Courses in Finance/Financial Analysis

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)
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 FIN 300. Not open to students who are concurrently registered for or who have 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 FIN 300 and B ACC 313. Open only to students whose concentration is Financial Analysis. Offered spring semester 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 semester only.

B FIN 404 Entrepreneurial Finance (3)
The course will focus on valuing and financing young high-growth potential private companies (start-ups). We will address this topic from two distinct perspectives: the perspective of users (entrepreneurs) and suppliers (venture capitalists and other private equity investors) of capital. The primary objective of the course is for the students to learn how to make investment and financing decisions (and how to distinguish good from bad investments) in an environment characterized by very high degrees of uncertainty and information asymmetry. This course is divided into three parts. The first part takes the perspective of the individual entrepreneur. Here we will focus on identifying good opportunities and separating them from not-so-good opportunities. Then, we will attempt to place a quantitative value on these opportunities by using different valuation techniques. We will also highlight the importance of understanding financial information and financial planning, and learn how to forecast the financial requirements of the start-up. Then we will turn our attention to the next step in the entrepreneurial process - raising capital to take advantage of good opportunities. Specifically we will focus on venture capital as a source of financing for start-ups. The last part of the course will consider different exit strategies. After developing and growing the start-up company, and creating value along the way, entrepreneurs and other investors often want to harvest the venture and realize the high return. This is done primarily through taking the venture public, merging it with another company, or through a leverage buyout. So, we will discuss the features of and the challenges associated with each exit venue. Prerequisite(s): B FIN 300, B MKT 310 and B BUS 400. Offered fall semester 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. Offered spring semester only.

B FIN 436 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 or B FIN 400. Offered fall semester only.

B FIN 470 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. May be repeated once for credit when topic varies. Prerequisite(s): B FIN 333 and B FIN 375 or B FIN 380 and B FIN 410.

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. May not be offered in 2011-2012.

B FIN 485 Derivatives and Risk Management (3)
Intensive examination of risk measurement in organizations and portfolios, and methods for managing those risks. Among the financial instruments examined are option, forward, futures, and swap contracts, including the characteristics of each instrument, market structure, institutional rules and constraints, pricing models, and strategies for use in investing and hedging. A variety of learning methods are employed, including lecture and discussion, case study, and spreadsheet analyses. Prerequisite(s): B FIN 301, B FIN 333 and B FIN 375.

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 FIN 380, 400 and 410. Open only to students whose concentration is Financial Analysis. Offered fall semester only.

B FIN 494 Introduction to Equity Analysis (1)
Students learn equity research techniques and the use of research tools that may include Bloomberg, S&P NetAdvantage, ValueLine, Research Insight, and EDGAR. Students learn the basics of top-down analysis. Students must become Equity Certified on the Bloomberg Terminal. Prerequisite(s): restricted to University at Albany School of Business Investment Group (UASBIG) members. S/U graded.

B FIN 495 Introduction to Financial Modeling (2)
Using SEC filings and Excel, students model companies' financial statements and produce discounted cash flow and relative valuation estimates. Each student must complete at least one research report and stock recommendation, and pitch it to UASBIG's Advisory Board. Prerequisite(s): successful completion of Bloomberg Terminal Equity Certification. Restricted to University at Albany School of Business Investment Group (UASBIG) members. S/U graded.

B FIN 496 Applied Concepts in Equity Analysis and Financial Modeling (3)
Students apply skills from B FIN 494 and 495, as well as portfolio management and trading concepts. Students learn valuation techniques including EV/EBITDA and Sum-of-Parts analysis, and the modeling of acquisitions and divestitures, and gain experience mentoring junior analysts. Each student must submit at least two professional-quality reports and stock recommendations. Prerequisite(s): B FIN 495. S/U graded.