and (4) in-class exams. There is considerable off-campus travel for field study.

NBA 502(5020) Managerial Cost

Accounting

3 credits

NBA 620(6200) Marketing Research

3 credits

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NBA 624(6240) Brand Management—

Practicum

4.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits

SSO— Semester in Strategic Operations

Limited enrollment. Prerequisites: NCC 501 and 506 for Johnson School students; permission o f instructor. Full-time program for the semester; students cannot take other courses concurrently. The course is concerned with the integration of technological, human-resource, logistical, and financial considerations to produce a manufacturing enterprise that can respond quickly and effectively to market requirements. The course is taught by a team of faculty and industrial practitioners, and much o f the student work is team-oriented. There is off-campus travel for field study of various manufacturing plants.

NBA 502(5020) Managerial Cost

Accounting

3 credits

NBA 641(6410) Logistics and

Manufacturing Strategy

3 credits

NBA 650(6500) Semester in Strategic

Operations Practicum

4.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits

E&PE— Entrepreneurship and Private Equities Immersion

Comprehensive course that integrates the technical, strategic, and economic aspects of

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entrepreneurship; is the student’s full course load for the semester. David J. BenDaniel, the Don and Margi Berens Professor of Entrepreneurship at the Johnson School, leads the faculty team for this immersion.

NBA 502(5020) Managerial Cost

Accounting

3.0 credits

NBA 564(5640) Entrepreneurship and

Private Equity— Practicum

3 credits

NBA 532(5320) Due Diligence in Private

Equity Investments

0.5 credits

NBA 653(6530) Strategic Alliances

1.0 credit

NBA 656(6560) Valuation Principles

1.5 credits

NBA 559(5590) Venture Capital Industry

and Private Equity Markets

0.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits

SGE— Sustainable Global Enterprise

The SGE immersion provides students with a breadth and depth o f knowledge and experience relating to the broad impact o f social and environmental issues as well as the strategic opportunity these issues present to firms across a number of industries. Students will spend much o f their time in field projects that require them to address real problems currently being faced by companies who expect to receive practical, operational solutions.

NBA 603(6030) Sustainable Global

Enterprise

1.5 credits

NBA 658(6580) Sustainable Global

Enterprise Practicum

3.5 credits

NCC 508(5080) Managing Operations

2.5 credits

NCC 504(5040) Managing and Leading in

Organizations

2.5 credits •Note: Students electing to take the immersion must choose a minimum o f five (5) additional credits of course work from the recommended electives list o f Johnson School courses or other courses from other programs at Cornell. Course availability is subject to scheduling.

NCC COMMON CORE COURSES

NCC 500(5000) Financial Accounting

Fall. 2.5 credits. Johnson School core course. Limited enrollment. R. Libby. Introductory accounting course that examines the subject from the viewpoint o f users external to the organization. Topics include transaction analysis; the accounting cycle; financial-statement preparation, use, and analysis; revenue recognition and cost measurement; present value; and problems in financial-accounting disclosure.

NCC 501(5010) Statistics for

Management

Fall. 2.5 credits. Johnson School core course. Limited enrollment. A. Farahat. Introduction to decision making under conditions o f uncertainty. Topics include descriptive statistics, probability theory, classical statistics, statistical decision theory, and simple and multiple regression analysis. Applications in finance, marketing, and operations management are discussed.

NCC 502(5020) Microeconomics for

Management

Fall. 2.5 credits. Johnson School core course. Limited enrollment. R. Frank. Introduces m icroeconomic theory and applies it to problems faced by managers. Topics include supply and demand, consumer behavior, pricing when a firm has market power, and the role o f contracts. The course employs a lecture format and emphasizes problem solving. Grading is based on a midterm and a final exam.

NCC 503(5030) Marketing Management

Fall. 2.5 credits. Johnson School core course. Limited enrollment. S. Botti and E. Eisenstein. Designed to convey the key concepts of marketing and how they fit into the larger context o f management strategy and decisions.

Presents both the practical “how” and the fundamental “why” o f marketing activities in the light of contributions from behavioral science, economics, and statistics. The goals are to provide sufficient understanding for those who need only to interact with the marketing function, as well as communication concepts and developing processes that can provide the foundation for further course work and future experience in marketing. The course makes extensive use o f case materials.

NCC 504(5040) Managing and Leading in

Organizations

Spring. 2.5 credits. Johnson School core course. Limited enrollment. K. O'Connor and S. Spataro. Stories are central to how we know and remember events, people, and facts and to how we communicate knowledge and history. Most o f the jobs we aspire to involve a particular form o f story-telling— the CEO’s vision, the analyst’s report, the planner’s strategy, the salesperson’s pitch, the consultant’s analysis, and the manager’s brand. What distinguishes these as business stories is that they are often analytical (based on a set o f objective facts and statistics) and reflect a deep understanding o f the complex interactions o f individuals and organizations. This course has two goals: (1) to make students appreciate the complexity o f the issues that often arise in organizations, and (2) to develop and refine students’ analytical story-telling abilities. To achieve these goals, the course is taught by the case-study method, an efficient way to expand the student’s experience base with respect to such issues as motivation, power, leadership, ethics, structure, design, and change. Students learn how to make good inferences about what will and won’t work in particular situations, and how to learn from their own experiences and those o f others.

NCC 506(5060) Managerial Finance

Fall. 2.5 credits. Johnson School core course. Limited enrollment. Letter grades only. R. Michaely. Introduces students to the basic concepts of finance. In particular, the course addresses what type o f investments firms and individuals should take on and how these investments should be financed. Understanding these concepts is essential to financial managers and professional investors and has important applications to many aspects o f financial decisions all o f us have to make on a daily basis (e.g., is getting an M.B.A. a good investment?). These issues involve capital budgeting decisions, stock and bond valuation, how to assess and account for risk through the capital asset pricing model (CAPM), option pricing, capital structure and cost o f capital, and market efficiency. Grading is based on exams, quizzes, group case reports, homework, and class participation.

NCC 508(5080) Managing Operations

Spring. 2.5 credits. Johnson School core - course. Limited enrollment. Prerequisite: NCC 501 or permission of instructor. N. Gavirneni and V. Gaur. Focuses on managing processes: actions that convert inputs into outputs. Almost any business function can be modeled as a network o f processes. The first part o f the course examines processes, both individually and as part o f a larger system; students see that good process design reflects both the volume and the variety of the product. A

NBA M A N A G E M E N T E L E C T I V E C O U R S E S 3 67

common course theme is the deleterious effect of variability (in demand, supply, quality, or capacity) in complex systems. Queuing theory and simulation are particularly helpful for analyzing process capabilities. The second part analyzes how goods and services are produced. After describing the strategic role of operations, it examines forecasting systems, inventory management, and just-in-time and logistic management. Constrained optimization models provide information about managing with finite resources. The final part examines process improvement through quality and productivity management and corporate learning.

NCC 509(5090) Strategy

Fall. 2.5 credits. Johnson School core course. Limited enrollment. V. Kadiyali and J. Johnson. Among the critical tasks facing any senior manager are the creation, implementation, and evaluation of a business unit’s strategy. This course seeks to provide the management student with the tools and frameworks essential to carrying out these tasks. Many o f these tools and frameworks are based on recent advances in game theory, industrial organization, and organization theory, although the course also draws from the older business policy tradition. Students who successfully complete this course are able to analyze industries, identify areas of strategy advantage and disadvantage, and devise strategies that exploit advantages and remedy disadvantages.

NBA MANAGEMENT ELECTIVE

COURSES

Accounting

NBA 500(5000) Intermediate Accounting

Spring. 3 credits. Prerequisite: NCC 500 or equivalent. M. Nelson. Based on the essential concepts and terminologies of financial accounting introduced in the accounting core course. Students learn to evaluate financial statements through the use o f case studies drawn from actual corporate financial reports.

NBA 501(5010) Taxes and Business

Strategy

Spring. 1 credit. Prerequisites: NCC 500 and NCC 506. Staff. Part o f being financially savvy is having an understanding of how taxation affects business decisions, e.g., forming a corporation and raising capital, operating the firm, distributing cash to shareholders through dividends and share repurchases, expanding through acquisition, and divesting lines of business. Taxes have a direct impact on cash flow and often divert 30 to 40 percent of the firm’s pretax cash flow to the government, effectively making the government the single largest stakeholder in many firms. Having an understanding of taxation and how firms plan accordingly is important for just about any career path you choose, whether you will be an investment banker, venture capitalist, consultant, money manager, CFO, treasurer, controller, taking over a family-owned business, or an entrepreneur setting up a new business.

NBA 502(5020) Managerial Cost

Accounting

Fall, spring. 3 credits. Prerequisites: NCC 500, 501, and 502, or equivalent. R. Hilton and R. Bloomfield.

Designed both for those responsible for internal accounting information and those who use such information for decision making. Topics include budgeting, accumulating costs for product costing, activity-based costing, standard costs, the analysis o f cost variances, cost estimation and prediction, cost-price-volume decisions, performance measurement, nonmanufacturing cost analysis, cost allocation, and transfer pricing. Instruction is a mixture o f lecture and case discussion. Student evaluation is based on a midterm exam, a final exam, a project, and class participation.

NBA 503(5030) Strategic Cost

Management

Fall. 1.5 credits. R. Hilton. Focuses on the role o f cost management and related issues in helping a firm compete successfully in the global market. Topics include activity-based costing, activity-based management, value chain analysis, the lean enterprise, confronting competition in an industry dominated by lean enterprises, re engineering, process value analysis, identification o f non-value-added activities and costs, target costing, Kaizen costing, continuous improvement, time-based competition, cost versus quality, and benchmarking. The course is based almost entirely on cases, many o f them lean enterprises in Japan.

NBA 506(5060) Financial Statement

Analysis

Fall, spring. 1.5 credits. Prerequisite: NCC 506, NBA 500 (or concurrent enrollment), or permission o f instructor. N. Yehuda and C. Nichols. Develops a set o f core skills essential to financial statement analysis. Covers strategic ratio analysis, cash flow analysis, pro forma financial statements, financial modeling, credit analysis, bond rating and bankruptcy predictions, and firm valuation using discounted cash flow techniques. Emphasizes practical applications. The course format is a combination o f case studies and lectures. The lectures communicate subtler aspects o f the material while the cases provide hands-on experience. There is an exam.

NBA 509(5090) Advanced Financial

Analysis

Fall. 1.5 credits. Prerequisites: NBA 506, finance immersion course, or permission of instructor. Not open to students who have completed 3-credit version o f NBA 506. N. Yehuda. Builds on the core financial analysis skills developed in NBA 506. Topics include equity valuation, residual income models, quality of earnings assessments, earnings manipulation detection, market efficiency issues, fairness opinions in MBOs, and large sample stock screening strategies. The overall focus is on using accounting-based information to make investment decisions. Emphasis is on practical applications, and special attention is given to cultivating analytical and communication skills. Features both lectures and cases. There is a group term project but no final exam.

NBA 511(5110) Financial Modeling

Fall, spring. 1.5 credits. Prerequisites: NBA 506 or permission o f instructor; mastery of basic Excel skills. C. Nichols and J. D’Souza. Financial modeling is the art and science of constructing spreadsheet models of firms’ future financial statements. This course builds

on the brief introduction to financial modeling in NBA 506 by modeling the effect on the income statement, balance sheet, and statement o f cash flows o f more complicated financial transactions such as leveraged buyouts, mergers and acquisitions, and corporate reorganizations. The class meets in the state-of-the-art Parker Center computer lab, and active student participation is emphasized.

Economics

NBA 524(5240) Macroeconomics and

International Trade

Fall. 3 credits. Prerequisite: NCC 502 or equivalent or permission of instructor. O. Heffetz. Applies basic macroeconomic theory to such problems as inflation, unemployment, economic growth, and productivity and examines how those problems interact with international trade and finance. Students learn to be informed observers o f national and international econom ic policies and discerning users o f econom ic analyses and forecasts. Uses a lecture/discussion format.

NBA 527(5270) Applied Price Theory

Spring. 4 credits. R. Frank. Emphasizes how economic analysis can help firms and individuals make the most of their opportunities. Of special interest to managers and consultants is the focus on examples that illustrate how faulty economic reasoning leads to inefficient outcomes. Also emphasizes strategic thinking and instructs students in the art o f “economic naturalism”— the use of economic reasoning to understand and explain everyday patterns of individual and firm behavior.

Entrepreneurship

NBA 519(5190) Sustainability as a Driver

for Innovation in the Entrepreneurial

Organization

Fall. 1 credit. F. Keller. The goal o f this course is to provide students with an understanding o f how entrepreneurial business professionals use sustainability principles as drivers for innovation. By examining and comparing current writings with the experiences o f the instructor’s company, Cascade Engineering, and guest speakers from DuPont and Herman Miller, students will draw conclusions about how they can incorporate such strategic thinking into their own career paths. Students will learn that in addition to traditional strategic financial analysis, business decisions do benefit from taking into account the impacts o f social and ecological capital. As well, the classroom and discussions will demonstrate that this “Triple Bottom Line” approach is an effective catalyst for organizational innovation, particularly in emerging enterprises. Students will gain a foundation in the underlying principles o f sustainability in business and engage in a dialogue to debate the barriers and challenges o f applying sustainable principles in an entrepreneurial context. Resources will include reading from The N atu ral Step f o r B u sin ess by Nattrass and Altomare, N atu ral C apitalism by Hawken, Lovins, and Lovins, and M id C ou rse C orrection by Ray Anderson.

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[NBA 530(5300) Entrepreneurship Lab

Fall. 3 credits. Prerequisites: M.B.A. students; NBA 564 or concurrent enrollment or permission o f instructor. G. Schneider.]

NBA 557(5570) Case Studies in Venture

Investment and Management

Fall. 1.5 credits. O. Bengtsson. Consists o f a series o f cases that focus on the venture capital investment process and the subsequent management o f such ventures. The primary perspective is that o f the venture capitalist in assembling and evaluating information, preparing forecasts, assessing risks, developing and negotiating investment structure and terms, and deciding whether to invest. Cases also focus on management and financial problems and on policy issues and the relationship between venture capitalists and entrepreneurs. The secondary perspective is that of the entrepreneur and the techniques and skills employed in managing growing enterprises. Presentations by venture capitalists and entrepreneurs supplement student discussion and analysis o f cases. Grades are based on written reports, quality o f classroom participation, and a final exam.

NBA 559(5590) The Venture Capital

Industry and Private Equity Markets

Spring. 0.5 credit. D. BenDaniel. Focuses on the industry from the practitioners’ perspective. Topics include (1) an introduction to the private equity market focusing on the transactions that define the industry, its structure, participants, history, and trends; (2) institutional private equity investing— now an increasingly important and dynamic part of the asset allocation mix; and (3) issues in private equity investing such as concentration in fewer, larger funds and the critical role o f a new class of gatekeeper/consultants for limited partners. Involves four lectures and a final paper.

NBA 563(5630) The IPO Process and

Deal Structure Alternatives

Fall. 3 credits. J. Nozell and J. Teitelbaum. Gives students an in-depth look at initial public offerings and deal structures from a

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practitioner’s point of view. With respect to initial public offerings, the course covers the applicable statutory framework, pre-offering corporate preparations, the due diligence process, the implementation of corporate governance policies appropriate for a public company, the offering registration process, liability under federal securities laws, the Securities and Exchange Commission review process, underwriting arrangements, and selection o f a trading forum. Regarding deal structures, the course explores choosing an appropriate transaction structure, deal financing alternatives, due diligence, public company transaction issues, and crucial legal aspects o f the acquisition, such as caps/ collars, letters o f intent, successor liability, continuity o f employees, and noncompetition agreements.

NBA 564(5640) Entrepreneurship and

Private Equities

Fall, spring. 3 credits. D. BenDaniel and O. Bengtsson. Uses Cornell-developed case studies and lectures to address entrepreneurial management in start-up ventures and new- business development in existing companies. Topics include valuation of business, planning, obtaining resources, management o f growth, and cashing out. Guest lecturers speak on

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specialized topics such as corporate and patent law, bankruptcy and work-outs, leveraged buy-outs, and valuations of businesses. Students team up to write and present business plans. The course attempts to integrate marketing, finance, operations, and human-resource topics in the context o f high- growth business ventures.

NBA 618(6180) Global Innovation and

Technology Commercialization

Spring. 1.5 credits. W. Sine. Examines technology commercialization from an investor’s point of view. Will address issues related to intellectual property, recognizing and screening opportunities, exploiting technology opportunities, and marketing high technology. Case studies and discussions with practitioners will be used to examine this topic

NBA 653(6530) Strategic Alliances

Spring. 1 credit. J. Suwinski. A wide variety o f strategic alliances are being used today as companies try to leverage their resources for competitive advantage. This course gives an overview o f the spectrum o f alliances, examining the strategic rationale and pros and cons o f each major type o f alliance. The primary focus is on joint ventures as a specific form o f strategic alliance, where the success rate is less than 50 percent. The course develops a set o f principles that have contributed to success for Coming Incorporated. The course is taught from the perspective o f the general manager o f a major business unit.

NBA 678(6780) Advance Private Equity;

Negotiations and Structuring

Fall. 1.5 credits. Prerequisites: NBA 564, 300, 401, or permission o f instructor. J. Bartlett and O. Bengtsson. Focuses on venture capital financing, including the problems and issues facing emerging growth companies as they progress from early stage, start-up status to mature public- companies. Emphasizes practical skills: hands- on examination, for example, o f how deals are negotiated and valuations arrived at, the principal focus being the so-called Series A, or first professional, round of financing. Views the early stage space from three perspectives: (1) the entrepreneur, or founder, (2) the professional investors, or VCs, and (3) the key executives, i.e., the major players in emerging growth finance. Reviews economics, finance, tax, securities, corporate and employment law considerations, and custom and usage in the industry.

NBA 689(6890) Law for High-Growth

Business

Fall. 3 credits. Z. Shulman. In-depth analysis of key issues that an emerging high-growth business must consider and address, including (1) choosing type of business entity, (2) protecting confidential information and inventions, (3) sources o f capital (in both bull and bear market environments), (4) understanding capitalization structures (e.g., common stock, preferred stock, warrants), (5) using stock options as employee incentives, (6) fundamental fair employment practices, (7) proper establishment and use of boards of directors and advisory boards, (8) technology licensing and commercialization, (9) negotiating relationships with distributors, resellers, and customers, (10) the Foreign Corrupt Practices Act, and (11) dealing with creditors.

Finance

NBA 512(5120) Applied Portfolio

Management

Fall, spring. 3 credits each semester. Limited enrollment. Students must commit to taking course in fall and spring semesters. Priority given to second-year M.B.A.S who successfully completed either NBA 506 or finance immersion. Students must apply formally; if number of applicants exceeds 12, admission is competitive and merit-based. S. Bhojraj. Focuses on the management o f an investment fund. For full description, see Sanjeev Bhojraj.

NBA 521(5210) Investing in Distressed

Corporations

Fall. 1 credit. J. Rubin, R. Symington, and J. Hass. Focuses on the burgeoning practice of investing in distressed companies. O nce a backwater, this $680 billion (face amount) field o f finance is now a “must have” in virtually all institutional portfolios. In 2001 alone, $63 billion o f additional defaults entered this universe, with continued high inflows projected for the next few years. Corporate reorganization finance techniques are now necessary tools for individuals in a variety o f other disciplines, as it is now highly likely that finance professionals and managers encounter distressed situations in their careers. Using a “bottoms-up” approach, the curriculum first seeks to develop the building blocks o f this field: research, valuation, legal issues, and strategies. Issues such as target capital structure location, control/passive strategies, value creation through reorganizations/liquidations, and new/old money plans are explored. These principles are then applied to real-world situations using case studies.

NBA 540(5400) Advanced Corporate

Finance

Fall. 3 credits. Prerequisite: NBA 506 or equivalent. Staff. Relevant for both investment banking and the treasurer’s activities o f an operating corporation. Most class sessions are lecture- discussion, but there will be several corporate finance cases. Topics include debt securities (duration, convexity, inverse floaters, bond refunding, term structure), convertible debt, capital structure, distribution policy, exotic new securities, financial strategies, and the buy versus lease decision. Investigates corporate financial policy decisions from a normative-quantitative point o f view and develops skill in formulating financial models and evaluating models. Uses basic mathematics.

NBA 542(5420) Investment and Portfolio

Management

Spring. 3 credits. Prerequisites: NCC 501, 502, and 506; comfort with quantitative methods. G. Saar. Deals with several important issues pertaining to investments in securities markets. Covers (1) portfolio diversification theory, asset allocation, asset pricing models (e.g., CAPM and APT), and empirical anomalies such as size effect and January effect; (2) the issue of evaluating portfolio performance and mutual fund performance; (3) investment strategies based on patterns in historical security returns (may be loosely considered technical analysis); (4) investment strategies based on publicly available information related to

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accounting and other market statistics and the use o f earnings forecasts (may be considered as fundamental analysis); (5) frictions to trading imposed by the institutional structure of securities markets. The goal o f this course is to train students in the latest tools and techniques in portfolio theory and familiarize them with the latest developments in securities market research and applications. This is a highly quantitative course involving extensive analysis of security market data using regression analysis and other statistical tools. Grades are based on midterm and final exams, cases, a project, and a trading game.

NBA 543(5430) Financial Markets and

Institutions

Fall, spring. 3 credits. Prerequisite: NCC 506 (finance core). W. Bailey. Applies principles of finance to understand modern financial markets. Central themes are the structure of financial markets, their pricing function, the interaction between financial markets and macroeconomic conditions, and the processes of innovation and regulation in these markets. Students look at the workings of a variety of markets and develop an understanding of the different problems that different types of markets address. Studies the question of market efficiency and the interaction between government policies and financial markets. Analyzes issues in innovation and regulation with basic principles of financial economics. Throughout the course, the relevance o f these issues for the practical corporate, portfolio, or public sector decision maker is considered. The course includes ideas and evidence from academic research along with historical, institutional, and international perspectives. Recent events are used to illustrate concepts and develop analytic skills. Spreadsheet assignments and a term project requiring data analysis develop research skills and illustrate academic concepts. Exams consist of computational, short answer, and short essay questions.

NBA 552(5520) Cases in Corporate

Finance

Fall. 3 credits. Prerequisites: second-year MBAs and Twelve-Month Option (TMO) students; NCC 506 or equivalent. Staff. We will develop an understanding of the theories o f corporate finance and have discussions o f corporate finance cases. Cases and lectures deal with mergers, acquisitions, valuation, corporate restructuring, LBOs, MBOs, distribution policies, and the financing of corporations. The material applies to careers in investment banking, managerial finance, and top level executives. Several executives working in or with corporate finance will present cases. The goal is to develop a skill in analyzing the financing decisions o f corporations.

NBA 554(5540) International Finance

Spring. 3 credits. Prerequisite: NCC 506 (finance core) or permission o f instructor. W. Bailey. Applies principles o f finance to the international setting. International finance is different in two basic respects: (1) the existence of multiple currencies adds risk to investment and financing decisions; (2) when corporations and portfolio investors cross international borders, both problems and opportunities arise. This course focuses on these issues and highlights how finance theory can be extended to address them. Students apply the basic principles o f international

finance to a variety o f problems. The course helps students understand the ideas and research results of international finance and adapt what they learn to the practical problems in the increasingly globalized business world. The first part o f the course outlines exchange rate volatility, barriers to international capital flows, and the value of international diversification. The second part presents a variety o f problems, examples, and applications from the three basic themes described in part one. Spreadsheet assignments and a term project requiring data analysis develop research skills and illustrate academic concepts. Exams consist of computational, short answer, and short essay questions.

NBA 555(5550) Fixed-Income Securities

and Interest Rate Options

Fall. 3 credits. Prerequisites: NCC 506 (finance core), NCC 501 (statistics core). R. Jarrow. Designed to study the pricing, hedging, and risk management o f fixed-income securities and interest rate derivatives. Topics include the term structure o f interest rates, interest rate swaps (caps, floors, collars), the risk structure o f interest rates, credit risk spreads, and corporate bond valuation. The method of instruction is lectures and discussion, and computer illustrations are an integral part of the course content.

NBA 558(5580) Corporate Financial

Policy

Fall, spring. 1.5 credits. Prerequisite: NCC 506 (finance core). Y. Grinstein and M. Leary. Provides an understanding o f the financial decisions of corporations. Discusses the factors that affect corporate financial decisions and how they determine firms’ financing, investment, and hedging policies. These factors include taxes, transaction costs, contracting (between managers and shareholders and between shareholders and other claimholders such as bondholders), and asymmetric information. Much o f the material is presented using examples and cases designed to demonstrate how financial decisions create, destroy, or modify value.

NBA 565(5650) Corporate Governance

Spring. 1.5 credits. Prerequisites: NCC 506 and NBA 656 or permission of instructor. Y. Grinstein. Deals with the ways in which different investors assure themselves o f getting a return on their investments. How do investors get managers to return some o f the profits to them? How do they make sure that managers do not invest their money in bad projects? These questions are extremely relevant for almost any organization, from start-ups to Forbes 500 companies. This course explores these issues through a series o f case studies and examples. Topics depend on time availability. Career focus: M B A. students aspiring to top corporate offices, regardless of functional area, or envisioning a career in M&A/investment banking, financial management, or consulting firms.

NBA 598(5980) Behavioral Finance

Spring. 3 credits. M. Huang. Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient. Behavioral finance, on the other hand, argues that some financial market phenomena can plausibly be understood only

under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance. Introduced to the conceptual framework of behavioral finance, and then apply the framework to study a wide range o f issues in asset pricing, investment, and corporate finance. Topics covered in the course include investor psychology and behavior, limits of arbitrage, aggregate market timing, anomalies in stock portfolio returns (including value, momentum, size, and many other effects), professional money management, corporate issuance, mergers and acquisitions, investment banking, and earnings management. As a summary o f the course, we will apply the conceptual framework o f behavioral finance to understanding China’s financial market.

NBA 655(6550) Advanced Valuations

Fall. 1.5 credits. Prerequisite: IBI immersion or written permission o f instructor. Staff. Builds on the valuation principles course. Applies discounted cash flow (DCF) valuation and valuation by multiples using comparables to multinational contexts. Considers mergers and acquisitions, and multinational project and firm valuations, from the viewpoint o f a U.S. manager. Discusses issues such as differences in parent and project cash flows, accounting differences, exchange risks, political risks, and valuation in developing countries. Examine the contingent claims valuation approach, with emphasis on flexibility in managerial decision making. Focuses on the valuation o f strategic options, growth options, and flexibility in capital investments using traditional and nontraditional option pricing techniques. Discusses valuation o f growth options, expansion options, natural resource investments, land development, R&D, young- high-growth companies, etc., using the Black-Scholes option pricing model and its variants. Grading is based on cases, a valuation project involving a foreign company, and a final exam.

NBA 656(6560) Valuations Principles

Fall, spring. 1.5 credits. D. Weinbaum. Deals with the principles o f valuation for publicly traded firms, divisions o f publicly traded firms, or private firms that have publicly traded comparables, using discounted cash flow (DCF) valuation. The definitions of cash flow and discount rate depend on whether we want to value the entire firm or value only equity. Discusses (1) how to compute free cash flows based on historical income statements and balance sheets; (2) the concept o f value drivers and economic value added (econom ic profits or residual income); (3) operating risk and financial risk, the relation between financial leverage and cost of capital, the levering and unlevering o f equity betas, capital asset pricing model, computing cost of equity, cost o f debt, cost o f preferred stock, weighted average cost o f capital, divisional cost o f capital, etc. These concepts are applied; (4) to computing cost o f capital. Introduces valuation by multiples using comparables and discusses its applications to valuing divisions o f multibusiness firms.

NBA 673(6730) Introduction to

Derivatives, Part 1

Fall, spring. 1.5 credits. Prerequisite: NCC 506 (finance core) or permission of instructor. X. Zhang. Introduces students to the pricing and hedging o f derivative securities. Briefly covers forward contracts, futures contracts, and swaps. The

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primary emphasis is on option contracts. Underlying assets include stocks, currencies, and commodities.

NBA 674(6740) Introduction to

Derivatives, Part 2

Fall. 1.5 credits. Prerequisite: NCC 506 (finance core) or permission of instructor. X. Zhang. For description, see NBA 673-

NBA 694(6940) Equity Derivatives and

Related Products

Fall. 3 credits. M. Zurack. Relying on quantitative techniques and practical experiences, this course attempts to provide an in depth analysis o f how equity derivatives and related products are structured, valued, and used by all types of investors globally. Students attending this class will learn many real-world applications o f these products, which they should find useful in equity sales and trading, private wealth management, investment management, as well as Investment Banking pursuits. The course is broken into the following sections: Exchange Traded Funds, Futures Portfolio Trading and Swaps; Equity and Credit Options and Convertibles; Strategies; Non-U.S. Markets.

General Management

[NBA 537(5370) Information in Markets

Spring. 1.5 credits. R. Bloomfield.]

NBA 560(5600) Business Law I (also

AEM 320(3200])

Fall. 3 credits. Requirement for students intending to be professional accountants. Highly recommended for finance students. Prerequisite: junior, senior, or graduate standing. D. Grossman. Introduces the basic tenets o f law as they apply to businesses and their operations. Topics include personal property, contracts, agency, real property, and landlord-tenant concerns. Uses text readings and case studies.

NBA 561(5610) Business Law II (also

AEM 321(3210])

Spring. 3 credits. Prerequisite: NBA 560 or permission of instructor. D. Grossman. The first portion o f this course examines legal issues in the formation and operation of business enterprises, particularly partnerships, corporations, and limited- liability companies. The second portion covers selected topics in business law, such as employment discrimination, secured transactions, product liability, unfair competition, and international business law.

NBA 562(5620) Estate Planning (also

AEM 422(4220])

Fall, 14 sessions. 1 credit. Prerequisite: junior, senior, or graduate standing. D. Grossman. Covers law and use o f trusts, the law o f wills, federal and New York State estate and gift taxes, and probate procedures.

NBA 567(5670) Management Writing

Fall, spring. 1.5 credits. Priority given to M.B.A. students; open to other graduate students and employee degree candidates if room. B. Mink, C. Rosen, and A. Noble-Grange. Students learn to write clearly and effectively by focusing on the writing process as well as the finished product. Topics include audience perspective, style, organization, strategy, and

persuasion. There is a writing assignment every week. Students receive instructor and peer feedback.

NBA 568(5680) Oral Communication

Fall, spring, seven weeks. 1.5 credits. Priority given to M.B.A. students; open to other graduate students and employee degree candidates if room. B. Mink, C. Rosen, and A. Noble-Grange. Focuses on improving the presentation skills o f management students. Covers speaking formats (impromptu, extemporaneous, manuscript), delivery, organization, visual aids, and question/answer. Student speeches constitute the bulk o f class time, with each student presenting seven or eight speeches. The small class size allows for significant individual attention. Students receive feedback from classmates and the instructor, and have the opportunity to review in tutorials the videotapes o f most o f their presentations.

NBA 569(5690) Management Consulting

Fall. 3 credits. A. McAdams. Case study-oriented course focusing on strategic consulting. Objectives are to (1) provide students with the opportunity to understand the role o f the consultant and for them to gain indirect experience in that role through dealing with a broad range of practical and real-world issues; (2) help students improve their analytic skills through practice with case studies; (3) provide students with information that they are unlikely to gain in other courses, as well as experience in making group presentations and evaluating them. Students are required to write a comprehensive analytic term paper.

NBA 570(5700) Leadership in

Management

Spring, five full-day training sessions. 1 credit; attendance required at each day o f course to receive credit. Prerequisite: M.B.A. students. P. Stepp, RPW Executive Development, and other Johnson School faculty. Partnership with RPW Executive Development to provide M.B.A. students with the self- awareness and interpersonal skills required to be effective leaders (the general principles of leadership course is NBA 668). The first two days focus on self-awareness and employ several experiential exercises and self- assessment instruments, including the Campbell Leadership Index (CLI), Myers-Briggs Type Indicator (MBTI), the Fundamental Interpersonal Relations Orientation-Behavior (FIRO-B), the Kirton Adaptation/Innovation inventory (KAI), and the Ambiguity Preference Scale (APS). Students are also trained in giving and receiving feedback from team members and faculty. Midweek activities consist of various leadership and team challenges, including a business simulation. Note: Most of the self-assessment instruments listed above need to be completed before the first day of class to allow for scoring and analysis.

NBA 571(5710) Cornell Management

Simulation

Fall. 1.5 credits. Prerequisite: second-year M.B.A. students. Not open to students who have completed NBA 549. Letter grades only. S. Smidt. This computer-based simulation is played by self-selected teams o f four students who make marketing, production, and finance decisions for one o f five companies operating competitively in the same industry. After the first week, during which the rules o f the

simulation are explained and the software used by each team is demonstrated, the teams make periodic decisions (meeting at their own convenience). At the beginning o f the simulation, each team writes a strategic intent paper and, before the results o f the last decision have been determined, presents an in-depth analysis o f its performance and its strategy for the future in a “board o f directors” (BO D ) meeting. Grades are based on the value created for the company’s shareholders (relative to other firms in the same industry), the team’s strategic intent paper, and the instructor’s evaluation o f team’s performance at the BOD meeting. Meetings are periodic throughout the semester.

NBA 573(5730) Seminar in Sustainable

Development

Spring. 1-3 credits, variable. A. McAdams. Involves readings and discussion o f issues in environmental management and features four significant outside speakers on the subject o f environmental management. (Students interested in doing consulting projects in environmental management are accommodated in NBA 575 Management Projects.)

NBA 574(5740) Management Practicum

for Scientists and Technologists

Fall 3 credits. Prerequisite: accelerated MBA (AMBA) students. R. Allen. This course would begin in the summer with a relationship meeting with the companies involved as clients. The clients would be recruited between now and then to focus on companies with technology/science content consistent with the background o f many of the TMO students. The types o f companies we would focus on are ones that are research centric and ideally within driving distance or closely aligned with the school. The companies need to be willing to commit their resources and support and will provide a two- week internship.

NBA 575(5750) Management Projects

Spring. 3 credits. R. Allen. Designed to apply consulting processes to real business projects. Students form consulting teams focused on specific strategic, process improvement, or operational problems in companies. A faculty member and the consultant in residence (CIR) advisors, are closely engaged in the teams’ work. The teams meet with the faculty advisors weekly. Sessions focus on cross-team learning about the application o f the consulting process to a variety o f consulting engagements. The faculty advisor and/or CIR also meet as needed with each team to work through real-time issues presented by each consulting project. Projects include local small-business clients, not-for- profits, Big Red Incubator, and large national and multinational companies. At the end of the project, each student and team receive 360-degree feedback from the faculty advisor, CIR, the client, and other team members.

NBA 578(5780) Consulting Process

Fall, spring, half semester. 1.5 credits. N. Peck. Focuses on understanding and applying the basic consulting process by covering the elements o f a consulting engagement, including selling the engagement, scoping the project, contracting with the client, forming the consulting team, creating consultant/client work teams, defining deliverables, developing a work plan, conducting analysis, creating a communication and change plan, managing

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the project, overcoming resistance and barriers, developing recommendations, presenting the deliverables/implementation plan, and developing potential follow-on work. The course is organized around a real client engagement, examining the consulting process from the perspective of the case. Several guest speakers from the consulting engagement add both client and consulting perspectives. The course is intended for students with no or limited consulting experience who have an interest in exploring consulting as a career or who want to sharpen their analytical and organizational change skills.

NBA 579(5790) Cases in Business

Strategy

Fall. 1.5 credits. Prerequisite: second-year M.B.A. students. J. Suwinski. Focuses on the process of effective strategy formulation from the perspective of the general manager of a business unit. Discusses corporate strategy and its interaction with business unit strategies; tools for industry and company analysis; and situational analysis. Complements the core strategy course, with emphasis on understanding and practicing frameworks that are useful in case-based interviews. Draws heavily on the instructor’s experience developing strategy for numerous businesses at Corning Incorporated. Guest speakers from industry and strategy consulting firms and from industry present their approaches to strategy and discuss the analytical tools they find most effective in working on business strategy. Students gain experience, via assigned cases, in analyzing business problems/opportunities, using the strategic process to formulate effective business strategies, and in presenting their recommendations in written and oral form. A major case write-up and presentation in a mock board environment at the end o f the course gives each student an opportunity to play the role o f a strategy consultant working on a real case.

NBA 603(6030) Sustainable Global

Enterprise

Spring. 1.5 credits. Staff. Explores the connections between “global sustainability” and business strategy— the unlimited business opportunities in solving the world’s most difficult problems. Through a combination of cases, readings, lectures, videos, and simulations, class sessions will engage students in discussions aimed at developing strategy models and applying new strategy tools that incorporate principles o f environmental management and social performance.

NBA 672(6720) Goal Setting for Personal

Leadership

Fall. 1.5 credits. Prerequisite: NBA 570. P. Stepp. This course is required for the Leadership Focus Program designed as a follow-up to NBA 570 and will introduce students to “leader as coach.” The lasting value o f NBA 570 Foundations o f Leadership depends on the amount of followthrough students achieve on their personal learning plans (MAPS), learn how to learn about personal behavior change on their own, and learn to coach others. The action learning method will be used to link leadership development to immediate business and personal concerns by challenging participants to practice leadership skills in real world activities. The course will provide structured support for personal change using

MAPS plans, establishing learning and development strategies, and receiving feedback and coaching support from peers and practitioners. Students will leave the course with a mission and values statement to help guide and drive personal learning plans, and align them with career aspirations.

International Management

NBA 524(5240) Macroeconomics and

International 1>ade

Spring. 3 credits. I. Azis. Applies basic macroeconomic theory to such problems as inflation, unemployment, economic growth, and productivity and examines how those prdblems interact with international trade and finance. Students learn to be informed observers of national and international econom ic policies and discerning users o f economic analyses and forecasts.

NBA 548(5480) International Political

Risk Management

Spring. 1.5 credits. E. Iankova. When investments remain domestic political risks are easier for executives to understand and manage. International business opens executives to new forms of risk and to risks that are less well understood. New political cultures, government instability, unpredictability in local tax and regulation regimes, corruption, civil unrest, globalization o f trade and economic integration, increasing power of transnational social movements, and international terrorism have raised new challenges to foreign investors, and have demanded new management strategies. The aim of this course is to introduce students to the political risks involved in international business operations and to develop students’ general understanding of the field of international political risk analysis and management. The course focuses on the various techniques used by risk assessment agencies in their attempt to assess and analyze political risks on a global scale, and on the various strategies used by foreign investors in their attempt to manage political risks. Through a combination o f readings, lectures, and case discussions, the course further intends to develop practical skills in evaluating and assessing political risk on a global scale.

NBA 580(5800) Strategies for Global

Competitiveness

Fall. 3 credits. Can be used to fulfill strategy requirement. A. McAdams. Initially, students explore the role of government in several private-market industrialized nations—Japan, France, Germany, the United Kingdom, and Italy— for lessons the United States might learn and use. Students investigate the impact in each of those countries o f government policies on the global competitiveness o f the country’s firms. Special emphasis is given to differential policies appropriate to each o f a range of industries, from the mature to the high tech (including computers, telecommunications, and electronics), and to stages o f development in each economy. Possible lessons are then tested for less developed countries that might include Venezuela and Malaysia and newly emergent countries such as Singapore. Classes are run in a discussion format.

NBA 584(5840) International Competitive

Strategy

Fall and spring. 1.5 credits. J. Katz.

Focuses on the development of competitive strategies in the global environment— including the identification o f internationally relevant strengths and weaknesses, the movement and use o f resources to gain competitive advantage, and strategies to confront competitors, both domestic and multinational.

NBA 587(5870) International Mergers

and Acquisitions

Spring. 1.5 credits. J. Hanks. Addresses the principal business and legal issues in cross-border mergers and acquisitions, including forms and techniques o f combining two businesses, negotiation, pricing and other econom ic terms, due diligence, issuance o f securities, antitrust, duties o f managers, and the resolution of employee and other social issues. The graded work is a written proposal for an M&A transaction between two existing companies in different countries prepared by small teams. Proposals are based on publicly available financial, business, legal, and other documents and data and any other information obtained. The goal o f the written work is to simulate the process in which business people, investment bankers, and lawyers work together to structure transactions across national borders. The reading covers the basic business and legal issues most frequently encountered in international mergers and acquisitions. Class discussion occasionally refers to the reading but generally covers other issues.

NBA 589(5890) International

Management

Spring. 3 credits. G. Katzenstein. International management is a survey of international business from a cultural and managerial perspective. The course uses culture as a foundation to examine a variety o f considerations related to business in an international context. The first part o f the course briefly examines the context and environment o f cross-cultural management. We will look at globalization, why firms get involved in international business, and how they analyze their investment environment and opportunities. The second part o f the course concerns analyzing international business, including macro issues such as organizational structure, control, and culture, and micro concerns such as motivation, leadership, negotiation, teams, decision making, and human resource management.

NBA 590(5900) Business in Transition

Economies

Fall, half semester. 1.5 credits. E. Iankova. Explores business development and strategy in the transition economies o f central and eastern Europe, Russia and the Commonwealth of Independent States, and China. Traces the divergence in the processes o f political democratization and economic restructuring, with a special emphasis on marketization, liberalization, and privatization issues. Specifically examines the emergence and consolidation of new business organizations in the course o f economic restructuring, as well as foreign investment trends and foreign investors strategies in various transition economies. More specific issues o f entrepreneurship, management restructuring, marketing, enterprise employment relations and human resource management, as well as the impact of culture are also discussed. To understand better the pressures for change in the transition economies in their complexity and entirety,

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students become personally involved in case discussions o f organizations and ventures operating in different transition countries and sectors o f the economy.

NBA 592(5920) Experience in

International Management

Fall, spring. 1.5 credits. Fee charged for required faculty-approved study trip. G. Katzenstein. Combines classroom sessions and international experience with an increased awareness of business environments outside the United States. On trips, students visit local businesses, subsidiaries o f foreign multinationals, government officials, local business school students, and others. Students also must attend two pre-trip meetings (1 1/4 hours each) and two Saturday meetings during spring semester (2 1/2 hours each). Those meetings are used to present information on international business conditions, industrial structures, management styles, and also to develop cross- cultural skills. A final paper, integrating the material learned in the classroom with their experiences, is required.

NBA 593(5930) International

Entrepreneurship

Spring. 1.5 credits. M. Goldman. Venture capital firms, corporate venture funds, and “angels” have increased their financing in high-growth start-up activities outside o f their countries o f origin. This course provides an overview of the diffusion o f entrepreneurship institutions outside o f the United States vis-a- vis traditional forms of start-up finance (i.e., family backing, intrapreneurship). It also focuses on the process o f selecting, financing, managing, and exiting venture capital deals abroad. The course is designed to provide practical insights through the participation o f guest speakers involved in various stages of international entrepreneurship activities (e.g., European corporate funds in the United States, venture capital firms in Europe, U.S.-based venture capital, and “angel” initiatives investing abroad).

NBA 594(5940) Asian Business

Spring. 1.5 credits. G. Katzenstein.

■

This course takes a managerial perspective to introduce students to those differences, whether working in Asia or managing operations and personnel in Asia. The course will cover major issues in strategy, organizational behavior, and human resource management in the Asian context. The strategy part o f the course will look at issues including particular Asian forms of organization and larger strategic issues such as the role o f government, corruption, intellectual property, and the Asian Diaspora. The organizational behavior part o f the class will look at issues such as national culture, communication, leadership, motivation, decision-making, and group dynamics in an Asian context. The human resource part o f the course will examine recruiting, developing, and retaining your local personnel, managing expatriates in Asia, and localization o f Asian businesses.

NBA 595(5950) Economics of Financial

Crises

Spring. 1.5 credits. I. Azis. Familiarizes students with the analysis o f the causes, nature, and consequences o f financial crises, and equips them with tools o f analyses to better understand the economics of financial instability and alternative strategies for dealing with them. The first part o f the

course concentrates on financial instability/ crisis by way o f explaining the empirical episodes o f the crisis in various emerging market countries, and elucidating the relevant theoretical concepts in each o f the cases. The second part is devoted to discussions o f post crisis episodes, emphasizing the different paths o f recovery and major policy responses to the crisis. The latter includes financial and monetary policies and the unsettled relationship between interest rates and exchange rates.

NBA 599(5990) Business in the European

Union

Fall, half semester. 1.5 credits. E. Iankova. Explores the impact o f the process of European integration on business organization and strategy. The foundations, institutions, and common policies o f the European Union are discussed first. The course further examines how the establishment o f the Economic and Monetary Union and the 2004 enlargement to the east are shaping the strategies o f multinational corporations with operations in Europe. To understand better the pressures for change in a “deepening” and “widening” European Union in their complexity and entirety, students becom e personally involved in problem-solving through issue and case discussions, such as determinants and policy o f entrepreneurship in a European-U.S. comparison; corporate networks in a European-U.S. comparison; trade policy and the European Union’s trade disputes with the United States; competition policy and Microsoft’s antitrust battles in European courts; environmental policies and corporate sustainability issues in Europe; the common agricultural policy o f the European Union and the impact o f global trade talks on European farm subsidies; work conditions in Europe and the Wal-Mart experience with doing retail business in Europe; and a variety o f other mini-cases.

NBA 625(6250) International Marketing

Fall. 1.5 credits. Recommended; background in core marketing. J. Katz. Designed to train students to take a domestic product and successfully expand it into international markets. Discusses market selection, international market research issues, and international marketing strategies. The term project (submitted in three parts throughout the semester) requires students to choose a product and develop a plan for taking it abroad. Because each class includes cases, class preparation is essential. Grading is based on the term project, a final exam, and class participation.

[NBA 642(6420) Global Corporate

Citizenship]

Strategic Technology Management

NBA 518(5180) Data Mining for

Marketing, Sales, and Customer

Relationship Management

Spring. 1.5 credits. J. Gehrke. Introduces m odem data management systems and their use in the business context. Focuses on the capabilities o f modern database systems and their role in the enterprise instead of going into technical detail. Topics include data models and modeling, query languages, transactions, database tuning, application servers, service-oriented and three-tier architectures, capacity planning, and data mining. Students perform several hands-on

exercises involving a commercial database system.

NBA 600(6000) The Strategic Role of

Information Technology

Fall. 3 credits. D. Huttenlocher. Beyond the hype surrounding the rise and fall o f the dot-com era, information technology has had a wide-ranging impact on business activities. For instance, search costs and transaction costs have plummeted, while concurrently new ways o f pricing and o f organizing commercial transactions have emerged. Such changes are affecting how firms are managed as well as how they interact with their customers, employees, and business partners. This course explores how firms can use information technology to create business value and looks at strategies that can help ensure they capture part o f that value. Examines small and large companies in a variety o f industries, including financial services, travel, retail, software, and manufacturing. Prior knowledge of information technology is not presumed; relevant technologies are covered in class or in assigned readings. The course format is a combination o f lectures and cases.

NBA 601(6010) Electronic Commerce

Spring. 3 credits. Letter or S-U grades. L. Orman. Electronic commerce, the use o f information technology in conducting economic transactions and managing businesses over computer networks, has captured public attention because o f its wide-ranging implications for businesses, markets, public institutions, and the general public. Electronic comm erce involves a wide variety of cooperating technologies (e.g., communications, networks, databases, expert systems, and multimedia) and affects a wide variety o f managerial issues. It created a new emphasis on information technologies and systems in management; led to the development o f new technologies and new combinations o f existing technologies to support management; and occasionally radically altered business practices and the role o f management. Students in this course learn to conduct econom ic transactions and manage businesses on the Internet. All major technical and managerial issues are covered through computer exercises on the Internet and case studies and examples o f businesses on the Internet.

NBA 602(6020) Commercialization of

Fundamental Technologies

Spring. 3 credits. E. Fitzgerald. Students explore in-depth projects based on a particular fundamental technology. Students are expected to investigate the science and technology and the strategic value o f the technology via cross-disciplinary student teams; student teams will explore potential applications for fundamental advances and determine intellectual property related to the technology and applications. Students map progress with presentations, and are expected to create an end-of-term document enveloping technology, intellectual property, applications, and potential commercialization.

NBA 608(6080) The Business of

Biotechnology: Taxonomy and

Analysis

Spring. 1.5 credits. B. Ganem. Breakthrough scientific discoveries in biotechnology will continue to drive medical advances in the new millennium. As it now

NBA M A N A G E M E N T E L E C T I V E C O U R S E S 3 7 3

enters the post-genomic era, the field of biotechnology comprises some 1,400 U.S. companies having $13 billion in worldwide sales and $10 billion in research expenditures. This broad spectrum of biotech businesses presents numerous challenges to professional securities analysts attempting to track progress and map future growth in this sector. This course introduces JGSM students to the main scientific advances in modern biotechnology and life sciences research, with the dual goals o f developing new organizational models of this corporate sector and helping students perform financial and business evaluations of current and emerging technologies more effectively.

NBA 610(6100) Technology Management,

Bio, Info, Nano

Fall. 1.5 credits. D. Huttenlocher. This course will introduce students to some of the current trends in modern biotechnology, information technology, and nanotechnology, and consider cross-cutting issues such as new technology adoption, business models for new technologies, and bridging the gap between scientific invention and business innovation. This course will be a “capstone” course that spends two weeks on bio/tech/pharma, two weeks on materials/nanotech, and two weeks on info tech, Scientific and technological discoveries will continue to drive advances in a broad range of industries. The wide array of technologies in the biological sciences, information technology, and advanced materials present numerous challenges to managers attempting to map future growth in industries that are driven technological advances.

NBA 612(6120) Disruptive Technologies

Fall. 3 credits. Priority given to students with technology of science backgrounds. Prerequisite: working knowledge of computers. D. Greenberg. Begins by presenting historical technological advances that created major paradigm shifts for communications. Presents advances in computer technology emphasizing the fundamentals behind the increases in processing power, video and computer graphics capabilities, and network transmission. The second half o f the course covers the effect of these scientific advances on many discipline-specific areas including photography, the film industry, the entertainment and animation industry, television broadcasting, publishing, and the computer industry itself. Sessions are devoted to the social and legal issues rising from the rapid advances in electronic communication. In attempting to predict the disruptive changes of the future, it is best to understand the technologies themselves. The course is especially tailored to a business school and industrial concerns and has interactive live demonstrations at the state-of-the-art laboratory o f the Program o f Computer Graphics. No prior knowledge o f computer science is required.

Management and Organizations

NBA 522(5220) Negotiations: The Global

Perspective

Spring. 3 credits. Students must attend first class and all classes in which they negotiate. J. Katz. Covers all the topics in NBA 666 with a focus on issues particular to an international setting. These include culture (e.g., its effect on

strategy, goals, communication), government at the table, currency issues, and ethics. The capstone exercise is a two-party cross-cultural team negotiation matching a student’s native culture with that o f his or her classmates.

NBA 663(6630) Managerial Decision

Making

Fall. 3 credits. J. Russo. Presents practical concepts from the behavioral sciences that can serve as guides to managerial action. Uses lectures, cases, and exercises to acquaint students with new perspectives on decision making, critical thinking, problem solving, and group processes. Taken together, these perspectives offer a trouble-shooter’s guide to the uncertainty, complexity, and conflict in the business world.

NBA 666(6660) Negotiations

Fall, spring. 3 credits. M. Thomas-Hunt. Judgment is the art and science of transforming perception into thought or opinion. Negotiation is the art and science of securing agreements between two or more interdependent parties. The purpose o f this course is to understand the theory and processes o f negotiation as it is practiced in a variety o f settings. It is designed to complement the technical and diagnostic skills learned in other courses. A basic premise is that while a manager needs analytical skills to develop optimal solutions to problems, he or she also needs a broad array of negotiation skills for these solutions to be accepted and implemented. The course highlights the components o f an effective negotiation and teaches students to analyze their own behavior in negotiations. It is largely experiential, giving students an opportunity to develop their skills by participating in negotiations and integrating their experiences with the principles presented in the assigned readings and course discussions.

NBA 668(6680) Leading Teams and

Organizations

Fall. 3 credits. Priority given to M.B.A.s. Staff. Focuses on general principles for successfully leading teams and organizations (the personal development course is NBA 570). Draws on the latest research in team decision making and organizational leadership to address questions such as: what is the difference between leadership and management? how does a leader establish trust and commitment to an organization? and how do leaders transform organizations? Consists primarily of case studies o f leaders but also includes some experiential and group activities. Grading is based on class participation, group case analyses, and a final individual case analysis. Priority is given to MBAs.

NBA 670(6700) Perspectives on

Leadership

Fall. 1.5 credits. D. Radcliffe. What is leadership? What are its recognized styles? What skills and personal attributes are associated with these leadership styles? Flow are leadership traits and abilities manifested in different organizations and social environments? This course considers these and other questions on leadership. Most class sessions are discussions o f cases comprising excerpts from classic texts in literature, politics, and philosophy. Each case also includes both a contemporary article exemplifying themes found in the classic work and a brief review o f relevant leadership

theory. The course begins by examining Louis Gerstner’s leadership in IBM’s major turnaround in the early 1990s. This case serves as a frame o f reference for examining two recent contributions to leadership studies: Daniel Goleman’s research on emotional intelligence and Howard Gardner’s cognitive approach to leadership. The final paper invites students to work out their own views on leadership.

NBA 671(6710) Business Ethics

Fall, spring. 1.5 credits. D. Radcliffe. Poor moral judgment can ruin a manager’s career or even sink a company. In general, an organization cannot survive without the trust o f numerous stakeholders, and ethical lapses destroy trust and threaten vital stakeholder relationships. In today’s volatile and fiercely competitive business environment, a manager must be able to identify and effectively resolve ethical issues that inevitably arise in the pursuit o f business (and career) objectives. This course is designed to enhance students’ skills in moral reasoning as it applies to managerial decision-making. It begins by examining normative concepts and principles that typically enter into moral reasoning, then uses those concepts and principles to analyze cases. Discussions seek to understand the moral issues confronting the decision makers in the cases and explore how those issues might be addressed in ethically responsible ways.

Marketing

NBA 620(6200) Marketing Research

Spring. 3 credits. Prerequisites: NCC 501 and 503 or equivalent. Y. Park. Deals with marketing research as a critical support function in corporations. The broad objective is to provide a fundamental understanding o f marketing research methods employed by better-managed firms or proposed by leading academicians. The course is aimed at the manager, the ultimate user of marketing information, who is responsible for the scope and direction o f research activities involved in obtaining, analyzing, and interpreting results o f research. Covers the use o f secondary sources o f marketing information for designing studies and collecting primary data. Students are exposed to up-to-date methods in research design, qualitative research, measurement, data collection, and analysis. The emphasis is on evaluating research methods and on interpretation and use o f results rather than on mathematical derivations. Students are also exposed to the practical side o f marketing research through case studies, problem sets, and projects.

NBA 621(6210) Marketing

Communications

Fall. 1.5 credits. Prerequisite: NCC 503 (marketing core). S. P. Raj. Designed to give students an understanding of the advertising and promotion management process. Covers the components o f a successful advertising campaign and helps students develop an appreciation o f the issues involved in advertising planning and decision making. They also learn how recent social science findings and theory can facilitate advertising management.

NBA 622(6220) Marketing Strategy

Fall. 3 credits. Prerequisite: NCC 503 (marketing core). V. Rao.

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A sound marketing strategy is essential for the long-term success of a firm. Marketing strategies, while guided by environmental conditions, also seek to anticipate, exploit, and sometimes shape changes in the environment to gain competitive advantage. This requires an understanding o f how customer needs evolve, how product-market boundaries shift, and how competitors are likely to react. The strategic roles o f existing and new products need to be assessed, appropriate resource allocations made, and marketing strategies developed to ensure sustained growth. Successful development o f marketing strategy requires an equal measure of analytical and creative thinking. This course is designed to give students opportunities to learn about the theoretical and applied perspectives o f marketing strategy from readings, case analyses, and guest speakers.

NBA 626(6260) Consumer Behavior

Fall. 3 credits. S. Botti. Topics include factors that influence response to advertising of various kinds, purchase decisions, product perceptions, response to promotion, consumer satisfaction, and the basic methodologies for understanding consumer behavior.

NBA 634(6340) Consumer Relationship

Management

Spring. 3 credits. Y. Park. The course is aimed at managers who are interested in pursuing activities in customer relationship management (CRM) built around the notion o f customer-centric marketing. The principal objectives o f the course are to emphasize how CRM can help accomplish strategic marketing initiatives and improve firm profitability, to develop essential skills using the statistical software, and to implement strategic initiatives in CRM.

NBA 639(6390) Data-Driven Marketing

Spring. 3 credits. S. Gupta. Deals with the use o f data to make marketing decisions. Introduces concepts, methods, and applications o f decision modeling to address marketing issues such as segmentation, targeting, positioning, promotions, advertising,

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and sales force decisions. Unlike marketing courses that focus on conceptual material, this course provides skills to translate conceptual understanding into specific operational plans— a skill in increasing demand in organizations today. The course is particularly valuable to students planning careers in management consulting, marketing, and market research. It is designed for students who have some background in quantitative methods and have a willingness to deal with mathematical concepts.

NBA 693(6930) Strategy and Tactics of

Pricing

Spring. 3 credits. S. Gupta. Pricing is a critical management decision that has both strategic and tactical elements. The objective o f this course is to introduce participants to proven techniques and frameworks for assessing and formulating pricing strategy and tactics. A marketing manager responsible for pricing needs to understand economic, psychological, and organizational factors. This course revolves around understanding how to make effective pricing decisions, while keeping in mind these factors. Some o f the topics to be covered include the analysis o f relevant costs, economic value analysis (EVA), measurement of price sensitivity, techniques for price

differentiation, competitive pricing, and revenue management. This course should be useful for those pursuing careers in marketing, general management, and consulting.

Operations Management

NBA 641(6410) Logistics and

Manufacturing Strategy

Spring. 3 credits. Prerequisite: NCC 508, ORIE 410, or permission o f instructor. L. J. Thomas. Covers supply-chain integration, which involves strategic management o f the values chain from materials to customer. Students discuss operations strategy issues that are important to both manufacturing and service. The course emphasizes written and oral communication skills. About a fourth o f the classes are spent on case studies that are analyzed by small groups. There is one midterm exam, but the majority o f the grade is evaluated based on projects and class participation. There is an option o f replacing some assignments with a “live case,” a project with a local company.

NBA 643(6430) Managerial Spreadsheet

Modeling

Fall, spring. 1.5 credits. T. Janosi. The goal o f this hands-on, lab-style course, taught in the Parker Center, is to develop proficiency in quantitative modeling within the environment o f Microsoft Excel. Students develop and use spreadsheets to analyze a variety o f business problems. The course has two principal components: spreadsheets and models. Spreadsheet topics include principles o f good spreadsheet design, the effective presentation o f information through spreadsheets (including graphical controls like sliding bars), and advanced Excel features (e.g., data validation, conditional formatting, scenarios). Modeling topics include the art of finding the appropriate level o f modeling detail, practice in dealing with vague and unstructured problems, sensitivity analysis, and working with incomplete and unreliable data.

NBA 647(6470) Advanced Spreadsheet

Modeling

Fall. 1.5 credits. T. Janosi. The goal o f this hands-on lab course, taught in the Parker Center, is to develop proficiency with Excel’s quantitative tools o f Solver (for optimization) and <®Risk (for simulation). Building on their brief introduction in the Managing Operations core course, students use these advanced tools to analyze problems and cases in finance, marketing, and operations. Although the bulk o f this course is devoted to case analysis, occasional lectures introduce some advanced features o f these two powerful modeling tools, including integer and nonlinear programming and sensitivity analysis within optimization, and correlated random variables, scenario analysis, and valid statistical analysis within simulation.

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NMI AND NRE RESEARCH AND

ADVANCED STUDIES

NMI 500(5000) Directed Reading and

Research

Fall, spring. 1-3 credits. Prerequisite: approval o f advisors and faculty members involved in research. Staff. Students undertake special-interest research under the supervision o f faculty members.

NMI 503(5030) Six-Sigma Quality and

Process Improvement Methodology

Spring. 1.5 credits. Staff. This course will cover the main parts o f the Six-Sigma Quality and Process Improvement Methodology. Topics include data analysis, project management, design o f experiments, other statistical methods, and the application o f those techniques to quality and process improvement. The course will cover all o f the preparation for what is called “Green Belt Certification,” an industry standard certification that normally requires 80 classroom hours. The course will include methods for managing a quality improvement project, with several examples.

NMI 510(5100) Multicultural Work

Environments

Fall. 1 credit. Prerequisite: students whose summer internships are in a country other than that of their citizenship or prior work experience. Students should register for course in spring semester before internship after obtaining an internship offer and completing paperwork for course instructors. International students obtain and process work authorization forms with the International Students office. See Charlotte Rosen (304 Sage Flail) for further details about academic and immigration requirements for NMI 510. C. Rosen and B. Mink. Independent study. Promotes an understanding o f the cultural assumptions we bring to the work environment and the effects o f cultural differences on organizational interactions and productivity. Grades are posted in the following fall semester after completion o f the course project (a 10-page paper).

DOCTORAL SEMINARS

NRE 501(5010) Doctoral Seminar in

Capital Markets Accounting

Research

Spring. 1.5 credits. N. Yehuda.

NRE 502(5020) Doctoral Seminar In

Marketing

3 credits. Prerequisite: permission of instructor; graduate-level course in mathematical statistics or econometrics (may be waived in special cases). Staff. Introduces students to empirical research in marketing. Although there is a strong focus on the historical development o f econometric specifications o f consumer choice models (with an emphasis on heterogeneity and issues o f dynamic consumption patterns) and Bayesian methods in marketing, the content is to some extent driven by the students. Teaching is interactive, and each student is expected to present one o f the papers studied to the rest o f the class and to replicate the results o f one o f the papers, requiring him or her to write the necessary code and briefly

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discuss their findings. Students are welcom e to sit in on parts o f the class (e.g., the section on Bayesian Methods is broad enough that students from other areas may find the presentation useful).

NRE 504(5040) Judgment and Decision

Making, Research and Accounting

3 credits. Prerequisite: Ph.D. students. C. Nichols. This seminar provides a rigorous and integrative exposure to those aspects o f the literature in accounting, behavioral economics, and psychology that are related to questions o f accounting and auditing theory and research.

[NRE 518(5180) Marketing Models]

NRE 536(5360) Doctoral Seminar on

Introduction to Asset Pricing

Spring. 3 credits. M. Huang. This course is an introductory Ph.D.-level course on the basic theories o f asset pricing. It consists o f four parts. The first part deals with individual choices under uncertainty, including expected utility theory, risk aversion, stochastic dominance, and two-period consumption-portfolio problems. The second part deals with equilibrium pricing theories, including implications o f no arbitrage and stochastic discount factor, risk sharing, aggregation, and consumption-based pricing in complete markets, mean-variance efficiency and the Capital Asset Pricing Model, and the Arbitrage Pricing Theory. We also explore the relation between these various pricing theories, and extend the treatment of individual consumption/portfolio problems and equilibrium pricing to a multi-period setting. In the third part, we review recent development in asset pricing by introducing some stylized facts and new theories. The fourth part gives a brief introduction to behavioral finance.

NRE 537(5370) Doctoral Seminar in

Global Business

Spring. 1.5 credits. J. Katz.

FACULTY ROSTER

Bailey, Warren B., Ph.D., U. o f California, Los Angeles. Assoc. Prof., Finance BenDaniel, David J., Ph.D., Massachusetts Inst, of Technology. Don and Margi Berens Professor o f Entrepreneurship Bengtsson, L. Ola, Ph.D., U. o f Chicago. Asst. Prof., Finance and Entrepreneurship Bhojraj, Sanjeev, Ph.D., U. o f Florida. Asst. Prof., Accounting Bierman, Harold, Jr., Ph.D., U. of Michigan. Nicholas H. Noyes Professor o f Business Administration Bloomfield, Robert J., Ph.D., U. o f Michigan. Assoc. Prof., Accounting Botti, Simona, Ph.D., U. o f Chicago. Asst. Prof., Marketing D’Souza, Julia, Ph.D., Northwestern U. Assoc. Prof., Accounting Eisenstein, Eric M., Ph.D., U. o f Pennsylvania. Asst. Prof., Marketing Farahat, Amr A., Ph.D., Massachusetts Inst, of Technology. Asst. Prof., Operations Management Frank, Robert, Ph.D., U. o f California, Berkeley. Prof., Economics Gavimeni, Srinagesh (Nagesh), Ph.D., Carnegie Mellon U. Asst. Prof., Operations

Grinstein, Yaniv, Ph.D., Carnegie Mellon U. Asst. Prof., Finance Gupta, Sachin, Ph.D., Cornell U. Assoc. Prof., Marketing Hart, Stuart, Ph.D., U. o f Michigan. Samuel C. Johnson Chair in Sustainable Global Enterprise; Prof., Management Hass, Jerom e E., Ph.D., Carnegie-Mellon U. Jam es B. Rubin Professor o f Finance, Kranse Faculty Fellow Heffetz, Ori, Ph.D., Princeton U. Asst. Professor o f Economics Hilton, Ronald W., Ph.D., Ohio State U. Prof., Accounting Huang, Ming, Ph D., Stanford U. Professor of Finance Huttenlocher, Daniel P., Ph D., Massachusetts Inst, o f Technology. John P. and Rilla Neafsey Professor, Computing and Information Systems and Business Isen, Alice M., Ph.D., Stanford U. S. C. Johnson Professor, Marketing Jarrow, Robert A., Ph.D., Massachusetts Inst, o f Technology. Ronald P. and Susan E. Lynch Professor o f Investment Management; Prof., Finance and Economics Johnson, Justin, Ph.D., Massachusetts Inst, of Technology. Asst. Prof., Economics Kadiyali, Vrinda, Ph.D., Northwestern U. Assoc. Prof., Marketing and Economics Khessina, Olga M., Ph.D., U. o f California, Berkeley. Asst. Prof., Management & Organizations Lee, Charles M. C., Ph.D., Cornell U. Prof., Accounting and Finance, Henrietta Johnson Louis Professor of Management; Director, The Park Center for Investment Research Leary, Mark T., Ph.D., Duke U. Asst. Prof., Finance Libby, Robert, Ph.D., U. o f Illinois. David A. Thomas Professor o f Management, Prof., Accounting and Behavioral Science Mannix, Elisabeth, A., Ph.D., U. o f Chicago. Assoc. Prof., Management and Organizations McAdams, Alan K., Ph.D., Stanford U. Prof., Managerial Economics McClain, Joh n O., Ph.D., Yale U. Prof., Operations Management Michaely, Roni, Ph.D., New York U. Prof., Finance Nelson, Mark W., Ph.D., Ohio State U. Prof, Accounting Nichols, Craig D., Ph D., Indiana U. Asst. Professor o f Accounting O ’Connor, Kathleen, Ph.D., U. o f Illinois. Assoc. Prof., Management and Organizations O ’Hara, Maureen, Ph.D., Northwestern U. Robert W. Purcell Professor, Management, Prof., Finance Orman, Levent V., Ph.D., Northwestern U. Prof., Management Information Systems Park, Young-Hoon, Ph.D., U. o f Pennsylvania. Assoc. Prof., Marketing Rao, Vithala R., Ph.D., U. o f Pennsylvania. Deane W. Malott Professor o f Management; Prof, Marketing and Quantitative Methods Robinson, Lawrence W., Ph.D., U. o f Chicago. Assoc. Prof., Operations Management Russo, J. Edward, Ph.D., U. o f Michigan. S. C. Johnson Family Prof., Management, Prof., Marketing and Management and Organizations Saar, Gideon, Ph.D., Cornell U. Asst. Professor o f Finance Schneider, Henry S., Ph.D., Yale U. Asst. Prof., Economics Sine, Wesley, Ph.D., Cornell U. Asst. Prof, Management and Organizations

Spataro, Sandra E., Ph.D., U. o f California, Berkeley. Asst. Prof, Management and Organizations Stayman, Douglas M., Ph.D., U. o f California, Berkeley. Assoc. Prof., Marketing Swaminathan, Bhaskaran, Ph.D., U. of California, Los Angeles. Assoc. Prof, Finance Swieringa, Robert J., Ph.D. U. of Illinois. Anne and Elmer Lindseth Dean, Professor of Accounting Thomas, L. Joseph, Ph.D., Yale U. Nicholas H. Noyes Professor o f Manufacturing; Assoc. Dean, Academic Affairs Thomas, Manoj K., Ph.D., New York U. Asst. Prof., Marketing Thomas-Hunt, Melissa, Ph.D., Northwestern U. Asst. Prof, Management and Organizations Waldman, Michael, Ph.D., U. o f Pennsylvania. Prof, Economics; Charles H. Dyson Professor, Management Weinbaum, David, Ph.D., New York U. Asst. Prof, Finance Yang, Nan, M.S., Columbia U. Asst. Prof, Operations Management Yehuda, Nir, Ph.D., Columbia U. Asst. Professor o f Accounting Zhang, Xiaoyan, Ph D., Columbia U. Asst. Prof., Finance

Lecturers

Allen, Randy L., B.A., Cornell U. Sr. Lee., Strategy Andolina, Robert, M.B.A., Cornell U. Sr. Lee., Finance Biloski, Alan J. Ph.D., Cornell U. Lee., Finance Iankova, Elena A., Ph D., Cornell U. Lee., International Business Katz, Jan, Ph.D., Massachusetts Inst, of Technology. Sr. Lee., International Business and Marketing Katzenstein, Gary, Ph.D., Carnegie Mellon U. Sr. Lee., Global Business and Management and Organizations Milstein, Mark B., Ph D., U. of North Carolina. Lee., Sustainable Global Enterprise Mink, Barbara E., M.A., Cornell U. Sr. Lee., Management Communications Noble-Grange, Angela P., M.B.A., Cornell U. Lee., Management Communications Nozell, Joh n D., M.B.A., Cornell U. Sr. Lee., Finance Rosen, Charlotte, Ph D., Cornell U. Sr. Lee., Coordinator, Management Communications Shulman, Zachary J., J.D ., Cornell U. J. Thomas Clark Senior Lecturer of Entrepreneurship and Personal Enterprise, Sr. Lee., Entrepreneurship Suwinski, Ja n H., M.B.A., Cornell U. Sr. Lee., Business Operations

Adjunct and Visiting Faculty

Azis, Iwan J., Ph.D., Cornell U. Prof., Economics Fitzgerald, Eugene, Ph.D., Northwestern U. Visiting Prof., Management Greenberg, Donald P., Ph.D., Cornell U. Prof., Management Information Systems Grossman, Dale A., J.D ., American U. Sr. Lee., Tax and Business Law Janosi, Tibor, Ph.D., Massachusetts Inst, of Technology. Visiting Prof, Finance McLeod, Poppy, Ph.D., Harvard U. Adjunct Assoc. Prof., Management Communications Nesheim, Jo h n L., M.B.A., Cornell U. Visiting Lee., President, Aladdin Systems, Inc. Peck, Nathan H., M.B.A., Cornell U. Visiting Lee., Consulting Raj, S. P., Ph.D., Carnegie Mellon U. Adjunct Prof., Marketing