Catalog
2014-15

Economics & Finance

Dr. Hany Guirguis
Chair of the Department

The Department of Economics and Finance offers a broad choice of courses and three majors: Economics, Finance, and a dual degree in Finance and Business Economics. The aims of the department are (1) to prepare students for careers in business, government, and not-for-profit organizations; (2) to provide an intellectual and professional basis for informed participation in contemporary society; and (3) to develop competent and well-trained students in the disciplines of Economics and Finance.

Every major in the department must consult with the Chair concerning the fulfillment of the requirements for the major and the electives that will be most suitable for his/her particular professional and academic development. Students planning to pursue graduate studies in economics or finance are strongly advised to develop a strong concentration in mathematics.

Economics

Major

Students enrolled in the School of Business and who wish to pursue a major in Economics must take:

ECON 301Intermediate Price Analysis3
ECON 302Intermediate Macroeconomics3
ECON 334International Economics3
ECON 433Econometrics3
Two 400 level electives in Economics6
Business Elective3
Total Credits21

Students enrolled in the School of Arts and who wish to pursue a major in Economics must take:

MATH 153Linear Math Analysis3
MATH 154Calculus Business Decisions3
CIS 227Business Statistics3
ECON 203Microeconomics3
ECON 204Macroeconomics3
or ECON 150 Roots: Economics
ECON 301Intermediate Price Analysis3
ECON 302Intermediate Macroeconomics3
ECON 334International Economics3
ECON 433Econometrics3
Three approved electives in Economics9

A minimum grade of C is necessary to receive major credit.

First Year
FallCreditsSpringCredits
ECON 203*3ECON 204*3
ENGL 1103MGMT 201 or MKTG 2013
CIS 1103ENGL Elective3
PSYC 2033SCI Elective3
MATH 153*3RELS 1513
 15 15
Second Year
FallCreditsSpringCredits
CIS 2273FIN 301*3
MGMT 201 or MKTG 2013SCI Elective3
ENGL 2113ACCT 2023
MATH 154*3LAW 2033
ACCT 2013SOC 2013
 15 15
Third Year
FallCreditsSpringCredits
ECON 334*3ECON 433*3
RELS Catholic Studies3ECON 302*3
ECON 3053PHIL 2013
HIST Elective3MGMT 3073
ECON 301*3Liberal Arts Elective3
 15 15
Fourth Year
FallCreditsSpringCredits
Business Elective3Economics Elective3
MGMT 406 or 4303Free Elective3
Economics Elective3MGMT 4303
Free Elective3Liberal Arts Elective6
RELS Contemporary3 
 15 15
Total Credits: 120

* Courses must be taken in sequence

Minor

 Students in the School of Business who wish to minor in Economics must take:

ECON 301Intermediate Price Analysis3
ECON 302Intermediate Macroeconomics3
Approved elective3
Total Credits9

Students enrolled in the School of Arts or the School of Science and who wish to pursue a minor in Economics must take:

ECON 203Microeconomics3
ECON 204Macroeconomics3
or ECON 150 Roots: Economics
Three approved electives in Economics9
Total Credits15

Finance

Requirements for a Major in Finance

The Major in Finance is available to students in Business only. Students must take, in addition to the Business core courses:

FIN 303Quantitative Methods for Finance 3
FIN 308Investments3
FIN 320Financial Reporting Analysis3
FIN 340Corporate Structure & Financing3
FIN 416Options and Futures Markets3
FIN 436Multinational Finance3
One approved Finance elective3
FIN 499Seminar in Professional Finance1
Total Credits22

A minimum grade of C is necessary to receive major credit. Students are required to complete CIS 227 Business Statistics and FIN 301 Principles of Business Finance I by the end of their sophomore year.

First Year
FallCreditsSpringCredits
ECON 203*3ECON 204*3
ENGL 1103MGMT 201 or MKTG 2013
CIS 1103ENGL Elective3
PSYC 2033SCI Elective3
MATH 153*3RELS 1513
 15 15
Second Year
FallCreditsSpringCredits
CIS 227*3FIN 301*3
MGMT 201 or MKTG 2013SCI Elective3
ENGL 2113ACCT 2023
MATH 154*3LAW 2033
ACCT 2013SOC 2013
 15 15
Third Year
FallCreditsSpringCredits
FIN 303*3FIN 4163
RELS Catholic Studies3FIN 340*3
ECON 3053PHIL 2013
HIST Elective3MGMT 3073
FIN 308*3Liberal Arts Elective3
 15 15
Fourth Year
FallCreditsSpringCredits
FIN 4363Finance Elective3
MGMT 406/4303Liberal Arts Elective6
FIN 3203MGMT 430 or 4063
FIN 4991Free Electve3
Free Elective3 
RELS Global/Contemporary3 
 16 15
Total Credits: 121

*Courses must be taken in sequence

Requirements for a Minor in Finance

Students who are in Schools other than Business may pursue a Minor in Finance. Students must obtain the permission of the School in which they are enrolled. To Minor in Finance a student must complete the following fifteen credits:

ACCT 201Principles of Accounting I3
CIS 227Business Statistics3
ECON 305Money and Banking3
FIN 301Principles of Business Finance I3
FIN 308Investments3
Total Credits15

Students in the School of Business who wish to Minor in Finance must complete the following, in addition to the core courses required of all students in Business:

FIN 303Quantitative Methods for Finance 3
FIN 308Investments3
FIN 340Corporate Structure & Financing3
Total Credits9

Requirements for a Dual Major in Finance and Business Economics

The dual major in Finance and Business Economics is available to students in the School of Business only.

Student's must take:

FIN 303Quantitative Methods for Finance 3
or ECON 433 Econometrics
FIN 308Investments3
FIN 320Financial Reporting Analysis3
FIN 340Corporate Structure & Financing3
FIN 416Options and Futures Markets3
FIN 436Multinational Finance3
FIN 440Advanced Topic in Finance3
or FIN 442 Financial Modeling
FIN 499Seminar in Professional Finance1
ECON 301Intermediate Price Analysis3
ECON 302Intermediate Macroeconomics3
ECON 334International Economics3
One approve elective in Finance or Economics3
Total Credits34

A minimum grade of C is necessary to receive major credit. Students are required to complete CIS 227 Business Statistics and FIN 301 Principles of Business Finance I by the end of their sophomore year. Students majoring in Finance and Business Economics can use  free electives (6 credits) to fulfill the requirements for their degree. In addition, Intermediate Microeconomics (ECON 301 Intermediate Price Analysis) and Intermediate Macroeconomics (ECON 302 Intermediate Macroeconomics) can be used as two liberal arts elective courses.  

First Year
FallCreditsSpringCredits
ECON 203*3ECON 204*3
ENGL 1103MGMT 201 or MKTG 2013
CIS 1103ENGL Elective3
PSYC 2033SCI Elective3
MATH 153*3RELS 1513
 15 15
Second Year
FallCreditsSpringCredits
CIS 227*3FIN 301*3
MGMT 201 or MKTG 2013SCI Elective3
ENGL 2113ACCT 2023
MATH 154*3LAW 2033
ACCT 2013SOC 201 or PHIL 2013
 15 15
Third Year
FallCreditsSpringCredits
FIN 303*3FIN 340*3
ECON 301*3FIN 4163
ECON 3053PHIL 2013
RELS Catholic Studies3MGMT 3073
FIN 308*3ECON 302*3
 15 15
Fourth Year
FallCreditsSpringCredits
FIN 4363FIN 440 or 4423
ECON 334*3Free Elective3
FIN 320*3MGMT 4303
MGMT 406 or 4303HIST Elective 3
Economics Elective3RELS Global/Contemporary3
FIN 4991 
 16 15
Total Credits: 121

*Courses must be taken in sequence

Economics Courses

ECON 150. Roots: Economics. 3 Credits.

An explanation and critical examination of selected concepts in the social sciences. Students examine the logic and methods of social science research and engage in analysis of contemporary social issues from the perspective of the discipline of economics.

ECON 203. Microeconomics. 3 Credits.

An introductory study of the behavior of households and business firms in the marketplace, including households as consumers and resource suppliers, business firms as producers of goods and services and buyers of resources, market structures for outputs and inputs, role of the government, and free trade vs. protection.

ECON 204. Macroeconomics. 3 Credits.

An introductory study of the determination of the level of production and the price level in the macro economy. Topics covered include inflation and unemployment, money and banks, federal budget and national debt, monetary and fiscal policy, and economic growth and development. Pre-requisite: ECON 203.

ECON 301. Intermediate Price Analysis. 3 Credits.

Market and factor pricing under pure competition, imperfect competition conditions and monopoly; the pricing process and the allocation of resources. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227 as well as MATH 153 and MATH 154.

ECON 302. Intermediate Macroeconomics. 3 Credits.

The nature and causes of unemployment and inflation and the debate over the policies used to fight these problems in a global economy. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227 as well as MATH 153 and MATH 154.

ECON 305. Money and Banking. 3 Credits.

This course considers the nature of money, the markets that allocate money to a variety of uses, the institutions that create and control the money stock, the flow of money and how it is related to employment levels, GDP, inflation and interest rates, and international financial matters. Much attention will be paid to problems and issues requiring the attention of policymakers. Prerequisites: ECON 203, ECON 204 OR ECON 150, and CIS 227.

ECON 333. Public Finance. 3 Credits.

A study of why a government role in the economy is needed and how it ought to be financed. It considers the nature of different types of government programs involving expenditures and the types of taxes used to raise revenues. It is concerned with the impact of the government on the efficiency and equity of market outcomes. Prerequisites: ECON 203, ECON 204 OR ECON 150, and CIS 227.

ECON 334. International Economics. 3 Credits.

A study of international trade and financial relationships. Topics covered include theory of international trade, public and private barriers to trade, commercial policy of the U.S., regional economic integration, foreign exchange markets, balance of payments, disequilibrium and the adjustment process, international monetary systems, and economic development of the developing nations. Prerequisites: ECON 203 and ECON 204 or ECON 150.

ECON 375. Assimilating the Internship Experience in Economics . 3 Credits.

In consultation with the faculty advisor, students design and complete an independent project related to their Economics internship. This project aids in assimilating the practical off-campus work experience in business, industry, government or cultural organization with the students’ studies and/or career interests. This course is subject to the approval of the Department Chair, Dean and Internship Coordinator of the School of Business. The student is required to pre-register with the Internship Coordinator and to obtain internship placement prior to the start of the semester. (Free/business elective).

ECON 401. Advanced Microeconomics. 3 Credits.

The course will focus on the analytical tools of modern microeconomics – especially game theory and information economics – and will apply these tools to economics problems such as imperfect competition, auctions, bargaining, price discrimination, moral hazard and adverse selection. Pre-requisite: ECON 301.

ECON 402. Seminar in Macroeconomics and Financial Markets. 3 Credits.

Advanced topics in macroeconomics and financial market will be discussed. Emphasis will be placed on a theoretical understanding and the applications to forecasting cyclical and dynamic movements in the economy. Prerequisites: ECON 302 or ECON 305.

ECON 405. Labor Economics. 3 Credits.

A study of the labor market, employment and wage determination; theories that explain wage differentials and unemployment; and alternative policies that can reduce labor market problems. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227.

ECON 412. Economic Growth and Development. 3 Credits.

This course offers a broad overview of the economic problems that developing countries face along with policies to mitigate these issues. Topics may include poverty, inequality, institutional breakdowns, failures in education and health care systems, environmental degradation, the international trade regime, and financial crises. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227.

ECON 422. History of Economic Thought. 3 Credits.

A historical and analytical perspective on the developments of economic ideas and the major schools of thought. Special attention will be given to important economic thinkers such as Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. The purpose is to understand why economics is what it is today. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227.

ECON 433. Econometrics. 3 Credits.

A systematic attempt of setting theoretical hypotheses about economic reality against empirical evidence produced by real-world situations and problems. Emphasis is on the process and application of statistical inference through the use of various distributions and on the estimation and measurement of relationships among economic variables. Prerequisites: ECON 203, ECON 204 or ECON 150, CIS 227, MATH 153 and MATH 154.

ECON 441. Economics Seminar. 3 Credits.

A program of supervised research and reading related to a theme or topic of economics. Open to a limited number of students majoring in economics or finance who meet the departmental requirements and have the approval of the Chair of the Department. Open to economics and finance majors only.

ECON 444. Special Topic: in Economics. 3 Credits.

Special topics in economics of current interest; subject matter and pre-requisites will be announced in advance of particular semester offering.

ECON 445. The Economics of Public Issues. 3 Credits.

A study of the economics of contemporary public and social issues. Using micro- and macro-economic analysis, the course analyzes specific issues and events of inherently economic nature as well as issues and events of controversial and seemingly non-economic nature. It also examines policy alternatives and outcomes in the context of each issue. Topics include the economics of government spending and regulation, the environment, use of natural resources, health care and aging, education, crime, drug and alcohol use, sex and race discrimination, immigration, organ sale, property rights, poverty, global affairs, and others. Prerequisites: ECON 203 and ECON 204 or ECON 150, and CIS 227.

ECON 450. Advanced Economics. 3 Credits.

Economics 450 is the second of a two-course sequence that introduces the student to econometric analysis. ECON 450 focus on Gauss Markov Theorem and its classical assumptions which guarantee that the OLS is the optimal estimator of the classical linear regression model. The course delves deeper into the consequences associated with violating the classical OLS assumptions and how to detect and correct for them. Course topics include the different functional forms of regression models, dummy variable regression models, multicollinearity, heteroscedasticity, autocorrelation, model specification and diagnostic testing, simultaneous-equation models, and identification problem. Pre-requisite: ECON 433 or FIN 303 or CIS 327.

ECON 470. Economics Tutorial/Independent Study. 3 Credits.

A single-semester tutorial course, related to a particular topic of economics, directed by a faculty member from the department. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

ECON 471. Economics Thesis Project I. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a comprehensive research proposal which includes a topic, a review of the literature, the research methodology, sources of data and potential results. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

ECON 472. Economics Thesis Project II. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a completion of the research project proposed in ECON 471 Thesis Project I. A defense of the thesis is required. Prerequisite: ECON 471 Thesis Project I.

ECON 475. Assimilating the Internship Experience in Economics . 3 Credits.

This course may be used as a second internship experience and/or with senior status. (Free/business elective).

Finance Courses

FIN 301. Principles of Business Finance I. 3 Credits.

An overview of modern finance concepts and a survey of fundamental issues. Topics include basic finance terminology, time value of money, basic financial statement analysis, the structure and functions of financial markets and institutions, bond and stock valuation, and elementary capital budgeting. Prerequisites: CIS 227, ECON 203, ECON 204, MATH 153, ACCT 201 and MATH 154.

FIN 303. Quantitative Methods for Finance . 3 Credits.

An exploration of the quantitative tools needed for the finance curriculum. The first part of the course focuses on linear models in finance, calculus and optimization as well as linear algebra. The first part also develops the idea of hedging and pricing by arbitrage in the discrete-time setting of binary trees. The key probabilistic concepts of conditional expectations, martingales, and change of measure are all introduced in this simple framework, accompanied by illustrative examples. The second part of the course focuses on correlation and univariate regression, multiple regression, time series analysis, mean-variance analysis, and multifactor models. Prerequisite: FIN 301.

FIN 308. Investments. 3 Credits.

An introduction to the markets and instruments in investments including equity and debt securities, mutual funds, and basic derivatives including options and futures contracts as well as the principles governing the selection and management of portfolios of financial assets. Prerequisites: FIN 301.

FIN 320. Financial Reporting Analysis. 3 Credits.

(also ACCT 320) This course covers financial reporting analysis for security valuation. It discusses the investment environment and the use of financial statements in valuation models, analyzes information contained in the four financial statements and provides guidelines for forecasting future financial statements for valuation. Prerequisites: ACCT 202 and FIN 301.

FIN 340. Corporate Structure & Financing. 3 Credits.

A survey of the different types of capital structures and the various ways they are financed. Topics include strategic decisions concerning financial leverage, the corporation's attempts to maximize its value, dividend policies, leasing, raising of debt and equity, refunding operations, investment banking techniques, mergers and acquisitions, and bankruptcy. Prerequisites: FIN 303.

FIN 375. Assimilating the Internship Experience in Finance . 3 Credits.

In consultation with the faculty advisor, students design and complete an independent project related to their Finance internship. This project aids in assimilating the practical off-campus work experience in business, industry, government or cultural organization with the students’ studies and/or career interests. This course is subject to the approval of the Department Chair, Dean and Internship Coordinator of the School of Business. The student is required to pre-register with the Internship Coordinator and to obtain internship placement prior to the start of the semester. (Free/business elective).

FIN 402. Seminar in Macroeconomics and Financial Markets. 3 Credits.

Advanced topics in macroeconomics and financial market will be discussed. Emphasis will be placed on a theoretical understanding and the applications to forecasting cyclical and dynamic movements in the economy. Prerequisites: ECON 203, ECON 204 or ECON 150, and ECON 302 or ECON 305.

FIN 408. Financial Intermediaries. 3 Credits.

This course provides an understanding of the operation of commercial banks, thrifts, insurance companies, investment banks, brokers, investment companies, credit unions and pension funds. Attention will be given to current trends and policy issues in the financial services industry. Prerequisites: ECON 305 and FIN 303.

FIN 416. Options and Futures Markets. 3 Credits.

Analysis of the nature and use of derivative securities in general, and options, futures, and swap contracts in particular. Topics include market institutions and trading practices, valuation models, and hedging and risk management techniques. Prerequisites: ECON 305, FIN 303 and FIN 308.

FIN 436. Multinational Finance. 3 Credits.

An exploration and analysis of the behavior of multinational firms. Topics covered include the nature and mechanics of the foreign exchange market, impact and management of foreign exchange risk, foreign project evaluation, direct and portfolio investments, accounting exposures, balance of payments and trade accounts, and the legal and political risks and constraints surrounding multinational corporations. Prerequisite: FIN 303, FIN 308.

FIN 440. Advanced Topic in Finance. 3 Credits.

Select treatment of current topics in finance including financial engineering, behavior of the financial markets, the crises among financial institutions, changing financial environment, and the development of new financial products by non-banks and securities firms or other advanced topics in finance. Pre-requisites: ECON 305, FIN 303, FIN 308 and FIN 340.

FIN 441. Finance Seminar. 3 Credits.

A program of supervised research and reading related to a theme or topic of finance. Open to a limited number of students majoring in economics or finance who meet the departmental requirements and have the approval of the Chair of the Department. Open to economics and finance majors only.

FIN 442. Financial Modeling. 3 Credits.

This course provides an understanding of the statistical analysis and financial modeling in the fields of investment and computational finance. Topics include regression analysis, constrained and unconstrained optimization, Capital Asset Pricing Model, and models assessing efficiency in the foreign exchange market. Prerequisites: FIN 303, FIN 308 and FIN 340.

FIN 444. Special Topic in Finance. 3 Credits.

Special topics in finance of current interest; subject matter and pre-requisites will be announced in advance of particular semester offering.

FIN 470. Finance Independent Study. 3 Credits.

A single-semester tutorial course, related to a particular topic of finance, directed by a faculty member from the department. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

FIN 471. Finance Thesis Project I. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a comprehensive research proposal which includes a topic, a review of the literature, the research methodology, sources of data and potential results. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

FIN 472. Finance Thesis Project II. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a completion of the research project proposed in FIN 471 Thesis Project I. A public defense of the thesis is required. Prerequisite: FIN 471 Thesis Project I.

FIN 475. Assimilating the Internship Experience in Finance . 3 Credits.

This course may be used as a second internship experience and/or with senior status. (Free/business elective).

FIN 499. Seminar in Professional Finance. 1 Credit.

The seminar will serve as a review of the fundamental concepts of economic and financial analysis and how they apply to everyday business decisions and strategies. The course also will serve as a recap of topics from previous course work as general preparation for Part 1 of the CFA exam that students may take at some future point after graduation. Pre-requisite: FIN 303, FIN 308, FIN 340 and FIN 416.

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