Finance Department

B Fin 300 Financial Management (3)

Introductory course that covers the basic concepts essential to a comprehensive understanding of financial management. Topics to be covered include valuation models, financial statement analysis, operating and financial leverage, capital budgeting, cost of capital, and working capital management. Prerequisite(s): B Acc 211.

B Fin 301 Corporate Financial Policy and Strategy (3)

Continuation of B Fin 300, focusing on financial statement analysis and various investment and financing decisions of the firm. Topics include financial analysis, risk measurement, and capital budgeting, capital structure, and dividend policy decisions made in an environment of uncertainty. Case course supplemented with a text and extensive computer spreadsheet assignments. Prerequisite(s): B Fin 300; not open to students who are concurrently registered for or who have completed B Fin 400.

B Fin 333 Investment Management (3)

Development of the fundamental approach to the valuation of equity securities. Examines the institutional environment in which investment decisions are made. Reviews the concept of portfolio theory, and contrasting theories of the behavior of equity securities prices. Develops various models for the pricing of common stock and equity derivative instruments. Term project requiring written and oral presentation of a securities analysis. Extensive computer spreadsheet assignments. Prerequisite(s): B Fin 300 and 301; not open to students with concurrent enrollment in B Fin 380 or who have successfully completed B Fin 380.

B Fin 375 Money and Capital Markets (3)

Rigorous examination of the U.S. financial system, stressing the importance of financial markets, financial securities, and market participants. Emphasizes the factors that influence the level and structure of interest rates, including monetary policy actions of the Federal Reserve System and financial regulation. Develops models for the pricing and analysis of bonds and various fixed income derivative instruments. Extensive computer spreadsheet assignments. Prerequisite(s): B Fin 300; not open to students with concurrent enrollment in B Fin 410 or who have successfully completed B Fin 410.

B Fin 380 Investment Valuation and Analysis (3)

Intensive course in valuation of equity and derivative securities, and principles of portfolio management. Topics include various forms of equity valuation, option pricing, hedging, and speculation methods, creation of investment policy statements, construction of performance benchmarks, performance attribution methods, and development of effective regulatory compliance procedures. Skills such as the use of financial modeling software, teamwork, and oral and written communication are emphasized heavily. Prerequisite(s): B Acc 313 and B Fin 300. Open only to students whose concentration is Financial Analysis. Offered spring semesters only.

B Fin 400 Financial Case Problems (3)

Intensive case analyses of and discussions about organizations facing a variety of financial issues, including value maximization, measurement of cost of capital, analysis of capital projects, evaluation of merger opportunities, capital structure and dividend decisions, risk management, pricing of fixed income instruments and price-yield relationships, among others. Skills such as the use of spreadsheet macros and user-defined functions, teamwork, and oral and written communication are emphasized heavily. Prerequisite(s): B Acc 313, B Fin 300. Open only to students whose concentration is Financial Analysis. Offered spring semesters only.

B Fin 410 The Fixed Income Securities Market (3)

Intensive course in the analysis of fixed income securities. Topics include the fundamentals of bond pricing, duration, convexity, the term structure of interest rates, corporate, Treasury, and municipal securities, asset-backed securities, bonds with embedded options, and interest rate swaps. Key skills include spreadsheet usage, teamwork, and oral and written communication. Prerequisite(s) B Acc 313 and B Fin 300 and open only to students whose concentration is “Financial Analysis”.

B Fin 436Z International Financial Management (3)

Designed to expose students to the problems faced by financial managers of multinational firms. The basics of currency risk will be discussed with emphasis on exchange rate determination and hedging practices. Elements of working capital management, capital budgeting, and financing aspects will be discussed in an international context. Includes lectures and several case analyses. Students will also be required to write a paper dealing with an important aspect of international financial management. Prerequisite(s): B Fin 300 and B Fin 301. Offered fall semesters only. [WI]

B Fin 470Z Special Topics in Finance (3)

Integrates the tools and concepts developed in preceding finance courses. Topics vary by semester and instructor and may include equity and fixed income analysis, derivatives, portfolio management, investment banking, financial case studies, or bank management, among others. Heavy emphasis on computer applications of financial concepts. Prerequisite(s): B Fin 333 and B Fin 375. May be repeated once for credit when topic is different. Offered spring semesters only. [WI]

B Fin 475Z Management of Financial Institutions (3)

Comprehensive examination of the major financial institutions that comprise the U.S. financial system. The course focuses on the management concepts and issues central to all financial institutions, including asset-liability management, liquidity and capital management, and investment securities portfolio management. The management policies of commercial banks are emphasized. Management concepts are applied through case studies. Prerequisite(s): B Fin 300 and B Fin 375. [WI] Not offered in 2007-2008.

B Fin 490Z Financial Analysis Seminar and Thesis (3)

The first half of the course prepares students for thesis development. Seminars present leading-edge financial topics, review basic research methods, and introduce various financial databases. Thesis development is accompanied by work-site tours, and mock interviews with University at Albany alumni. At semester’s end, students present their completed theses to faculty and alumni on the Albany campus. Skills such as spreadsheet use, teamwork, and oral and written communication are emphasized heavily. Prerequisite(s): B Acc 313, B Fin 380, B Fin 400 and B Fin 410. Offered only to students whose concentration is Financial Analysis. Offered fall semesters only. [WI]

Fin 515 Economic Analysis (3)

Provides economic foundations for business management and fosters the development of sound economic reasoning. Relevant principles of macroeconomic and microeconomic theory will be related to specific business applications. A group project, involving a written and oral presentation is required. Prerequisite: one course in economics.

Fin 525 Financial Management (3)

Fundamental techniques of financial valuation are developed and then applied to the management of investment portfolios and capital projects. A comprehensive introduction to modern financial markets is provided. Examines a wide range of financial instruments available to individuals and corporations. Prerequisites: ACC 512 or ACC 518, and ITM 513; Co-requisite: FIN 515.

Fin 601 Corporate Financial Management (3)

Advanced course in corporate finance that builds on the tools and concepts taught in FIN 525; a mixture of lectures and applications of modern finance theory. Topics include capital budgeting, risk analysis, asset pricing models, agency theory and their application to corporate dividend policy, capital structure decisions and mergers/divestitures. Prerequisites: FIN 525 and permission of instructor.

Fin 602 Investment Analysis and Portfolio Management (3)

Study of basic theory of investments, including asset valuation models, fundamental analysis, technical analysis and efficient markets hypotheses. Development of theoretical foundations of portfolio theory. Additional topics include the valuation of options and futures contracts. Prerequisites: FIN 525 and permission of instructor.

Fin 603 Securities, Markets and Financial Institutions (3)

Examination of organization and functions of securities markets, with particular attention to the underlying factors that determine the structure of securities markets. Factors that determine the structure of interest rates examined in detail. Study of role of the Federal Reserve System and the function and operation of financial intermediaries. Offered fall semester. Prerequisites: Fin 525 and permission of instructor.

Fin 604 Advanced Topics in Finance (3)

In-depth coverage of selected topics in Finance. Specific topics determined at the time of offering. Prerequisites: Fin 525 and permission of instructor.

Fin 635 Corporate Financial Problems (3)

Case studies of structural topics such as long-term financing arrangements, recapitalizations; reorganizations; and mergers, acquisitions, and spin-offs; and of operational problems such as capital budgeting, dividend and reserve policies, pension funds, executive compensations, and hedging policies. Prerequisite: FIN 525 or 6 credits of finance at the undergraduate level.

Fin 695 Independent Study in Finance (1-3)

The student and instructor jointly develop a plan of independent study on an advanced topic in finance. The student is usually required to prepare a report or paper. May be repeated for a total of 3 credits. Prerequisites: Fin 525 and permission of instructor and department chairperson.

Fin 698 Research Project in Finance (3)

Supervised research on a topic involving accounting, finance, operations management, human resources management, and/or management information systems. Required of all part-time MBA program students. Prerequisite: Completion of at least 30 graduate credits. S/U graded.

Fin 750 Seminar in Public Finance (4)

In-depth study of selected topics in Public Finance. Specific topics determined at time of offering. Prerequisite: Permission of instructor. 

Christophe Faugere
Strategies for Designing Free Software: A Game-Theoretic Approach, C. Faugere and G. K. Tayi, 2006,forthcoming in Information Technology and Management.
The Equity Premium: Consistent with GDP Growth and Portfolio Insurance, C. Faugere and J. Van Erlach, 2006,The Financial Review, 41 (4), 547-564.
The Price of Gold: A Global Required Yield Theory, C. Faugere and J. Van Erlach, 2005,Journal of Investing, 14 (1), Spring, 99-111.
A Valuation Formula for High Technology Firms that are in the Early Stage of their Lifecycle, C. Faugere and H. A. Shawky, 2005, Advances in Financial Planning and Forecasting, New series 2005, 1, 101-130. 
Sell Discipline and Institutional Money Management, C. Faugere, H. A. Shawky, and D. M. Smith, 2004, The Journal of Portfolio Management, 30 (3), Spring, 95-105. 
Volatility and Institutional Investors Holdings During a Declining Market: A Case Study of NASDAQ During the Year 2000, C. Faugere and H. A. Shawky, 2003,Journal of Applied Finance, Winter/Spring, 13 (2), 32-42. 
Endogenous Growth and Stock Returns Volatility in the Long-Run, C. Faugere and H. A. Shawky, 2002, Advances in Investment Analysis and Portfolio Management, 9, 1-20.

Rita Biswas
Multi-Objective Evolutionary Algorithms for the Risk-Return Trade-off in Bank Loan Management, Amitabha Mukerjee, Rita Biswas, Kalyanmoy Deb and Amrit P. Mathur,Special Issue on Bank Management, International Transactions in Operations Research, Spring, 2002.

Hany A Shawky
Is the SEC Registration Status of Hedge Fund Advisors Associated with Superior performance David Ornstil, Hany A. Shawky and David M. Smith, Journal of Alternative Investments, Volume 8, No. 4, Spring 2006, Pages 55-62.
Electricity Price Volatility and the Marginal Cost of Congestion: An Empirical Study of Peak Hours on the NYISO Market, 2001-2004, Lester Hadsell and Hany A. Shawky, The Energy Journal, Volume 27, No. 2, 2006, Pages 157-180.“
Optimal Asset Size for US Small-cap Equity Mutual Funds,” Hany A. Shawky and Liuling Li, Journal of Investing, Volume 15, No. 1, Spring 2006, Pages 79-86. 
A Valuation Formula for Firms in the Early Stages of their Lifecycle, Christophe Faugere and Hany A. Shawky,Advances in Financial Planning and Forecasting, Volume 1, 2005, Pages 101-130. 
The Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance, Hany A. Shawky and David Smith,The Financial Review, Volume 40, No 4, November 2005, Pages 481-495. 
Estimating the Volatility of Wholesale Electricity Spot Prices in the US, Lester Hadsell, Achla Marathe and Hany A. Shawky,The Energy Journal, Volume 25, No. 4. 2004, Pages 23-40. 
Sell Discipline and Institutional Money Management, Christophe Faugere, Hany A. Shawky and David Smith Journal of Portfolio Management, Volume 30, No. 3, Spring 2004, Pages 95-105. 
Volatility and Institutional Investors Holdings During a Declining Market: A Case Study of NASDAQ during the year 2000, Christophe Faugere and Hany A. Shawky, Journal of Applied Finance, Volume 13, No. 2, Fall/Winter 2003, Pages 32-42. 
Liquidity and Stock Returns in Emerging Equity Markets,Sang-Gyung Jun, Achla Marathe and Hany A. Shawky, Emerging Markets Review, Volume 4 (1), March 2003, Pages 1-24. 
A First Look at the Empirical Relation between Spot and Futures Electricity Prices in the US, Hany A. Shawky, Achla Marathe and Christopher Barrett, Journal of Futures Market, Volume 23 (10) October 2003, pp. 931-955. 
The Structural Relation Between Mortgage and Market Interest Rates,” Achla Marathe and Hany A. ShawkyJournal of Business Finance and Accounting, Volume 30, No. 9 & 10, November/December 2003. 
“Endogenous Growth and Stock Returns Volatility in the Long Run,” Christophe Faugere and Hany A. Shawky,Advances in Investment Analysis and Portfolio Management, Volume 9, Summer 2002. 

David M. Smith
Sell Discipline and Institutional Money Management,Christophe Faugere, Hany A. Shawky, and David M. Smith, “Journal of Portfolio Management, Vol. 30 No. 3 (Spring 2004), 95-105. 
The Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance, Hany A. Shawky and David M. Smith, The Financial Review, Vol. 40 No. 1 (November 2005), 481-495. 
In Search of a Residual Dividend Policy, H. Kent Baker and David M. Smith, Review of Financial Economics, Vol. 15 No. 1 (Spring 2006), 1-18. 
Is the SEC Registration Status of Hedge Fund Advisers Associated with Superior Performance?, David Ornstil, Hany A. Shawky, and David M. Smith,” Journal of Alternative Investments, Vol. 8 No. 4 (Spring 2006), 55-61. 
Are Retail S&P 500 Index Funds a Financial Commodity? Insights for Investors,” John A. Haslem, H. Kent Baker, and David M. Smith, Financial Services Review, Vol. 15 No. 2 (Summer 2006), 99-116. 
Optimal Rebalancing Frequency for Stock-Bond Portfolios,” David M. Smith and William H. Desormeau, Jr., Journal of Financial Planning, Vol. 19 No. 11 (November 2006), 52-63.