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Economics and Finance

Department Chair: Dr. Joe Ueng, ueng@stthom.edu

The economics degree programs expose students to social science concepts central to business and governmental decision–making, society’s allocation of resources, international relations among competing economies and ethics in commerce. The economics program encompasses micro and macroeconomics, international economics, money and banking, labor markets, cost benefit analysis, economic development and theory. Career opportunities for economics majors include the following:

  • Consulting
  • Commercial banking
  • Investment banking
  • Economic research

The finance degree programs provide a solid body of theoretical and practical knowledge of domestic and international finance in the areas of corporate finance, risk management, investments, portfolio management, financial markets, financial planning, financial forecasting and financial institutions. The program prepares students for careers in the field of finance including:

  • Financial management
  • Risk management
  • Portfolio management
  • Post-baccalaureate study in business or law

Degrees and Certificates

Classes

ECON 1331: Principles of Macroeconomics

This course concentrates on analysis of national income, with special attention to the role of monetary and fiscal policies in stabilizing the price level and fostering high levels of employment and rapid economic growth. Theoretical as well as policy implications of income and price determination models are explored.
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ECON 1332: Principles of Microeconomics

A study of the functioning of the market system, with emphasis on consumer and business decision–making and the various market structures. The course covers the theoretical underpinnings as well as the policy implications of the market system, resource allocation and income distribution.
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ECON 2301: Macroeconomics

An analysis of the economy as a whole including measurement and determination of aggregate demand and aggregate supply, national income, inflation, and unemployment. Others topics include international trade, economic growth, business cycles, and fiscal and monetary policy.
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ECON 2302: Microeconomics

Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade.
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ECON 3331: International Economics

The theory of international trade and finance with emphasis on gains from international trade, determination of the level and composition of trade, barriers to trade, balance of payments and the international monetary system. Prerequisites: ECON 1331, 1332.
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ECON 3344: Introduction to Econometrics

This course provides an introduction to econometric principles and methods. It aims at teaching students how to develop and statistically estimate various economic and financial models for use in policy analysis and forecasting. The course will cover both the classical econometric techniques as well as their more modern time series variants. Prerequisites: Junior standing, MATH 2435, MATH 3332, ECON 1331 and ECON 1332
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ECON 3351: Environment and Natural Resource Economics

A study of environmental issues from an economic perspective, distinguishing between market and nonmarket forces and their impact on resource utilization and sustainable development. The course focuses on conservation, pollution and resource exhaustion from the perspective of social cost and effective government policy. Prerequisites: ECON 1332.
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ECON 3354: International Political Econ

This course examines the interrelationship between political and economic factors in international relations. Theoretical perspectives on the relationship between international economics and politics, trade policies, trends in integration of political and economic systems, the role of multinational corporations and economic organizations in the modern world. Prerequisites: INST 3352 or permission of professor.
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ECON 3371: Free Enterprise and Conscious Capitalism

This course examines the relationship between Free Enterprise and Conscious Capitalism with a focus on entrepreneurial business enterprises that produce positive impacts in society. Students examine the role of organizational leaders in providing opportunities in support of resourceful and sustainable communities. Students consider the relationship between institutional structures and a flourishing social order as a foundation for entrepreneurial success. Students learn to think critically about the system of democratic capitalism, the role of government and dimensions of the free enterprise system. This includes an understanding of the stakeholder model of business, elements of conscious leadership and management of organizations in a way that provides a sense of meaning and purpose. This is the first course in the Free Enterprise and Entrepreneurship minor progression.
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ECON 4191: Internship in Economics

Practicum of on–the–job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real–life situations. To be supervised individually by a department faculty member with the approval of the department chair.
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ECON 4291: Internship in Economics

Practicum of on–the–job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real–life situations. To be supervised individually by a department faculty member with the approval of the department chair. Economics or finance students must have successfully completed three economics courses and have the approval of the chair during the semester prior to registration. Prerequisite: junior standing, 6 credit hours of economics and 3 credit hours of accounting, approval of department chair and approval of faculty member.
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ECON 4391: Internship in Economics

Practicum of on-the-job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real life situations. To be supervised individually by a department faculty member with the approval of the chair. Economics or finance students must have successfully completed three economics courses and have the approval of the chair one semester prior to registration. Prerequisite: junior standing, 6 credit hours of economics and 3 credit hours of accounting, approval of department chair and approval of faculty member.
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FINA 2320: Personal Finance

This course covers the basics of personal money management and financial planning. Students will learn how to apply basic financial principles to household decision making such as debt, retirement, income tax and estate planning, personal investments in stocks and bonds, auto and home financing, and insurance needs.
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FINA 3339: Corporate Finance

Analysis of corporate use of financial markets and decision–making, with emphasis on stock and bond valuations and returns. The course further demonstrates corporate decision–making in the areas of capital budgeting, corporate financial structure and dividend policy. Prerequisites: junior standing; ECON 1332; ACCT 1341; MATH 3332.
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FINA 3377: Financing of Human Service Organizations

The course covers the planning, acquisition and distribution of resources for human services organizations, including the unique aspects of financing for non-profit organizations. A key focus of the working capital, fixed asset acquisition, and debt management. Students in this course will be required to take a grant-writing workshop.
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FINA 4191: Internship in Finance

Practicum of on–the–job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real life situations. To be supervised individually by a department faculty member with the approval of the department chair. Economics or finance students must have successfully completed economics and finance courses and have the approval of the chair during the semester prior to registration. Prerequisite: junior standing, 6 credit hours of economics and 3 credit hours of finance, approval of department chair and approval of faculty member.
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FINA 4291: Internship in Finance

Practicum of on–the–job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real life situations. To be supervised individually by a department faculty member with the approval of the department chair. Economics or finance students must have successfully completed economics and finance courses and have the approval of the chair during the semester prior to registration. Prerequisite: junior standing, 6 credit hours of economics and 3 credit hours of finance, approval of department chair and approval of faculty member.
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FINA 4350: Risk Management

This course addresses specialized finance issues involving risk and uncertainty. Students learn how derivatives, futures, options and other financial instruments can be used to reduce business and financial risk as well as how these instruments can be used as vehicles for high–risk/high return investments. Prerequisites: ECON 1331, 1332, MATH 1353, ACCT 1341.
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FINA 4391: Internship in Finance

Practicum of on–the–job experience under the guidance of a practicing specialist in the field. This course is designed to provide opportunities for students to enhance their practical skills through application of classroom concepts and theories to real life situations. To be supervised individually by a department faculty member with the approval of the department chair. Economics or finance students must have successfully completed economics and finance courses and have the approval of the chair during the semester prior to registration. Prerequisite: junior standing, 6 credit hours of economics and 3 credit hours of finance, approval of department chair and approval of faculty member.
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FINA 5904X: Fundamentals of Finance

This course provides an introduction to financial concepts and principles for students required to take the proficiency course in Finance. Special attention is given to the role of the financial system in the economy, the fundamentals of investment analysis, and the financial decisions of business firms as related to capital budgeting, capital structure, and responsibility in the conduct of business financial operations. Prerequisites: None
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FINA 6191: Internship in Finance

This course provides opportunities for students to enhance their practical skills through application of classroom concepts and theories to real life situations. Students are supervised individually by a finance faculty member with the approval of the department chair. This course must have department consent and the student must have taken at least 6 hours of graduate finance courses.
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FINA 6291: Internship

This course provides opportunities for students to enhance through application of classroom concepts and theories to real life situations. Students are supervised individually by a finance faculty member with the approval of the department chair.
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FINA 6318: Financial Management

The purpose of this course is to provide the student with a comprehensive study of the core concepts of financial management. Topics include financial performance evaluation, asset valuation, capital budgeting, risk and return in the context of the capital asset pricing model, capital structure theory, dividend policy, short-term financial planning and budgeting, and long-term financial planning and forecasting. This course introduces the student to corporate financial responsibilities and the methods required to effectively meet these responsibilities. Students are required to perform case analyses or written projects.
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FINA 6319: Investments

The purpose of the course is to introduce the student to modern developments in investment analysis and management. The course focuses on the impact of recent contributions to the theory of valuation of securities on the determination of the fundamental values of various securities and the role of these values in formulation of efficient and optimal investment strategies. The course also emphasizes the role of derivative securities in business and financial risk management.
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FINA 6330: International Finance

The purpose of this course is to introduce the student to the study of multinational financial management and investment decisions. The course studies foreign exchange markets, international portfolio management, and financial management of multinational corporations, with emphasis on business use of derivative instruments and operating strategies to hedge exchange rate risk. Topics covered include the international financial environment and markets, exchange rate determination, currency derivatives, international arbitrage and interest rate parity theory, relationships among inflation, interest rate, and exchange rate, exchange rate risk management, multinational capital budgeting analysis, and global capital structure analysis. Cases are assigned to enhance creative thinking and analysis to apply to real-world situations.
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FINA 6331: Financial Institutions and Markets

The purpose of this course is to provide the student with a comprehensive analysis of the role of the financial system in a modern industrial economy, emphasizing its institutions, markets, instruments, and regulation. The course discusses how the financial system creates money, serves as a tool of intermediation and risk management, and acts as a tool of monetary policy to achieve the national economic goals of price stability, high employment, and balance of international payments.
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FINA 6332: Bank Management

This course is designed to prepare students to analyze the functional areas of commercial banking from an administrative and technical perspective. It involves a study of the role of commercial banks in relation to the financial sector as a whole. Additionally, it examines the bases upon which commercial banks are evaluated by professional investors and regulators such as liquidity and capital adequacy.
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FINA 6333: Real Estate Investment

This course presents a study of the fundamentals and practices of real estate investment. Topics include, but are not limited to, analyses of risk and return in light of the unique tax treatments of real estate investments, sources of funds, alternative financing instruments, mortgage securitization, and cash flow projection.
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FINA 6336: Financial Statement Analysis

Analysis of corporate use of financial institutions in the primary, secondary and lending markets, and of legal developments in this field. The course examines the role of the various financial institutions in the flow of funds through the financial markets.
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FINA 6336: Financial Statement Analysis

Analysis of corporate use of financial institutions in the primary, secondary and lending markets, and of legal developments in this field. The course examines the role of the various financial institutions in the flow of funds through the financial markets.
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FINA 6341: Futures, Swaps, and Options

The purpose of this course is to introduce the student to financial derivatives, including options, swaps, futures and forward contracts and explain how they are used to transfer financial risk from risk-averse hedgers to speculators who are willing to accept this risk. Topics include hedging and trading strategies, portfolio insurance, and the valuation of financial derivatives, including the binomial model and the Black-Sholes model.
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FINA 6346: Fixed Income Securities

The purpose of the course is to analyze fixed income securities of various types, with payments being fixed, floating, or dependent upon market benchmarks, such as the LIBOR. A primary focus of the course is the valuation, risk, and return of fixed income securities. Additionally, it covers the concepts of duration, convexity, and the term structure of interest rates as they apply to bond portfolio immunization strategies. Additional topics include yield curves and spreads, credit ratings, capital structure, leverage, default, recovery risks, and valuation.
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FINA 6347: Behavioral Finance

The purpose of this course is to provide an in-depth understanding of behavioral finance and how the concepts of this emerging field complement the traditional finance models. The course sheds light on the behavioral, as opposed to purely analytical, aspects of portfolio management, securities pricing, and investment practices. In this course, participants examine whether the standard economic paradigm adequately describes behavior in capital markets and learn the implications of alternative theories of such markets.
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FINA 6348: Mergers and Acquisitions

The purpose of this course is to present tools and methods for developing and implementing successful merger and acquisition strategies, focusing primarily on the financial as opposed to purely administrative issues. The course identifies the reason mergers succeed or fail and provides some of the basic skills needed to design and evaluate mergers and acquisitions transactions.
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FINA 6350: Securities Analysis & Portfolio Management

This course focuses on securities analysis and portfolio management from the perspective of the professional investor. Topics include a review of the structure of capital markets, valuation of equity and fixed income securities, market efficiency, modern portfolio theory, asset pricing models relating risk and return, and derivatives.
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FINA 6391: Internship

This course provides opportunities for students to enhance through application of classroom concepts and theories to real life situations. Students are supervised individually by a finance faculty member with the approval of the department chair.
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FINA 6392: Independent Research in Finance

This course is designed to provide in-depth study in a field of finance in which the student has completed at least 2 MSF (Master of Science in Finance) courses. Students work independently on assigned readings in a particular topic and discuss /write up results to the satisfaction of the directing faculty member. The course proposal must be submitted for approval in advance and will include proposed reading, original research, and a substantial written project. Students completing such a course will have several meetings with the supervising faculty member throughout the semester. In accord with the University policy, this course can be taken only by advanced and generally superior students and those needing such a course will have several meetings with the supervising faculty member throughout the semester. In accord with University policy, this course can be taken by advanced and generally superior students and those needing such course to complete degree requirements in a timely manner.
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FINA 6393: Special Topics in Finance

The purpose of this course is to provide students the opportunity to perform in-depth studies of selected finance topics. Students completing such a course will have several meetings with the supervising faculty member throughout the semester. In accord with University policy, this course can be taken only by advanced and generally superior students and those needing such a course to complete degree requirements in a timely manner. Approval of Dean, Associate Dean or Department Chair.
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