Business and Finance (BUSF-SHU)

Prerequisite: None. Fulfillment: This course may satisfy China Business Studies, depending on the individual topic; otherwise non-Finance/non-Marketing elective.

Prerequisite: None.

This is a course in derivatives markets, focusing on their structure, valuation and strategies. It combines theory, empirical findings and practical applications. The main applications include equity, fixed income, foreign exchange and commodity (e.g., oil, gold, silver) markets. The key derivatives instruments discussed in detail include forwards, futures, swaps and options. Readings, cases and examples include the recent Financial Crisis, the 1987 Crash, LTCM, Metallgesellschaft, and the Covid-19 Economic Crisis. Pre-requisite: Foundations of Finance. Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course introduces students to the use of statistical methods. Topics include: descriptive statistics; introduction to probability; sampling; statistical inference concerning means, standard deviations, and proportions; correlation; analysis of variance; linear regression, including multiple regression analysis. Applications to empirical situations are an integral part of the course. Pre-requisites: None Fulfillment: This course satisfies the following: Major req: BUSF, BUSM, ECON, CS, DS Foundational course; Social Science: methods course; IMB Business elective.

In Information Technology in Business and Society, students learn the fundamental concepts underlying current and future developments in computer-based information technology - including hardware, software, network and database-related technologies. They will also acquire proficiency in the essential tools used by today's knowledge workers and learn how these can be used to help solve problems of economic, social or personal nature. Throughout the course, they will be exposed to a range of more advanced topics which may include big data, information privacy, information security, digital piracy and digital music. Pre-requisites: not open to first-semester students. Fulfillment: This course satisfies BUSF/ BUSM Business Elective, Business Analytics Track; IMB Business Flexible Core.

The course is aimed to (1) enhance students’ professional Chinese-English bilingual skills in the business context and (2) promote their understanding of the macro and micro business environment and culture in China and the larger world. Adopting a case-study oriented approach that emphasizes task-based language teaching, the course, by concentrating on five real-life cases from the business world, provides a bilingual introduction to such concepts and phenomenon as business globalization, international expansion and integration, mergers and acquisition, branding strategies, impact of “Made in China” on the Chinese global economy, antidumping, and government relations, etc. Along with the case study, some of the relevant Finance, Consulting, Marketing and Accounting knowledge will also be introduced bilingually. By the end of the semester, students are expected to be equipped with enhanced Chinese and English skills to function more comfortably and confidently in the transition toward pursuing a Business-Finance major as well as preparing for future internships or job interviews. This course will be mainly conducted in Chinese with a thorough introduction of Business and Finance terminologies and concepts in BOTH Chinese and English. Prerequisite: None. Fulfillment: BUSF/BUSM China Business Studies; IMB Business elective; GCS The Politics, Economy, and Environment of China.

The course enables students to apply tools and skills, learned in this and previous business courses, by undertaking projects focused on real business cases and provided by real companies. The cases are supplied by organizations expressly for this course and concern real opportunities and challenges facing them. Students will participate on teams of 4-5 people. Each team will have a different project. They will meet the organization for which they are undertaking the project to get insights into the problem being addressed and to present their results in the end. They will also meet regularly with the professor who will give lectures on problem-solving tools and skills as well act as a mentor when the projects are undertaken. They will also meet with outside mentors, brought in from the business world to review and offer comments / suggestions. Prerequisite: Sophomore or above. Fulfillment: BUSF Non-Finance/BUSM Non-Marketing elective or China Business Studies (must have China related topic); Business Management Track; IMB Business elective.

This course provides a consultant’s perspective on business consulting, particularly in China context. It introduces the principles, end-to-end processes, frameworks and best practices of business consulting. The course addresses how consulting firms work, what it is like working in a consulting firm and being on a consulting project. Students will form project teams and apply the principles and frameworks to real-life business consulting projects from mid-small companies in China. Prerequisites: Management and Organizations or Intro to Marketing, requires Junior or Senior standing. Fulfillment: This course satisfies Business China Business Studies or Non-Finance/Non-Marketing elective, Business Management Track; IMB Business elective.

Fixed Income Derivatives are one of the most important financial instruments in modern finance and represent the largest component of all global derivatives. Students taking this course will learn advanced valuation techniques of all interest-rates related derivatives, including vanilla products such as interest rates forwards (FRA), interest rates futures, Eurodollar Bonds, interest rate swaps and more exotic interest rates options of various complexity. Fixed Income Derivatives can be used as stand-alone investment vehicles but also, and more importantly, as hedging instruments to minimize portfolio risks. Overall, the course will be a mix of theory and practice with weekly reference to current news in the interest rate markets. Prerequisite: BUSF-SHU 202 Foundations of Finance. Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Mediation is one of the most effective processes for addressing conflicts and achieving meaningful, creative and lasting solutions that preserve relationships. While Mediation has been effective in building peace following destructive interpersonal, intercommunity and international conflicts, it still remains misunderstood and underutilized, especially in the international context. Mediation is often confused with other means of alternative dispute resolution such as arbitration, negotiation or conciliation. Mediation is characterized by self-determination of the parties; mediators do not make decisions but rather facilitate the parties to discuss their viewpoints, generate new options and create effective solutions. Mediations are usually conducted confidentially in private settings. Impartial mediators, often working in teams, guide individuals and groups through a series of stages so they can find their own solutions. The course will be designed around experiential modules and the introduction of different mediation environments. Prerequisite: None Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB business elective

This course is a rigorous, quantitative introduction to financial market structures and financial asset valuation. It has three goals: 1. To develop the concepts of arbitrage, the term structure of interest rates, diversification, the Capital Asset Pricing Model (CAPM), valuation of an individual firm, efficient and inefficient markets, performance evaluation of investment management, and valuation of derivative securities, particularly options. 2. To provide sufficient background knowledge about financial institutions and market conventions for students seeking an overview of capital markets as an introduction to advanced finance courses. 3. To introduce the principles of asset valuation from an applied perspective. The majority of the class is concerned with the valuation of financial securities. These valuation issues are heavily used in portfolio management and risk management applications. Throughout the course every effort will be made to relate the course material to current financial news. To take this course, students must be comfortable with statistics, linear algebra, calculus, and microeconomics. Prerequisites: ECON-SHU 3 Microeconomics and (BUSF-SHU 101 Statistics for Business & Econ or MATH-SHU 235 Probability and Statistics). Fulfillment: This course satisfies BUSF/BUSM Major core; IMB Business Flexible Core or elective; Data Science concentration in Finance/Marketing. It counts for the Stern Minor.

What does it take to be successful in China? How do domestic and foreign businesses do in the world's most dynamic economy? How do Chinese entrepreneurs work in a dynamic country? How do investors think about cross border investing into and out of China? How do investors think about cross border investing into and out of China? What are the leading opportunities in Chinese markets today? How are Chinese firms reshaping global business? Course overview This course is designed to prepare students for a good overview of investments, financing as well as conducting business in and with China. The class format will include lectures, case studies, discussions, guest speakers and student presentations to explore the opportunities and risks of international and domestic investments in China as well and the outward expansion of Chinese firms. The course will be require the student's active participation and parts will involve group work. Leading industry guest speakers and a site tour may be arranged for further learning enhancement, schedules permitting. The course materials will draw heavily on the lecturer's experiences. Target students / audience The target students are NYU Shanghai business & finance majors, economics majors and study abroad students from Stern. This course is suitable for any student interested in understanding international business, emerging markets, investments,cross border business and China. No prior knowledge or experience with China's business environment is required. Prerequisites: Foundations of Finance and Economics of Global Business (or Macroeconomics). Corporate Finance is recommended but not required. Fulfillment: BUSF Finance elective or China Business Studies; BUSM Non-Marketing elective or China Business Studies; IMB Business elective.

Prerequisite: None.

This course introduces the basic principles and techniques of applied mathematical modeling for managerial decision making. You will learn to use some important analytic methods (e.g. forecasting, data mining, optimization, Monte Carlo simulation), to recognize their assumptions and limitations, and to employ them in decision making. The course is entirely hands-on. The emphasis will be on model formulation and interpretation of results, not on mathematical theory. The emphasis is on models that are widely used in diverse industries and functional areas, including finance, marketing, and operations. Prerequisite: BUSF-SHU 101 Statistics for Business & Econ or MATH-SHU 234 Mathematical Statistics or MATH-SHU 235 Probability and Statistics and sophomore standing or above. Fulfillment: CORE AT; BUSF/BUSM Business elective, Business Analytics Track; IMB Business Flexible Core course.

This course provides both a theoretical and practical look into the world of managing alternative investments, in particular, hedge funds. The long-term goal of the course is for students to understand how investment managers put outside capital to work. In order to do this, students need to understand how classic hedge fund strategies are executed, how to evaluate these strategies as well as new ones, and how to manage risk. The course intends to teach students in all of these areas. Prerequisite: Foundations of Finance (BUSF-SHU 202) Fulfillment: Business and Finance Major: Finance Elective; Business and Marketing Major: Non-Marketing Elective; IMB Business Elective

Prerequisite: None. Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Professional Responsibility and Leadership (PRL) is an interdisciplinary course designed to help students: Become more familiar with the variety of ethical dilemmas that can arise in the course of business practice & in one’s personal life; Understand the different values and principles that can inform and guide decision-making in such ambiguous and difficult situations; Gain experience articulating and defending courses of action as future societal & business leaders; and Begin the process of developing professional ethics in harmony with their own personal values. The format of the course is a discussion seminar. Each class session may include a variety of activities, including: discussion, in-class reading and writing, role-playing, and other participatory exercises. These various activities will be designed and facilitated by the instructor to allow students to engage in a reflective dialogue. These discussions draw from three different sources: 1) the students’ own personal experiences and values; 2) expert insights drawn from a variety of academic disciplines including philosophy, literature, history, and art, as well as the natural and social sciences; and 3) relevant business cases. In each class session, students consider a set of expert accounts identified by the instructor as starting points for discussion, and then they integrate their experiences with business cases that have personal relevance for them. The overarching themes of this dialogue include: 1) the relationship between business and society on a global, national and local basis; 2) the foundations of personal and professional business ethics; and 3) the exercise of leadership in organizations. These themes are developed in reference to a series of cases that have been either drawn from recent news reports on business practice or drafted specifically for this course by NYU Stern faculty. In this way, the PRL classroom is ‘flipped’ – the course focuses primarily on the students’ own interests and refines them both through dialogue and in reference to expert sources. Rather than involving the one-way dispensation of ‘content’ from faculty to student, the course unfolds as a ‘process’ of students and faculty working together in response to open-ended, age-old questions. While there may be no ‘right’ answer to such questions in the way that mathematical problems may be solved, still there are answers that are better or worse for individuals, organizations and societies. In this light, students are encouraged to challenge themselves and each other to make the world a better place, and to discover how they can thrive individually and collectively. Pre-requisits: None. Fulfillment: BUSF Non-Finance; BUSM Non-Marketing elective; IMB Business elective.

This course examines the management of risks in a wide range of financial activities, with a particular focus on market risk, credit risk, and liquidity risk. It uses quantitative models to estimate credit losses, economic capital and value at risk, and to perform stress tests and scenario analysis. The course also analyzes the consequences of technological change, globalization, monetary policy, and the entry of new types of institutions into existing financial markets. It emphasizes the importance of systemic risk, moral hazard, and new regulations in light of the recent financial crisis. Prerequisite: BUSF-SHU 202 Foundations of Finance. Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course will teach you the science and practice of negotiation - creating agreements between two or more interdependent parties. We negotiate daily with potential employers, co-workers, landlords, merchants, service providers, significant others, family members, friends, roommates, and more. These negotiations often lead to outcomes that are less than they could be, and at times they also lead to conflict. Although we negotiate often, many of us know very little about the strategy and psychology of effective negotiation. The main objectives of this course are to help you understand the structure of negotiation as it is practiced in a variety of settings, and to help you feel more comfortable and confident with the negotiation process. We will discuss theories and principles to guide our negotiations (the science). And students will develop and sharpen their bargaining skills by actually negotiating with other students in experiential exercises (the practice). Prerequisites: None Fulfillment: BUSF Non-Finance Elective; BUSM Non-Marketing elective; Business Management Track; IMB Business elective.

This course will teach you the science of negotiation - creating agreements between two or more interdependent parties. We negotiate daily with potential employers, co-workers, landlords, merchants, service providers, significant others, family members, friends, roommates, and more. These negotiations often lead to outcomes that are less than they could be, and at times they also lead to conflict. Although we negotiate often, many of us know very little about the strategy and psychology of effective negotiation. The main objectives of this course are to help you understand the structure of negotiation as it is practiced in a variety of settings, and to help you feel more comfortable and confident with the negotiation process. We will discuss theories and principles to guide our negotiations. Prerequisites: None (It is not necessary to be enrolled in BUSF-SHU 225.2 to take this course). Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course will teach you the practice of negotiation - creating agreements between two or more interdependent parties. We negotiate daily with potential employers, co-workers, landlords, merchants, service providers, significant others, family members, friends, roommates, and more. These negotiations often lead to outcomes that are less than they could be, and at times they also lead to conflict. Although we negotiate often, many of us know very little about the strategy and psychology of effective negotiation. The main objectives of this course are to help you understand the structure of negotiation as it is practiced in a variety of settings, and to help you feel more comfortable and confident with the negotiation process. Students will develop and sharpen their bargaining skills by actually negotiating with other students in experiential exercises. Corequisites: BUSF-SHU 225.1 Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Business elective.

In this class, we will focus on how to finance long-term projects and the role of finance in promoting sustainability. A natural example of long-term projects in desperate need of financing are green investments and infrastructure. We cover the history of thought on corporate governance, the rise of shareholder primacy, and recent efforts to promote more inclusive ownership such as stakeholder capitalism. We discuss challenges of securing long term financing and aligning incentives between different parties. A relevant example of the latter is the rise of so-called ESG initiatives and the unintended consequences of managerial discretion in choosing performance measures. Co-/Pre-requisite: Foundations of Finance (BUSF-SHU 202)

This course uses human psychology and market frictions to shed light on asset returns, corporate finance patterns, and various Wall Street institutional practices. It starts with motivating evidence of return predictability in stock, bond, foreign exchange, and other markets. The course then proceeds to themes including the role of arbitrageurs in financial markets, the psychological and judgmental biases of average investors, and the financing patterns (such as capital structure and dividend policies) of firms that raise capital in inefficient securities markets and/or are led by irrational managers. Pre-requisites: Corporate Finance Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

The main aim of this course is to probe into the core rationale behind entrepreneurship: taking initiatives to make changes. Lecturing only accounts for less than one-third of the course, and students are expected to exhibit a high level of self-motivation to critically examine established and emerging ideas that have been shaping and transforming the concept and practices of entrepreneurship, as exemplified in specific cases and current practices. Students will thus be prompted to think critically and creatively about how to respond to the complexities of changes. The course lays emphasis on creativity, ethics, and future-oriented vision. Prerequisite: None Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Interactive Media Elective Courses or Business elective; IMA elective.

Portfolio management: The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance. (Investopedia) The primary objective of the course is to study the theory and empirical evidence relevant for investing, particularly in the context of portfolio management. The basic theoretical framework is standard modern portfolio theory, as developed in Foundations of Finance, and its extensions. “Modern portfolio theory” is a general approach for maximizing the expected return of a portfolio given a certain amount of risk. This approach is the basis of virtually all quant investing strategies and is widely used by traditional portfolio managers as well. There has been a proliferation of new products and strategies in the asset management space in recent years, e.g., smart beta, alternative beta, fundamental indexing, low volatility, and leveraged and inverse ETFs. This course applies portfolio theory to understand and evaluate these products and strategies in the context of the empirical evidence about return patterns across assets (i.e., the factors such as value/growth, momentum, and carry that drive returns) in multiple markets/asset classes (e.g., US and international equities and bonds, currencies, and commodities). Key questions include: • What factors drive asset returns? Is it risk or mispricing? • Can this structure of returns be used to construct better portfolios and products? • How should the performance of existing products be evaluated given the empirical evidence? The course will rely heavily on Excel modeling using real world data. The course also covers, to a lesser extent, the institutional landscape of the asset management business—the firms (e.g., Blackrock, Vanguard), the vehicles (e.g., mutual funds, ETFs, hedge funds), and the trends (e.g., active vs. passive, fee competition). Prerequisite: Foundations of Finance Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Develops students’ abilities to understand business transactions and financial statements and to determine the most appropriate financial measures for these events. Investigates the underlying rationale for accounting practices and assesses their effectiveness in providing useful information for decision making. Emphasis is placed on accounting practices that purport to portray corporate financial position, operating results, cash flows, manager performance, and financial strength. Prerequisite: Not open to first-semester students. Fulfillment: This course satisfies BUSF/BUSM Major core /Business Accounting track; IMB Business required Foundation /elective; Data Science concentration in Finance/Marketing. It can count for the CAS Business Studies Minor.

The prerequisite for this course is ACCT-UB 3, Financial Statement Analysis. Students learn the financial reporting rules associated with the concepts learned in FSA. The course emphasizes the relationship between financial statements and the reporting rules on which they are based. Prerequisite: Principles of Financial Accounting Fulfillment: IMB Business elective; BUSF Non-Finance elective; BUMS Non-Marketing elective, Business Accounting track.

Artificial Intelligence (AI) is reshaping business processes, creating disruptive innovations that change established industries and markets beyond recognition. The emergence of powerful algorithms, combined with recent growth in computational power and availability of massive amounts of data, enable companies to operate faster, make better decisions, automate processes, maximize revenue and customer engagement, among many other advantages. In this 7-week course we will briefly discuss some of the core principles underlying AI and then focus on a few selected applications of AI in business, such as predictive analytics for maximizing marketing and financial strategies, pattern recognition to understand customer behavior, and conversational AI and chatbots to improve engagement and customer experience. Last, AI also possesses significant limitations and poses new challenges with respect to fairness, biases, and automated errors. The course will conclude with a discussion of the main ethical issues and risks associated with AI technology. Prerequisite: Calculus and ICP. Sophomore or above students. Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Blockchain is a disruptive technological innovation behind the rapid emergencies of cryptocurrencies and distributed ledger systems. More and more companies have begun to integrate blockchain-based technology into their existing business models. The course is designed to provide business students with an understanding of key concepts and developments around the blockchain technology from multiple perspectives, including technology, law, and economics. Meanwhile, students will develop a strategic awareness of an array of business applications enabled by blockchain to disrupt every industry, e.g., commercial contracts, supply chains, and financial instruments. Besides readings and lectures, the course will heavily feature interactive activities through hands-on exercises, case studies and group work among students from different backgrounds. Prerequisite: None. Fulfillment: BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Big data and analytical thinking are critical for modern businesses to create long-term competitive advantage. Serving as an introduction to investigate how big data and data mining can be used to directly impact business decisions, this course discusses the need of data mining, bridges the divide between technical skills and business know-how, and explains how to extract actionable knowledge from massive amounts of data through business case discussions, assignments, and individual/group projects. Prerequisite: CSCI-SHU 11 Introduction to Computer Programming Fulfillment: BUSM Marketing elective; BUSF Non-Finance elective; Business Analytics track; IMB Business elective.

One of the most exciting socio-technological developments in the past decade has been the emergence of blockchain technology, and with it the Blockchain Economy. This subset of the digital economy has mostly been driven by the Internet-of-Value (web3.0) where decentralized platforms compete over user’s investments in various blockchain verticals. These include Decentralized Finance (DeFi) - a vibrant decentralized money management ecosystem, NFT’s that promise to overhaul how we consume and invest in art, DAO’s that decentralize business governance, various novel financial instruments such as perpetuals, ERC20’s to disintermediate resource sharing, and many more. Fulfillment: BUSF Non-finance Elective; BUSM Non-marketing Elective; IMB Business Elective. Prerequisite: CSCI-SHU 11 Introduction to Computer Programming. Antirequisite: Students who have taken ECON-SHU 232 Blockchain, Cryptocurrency & Money or BUSF-SHU 366 Applications in Entrepreneurial Finance: Fintech are not eligible to enroll.

This 14-week course is accurately designed to offer students a holistic understanding of the impacts, challenges, and opportunities arising from emerging technologies, including artificial intelligence, biotechnology, blockchain, and the Internet of Things. Featuring abundant contemporary industry cases, the course paints a dynamic scene of the convergence between the business landscape and technological advancements. Through this exploration, students enquire the future of innovation, examining tangible applications of emerging technologies in business strategy and development. Prerequisite: None.

Machine Learning (ML) is the driving force behind modern Artificial Intelligence (AI). This rapidly evolving field is situated at the intersection of computer science, mathematics, statistics, and optimization. The recent advances in computational power, availability of massive data, and powerful algorithms have revolutionized consumer applications such as Google Translate, Amazon Alexa, face recognition apps, Netflix recommendations, and self-driving cars. This course aims to provide a foundational understanding of machine learning and its applications in solving real-world business data-driven problems. Prerequisite: CSCI-SHU 11 Introduction to Computer Programming AND MATH-SHU 131 Calculus AND Sophomore standing Fulfillment: IMB Business elective; BUSF Non-Finance elective; BUSM Non-Marketing elective; Business Analytics track.

This course introduces the institutions, instruments, and empirical regularities of Chinese financial markets and the role these markets play in the broader Chinese economy. The goal of the course is to provide students with a comprehensive understanding of Chinese financial markets. The course begins with redux in Money, Banking and Finance and an overview of the evolution of China’s financial system. The main part of the course focuses on current issues and debates about Chinese financial markets. Some of the topics include the Chinese banking system, RMB exchange rates, Chinese stock markets and bond markets, mutual fund and hedge fund industry, Chinese derivative markets and other important topics. The similarities and differences between Chinese financial markets and more developed financial markets will be highlighted. Pre-requisites: Foundations of Finance or Principles of Finance Fulfillment: BUSF China Business Studies or Finance elective; BUSM China Business Studies or Non-Marketing elective; IMB Business elective.

The course is designed to help the students to better understand business practices, environment, and cultures in China. Special focus will be placed on the understanding of the political, institutional, and financial contexts within which business activities unfold. The course will also discuss the implications of regional and global factors in shaping opportunities and constraints on businesses in China as well as the impact of Chinese business on international markets. Learning goals of the course are to: 1. Become knowledgeable in select concepts of the businesses in China; 2. Obtain essential knowledge on the evolution and development of business in China; 3. Develop an awareness of the political, socioeconomic, and cultural aspects of life in China, including critiques of common intercultural stereotypes around values and assumptions related to Chinese society and business practices; 4. Gain practical experience in interacting with diverse Chinese business communities. Prerequisite: Junior or Senior students with primary or secondary major in Business/ IMB/ Social Science/ GCS/ Economics Fulfillment: This course satisfies Business China Business Studies course or Non-Finance/Non-Marketing elective, Business Management Track; IMB Business Elective; GCS Elective The Politics, Economy, and Environment of China.

"This course provides students the opportunity to learn and explore the roles of China in the future of world business through lectures and discussions. Through understanding the past, examining the current and projecting the future developments, a wide range of important business topics will be analysed including: • China’s role as the factory of the world • Chinese brands’ global expansion • Financial market reform • RMB Internationalization • Doing business IN China and WITH China • China’s growth model • and more The course is taught by experienced practitioners and academics with deep knowledge about China, its impact and connections with the world business." Prerequisite: Shanghai home students only. Fulfillment: China Business Studies; IMB Business elective.

This course analyzes the major financial decisions made by corporate managers. The major topics include the objective of the firm, investment valuation and capital budgeting, risk management, capital structure and dividend policy. Insights from behavioral corporate finance that help better understand corporate decisions in practice will also be discussed. There will be emphasis on both developing the tools and mindset of the financial practitioner as well as examining specific applications in the form of examples, case discussions, and classroom simulations. Prerequisite: BUSF-SHU 202 Fulfillment: This course satisfies BUSF core: BUSM Business elective; Data Science concentration in Finance; IMB Business elective.

This course covers the theoretical and practical aspects of futures, options, and other derivative instruments, which have become some of the most important tools of modern finance. While the primary focus is on financial derivatives, contracts based on commodities, credit risk, and other nonfinancial variables are also covered. Topics include market institutions and trading practices, valuation models, hedging, and other risk management techniques. The course requires relatively extensive use of quantitative methods and theoretical reasoning. Prerequisite: BUSF-SHU 202. Fulfillment: This course satisfies BUSF Finance Elective; BUSM Non-Marketing Elective; IMB Business elective.

This course describes important fixed income securities and markets and develops tools for valuing debt instruments and managing interest rate risk. The course covers traditional bond pricing, term structure, and interest rate risk concepts. It also covers the analytical and institutional aspects of fixed income derivatives, such as interest rate swaps, forwards, futures, and options, as well as bonds with embedded options and mortgage-backed securities. Topics also include credit risk, bond portfolio, management, financial engineering, and international fixed income. The study of fixed income is quantitative and technical by nature. Prerequisite: BUSF-SHU 202. Fulfillment: This course satisfies BUSF Finance Elective; BUSM Non-Marketing elective; IMB Business elective.

This course aims to provide an in-depth understanding of the strategies used by hedge funds, employing a hands-on approach based on case studies and real data. The hedge fund industry has grown rapidly over the last decade aided in part by the private nature of funds and light regulation that has enabled managers to employ strategies not available to traditional fund managers. The course examines critical aspects of hedge fund investment styles including the trading mechanism, risk-return profiles of investment styles, trading costs, risk management and performance measurement..Strategies covered include event driven strategies, equity, debt, FX, cross-market strategies, global macro and shareholder activism. Distinguished guest speakers will be invited to provide a real-life perspective and to discuss key issues. Pre-requisites: Corporate Finance Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

The course analyzes how firms communicate through financial statements. Students use financial statement analysis as an integral part of the strategic analysis of firms, while understanding how accounting regulations and managerial discretion influence presented financial statements. Course modules include strategic analysis, risk and profitability analysis using ratios, accounting analysis, and prospective analysis. By the end of the course, students can interpret and analyze financial statements, analyze cash flows, make judgments about earnings quality, uncover hidden assets and liabilities, and use financial statement analysis prospectively to forecast and value firms using cash flow-based and accounting-based valuation methods. Students who wish to pursue careers in investment banking, investment management, consulting, and accounting are encouraged to take the course. Prerequisite: None. Fulfillment: This course satisfies BUSF Non-Finance elective; BUSM Non-Marketing elective; Business Accounting Track; IMB Business elective.

The world we live in is built upon a myriad of networks: Human society is defined by our interpersonal relationships. Organizations are structured around interconnecting roles and lines of authority between workers, colleagues, and bosses. Global information is conveyed across a world-wide web of linked content. As we have witnessed recently, epidemics spread over a social network of contacts, in the same way in which we buy products as we are influenced by our peers. New sources of massive amounts of data fundamentally reflect interactions, and, in this context, networks are intuitive abstractions to model our social life, especially that mediated by technology. In networks, local interactions among members of small communities can often propagate and further affect the outcomes of an entire system. This course combines theories, models, and algorithms from computer science, economics, and the social sciences to analyze network data and find solutions to business problems. More information: https://shanghai.nyu.edu/is/course-spotlight-network-analytics Prerequisites: Introduction to Computer Programing (to manipulate network datasets), and Calculus. Fulfillment: This course satisfies BUSF Non-Finance Elective; BUSM Non-Marketing elective; IMB Business Elective; Social Science methods; Computer Science elective; Data Science Concentration in AI.

This course intends to inspire students to re-conceptualize the essence of strategy from the entrepreneurial perspective. Students will be introduced to a new set of decision-making framework and tools for optimizing the most critical strategic choices faced by entrepreneurs. Based on these framework and tools, students will learn how to analyze the strategic positioning of various businesses in the world history of entrepreneurship, from Estee Lauder’s cosmetic empire during the 2 nd World War to Jack Ma’s smart business in the digital era. It is a process designed for students to experience the power of strategy and understand why it matters enormously for new ventures. Prerequisite: sophomore standing and higher Fulfillment: This course satisfies BUSM Non-Marketing Elective; BUSF Non-Finance Elective; IMB Business elective.

International trade has fostered global economic growth as it provides investment, jobs, and access to technology. It offers opportunities to millions of people and has helped them to get out of the poverty. An understanding of real-world international trade rules and business practices is key for students in today's interdependent world. This course introduces students to the theories, systems, and practices of international trade, with emphasis on empirical knowledge. Students will learn the fundamentals around international trade and gain a systematic understanding of why nations trade, what to trade, and especially how they trade. Students will learn principles of the multilateral trading system, international trade terminologies, operations/logistics, insurance, cross-border e-commerce; as well as technology and intellectual property rights and international commercial dispute settlement. Expected learning goals of the course are:  Identify and analyse international trading system, the latest global trends of trade business and investments  Acquire knowledge of fundamental concepts, terms, and documents to facilitating international trade  Understand what is an international trade deal and how it works in all its components, including sales contracts, transportation, finance arrangements, market price management  Be familiar with the use of latest technologies in international trade Prerequisite: Open to sophomores, juniors, and seniors from all majors. Fullfillment: This course satisfies Business China Business Studies (if China related); BUSM: Non-Marketing Elective; BUSF:Non-Finance Elective; Management Track; IMB Business elective.

Taught by a seasoned practitioner who worked in international development finance and capital market for 30+ years, this advanced undergraduate seminar will enable students to gain broad understanding of how financial system and investment work in emerging and frontier markets (EM/FM), including comparative advantages and disadvantages vis a vis developed markets. Students will become familiar with players, institutions, asset classes, processes and market infrastructure when investing in EM/FM. Through individual and group projects, research papers and presentations, students will also gain a deeper understanding of specific issues of interest and appreciation of the unique opportunities, complexity, and risks in EM/FM investment. Pre-req: BUSF-SHU 202 Foundation of Finance Fulfillment: Business and Finance: Non-Finance Elective; Business and Marketing: Non-Marketing Elective; IMB Business Elective

This course covers the valuation of stocks and businesses. Real life valuations of companies are an inherent part of the content. By the end of the course, students should be able to: (1) apply discounted cash flow analysis to find the intrinsic value of an asset; (2) define, describe, analyze, and apply any multiple (PE, Value/EBITDA, Price/Book Value, etc.) to find the relative value of an asset; (3) value any publicly traded firm, small or large, domestic or foreign, healthy or troubled; (4) value any private business for owners or investors (private equity, venture capital, IPO); and (5) separate fact from fiction, sense from nonsense, and real analysis from sales pitch in equity research reports, valuations, and general discourse. Prerequisites: BUSF-SHU 303 Corporate Finance and Junior or Senior students. Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-marketing elective; Business Finance track; IMB Business elective.

This course consists of three parts. The first section of the course is a detailed examination of the pricing and hedging of option contracts, with particular emphasis on the application of these concepts to the design of derivatives instruments and trading strategies. The first part of this section is a review and re-examination of materials covered in the basic course, but with greater rigor and depth of coverage. The emphasis in the second part of this first section is on trading applications and risk management. The second section of the course is designed to provide a broad exposure to the subject of interest rate derivative products, both swaps and options. The last section of the course deals with recent innovations in the derivatives markets such as exotic options, credit derivatives and catastrophe derivatives. In the first section of the course, the discussion of trading strategies is in the context of the management of the risk of a derivatives book. The topics covered in the second part of the course include the relationship of swaps to other fixed income contracts such as futures contracts and forward rate agreements, valuation and hedging of swaps, building the yield curve, and valuation and hedging of interest rate options, with particular reference to caps, floors and swaptions, and modeling the term structure of interest rates. The third section of the course deals with non-standard option contracts such as exotic options and options on new underlying instruments such as credit, weather and insurance derivatives. Pre-requisite: Foundations of Finance Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Introduces students to the evolving role that managerial accounting has played and is expected to play in servicing the informational needs of managers in the planning, organizing, and controlling functions. Highlights the attention-directing, decision-support, and decision-influencing roles of managerial accounting, while helping students learn to structure business decisions systematically and identify the information relevant to a decision. Trains students to think analytically about improving existing systems to further a firm’s competitive advantage. Prerequisite: Principles of Fin Accounting (BUSF-SHU 250). Fulfillment: This course satisfies BUSF Non-Finance elective; BUSM Non-Marketing elective; Business Accounting track; IMB Business elective.

Operations Management (OM) plans and coordinates all activities in the process of producing and delivering products (goods and services). Effective operations management is a key ingredient of success in most industries. Achieving operations excellence is one of the most essential strategies to improve efficiency and to gain a competitive advantage. The goal of this course is to introduce students to the fundamental concepts, problems, and strategies in the operations function of a firm. This course will cover a mix of qualitative and quantitative methods that provide the necessary tools to make intelligent decisions in operations. Prerequisites: Sophomore Standing. Fulfillment: This course satisfies BUSF/BUSM Business Elective or non-Finance/non-Marketing elective; Business Analytic track; IMB Business Flexible Core or elective.

This course examines the operation of international currency exchange and capital markets and applies financial management principles to the financial decisions of multinational corporations. It addresses such topics as economic determinants of exchange rates, currency market efficiency, exchange rate forecasting, techniques for measuring and managing exposure to exchange and political risk and financing alternatives and capital budgeting decisions of multinational corporations. Readings and case studies are employed. Prerequisites: BUSF-SHU 202 Foundations of Finance and ECON-SHU 250/251 Economics of Global Business. Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; Business Finance Track; IMB Business elective.

This course seeks to provide an understanding of the financial and transactional skills that are required to fund new businesses and mature firms. The course will integrate both an academic and practitioner view of the challenges facing entrepreneurs and investors involved in business start-up, venture capital, and private equity investment activities. Prereq: None Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

In this class, we will focus on the key technologies in the fintech landscape. Starting from the mid 1970's, we will cover major innovations such as the introduction of options markets, index funds, and securitizations. We will then discuss new advances in fintech including digital asset management, lending platforms, and blockchain. Particular emphasis will be placed on understanding why some innovations take off, while others languish. Prereq: Foundations of Finance Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course is designed to teach students about the principles and techniques of quantitative and algorithmic trading which involves the application of mathematical and statistical tools to analyze financial markets. Students will work in groups of two to three to develop their own trading strategies step by step through generating trading ideas, back-testing strategies, executing trades and evaluating different strategies’ performance. By the end of this course, students will have learnt most of the widely used trading strategies in the quant fund market and will be able to apply the knowledge to develop their own quantitative trading strategies. Prerequisite: BUSF-SHU 202 Foundations of Finance and CSCI-SHU 11 Introduction to Computer Programming

This course is focused on corporate transactions including M&A (mergers and acquisitions) and its valuations. This is intended to provide students a solid understanding of the different dynamics, structuring, legal, and other considerations of corporate M&A transactions and their valuation from both a theoretical and hands-on modeling framework. The course’s materials will well prepare students for careers in M&A, investment banking, and valuation from corporate, financial sponsors, sell-side, and buy-side perspectives. Students will be able to: • Understand and analyze the theory, motivations, structuring, and major processes behind M&A • Model various financial and valuation analyses under complex financial combinations Prerequisite: Foundations of Finance, and Economics of Global Business (or Macroeconomics). Corporate Finance – highly recommended, While not required, other valuation courses such as Investing and Financing In and With China, Equity Valuation, Debt Instruments, etc. and accounting classes such as Financial Statements Analysis, etc. are helpful. This course is an upper-level finance elective. Fulfillment: BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

The most fascinating aspect of financial market prices is how they change. The uncertainty or risk related to the size of changes in prices is referred to as financial volatility. Volatility can present significant investment risk, when correctly harnessed. It can generate solid returns for shrewd investors. It is also a tradable market instrument in itself. Even when markets are choppy, crash, or surge, there can be opportunity. In this course, students will learn how to measure and forecast financial volatility. They will study historical volatilities, exponential smoothing, ARCH/GARCH models, high frequency stochastic volatility models and implied volatilities from options. These tools will be applied to measuring risk, analyzing alternative approaches to calculating Value at Risk, measuring and forecasting correlations, solving the problem of dynamic portfolio selection, risk control and trading. Prereq: Foundations of Finance and a familiarity with simple probability and statistics including least squares regression. Programing experience will be preferred. Fulfillment: This course satisfies BUSF Finance/non-Finance elective; BUSM Non-Marketing elective; Business Analytics Track; IMB Business elective.

This finance course is designed to provide students with a comprehensive understanding of financial distress, corporate restructuring, and turnaround management. The course will cover theoretical frameworks, practical tools, and real-world case studies to equip students with the knowledge and skills necessary to analyze and navigate corporate restructuring and financial distress situations. The course is specifically tailored for students interested in pursuing careers in investment banking, hedge funds, private equity, management consulting, and entrepreneurship. Prerequisite: BUSF-SHU 202 Foundations of Finance and BUSF-SHU 250 Principals of Financial Accounting

This is course is focused on the industry of private equity and venture capital (PE/VC) with a focus on Asia and emerging markets. This is intended to provide students a good general understanding of the different dynamics of PE/VC and similarities and differences between the Asia/emerging markets and western markets. The entire PE/VC life cycle will be discussed from different perspectives. Prerequisite: BUSF-SHU 202 Foundations of Finance and BUSF-SHU 303 Corporate Finance. Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course is designed to prepare students to have a good general understanding of project and structured investing and finance especially with on international projects in the infrastructure, energy and transportation sectors. This will provide an overview of investments, financing, strategies and other elements in project and structured investing and finance both in China, Asia, and globally. The class format will include lectures, case studies, discussions, and guest speakers (time dependent). The course will require the student's active participation. Leading industry guest speakers may be arranged for further learning enhancement, schedules permitting. The course materials will draw heavily on the lecturer's experiences. Prerequisite: Foundations of Finance, Corporate Finance and Economics of Global Business (or Macroeconomics). Fulfillment: This course satisfies BUSF Finance elective; BUSM Non-Marketing elective; IMB Business elective.

Based on the instructor’s extensive research, writing, and peer-review publication experience, this seminar provides a forum for students to examine business issues, discuss their research, and survey approaches related to the structure, organization, and presentation of their theses. Students will engage in group discussions, participate in writing exercises, and generally gain experience in the iterative writing process. At the conclusion of this seminar, students will have produced a senior thesis that is fit for submission. Prerequisite: Must be a senior in the business major Fulfillment: General elective.

Department consent is required. Fulfillment: This course satisfies BUSF Non-Finance elective; BUSM Non-Marketing elective; IMB Business elective.

This course provides students the opportunity to learn and explore the roles of China in the future of world business through lectures and discussions. Through understanding the past, examining the current and projecting the future developments, a wide range of important business topics will be analysed including: • China’s role as the factory of the world • Chinese brands’ global expansion • Financial market reform • RMB Internationalization • Doing business IN China and WITH China • China’s growth model • and more The course is taught by experienced practitioners and academics with deep knowledge about China, its impact and connections with the world business. Prerequisite: Open to non-shanghai students only. Fulfillment: General elective.