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Booth Course Map by Mind Map: Booth Course Map
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Booth Course Map

Map created by Diana Zink, Chicago Booth Class of 2014. coursemap@dianazink.com ; The information for the map was extracted manually from the course catalog: http://boothportal.chicagobooth.edu/portal/server.pt/community/courses/205  . All courses are grouped by departments and the color coding and icons signify concentration courses  (as listed here: http://programs.chicagobooth.edu/curriculum/concentration.aspx http://misc.chicagobooth.edu/curriculum/BoothCoursesReqArea_ConcentrationOverlap1011.pdf ). The house icon means a course serves as a foundation course, while the book marks a foundation course replacement option. The number two means the course is listed under more than one department/grouping on this map. When you click on a course you should see its description and requirements in the notes box. You can create a copy of this map to mark courses you like and create a branch with your course choices. UPDATES: ENTREPRENEURSHIP, FINANCE, ACCOUNTING, MARKETING, MACROECONOMICS/INTERNATIONAL DATE: 06/12/12 . The rest is current as of 5/5/11 so if you see a course is missing or added in the main catalog, let me know. Updates in progress Happy course planning! CAVEATS:  Most courses have multiple lecturers and each lecturer may have his/her own description. For most of these, I copied the first description listed, and the first professor on display, so, please, refer to the course catalog for up-to-date information and additional details before making your decisions.

Marketing Management

37000 Marketing Strategy

37000 Marketing Strategy Dhar, Sanjay|Goettler, Ronald|Jeuland, Abel|Khan, Romana|Labroo, Aparna|McGill, Ann|McKinney, John Contents: This course introduces the substantive and functional aspects of marketing management. Specific course goals are as follows: (1) to introduce students to marketing strategy and the elements of marketing analysis: customer analysis, competitor analysis, and company analysis; (2) to familiarize students with the elements of the marketing mix (product strategy, pricing, advertising and promotion, and distribution), and to enhance their problem-solving and decision-making abilities in these operational areas of marketing; and (3) to use marketing case studies to provide an opportunity (both written and oral) to develop, present, and defend a student's own recommendations, and to examine and discuss the recommendations of others critically. The course employs a balanced mix of case discussions and lectures/class discussions. Class lectures and discussions provide an exposition of key concepts, and wherever possible are supported by research on current marketing practices. The case studies provide an opportunity to apply the theories, concepts, and analytical devices developed in the lectures. Grades: Based on a final exam, individual and group case write-ups, and class participation. Cannot be taken pass/fail. This course cannot be taken by non-Chicago Booth students. Prerequisites: None. Description and/or course criteria last updated: 7/12/10 Syllabus

37101 Consumer Behavior

  37101 Consumer Behavior - Ramanathan, Suresh   Contents: Consumers make many kinds of decisions. Some are based on rational thought processes. Many others span a range from limited rationality to the completely irrational. Some are conscious and based on thought processes that can be well articulated. Others are automatic and non-conscious, where the consumer may not be aware of why s/he is feeling or doing something. These processes have an impact on every facet of marketing strategy. Understanding the psychological substrates of behavior will help managers develop optimal pricing strategies, promotion and advertising techniques and branding strategies. This requires ways and means of discovering new insights into the perceptions, evaluations and motivations of the consumer and about how these processes may affect consumer decisions. The logical next step is to develop these insights into profitable marketing propositions in creative and innovative ways. In this course, we will use psychological theories of consumer behavior to develop a decision framework for successful management of brands. From an industry perspective, this course will span a wide range of sectors, from consumer packaged goods to high-tech products and services. The course employs a mix of lectures, individual exercises, and cases. Students should expect to deal with a variety of psychological research tools, some of which are based on qualitative techniques. A comprehensive project may be used as a pedagogical tool to illustrate the various concepts being discussed in the course.   Grades: Cannot be taken pass/fail.   Prerequisites: Business 37000. Description and/or course criteria last updated: 6/09 Syllabus

37103 Data-Driven Marketing

  37103 Data-Driven Marketing - Hitsch, Günter   Hitsch, Günter Contents: Until recently, most marketing techniques were based on survey data. During the last two decades, however, many firms have adopted marketing methods that are based on actual customer behavior data and past marketing actions. These data include records of customers' past credit behavior, sales and price data in retail stores, advertising measures across time and markets, and the response of customers to direct mailings. This course introduces several modern data sources, and discusses how these data can be exploited in practice to implement various elements of the marketing mix using statistical models. The following are examples of applications that we will discuss in detail: How can a credit card company exploit information on past credit behavior when targeting new customers? How should a company determine the shelf price of the products in its product line? By how much do promotional activities in retail stores boost sales, and what is the profitability from such a sales "lift"? How should a pharmaceutical company manage its promotion money to maximize the return on this budget? Which customers should a catalog retailer select to send a catalog to? How can the impact of an online display advertising campaign on consumer purchasing behavior be measured? Disclaimer: Although many of the methods employed in the course are useful in business-to-business marketing (direct marketing, especially), the primary emphasis is on the analysis of consumer demand. Examples from the consumer packaged goods industry and direct marketing are used. Grades: Based on a final take-home exam/project, homework assignments, and class participation. Prerequisites: Business 37000: strict, and 41000 or 41100 (41100 preferred). Good computer skills in data analysis, word processing, and graphics are useful. Mathematical Prerequisites: This course emphasizes statistical models of customer response to changes in the marketing environment. Students are presumed to be at least somewhat familiar with logarithms and exponential functions. Description and/or course criteria last updated: 06/11 Syllabus  

37104 Economics and Demographics of Marketing

  37104 Economics and Demographics of Marketing - Fogel, Robert   Fogel, Robert Contents: This course focuses primarily on problems in strategic marketing forecasts that are related to long-term product development and new technologies. Alternative procedures for estimating variations in the demand over business cycles (3-5 years), intermediate periods (5-15 years) and long periods (15-50 years) for both consumer and producer commodities and services are considered. Much attention is given to the impact of rapid economic growth in China and India on global markets. Attention is also given to the use of existing online databases for the estimation of a variety of forecasting models. Students receive hands-on-the-data training in statistical sections that meet throughout the quarter. In addition, there are two lectures per week that deal with five broad topics: the evolution of markets and of methods of distribution in America and globally since 1800; variations in the life cycles of products; the role of economic and demographic factors in the analysis of long-term trends in product demand; the impact of technological change; and the influence of business cycles on product demand. The grade for this course is based on problem sets discussed in the weekly statistical lab and a final examination. Grades: No undergraduate auditors. Only graduate students may audit. Description and/or course criteria last updated: 1/20/2011 Syllabus  

37106 Marketing Research

  37106 Marketing Research - Urminsky, Oleg   Contents: Marketing research is an organized way of gathering and analyzing information for decision-making purposes that extends beyond marketing to any decisions situation which is lacking in relevant data. The course is structured from the point of view of the marketing manager, management consultant or entrepreneur who will use custom research initiatives to understand the beliefs, attitudes, motivations and reactions of key constituents (such as direct and indirect customers, employees, clients or donors) to inform key business decisions. The goal of the course is to provide you with the knowledge and skills to both determine the scope and direction of research activities conducted on your behalf, as well as to leverage research findings to make key decisions and support your recommendations. The course employs a mix of lectures, individual exercises, and cases as well as the team project. We will cover the full research process, from defining research objectives to choosing a research methodology, questionnaire and sampling design, data collection, data analysis and issues in implementation. In particular, a key goal of the course is to provide the student with a toolkit of different approaches and techniques for addressing research questions and a detailed understanding of the advantages and limitations of each method. The examples presented will be drawn from real-world marketing problems. This course will focus on both qualitative and quantitative aspects of marketing research and how they help managers in addressing substantive marketing problems such as estimating market potential, segmenting the market to identify target customers, improving advertising and pricing policies, designing and positioning new products and identifying the key factors driving changes in the market. The course will help you to develop a critical eye for marketing research, an appreciation for its potential contributions and limitations and an understanding of how to choose the right research approach to match the problem at hand. A key component of the course is the Marketing Research Lab, in which students will work in teams to conduct original real-world marketing research. The project enables the students to gain a working "hands-on" experience with the full process of marketing research from start to finish and will serve as a context in which to apply the concepts and methods learned in class to a real-world problem. Student teams have conducted successful research for a wide variety of clients, including Chicago Public Radio, Groupon, Proctor & Gamble, Redbox, Sears and Sprint, as well as local businesses, student and alumni entrepreneurial ventures and non-profit organizations. Student entrepreneurs are encouraged to enroll in the course and to propose a research project, which must be submitted via email a week before the quarter begins. Enrolled students will be notified of all the projects available and who the sponsoring organizations are via email before the quarter begins and will form their teams and pick their projects in the first week of the course. Students will conduct the research with the guidance of the instructor, present their preliminary findings to the class and prepare a comprehensive final report that they will then present to the project client. Materials: Students will use MINITAB statistical software for in-depth data analysis, as well as Excel spreadsheet utilities. Extensive CoursePack is required, as well as the textbook, Marketing Research (1998), by Donald Lehmann, Sunil Gupta, and Joel Steckel. Grades: Based on individual assignments, class participation and the team research project. There are no exams. Cannot be taken pass/fail. Prerequisites: Strict prerequisites (can be taken concurrently with 37106) : Business 37000 (Marketing Strategy) and either 41000 (Business Statistics) or 41100 (Applied Regression Analysis). While the course does cover statistical analysis of marketing research data, the emphasis here is on the creative application of statistical techniques and the interpretation and implications of the results. A solid foundation in basic statistics is required. Description and/or course criteria last updated: 06/11 Syllabus    

37201 Developing New Products and Services

  37201 Developing New Products and Services - Middlebrooks, Arthur   Middlebrooks, Arthur Contents: The primary purpose of this course is to provide marketers with an in-depth understanding of current best practices in new product development. Topics covered include: stage-gate new product processes, new product strategy, platform strategy, opportunity identification, perceptual mapping, market research techniques for uncovering customer needs, idea generation and screening, writing new product concept statements, concept optimization, new product forecasting methods (including innovation diffusion models and simulated test markets), brand extendability, and new product launch plans. This course will cover consumer and business-to-business products and services (with an emphasis on consumer products), including recent examples from food and beverage, household consumer products, telecommunication services, building products, Internet services, medical products, and insurance. Students will learn about and apply tools for effective new product development including perceptual mapping, stage-gate processes, ethnographic market research techniques, ideation/brainstorming techniques, idea scoring models, concept statements and concept testing, conjoint analysis, forecasting models, and new product business cases. This course will also highlight the different roles and functions required for effective new product development. A series of group projects enables students to apply these tools in a consumer products category of their choice. Materials: This course includes a text, several case studies, and readings from practitioners and academics. We will also use state-of-the-art commercial software for several of the group projects to more fully experience the concepts of perceptual mapping and conjoint analysis. I make every effort to invite one or more practicing product developers as guest lecturers. This course emphasizes the practical application of product development theory. Grades: 80% of grades are based on a series of group projects that take a new product from opportunity identification through concept development and optimization. 20% of grades are based on individual case write-ups. Group work is extensive in this course. Students should expect to meet with their groups multiple times each week. Cannot be taken pass/fail. Provisional grades are given subject to timely completion of assignments. Prerequisites: Business 37000: strict (can be taken concurrently). Description and/or course criteria last updated: 07/13/11 Syllabus

37202 Pricing Strategies

  37202 Pricing Strategies   Dubé, Jean-Pierre Contents: How does a firm determine the price of a new product? How does a firm assess whether its current price is appropriate? What is price leadership? What is value pricing? These are just some of the questions we will address in pricing strategy. The course is a blend of analytic marketing techniques, marketing strategy, and economic theory. In the Chicago Booth's curriculum, this course is a natural complement to Business 33001, 37000 and 42001. A combination of cases, lectures, and empirical applications are used in the class. You can expect to get your hands dirty working with real data and analyzing managerial pricing problems. In addition, the course offers a general framework for developing pricing strategies. Grades: Cannot be taken pass/fail. No auditors. Prerequisites: Business 33001 or 37000 (either may be concurrent). Students with an understanding of marketing and microeconomic principles will benefit more from the course. Description and/or course criteria last updated: 6/11 Syllabus  

37203 Integrated Brand Communications (2011NOT2012)

37203 Integrated Brand Communications - Labroo, Aparna (3.2 grade)   Contents: Marketing communication is an important component of the marketing mix, and one that is undergoing rapid changes with the development of new media, shifts in usage and spending patterns among media consumers, and an ever increasing demand for accountability. It's widely accepted that today's markets demand that marketers target their potential customers more precisely, to avoid waste and to ensure the relevance of their communications. In this course, we will focus on understanding the process of developing and managing an integrated marketing communication campaign for a product or service. This course is designed to introduce you to the practice of marketing communications management. Our primary perspective will be that of the marketer (e.g., advertising manager, brand manager, consultant or senior analyst, etc.) who must develop, evaluate, and implement effective integrated marketing communications programs as part of managing the brand. However, the concepts, models and decision aids presented in this course can apply to more than just brands-for example, they can be used in the service of government programs, a political candidate, an idea, and so on. Occasionally we will adopt the perspective of one who might be interested in creating integrated communications for such endeavors. As part of our work, we will examine many theories from the behavioral and social sciences, and analyze their usefulness for developing marketing communications programs to support the overall marketing effort. Rather than merely memorizing concepts and theories, however, we will focus on creatively using these ideas to (a) understand buyer behaviors, and (b) develop and evaluate marketing communication strategies intended to influence those behaviors. Key objectives include: - Develop a basic understanding of the concepts, frameworks and tools of integrated marketing communications. - Develop critical analysis and problem-solving abilities with respect to managing marketing communications, particularly given the rapid change and uncertainty seen in today's industry. - Gain a first-hand understanding of how to develop an integrated brand communications plan.   Grades: Based on class participation, cases, in-class presentations, exam and a final project. Cannot be taken pass/fail.   Prerequisites: Business 37000 recommended (can be taken concurrently).

37205 Going to Market: Managing Channel Strategy

37205 Going to Market: Managing Channel Strategy - Frenzen, Jonathan (2.8 grade)   Frenzen, Jonathan Contents: In terms of profit impact there are few business decisions more important than the choice of a company’s channel strategy and how to manage those channels to achieve efficient and effective distribution of its products and services. Making this decision even more challenging is the wide array of possible channel choices that a company has available today. Properly designing and implementing a go-to-market strategy can reward a company with a sustainable competitive advantage as well as large sales and profit dollars previously overlooked. A go-to-market strategy is a marketing problem, a sales problem, and a “C suite” problem (a problem best handled by the CEO) since it is a problem that is owned in various degrees by all functional areas of a firm, though often inadequately so. Students will learn what types of channels are available, the value they can deliver and the managerial challenges each can present. Students will understand the roles of senior management, marketing, and sales when making channel choices; how those choices influence the supply and demand for a company’s products and services; and how channel strengths must be traded-off against their real limitations. We will then examine the most important types of channels in turn, starting with direct sales forces, turning then to a look at various forms of ‘indirect’ channel partners that are not under the direct control of a firm, and conclude with a look at ‘remote’ channels such as phone and internet. We will examine the strengths and weaknesses of each type in isolation and again as part of a “multi-channel” strategy. Cases will be used to illustrate each channel type at work. The cases have been selected from a wide variety of industries and business settings with a preference for those that portray rich strategic environments and managers grappling with critical channel evaluation and design decisions. The course is intended for those interested in marketing, strategy, sales, operations, general management, and careers in consulting. Materials: This course will rely on two texts, numerous case studies, and readings from practitioners and academics. Grades: Based on a midterm, a group final paper and presentation, and class participation. Cannot be taken pass/fail. Prerequisites: Business 37000: strict, however, may be concurrent; if applicable, include your intent to enroll concurrently in your waiver request Description and/or course criteria last updated: 09/01/11   Syllabus

37301 Digital Marketing Strategy

Albert, Terri Contents: Digital technology developments over the last decade have significantly changed the practice of marketing. Digital media (particularly social media), digital distribution, and mobile platforms have created both competitive advantages and challenges regardless of industry and firm size. Some believe that competition has been equalized between new players and existing firms or at least noticeably reduced the advantage of the incumbents. The course’s objective is to provide a conceptual foundation and the tools for how to reduce the challenges posed by the evolving digital environment to create opportunities and competitive advantages. Key questions must be answered. For example, how does the marketing strategy change as the digital environment evolves? How do I anticipate trends and determine if they will be sustainable and/or successful for an organization? This course is meant for marketing managers from any sized firm, entrepreneurs exploring a new venture and those interested in management consulting. The course is divided into four modules to answer these key questions: conceptual foundations; acquiring digital tools, essential skills and allocating resources; user-generated content; and how marketing has been redefined. The centerpiece of the learning experience is a company sponsored project in which you and your team members will address their digital marketing challenge(s). A competition will be held at the end of the quarter. Teams will present their final project report to a panel of experts and winners will be recognized per section. A wide variety of company sponsors will provide digital marketing projects (Fortune 500 companies, as well as local businesses, student and alumni entrepreneurial ventures and non-profit organizations). Student entrepreneurs are encouraged to enroll in the course and to propose a project, which must be submitted via email a week before the quarter begins. Enrolled students will be notified of all the projects available and who the sponsoring organizations are via email before the quarter begins and will form their teams and submit their project preferences in the first week of the course. Students will conduct relevant research and use tools for developing digital marketing strategies and campaigns. Guidance from the instructor and project mentors (who have significant, related industry experience) will be provided. The course employs a mix of lectures, guest speakers, and cases as well as the team project. Materials: An extensive CoursePack is required for the course. Students will use the business library as a resource for in-depth secondary analysis, as well as Excel spreadsheet utilities. Software to develop inbound marketing strategies and campaigns will be available for all projects. Grades: Based on individual assignments, class participation and the team project. There are no exams. Cannot be taken pass/fail. Prerequisites: Bus 37000: strict (can be concurrent). Description and/or course criteria last updated: 08/08/11 Syllabus

37303 Marketing of Services

  37303 Marketing of Services - Middlebrooks, Arthur   Middlebrooks, Arthur Contents: Services now account for over 70% of global Gross Domestic Product, and dominate most developed and developing economies. Relative to products, services have distinct characteristics that make them different, and challenging, to market and sell. This course provides marketers with a framework for understanding all of the unique requirements for marketing of services - including marketing strategy, the services marketing mix, service delivery, and quality control. The course covers business-to-business services and consumer-based services including recent examples from wireless telephony, retail banking, mutual funds, fast food, airlines, hotels, Internet services, health care, and management consulting, emphasizing how marketing approaches differ by industry. Topics covered include: (i) Services Marketing Strategy: unique approaches for segmenting service markets, branding services, brand architecture, and positioning services; (ii) Services Marketing Mix: the 4 "Ps" tailored to services (core and supplementary Product offerings, Pricing, Promotion, and Place/Distribution), and the 5th "P" for services - Physical Evidence; (iii) Service Delivery: the service process, people strategies, service quality, service recovery, and the use of service guarantees. Students will learn about and apply key services marketing frameworks including: a services marketing system, customer segment pyramid, brand architecture, brand positioning, supplementary service mix, revenue management and price "fences," lifetime customer value analysis, managing physical evidence, service blueprinting, employee strategies for service delivery, service quality "gap" model, customer satisfaction measurement, standardization vs. customization of service delivery, service recovery strategies, and service guarantees. We will also cover a distinct topic on selling and marketing professional services (e.g. management consulting services, investment management, etc.). Throughout this course, students are exposed to the critical need for service marketers to influence their company's quality, delivery, sales, employee selection and development, and customer satisfaction efforts in order to develop effective marketing strategies for their organizations. This course includes a 6-week Services Marketing online simulation performed in teams, requiring weekly decision inputs. During this simulation, students manage multiple facets of a service company to improve its performance in a competitive context. This simulation reinforces the linkages between marketing, operations, human resource management, and service quality that are critical for successful service businesses. Materials: This course includes a text, 6-7 case studies, readings from practitioners and academics, and a user manual for the LINKS Services Marketing simulation. I make every effort to invite one or more practicing service marketers as guest lecturers. This course emphasizes the practical application of services marketing theory. Grades: 40% of the grade is based on individual assignments, 20% on individual class participation, and 40% on the team simulation (including a team paper). There is not a final exam in this class. Cannot be taken pass/fail. Provisional grades will be given subject to timely completion of assignments. Prerequisites: Business 37000: strict (can be taken concurrently). Description and/or course criteria last updated: 02/23/2012 Syllabus  

37601 Marketing Workshop

  37601 Marketing Workshop Goettler, Ronald;Urminsky, Oleg|Jeuland, Abel;Zhu, Ting  

37701 Laboratory in New Product and Strategy Development I

  37701 Laboratory in New Product and Strategy Development I - Frenzen, Jonathan   Contents: This course complements the Chicago Booth's strong training in business theory by providing a problem-solving experience for a small but diverse group of students. The course accelerates the process by which students learn to manage themselves and others when developing solutions to real-world business problems. It provides students with tools for solving complex problems and detailed feedback regarding their performance as managers, team players, and problem solvers. Students who complete this course report they learn a great deal about their abilities as business professionals and find themselves better prepared to manage complex problems and situations in the workplace. Guided by faculty coaches who are experienced business professionals, each student group is challenged to solve a client problem as an effective team. In previous years Abbott Labs, Accenture, American Airlines, Ameritrade, Bank of America, BASF, Barclays, Citicorp, Clorox, Dow Chemical, Eli Lilly, Frito-Lay, General Electric, W.W. Grainger, Honeywell, Johnson & Johnson, Kraft, Nabisco, Snap-on Tools, and Roche Diagnostics have sponsored real-world projects. Client-sponsors report that the business insights generated by our teams are as good as or better than those produced by top tier consulting firms. We work with our client-sponsors to offer two distinct types of projects each year: NEW PRODUCT PROJECTS: Clients ask our teams to develop new products and services for consumer or business markets. New product projects can teach students how to generate and evaluate new product concepts, how to develop and test prototypes, how to develop a marketing plan for the new product (including competitive positioning, financial forecasts, distribution plans, packaging, a pricing strategy, and a promotional strategy), and, finally, how to present your results to your client in an effective manner. Note that it is not possible to tackle all of these subjects in a single academic quarter. Project scope will be limited to a subset negotiated by the faculty with the client. STRATEGY PROJECTS: Clients also ask our teams to improve the business performance of existing products, to identify whole new business ventures, to estimate the commercial potential of new technologies, acquisition targets, or targets for divestment. Our strategy projects teach students through direct experience how to decompose a complex strategic problem, how to develop and implement a research plan to evaluate competing solutions, and how to present your selected solutions to your client. The tools and techniques you will use in these labs are widely employed by business consultants and managers, although time will focus the team on the tools required to solve your client's problem. If you are interested in obtaining a broad overview of all the tools consultants and marketers could employ in a variety of situations, we recommend that you supplement this course with other Chicago Booth courses. This course, however, provides an ideal opportunity to acquire practical experience in managing a cross disciplinary team engaged in a strategy or marketing consulting project. Project sponsors and a brief description of the projects are announced via an email sent to all Chicago Booth students prior to the beginning of each quarter. Students do not bid for this course. Rather, as further detailed in the email announcement, interested students apply for the course by submitting their resumes for consideration. Questions regarding the course can be directed to the Management Lab Business Manager at 773/702.0635. Please note that because of confidentiality restrictions, the Business Manager cannot provide a description of the content of the projects beyond that set forth in the emailed course announcement. Generally two sections of BUS 37701 are offered each quarter, except that no sections are offered Summer Quarter and in any quarter in which an international project is offered requiring students and faculty to spend the entire quarter outside of the US. Note: This class meets 3 days per week -- Section I: Tues./Thurs. 8-9:30 am and Fri. 8-11:30 am. Section II: Tues./Thurs. 10:10 am-11:30 am and Fri. 8-11:30 am.   Grades: Cannot be taken pass/fail. No auditors. Withdrawal from the course by any admitted student requires the written consent of Professor Jonathan Frenzen, Director of The Management Labs.   Prerequisites: At least one marketing course is required (such as Business 37000 or 37102: strict), and it can be taken simultaneously with Business 37701. Note that we discourage first year students from taking this course in their first quarter at the Chicago Booth unless they already have a working knowledge of marketing and general management. Team performance vitally depends on students' skills in spoken English. Do not attempt this class without fluency in English. During the first week of class, students must attend a reception and dinner with their client and a half to full day client presentation. Additionally, during the third week of the quarter, students must attend two half day workshops or one full day workshop. Short business trips are sometimes required and meetings during evening and weekend hours can be expected.   Description and/or course criteria last updated: 8/13/09 Syllabus  

37102

Financial Management

34101 Entrepreneurial Finance and Private Equity

34101 Entrepreneurial Finance and Private Equity Kaplan, Steven|Meadow, Scott|Zingales, Luigi This course uses the case method to study entrepreneurial finance and, more broadly, private equity finance. The course is motivated by increases in both the supply of and demand for private equity. On the supply side, the amount of private equity under management - by partnerships investing in venture capital, leveraged buyouts, distressed companies, etc. - has increased substantially in the last decade. On the demand side, an increasing number of MBAs and others are interested in starting and managing their own businesses. The supply and demand for funds have also grown substantially outside of the U.S. The primary objective of the course is to provide an understanding of the concepts and institutions involved in entrepreneurial finance and private equity markets. To do this, the course has been designed to be broad and comprehensive. We will explore private equity from a number of perspectives, beginning with the entrepreneur/issuer, moving to the private equity - venture capital and leveraged buyout - partnerships, and finishing with investors in private equity partnerships. For each class meeting, study questions will be assigned concerning a case study. We will discuss these questions and the material in the case for most of the class period. Before each case discussion, each student will be required to submit a memorandum (up to two pages) of analysis and recommendations. Group work is encouraged, but not required on these short memoranda. Memoranda with up to three names on them are acceptable. We will use journal articles and some lectures to supplement and enhance the case discussions. All required cases and supplementary readings will be in the CoursePack. Preassignment: Students are responsible for a memorandum for each case we discuss in the first class. The first class assignment is detailed in the CoursePack. Students who are not registered, but are trying to add the course must attend the first week.   Grades: Based on class participation (40%), the short memoranda (10%), and a final exam (50%). The final exam is a take-home case analysis. Cannot be taken pass/fail. No auditors without instructor's permission.   Prerequisites: Business 35200 or 35201 or 35902: strict. Syllabus

35000 Investments

  35000 Investments - Buraschi, Andrea|Giglio, Stefano|Hassan, Tarek|Heaton, John|Kelly, Bryan|Linnainmaa, Juhani|Moskowitz, Tobias|Panageas, Stavros   Giglio, Stefano Contents: This course offers the financial theory and quantitative analytical tools necessary for understanding how stock, bond, and option prices are determined, and provides the skills required to make sound investment decisions. The course combines a theoretical framework with applied analysis. Topics covered include: portfolio selection based on mean-variance analysis, models of risk and return (including the CAPM and multifactor models), performance evaluation of mutual funds and hedge funds, market efficiency and the random walk hypothesis, asset pricing anomalies and behavioral finance, derivative security pricing (including options, futures, forwards, and swaps), and the term structure of interest rates. Materials: The main texts used for the course are Bodie, Kane, and Marcus, Investments; and Grinblatt and Titman, Financial Markets and Corporate Strategy. A CoursePack will also be designed containing supplemental readings, cases, and articles. Grades: Based on 5-6 homework assignments, a case write-up and discussion, a mid-term, and a final. Class participation will also play a role. No pass/fail grades. No auditors. Prerequisites: Business 30000, 33001, and 41000 or 41100. Students must be comfortable with statistics, linear and matrix algebra, calculus, and microeconomics at the level of the above courses. Familiarity with a spreadsheet package such as Excel is vital. Description and/or course criteria last updated: 10/20/11    

35001 Introductory Finance;

  35001 Introductory Finance - Harris, Milton  (Grade 3)   Contents: This course, as the name suggests, provides an introduction to the field of finance. It is intended for students who do not intend to work in the finance area but wish to be conversant with the important ideas and tools of finance which they might encounter in the normal course of their jobs. Since most of what one needs to know to understand finance issues in a non-finance position is corporate finance, the course puts significantly more weight on corporate finance topics than on asset pricing topics. Indeed, the latter are covered only in so far as they are required to understand the former. For example, the course covers the “Capital Asset Pricing Model” at an intuitive level, but does not focus on the mathematics of this theory or cover several other asset-pricing models that are generally discussed in 35000. Neither does the course delve into the institutional details of various assets or asset markets, except in so far as these are needed to understand corporate finance issues (for example, some understanding of bond contracts is essential to understand financing issues). More specifically, aside from the necessary asset-pricing background, the course considers criteria for corporate investment decisions (“capital budgeting”) under various assumptions about the types of investments available and the environment in which these decisions are made. The course also considers the firm’s financing decision, namely, what securities to issue and how much to pay out in dividends. Several more specialized topics, such as options and mergers and corporate control are covered as time permits. The format is primarily lecture, but class discussion is strongly encouraged, and several case write-ups will be assigned. A detailed syllabus will be posted on my web site and on the University's Blackboard (Chalk) web site for this course as soon as it is available. Materials: The required materials are Berk and DeMarzo, Corporate Finance, including the web-based learning system, MyFinanceLab that is packaged with the book, and a CoursePack. Grades: Grades are based on an optional mid-term exam, a final exam, several case write-ups, and class participation. Students are also expected to complete weekly problem sets from MyFinanceLab. These are not graded, but credit will be given for completing them. Cannot be taken pass/fail. No auditors. Prerequisites: It is strongly recommended that students take Business 30000 prior to taking Business 35001, although this is not a strict requirement. Description and/or course criteria last updated: 6/11  

35100 Financial Instruments;

  35100 Financial Instruments - Constantinides, George|Heaton, John|Veronesi, Pietro   Veronesi, Pietro Contents: The 2007 – 2009 financial crisis highlighted once again the key role that financial derivatives play in modern financial markets. As the financial world becomes increasingly more complex and the opportunities offered by derivative instruments increase, so do the potential risks from their misunderstanding and misuse. As the global derivatives market keeps increasing – it reached $600 trillion (notional) in December 2010, a 40% increase over its value in December 2006 – it is as important as ever to understand both the strategic opportunities offered by derivative instruments, as well as the risks they imply. This course develops the theory of derivative security pricing and their applications. We cover both simple linear derivative contracts, such as forward, futures, and swaps, as well as more complex non-linear derivatives, such as put and call options. The focus of the course is on the pricing and hedging of derivative securities through the principles of no-arbitrage. These concepts are then applied to dynamic trading models, through the development of the binomial tree model, and the Black-Scholes model. We discuss several important applications of the pricing methodology, such as its implications for risk management, exotic options, the pricing of corporate securities (corporate bonds, callable bonds, equity, etc.), and real options for investment decisions. Materials: Lecture notes. Robert L. McDonald, Derivative Markets, Addison Wesley, 2005, 2nd edition, ISBN 032128030X. Grades: Based on weekly homework, midterm, and final. Prerequisites: Business 35000. Description and/or course criteria last updated: 06/11  

35101 Futures, Forwards, Options & Swaps: Theory and Practice

  35101 Futures, Forwards, Options & Swaps: Theory and Practice - Belton, Terrence   Contents: This course introduces the practical uses of interest rate swaps, credit derivatives, and financial futures and options on government bonds, Eurodollars, stock indexes, and foreign currencies. The focus of the course is on the relationships between derivatives and their underlying cash markets, and on the correct use of swaps, futures, credit derivatives, and options for hedging and trading. Students best served by this course are those who either hold or expect to hold positions that require the use of interest rate or credit derivatives. These include portfolio managers, bank treasury functions, asset-liability and other risk managers, and traders. Because actual industry practice is combined with financial theory, the course may also appeal to those with academic research interests in swaps, futures, and options.   Prerequisites: Business 35100.  

35120 Portfolio Management

  35120 Portfolio Management - Pastor, Lubos   Contents: This quantitative course presents advanced material relevant for portfolio managers, extending the material covered in Investments (Business 35000). Topics include the money management industry (mutual funds, pension funds, hedge funds), modern techniques for optimal portfolio selection, liquidity and transaction costs, properties of asset returns, and investment strategies designed to exploit apparent violations of market efficiency. The method of instruction is a combination of case studies and lectures, which include discussion of recent academic research and its practical applications. The course is well suited for second-year MBA students, as well as for first-year students who have taken Investments. Materials: CoursePack containing the syllabus and case studies. Grades: Based on weekly group assignments, two exams, and class participation. Cannot be taken pass/fail. No auditors. Prerequisites: Business 35000 (strict) and 41100. Students can replace Business 41100 with 41000, but they should then expect to work harder. Students are expected to be comfortable applying statistics, basic calculus, and multiple regression analysis, and to be ready to learn additional quantitative techniques in the course. Description and/or course criteria last updated: 6/11

35122 Hedge Fund Investing

  35122 Hedge Fund Investing - Small, David   Contents: This course will provide a comprehensive overview of hedge fund investing: structural industry overview; analysis of historical industry performance and benchmarks; fund structure; investor eligibility criteria; terms and conditions of investing including fees and liquidity; major hedge fund strategies such as long/short equities and credit, activist investing, distressed corporate debt, equity derivative and fixed income arbitrage, event driven investing, asset based lending, and macro; portfolio construction and risk management; counterparty risk management; structure of leverage and margin; hedge fund operations and internal controls – valuation methodology, compliance, background investigations; government regulation; sources of information about the industry; strategic industry developments including monetization of alternative investment firms. The course is designed for highly motivated MBAs (expected work load 5 - 10 hours per week) with primary interest in pursuing an investment related career. The format of the class will typically include: 1 hour interactive discussion of readings and group presentation; 1 hour lecture; plus 1 hour presentation by invited guest speaker, an industry expert on the topic of the week. The class will be treated as a virtual Investment Committee. Each student will be expected to perform as they were in the real world in terms of research and preparation and quality/sophistication of questions and insights, as well as challenges to the conclusions or approaches suggested by other members of the Committee. There will be extensive readings for the course, in much the same way as there is information overload in the investment world. The challenge for the student will be to digest/skim all of the materials, develop an understanding of the larger context of the relevant issues, and then identify the critical information. This is a concept based course; there will be no tests based on memorization or derivation of formulae. During the Winter 2012 cycle of the course, I have developed a new, limited “ACCESS” program that will be offered to approximately 30-35 students in the class. During early 2012, senior investment professionals from 20 leading hedge funds have agreed to participate in a 45-60 minute telephone call with an individual student from the class. Participating firms preliminarily include: Citadel Investment group, Fir Tree, Blue Harbor, Perry Capital, Seneca, Canyon, Anchorage Capital, Elliott Associates, Magnetar Capital, Blackstone Real Estate, GSO Capital, Silver Point, Ore Hill, Pine River, Cyrus Capital, Eton Park, Marathon, Blue Mountain, King Street, and Redwood Capital. Student selected for participation in the ACCESS program will be based on the quality of class participation, weekly mini-papers and group projects. Materials: CoursePack, specific required set of articles/readings, and books, plus broader bibliography of suggested readings that are interesting and provide perspective. Overall, eclectic set of readings including academic empirical articles related to hedge fund performance, measurement bias, and return attribution; memorandums by industry experts, Wall Street firms, regulators, and corporations relating to: effectiveness of government regulation, case for hedge funds, standards for investment and non-investment due diligence; specific hedge fund Offering Memorandum; books on hedge fund strategies/investing, profiles and philosophies of famous and successful alternative investors, risk management and Black Swan events. Required Text Books: - Hedge Funds – Quantitative Insights. Lhabitant, Francois-Serge. John Wiley & Sons Ltd., 2004, ISBN 13: 978-0-470-85667-3 (H/B) - Handbook of Hedge Funds. Lhabitant, Francois-Serge. John Wiley & Sons, Ltd., 2006, ISBN 13 978-0-470-85667-3 (HB) - The Black Swan – The Impact of the Highly Improbable. Taleb, Nassim Nicholas. Random House, Second Edition, 2010, ISBN 978-0-8129-7381-5 - Hedge Fund Operational Due Diligence – Understanding the Risks. Scharfman, Jason A. John Wiley & Sons, Ltd., 2009, ISBN 978-0-470-37234-0 (cloth) Grades: Weekly ½ - 1 page mini-paper discussing single topic of interest or insight from readings: 25 %; Four group projects on specific topic such as analyzing a specific investment opportunity, designing a counterparty risk management program, evaluating an offering memorandum, analyzing a specific hedge fund blow-up, constructing an optimal portfolio of hedge funds, maximum of 5 pages plus class presentation of one project: 50 %; Final paper on (approved) topic of choice such as evaluation of specific hedge fund investment, risk management of complex portfolio, evaluation of financing/leverage structure, maximum of 10 pages: 25 %. Course cannot be taken pass/fail. During the Winter 2012 cycle of the course, I have made arrangements for students to have access to one of the hedge fund industry’s leading analytics package, PERTRAC Analytics (www.pertrac.com) as well as to the HFR Academic database comprised of thousands of hedge funds to be used in at least one of the group projects and, optionally, in the final paper. There are four computers with the PERTRAC software/HFR database loaded: two in the Gleacher 110 Computer Lab and two in the Harper C50 Computer Lab. Prerequisites: REQUIRED (Strict): Bus 35000, 35100, and 41000 (or 41100). Recommended: Bus 35120, 35130, 35150, 35152, 35200. Note: Class will meet in Gleacher 100 on 1/4, 1/11, 1/18, 2/1, and 2/8, in Gleacher 600 on 1/25, and in Gleacher 206 for all remaining dates. Description and/or course criteria last updated: 11/16/11  

35130 Fixed Income Asset Pricing;

  35130 Fixed Income Asset Pricing - Veronesi, Pietro   Contents: The market value of fixed income products is large and rising, and their complexity is ever increasing. For instance, as of the end of 2010, the U.S. government debt stood at around $8.8 trillion, that is, 53% increase over its value in 2008. Moreover, in the aftermath of the 2007 - 2009 financial crisis, we can expect a further increase in U.S. government debt, projected to possibly reach 85% of GDP by 2020, a big increase compared the 40% in 2008 and 62% in 2010. Other interest rate markets are also large: As of December 2010, the mortgage backed securities market stood at $8.5 trillion, the interest rate swap market at $364 trillion (notional), and the OTC forward and options market at over 100 trillion (notional). In addition, the recent aggressive expansionary monetary policy of the Federal Reserve may lead to higher future inflation. In such an environment, it is of paramount important to obtain a deep understanding of the sources of risk of fixed income securities, and the current methodologies used by market participants to price and hedge fixed income products and complex derivative instruments. This course covers state-of-the art models and techniques required to analyze fixed income instruments, and their derivatives, in modern financial markets. By the end of the course, students will learn (i) the basic concepts of fixed income instruments, such as yield, duration, convexity; (ii) the modern empirical methodologies to describe Treasury and corporate bond data, such as "curve fitting," factor analysis, and default probabilities; (iii) the most recent modeling techniques for fixed income derivative products used in the Street, such as the models of Vasicek, Cox Ingersoll and Ross, Ho and Lee, Hull and White, Black-Derman-Toy, and Heath-Jarrow-Morton; and, importantly, (iv) how to use these models in practice to value both traditional derivative instruments, such as Swaps, Bond Options, Caps and Floors, as well as the more recent products, such as Inverse Floaters, Range Notes, Mortgage Backed Securities and Credit Derivatives. The key feature of Fixed Income Asset Pricing is that it strongly emphasizes the applications of these models to value real world fixed income products, and their derivatives, by focusing both on the practical difficulties of applying models to the data, as well as on the necessity to use computers to compute prices. The course, which is mathematical in nature and relies on continuous time methodologies (developed within the course), includes many real world Case Studies and Data Analysis to allow students to apply these models to a wide range of derivatives and new products, as well as to understand their risk and return characteristics. More information is available on the course homepage http://faculty.chicagobooth.edu/pietro.veronesi/teaching/BUS437.htm. Prerequisites: Business 35000 and 35100: strict. Description and/or course criteria last updated: 6/11  

35131 Financial Engineering: Cases in Financial Risk Management

  35131 Financial Engineering: Cases in Financial Risk Management - Veronesi, Pietro   Contents: The 2007 – 2009 financial crisis highlighted once again the importance of financial risk management, not only by financial institutions, but by corporations more generally. A hot discussion resurfaced on the usefulness of popular risk measures, such as Value-at-Risk, as well as of derivative securities as proper instruments to hedge corporate financial risk. As the financial world becomes increasingly more complex and the opportunities offered by derivative instruments increase, so do the potential risks from their misunderstanding and misuse. Indeed, as the global derivatives market keeps increasing -- it reached $600 trillion (notional) in 2010, a 40% increase over tis value in 2006 -- an increasingly number of companies turn to derivatives for financial risk management purposes. A 2009 ISDA survey, for instance, finds that 95% of Fortune 500 companies actively use derivatives for risk management. Thus, it is as important as ever to be able to exploit the opportunities offered by derivative instruments, not only for proper corporate risk management, but even to gain a strategic advantage once risk management solutions are integrated with the long term corporate goals. This course uses the case method to study the fundamentals of corporate financial risk management. The course has two main objectives. The first is to cover techniques to identify, measure and manage corporate financial risk, as modern financial markets and regulation require. Specifically, topics of discussion will include dynamic hedging and portfolio replication, the development of Value-at-Risk and Expected Shortfall, the management of exchange rate risk, interest rate risk, credit risk and operation risk. The second main objective is to build a framework to integrate financial risk management solutions with long-term corporate strategy. We will discuss cases where the use of financial engineering was vital for the success of a business strategy. Typical applications in this case include privatizations, mergers and acquisitions, and financing strategies, among others. Study questions on each case will be assigned in preparation for the class discussion. At the beginning of each class, students submit a one- or two-page memorandum with the key points of the assigned case. Group work is encouraged, but no more than four students can be in the same group. All names have to appear on each memorandum. Individual homework will also be assigned. A good background in derivative securities and knowledge of spreadsheet programs are necessary. However, the course will focus more on the uses of derivative securities rather than their technical aspects. Hence, a preparation at the level of Business 35100 (Financial Instruments) will be sufficient to analyze the cases. More information is available on the course homepagehttp://faculty.chicagobooth.edu/pietro.veronesi/teaching/BUS438/35131_syllabus.pdf. Preassignment: The assignment for the first class is detailed in the CoursePack. Grades: Based on a final exam (50%), class participation (30%), memoranda and homework (20%). Prerequisites: Business 35000 and 35100: strict. Description and/or course criteria last updated: 06/11  

35132 Financial Engineering: Mathematical Models of Option Pricing and their Estimation

  35132 Financial Engineering: Mathematical Models of Option Pricing and their Estimation - All Faculty teaching this class Veronesi, Pietro View course evaluation Veronesi, Pietro Contents: It is a fact that derivatives' markets have been growing fast in the past decade. As of December 2010, the total notional of over-the-counter derivatives was $600 trillion, a 40% increase over its value in December 2006. A similar expansion was registered by the credit derivatives market, which stood at $30 trillion (notional) at the end of 2010. Although both the global derivatives market and the credit derivatives market experienced a decline during the 2008 financial crisis, there is little doubt that they will play a major role in the future. For instance, likely the largely unregulated credit derivatives market will become more regulated, possibly moving to a regulated exchange, but their function as providing insurance on default is too important for it to disappear. The current financial crisis has generated also large trading opportunities, as the dislocation of capital increased the spreads across the board, and numerous apparent “almost arbitrage” opportunities appear available to whoever has capital to invest and the expertise to capture them. This course covers the analytical and numerical methodologies applied by hedge funds and derivatives trading desks to price complex derivative securities and devise arbitrage strategies. We will apply these methodologies to several case studies, whose topics range from relative value trades in equity options and fixed income instruments, to the pricing of convertible securities using numerical methods. About half of the course is devoted to credit risk and securitization. Numerous profitable opportunities are now available as the government tries to jump start the securitization market again. We will cover case analysis that range from the pricing and hedging of credit derivatives, such as credit default swaps (CDS), to the valuation and risk analysis of cash and synthetic collateralized debt obligations (CDO). We will also discuss and analyze the credit market indices such as TRAC-X. In a world of increasingly higher sophistication, the valuation of complex derivative securities and the design of arbitrage strategies require the understanding and application of advanced models of option pricing, and their application to real data. This course emphasizes both, and provides students with real world problems to solve. More information is available on the course homepage http://faculty.chicagobooth.edu/pietro.veronesi/teaching/BUS439/35132_syllabus.pdf. Prerequisites: Business 35000 and 35100 OR 35130: strict. Description and/or course criteria last updated: 6/11  

35150 Advanced Investments;

  35150 Advanced Investments - Cochrane, John   Contents: This course surveys recent developments in investments, bridging the gap from Business 35000 to the activities of top financial institutions. One central theme: asset pricing has undergone a sea of change in the last 20 years or so, with the realization that expected returns do vary across time, and across assets in ways that the static CAPM and random-walk view does not recognize. We will cover the modern discount factor approach to asset pricing theory, covering stocks, bonds, and options together. We will cover empirical methods, including how to evaluate asset pricing models and how to evaluate forecasting techniques. We will cover a range of topics, including 1) how stock and bond returns can be predicted over time, 2) understanding the volatility of stock and bond returns, 3) multi-factor models for understanding the cross-sectional pattern of average returns, such as value, growth and momentum effects, 4) the size of the average market return and its relation to fundamental risks, 5) Empirical work on the performance of mutual funds and hedge funds 6) liquidity and short sales constraints in asset markets 7) the financial crisis 8) the term structure of interest rates and 9) optimal portfolios that reflect multifactor models, return predictability and hedging motives. This course and the other “advanced investment” classes 35151 (Moskowitz), 35120 (Pastor), 35151 and 35901 (Fama), are designed to be different from the others, yet complementary. Students need not worry about overlap. Most topics are different, and the topics that appear in common are covered from a different perspective in each class. This course involves reading, weekly problem sets that encompass both conceptual problems and extensive computer problems, and preparation for class discussion. The class website is the definitive source for information about this class including content, policies, prerequisites, etc. Information here and other places on the Booth website is not guaranteed and may be out of date. Please see the class website for more information, at http://faculty.chicagobooth.edu/john.cochrane/teaching/35150_advanced_investments/ Grades: Based on homework, class participation and final exam. Cannot be taken pass/fail. Prerequisites: You need some exposure to finance (CAPM, expectations hypothesis, etc.), such as that provided by Business 35000 or more advanced courses such as Business 35151, 35901, 35904 or their equivalents from other institutions. You need to be comfortable running regressions and with simple time series such as the AR(1), background available in Business 41100, 41202 or more advanced statistics and regression classes. The prerequisites are not strict -- you do not have to ask for a waiver, and you can register without them -- but you’ll have to work harder if you’re missing background material. There is a mandatory first class assignment. See the class website for more information. Description and/or course criteria last updated: 6/11 Syllabus

35151 Empirical Asset Pricing (2011NOT2012)

35151 Empirical Asset Pricing - Moskowitz, Tobias   Contents: This course provides the basis for testing asset pricing theory. We will develop models and tests for analyzing how and why stock prices move over time and vary across stocks. We will examine the theories and empirical techniques for analyzing markets, covering academic articles and replicating studies using actual asset price data. We will derive models for portfolio decisions and prices, study the extensive empirical work that characterizes movements in security prices, and examine tests to determine whether markets are "efficient." Topics covered include 1) basic statistical tests of asset prices, 2) portfolio theory, 3) single and multi-factor pricing models, 4) market efficiency and anomalies, including value-growth and momentum, 5) behavioral finance, 6) market frictions, 7) trading costs, liquidity, and liquidity risk, 8) financial crises and opportunities for quantitative investing, and 9) empirical evidence on portfolio choice (home and local bias, private equity holdings). These topics and techniques will change depending on the current "state-of-the art" in asset pricing. The course is meant to be flexible. This course is designed for students who want a more detailed, more rigorous, and up-to-date treatment of asset pricing theory and empirical work than is provided by 35000. It is especially appropriate for students contemplating the analytical concentration in finance, and provides many tools and concepts that are essential for the advanced finance courses. The material is covered in a rigorous analytical manner, and students must be comfortable with technical methodologies (i.e., calculus, linear algebra, and advanced statistical theory). These courses are meant to be difficult, but accessible to the highly motivated M.B.A. student. The reading list is extensive. The expectation is that the average student spends 20+ hours per week on the course, outside of class. This course, 35150 (Cochrane), 35120 (Pastor) and 35901 (Fama), are designed to be quite different from the others, yet complementary. Students need not worry about overlap. Most topics are different, and the few topics that appear in common are covered from a different perspective in each class.   Grades: Based on 9 weekly problem sets that apply theory learned in class to actual stock price data and replicate results from many of the academic articles we will read in class. The focus is on rigorous empirical analysis and testing, which is motivated by the asset pricing theory we will derive in class. Class participation, including weekly presentations of academic journal articles, a "referee" (written critical) report on an academic article, and a take home final examination will also comprise the grade. In addition, for Ph.D. students only, a term paper can be written as a substitute for the weekly problem sets or take-home final. Cannot be taken pass/fail. No auditors.   Prerequisites: Business 33001 and 41100: strict. These are meant to be minimum requirements. A solid background in economics, mathematics, and especially statistics is necessary for the course that meets at least the level of the prerequisites.

35152 Structured Finance and Insurance

  35152 Structured Finance and Insurance - Culp, Christopher (4 grade)   Contents: "Structured finance" refers to the issuance of securities that are specifically designed and structured to meet the needs of end investors and/or securities issuers. "Structured Insurance" (also known as alternative risk transfer) refers to the process by which corporations integrate risk management solutions into their traditional corporate financing activities. Both concepts refer to the part of the global financial market in which securities, derivatives, and insurance converge. The course begins with a review of basic corporate finance theory and how structured finance and insurance fit into that theory. We will also discuss the fundamentals of insurance, reinsurance, financial guaranty, and credit derivatives markets - all of which are essential for understanding the rest of the course. The remainder of the class will explore the main products and processes in the structured finance and insurance worlds. Our discussions will include: asset-backed and residential mortgage-backed securities; cash and synthetic collateralized debt obligations (CDOs); leveraged syndicated loan markets and collateralized loan obligations; project and principal finance; insurance-linked notes (including Reg XXX securitizations and natural catastrophe bonds); captives, protected cell companies, and mutuals; multi-line/ multi-trigger programs; contingent capital facilities; and auction-rate securities. We will discuss the credit crisis throughout the course - why it happened, what products and markets were affected, and how it will impact the future of structured finance and structured insurance. This course will not be heavy on mathematics or analytics and is not primarily an asset pricing, cash flow modeling, or financial engineering course. Our perspective instead will be highly institutional (including legal, tax, accounting, etc.) and product-oriented. The goal is for you to understand the basic functions, benefits, and risks of structured finance and insurance against a framing and unifying backdrop of the theory of corporate finance. You will also learn how to read and digest documents like offering circulars, prospectuses, and rating agency guidance for the relevant products and structures. The class should appeal primarily to those interested in structured products and insurance on the sales and structuring side (banks, reinsurance companies, derivatives dealers, etc.), and on the issuer side (corporate finance and treasury operations and risk management). Although a lot of insights can be gained from the class for prospective investors in these products and structures, we will not delve deeply into how these financial instruments fit into broad portfolio management strategies. Auditors, consultants, and other external parties that evaluate structured finance and insurance products will also be interested in the course materials. Materials: Culp, C. L. Structured Finance and Insurance (Wiley, December 2006) and a thick CoursePack of readings. (Although most readings in this class are optional, if you want to gain the most knowledge you will be doing quite a lot of reading.) Grades: Based primarily on a take-home final exam and three or four group problem sets. Prerequisites: Business 35000 or equiv.: strict. I also recommend students to have taken Business 35100 or 35101. Although this is not a strict prerequisite, students who are not relatively facile with derivatives (e.g., how interest rate swaps work and what the ISDA master agreement is) will likely experience difficulties in the course. Description and/or course criteria last updated: 6/11 Syllabus  

35200 Corporation Finance

  35200 Corporation Finance - Born, Laura|Matvos, Gregor|   Contents: This course will provide a comprehensive and practical background on corporate finance, with an emphasis placed on practical applications. The course will combine the transaction experience of the instructor with a textbook, academic research, and case studies. This course is ideal for any student who is contemplating or pursuing a career in finance and/or business. Corporate finance is about making the right investment (internal and acquisitions), valuation, financing, capital structure, shareholder payout, restructuring (divestiture, go private, spin off, etc.) and corporate governance decisions to maximize shareholder value. We will study most of these methods of creating shareholder value. Time permitting, we will also touch on private equity, hedge funds and leveraged buy outs. The first part of the course will focus on discounting cash flows, discount rates, and the different types of valuation techniques for internal capital projects and acquisitions of companies. These will include the discounted cash flow method, the adjusted present value method, comparable trading multiples analysis and comparable transactions analysis. Then, we'll evaluate how companies elect to return cash to shareholders via share repurchases and dividends. The course will then evaluate a company's choice of capital structure, or the mix of debt and equity on the balance sheet, and we will study aspects of both debt and equity securities. Finally, we will study acquisitions and divestitures and as time permits, private equity, hedge funds and leveraged buy outs. Course Format: The course will be a mix of lectures, classroom discussion, cases, and articles. We will reference current events in the financial news as much as possible. A mixture of a textbook, academic research, cases and financial press will be used for the reading. Materials: Berk and Demarzo's Corporation Finance, 2nd edition (2010) and a CoursePack of readings and cases. The course syllabus will be posted on CHALK and emailed to registered students prior to the first class. Please read the syllabus and do the assigned readings before the first class. A calculator with financial functions is recommended. Grades: The course grade will be based on: case write ups, homework assignments, a midterm and a final exam, all of which are required. Group work is required. No auditors permitted. Cannot be taken pass/fail. Prerequisites: Undergraduate only. Coursework in economics and/or math is helpful; Bus 30000 (accounting) is required (strict). First day of class will be Tues., Sept. 27. Description and/or course criteria last updated: 07/19/11 Syllabus  

35201 Cases in Financial Management:

  35201 Cases in Financial Management - Gregory, Nathaniel|Leftwich, Richard|Muscarella, Chris|Rock, Kevin Contents: This course takes a financial approach to managerial decision making. It is designed to be a practical, overview course in corporate finance. As such, the objective is to draw together the various topics in managerial finance and present a unified, integrated view of the overall subject areas. The course builds upon and reinforces the theoretical and institutional framework learned in introductory corporate finance courses, and, primarily through the vehicle of case analyses, seeks to apply these concepts to real or simulated business situations. The course will require the student to deal with case applications of basic financial concepts and to consider recent empirical and theoretical findings in the field. The topics covered include financial analysis and planning, capital expenditure analysis, capital structure and dividend policies, corporate structure and restructuring, mergers and acquisitions, insider trading, IPOs and international corporate equity offerings. Integrated throughout the course will be issues of managerial compensation and potential management-shareholder conflicts. Materials: All required cases are in the CoursePack, along with supplementary readings. Grades: Based on a final exam (50%), individual class participation (20%), case summaries (10%), and one team case write-up (20%). Cannot be taken pass/fail. Prerequisites: Business 35000 and 35200 (or 35901 and 35902). Description and/or course criteria last updated: 06/11 Syllabus  

35202 Financial Markets and Institutions

  35202 Financial Markets and Institutions - Diamond, Douglas   Contents: This is an advanced course in corporate finance. The course studies financial institutions, financial crises, and the design of financial contracts. The economic role of various types of debt contracts is one theme. The strategic effects of the bankruptcy and reorganization process is another. The perspective is that of the chief financial officer (CFO), who must choose a source of funds, choosing between issuing securities directly to the public versus borrowing from an intermediary such as a bank or insurance company. The course begins with models of the role of debt contracts and bankruptcy. It then considers in detail the issue of reorganizing firms in financial distress. One focus is on the effects various financial contracts have on the bargaining power of borrowers and of lenders. The role of financial intermediaries in facilitating this reorganization is developed: this is a study of the corporate finance role of banks. The course also studies risk management and hedging policies in firms and banks. It considers the risk management goals that ought to be selected by firms. The course examines consequences of a bank's corporate finance role for its other operations. A related topic is the method by which liquidity is provided by financial markets and by financial institutions. Providing liquidity by offering short-term debt may leave banks exposed to the risk of a financial crisis. We examine recent financial crises, including the Asian debt crisis, the problems of hedge funds in the United States, and the sub-prime mortgage credit crisis of 2007-2010 in this light. More than half of the course is related to bankruptcy and reorganization, but it is not in any sense a bankruptcy law course. The course is a mix of concepts (economic models) and applications.   Grades: Based on required write-ups of several cases and applied problems (done in groups). In addition, there are several required quantitative homework problems that extend and review the models developed in class. There is a mid-term and a final exam.   Prerequisites: Business 35000 and 35200. A brave and motivated student may take Business 35200 concurrently. Syllabus  

35205 Cases in Corporate Control and Governance

  35205 Cases in Corporate Control and Governance - Gregory, Nathaniel (4.5 grade)   Contents: This course combines law and corporate finance to understand how shareholders try to exercise some control over the strategy and capital structure of public corporations in which they have an investment. It will be taught using cases from recent years that cover topics such as: takeovers; tender offers, fairness opinions, lockups, staggered boards and poison pills; shareholder activism and proxy contests; squeeze-outs, dual class voting and other control structures for closely-held corporations; etc. Students working together in groups of 3-4 will prepare several memoranda during the course, analyzing cases to be covered and responding to questions distributed beforehand. There will be at least one in-class student exercise. Although this course covers a range of topics in corporate governance, the emphasis is on fights for control, and there is very little focus on internal governance procedures, disclosure issues, CEO compensation policies and succession, or board composition and best practices, all of which are better covered in Business 42108. The material is suitable for any student with a general interest in financial strategy and business policy; but it is designed to be especially useful for students with a specific interest in investment banking and deal-making. There is a fair amount of case law covered in the course.   Grades: Grades will be based on the case memoranda, class participation and a final exam. The course cannot be taken pass/fail.   Prerequisites: Business 35000 and 35200 (or 35901 and 35902). Business 35201 would be helpful.   --------- 35206 Advanced Topics in Corporate Finance - Rock, Kevin   Contents: In contrast to my sections of Business 35201, this Course focuses on Finance from the CFO’s point of view, rather than the investment banker’s point of view. It considers a variety of topics that are of particular relevance to managing a corporation’s financial affairs and supporting the business strategy. These include IPO’s, real options, project finance, hedging, securitization, and restructuring. The approach is case oriented with intermittent lectures.   Grades: There is a midterm and three graded homeworks. There is no final examination.   Prerequisites: Business 35201. Syllabus

35206 Advanced Topics in Corporate Finance

35206 Advanced Topics in Corporate Finance - Rock, Kevin Contents: In contrast to my sections of Business 35201, this Course focuses on Finance from the CFO’s point of view, rather than the investment banker’s point of view. It considers a variety of topics that are of particular relevance to managing a corporation’s financial affairs and supporting the business strategy. These include IPO’s, real options, project finance, hedging, securitization, and restructuring. The approach is case oriented with intermittent lectures. Grades: There is a midterm and three graded homeworks. There is no final examination. Prerequisites: Business 35201. Syllabus

35210 International Corporate Finance

    Rajan, Raghuram Contents: This course will explore the challenges of corporate finance and investment in a more integrated global economy. How should one optimally organize the location of production, control, and financing? What kinds of new concerns emerge when the whole world, rather than just one's domestic economy, become the arena of decision making? How does decision making depend on the environment one is doing business in? Most students will see this as an alternative to the case course in corporate finance (35201), but some could see it as a complement. Materials: The course will be based on a set of readings and cases. Grades: Grades will be based on class participation, case-write-ups, and an exam. No auditors. Prerequisites: Business 35200: strict (can be substituted by 35201). Description and/or course criteria last updated: 09/30/11 Syllabus

35211 The Analytics of Financial Crises

  35211 The Analytics of Financial Crises - Kashyap, Anil   Contents: This is an advanced course that uses the tools of corporate finance to analyze financial crises. Much of the material will pertain to the most recent global crisis, but we will also study past crises. We will begin by studying the Great Depression and the Japanese and Swedish economic crises in the 1990s. Next we will study the proximate causes of the recent crisis, housing and structured finance. The third part of the course will cover the periods of stress related the demise of Bear Stearns, the failure of Lehman Brothers and the sovereign debt problems that surfaced for Greece. The last section of the course will pertain to regulatory reform proposals aimed at averting future crises. The class will consist of a blend of lectures, cases, and general discussion. There will likely be a mandatory extra class meeting with a guest speaker. To accommodate the guest speaker I will reschedule a class. A detailed week-by-week syllabus and answers to a set of frequently asked questions (including who the guest speaker will be and the time of the rescheduled class) will be posted on the http://chalk.uchicago.edu course web page, by February 1. Preassignment: For the first class, doing the reading assignment that is posted in Chalk and complete the homework associated with the reading. Also bring your name card, along with a completed copy of the student information sheet that is posted in Chalk. The first class assignment will also be posted on my personal web site under the teaching page if you cannot access Chalk. Materials: Readings will come from a CoursePack of articles. The book by David Wessel, “In Fed We Trust” is also required. Students are expected to read The Wall Street Journal every day. The course draws heavily from current events. Grades: Based on class participation, case write-ups, and a final exam. No auditors and no pass/fail grades. Non-Booth students need permission of instructor. If you are going to miss class or cannot devote significant time to preparing the cases, you should not take this course. Prerequisites: Business 35200: highly recommended, and if you have not completed that course (or a more advanced substitute), you will be limited in your study groups. I insist that people who are not fully prepared will not be able to free-ride off people who have taken the prerequisite. Your class participation grade is also at risk if your comments in class reveal that you have not mastered the material in Business 35200. Business 33040 or 33401 is also highly, highly recommended. Description and/or course criteria last updated: 06/11 Syllabus  

35215 Behavioral and Institutional Finance

  35215 Behavioral and Institutional Finance - Vishny, Robert (4.5)   Contents: This is an advanced course covering a variety of special topics. These topics should include: Understanding financial crises and the role of banks; Investor sentiment, anomalies, and market efficiency; The money management business and the inherent limitations of professional arbitrage; The role of cross-country institutional differences in explaining differences in financial markets and access to finance; Finance and rent-seeking: Are financial people overpaid?; Implications of asset price volatility for corporate finance, including merger waves and financial innovation.   Materials: Selected readings.   Grades: Based on class participation, a short paper, and a longer final paper.   Prerequisites: Bus 35000 and 35200 or equivalent. Syllabus  

35301 Derivatives (LAW) (2011NOT2012)

35301 Derivatives (LAW) - Henderson, M. Todd   Contents: This seminar will introduce the basics of derivatives by looking at their forms and uses, as well as the regulation governing them. We will read a mixture of economics, practice literature, regulations, cases, and academic articles. Grades will be based on class participation and a series of short research papers. Note: This is a Law School course and will be held at the Law School (LBQ, 1111 E. 60th St.) in room B.   Please see the Law School website for more information: http://www.law.uchicago.edu/

35302 Federal Regulation of Securities (LAW) (2011NOT2012)

35302 Federal Regulation of Securities (LAW) - All Faculty teaching this class Henderson, M. Todd View course evaluation Henderson, M. Todd Contents: This course covers the basic economic and legal principles of public equity markets. We will look at the public offering (IPO) and private placement process in some detail, paying special attention to the key securities statutes and the complex rules issued by the Securities and Exchange Commission. We will also examine the basic principles of trading, including tender offers, private securities actions, and damages. The economics of finance and capital markets is employed to assist the analysis. Corporation Law/Business Association I is a prerequisite, although it may be taken concurrently. Grades will be based on class participation and a standard final examination. Note: This is a Law School course and will be held at the Law School (LBQ, 1111 E. 60th St.) in room IV. Please see the Law School website for more information: http://www.law.uchicago.edu/

35303 Investment Management (LAW) (2011NOT2012)

  35303 Investment Management (LAW) - Hale, Tom   Contents: This seminar provides an introduction to the investment management industry--the development and distribution of investment advisory services and financial investment products to investors and retirement plans. Although the growth and development of the U.S. capital markets in the preceding 30 years has been remarkable, the increase in the size and significance of the investment management industry has been even more dramatic. While during the period from 1980 to the market's peak in October 2007 the Dow Jones Industrial Average increased by an unprecedented rate of nearly 16-fold, during the same period the investment management industry increased by over 90-fold, with estimates of discretionary assets under management in the industry exceeding $13 trillion. This growth in the size of the industry is coupled with an increase in the breadth and complexity of the investment products offered, involving a broad array of disciplines with which legal advisers and industry participants need to have a basic familiarity. This seminar examines the basic regulatory framework--primarily the federal Investment Company Act and Investment Advisers Act--by analyzing selected issues involving the structure, management, marketing, and distribution aspects of mutual funds and other investment products. Other topics will be highlighted through analysis of the development of new investment products, such as ETFs and publicly offered hedge funds and private equity funds. The role of, and impact on, the investment management industry in regards to the recent financial market crisis will provide a framework for our discussions. This seminar will provide an introductory level analysis of certain core areas of the investment management industry, including portfolio management philosophies; basic characteristics of equity, fixed income, and alternative asset classes; the role of fund directors, conflicts of interest, and corporate governance issues; and distribution and marketing-related issues, including the impact of the Internet on financial product design and distribution. A student's grade will be based on a final examination. Active class participation is encouraged and may be a factor in the final grade. A student electing to write a 10- to 12-page paper in addition to taking the exam may receive three credits and will be graded on both the paper and the exam. Note: This is a Law School course and will be held at the Law School (LBQ, 1111 E. 60th St.) in room I. Please see the Law School website for more information: http://www.law.uchicago.edu/  

35600 Seminar: Finance

35600 Seminar: Finance Diamond, Douglas;Kelly, Bryan|Panageas, Stavros;Tsoutsoura, Margarita|Pastor, Lubos Prerequisites: One year in PhD Program & consent of instructor; =ECON 55600 Contents: Advanced topics in finance are discussed in detail and research topics presented. Faculty from other universities are invited to speak at the seminar. Syllabus

35601 Applied Theory Workshop

  35601 Applied Theory Workshop  

35901, 35902, 35904

Financial Accounting

30000 Financial Accounting

30000 Financial Accounting Bleck, Alexander Contents: This course provides an introduction to financial statements and the financial reporting process from a user's perspective. The focus of the course is on fundamental accounting concepts and principles. Students learn how the economic transactions of a firm are reported in the financial statements and related disclosures. The objective of the course is to provide students with basic skills necessary to read and analyze financial statements as well as to prepare students for more advanced financial statement analysis courses. Classes combine interactive lectures and discussions about financial accounting concepts and practice. Short cases involving corporate financial statements are used to illustrate accounting concepts and to explore disclosure strategies of companies. Students are expected to complete assigned problems and readings in preparation for each class. Materials: The text is Francis, Schipper, Stickney and Weil, Financial Accounting: An Introduction to Concepts, Methods and Uses (most recent edition). Grades: Based on a mid-term and final examination, individual assignments and class participation in case discussions. Cannot be taken pass/fail. No auditors. Prerequisites: None.  

30001 Managerial Accounting

30001 Managerial Accounting -Gerakos, Joseph|Kovrijnykh, Andrei|Rogers, Jonathan Contents: This course emphasizes the use of accounting information for internal planning and control purposes. This course is intended for students interested in careers in consulting, operations, marketing or general management. This course will cover the vocabulary and mechanics of cost accounting, basic issues involved in the design of a managerial accounting system, and the role of management accounting in decisions concerning resource allocation and performance evaluation. The principal objective of the course is to provide students with a framework to understand and productively use the cost and accounting information they are likely to encounter in their careers. Throughout the course, we will pay particular attention to various (unintended) dysfunctional consequences of traditional managerial accounting systems, as well as possible solutions to these problems. The assigned course material provides the basis for the classroom sessions. Students are expected to prepare assignments prior to the class meetings and contribute to class discussions. Materials: A CoursePack of cases and readings is required. Grades: Based on class participation, case write-ups, a problem set, and a final project. Cannot be taken pass/fail. Prerequisites: Business 30000, 33001, 41000 or equivalent. Description and/or course criteria last updated: 07/20/11  

30116 Accounting & Financial Analysis I

  30116 Accounting and Financial Analysis I - Berger, Philip   Berger, Philip Contents: This course is designed to increase your ability to be a sophisticated user of financial statements. After taking this course, you should improve your ability to determine a firm's accounting policy for a particular type of transaction and to determine how that policy choice affects its primary financial statements. You will also learn how to question whether these effects fairly reflect the underlying economics of the firm's transactions. Asking these questions involves an interplay between accounting, economics, finance and strategy. You should therefore improve your ability to use an accounting report as part of an overall assessment of the firm's strategy and the potential rewards and risks of dealing with the firm. This course covers a less specialized set of financial reporting topics than does Business 30117. The technical knowledge acquired is applied to cases where the main goal is to examine how the reported financial statements would differ if the firm had used different accounting policies. The focus is on modifying the reported financial statements in order to obtain the cleanest possible inputs for use in such applications as equity valuation, transaction structuring and credit analysis. This course does not take the next steps of trying to project the firm's future economic condition and value the firm. These applications are emphasized in Business 30130. Topics to be discussed in this course include the accounting for: income taxes, revenue recognition, securitization, intercorporate investments, organizational structures (e.g., franchising), debt, leases, and employee stock options. Intensive group hand-in cases will be used to illustrate how the flexibility in financial reporting can reflect both the economics of the firm and the incentives of the managers creating the financial statements. The course is likely to be useful to those preparing to take the CFA exams or the CPA exam. Materials: CoursePack. Textbook: Revsine, Collins, Johnson & Mittelstaedt, Financial Reporting & Analysis, 5th edition (McGraw-Hill/Irwin). Grades: 40% individual exams (mid-term and final), 25% group case write-ups, 5% first day case write-up, 10% individual cold-calls on case write-ups, 10% general class participation, and 10% group homeworks. Cannot be taken pass/fail. No auditors. Prerequisites: Business 30000 or equivalent. Description and/or course criteria last updated: 6/11  

30117 Accounting & Financial Analysis II

30117 Accounting and Financial Analysis II - All Faculty teaching this class Ball, Ryan|Sapra, Haresh   Contents: Financial accounting is the fundamental language used to express the economic realities of complex financial scenarios. Understanding this language is crucial for converting financial statement data into decision-enhancing information and expressing strategic business plans and investment ideas in a powerful and convincing way. The course is designed to develop sophisticated users of financial accounting information and will benefit any student (from poet to rocket scientist) who desires to increase his or her ability to understand and profitably exploit financial information. The class format involves a mixture of lecture and case discussion. The only prerequisite for the class is Introduction to Financial Accounting (30000).   The course integrates accounting with insights from financial economics to study:   - Financial reporting implications of firms under influence and control situations. - The latest financial reporting rules for M&A deals. - Tax structuring and tax implications of M&A deals. - Corporate restructuring and financial reporting implications of spin-offs, tracking stocks, and equity carve-outs. - Financial reporting issues for firms operating under bankruptcy reorganization. - Introduction to accounting for firms with international operations and managing foreign currency risk. - Accounting information, managerial incentives, and behavior (e.g., risk aversion, performance measurement, estimating employee stock and options holdings from accounting reports).   Materials: Course handouts.   Grades: The course grade will be determined by a midterm exam (30%), a final exam (40%), two homework assignments (15%), and weekly quizzes (15%). The exams are open book, open notes. Cannot be taken pass/fail. Absolutely no auditors.   Prerequisites: Business 30000 or equivalent.

30118 Taxes and Business Strategy

30118 Taxes and Business Strategy Erickson, Merle   Contents: This course provides students with a framework for thinking about tax planning. This framework has two principal advantages. First, it is designed to have value long after the next tax act. Second, the framework is portable, in that it can be applied to any set of tax laws - those of the United States or any other country. Once developed, the framework is applied to a variety of business settings. The applications integrate concepts from finance, economics, and accounting to achieve a more complete understanding of the role of taxes in business strategy. The course also includes periodic focus on the financial accounting ramifications of tax planning. Moreover, the course content has valuation related implications. The following groups will profit from this course: investment bankers, financial executives and consultants who want to have a competitive advantage by understanding how taxes impact the structure and value of deals; and managers and analysts who need to understand how firms strategically respond to tax incentives. The course is also useful for those in the private equity arena. Topics include the following: tax planning for mergers, acquisitions, and divestitures; tax arbitrage strategies; taxation of competing legal entities (e.g., C Corps, S Corps, and LLCs); executive compensation (e.g., incentive stock options); and others.   Materials: Textbook: Scholes, Wolfson, Erickson, Maydew and Shevlin, Taxes and Business Strategy, 4th edition (Prentice Hall). Casebook: Erickson, Cases in Tax Strategy, 4th edition (Prentice Hall/Pearson). Handouts.   Grades: Based on short assignments, cases, and a final exam. No auditors.   Prerequisites: Business 30000. Business 35200 useful. No prior tax knowledge is needed for this course.  

30130 Financial Statement Analysis

  30130 Financial Statement Analysis - Smith, Abbie;  Leuz, Christian   Leuz, Christian Contents: This course is concerned with the analysis of financial statements and the valuation of companies. Its primary objective is to advance your understanding of how financial reporting can be used in a variety of decisions (e.g., lending and investment decisions) and analyses (e.g., financial distress and bankruptcy prediction). The course provides both a framework for and the tools necessary to analyze financial statements. It is applied in nature and stresses the use of actual financial statements. Throughout the course, I draw heavily on real business examples and use cases to illustrate the application of the techniques and tools. The first part of the course is designed to improve your ability to analyze financial statements and firms' accounting policies. It will also enhance your ability to use financial statements as part of an overall assessment of a firm's strategy and valuation. Topics include traditional ratio analysis techniques, accounting analysis (i.e., identifying earnings management and accounting quality issues), and financial risk analysis. The second part of the course focuses on equity valuation, e.g., the preparation of pro-forma financial statements, and the use of various valuation models. Materials: The CoursePack of readings and textbook should be purchased prior to the first week of classes. Grades: Based on individual and group assignments, class participation, a group valuation project, and a final exam. Cannot be taken pass/fail. No registered auditors. Prerequisites: Business 30000 (or 30116) and Business 35000 (or 35001) are strongly recommended and ideally should be taken prior to taking my class. In essence, I expect students to have a solid foundation in financial accounting and an understanding of investments (including the CAPM) as provided by Business 30000 and 35000, respectively. Business 35200 is also strongly recommended but can be taken concurrently. If you decide to take this class without these prerequisites, you will have to work much harder and may be at a disadvantage. Description and/or course criteria last updated: 11/02/09  

30600 Workshop in Accounting Research

30600 Workshop in Accounting Research - All Faculty teaching this class Leuz, Christian;Zechman, Sarah View course evaluation Leuz, Christian; Zechman, Sarah

Decision Sciences

38002 Managerial Decision Making

38002 Managerial Decision Making - All Faculty teaching this class Hastie, Reid|Hsee, Christopher|Thaler, Richard|Wu, George View course evaluation Hastie, Reid Contents: This course is designed to make you a better decision maker. Good decision makers know how to recognize decision situations, then how to represent the essential structure of the situations, and how to analyze them with the formal tools from decision theory. But, perhaps more important, they need to be able to think effectively about the inputs into a decision analysis, whether to trust the analysis, and how to use the outputs to guide actions by themselves and their firms. And, maybe most important of all, they need to know how to make effective, unaided intuitive decisions, and to recognize the limits on their intuitive skills. This course will move back and forth between formal, optimal models and behavioral, descriptive models to help you understand and improve your native decision making abilities. Materials: M.H. Bazerman, Judgment in Managerial Decision Making. J. S. Hammond, R. L. Keeney, & H. Raiffa, Smart Choices: A Practical Guide to Making Better Decisions. J.E. Russo & P.J.H. Schoemaker, Winning Decisions: Getting it Right the First Time. Grades: Five essays, final examination, and class participation. Cannot be taken pass/fail. Prerequisites: Business 41000.

30001 Managerial Accounting

30001 Managerial Accounting - Rogers, Jonathan   Contents: This course emphasizes the use of accounting information for internal planning and control purposes. This course is intended for students interested in careers in consulting, operations, marketing or general management. This course will cover the vocabulary and mechanics of cost accounting, basic issues involved in the design of a managerial accounting system, and the role of management accounting in decisions concerning resource allocation and performance evaluation. The principal objective of the course is to provide students with a framework to understand and productively use the cost and accounting information they are likely to encounter in their careers. Throughout the course, we will pay particular attention to various (unintended) dysfunctional consequences of traditional managerial accounting systems, as well as possible solutions to these problems. The assigned course material provides the basis for the classroom sessions. Students are expected to prepare assignments prior to the class meetings and contribute to class discussions. Materials: A CoursePack of cases and readings is required.   Grades: Based on class participation, case write-ups, mid-term exam (optional), and a final exam. Cannot be taken pass/fail.   Prerequisites: Business 30000, 33001, 41000 or equivalent.  

36106 Managerial Decision Modeling

36600 Workshop in Operations/Management Science

36600 Workshop in Operations/Management Science - All Faculty teaching this class Birge, John|Parker, Rodney|Su, Che-Lin View course evaluation

36104 Tools for Business Analysis: Excel and Matlab

36104 Tools for Business Analysis: Excel and Matlab - All Faculty teaching this class Martin, R. View course evaluation Martin, R. Contents: In a modern corporation, data reside in numerous places in various formats. To build analytical models for decision support, it is necessary to integrate data from various sources. This course will focus on how to do this system integration using Excel and Matlab. The course will also cover building optimization models, constructing simulation models, and coding in the VBA and MATLAB scripting languages. Students will learn how to use Excel and Matlab as an aid in analyzing cases and completing homework and projects in other Booth courses. Students will also learn to use the GAMS modeling language developed at the World Bank. This course has the following objectives. Learn to use MATLAB. This is an important program used in a number of other Booth courses. In the business world it is used extensively on Wall Street. Learn VBA (Visual Basic for Applications), a key tool that adds tremendous functionality to Microsoft Excel. This tool is also widely used in business. Develop skill in building analytical models to support decision making. This includes optimization and simulation models. Learn how to access and integrate data that reside in different locations and use these data as input to models. Learn to use the General Algebraic Modeling System (GAMS) developed at the World Bank. This modeling system will allow students to formulate and solve realistic models using the input from Excel and MATLAB. Grades: Based on homework, quizzes or a mid-term, and a final exam. Cannot be taken pass/fail. No auditors. Prerequisites: Basic knowledge of spreadsheets.

Stats

41000 Business Statistics

41000 Business Statistics - All Faculty teaching this class Bester, C.|Creal, Drew|Gilula, Zvi|Ledolter, Johannes|Lopes, Hedibert|Polson, Nicholas View course evaluation Bester, C. Contents: This course covers statistical concepts needed for modern business applications. The goal is to learn to use statistical tools, along with problem solving and communication skills, to analyze data and make business decisions. These tools also form the foundation for Chicago Booth elective courses, particularly in marketing, economics, and finance. We first cover descriptive data analysis and summary statistics. We then cover probability before tackling statistical inference. The last three weeks of the course cover regression analysis. Real world examples from business, politics, and sports are used throughout the course. Although the content of the course is similar to a college level statistics class, the emphasis is on understanding over memorizing formulas. Students who successfully complete this course will understand how to use statistical tools as a complement to their own business intuition and common sense. Materials: The main content of this course is in the lecture notes, which are available on the course website. We also use a textbook and outside readings, but they are optional. We use an add-on for Microsoft Excel. We will review Excel basics and how to use this software in class. Students are highly encouraged to have access to a Windows PC and familiarize themselves with Excel before enrolling. Grades: Weekly problem sets, midterm, and a final. Students are highly encouraged to form study groups to work on problem sets and prepare for exams. Cannot be taken pass/fail. No auditors.

41100 Applied Regression Analysis

41100 Applied Regression Analysis - All Faculty teaching this class Durkin, Sean|Gramacy, Robert|Hansen, Christian|Lee, Jin Man|Marsh, Lawrence|Taddy, Matt View course evaluation Durkin, Sean Contents: The course is designed to help students understand how to conduct regression analysis and to interpret the results of regression analysis. While the course will cover the theoretical foundation for regression analysis, its primary focus will be on the application of regression analysis to solve real-world problems faced by businesses. Topics covered include: a review of simple linear regression, multiple regression, dummy variables, regression with panel and time series data, and regression with qualitative dependent variables. Materials: The textbook for the course is Introductory Econometrics by Jeffrey M. Wooldridge. Lecture notes and supplemental materials are available on the course website. Grades: Based on problem sets, final exam, and final data analysis project. Prerequisites: Business 41000 or familiarity with the topics covered in Business 41000.

41201 Information Management and Data Mining for Business

41201 Information Management and Data Mining for Business - All Faculty teaching this class Taddy, Matt View course evaluation Taddy, Matt Contents: Data Mining is a flavor of statistical analysis that seeks to uncover a small number of influential variables within large, high-dimensional datasets. In the internet age, businesses are faced with a vast supply of data on consumers and clients, their preferences and needs, and general marketplace trends. This class will provide you with cutting edge tools for data mining, with the goal of detecting trends and influential relationships in messy real-world data. Methods taught include modeling that builds on traditional regression techniques from 41100, such as multivariate linear regression, logistic regression, and multinomial regression. We also introduce some modern tools developed specifically for data mining, including classification and regression trees, principle component regression and partial least squares, support vector machines, and various clustering algorithms. Throughout, emphasis will be placed on model simplicity, data visualization, and analysis of real data. Grades: Individual: 20% Homework and 40% take-home exam 40% Group Project: 10% proposal, 10% talk, 20% paper (max group size of 3) Prerequisites: Bus 41100 highly recommended and 41000: strict or with instructor’s permission.

41202 Analysis of Financial Time Series

41202 Analysis of Financial Time Series - All Faculty teaching this class Tsay, Ruey View course evaluation Tsay, Ruey Contents: This course focuses on the theory and applications of financial time series analysis, especially in volatility modeling and risk management. Students are expected to gain practical experience in analyzing financial and macroeconomic data. Real examples are used throughout the course. The topics discussed include the following: (1) Analysis of asset returns: autocorrelation, business cycles, stationarity, predictability and prediction. Simple linear models and regression models with serially correlated errors. (2) Volatility models: GARCH-type models, GARCH-M models, EGARCH model, GJR model, stochastic volatility model, long-range dependence. (3) Forecasting evaluation: out-of-sample prediction and backtesting. (4) High-frequency data analysis (market microstructure): transactions data, non-synchronous trading, bid-ask bounce, duration models, bivariate models for price changes and duration, and realized volatility. (5) Nonlinearities in financial data: simple nonlinear models, Markov switching and threshold models, and neural network. (6) Continuous-time models: simple continuous-time and diffusion models, Ito's lemma and Black-Scholes pricing formulas and jump diffusion models. (7) Value at Risk and expected shortfall: Riskmetrics, extreme value analysis, peaks over threshold, and CreditMetrics. The course also discusses credit risk and basic operational risk. (8) Multivariate series: cross correlation matrices, simple vector AR models, co-integration and threshold co-integration, pairs trading, factor models and multivariate volatility models. Computer program R is used throughout the course. No prior knowledge of the software is needed. All the programs used will be discussed in class and in review session. Materials: Textbook: Ruey S. Tsay, Analysis of Financial Time Series, 3rd edition (Wiley, 2010). Grades: Homework assignments (30%), mid-term (35%), and final exam (35%). Prerequisites: Business 41000 or 41100.

41203 Financial Econometrics

41203 Financial Econometrics - All Faculty teaching this class Russell, Jeffrey View course evaluation Russell, Jeffrey Contents: This course covers a variety of topics in financial econometrics. The topics covered are of real- world, practical interest and are closely linked to material covered in other advance finance courses. Topics covered include ARMA models, volatility models (GARCH), factor models, issues in the analysis of panel data, and models for transactions data and the analysis of transactions cost. Materials: See course web page for additional information: http://faculty.chicagobooth.edu/jeffrey.russell/teaching/finecon/ Grades: Homework, midterm, and final exam. Prerequisites: Business 41000, 41100 or instructor consent.

41301 Statistical Insight into Marketing, Consulting & Entrepreneurship

41301 Statistical Insight into Marketing, Consulting & Entrepreneurship Gilula, Zvi Contents: - This course is an elective course in marketing, statistics, and entrepreneurship. Class attendance is strictly limited to 40 students. - The course is typically offered in the summer only at Gleacher. - There is no mandatory textbook in this course. A Course Pack containing summary class notes wiil be available for purchase. ********************************************************************************************** You decide to establish a start-up in marketing consulting. You search the Internet and find to your dismay well over 650 companies in that area, each one claiming to be best and unique. In order to compete in this arena you need to have the ability to identify upcoming trends and new problems in the marketing area, AND to be able to provide original, sound, fast and applicable solutions to these problems. One such example that is not dealt by many of the marketing consulting companies is the following shelf-planning problem. Imagine a customer in a deli store on a Sunday morning intending to buy bagels. There are only two bagels on the shelf. What would you predict the person would do? Hurry up and buy the only remaining bagels before they are gone? Would he consider the two bagels as being the least fresh, touched and left by all former customers, and therefore decide to wait for a fresher batch? As a consultant to the store manager, how would you deter-mine the optimal number of bagels that should be on the shelf at a given time in order to avoid making customers reluctant to buy? As it turns out, the methodology covered by this course, that solves the above-mentioned problem, can also be used for the analysis of customer attrition, sale promotion and more. Unlike marketing research, marketing consulting is a problem-solving endeavor that requires a great deal of specificity and is fueled by experience. This course is meant to give future consultants and entrepreneurs important tools and ways of thinking that are relevant for dealing with insightful consulting and are useful in the practice of marketing consulting. The course addresses a variety of practical consulting problems and their solutions. Some examples are: (1) Optimal shelf-planning (see the bagels example above); (2) Analyzing customer attrition as a process (rather than as an event-driven phenomenon); (3) Optimal inventory management; (4) Prediction of a customer's purchase behavior (buying intentions, buying propensity, etc.) from the customer's patterns of usage of media, life style, political orientation, etc.; (5) Analysis of satisfaction -how to create a VALID satisfaction scale, how to rank products by satisfaction of customers, how to detect easy-to-please customers, etc.; (6) Analysis of brand loyalty -how to measure loyalty, how to determine whether loyalty to certain brands exists, and how to quantify it; (7) How to systematically obtain brand imagery from consumer's data; (8) How to analyze the image of the company as perceived by the public in general, and by its customers in particular. The course is taught in a way that emphasizes the interpretation of results rather than computations, and statistical theory. To aid in the analysis, a Windows-supported software containing original and user-friendly statistical programs will be used in this course, and will be distributed at the first class meeting. Materials: A CoursePack. Grades: The final grade is a weighted mean between homework (15%), a mid-term (35%) and a final exam (50%). Prerequisites: Business 41000 strongly recommended. Although this course uses statistical reasoning, it is NOT mathematical in nature. Students who took Business 41000 should find the course quantitatively manageable.

41600 Econometrics and Statistics Colloquium

41600 Econometrics and Statistics Colloquium - All Faculty teaching this class Creal, Drew|Hansen, Christian|Lopes, Hedibert View course evaluation Creal, Drew

41901, 41902, 41903, 41910, 41911, 41912, 41913, and 41914

Microeconomics/Industrial/HRM

33001 Microeconomics

33001 Microeconomics - All Faculty teaching this class Bleakley, C.|Carlton, Dennis|Gibbs, Michael|Notowidigdo, Matthew|Oster, Emily|Shefi, Yoad|Shivakumar, Ram|Topel, Robert Contents: This course presents the basic principles of modern microeconomics and their application to business decisions. It begins with an analysis of consumer choice, followed by a treatment of the pricing and output decisions of businesses. The remainder of the course analyzes the strategic aspects of pricing, differing market structures, and uncertainty. Examples, many drawn from economic and business history, are used throughout to complement the theoretical framework. Grades: Based on problem sets, a mid-term, and a final exam. Prerequisites: Ability to analyze and understand derivatives is absolutely required.

33002 Accelerated Microeconomics

33002 Accelerated Microeconomics - Stole, Lars Contents: This course is an advanced alternative to Business 33001 intended for students who have previously studied microeconomics at the University level. The first part of the course will cover the central topics of microeconomics: consumer choice, decision-making under uncertainty, production and cost, and the models of competition and monopoly. The second part of the course will survey selected areas in contemporary microeconomic theory such as game theory and competitive strategy, price discrimination, vertical contractual relations, incentive provision and auctions. The course will emphasize using simple microeconomic models to understand individual behavior and markets. Materials: The primary textbook for the course is Microeconomics by Bernheim and Whinston. There will be a supplementary course packet available online containing lecture notes and additional reading materials. Grades: Grades will be based on weekly problem sets and online quizzes, a midterm exam and a final exam. Prerequisites: Students should have completed at least an intermediate microeconomics course at the university level and should have been exposed to indifference curves, elasticities, and the basic models of perfect competition (i.e., supply and demand) and monopoly. In addition, students should be comfortable using basic mathematical tools such as graphing curves, solving simple systems of equations, and differentiation of quadratic functions.

33032 Managing the Workplace

33032 Managing the Workplace - All Faculty teaching this class Gibbs, Michael|Kole, Stacey|Prendergast, Canice Kole, Stacey Contents: This course examines foundational topics in human resource management with a focus on coordinating human resource practices and business strategy. Topics covered include employee selection and retention, training and development, performance evaluation, compensation, job design and communications within the firm. Classes will combine case discussions with lectures, blending theory and application. Materials: Textbook; cases; selected readings. Grades: Based on participation in case discussions, case write-ups, a midterm and final exam. No auditors. Prerequisites: Business 33001.

33101 Advanced Microeconomic Analysis

33101 Advanced Microeconomic Analysis - All Faculty teaching this class Murphy, Kevin View course evaluation Murphy, Kevin Contents: This course covers the central topics of microeconomics. The course is intended as an alternative to Business 33001. It is designed for students with some background in economics that wish to explore the topics covered in Business 33001 at a more advanced level. Topics to be covered include supply and demand, consumer behavior, capital markets, cost and production, competitive markets and choices under uncertainty. The emphasis of the course will be on understanding the basic principles of microeconomic theory and learning how to use these principles to analyze real world problems. Materials: The text will be Microeconomics by Pindyck and Rubinfeld. Grades: The course will have weekly problem sets, a mid-term exam and a final exam. Description and/or course criteria last updated: 6/09 Syllabus

33221 Economics and Policy in the Telecom, Media and Technology Industries

33221 Economics and Policy in the Telecom, Media and Technology Industries Goolsbee, Austan Contents: This applied economics and strategy course will analyze the economics of various telecommunications, media, and high-tech industries as well as the role of government interventions on them. The course will analyze subjects such as understanding the mega-mergers of media companies, competition in search, the rise of mobile applications and social media, platform competitions, the impact of new forms of video delivery like TiVo and Hulu on traditional cable and satellite, antitrust policy in high-tech markets, copyright on the Internet, and the local and national efforts to develop technology clusters. Grades: Based on class assignments, a mid-term exam, a final exam, and class participation. Prerequisites: Business 33001. Description and/or course criteria last updated: 02/20/2012   Syllabus

33301 Management, Unions, and Collective Bargaining

33301 Management, Unions, and Collective Bargaining - All Faculty teaching this class Wildman, Wesley View course evaluation Wildman, Wesley Contents: Yes, private sector unions in the U.S. are in trouble, but there is much going on and we will deal with all of it: Caterpillar dramatically closes London, Ontario union plant after six months of bargaining and sends the work where? (Muncie, Indiana?); UAW in major effort to organize foreign-owned auto plants in U.S.; National Labor Relations Board alleged radicalism resulting from "recess" appointments by President over the holidays; critical labor relations impact on merger and relocation activity (e.g. Boeing) particularly in the airline industry; macro issues such as Krugman, Obama and others pushing the revival of private sector unionism as a means of stimulating employment and reviving the economy generally (does this make any sense?). Also, of course, the basics: 1. detailed examination of union organizing efforts, collective contract bargaining, and the exercise of power by unions; 2. analysis of the current debate between "left" and "right" over the nature and effect of our structure of labor laws in the U.S.; 3. in-depth analysis of the implementation and enforcement of the labor contract with emphasis on the all important process of labor arbitration; 4. finally, briefly: a. the growth, decline, government and philosophy of unions in the U.S.; b. the unique problems of bargaining in the public sector; and c. the economic consequences of bargaining in the U.S. Description and/or course criteria last updated: 02/07/2012 Prerequisites: None. Syllabus

33305 The Firm and the Non-Market Environment

33305 The Firm and the Non-Market Environment - All Faculty teaching this class Bertrand, Marianne View course evaluation Bertrand, Marianne Contents: The business environment has both a market and a non-market component. Most courses in the MBA curriculum focus on the market component: they study firms’ interactions with customers, suppliers, and alliance partners in the form of mutually beneficial exchanges transacted in markets. In contrast, this course focuses on the non-market component: we study firms’ strategic interactions with comparably important constituents, organizations, and institutions outside of markets. Businesses need to cope with regulatory reforms, lobby for favorable legislation, ensure access to foreign markets, deal with media coverage or activist pressures, to name just a few. Businesses also need to understand how their profit-maximizing activities may give rise to issues that involve governments and the public: for example, the market strategies of some internet firms have recently sparked debates ranging from intellectual property protection to privacy. Successful managers hence need to formulate integrated strategies for their firms that take into account not only the market but also the social, political and legal (e.g. non-market) environments in which they operate. This course’s lectures and case studies emphasize such strategies, in both US and international settings. An important component of a company's interactions with its environment is how its managers deal with ethical issues. Managerial decision-making almost always has ethical implications. Those ethical implications, however, are often viewed as implicit byproducts, rather than explicit determinants, of business decisions. Ethics is made explicit in this course by taking the perspective of managers who must formulate policies to address issues with ethical dimensions. Materials: David P. Baron, Business and Its Environment. There will also be lecture notes and supplementary readings available online. In addition, The Economist or an equivalent source of current economic news is highly recommended. Grades: Based on class participation in case discussions, weekly write-ups, a group project and a final exam. Prerequisites: None.

33306 Antitrust and Industrial Organization (2011NOT2012)

33306 Antitrust and Industrial Organization - All Faculty teaching this class Carlton, Dennis View course evaluation Carlton, Dennis Contents: This course is also listed as 33923. It complements the other courses in the Ph.D. sequence for industrial organization and will focus on topics closely related to antitrust economics and regulation. Topics will include barriers to entry, adjustment costs, mergers, demand estimation, damage estimates, oligopoly theory, price fixing, optimal price discrimination, bundling, tie in sales, two sided markets including credit cards, the theory of optimal regulation, and the empirical facts of regulation. The course is primarily for PhDs in economics and business, but advanced law students interested in antitrust and regulation plus advanced and interested MBAs are welcome. MBAs and law students have the option to write a paper instead of taking the final exam. Materials: Selected readings. Grades: Homework plus final (or paper). Prerequisites: Previous training in advanced economics or antitrust.

33311 Govt Reg and the Employment Relationship

33311 Govt Reg and the Employment Relationship - All Faculty teaching this class Bulger, Brian View course evaluation Bulger, Brian Contents: This course will examine the laws and mechanisms used by governments - federal, state and local - to regulate relationships between employers and employees. The course will provide a general overview of enforcement activities by various employment-related agencies, and employer methods for responding to enforcement activity and litigation. Specific topics will include: discussion of discrimination laws concerning race, gender, age and disability; explanation of affirmative action regulations applied to employers; and summaries of the laws of collective bargaining and union-employer relationships, wage-hour laws and laws pertaining to workplace safety. Emerging issues of privacy rights, especially electronic privacy rights, covenants not to compete, whistleblowing for violation of shareholder rights and other non-traditional employment matters will be covered, as will issues of workplace harassment and retaliation. Materials: A CoursePack of readings, including case studies and selected regulations. Grades: Based on a mid-term project or exam and a final exam. All of the foregoing will involve analysis of hypothetical situations based on concepts discussed in the course.

33610 Applied Economics Workshop

33610 Applied Economics Workshop - All Faculty teaching this class Bertrand, Marianne|Kamenica, Emir;Topel, Robert|Notowidigdo, Matthew;Syverson, Chad View course evaluation

33670 Workshop on the Economics and Biodemography of Aging

33670 Workshop on the Economics and Biodemography of Aging - All Faculty teaching this class Fogel, Robert View course evaluation Fogel, Robert Contents: This workshop will explore new research dealing with economic, demographic, and biological aspects of aging, including the study of life-cycle patterns in aging, early predictors of health and labor force participation at middle and late ages, and secular trends in these variables, past and future. Speakers will include faculty and graduate students at Chicago and elsewhere who work on measuring the costs and benefits of various public health programs and pension systems, methods of financing them, and alternative statistical procedures for forecasting trends in health status and longevity for the United States, other OECD countries, and the Third World. Grades: MBA/PhD students enrolling in this workshop for credit should identify themselves to Donna Harden (donna.harden@chicagobooth.edu) in the Center for Population Economics. The Workshop is pass/fail.

33031, 33102, 33111, Econ 30100, Econ 30200 ?

Strategy

42001 Competitive Strategy

42001 Competitive Strategy - All Faculty teaching this class Shivakumar, Ram; Knez, Marc   Contents: The senior manager’s role today is more about strategic thinking (and decision-making) and less about operations. In this role as a strategic thinker, the senior manager must anticipate changes inside and outside the organization that are likely to affect its performance and position the organization in ways that best match the opportunities presented by the market with the unique resources & capabilities of the organization. This course introduces the fundamental concepts, frameworks, models and tools of strategy and demonstrates how they may be applied to a wide range of organizations, products, services and geographic markets.   Materials: Required reading includes chapter from a textbook, cases and articles from journals, magazines and newspapers.   Grades: Course grades are based on class participation, case analysis, project write-up and presentation, and a final exam. Cannot be taken pass/fail.   Prerequisites: Business 33001.

39001 Strategy and Structure: Markets and Organizations

39001 Strategy and Structure: Markets and Organizations - All Faculty teaching this class Pontikes, Elizabeth Contents: Managers, executives, and entrepreneurs face a common problem: how to create a strategy that sets and achieves the firm's goals. This includes shaping the identity of the organization, choosing and defining the market for its products or services, and setting the scope of the firm's activities. This course will develop the tools needed to analyze industries, firm competencies, and competitive advantage in order to create a firm's strategy. The second half of this course will focus on how a manager can design an organization to implement the chosen strategy. Topics include creating formal structures, shaping informal structures, and creating routines and capabilities. We will also focus on identifying when it is necessary to for a firm to change, and potential limitations to change. A variety of formats are used to engage the course topics. The class is primarily case-based and it is heavily focused on class discussion. Grades: Based on written case analyses, a mid-term exam, a final group project, and class participation. Cannot be taken pass/fail. Prerequisites: There are no required classes for Business 39001. This course is suitable for first-year students. This course has a first-class assignment.

42002 Business Policy

42002 Business Policy - Davis, Harry   Contents: A student who recently took this course suggested the sub-title of "Strategies for Individuals and Their Organizations" or "The Artistry of Strategy." While the sub-titles do capture the content of this course, I have decided to honor the historical name, "Business Policy," because it connotes a general management perspective, the importance of people in moving an organization toward its goals, openness to many modes of thinking, and the critical link between strategy and implementation. By the end of the course students should: 1) feel comfortable in working in a strategy versus maintenance space; 2) be more fluent in using the vocabulary and tools of leading strategy and management consultants; 3) know when the specialized knowledge and techniques that form much of the M.B.A. curriculum are useful, and when they are not; and 4) be excited about their own career and personal strategy. WARNING LABEL: Although the course familiarizes the student with current and past practice in strategic planning, I also structure the learning environment as a forum for challenging current approaches and dogma, and as a place to experiment with some new ways to think about business practice. On the basis of past experience, students who enjoy 'unconventional' ways of thinking and learning about strategy (which I believe is an inherently open-ended topic) will probably enjoy this class more than those who prefer not to deviate much from a more traditional approach to this subject.   Grades: The grading philosophy for this course emphasizes week-by-week written assignments - four of which are individual papers and three of which are group papers. In place of a final examination, students prepare a final paper that focuses on important strategy questions in the context of their professional and/or personal lives.   Prerequisites: Six courses completed.

42102 The Strategy Symposium

  42102 The Strategy Symposium - Davis, Harry; Gould, John   Contents: Over the past several years we have taught numerous courses in strategy, leadership and business policy in all of the Chicago Booth's M.B.A. programs including the Executive Program and the International Executive Program in Barcelona. As a result of our collaboration in developing these courses, we have gathered a large variety of material on approaches, ideas and questions about strategy. Over the years we have also discussed these issues with business executives as well as practitioners from fields outside of business. Based on this background and material, we introduced a new course a few years ago. We felt the course was a success and we are offering it again this year. The course brings together a group of about 30 students to meet with us and visitors (business executives and others) to explore some of these issues and ideas in greater depth. The goals of the course will be to develop a better understanding of methods and techniques of strategic thinking and to explore the design, implementation and evaluation of strategy. One important goal is to develop tools and concepts for evaluating strategies both before and after the outcome is known and to seek insights that will improve the process of designing strategy. The course will be developed around reading and presentations (from visitors as well as members of the class) and, as a symposium, class discussion and interaction will be very important. In addition, the course will require a project carried out with two or three others.   Prerequisites: 6 courses completed.  

42108 Corporate Governance

42108 Corporate Governance - Warren Batz; Chookaszian, Dennis   Contents: This course will introduce the students to the functions and duties of directors and boards of directors and to the issues which boards in the United States most commonly encounter. The content will be applicable to both public corporations and not-for-profit organizations. The differences in corporate governance in other countries, as well as current trends in corporate governance, will also be discussed. The topics covered are: The purpose of corporate governance and its evolution with the history of a board from its beginning to its dissolution; Starting up a board and selecting directors; The board's legal position and role in compliance. The board's role in: assuring fiduciary integrity; recommending candidates for election as directors; approving corporate strategy; communicating with shareholders; selecting the CEO; evaluating the CEO; compensating the CEO and key executives; planning for succession; not-for-profit organizations; firing the CEO; fiduciary integrity; dealing with crises; enterprise risk management; and evaluating itself. The role of institutional investors in corporate governance; corporate governance in international corporations, and current trends in corporate governance.   Materials: A CoursePack of readings and cases.   Grades: The grade is comprised of class participation, short papers, and an international project. The success of the course depends on thorough preparation and active participation of each student; therefore, class participation and contribution will count 30% of the final grade. Students will work in groups of five to write a short paper for classes 2 through 10 on the cases and their related readings, and the paper grades will count 40% of the final grade. An international project will also be completed by each team and will include an analysis of governance in another country and a presentation to the class. The international project will count 30% of the final grade. Cannot be taken pass/fail. No auditors. The course will not have a midterm or final exam.

42110 Strategic Investment Decisions

42110 Strategic Investment Decisions - Gertner, Robert (grade 3-4)   Contents: This course focuses on the processes and methods within organizations for making strategic decisions. The goal is to integrate analytical methods with traditional economic and strategic analysis. The standard analytical tool for evaluating strategic investments is DCF analysis. In practice cash flow projections in DCF models are generally neither built on an explicit model of uncertainty, nor do they typically incorporate learning over time and the flexibility (real options) thus created. Projections are often neither based on careful analysis or historical data nor on evidence-based, realistic views of how the market and competition may evolve. Many decision-makers thus put little weight on quantitative analysis and rely on qualitative analysis and intuitive judgment. The goal of this course is for students to learn how to build quantitative models that highlight the key strategic tradeoffs and can thereby improve decision –making. In many situations, the most effective techniques for incorporating uncertainty and real options into DCF models are decision trees (or game trees) combined with scenario analysis. The majority of the course will involve students learning these modeling techniques and applying them to a variety of strategic decision case studies. Students will build and analyze simple models that capture the key uncertainties and strategic issues and how to make appropriate evidence-based projections. We will also introduce simulations, binomial models, and financial options pricing techniques and discuss their applicability to strategic decision-making. Class sessions will be a mix of lecture, case discussions and student case presentations.   Materials: Decision tree and simulation software, detailed class notes, readings and a CoursePack of cases.   Grades: Based on several group or individual assignments, largely case-based, class participation, and an extensive group project in which students will model and analyze a strategic decision facing an organization. Groups will likely be able to either work on a project for a client organization or one based on their research.   Prerequisites: Business 35200 and either 39001 or 42001.

42114 Strategy Development

42114 Strategy Development - Knez, Marc (Grade  4)   Contents: This course, previously titled Strategic Planning, focuses on fundamental concepts and frameworks for developing and assessing business strategies. Building on concepts from competitive strategy (and marketing strategy), students will learn the basic steps to developing business strategies in alternative company/markets contexts. The three primary strategy development contexts will be covered in the course: • Assessment and refinement of an existing strategy, and the development of follow-on growth strategies in a multi-business corporate context • Development of innovative strategies /business models in existing markets • Development of long-term strategies for new markets emanating from new technologies or other future changes/opportunities in the market While a comprehensive framework for doing strategy development will be covered in the course, no single strategy framework will apply to all situations. Hence, students will also learn how to develop customized approaches to developing strategies. The course will entail a mix of cases and lectures. Most cases will not be traditional Harvard cases. Instead, students will engage in strategy development and assessment exercises for particular companies, where we will focus on a company’s current situation at the time of the class. The objective is to partially replicate multiple, real world strategy development contexts. This course is designed to appeal to students interested in pursuing positions in strategy consulting, strategic planning, or any leadership role responsible for development of the company's strategy.   Materials: The course is taught using lectures, case analysis and readings.   Grades: Based on class participation, case write-ups, and a research paper involving the development of a business strategy for a real company. Cannot be taken pass/fail.   Prerequisites: Business 42001 or 39001.

42120 Innovation in Energy Markets and Opportunities in Renewable Energy

42120 Innovation in Energy Markets and Opportunities in Renewable Energy - Bradford, Travis (Grade 4 )   Contents: This course will orient students to the dynamic opportunities that exist in the ongoing transformation of the global energy industry. Existing energy sources and the infrastructures that deliver them to users around the world are undergoing a period of rapid change. Limits to growth, rapidly fluctuating raw material prices, and the emergence of new technology options all contribute to heightened risk and opportunity in the energy sector. Using both theoretical and practical insights about the process by which energy technologies are developed, financed, and deployed, this course seeks to highlight the root drivers for change in the energy industry, the technologies that are emerging, and the factors that will determine success in their commercialization. The course will proceed in four equal parts. First, we discuss the overarching themes of energy - including economic, technological, regulatory, and environmental factors. Then, we examine how today's providers are adapting to these forces, how new technologies are being introduced into today's architecture, and finally how emerging technologies may potentially disrupt traditional energy paradigms.   Grades: Grades will be based on three problem sets, a final project that simulates the preparation of an analyst report on a company in the energy sector, and class participation.

42116 Game Theory

42116 Game Theory - Holden, Richard (grade 4)   Contents: Game theory is the study of strategic interactions. It provides a comprehensive framework for analyzing a diverse set of business problems: from internal organization, to competitive interactions, and regulation. The course will cover a wide range of topics, including: equilibrium concepts, building and maintaining reputations, auctions, entry deterrence, R&D races, cooperation and competition, asymmetric information and market failure, information markets, bargaining, politics and voting in committees. The classes will involve presentation of foundational concepts, and discussion of applications of these concepts to concrete business problems. An indespensible way of learning and understanding the concepts in this course is by playing games. A substantial amount of time will be devoted to doing so, and analyzing the results.   Materials: Coursepack containing readings.   Grades: Homework problems, a final exam and class participation. No auditors.   Prerequisites: Business 33001, basic differential calculus is assumed knowledge.

42121 Merger & Acquisition Strategy

42121 Merger & Acquisition Strategy - Morrissette, Stephen   Contents: This course provides an overview of mergers and acquisitions with a focus on the role M&A plays in the development and implementation of a firm’s strategy. Students will develop an analytical and theoretical framework to understand the M&A process and will also use cases and real-world applications to develop skills necessary to prepare and evaluate the strategic rationale for a proposed transaction. This course uses a strategic corporate development perspective rather than an investment banking/transaction perspective. Topics include strategic rationale for M&A transactions, value creation and destruction in M&A, the M&A process, interplay between strategy and valuation, financing the deal, and implementation/integration issues. The student will apply course learnings in a cumulative project typically by preparing a “pitch book” for a proposed transaction. Students should note that this is a strategy course, not a finance course.   Materials: The course is taught using lectures, case analysis, a textbook and readings.   Grades: Student assessment based on class participation, case write-ups, a midterm case and a final group project preparing and presenting a “pitch book” for a proposed transaction.   Prerequisites: None. Students would benefit from completing 42001 Competitive Strategy and 35201 Cases in Financial Management.

42201 The Legal Infrastructure of Business

42201 The Legal Infrastructure of Business - Picker, Randal (grade 4)   Contents: Almost every business decision has legal consequences or takes place in an extensive legal framework. Entrepreneurs and managers can no more ignore the laws of the state than they can the laws of physics. This course will provide a general introduction to law and business. It will do so using traditional legal analysis, supplemented by a substantial use of law and economics. Topics to be covered include: choice of corporate form; capital markets laws, including venture capital and IPOs; antitrust; intellectual property; telecommunications and the regulation of natural monopoly; and e-Commerce.   Grades: Based on written assignments on a course blog and a final examination. Cannot be taken pass/fail.   Prerequisites: None.

42203 Advanced Contracts: Sales, a Practice Oriented Approach (LAW)

42203 Advanced Contracts: Sales, a Practice Oriented Approach (LAW) - Bernstein, Lisa   Contents: This course provides a practical approach to understanding the law of sales embodied in Article 2 of the Uniform Commercial Code. The course involves intensive class participation, a moot court argument, client advising, negotiating an agreement with a classmate, and learning the advanced legal research techniques needed to develop the factual record in a case. The course is designed to be a bridge between law school and practice. As a consequence, there is no exam. Rather, students write short papers for almost every class, culminating in the preparation of a commercial sales agreement. Note: This is a Law School course and will be held at the Law School (LBQ, 1111 E. 60th St.) in room II.   Please see the Law School website for more information: http://www.law.uchicago.edu/

42701 Strategy Lab

42701 Strategy Lab - Davis, Harry

Leadership/Management/Org Behaviour

38001 Managing in Organizations

38001 Managing in Organizations - All Faculty teaching this class Epley, Nicholas|Fishbach, Ayelet|Hofmann, Wilhelm View course evaluation Epley, Nicholas Contents: Successfully managing other people—be they competitors or co-workers—requires an understanding of their thoughts, feelings, attitudes, motivations, and determinants of behavior. Developing an accurate understanding of these factors, however, can be difficult to come by. Intuitions are often misguided, and this course is intended to provide the scientific knowledge of human thought and behavior that is critical for successfully managing others, and also for successfully managing ourselves. This course will utilize lectures, discussions, and group interactions to provide an introduction to theory and research in the behavioral and psychological sciences. The primary goal is to provide conceptual knowledge that helps students understand and manage their own unique and complicated work settings, and to help you think like a scientist in those settings. The course is organized into two main sections: (1) managerial thought, and (2) managerial action. The first section of the course investigates human thought and judgment in a managerial context, and how these thoughts and judgments can impede or improve your ability to manage yourself and others. Topics to be covered in this section include receiving and seeking information, evaluating information, evaluating others, and intuiting others' thoughts (mind reading). The second section of the course investigates human behavior in a managerial context, using some of the insights gained from the first section of the course and investigating some new topic areas as well. Topics to be covered in this section include power and status, motivation, group decision-making, conformity, compliance, and persuasion. Materials: Information on course materials and other current updates are available on the 38001 Chalk course site: https://chalk.uchicago.edu/. Grades: Based on exams, short written assignments, and class participation. Cannot be taken pass/fail. Prerequisites: None.

39002 Network Structures of Effective Management

39002 Network Structures of Effective Management - All Faculty teaching this class Burt, Ronald|Merluzzi, Jennifer View course evaluation Burt, Ronald Contents: This course is an introduction to the competitive advantage provided by social capital. You’ll see evidence and applications of basic principles in how social networks create advantage for some and erode performance for others. More than ever before, the central role of a business leader is to formulate organization objectives, mobilize colleagues to achieve the objectives, and convey the objectives in a form attractive to employees, investors, and customers. The CEO and his or her leadership team have point responsibility, but managers too are expected to play a role, and most certainly expected to shape their personal business responsibilities to broad corporate strategy. However, people are less often trained for these responsibilities than they are simply expected to meet them. This course is about bringing people together to create and deliver value. It is about identifying opportunities in the hurly-burly of everyday life around you, mobilizing resources around opportunities, and organizing to deliver on opportunities. In any situation, there is a social organization to the divergent interests of significant players. Principles of social capital describe how to coordinate those interests to create value: coordinating personal contacts to diverse groups in an organization, coordinating employees within and between functional groups, and coordinating business activities across markets. A strategic leader understands the alternative forms of social capital and when to optimize for one or another. The key question: How do I work with the other people to make it happen? In other words, this is a course about the transition from smart to wise. Smart knows how to compute. Wise knows when and where computation adds value. Wise poses the intuitive questions to which smart provides answers. Smart is an able technician. Wise is a leader. Prerequisites: None. This course is recommended for mature audiences and a working familiarity with regression analysis is strongly recommended to understand and reason from the evidence presented in class.

38003 Power and Influence in Organizations

38003 Power and Influence in Organizations - All Faculty teaching this class Caruso, Heather|Nussbaum, A. View course evaluation Caruso, Heather Contents: To succeed, or even merely survive in today's workplace, power and influence are essential. Indeed, influence tactics constitute almost a second language in organizations, such that those who are fluent in it seem to be able to get their messages across more easily, more meaningfully, and more successfully than everyone else. Research also shows that skilled managers of power and influence are better able to win the cooperation of their coworkers (peers, bosses, and subordinates), to elicit the most value from diverse organizational resources, and to consistently achieve goals. And mismanagement of power does not merely deny us access to these advantages -- it often also makes us vulnerable to attacks and manipulation that can derail and undermine us. In this course, you will be introduced to conceptual models, tactical approaches, and self-assessment tools that can help you to manage workplace power dynamics wisely and skillfully. You will learn about several different methods of influence, and start the process of understanding and shaping your own influence style. You will also explore specific, real-world examples to understand how power and influence might be effectively and ineffectively used at different stages of a person’s career. As the nature of our focal topics will raise difficult ethical questions, the course will also challenge you to examine and define your views on what will constitute the ethical exercise of power and influence in your work life. Note that readings in this class are extensive. Preparing thoroughly for class discussions and exercises with these weekly readings is essential for getting the most value from the class. Grades: Based on class participation, assignments, and a group project. Cannot be taken pass/fail. No auditors.

33032 Managing the Workplace

33032 Managing the Workplace - All Faculty teaching this class Gibbs, Michael|Kole, Stacey|Prendergast, Canice View course evaluation Gibbs, Michael Contents: This course examines how a firm can enhance performance through organizational design. Topics covered include hiring, turnover and retention, job design and decision-making, performance evaluation, incentive compensation, employee stock options, and executive pay. Classes will combine case discussions with lectures. Materials: The course will use cases plus the textbook, Personnel Economics for Managers, 2nd edition, by Edward Lazear and Michael Gibbs. Grades: Based on participation in case discussions, problem sets, midterm and final exam. Prerequisites: Business 33001 recommended.

38002 Managerial Decision Making

38002 Managerial Decision Making - All Faculty teaching this class Hastie, Reid|Hsee, Christopher|Thaler, Richard|Wu, George View course evaluation Hastie, Reid Contents: This course is designed to make you a better decision maker. Good decision makers know how to recognize decision situations, then how to represent the essential structure of the situations, and how to analyze them with the formal tools from decision theory. But, perhaps more important, they need to be able to think effectively about the inputs into a decision analysis, whether to trust the analysis, and how to use the outputs to guide actions by themselves and their firms. And, maybe most important of all, they need to know how to make effective, unaided intuitive decisions, and to recognize the limits on their intuitive skills. This course will move back and forth between formal, optimal models and behavioral, descriptive models to help you understand and improve your native decision making abilities. Materials: M.H. Bazerman, Judgment in Managerial Decision Making. J. S. Hammond, R. L. Keeney, & H. Raiffa, Smart Choices: A Practical Guide to Making Better Decisions. J.E. Russo & P.J.H. Schoemaker, Winning Decisions: Getting it Right the First Time. Grades: Five essays, final examination, and class participation. Cannot be taken pass/fail. Prerequisites: Business 41000.

38103 Strategies and Processes of Negotiation

38103 Strategies and Processes of Negotiation - All Faculty teaching this class Caruso, Eugene|Ginzel, Linda|Pope, Devin|Risen, Jane|Wittenbrink, Bernd|Wu, George View course evaluation Caruso, Eugene Contents: Managerial success requires agreement and collaboration with other people. The purpose of this course is to enhance your effectiveness in strategic interactions by understanding the theory and process of negotiation. The course is designed to be relevant to the broad spectrum of negotiation problems that are faced by managers, and to teach you the skills necessary to discover and implement optimal solutions to these problems. These skills include an understanding of the problem at hand, the other parties involved, the common biases in the judgments and decisions of negotiators, and the effective tactics of social influence. The course will give participants the opportunity to develop these skills experientially and to receive feedback on their performance. Because there is seldom a unique "right way" to negotiate, considerable emphasis will be placed on helping you learn through active participation in simulations, role playing scenarios, and cases. In-class discussions and presentations will serve to supplement these exercises. Grades: Based on class participation; exercises and short written assignments; and a final group project. Cannot be taken pass/fail. No auditors. Prerequisites: Business 38001, 38002, or 38003.

38110 The Practice of Leadership in Business

38110 The Practice of Leadership in Business - All Faculty teaching this class Ginzel, Linda View course evaluation Ginzel, Linda Contents: This course provides a unique classroom opportunity: to develop leadership attributes and management skills necessary for the effective practice of leadership. All Booth students have leadership potential and this class will show you how to develop your latent talents. We will explore fundamental practices of leadership such as, the development of personal and organizational vision, ethical decision making, mentoring, the use of transformational leadership and consensus building. Students will examine different leadership methods, models and concepts through a variety of contemporary films. Using individual and group activities, cases, debate and discussion, students will explore management practices and their application, gain an appreciation for the importance of followers and learn how effective leaders create lasting value as they realize their personal and organizational goals. Each student participates in a team research project that provides the opportunity to meet with senior officers of major corporations in the Chicago area with the goal of "field testing" selected course concepts. The aim of the course will be to understand how leadership concepts can be applied to a variety of situations and within a spectrum of roles. Grades: Grades are based on short weekly written assignments and an individual grade on a team research project, including an interim report due at midterm. Due to the nature of this course, all students considering and/or enrolled must attend the first week of class as well as the final team research presentations. Cannot be taken pass/fail. No auditors.

38111 Theories of Leadership

38111 Theories of Leadership - All Faculty teaching this class Zonis, Marvin View course evaluation Zonis, Marvin Contents: This course examines business leadership in an attempt to establish the nature of leadership and the ways in which "leadership" differs from "management." Business leadership is compared to political and military leadership. The extent to which leadership can affect firm performance is assessed. The course uses studies of leadership, films, and presentations by corporate leaders. Grades: Based on three short papers and a final paper

38114 A Guide to Business Ethics

38114 A Guide to Business Ethics - All Faculty teaching this class Fogel, Robert View course evaluation Fogel, Robert Contents: This course examines the way that religious and political movements affect the ethics of business. It focuses on such current issues as the conflict between technical efficiency and morality, the ethical status of property rights, the politics of retirement and intergenerational equity, the ethics of the distribution of income and other conflicts between ethical and economic standards for compensation, the ethics of international trade and finance, globalization, agency problems, and ex post redefinition's of the legal status of de facto business practices. These issues are put into historical perspective by relating them to long cycles in religiosity in America, to the long-term factors influencing political images of business, and to the factors influencing domestic conceptions of the proper economic relationships between the U.S. and the rest of the world. The grade for this course is based on a midterm and a final examination. Grades: No undergraduate auditors. Only graduate students may audit.

38118 Effective Management of Groups and Teams

38118 Effective Management of Groups and Teams - All Faculty teaching this class Caruso, Heather View course evaluation Caruso, Heather Contents: Teams are often great in concept, but disasters in practice. Assembling a group of talented individuals to work together does not make them a team, and it is certainly no guarantee of good teamwork. However, with insight and skill, managers can consistently enable their teams to function at high levels, contributing both to organizational success and employee satisfaction. In this class, we will help you to develop this insight and skill in several ways: 1) by sharpening your understanding of the conditions that promote team effectiveness, and of the disruptive forces that can lead teams off track; 2) by developing your ability to diagnose complex team dynamics and take action to improve team functioning; and 3) by helping you to hone the analytic and interpersonal skills you need to effectively lead teams. Throughout, we will prioritize experiential learning, feedback, and self-examination so as to allow you to experience and identify key team dynamics, and to develop insights that can help you to understand and improve your own approach to teams. Grades: No pass/fail grades. No auditors.

38601 Workshop in Behavioral Science

38601 Workshop in Behavioral Science - All Faculty teaching this class Epley, Nicholas|Fishbach, Ayelet|Wittenbrink, Bernd View course evaluation Epley, Nicholas

31702 Leadership Effectiveness and Development (LEAD) Lab II

31702 Leadership Effectiveness and Development (LEAD) Lab II - All Faculty teaching this class Kole, Stacey View course evaluation Kole, Stacey Contents: With 31701, this two-quarter course develops the self awareness and effectiveness of the student (facilitator) at influencing, motivating and developing people. Experiential in nature, the course contains two distinct components: Development (31701) and Implementation (31702). Implementation (31702): The overarching mission of the course is to deliver an outstanding development program (the LEAD program, Business 31001) in autumn quarter for all the incoming first-year full-time MBA students. The LEAD program (as distinct from the two-quarter LEAD Lab) is the only course that all full-time incoming students take at the Chicago Booth and is run by teams of eight LEAD facilitators. Each facilitator team is responsible for the learning experience of two cohorts. The Implementation phase starts during the Core program and lasts throughout the autumn quarter, ending with the successful recruitment of student facilitators to partake in the following year's LEAD program. Students do not bid for this course. Interested students apply during winter quarter and undergo an extensive application process from which successful applicants are invited to take part. This course requires a significantly greater time commitment than a non-laboratory course. Grades: Cannot be taken pass/fail. No auditors. Two grades are issued, one for Development at the end of the Spring quarter and one for Implementation at the end of the Autumn quarter. Students are assessed on both their application to develop the requisite knowledge and skills to run the program and their effectiveness at doing so. A substantial component of the grade comes from feedback that facilitators are expected to give to, and receive from, other facilitators. Class attendance in both spring and autumn is mandatory.

Operations

40000 Operations Management: Business Process Fundamentals

40000 Operations Management: Business Process Fundamentals - All Faculty teaching this class Adelman, Dan|Chayet, Sergio|Debo, Laurens|Parker, Rodney|Ryan, Christopher View course evaluation Adelman, Dan Contents: This core course focuses on understanding levers for structuring, managing, and improving a firm's recurring business processes to achieve competitive advantage in customer responsiveness, price, quality, and variety of products and services. These levers are broadly applicable to service firms,for example banks, hospitals, and airlines, as well as to traditional product-based firms. Processes within firms, as well as between firms, i.e. supply chains, are explored. The fundamental principles underlying state-of-the-art practices, such as Lean, Mass Customization, and Time-Based Competition, are explored so that students learn to critically evaluate these and other operational improvement programs. Students learn the basics of how to manage the operations of a firm, and how operations issues affect and are affected by the many business decisions they will be called upon to make or recommend in their careers. As such, this course is essential to students aspiring to become consultants, entrepreneurs, or general managers. A working knowledge of operations is also indispensable to those interested in marketing, finance, and accounting, where the interface between these functions and operations is critical. Finally, an understanding of how firms become market leaders through operations is important in investment careers. Most weeks consist of in-depth case discussion, integrated with theory. As such, the course is ideal preparation for many cases encountered during first-year internship interviews, as well as second-year interviews. Materials: The Goal by Goldratt, a CoursePack of readings, and lecture notes. Grades: Based on a mid-term and final exam, case analyses, homework, group work, and class participation. Cannot be taken pass/fail. No auditors. No GSAL students. Prerequisites: Any previous or concurrent exposure to basic statistics is helpful.

40101 Supply Chain Strategy & Practice

40101 Supply Chain Strategy and Practice - All Faculty teaching this class Cotteleer, Mark View course evaluation Cotteleer, Mark Contents: The supply chain of a firm is critical to its performance. Supply chains are networks of organizations that supply and transform materials, and distribute final products to consumers. If designed and managed properly, these networks are a crucial source of competitive advantage for both manufacturing and service enterprises. Students will learn how to examine and improve the flow of materials and information through this network of suppliers, manufacturers, distributors, and retailers in order to help firms get the right product to the right customer in the right amount and at the right time. Key topics covered in this course include the role of coordination within and across firms, the impact of incentives, and the use of information technology. Special emphasis is given to understanding how the business context shapes managerial decisions regarding the strategic design and management of the supply chain. This course is intended for students interested in general management or careers in consulting, operations, or marketing. Grades: Based on case analyses, group assignments, class participation and a final exam. Prerequisites: Business 40000.

Operations Strategy & Performance Analysis

40108 Revenue Management

40108 Revenue Management - All Faculty teaching this class Birge, John View course evaluation Birge, John Contents: This course will focus on the identification, formulation, solution, and implementation of systems for pricing and revenue optimization. The course will develop fundamental understanding of the use of pricing and capacity concepts combined with optimization tools to achieve revenue improvement within the practical context of limited resources and information. Case examples from a variety of industries including airlines, hotels, car rental agencies, internet/media advertising, entertainment, retailing, energy, commodities, freight, and manufacturing will be used to develop skills in designing and implementing solutions in different environments. Students will learn how to recognize opportunities for revenue enhancement; how to differentiate among types of opportunities; how to segment markets while incorporating constrained capacity, opportunity costs, customer and competitor response, demand and supply uncertainty, and information infrastructure; how to formulate and solve for revenue management decisions using constrained optimization; and how to define overall implementation requirements. Materials: The course will use the text, Pricing and Revenue Optimization, by R. Phillips, Stanford, 2005, plus cases, readings, and lecture notes. The course will rely heavily on the use of the Solver in Microsoft Excel. Grades: Based on homework, case summaries, mid-term, final exam, class, and group participation. Prerequisites: Business 33001 and 41000.

40110 Managing Service Operations

40110 Managing Service Operations - All Faculty teaching this class Eisenstein, Donald View course evaluation Eisenstein, Donald Contents: The service economy is growing, currently comprising over 70% of the nation's GDP and employing 8 out of every 10 workers. The growth in developing countries is rapid, with India and China approaching 50% service employment. This class is concerned with the design and delivery of services: How to design and improve the service offering for sustained excellence, and how to identify and overcome key challenges in the service delivery. We consider a wide range of industries: from traditional services such as hotels and restaurants, to e-commerce, financial services, and services from both the public and private sector. We consider a service one in which the customer is involved, actively or passively, in the production process. In contrast to a traditional operations course, we first focus on production processes in which the customer plays an integral role; and second, we strive to understand and leverage the role customers play in the process. This course draws ideas not only from operations management, but also from consumer behavior, marketing, and strategy. Mathematical modeling is not the focus of the course, but plays an important supporting role. We develop a Service Framework with three components: The Service Model, The Profitable Growth Model, and the Service Process Analysis. The Service Model has four parts: The Service Offering (what customer needs and expectations does the service emphasize, and which ones will it sacrifice?), the Funding Mechanism (how the offering is funded), the Employee Management System (with emphasis of job design) and the Customer Management System (the role and expectations placed upon your customers). The Profitable Growth Model of the firm is the strategy by which growth is achieved --- either by adding customers, managing revenues, or managing costs. And what the growth strategy relies upon --- people, process, or technology. Underlying our Service and Growth Models is Service Process Analysis --- a description and analysis of the flow of customers and/or materials and the organization of resources that support the flow. The course has both lecture and cases. Most cases are designed to explore our Service Framework in a broad sense, and then delve into a particular aspect in some detail. Materials: CoursePack and Chalk. Grades: Your grade is based on midterm exam, written case analyses and assignments, class participation, and a final exam. The class cannot be taken pass fail. Prerequisites: There are no prerequisites for this class. This course can substitute for BUS 40000 to satisfy a breadth requirement. There is some overlap between this course and Bus 40000, but it is relatively small, and thus one can take both classes in any sequence.

36104 Tools for Business Analysis: Excel and Matlab

36104 Tools for Business Analysis: Excel and Matlab - All Faculty teaching this class Martin, R. View course evaluation Martin, R. Contents: In a modern corporation, data reside in numerous places in various formats. To build analytical models for decision support, it is necessary to integrate data from various sources. This course will focus on how to do this system integration using Excel and Matlab. The course will also cover building optimization models, constructing simulation models, and coding in the VBA and MATLAB scripting languages. Students will learn how to use Excel and Matlab as an aid in analyzing cases and completing homework and projects in other Booth courses. Students will also learn to use the GAMS modeling language developed at the World Bank. This course has the following objectives. Learn to use MATLAB. This is an important program used in a number of other Booth courses. In the business world it is used extensively on Wall Street. Learn VBA (Visual Basic for Applications), a key tool that adds tremendous functionality to Microsoft Excel. This tool is also widely used in business. Develop skill in building analytical models to support decision making. This includes optimization and simulation models. Learn how to access and integrate data that reside in different locations and use these data as input to models. Learn to use the General Algebraic Modeling System (GAMS) developed at the World Bank. This modeling system will allow students to formulate and solve realistic models using the input from Excel and MATLAB. Grades: Based on homework, quizzes or a mid-term, and a final exam. Cannot be taken pass/fail. No auditors. Prerequisites: Basic knowledge of spreadsheets.

36106 Managerial Decision Modeling

36600 Workshop in Operations/Management Science

36600 Workshop in Operations/Management Science - All Faculty teaching this class Birge, John|Parker, Rodney|Su, Che-Lin View course evaluation

40103 Operations Management and Strategy

40103 Operations Management and Strategy - All Faculty teaching this class Zangwill, Willard View course evaluation Zangwill, Willard Contents: This course will emphasize best practices and breakthrough concepts throughout the firm. Best practices are the actions and activities that distinguish the top firms and individuals, and are critical to understand if one wants to excel. Most leading firms do some activities exceedingly well, and it is important to understand those best practices and how they achieve breakthroughs. Best practices are seen in all areas of the firm including M&A, private equity, innovation, strategy, operations etc. and this course will explore these and related topics. Best practices differs from traditional case study analyses. Case studies provide information about a unique situation, that particular case, but they may not be generally applicable and transferrable to other situations. Best practices are distinguished in that they are not only excellent but also transferrable and broadly applicable to a range of activities. Their wide applicability makes them critical to study and learn. The class will be divided into teams, and the teams will both present cases and do a term project. Certain comprehensive themes about procedures to create best practices will be explored. Best practices in decision making will be a theme and some novel software that assists that will be discussed. This software applies best practices in making complex decisions. It helps reduce bias and surprises and identifies risks. It is unique in that it builds upon a foundation of concepts from quality and manufacturing excellence by considering a decision as something that is produced, much like a product. Once that perspective is adopted, it becomes easier to improve the quality of decision much like one would improve the quality of a product being manufactured. Best practices in how to improve processes and obtain significant improvements quickly will be examined. Various universal approaches such as Kaizen, Six Sigma, Quality and lean production will be studied. Moreover, the concepts underlying these approaches will be applied to all areas of the firm. That is because these techniques provide the facts, data and analytics one needs to make an improvement or breakthrough. The underpinning concept of these techniques is that of process analysis since that provides a general and powerful approach for improving almost any aspect of a firm. In brief, the approach is to first identify the goal or what one is trying to achieve. Then to determine the steps and process involved. At that point, one improves the steps and process. This produces a very high level of performance, because one is systematically improving the various aspect of the process that determine its performance and success. Moreover, the technique is broadly applicable to almost any area of the firm. A major aspect of the course will be several speakers from a variety of industries to discuss the best practices in their own firms and industries. I plan to seek speakers from such diverse areas as private equity, venture capital, innovation, and operations. Past speakers have included the President of the Chicago Blackhawks, an individual who made a billion dollars by predicting the sub-prime mortgage crash, the president of a highly innovate firm in high tech software and the president of a firm that is superb at operational and strategic efficiency. All of them have been very well received. Students are expected to ask numerous questions and probe them in depth since that is the best way to fully learn and internalize their best practices. There are no prerequisites for the course. Due to its inherent nature, it will be run as a seminar. Please e-mail me any questions about the course: Willard.zangwill@chicagobooth.edu Prerequisites: None. Although the more experience the student has in the complexities and challenges of the real world, the more they generally perceive the applicability of the insights and concepts learned in the course.

Macroeconomics/International Business /Business Environment

33040 Macroeconomics

33040 Macroeconomics - All Faculty teaching this class Altig, David|Guerrieri, Veronica|Huizinga, John|Hurst, Erik|Karabarbounis, Loukas|La'O, Jennifer|Lorenzoni, Guido Contents: This MBA course in Macroeconomics is designed to provide students with a unified framework that can be used to analyze macroeconomic issues such as growth and productivity, labor markets, business cycles, inflation, money and interest rates, monetary and fiscal policy, banking and financial crises, global imbalances in the allocation of capital and sovereign debt crises. The course is a mixture of macro theory and real-world applications: we will develop analytical models that stress the microeconomic underpinnings of aggregate outcomes and we will apply these models to the recent experience of the US and other countries. Materials: 1) Slides provided by the instructor; (2) Required Text: Abel, Bernanke and Croushore, Macroeconomics (7th Edition); (3) Online Readings provided by the instructor Grades: Grades are assigned based on weekly quizzes, an optional short project using real macro data, an optional midterm and a final exam. The midterm is compulsory for students seeking provisional grades. No pass/fail grades. No auditors. Prerequisites: Intermediate microeconomics (e.g. Business 33001 or equivalent) is a STRICT prerequisite. Familiarity with basic analytical tools (e.g. calculus, graphs and equations) is highly recommended. Description and/or course criteria last updated: 06/11 Syllabus

42201 The Legal Infrastructure of Business

33304 Law, Economics and Business

33304 Law, Economics and Business - All Faculty teaching this class Topel, Robert View course evaluation Topel, Robert Contents: This course will explore ways in which the law constrains business decisions and strategy. Topics include antitrust law, price regulation, public policies toward mergers and acquisitions, environmental regulation, and laws prohibiting discrimination in the workplace. The course will emphasize the "dos and don'ts" of strategic decision making, using real-world cases as a foundation. Materials: To be determined. Grades: Based on case write-ups, problem sets, and a term paper prepared by groups of four or five students. Prerequisites: Business 33001 with a grade of B or better.

33305 The Firm and the Non-Market Environment

33305 The Firm and the Non-Market Environment - All Faculty teaching this class Bertrand, Marianne View course evaluation Bertrand, Marianne Contents: The business environment has both a market and a non-market component. Most courses in the MBA curriculum focus on the market component: they study firms’ interactions with customers, suppliers, and alliance partners in the form of mutually beneficial exchanges transacted in markets. In contrast, this course focuses on the non-market component: we study firms’ strategic interactions with comparably important constituents, organizations, and institutions outside of markets. Businesses need to cope with regulatory reforms, lobby for favorable legislation, ensure access to foreign markets, deal with media coverage or activist pressures, to name just a few. Businesses also need to understand how their profit-maximizing activities may give rise to issues that involve governments and the public: for example, the market strategies of some internet firms have recently sparked debates ranging from intellectual property protection to privacy. Successful managers hence need to formulate integrated strategies for their firms that take into account not only the market but also the social, political and legal (e.g. non-market) environments in which they operate. This course’s lectures and case studies emphasize such strategies, in both US and international settings. An important component of a company's interactions with its environment is how its managers deal with ethical issues. Managerial decision-making almost always has ethical implications. Those ethical implications, however, are often viewed as implicit byproducts, rather than explicit determinants, of business decisions. Ethics is made explicit in this course by taking the perspective of managers who must formulate policies to address issues with ethical dimensions. Materials: David P. Baron, Business and Its Environment. There will also be lecture notes and supplementary readings available online. In addition, The Economist or an equivalent source of current economic news is highly recommended. Grades: Based on class participation in case discussions, weekly write-ups, a group project and a final exam. Prerequisites: None.

33312 Public Policies toward Business (2011NOT2012)

33312 Public Policies toward Business - All Faculty teaching this class Wildman, Wesley View course evaluation Wildman, Wesley Contents: This course is concerned with public policy and philosophy in the U.S. with respect to business and entrepreneurial activity as manifested in statutes, court decisions, behavior of regulatory agencies, and the underlying cultural and attitudinal context. Specifically, we cover the following: 1. Ideas and philosophy: (a) the anticapitalist appeal of egalitarianism and socialism; (b) treatment by historians, philosophers, and other intellectuals of economic activity, the market, and capitalism; and (c) public opinion, the media, and business in the U.S. 2. The U.S. Constitution and the "control" of business: (a) the "reach" of government: the commerce clause; (b) property rights and economic regulations: the "takings" clause; and (c) "due process." 3. The "private law" context: (a) contract law-the guarantor of transactional integrity; (b) tort law and the product liability "revolution." 4. The statutory business control structure in the U.S: (a) the "old" regulations and the "new" regulations (EPA, OSHA); (b) antitrust; and (c) advertising and the law. Class size has been purposely limited to allow for a heavy emphasis on class discussion and supervision of independent writing assignments. Preparation for and participation in each class session is a necessity. Prerequisites: None.

33401 Money and Banking

33401 Money and Banking - All Faculty teaching this class Bryan, Michael|Kroszner, Randall View course evaluation Bryan, Michael Contents: This course examines the role of money and credit in the economy, with an eye toward understanding government regulation of financial markets and Central Bank operations. Every effort will be made to incorporate the recent financial crisis and emerging policy responses into the class content. The first half of the course considers the economics of the financial system with a special emphasis on the theories and history of payment and credit instruments, and the management of risk by financial intermediaries. The second half of the class builds upon the foundations of money and credit developed in the first half and investigates the macroeconomic consequences of government involvement in financial markets, and the policies of the Federal Reserve in particular-from promoting financial stability to the management of the business cycle. Materials: The most recent edition of Cecchetti and Schoenholtz, Money, Banking, and Financial Markets and ample supplementary readings. Grades: Based on discussion problems, a mid-term, and a final exam. Prerequisites: Business 33001 and 33040, or their equivalents. Description and/or course criteria last updated: 06/11 Syllabus

33402 Central Banking: Theories and Facts

Weber, Axel Contents: This is an advanced course that brings together topics in macroeconomics, international economics, and money and finance. It is designed for students who are interested in understanding central bank’s action with a view to existing theoretical policy frameworks and against the background of empirical economic facts. In the first week we go through an overview of the key issues that confront all central banks today. Over the following weeks we then try to understand how the Federal Reserve, the Bank of Japan, and the European Central Bank resolve these issues. We contrast their approaches with those taken by central banks in other industrialized countries and in developing countries, taking into account a continuum of real world exchange rate arrangements such as free floats, dirty floats with foreign exchange intervention, currency pegs, currency boards or full-fledged monetary unions. We will also outline the importance of structural economic features of the economy for the conduct of monetary policy. In this context particular emphasis will be placed on structural rigidities in the labor and product markets and the existence of bank based versus capital market based financial systems. The class will consist of a blend of lectures, cases, and general discussion, with a clear emphasis on current events. There may also be guest speakers from the world's central banking community. To accommodate guest speakers I may also have to reschedule a class. A detailed week-by-week syllabus and answers to a set of frequently asked questions (including the names of the guest speakers will be and the time of any rescheduled classes) will be posted on the http://chalk.uchicago.edu course web page, by September 1. Pre-assignment: For the first class, bring your name card, along with a completed copy of the student information sheet that is posted in Chalk. In the CoursePack, there will be a first class reading assignment that lays out the basic facts and framework that we will use to analyze central banks. Don’t miss the first class since this may seriously impair your class participation grade. Materials: Readings will come from a CoursePack of articles. The lecture notes are included in the CoursePack. Students are expected to read specialized economic newspapers like The Wall Street Journal orFinancial Times every day. The course draws heavily from current events. Grades: Based on class participation (20%), case write-ups (20%), and a final exam (60%). Cannot be taken pass/fail. No auditors. Non-Chicago Booth students need permission of instructor. If you are going to miss class or cannot devote significant time to preparing the cases, you should not take this course. Prerequisites: Business 33040 and Business 35000. If you have not had 33040 (or an equivalent course recently at another school) you should not take this class. I do not enforce the strict prerequisite only because of the high transactions costs of processing all the petitions by students who majored in economics as undergrads and are looking for a substitute for 33040. Description and/or course criteria last updated: 6/11 Syllabus

33450 Real Estate Investments

33450 Real Estate Investments I - All Faculty teaching this class Pagliari, Joseph View course evaluation Pagliari, Joseph Contents: This course is designed to familiarize students with real estate equity investments - primarily from the perspective of institutional investors (e.g., pension funds, private equity, REITs, life insurance companies, etc.) with allocations to "core" property types. Accordingly, much of the course's emphasis will be placed on various types of financial modeling used by these investors to evaluate their real estate investments. The course will also emphasize the multi-disciplinary setting (e.g., accounting, business law, economics, finance, mathematics and statistics) in which real estate operates. Given the dynamic nature of the real estate markets, the course notes, the pace of the class, the nature of exams, etc. should be expected to be somewhat fluid. Materials: CoursePack. Grades: Based on class participation, cases, midterm and final exam. Prerequisites: None. However, it is recommended that you have taken Business 33001 (Microeconomics) and 35000 (Investments). In any event, students are expected to have a working knowledge of Excel and a familiarity with finance, accounting and statistics. Students should not be averse to analytical thinking and quantitative analysis - most real estate practitioners are "numbers junkies." Description and/or course criteria last updated: 07/06/11 Syllabus

33451 Real Estate Investments II

33451 Real Estate Investments II - All Faculty teaching this class Pagliari, Joseph View course evaluation Pagliari, Joseph Contents: This class is intended to be an extension of Real Estate Investments I (Business 33450) and, therefore, is designed to examine more complex real estate issues and problems. More specifically, this course in intended to: a) provide you with a perspective on the "structuring" issues related to real estate equity investments, b) invoke the multi-disciplinary setting in which complex real estate transactions take place, and c) move beyond the "core" property types. Given the dynamic nature of the real estate markets, the course notes, the pace of the class, the nature of exams, etc. should be expected to be somewhat fluid. Materials: CoursePack. Grades: Based on class participation, cases, midterm and final exam. Prerequisites: Business 33450. Description and/or course criteria last updated: 07/06/11 Syllabus

33470 Population and the Economy

33470 Population and the Economy - All Faculty teaching this class Fogel, Robert View course evaluation Fogel, Robert Contents: This course deals with the effects of swings in population on the stability of the economy and on business opportunities. In both the short run and the medium run, shifts in the demographic rates, including migration, probably have been more destabilizing than unwise macroeconomic policy or abrupt political realignments. Population change thus constitutes a major challenge to policymakers in business and in government. Topics covered include the effects of demographic changes on markets for labor and capital, on savings rates and the structure of investment, on pensions and health care costs, on taxes and government expenditures, and on household behavior. Special attention is given to development in China and India. Problems of planning for the consequences of population changes, including methods of forecasting, are also considered. The grade for this course is based on problem sets discussed during T.A. sessions, a midterm, and a final examination. Grades: No undergraduate auditors. Only graduate students may audit. Prerequisites: Business 33001 or equivalent. Syllabus

33471 Business, Politics, and Ethics

33471 Business, Politics, and Ethics Barry, Brian Contents: The business environment creates ethical choices that can be hard to think through clearly. It can also subject companies to negative publicity or political pressure, which affects both how they are regulated and how well they attract employees, customers and partners. So business leaders are often called upon to make credible and persuasive arguments defending their products, their firms, their industries, or the capitalist system in which they operate. Doing this effectively – in a variety of settings – is an essential aspect of business leadership, given the extensive influence of government rules, pressure groups and the media on modern business. This is especially true now, when so many people are raising questions about the role of capitalism itself. Students in this course will gain experience forming and articulating coherent arguments about the ethics and role of business, by relating their own views to important ideas about business and capitalism and then working to ground them in clear thinking and informed ethical reasoning. We will use this approach to consider a broad range of tradeoffs and controversies that business leaders often confront. Arriving at informed views that reflect your beliefs is essential to handling these tradeoffs and controversies effectively, and in ways you can feel good about. It is also only part of the challenge in modern business. Managers must also handle criticism from groups who might gain something by weakening a firm or industry’s reputation, or by questioning the legitimacy of the marketplace in which businesses operate. Critics can include rival firms, politicians, workers, pressure groups, journalists, customers and suppliers. The quality and accuracy of these groups’ arguments vary, but usually include assertions that a business or its leaders are behaving unethically or lack legitimacy. The ability to respond to these claims, and counter them effectively when the facts and arguments are on your side, is a crucial management skill. This is easier to do when you can think through how your assessments relate to broader ideas about business and capitalism. Materials: The course will use a CoursePack, with cases and other selected readings. Grades: Short written assignments, group projects/debates. No pass/fail grades and no auditors. Note: Students must attend section in which they are enrolled. Section -01: No Non-Booth students; Section -81: Non-Booth students need instructor consent. Description and/or course criteria last updated: 02/22/12   Syllabus

33501 International Commercial Policy

33501 International Commercial Policy - All Faculty teaching this class Ossa, Ralph View course evaluation Ossa, Ralph Contents: By giving an introduction to the economics of international trade and trade policy, this course demystifies some of the complex issues that surround discussions of globalization. Should high-wage countries be worried about competition from low-wage countries? Should low-productivity countries be worried about competition from high-productivity countries? How is the global economy affected by Chinese growth? Who gains and who loses from international trade? Is international trade the main cause of increasing U.S. wage inequality? What determines the global strategies of multinational firms? Do multinational firms exploit their workers in low-wage countries? What is the WTO and does it undermine countries’ health and environmental regulations? Grades: Based on quizzes, a mid-term and a final exam. Prerequisites: Business 33001 or equivalent is strongly recommended. Description and/or course criteria last updated: 6/09 Syllabus

33502 International Financial Policy

33502 International Financial Policy - All Faculty teaching this class Neiman, Brent View course evaluation Neiman, Brent Contents: This course will help students develop an understanding of issues in international macroeconomics that are important for investors and managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets. Materials: Based on a combination of class lectures, textbook chapters, and newspaper and magazine articles. Grades: Based on a combination of quizzes, a mid-term, homeworks, and a final exam. Cannot be taken pass/fail. No auditors. Prerequisites: Business 33040 or equivalent. Description and/or course criteria last updated: 6/10 Syllabus

33503 Managing the Firm in the Global Economy

33503 Managing the Firm in the Global Economy - All Faculty teaching this class Cosar, A. Kerem|Romalis, John View course evaluation Cosar, A. Kerem Contents: This course will study international economics from the perspective of the firm. The objective is to become familiar with organizational, financial and legal issues that firms face in foreign markets. To this end, we will analyze conceptual frameworks that guide firms’ decision to expand globally through exporting, investing or forming alliances. We will address questions such as: how do firms decide to export and where to export? What is the rationale behind the common organizational forms (joint ventures with local partners vs. wholly owned foreign subsidiaries) we see in foreign operations? What factors determine the location choice for investing abroad? We will also investigate in depth some of the key issues multinational firms face: intellectual property rights in foreign markets, financial and operational hedging techniques to manage exchange rate risk, international tax planning, political risk and corruption in international business. Part of the course will be devoted to the analysis of the business environment and management practices in developing countries. Materials: There is no CoursePack. All readings and slides will be available for downloading from the Chalk. Grades: Based on assignments, an in-class midterm, and final exam. Students may opt for a term paper instead of taking the exams. Students who require a provisional grade must take the mid-term exam and perform at a level of at least C-. The course may be taken pass/fail. Prerequisites: The course has no strict requirement but I assume familiarity with basic concepts taught in Microeconomics (Bus33001). Description and/or course criteria last updated: 07/07/11 Syllabus

33520 The Wealth of Nations

33520 The Wealth of Nations - All Faculty teaching this class Hsieh, Chang-Tai View course evaluation Hsieh, Chang-Tai Contents: Why is the United States the wealthiest country in the world? How can we understand the emergence of China and India in the last two decades? What explains growth disasters of countries such as Venezuela and Sub-Saharan Africa? Why has Brazil not emerged as a growth miracle despite its enormous potential? We will develop an analytical framework to examine the role of financial markets, labor market regulations, tax policy, and trade policy in understanding a country's growth experience. Prerequisites: Business 33001 recommended, but not required. Description and/or course criteria last updated: 6/09 Syllabus

33521 Asian Economies and Business

33521 Asian Economies and Business - All Faculty teaching this class Barry, Brian View course evaluation Barry, Brian Contents: Asian Economies and Business This course examines several overarching trends that will confront managers and investors doing business in or with Asia, especially China and India. These include rapid urbanization in parts of the region; the rise of the domestic consumer; aging workforces in several countries; the challenges of domestic integration in two giant and fast-developing economies (China and India); the increasing economic integration of East Asia as a whole; and a wide array of political risks. In the process, the course will also give an overview of the region's variety, including cross-country differences in technology, human capital, political stability, openness to trade and investment, and overall approaches to development. It is designed to cover a broad set of topics by drawing on a range of background readings (including book chapters, journal articles, cases and media articles). We will mix lectures with intensive group discussion. The course will start by conveying some basic information about Asian economies and business, so that students with different levels of prior knowledge can work from the same core set of facts. We will then establish a framework in the first few weeks to help students navigate the region's breadth and variety. This includes applying economic analytical tools to Asian markets, institutions and firms. The tools and framework will help students to think more clearly about a region that many find overly complicated. We will not, however, assume that there are clear answers or simple rules of thumb for managing and investing in Asia. Learning to handle ambiguity is an inherent part of doing business in a fast-changing region with overlapping risks. Preparation: This course requires students to devote much of their time to studying a breadth of reading materials. Students will be expected to have done the reading diligently, and to engage in class discussion thoughtfully and regularly. There will also be a group paper. Groups will be expected to meet with me once outside class hours, to discuss their proposed paper. Materials: CoursePack; Supplementary textbook on China. Grades: Cannot be taken Pass/Fail; No Auditors. Based on class participation (20%); quizzes and written assignments (20%); a midterm exam in class (30%); and a group project to be delivered as a final paper (30%). There may be minor amendments to this structure, which will be posted on the course's website before the winter quarter. Prerequisites: Business 33001 and 33040, or their equivalents, or more advanced courses in microeconomics and macroeconomics. Non-Booth students need instructor consent. Description and/or course criteria last updated: 01/2012 Syllabus

33522 Chinese Economy

33522 Chinese Economy - All Faculty teaching this class Song, Zheng View course evaluation Song, Zheng Contents: Why has China been growing so fast in the last three decades? How to do business in China? How does the emergence of China affect the world economy? This course is designed to answer the above questions using a general framework developed for the Chinese economy. We will investigate the key characteristics of the Chinese economy and how they are interacted. These characteristics include structural transformations through decentralization, globalization, industrialization and urbanization, distorted financial, labor and land markets, and the corresponding responses of the corporate, government and household sectors. Micro-level case studies will be provided to examine the applicability of theory. Materials: China’s Great Economic Transformation, ed. Loren Brandt and Thomas Rawski, Cambridge University Press, 2008. Prerequisites: Basic microeconomics and macroeconomics (Bus 33001 and 33040). Description and/or course criteria last updated: 02/13/2012 Syllabus

33650 Workshop in Macro and International Economics

33650 Workshop in Macro and International Economics - All Faculty teaching this class Guerrieri, Veronica;Hachem, Kinda;Hurst, Erik|Kashyap, Anil;Song, Zheng|Kroszner, Randall

CONCENTRATIONS

Entrepeneurship

Strategic Managaement

General Management

Marketing management

Finance

international Business

Operations Management

Managerial and organizational behavior

Accounting

Analytic Finance

Analytic Management

Econometrics and Statisticcs

Economics

HR Management

Entrepreneurship

34101 Entrepreneurial Finance and Private Equity

34101 Entrepreneurial Finance and Private Equity Kaplan, Steven|Meadow, Scott|Zingales, Luigi This course uses the case method to study entrepreneurial finance and, more broadly, private equity finance. The course is motivated by increases in both the supply of and demand for private equity. On the supply side, the amount of private equity under management - by partnerships investing in venture capital, leveraged buyouts, distressed companies, etc. - has increased substantially in the last decade. On the demand side, an increasing number of MBAs and others are interested in starting and managing their own businesses. The supply and demand for funds have also grown substantially outside of the U.S. The primary objective of the course is to provide an understanding of the concepts and institutions involved in entrepreneurial finance and private equity markets. To do this, the course has been designed to be broad and comprehensive. We will explore private equity from a number of perspectives, beginning with the entrepreneur/issuer, moving to the private equity - venture capital and leveraged buyout - partnerships, and finishing with investors in private equity partnerships. For each class meeting, study questions will be assigned concerning a case study. We will discuss these questions and the material in the case for most of the class period. Before each case discussion, each student will be required to submit a memorandum (up to two pages) of analysis and recommendations. Group work is encouraged, but not required on these short memoranda. Memoranda with up to three names on them are acceptable. We will use journal articles and some lectures to supplement and enhance the case discussions. All required cases and supplementary readings will be in the CoursePack. Preassignment: Students are responsible for a memorandum for each case we discuss in the first class. The first class assignment is detailed in the CoursePack. Students who are not registered, but are trying to add the course must attend the first week.   Grades: Based on class participation (40%), the short memoranda (10%), and a final exam (50%). The final exam is a take-home case analysis. Cannot be taken pass/fail. No auditors without instructor's permission.   Prerequisites: Business 35200 or 35201 or 35902: strict. Syllabus

34102 New Venture Strategy

34102 New Venture Strategy Bunch, Gregory|Schrager, James This course builds non-mathematical models of success in the world of entrepreneurial business through intensive analyses of both classic and current cases. Students are required to analyze assigned cases carefully, develop and discuss new cases, and present a well-developed new business proposal to the class. Emphasis is placed on producing a framework to analyze business opportunities of all sizes. The centerpiece is a set of models abstracted from the cases prepared during the course. These models allow the class to categorize ideas quickly, discuss benefits, note problems, and ideally, predict performance. The class is not a series of "nuts and bolts" lectures about running small businesses, nor is it a guest lecture series. Participants must be willing to become involved with the material and approach the topic with analytic rigor. From that effort, an organized way of thinking should evolve that will allow students to make better decisions on potential new venture proposals. Please note that rescheduled class sessions will be required to allow for presentation of group projects to the class. See the Curriculum web page on the Chicago Booth Portal for details which vary by quarter regarding when these special sessions will be held.   Materials: Chicago Booth CoursePack and current articles from the Wall Street Journal.   Grades: Based on quality of in-class participation; weekly written case work completed in groups of three to five students (each paper limited to two pages); an individual case about a real entrepreneur (also limited to two pages); and class presentation of an original business start-up idea. Auditors only permitted in last quarter of Chicago Booth residency.   Prerequisites: Should be taken after a student has completed one-half of the MBA program. Syllabus

34103 Building the New Venture

34103 Building the New Venture Deutsch, Waverly|Rosenberg, Robert|Wortmann, Craig This course is intended for students who are interested in starting new businesses with a lesser emphasis on investing in start-up companies or buying existing firms. The course focuses on small company management and the development of new enterprises from both a strategic and a tactical, action-oriented, hands-on perspective. Students learn how to raise initial seed funding, compensate for limited human and financial resources, establish initial brand values and positioning, leverage a strong niche position, determine appropriate sourcing and sales channels, and develop execution plans in sales, marketing, product development and operations. The emphasis is managerial and entrepreneurial. It could be described as a working model for starting a smaller enterprise. Paralleling the course content is the YourCo. "game" in which teams of four to five students simulate building a new venture. At the beginning of the class, teams describe a product or service they would like to bring to market, determine the necessary seed funding amount, and outline current staffing and development status. Through the quarter, students build company rollout plans based on their product or service which range from high tech commercialization to retail concepts to small manufacturing companies. Each week, teams have specific written deliverables for their "company" based on the course material. Assignments include identifying key hires, choosing an initial target customer set, executing a marketing campaign, creating a sales pitch, completing a development/production plan, identifying important strategic partners, and determining next round funding requirements. "Game" points will be assigned based on feasibility of actions, creativity of solutions, and adherence to seed budget constraints. Through class lectures, "game" assignments, and real world cases, the course covers such topics as new product innovation; building a start-up management team; identifying target customers; inexpensive promotion/advertising techniques; professionalizing a sales process; and leveraging strategic partners. Emphasis is placed on marketing and sales for new enterprises, because this is a major area of entrepreneurial weakness. Class limit will be strictly adhered to and adding this class after the first week is strongly discouraged unless all classes have been attended.   Grades: Based on "game" assignments, case analysis and active class participation. Cannot be taken pass/fail.   Prerequisites: Business 30000 and 37000.   Syllabus

34104 Special Topics in Entrepreneurship: Developing a New Venture (New Venture Challenge)

34104 Special Topics in Entrepreneurship: Developing a New Venture (New Venture Challenge) - Rudnick, Ellen Contents: This course is designed to allow students who have advanced to the second round of the New Venture Challenge to develop their ideas into full business plans. Student teams will work largely on their own to develop their business plans and are encouraged to meet individually with the class coaches and faculty. The class meetings consist primarily of plan presentations. Venture capitalists, private investors, and entrepreneurs will also help critique and improve the plans during the presentations. The class sessions also will include workshops on the legal considerations of a new venture, developing marketing plans, and presentation skills. Preassignment: An orientation meeting for all teams that have advanced to the second round of the New Venture Challenge will be held during winter quarter. Students should come to this meeting ready to present an elevator pitch of their ideas. Students will also be required to present their plan on the first day of class. Grades: Based 70% on the quality of the work that goes into the business plan and 30% on class participation. Prerequisites: Advancement to the second round of the New Venture Challenge or (in rare circumstances) consent of the instructor: strict. Students should contact the instructor before the course begins. Description and/or course criteria last updated: 07/14/11 Syllabus

34105 Entrepreneurial Internship Seminar

34105 Entrepreneurial Internship Seminar This course provides students who were selected to participate in the Polsky Center Entrepreneur Intern Program or Social Entrepreneur Intern program a forum to strengthen their entrepreneurial network and insight skills. This is achieved through the development of unique case studies and analysis presented by the faculty, by outside entrepreneurs and by the students themselves. The students will also interact with the other interns through presentations and sharing of experiences in order to broaden their perspective on entrepreneurial/private equity career opportunities. Outside guest lecturers on entrepreneurship and leadership will be included as part of the classroom session. In addition to the forum sessions the students will have one-on-one meetings with the faculty advisor in the development of their own cases.   Grades: Based on classroom participation, the case study and analysis, and final presentation. Cannot be taken pass/fail.   Prerequisites: Consent of instructor; selection as a Polsky Center Entrepreneur Intern or other approved internship, and completion of internship by autumn quarter. Syllabus

34106 Commercializing Innovation: Tools to Research and Analyze Private Enterprises

34106 Commercializing Innovation: Tools to Research and Analyze Private Enterprises   34106 Commercializing Innovation: Tools to Research and Analyze Private Enterprises - All Faculty teaching this class Meadow, Scott View course evaluation Meadow, Scott Contents: Commercializing Innovation delivers useful “cross-training” to students interested in starting, leading or investing in entrepreneurial enterprises. Throughout the quarter, students learn how to effectively evaluate and communicate the fundamentals of novel business opportunities. More than a collection of tools and frameworks, this course teaches a comprehensive approach that can be efficiently applied across a broad range of businesses. This approach is built (and tested) incrementally over time using a mixture of case discussions, guest lectures, and hands-on assignments. This course requires a high level of individual investment, group coordination, and professionalism. Students form teams at the beginning of the course and, each week, these teams evaluate new venture opportunities. These weekly group assignments require students to look beyond the modest case materials provided. Students are expected to use primary research (i.e. expert interviews) and secondary research (i.e. published sources) to study the industry and enterprise-level characteristics of the business. Early in the course, students will learn how to distill a new business concept down to its economic drivers, and how to model those economics effectively. In addition, each week two teams are assigned to deliver a presentation on the new ventures under evaluation, and to respond to class questions. Through their presentations, teams solidify their mastery of the topic and strengthen their communication skills, while the rest of the class hones critical listening skills and diplomacy. The case studies used in this course are real investment opportunities, many of which the professor has been involved with as an investor or advisor. The cases cover a broad range of industries including retail, healthcare, energy, hospitality, consumer products, and consumer services. New cases and regular guest speakers from the venture community keep the course material relevant. Class discussions will cover foundational analysis, as well as the use of market research in the entrepreneurial environment, "how to" build management, utilization of analogs to develop the economic profile of emerging companies, staging and structure of financing over the life of the enterprise, and modification through analysis of the tactics and strategy of functional disciplines when projected outcomes are not achieved and the resulting ramifications on cash usage. For further information on the course outline, course expectations, and other useful information, please refer to the course syllabus. Also, please note that attendance for all ten weeks of the course is very important for your success and for other students' success in this team-based course. If you are hoping to register for this course but have not yet secured a seat, you must attend class sessions as it is impossible to catch up. If you have not attended and register after the start of the quarter, you will be asked to drop the course. Materials: Two course packets and supplementary materials distributed on the course site (on Chalk). Grades: Based on class participation, including a team presentation (20%), weekly assignments/memorandum (20%), class participation (20%) and final exam (40%). The final exam is a take-home case analysis, also done in teams. Cannot be taken pass/fail. No auditors. Prerequisites: None. Business 30130, 33001, 34101, 34102, 35200 would all be helpful, but are not required. Description and/or course criteria last updated: 11/14/11   Syllabus

34107 Global Entrepreneurial Finance

34107 Global Entrepreneurial Finance - All Faculty teaching this class Morse, Adair Contents: I define the word “entrepreneurial” to mean pursuing opportunities. The course covers how to think about opportunities (and frictions) for starting a business or raising expansion finance anywhere in the world, as well as how to identify and understand global investment opportunities in entrepreneurial activities. We cover a module on social impact investing and direct investment strategies in emerging markets. Topics include global venture and growth capital, public-private partnerships, emerging market strategies created by regulation openings, privatizations, or sovereign wealth, and, finally, foundations for being successful global entrepreneurs including business plan development and tapping finance sources at a local level. It is a finance course, but global entrepreneurial finance is a subject about understanding economic and strategic opportunities and using finance to pursue them. Prerequisites: Bus 35000 and 35200 Description and/or course criteria last updated: 09/09/11 Syllabus

34110 Social Entrepreneurship Lab

34110 Social Entrepreneurship Lab Darragh, Linda   Contents: Social ventures take the form of both non-profits and for-profits and seek to better the world in such industries as education, food systems, microfinance, workforce development, public health and community development. This class will incorporate different social venture business models and industries through lab projects and theoretical discussions in class. The lab projects are intended to enhance the understanding of the challenges of operating and growing social ventures where ‘profits’ are often sacrificed for mission. A large component of the course will be a group project to assist a local social enterprise on a specific challenge such as developing or expanding income-earning programs, pricing strategies, organizational development, marketing and branding strategies, etc. Five students in a group will conduct research and make actionable recommendations for their client. These projects will be set up in advance. The anticipated time commitment from students is approximately 6-8 hours per week on the lab project. In addition, there are regular meetings with the professor for updates and guidance. Classroom topics will be divided into two categories – project management and industry analysis. To insure that projects are rewarding for both the student and the client, project management skills and research techniques will be presented on an on-going basis. In addition, cases and classroom discussions will focus on trends and challenges in the social impact industries of education, workforce development, microfinance, community development and fair trade. Class sessions will be a mix of short lectures, discussions, guest speakers, and student presentations.   Grades: Based on classroom and team participation, final presentations, and client evaluations. Cannot be taken pass/fail. Syllabus

34111 Entrepreneurial Selling

34111 Entrepreneurial Selling Contents: Overview The biggest challenge to growing a successful entrepreneurial venture is selling. Entrepreneurs must build a strong sales pipeline to ensure profitable growth as they tackle other pressing issues like staffing, infrastructure, and financing. In the Entrepreneurial Selling course, you will learn how to acquire customers, target sales through different channels, manage the sales function, and use the key tools required for success in selling. The course will combine the following elements to create a powerful learning experience for you: • A Scenario™ based case study that explores all of the different challenges in the sales process. The Scenario unfolds each week over the course of the term and asks you to collaborate and discuss what you are learning. A Scenario is a web-based case study that allows you to experience a true, real-life story of success and failure. The Scenario explores the difficult targeting decisions, ethical considerations, and selling situations of a start-up company through its first eight years of growth. • Role-play situations, including the art of conversation, hot prospecting, high-gain questioning, and handling objections • A Story Matrix of stories to be used in selling and management to achieve sales objectives • A Sales Plan for a start-up or early-stage company • A Sales Presentation to a mock customer These elements will be supported by a research-based sales process and sales toolkit. Learning Objectives You will be able to: • Understand the key phases of the selling process • Use the sales toolkit to construct a sales strategy for a set of clients and channels • Identify the most common failure points in an entrepreneurial sales process • Put to use a set of sales skills that will serve you in any career context   Grades: Grading will be based on five factors: • 50% - Final project assignment • 20% - One case write-up assignment • 10% - Sales person interview • 10% - Scenario participation • 10% - Class participation Description and/or course criteria last updated: 03/29/11 Syllabus

34115 New Social Ventures

34115 New Social Ventures Gertner, Robert Contents: In this course, groups of students will develop an idea for an innovative, startup social organization. They will conduct research to create a detailed plan for its creation and growth and pitch the plan to faculty, social entrepreneurs, domain experts, foundation officers, and philanthropists. The definition that we will use to determine if an idea belongs in the course is that social organizations are designed, managed and governed to sacrifice profit for mission in a substantial way or to seek funding from investors who are willing to sacrifice returns for mission. Compared to traditional for-profit organizations, such organizations rely in varying degrees on different funding institutions, different governance mechanisms, different ways to measure performance, different marketing, and different HR practices. These organizations may be structured as for-profit or non-profits. Because of these differences in management and the institutional structure supporting them, a distinct curriculum is appropriate, even if the definition excludes many organizations that create substantial social value. The class will include multiple rounds of pitch presentations with detailed feedback, much like the New Venture Challenge. It will also include case studies, lectures, and readings about social organizations and related institutions. Topics will include; evaluating a new social enterprise, financing a social startup, managing a social organization, managing and financing growth, measuring performance and social impact, and governance. We anticipate incorporating substantial prize money for the best plans. In 2011, we rewarded a total of $25,000 to the top three ventures. Enrollment will be by application and permission of the instructor with preferences given to teams of students who submit a preliminary plan for their project. A limited number of places will be available for non-Booth students. Grades: Based largely on new social venture plan and presentations. Class participation and constructive input into other groups’ projects will also be incorporated. Prerequisites: Application and permission of instructor. Description and/or course criteria last updated: 07/06/11 Syllabus

34201 Building Internet Startups: Risk, Reward, & Failure

  34201 Building Internet Startups: Risk, Reward, & Failure Keywell, Bradley;Lefkofsky, Eric View course evaluation Keywell, Bradley; Lefkofsky, Eric Contents: This course provides an overall understanding of entrepreneurship in the technology space and focuses on several concepts that are critical to expedite the pathway to identify viable business opportunities, grow an enterprise, and find a niche worthy of new business creation. The value of the course will be to present students with essential elements of entrepreneurship that they likely have not dwelled on in other forums. By studying these issues from several perspectives – case studies, popular newspapers and magazines, behavioral economics, psychology, law, and finance – the students will be able to conceptualize a framework for evaluating risk and reward as entrepreneurial endeavors are conceived. The discussion of failure and its value will be central to this class, as great entrepreneurs are often defined by how they react to, and deal with, failure. Particular focus will be paid to the concept of “intelligent fast failure,” a process in which failure is probed and often sought, in order to provide experience for reaction and reflection. Concepts that will be focused on include: Understanding Failure, Risk & Reward, Internet Business Models, Disruption, Entrepreneurial Creativity, Structuring for Growth, Business Development, Technology Development, Taking Capital, and Wealth Creation. There will be two major deliverables, a mid-term ‘experience’, and a final paper that will be discussed in the time allotted for an in-class final. The ‘experience’ will take place between lectures 3 and 4. This experience is designed to force each team to think creatively about risk/reward, to push you out of your comfort zone, and will take place entirely outside of the classroom. The exam will be an in-depth analysis of a business scenario chosen by the professor that will touch on many of the concepts discussed in class. Students will be chosen at random to defend their papers in front of the class during the time allotted for the final. Materials: Chicago Booth CoursePack along with current articles from the Wall Street Journal and other sources. Grades: Based on class participation (50%), the mid-term experience (20%), and take-home final exam (30%). Cannot be taken pass/fail. No auditors without instructor's permission. Prerequisites: None. Prerequisites: None. Description and/or course criteria last updated: 1/11/11 Syllabus

34301 Buyouts

34301 Buyouts Davis, Scott Contents: In this course we will examine going private transactions in which publicly held companies are acquired by affiliates of private equity firms with the participation of the company's management or by controlling shareholders. This is an especially timely topic because management buyouts have become prevalent and controlling shareholder buyouts continue to be controversial. Both types of transactions raise conflict of interest issues because some of the company's directors or officers, who are ordinarily charged with obtaining as much as possible for public shareholders in a sale transaction, are instead attempting to buy the company for as little as possible. We will examine the methods that Delaware law has provided for dealing with these conflicts of interest and whether those methods are likely to be effective. We will also look at a variety of other issues raised by going private transactions, including why they occur, whether they are likely to be beneficial to shareholders in spite of the existence of conflicts of interest, the consequences to society of these transactions and certain conflict and other issues that can arise in these transactions even if they are neither management or controlling shareholder buyouts. Finally, we will examine the role of the lawyers and financial advisors who are involved in these transactions. The class size will be limited to 70. There will be one take-home final exam. Grades will be based on the exam and class participation. Description and/or course criteria last updated: 03/26/2012   Syllabus

34701 New Venture and Small Enterprise Lab

34701 New Venture and Small Enterprise Lab Darragh, Linda This course is intended for students who are interested in working for a new venture/small business or are interested in consulting to such entities. This course is designed to apply the Chicago Booth's strong base of theoretical knowledge to the problems and opportunities of new ventures and smaller enterprises. Teams of four or five students work on specific strategic and operational projects for early-stage companies in the Chicago area. The students work with the venture's management under the guidance of the instructor. The clients represent diverse industries including technology, biotech, industrial and consumer based firms. Prior to the first class, students will receive an e-mail with a description of each client and proposed projects and will be asked to submit their top three choices of companies to work with and their resumes to the instructor. The professor will compose the teams by balancing student preferences and their knowledge and skills. Class sessions consist of lectures by the instructor on key topics related to small business and new venture success including market research, go-to-market strategies, management, legal issues and financing new ventures through debt, angel capital and venture capital. The course also focuses on project management techniques for small business consulting. In addition, there are several guest speakers including an entrepreneur panel discussion, a venture capitalist and a lawyer discussing new venture legal issues. At the conclusion of the quarter, each team will submit its final recommendations and make a presentation to the client's management team. Please note: because of the University's obligation to the clients and the time involved in the client project, students who elect to register for this course should consider this a commitment. Dropping this class after the first week is strongly discouraged. Part-time students are welcome but this class requires substantial schedule flexibility. Students report spending approximately 8 - 10 hours per week on the projects and must be able to schedule frequent meetings with the client, often during business hours. Class limit will be strictly adhered to.   Materials: Based on classroom and team participation, final presentations, and client evaluations. Cannot be taken pass/fail. Description and/or course criteria last updated: 6/11 Syllabus

34702 Private Equity/Venture Capital Lab

34702 Private Equity/Venture Capital Lab Heltzer, Jason; Weiss, Ira Contents: The private equity lab is an experiential program intended for students who want to learn more about what it is like to work in the private equity industry. The program is comprised of (a) an internship and (b) an academic course. Internships are hosted by private equity funds (broadly defined to include angel groups, venture capital firms, mezzanine lenders, buyout firms and many other variations). The academic course is designed to equip students with timely practical tools and impart experience from industry veterans with the goal to accelerate the apprenticeship process of those aspiring to work in the private equity industry. Internship assignments can range from evaluating new markets or business opportunities for investment to working on specific issues/opportunities for portfolio companies. The students will be expected to work a minimum of 15-20 hours for their host firm during their internship and consequently should only be registered for a total of three courses during the spring quarter. While the course is scheduled for the spring quarter, the internships may begin earlier and possibly continue beyond the spring quarter. The course is a mix of case discussions, simulated board meetings, simulated investment committee meetings (similar to VCIC), guest speakers, workshops and lectures. Course material is designed to be topical and immediately useful to the student’s internship. Preparation for classes will be more moderate than other classes to accommodate a student’s workload at their host firm, but may involve group work and case preparation. Some class sessions will also include “peer guidance” where the professors and students will assist one another on pressing challenges they face in their internships. Students will be selected for the course through a competitive screening/interviewing process, which begins by submitting a resume and a questionnaire in December. More information on the selection process can be found on the Private Equity Lab website at http://polskycenter.com/pelab/. Students may request to opt-out of the academic course by sending a written request to the professors. Students who opt-out of the course will not receive course credit or be allowed to audit the class. Grades: Based primarily on host firm evaluations, with classroom participation and final project also playing a factor. Cannot be taken pass/fail. Prerequisites: Completion of 6 or more Chicago Booth courses by the spring quarter is recommended, including corporate finance (35200), commercializing innovation (34106) and/or entrepreneurial finance (34101). Must be selected by a host firm. Description and/or course criteria last updated: 08/09/11 Syllabus

34704 Real Estate Lab: Real Estate Challenge

34704 Real Estate Lab: Real Estate Challenge Pagliari, Joseph Contents: Selected students from the business schools of Chicago and Northwestern universities will compete to present the best redevelopment proposal for a site owned by the City of Chicago. Past sites have included properties located in areas such as: the Olympic Village, the south loop, the "six corners," Bronzeville and the near West Side. These sites have lent themselves to a variety of proposed residential, retail and office uses. Each team - usually six full-time, first-year students - utilizes the spring quarter to hone their proposal and their presentation. Resources for these activities include interested faculty members as well as local practitioners familiar with various aspects (design, construction, leasing, financing, etc.) of the proposed project. The proposals are ultimately evaluated by a panel of five judges - one of whom is typically a City representative. These students typically find the experiential nature of the project to be intellectually rewarding as well as quite helpful when interviewing with prospective employers. Materials: None. Grades: Cannot be taken pass/fail. No auditors. Prerequisites: Application Process: If you are interested in participating in this year’s Challenge, please so indicate to Professor Pagliari (via email to joseph.pagliari@chicagobooth.edu) by no later than March 4th. Your email note should contain as attachments: 1) a resume and 2) a two-paragraph statement as to why you would like to be involved in this year’s Challenge and what you might offer to your teammates in terms of expertise, perspective, contacts, etc. From these applications, Professor Pagliari – in consultation with the Dean’s office – will select the six-member team which in his opinion is likely to best represent the School in this year’s Challenge. Description and/or course criteria last updated: 6/09 Syllabus

34706 CleanTech Lab

34706 CleanTech Lab   Blumberg, Jason Contents: This class has been revamped from last year (2010-11). The ultimate objective of the class is to provide a strong foundation in clean technology by offering hands-on experience (consulting to a leading firm or research partner), complemented by in-class lectures and discussion. This course offers a unique blend of theoretical constructs and practical experience as they relate to emerging clean-tech businesses. The clean-tech industry is dynamic and changing, with new companies appearing every day, but like most entrepreneurial organizations clean-tech companies are often small, dynamic and quickly growing. Therefore, the toolset required to be successful in this space can be different than traditional corporate management. Teams composed of 3-5 students will work on a specific project with a company or a new technology during the 10-week course. There are two different types of projects offered in this class: 1. Working directly with a clean-tech company in a consulting capacity to solve a major issue they are facing (i.e. operations, marketing, strategy, etc.) 2. Working with developed technologies to analyze the market viability or develop a base commercialization plan for a clean-technology.   Actual experience with an emerging clean-tech firm will be augmented with classroom instruction. Classroom lectures and discussions will focus on: 1. Issues faced by entrepreneurial organizations such as, growth strategies, marketing, management, financing and managing with a limited budget. 2. Core principals and technologies that are shaping the clean-tech industry, including the structure of the energy markets and overviews of many major and minor technologies. 3. Building a toolset to be able to effectively and efficiently provide high impact advice and recommendations. 4. Guest lecturers from industry experts. Projects may include researching new markets, new channels and customer acquisition tactics; developing marketing and/or pricing strategies; and analyzing operations to increase efficiencies; analyzing the market need and potential for a new technology. To view projects from 2010 Click Here. Projects for 2011 will lean towards more devloped technologies and companies (similar to last years GTI, Invenergy, Confidential and SolXorce projects) Prior to the first class: Students will receive an e-mail with a description of each client and proposed projects and be asked to submit their top three choices of companies to work with and their resumes to the instructor. The professor will compose the teams by balancing student preferences and their knowledge and skills. Please note: students who elect to register for this course should consider this a commitment. Dropping this class after the first week is strongly discouraged. Part-time students are welcome but this class requires substantial schedule flexibility. Students report spending approximately 7 - 10 hours per week on the projects and must be able to schedule frequent meetings with the client, often during business hours. Materials: CoursePack. Grades: Based upon class participation (15%), team evaluations (20%), final project (25%), client evaluation (20%) and individual assignments (20%). Cannot be taken pass/fail. Prerequisites: First year students who don’t have prior business or energy experience should speak with the professor before signing up for the class. Description and/or course criteria last updated: 07/21/11 Syllabus

34720 Social Enterprise Lab

34720 Social Enterprise Lab Gertner, Robert Contents: This unique, social enterprise project-based course is being offered at Booth for the first time in Summer 2012. It is part of a larger course that will have three different project areas (operations, managerial strategy and social enterprise). Students register for their project preference area and will work with faculty who have specific expertise in this area. The Social Enterprise Lab projects will be led by Christina Hachikian, Director of Social Enterprise Initiative with Professor Gertner’s assistance. Projects will cover a diverse range of company issues (examples of potential projects include but are not limited to): disabled company’s expansion; electronic vehicles strategy in the U.S.; and manufacturer of products to conserve water and power strategy to increase usage. The course will teach students how to bring theory to practice by working closely with real-world firms. Utilizing frameworks for maximizing team performance, the course curriculum will also include in-class subject matter expert presentations on: oral, visual and written presentation skills; client relationship management; project management; and communication. The course is for students interested in social enterprise strategies. Because of the comprehensive nature of the course curriculum, it is also an excellent course for those interested in consulting. The course will meet on Wednesday from 6:00 p.m. to 9:00 p.m. Final presentations will be on August 22, 2012 (regular class time). Grades: Evaluation Criteria: project deliverables (paper and presentation), individual reflections paper, participation in project teams and engagement in the Wednesday class sessions. No pass/fail grades and no auditors. Description and/or course criteria last updated: 05/14/2012 Syllabus

Organizations and Markets

39101 Technology Strategy

39101 Technology Strategy - All Faculty teaching this class Kahl, Steven View course evaluation Kahl, Steven Contents: Technological innovation is a critical source of competitive advantage. From biotech to software, from manufacturing to banking, technological innovation enables firms across a wide range of industries to meet challenges in the competitive environment. However, many firms have difficulty managing the innovation process. What's more, even firms that are successful often have trouble profiting from their innovations. This course develops conceptual tools, frameworks, and strategies to help manage through technological and market changes, competition, and the development of organizational capabilities. It focuses on two key aspects of technological innovation: creating and capturing value. Creating value explores the different processes and organizational structures firms can use to create/acquire new technological knowledge and capabilities to develop world-class technologies. Capturing value analyzes strategies to help companies make money from innovations. For instance, what do new firms need to consider when entering a market with a new technology? How can existing firms protect their market positions? How should strategies change as the technology evolves? What is unique about platform technologies, such as Google and Facebook, and how should they trade-off growing the market versus making money? The course does not assume students have prior technological knowledge, nor does it assume students have worked in technology-intensive industries. The goal of the course is not to develop a deep understanding of the technology itself; rather, it is meant for those interested in managing a business in which technology plays a significant role as well as those interested in consulting and financial services that evaluate innovation challenges. Materials: The course is taught using case analysis, readings, in-class work, and interactive lectures. Grades: Based on participation, case write-ups/homeworks, and a team research project. Cannot be taken pass/fail.

39600 Workshop in Organizations and Markets

39600 Workshop in Organizations and Markets - All Faculty teaching this class Burt, Ronald|Kahl, Steven|Pontikes, Elizabeth

39001 Strategy and Structure: Markets and Organizations

39001 Strategy and Structure: Markets and Organizations - All Faculty teaching this class Pontikes, Elizabeth Contents: Managers, executives, and entrepreneurs face a common problem: how to create a strategy that sets and achieves the firm's goals. This includes shaping the identity of the organization, choosing and defining the market for its products or services, and setting the scope of the firm's activities. This course will develop the tools needed to analyze industries, firm competencies, and competitive advantage in order to create a firm's strategy. The second half of this course will focus on how a manager can design an organization to implement the chosen strategy. Topics include creating formal structures, shaping informal structures, and creating routines and capabilities. We will also focus on identifying when it is necessary to for a firm to change, and potential limitations to change. A variety of formats are used to engage the course topics. The class is primarily case-based and it is heavily focused on class discussion. Grades: Based on written case analyses, a mid-term exam, a final group project, and class participation. Cannot be taken pass/fail. Prerequisites: There are no required classes for Business 39001. This course is suitable for first-year students. This course has a first-class assignment.

39002 Network Structures of Effective Management

39002 Network Structures of Effective Management - All Faculty teaching this class Burt, Ronald|Merluzzi, Jennifer View course evaluation Burt, Ronald Contents: This course is an introduction to the competitive advantage provided by social capital. You’ll see evidence and applications of basic principles in how social networks create advantage for some and erode performance for others. More than ever before, the central role of a business leader is to formulate organization objectives, mobilize colleagues to achieve the objectives, and convey the objectives in a form attractive to employees, investors, and customers. The CEO and his or her leadership team have point responsibility, but managers too are expected to play a role, and most certainly expected to shape their personal business responsibilities to broad corporate strategy. However, people are less often trained for these responsibilities than they are simply expected to meet them. This course is about bringing people together to create and deliver value. It is about identifying opportunities in the hurly-burly of everyday life around you, mobilizing resources around opportunities, and organizing to deliver on opportunities. In any situation, there is a social organization to the divergent interests of significant players. Principles of social capital describe how to coordinate those interests to create value: coordinating personal contacts to diverse groups in an organization, coordinating employees within and between functional groups, and coordinating business activities across markets. A strategic leader understands the alternative forms of social capital and when to optimize for one or another. The key question: How do I work with the other people to make it happen? In other words, this is a course about the transition from smart to wise. Smart knows how to compute. Wise knows when and where computation adds value. Wise poses the intuitive questions to which smart provides answers. Smart is an able technician. Wise is a leader. Prerequisites: None. This course is recommended for mature audiences and a working familiarity with regression analysis is strongly recommended to understand and reason from the evidence presented in class.

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International Entrepreneurship Lab

Finance and Entrepreneurship in Emerging Markets

Topics in Global Economy

Building Innovation Strategy and Capability

Strategic Planning

Management Lab

Taking Charge

Taking Charge - Batts, Warren; Strubel, Richard Taught by former C-level executives, this course focuses on the practical, current, key issues with which general managers often deal when they take over a new assignment. These include: joining a company from the outside to take charge of a subsidiary in need of change; implementing your game plan and choosing your management style; the importance of self-awareness and communications in managing others effectively; making decisions and setting priorities in a turnaround-around situation; and transitioning a very successful startup to a large corporation - without losing its distinctive culture.

Legend

Course present in more than one dept

Foundation Course

Foundation replacement course

Any other icons mark concentrations