Abstract: This half-semester course introduces and surveys a selection of cutting-edge topics in the field of real estate finance and investments. The course follows an informal “seminar” format to the maximum degree possible, with students expected to take considerable initiative. Lectures and discussions led by the instructors will be supplemented by several guest speakers from the real estate investment industry, who will present perspectives on current trends and important developments in the industry.
Abstract: This is a course in intermediate macroeconomics with an emphasis on real world applications. There are two main objectives for this course. First, to develop simple models that can be usefully applied to generate realistic explanations about the behavior of important macroeconomic variables such as output and income, employment and unemployment, interest rates, the government budget balance, exchange rates and the current account balance, and inflation. Second, to apply these models to understand and interpret current and historical macroeconomic developments—including monetary and fiscal policy choices—and to make predictions about future macroeconomic events, primarily in industrialized countries.
Abstract: Continuation of Finance Theory I, concentrating on corporate financial management. Topics: Capital investment decisions, security issues, dividend policy, optimal capital structure, hedging and risk management, futures markets and real options analysis. The objective of this course is to learn the financial tools needed to make good business decisions. The course presents the basic insights of corporate finance theory, but emphasizes the application of theory to real business decisions. Each session involves class discussion, some centered on lectures and others around business cases.
Abstract: Introduces applications of microeconomic theory to planning problems including urban form and structure, environmental controls, zoning and property rights, and income inequality and poverty.
Abstract: Survey of modern macroeconomics at a fairly advanced level. Topics include neoclassical and new growth theory, consumption and saving behavior, investment, and unemployment. Use of the dynamic programming techniques. Assignments include problem sets and written discussions of macroeconomic events. Recommended for students planning to apply to graduate school in economics. Credit not given for both 14.05 and 14.06.
Abstract: Survey of modern macroeconomics at a fairly advanced level. Topics include neoclassical and new growth theory, consumption and saving behavior, investment, and unemployment. Use of the dynamic programming techniques. Assignments include problem sets and written discussions of macroeconomic events. Recommended for students planning to apply to graduate school in economics. Credit not given for both 14.05 and 14.06.
Abstract: Risk, in a financial context, is a synonym for uncertainty. This unit will allow those with some background knowledge of the area to explore investment risk. You will examine how and why investors are risk-averse and look at the risk factors involved in making a decision to invest.
Abstract: Consumption and savings decisions under certainty and uncertainty. Aggregate savings, wealth, and fiscal policy. Portfolio choice and asset pricing. Investment and finance decisions. This course covers issues in the theory of consumption, investment and asset prices. We lay out the basic models first, and then examine the empirical facts that motivate extensions to these models.
Abstract: The objectives of this course are to help students: Gain a practical and theoretical understanding of the process in which new business ventures are created. Understand the theory behind the financial aspects of the decision making process and day-to-day operations of a venture. Become familiar with the various debt and equity sources of financing available to new and growing businesses. Understand cash flow and pro forma logic and be able to apply the mechanics to income statement and balance sheet analysis and construction. Apply economic and financial theory in the development and presentation of a financial business plan for the purpose of obtaining financing for a venture. Utilize different valuation techniques to estimate the market value of a venture at various stages. Comprehend what are the different investment harvesting alternatives, understand what theory says about these alternatives, and be able to compare these choices in terms of a venture valuation.
Abstract: Examines techniques and procedures relevant for project planning and implementation in developing countries, including project identification, feasibility analysis, design and implementation monitoring. Considers how to evaluate economic and distributive effects of completed or ongoing development projects. Specific attention given to how institutional setting and other practical influences affect the use of conventional analytical tools.
Abstract: Theory and evidence on government taxation policy. Topics include tax incidence, optimal tax theory, the effect of taxation on labor supply and savings, taxation and corporate behavior, and tax expenditure policy.
Abstract: The evolving organization and operation of real estate capital markets. Sources of real estate capital. Primary and secondary mortgage markets. The investment behavior of real estate assets. The development of REITs and securitized debt markets. Advanced pricing techniques for complex real estate securities. This course presents some of the major concepts, principles, analytical methods and tools useful for making investment and finance decisions regarding commercial real estate assets. As the second in a two-course sequence, this course focuses on more advanced topics and the "macro" level, which pertains to decisions about collections of many individual real estate assets, that is, portfolio or firm level decisions and investment management considerations. (More fundamental "micro" level analysis, pertaining to individual properties and deals, is covered in 11.431 taught in the fall semester). This course also introduces and surveys the major public capital market real estate vehicles, REITs and MBS. Other topics treated include a selection among such subjects as real options, land valuation, development project financial analysis, corporate real estate, capital structure, portfolio strategy, equilibrium pricing of asset classes, investment performance measurement and benchmarking, investment management, and international real estate investing (not all subjects covered every semester).
Abstract: Reviews regional economic theories and models and provides students with experience in using alternative economic impact assessment models on microcomputers. Problem sets are oriented around infrastructure, housing, energy, and environmental issues. Students work with a client generally in Boston and make a presentation to the client. Emphasis on written and oral presentation skills.
Abstract: Reviews regional economic theories and models and provides students with experience in using alternative economic impact assessment models on microcomputers. Problem sets are oriented around infrastructure, housing, energy, and environmental issues. Students work with a client generally in Boston and make a presentation to the client. Emphasis on written and oral presentation skills. The seminar is designed to provide advanced graduate students with a thorough understanding of selected regional economic theories and techniques and with experience in using alternative socioeconomic impact assessment models and related regional techniques on microcomputers. Discussions will be held on particular theoretical modeling and economic issues; linkages among theories, accounts, and policies; relationships between national and regional economic structures; and methods of adjusting and estimating regional input-output accounts and tables. Examples from the Boston area and other U.S. cities/regions will be used to illustrate points throughout the seminar. We will also examine how such models are used in other countries. New material on analyzing regional development issues will be covered.
Abstract: Reviews regional economic theories and models and provides students with experience in using alternative economic impact assessment models on microcomputers. Problem sets are oriented around infrastructure, housing, energy, and environmental issues. Students work with a client generally in Boston and make a presentation to the client. Emphasis on written and oral presentation skills. The advanced graduate seminar is designed to provide students with a thorough understanding of selected regional economic theories and techniques and with experience in using alternative socioeconomic impact assessment models and related regional techniques on microcomputers. Discussions will be held on particular theoretical modeling and economic issues; linkages among theories, accounts, and policies; relationships between national and regional economic structures; and methods of adjusting and estimating regional input-output accounts and tables. Examples from the Boston area and other U.S. cities/regions will be used to illustrate points throughout the seminar. This year we will also examine international employment outsourcing from Boston industries and the economic impacts on the local economy. New material on analyzing regional-development issues will also be covered.
Abstract: Reviews regional economic theories and models and provides students with experience in using alternative economic impact assessment models on microcomputers. Problem sets are oriented around infrastructure, housing, energy, and environmental issues. Students work with a client generally in Boston and make a presentation to the client. Emphasis on written and oral presentation skills. The seminar is designed to provide advanced graduate students with a thorough understanding of selected regional economic theories and techniques and with experience in using alternative socioeconomic impact assessment models and related regional techniques on microcomputers. Discussions will be held on particular theoretical modeling and economic issues; linkages among theories, accounts, and policies; relationships between national and regional economic structures; and methods of adjusting and estimating regional input-output accounts and tables. Examples from the Boston area and other U.S. cities/regions will be used to illustrate points throughout the seminar. We will also examine how such models are used in other countries. New material on analyzing regional development issues will be covered.
Abstract: Subject provides a conceptual framework for thinking about taxes. Applications covered include mergers and acquisitions, tax arbitrage strategies, business entity choice, executive compensation, multi-national tax planning, and others. Aimed at investment bankers and consultants who need to understand how taxes affect the structure of deals; managers and analysts who need to understand how firms strategically respond to taxes; and entrepreneurs who want to structure their finances in a tax-advantaged manner.