Masters in Finance

Fall Semester 

MFIN 850 Accounting & Financial Statement Analysis – 3 Credit
The course provides a comprehensive introduction to the basic concepts, principles, and standards of financial accounting with an emphasis on how financial information is reported to external users and how it is used in resource allocation decisions. The topics covered include the preparation and use of the financial statements, the recording cycle, liquid assets, inventories and cost of the goods sold, plant assets and intangibles, liabilities and owner's equity, and ratio analysis. Also The course focuses on how finance professionals use and interpreting financial tables. Creation and use of financial ratios are discussed. Assessment of the financial strength of companies is examined.

MFIN  851 Corporate Finance – 3  Credit
Fundamental issues of finance are taught in this course. The course starts with financial statements analysis, introducing students with balance sheets and income statements of corporations. Time value of money, Net Present Value (NPV) and Discounted Cash Flow (DCF) analysis follows. Using these techniques, we go onto valuation of stocks and bonds. Capital investment decisions are examined as well. Course ends with an introduction to the Capital Asset Pricing Model (CAPM), which is a neat depiction of the relation between risk and return. Also the course examines the analysis of capital structure of firms, which involves comparing the cost of debt and equity financing. Other topics include payout policy, options and futures, risk management, mergers and acquisitions and financial distress.

MFIN 860 Quantitative Methods – 3 Credit
This course includes the topics of probability theory, distributions, sampling, hypothesis testing, and regression methodologies. Also it aims to overview the essential econometric techniques used in applied financial analysis. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. The first course introduces basic classical linear regression model, panel data methods and qualitative dependent variables. 

MFIN 861 Investments – 3 Credit
This course introduces the structure of financial markets and the valuation of financial assets including stocks, bonds, forwards, futures, options and swaps. Among the topics to be covered are: fixed-income investments, yield-to-maturity, duration, yield curves, forward rates, mean- variance framework, portfolio construction and performance analysis, mutual funds and other investment companies, asset pricing models, equity valuation, fundamental and technical analyses, the use of derivatives in risk-management and their pricing.

MFIN 862 Derivatives and Risk Management – 3 Credit
This course serves as a comprehensive introduction to derivative securities and financial risk management. Naturally, forward contracts, futures, options, and swaps are the focal point of the course. While the main emphasis is on the use of derivatives as risk-transferring/minimizing devices, valuations of such contracts are also included. A solid coverage of no arbitrage based pricing is provided as the common underlying premise to valuing derivative securities. Therewith, cost-of-carry valuation of forwards and futures, , binomial pricing of options, the Black- Scholes option pricing formula, and swap pricing are introduced. Also, the emphasis is on how derivative securities are used against common risk factors such as interest rates, exchange rates and credit risk. In addition to hedging strategies to be created by any of the derivative securities, various other trading strategies involving options (spreads and combinations) are presented. Topics such as delta- hedging and portfolio insurance are also covered.
 

Spring Semester 

MFIN 832 Special Topics in Finance I  - 3 Credit
These courses focus on particular topics and / or perspectives within their respective domains. The aim is to provide an in-depth review and assessment of the research and conceptual literature within chosen topics and / or theoretical perspectives. Students are expected to gain a thorough appreciation of the past developments in and the current state of research within the central foci of the course and be able to develop research agendas to motivate and guide their future work.

MFIN 853 Financing and Valuation – 3 Credit
This course delves into the details of corporate finance, focusing on the crucial decision-making process about firm financing and the basics of firm valuation. The course starts with the analysis of the financing choice and security issuance, exploring both the theories and practical considerations underpinning optimal capital structure decisions as well as their effect on firm value and the components of the firm’s cost of capital. Next, students will learn to assess the cost of equity and cost of capital for firms or their divisions. Finally, the course will introduce several firm valuation techniques focusing primarily on the approaches which aim to capture the intrinsic value of the firm, such as the DCF. The course will use a blend of theoretical frameworks and hands-on applications through the employment of problem solving and case studies.

MFIN 859 Economics for Managers – 3 Credit

This course covers economic principles and their implications in competitive environments. The course is taught in two parts, allocated to macro- and microeconomics. The objective of the course is to familiarize the students with the economic environment and develop an understanding of economic reasoning. 

MFIN 800 Graduation Project – 0 Credit

The program requires the conduct and completion of a project. The project topic and content is based on the interest and background of the student. It is to be approved by the faculty member serving as the project supervisor. At the completion of the project, the student is required to submit a final report. The report is to be approved by the project supervisor.

The following list of electives is provided here to give candidates some idea about the type of courses offered in the program. Although the actual list of courses may vary every year, the provided list is mostly made up of courses that are offered regularly.
 

MFIN 806 Behavioral Finance  -  1.5 Credit
Davranışsal finans, davranışsal ve bilişsel psikoloji teorilerini geleneksel ekonomi ve finans teorileri ile birleştirerek insanların finansal kararlarını etkileyen faktörleri açıklamaya çalışan nispeten yeni, ancak hızlı büyüyen bir alandır. Neoklasik iktisatçılar, bireylerin faydalarını maksimize etmek için rasyonel hareket ettiklerini, piyasaların etkin olduğunu ve piyasalarda belirlenen fiyatlarin mevcut tüm bilgileri yansıttıklarını varsayarlar. Ancak, gerçek yaşamda bu varsayımlar çoğu kez geçerli değildir. Davranışsal finans, piyasaların neden ve nasıl verimsiz olabileceğini, insanların neden bilgileri yanlış yorumladıklarını ve önyargılara, hatalara ve algısal yanılgılara neden maruz kaldıklarını açıklamaya yardımcı olur. CFA sınav müfredatı her geçen yıl davranışsal finansa daha fazla ağırlık vermektedir. Portföy yöneticilerinin, yatırım danışmanlarının, yönetim danışmanlarının, CFO'ların ve bireysel yatırımcıların, farklı davranışsal önyargıları ve bunların finansal kararlar alma üzerindeki etkilerini derinlemesine kavramış olmalarında büyük fayda vardır. Bu ders, temel davranışsal finans kavramlarını ve irrasyonel yatırımcı davranışlarının nedenlerini ve etkilerini öğretmeye yönelik bir program olmayı amaçlamaktadır. Dönem boyunca, finansal karar verme sürecini etkileyen psikolojik önyargıları ele alacak ve bu önyargıların finansal piyasalar ve insanların yaşamları üzerindeki etkilerini inceleyeceğiz. Ders, gerçek hayattan vaka çalışmaları, yatırımcı davranışlarının analizleri, yatırımcı davranışlarını değiştirmek için uygulanan davranışsal müdahale vaka örnekleri ve yatırım danışmanları/portföy yöneticileri ile mülakatlar ve soru-cevap oturumları ile desteklenecektir.

MFIN 807 Venture Capital and Private Equity   -   3 Credit
Private equity (PE) refers to investment funds organized as limited partnerships that invest in public and private firms using various strategies such as leveraged buyout, growth capital, mezzanine capital, venture capital etc Typical investors in PE are large institutional investors and wealthy individuals. Venture capital (VC) is a subcategory of PE concentrating on investments made in less mature, early stage companies. The PE market has grown significantly since 1980s and has become one of the most important financial markets globally. This course will introduce the methodologies used in PE finance and employ the case method to study PE deals. PE is a great lab to study important topics in finance such as capital structure, corporate governance, valuation, asset allocation, organizational restructuring. Throughout the course, PE market is going to be discussed from the perspective of different agents including entrepreneurs, PE fund managers, and the investors in PE funds. The course is going to start with early stage investments in VC market. The objective in this section is to analyze a VC opportunity from a qualitative and quantitative perspective. Later, we will discuss private equity and leveraged buyout investments in large companies. In the last part of the course, we will study investments in PE funds and issues related to structuring PE funds.

MFIN 813 Money & Banking   -   1.5 Credit
The course will provide an introduction to macroeconomics. Characteristics of financial institutions will also be examined in detail.

MFIN 817 Machine Learning Applications in Finance   -   3 Credit
The goal of this course is to develop skills in handling financial data, modeling, prediction and forecasting utilizing machine learning algorithms. The first part of the course introduces python programming fundamentals and develop skills to process, handle and visualize financial data. In the second part of the course, machine learning algorithms such as logistic regression, artificial neural networks and decision trees are discussed with applications in financial markets. Hands on training is provided in financial problems such as portfolio optimization, trading algorithms, forecasting asset prices and macroeconomic variables. Fundamental machine learning algorithms from the classification, regression and reinforcement learning domains are introduced throughout the course providing the fundamental knowledge for investment professionals to implement these techniques successfully in different areas of finance and economics.

MFIN 852 Valuation, Mergers, Acquisitions and Corporate Restructuring – 3 Credit
The principal objectives of this course are to provide students with the conceptual basis, intuitive reasoning, and analytical framework for making sound valuation decisions. Also the course deals structuring, leveraged buyouts and corporate structuring.

MFIN 858 Global Financial Markets – 1.5 Credit
This course is an introduction to the global financial markets that are used by banks, multinational corporations, and government agencies, in the conduct of their business and implementation of economic policy. The global financial markets include the market for foreign exchange, the Eurocurrency and related money markets, the international capital markets, the commodity markets and the markets for forward contracts, options, swaps and other derivatives. The course seeks to explain how these markets work both in the context of basic principles of economics and finance and by means of examples and applications using several case studies. It will also look at a very important risk namely the exchange rate risk for multinational corporations, banks and other entities (hedge funds, shadow banks, etc.) and discuss how to manage and hedge these risks using various financial instruments. Finally the course will provide theoretical and empirical analysis on the prediction, prevention and management of various financial crisis, such as banking, currency, debt and balance of payments crises.

MFIN 877 Financial Technologies   -  3 Credit
This course focuses on the technological advancements, innovative trends and startups that are shaping the Financial Services Industry. The course introduces both the technologies and the firms (both startups and big corporations) that are using these technologies for innovative solutions. The following topics are covered in the course: • The Transformation of Financial Services and the Future of Financial Industry • The Effects of Technology and Innovation on Financial Industry • FinTech Ecosystem • Technological Trends and Use Cases • Blockchain Technologies • Open Banking and API Economy • Digital Banking, Banking as a Service (BaaS) and Banking as a Platform (BaaP) • FinTech Regulations • FinTech Startups and New Business Models • The Strategic Partnership Models Between Corporations and Startups • Case Studies from Different Industries

MFIN 899 Wealth Management  -  1.5 Credit
The course offers a hands-on experience about the practical aspects of financial portfolio management. Along with the concepts covered in the class, students are expected to build a portfolio management notion by thinking on real world problems. The main themes are investment decision making process and investment policy statement, management of individual and institutional portfolios, integrating capital market expectations and asset allocation, technical and practical aspects of portfolio management in traditional asset classes and alternative investments.

BAN 807 Financial Analytics  -  3 Credit
An introduction to methods and tools useful in decision-making in the financial industry, including: macroeconomic event studies, analysis of term structures, Morningstar equity data, style analysis, credit card receivables, trading analytics, execution algorithms, etc. This course blends easy-to-use statistical tools with complex machine learning tools and algorithms to equip the participants with the requisite skill set in analyzing data.