My research interest is in the general area of corporate finance, that is, the financial decisions that corporations make. Financial decisions include whether to finance an investment project using debt, equity, or internally-generated funds, as well as whether to pay out dividends to shareholders, repurchase shares, or accumulate cash to fund future investment projects. Within this general area, I am particularly interested in how such financial decisions influence 'real' decisions, and vice versa. By 'real' decisions, I refer to the capital investment, hiring, and production decisions made by firms. After all, what really matters to an economy is how efficiently firms are able to transform the technology-embedded capital assets and the labor expertise into goods and services valued by individual consumers. However, firms' real activities can depend heavily on their financing.
Dynamic corporate finance, capital structure, investment, leverage, precautionary cash savings
FNCE 8820 - Dynamic Corporate
Experimental seminar offered irregularly to provide opportunity for investigation of new frontiers in finance.
MBAE 6211 - Applied Financial Management I
Fall 2022 / Fall 2023
This applied course provides the toolkit for decision-makers to answer the two fundamental questions in financial strategy: How should a project be financed?� How much funding is required?� The tools include financial statement forecasting, working capital management, optimal capital structure, and the determination of cash retention and payout ratios, among others. These topics are analyzed through case studies involving high-growth environments, share repurchase recapitalizations, financial distress, and intangible assets, among others.
MBAE 6212 - Applied Financial Management II
This applied course provides the toolkit for decision-makers to answer the most fundamental question in business: Is this a good project? The financial valuation techniques include discounted cash flow methods and relative valuations using peers� multiples.� These topics are analyzed through case studies involving initial public offerings, capital budgeting for large investment projects, mergers and acquisitions, and restructurings, among others.
MBAX 6210 - Applied Financial Management
Spring 2018 / Spring 2020 / Spring 2021 / Spring 2022 / Spring 2023
Analyzes the financial condition, planning, and control of current assets, current liabilities, and long-term financial arrangements. Topics include financial planning, managing working capital, short- and long-term financing, capital budgeting, valuation, and capital structure policies. Case studies are emphasized.
MBAX 6211 - Applied Financial Management
Spring 2018 / Spring 2020 / Spring 2021
Focuses on how to apply key concepts in finance to real-world situations. Topics include valuation, capital structure, highly leveraged transactions, and financial distress and bankruptcy. Heavy emphasis on how to perform various kinds of valuations. Mixture of lectures and case discussions.