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Finance

Professors. Paul Brockman, Ph.D. (LSU), Joseph R. Perella and Amy M. Perella, chair; Stephen G. Buell, Ph.D. (Lehigh); Richard J. Kish, Ph.D. (Florida), chairman, Perella Department of Finance; Nandu Nayar, Ph.D. (Iowa), Hans Baer Chair in International Finance; Ajai K. Singh, Ph.D. (Iowa) Bolton-Perella Chair in Finance.

Associate Professors. Anne-Marie Anderson, Ph.D. (Arizona), Joseph R. Perella and Amy M. Perella, chair; Stephen F. Thode, D.B.A. (Indiana).

Assistant Professors. Allen Carrion, Ph.D., CFA (Utah); Michael Imerman, Ph.D. (Rutgers); Yung-Yu Ma, Ph.D. (Utah); S. McKay Price, Ph.D. (Florida State); Jesus M. Salas, Ph.D. (Oklahoma); Ke Yang, Ph.D. (Iowa).

Professors of Practice. Daniel A. Bayak, M.B.A. (Scranton); David H. Myers, Ph.D. (Washington); Samuel C. Weaver, Ph.D. (Lehigh).

Active Emeriti. James A. Greenleaf, Ph.D. (N.Y.U.)

In the era of a growing competitive global economy, finance has become increasingly important and complex. This has led to an expansion of career opportunities within corporations, investment firms, and financial institutions worldwide. These opportunities are varied and often overlap with other disciplines such as accounting, information systems, and marketing. It is also important that students engage in extracurricular activities that might complement their academic studies.

The domestic financial services industry has been at the forefront of global finance and will remain as one of our relative strengths within a global economy. Lehigh, in turn, enjoys a relative advantage in this regard as Lehigh alumni are well respected in all areas of finance. Our program has also been able to take advantage of our proximity to many financial institutions.

The finance major offered by the Perella Department of Finance requires at least 18 credit hours beyond the core requirements. Each finance major must successfully complete the 2-course foundation requirement; the 3-course depth requirement; and a minimum 2-course breadth requirement as outlined below.

2-Course Foundation Requirement

3-Course Depth Requirement

Choose 3 depth electives from the following list of finance offerings.

2-Course Breadth Requirement

Choose at least 2 breadth electives within one of the following six breadth tracks.

Track 1: Financial Analysis (6 credits)

Track 2: Financial Marketing (Choose 2: 6 credits)

Track 3: Analytical Finance (Choose 2 of the following: 6 credits)

Track 4: Financial Economics (Choose 1 from each group: 6 credits)

Track 5: Real Estate Valuation (Must take all 3 courses: 7 credits)

Track 6: Expanded Finance (Choose 2: 6 credits)

Undergraduate Courses

For Advanced Undergraduates and Graduate Students

Courses numbered 200 and above in the College of Business and Economics are open to sophomores only on petition.

FIN 125. Introduction to Finance (3)

An introductory finance course stressing the links between corporate finance and investments. Major topic areas will include financial statement analysis, time value of money, risk and return valuation of stocks and bonds, capital budgeting, and cost of capital. Prerequisites: ECO 029; ECO 045; MATH 21, or MATH 081; ACCT 151.

Finance Foundation Courses:

FIN 323. Investments (3)

The nature of risk and the form of returns on financial assets from the viewpoint of various constituents. Investor objectives, attitudes, and constraints are considered within the risk-return matrix within the context of valuation. Prerequisites: FIN 125 and ECO 146.

FIN 328. Corporate Financial Policy (3)

The study of management issues related to capital budgeting, working capital, leasing, mergers, and financing. Prerequisites: FIN 125 and ECO 146.

Finance Depth Requirement Courses:

FIN 324. Security Analysis and Portfolio Management (3)

Valuation of equity and debt instruments factoring in the influence earnings forecasts and expectations, uncertainty, required returns, supply and demand for securities and funds, and investor attitudes. Portfolio management concepts include the implications of market factors, technical analysis, timing, and screening of securities. Prerequisites: FIN 323 and FIN 328.

FIN 330. Financial Markets and Institutions (3)

Functions and portfolios of financial intermediaries. Sectional demand and supply of funds, nature and role of interest rates, term structure and forecasting, impact of inflation and regulation on financial intermediaries and markets, and current developments in the financial system. Management of assets and liabilities within the U.S. financial institution’s legal and economic constraints. Prerequisites: FIN 323 and FIN 328.

FIN 333. Global Finance (3)

Issues that underlie the investment, financing, and dividend decisions of multinational firms from both the buyer’s and seller’s viewpoints. Current transactions in foreign currencies, direct and portfolio investment and associated risk management when dealing in foreign countries. Prerequisite: FIN 323 and FIN 328.

FIN 334. Derivatives and Management of Risk (3)

Theoretical and practical aspects of various instruments and markets that involve financial derivative instruments. Emphasis on the management of risk for corporate managers and portfolio managers. Prerequisite: FIN 323 and FIN 328.

FIN 335. Advanced Topics – Financial Management (3)

Advanced topics relating to specific areas of corporate finance such as: bond refunding, asset valuation and capital budgeting including the role of uncertainty, imprecise forecasts, risk preferences, inflation, market conditions, and the global marketplace; working capital management, leasing, mergers, and financing. The course content may vary between instructors and over time, therefore, the course descriptor is subject to change each time the course is offered. May be repeated. Prerequisite: FIN 323 and FIN 328.

FIN 336. Real Estate Finance (3)

An advanced survey of modern residential and commercial real estate financing techniques from the perspective of the borrower and the lender. Topics include: the principles of financing decisions; financing methods and techniques, institutional sources of funds for real estate, and real estate financing decision-making. The course includes lectures, demonstrations, spreadsheet software exercises, and guest speakers. Prerequisite: FIN 323 and FIN 328.

FIN 377. Advanced Topics – Investments (3)

Advanced topics to specific areas of Investments such as: valuation/security analysis; portfolio/risk management; fixed income securities; mutual funds; hedge funds; microstructure; and trading. May be repeated. Prerequisites: FIN 323 and FIN 328.

Additional finance offerings that cannot be used to fulfill the finance depth requirement:

FIN 371. Directed Readings (3)

Readings in various fields of finance designed for the student with a special interest in some field of finance not covered in scheduled courses. May be repeated. Prerequisite: consent of sponsoring instructor.

FIN 372. Special Topics (1-3)

Special problems and issues in finance for which no regularly scheduled course work exists. When offered as group study, coverage varies according to interests of instructor and students. May be repeated. Prerequisite: consent of sponsoring instructor.

FIN 273. Finance Internship I (1 credit)

Based on a student’s work experience, a sponsoring faculty member shall direct readings, projects, and other assignments—including a “capstone report.” It should be noted that the work experience (at least 80 hours), by itself, is not the basis for academic credit. The faculty directed activity must be provided concurrent with the work. Course registration and related arrangements must be made in advance of the work engagement. This course must be taken Pass/Fail and cannot be used to satisfy finance major requirements. Prerequisites: ECO 029, ECO 045, MATH 21, ACCT 151, declaration of a finance major, and department approval.

FIN 373. Finance Internship II (1 credit)

Based on a student’s work experience, a sponsoring faculty member shall direct readings, projects, and other assignments—including a “capstone report.” It should be noted that the work experience (at least 80 hours), by itself, is not the basis for academic credit. The faculty directed activity must be provided concurrent with the work. Course content and work experience should have added rigor from Finance Internship I due to the satisfactory completion of the finance core (FIN 323 and FIN 328). Course registration and related arrangements must be made in advance of the work engagement. This course must be taken Pass/Fail and cannot be used to satisfy finance major requirements. Prerequisites: FIN 323, FIN 328, declaration of a finance major, and department approval.

FIN 374. Portfolio Management Practicum (1-3)

Readings, projects and papers designed to complement the leadership and analytical activities associated with the management of the Student Investment Club or Thompson portfolios and similar activities. May be repeated. Prerequisites: FIN 323 and permission of instructor.

FIN 382. Guest Speaker Seminar Series (1)

This course is designed to help prepare students for ‘real’ world problems by exposing them to a variety of career opportunitites. The purpose of this seminar is to give students the opportunity to network with successful professionals in the Financial Services industry, connecting students and practitioners across places and generations to build community around shared work-as-service interests. For future professionals, this seminar advances co-curricular programming to the “pro-curricular” level – linking classroom study of finance to the dynamic world of the practicing financial professionals. May be repeated for credit.

Graduate Courses

Course descriptions for the College of Business and Economics graduate courses can be found in this section (Section V) under the heading of Business and Economics Graduate Courses.

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