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University of Calgary Calendar 2018-2019 COURSES OF INSTRUCTION Course Descriptions F Finance FNCE
Finance FNCE

Instruction offered by members of the Haskayne School of Business.

Senior Courses
Finance 317       Financial Management

An introduction to the allocation of financial capital, from a theoretical as well as a practical perspective. The course builds on a modern understanding of how risk, time horizon, and market imperfections each affect the value of real and financial assets. Topics include time value of money, the risk-return trade-off, financial investing, corporate financing, and corporate investing.


Course Hours:
3 units; H(3-3T)
Prerequisite(s):
Admission to the Haskayne School of Business, 30 units (5.0 full-course equivalents) including Mathematics 249 or 251 or 265 or 281, Economics 201 and 203, Statistics 213 and 217, Accounting 217 or 317, and Business and Environment 291 or Management Studies 217.
Antirequisite(s):
Credit for Finance 317 and either 341 or 343 will not be allowed.
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Finance 341       Canadian Business Finance
An introduction to business financial management practices in Canada including investment decision, capital markets, and sources, uses and costs of capital over short, intermediate and long run situations.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
30 units (5.0 full-course equivalents).
Antirequisite(s):
Credit for Finance 341 and 317 will not be allowed.
Notes:
Not available for credit toward the Bachelor of Commerce degree. Preference in enrolment is given to students who have declared a Management and Society Minor.
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Finance 343       Personal Financial Management
An introduction to personal financial management practices in Canada. Topics discussed may include goal setting, personal financial statements, the mathematics of personal finance, taxation, general and life insurance, retirement planning, investments, and estate planning. Completion of the course should enable students to properly prepare and plan their own financial future.
Course Hours:
3 units; H(3-3T)
Prerequisite(s):
30 units (5.0 full-course equivalents).
Antirequisite(s):
Credit for Finance 343 and either 317 or 477 will not be allowed.
Notes:
Not available for credit toward the Bachelor of Commerce degree. Preference in enrolment is given to students who have declared a Management and Society Minor.
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Finance 443       Security Analysis and Investments

A comprehensive exploration of security analysis and investments aimed at advancing understanding of financial markets, valuation techniques, and portfolio selection under various investment objectives. Topics such as capital allocation, diversification, security (stock, bond, derivatives) valuation, and market efficiency are covered.


Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.
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Finance 445       Futures and Options
A study of financial contracts for which the payoffs are contingent upon or derived from the value pre-specified underlying economic variables. Typical underlying variables include the spot price of a commodity and the price of a stock. These contracts are used extensively for hedging and speculative purposes. They also provide useful information about forecasts of the underlying economic variable in a process called "price discovery."
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 443.
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Finance 447       Capital Budgeting
Capital investment policies, real options, required rate of return calculation, tax factors, risk analysis, buy versus lease, abandonment considerations.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 451.
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Finance 449       Trading and Market Data Management
Introduction to accessing data feeds as they are used by professional financial market traders and analysts. Data for stock, bond, futures and options markets, accounting statements and securities commission filings, as well as real-time and historical news events and analysis will be studied.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and consent of the Haskayne School of Business.
Antirequisite(s):
Credit for Finance 449 and Management Studies 559.15 will not be allowed.
Notes:
Enrolment is strictly limited by the Haskayne School of Business.
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Finance 451       Corporate Finance

A deeper understanding of topics such as capital budgeting, capital structure, valuation, payout policy, and financing decisions.


Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.
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Finance 461       International Finance
A study of the forces affecting the financial environment of the corporate sector which appear to stem from requirements in the international sector. Balance-of-payments problems, exchange rates, currency risk hedging techniques, international reserve creations and transfers are some of the major elements studied.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 443.
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Finance 463       Portfolio Theory and Management
Analysis of the major aspects of the grouping of financial assets. Portfolio analysis and its application to portfolio management, capital market theory and the measurement of financial performance in the presence of risk.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 443.
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Finance 465       Mergers and Acquisitions
A study of the economic theory and practical issues around takeover and takeover defence strategies. Valuation issues, corporate restructuring, corporate governance, and methods of ensuring congruence between management and shareholder goals are also discussed.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 451.
Antirequisite(s):
Credit for Finance 465 and 559.01 will not be allowed.
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Finance 467       Financial Risk Management
A framework for evaluating financial risks and managing them with the use of financial securities including derivatives. Includes firm valuation with risk management, value-at-risk, testing financial models, optimal hedging strategies, energy risk management, market risk, static versus dynamic strategies, interest rate risk, credit risk and liquidity risk. Case analysis of financial disasters due to risk management failures.
Course Hours:
3 units; H(3-1T)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 443.
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Finance 471       The Calgary Portfolio Management Trust
A comprehensive hands-on review of the modern theories and applications of portfolio management. Students will be responsible for completing the fiduciary duties of an actual fund manager, reporting to a Board of Trustees. Topics may include: selecting securities, hedging with covered options, benchmarking a portfolio, financial reporting, evaluation of risk, risk/return trade-offs and management.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.
Notes:
Enrolment is strictly limited by the Haskayne School of Business.
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Finance 473       New Venture Finance
Application of financial theory and analysis to the valuation and financing of new ventures. Course balances learning of concepts, development of analytical skills, and practice in decision making. Opportunity to apply learning to live projects.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.
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Finance 475       Management of Financial Institutions
Management of funds and their allocation among cash, primary reserves, loans and investments to provide liquidity and earnings. Services to depositors. Consideration of factors involved in the lending decision, pricing of services, branch location, etc. Strategies for maintaining profitability and liquidity in the face of changing monetary policy.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business, Finance 317 and 451.
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Finance 477       Personal Financial Management in Canada
An introduction to personal financial management in Canada. Topics covered may include goal setting, personal financial statements analysis, the time value of money, the Canadian personal income tax system, taxation issues for small businesses, risk management, an introduction to investments, retirement planning and estate planning. Students will be expected to display a comprehensive knowledge of the tools necessary to complete their own personal financial plan.
Course Hours:
3 units; H(3-3T)
Prerequisite(s):
Admission to the Haskayne School of Business and 48 units (8.0 full-course equivalents) including Finance 317.
Antirequisite(s):
Credit for Finance 477 and 343 or Management Studies 559.03 will not be allowed.       
Notes:
This course may not be used towards the Finance concentration.
Also known as:
(formerly Management Studies 577)
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Finance 479       Corporate Risk Management
Introduction to the management of operational and hazard risks based on contemporary financial theories, including risk identification, loss estimation, risk control, risk financing with insurance and other techniques, and enterprise risk management.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.
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Finance 559       Selected Topics in Financial Management
Investigation of selected topics related to financial management, emphasizing the application of financial management principles to actual problems in the corporate sector.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Haskayne School of Business and Finance 317.  For certain topics, consent of the Haskayne School of Business will also be required.
Notes:
For more information on topics and prerequisite requirements, see Class Notes in the Course Search.
MAY BE REPEATED FOR CREDIT
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Graduate Courses
Finance 601       Managerial Finance
The major decision-making areas confronting modern financial managers today. Provides a general understanding of financial markets and how they can be used for personal finance. Covers traditional subjects such as capital budgeting, net present value, risk/return, capital structure and dividend policy. Topical areas covered are IPOs, mergers and acquisitions, derivatives and options. The course is integrated with current events from the financial world.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Accounting 601.
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Finance 737       Finance and Governance for Managers
Introduction to basic and advanced concepts of financial management, and application of the tools of financial analysis from the standpoint of the CEO and C-level executives. Topics include ratio analysis, risk concepts, valuation principles, capital budgeting, cost of capital, interest rates, time value of money, leverage, capital structure, dividend policy, financial instruments, working capital management, short- and long-term financing, mergers and acquisitions, and long-range financial planning. The relationship between financial policy and corporate strategy is examined. The broad framework of corporate governance, including incentive structures, monitoring systems, agency problems, payout policies, capital structure, board and ownership structure, executive compensation and corporate control is also covered, with a special focus on accounting and auditing as corporate governance devices.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Admission to the Doctor of Business Administration program.  
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Finance 745       Futures and Options
After presenting basic definitions, institutional details, and strategies, a general theory of derivative pricing based on the principle of No Arbitrage will be developed. This theory will then be applied to the basic derivative contracts (futures, forwards, put options and call option) as well as exotic options. Using the binomial model, as well as the continuous time model of Black Scholes, hedging and replication will also be examined.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 751       Advanced Topics in Financial Administration
Classical and contemporary topics in the theory and practice of financial management including capital structure, cost of capital, real options valuation, bankruptcy costs and debt holder-equity holder conflicts, corporate financial strategy, managerial incentives and financial decisions, information conveyed by financial decisions, and mergers and acquisitions.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 753       Problems in Financial Management
The application of financial management principles to actual problems mainly in the corporate sector, including such areas as working capital, management, short, intermediate and long-term financing problems, dividend policy and reorganization.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 755       Capital Budgeting
Capital investment policies, real options, required rate of return calculation, tax factors, risk analysis, buy versus lease, abandonment considerations.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 757       Management of Financial Institutions
Financial intermediaries such as banking and brokerage. Explains the risks faced by institutions and the integration through modern financial markets. Covers issues such as lending, trading, securitization, deposit insurance and the regulatory environment. Concludes with modern bank management from the shareholder value point of view.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 759       Investment and Portfolio Management
Theory and analysis of investment and portfolio management decisions. Evaluation of performance of individual and professional investors and portfolio managers.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 765       Mergers and Acquisitions
A study of economic theory and practical issues around takeover strategies, and takeover defence strategies. Valuation issues, corporate restructuring, corporate governance, and methods of ensuring congruence between management and shareholder goals are also discussed.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 767       Financial Risk Management
A framework for evaluating financial risks and managing them with the use of financial securities including derivatives.  Includes firm valuation with risk management, value-at-risk, testing financial models, optimal hedging strategies, energy risk management, market risk, static versus dynamic strategies, interest rate risk, credit risk and liquidity risk.  Case analysis of financial disasters due to risk management failures.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 777       Personal Financial Management in Canada
Introduction to personal financial management in Canada. Goal setting, personal financial statements analysis, the time value of money, the Canadian personal income tax system, taxation issues for small businesses, risk management, an overview of investments, retirement planning and estate planning. Completion of a personal financial plan by the end of the course.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
Notes:
May not be used as part of a student's major in Finance.   
Also known as:
(formerly Management Studies 761)
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Finance 785       New Venture Finance
Problems of valuing and financing new ventures. Emphasis on financial theory, best practices and modelling of new ventures. Case studies and opportunities to develop detailed financial plan for live new venture.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601 or consent of the Haskayne School of Business.
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Finance 789       Seminar in Financial Management
Intensive study and discussion of current literature and research with respect to selected, advanced topics in Finance.
Course Hours:
3 units; H(3S-0)
MAY BE REPEATED FOR CREDIT
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Finance 795       International Finance
A study of the international financial environment and the issues firms face when operating in this environment. Currency regimes, currency crises, balance of payments, exchange rate and interest rate parity conditions, supernational agencies, political risks, management of foreign exchange exposure are some of the major topics studied.
Course Hours:
3 units; H(3-0)
Prerequisite(s):
Finance 601.
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Finance 797       Advanced Seminar in Finance

Course Hours:
3 units; H(3S-0)
Prerequisite(s):
Consent of the Haskayne School of Business.
MAY BE REPEATED FOR CREDIT
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Finance 799       Doctoral Seminars in Finance

799.01. Theory of Finance

799.02. Empirical Methods in Finance

799.03. Topics in Finance

799.04. Financial Engineering

799.05 Theory of Corporate Finance

799.06 Asset Pricing

799.07 Topics in Asset Pricing and Corporate Finance


Course Hours:
3 units; H(3S-0)
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