ECONOMICS, FINANCE, AND DECISION SCIENCES
Acting Chair: Edwin C. Mensah
Faculty: Mohammad Ashraf1, Victor Bahhouth, Liang
Ding, James R. Frederick, David O. Fricke, Loogeok (Lydia) Gan, Rebecca
Gonzalez, Zhixin (Richard) Kang, Bishwa S. Koirala, Ramin C. Maysami2,
Xinyan Shi
1Director
of Economic and Business Research
2Dean,
School of Business
The Department of Economics, Finance, and
Decision Sciences contributes to a business education that establishes a
foundation for successful, principled, and ethical professional careers in both
regional and global environments.
Classes offered by the Department of
Economics, Finance, and Decision Sciences are not only integral to the Bachelor
of Science Degrees offered by the School of Business, but also contribute to
the general education mission of the University in “graduating students with
broad vision who recognize the complexity of social problems.”
The Department values intellectual curiosity,
actively promotes creative thinking among students, and encourages
undergraduate research. The Department houses highly qualified faculty holding
Ph.D.s from some of the most respected universities in the United States. Faculty members participate in a balanced
program of research-enhanced teaching and have published in reputable
international journals.
The Economics Track within the Bachelor of
Business Administration prepares students for a variety of careers in the
government or business sector and for job opportunities that abound in economic
consulting and research. Corporate jobs
concerned with practical applications of economic policy and microeconomic
forecasting are also routinely available.
The Finance Track offers proficiencies and
research capabilities needed for careers in the banking and insurance sectors
and in securities markets, as well as careers as financial managers, financial
analysts, and personal financial advisors.
Both tracks equip students with means of
success in pursuing graduate degrees. The Economics and Finance tracks are available
for traditional (face-to-face) and fully online modes of delivery.
The Department of Economics, Finance, and
Decision Sciences offers minors in Economics, Finance, and Quantitative Finance
for non-Business majors.
BACHELOR OF SCIENCE IN BUSINESS ADMINISTRATION
|
Requirements
for a Bachelor of Science in Business Administration |
Sem.
Hrs. |
|
Freshman
Seminar |
1 |
|
General Education,
including: MAT 1070 and 2150 or 2210, ECN 2020, 2030 |
44 |
|
BSBA
Common Body of Knowledge DSC 2090, BLAW 2150; ACC 2270, 2280; DSC
3130, 3140; MGT 3030, 3060; MKT 3120, FIN 3100; ECN 3010 or ECN/FIN 3040; ITM
3010; MGT 4410, 4660; and ONE of the following six courses: BLAW 3160, ECN
2410, ECN 4400, FIN 4210, MGT 3150, or MKT 3130* |
45 |
|
Track
(see below): choose one Economics, Finance |
12 |
|
Business
Electives (3000 or 4000 level) |
6 |
|
General
Electives |
12 |
|
|
Total:
120 |
*A
study-abroad program approved by the department chair and the dean/assistant
dean may replace this requirement.
Tracks:
select one
Economics
Track* (12 hours): ECN
3010**, 3500, and two additional 3000- or 4000-level economics courses (ECN or
ECNS)
*In
addition to the University graduation requirements, all B.S. in Business
Administration–Economics Track majors must attain an overall 2.00 QPA in the 12
semester hours listed above to fulfill the economics track.
**ECN
3010 cannot be taken as part of the BSBA Common Body of Knowledge
Finance
Track* (12 hours): FIN
3040**, 4100, 4180, and one additional 3000- or 4000-level finance course (FIN
or FINS)
*In
addition to the University graduation requirements, all B.S. in Business
Administration–Finance Track majors must attain an overall 2.00 QPA in the 12
semester hours listed above to fulfill the finance track.
**ECN 3040/FIN 3040 cannot be taken as part
of the BSBA Common Body of Knowledge
MINORS (for non-Business majors only)
|
Requirements
for a Minor in Economics |
Sem.
Hrs. |
|
Required
Courses ECN 2020 and 2030 |
6 |
|
Choose four courses
from among the 3000- and 4000-level economics courses (ECN or ECNS) offered
by the department*. |
12 |
|
|
Total:
18 |
*FIN 3040 can be substituted for ECN 3040; there are
other prerequisites, in addition to ECN 2020 and 2030, for ECN 3010, ECN 3040,
and FIN 3040
|
Requirements
for a Minor in Finance |
Sem.
Hrs. |
|
Required Courses ECN
2030; DSC 1590 or 2090; FIN 2050,
2400, 3000, and 3210 |
18 |
|
|
Total:
18 |
|
Requirements
for a Minor in Quantitative Finance |
Sem.
Hrs. |
|
Required Courses ECN
2030; MAT 2150 or 2210; DSC 1590 or 2090; DSC 3130 or MAT 2100; FIN 3000, 3040*, and 3210 |
22 |
|
|
Total:
22 |
*FIN 3040 can be substituted for ECN 3040
COURSES
DECISION SCIENCES
(DSC)
DSC 1590. Technology-Enabled Decision Making
This course introduces pertinent elements of
computer applications as they relate to making informed decisions. New and
emerging learning technologies are introduced and employed to accentuate
critical thinking and problem solving skills. Additionally, the course emphasizes
effective communication and collaboration in a technology-rich learning
environment. Excel spreadsheets are
introduced and utilized extensively in this course. Other techniques taught
include collection, analysis, interpretation, and presentation of data as well
as the effective use of Internet search tools and electronic databases. Credit, 3 semester hours.
DSC 2090.
Spreadsheet and Database Management
A comprehensive advanced-level course in
spreadsheet analysis and database management.
The focal point in this course will be on the use of spreadsheet
analysis and database management to address contemporary business
problems. Credit, 3 semester hours.
DSC 3130. Business
Statistics I
A study of descriptive statistics including
functional and summation notation, describing data graphically and numerically,
and probability distributions. Credit, 3
semester hours. PREREQ: C or better in MAT 1070 or a higher-level mathematics
class.
DSC 3140. Business
Statistics II
A study of statistical inference including
probability theory, random variables and probability distributions, testing
hypotheses, estimating unknown parameters, analysis of variance, and linear and
multiple regression. Credit, 3 semester
hours. PREREQ: A “C” or better in DSC 3130.
DSC 3650.
Management Science
The mathematical concepts application to the
solution of management problems. Topics include linear programming, decision
theory, optimization, queuing theory, and transportation modeling. Credit, 3 semester hours. PREREQ: DSC 3140,
MGT 3060.
DSC 4420. Supply Chain Management (MGT 4420)
Introduces students to new and emerging
topics, tools, and techniques in operations and supply chain management. The
course emphasizes coordination, integration, and decision making regarding the
interaction of the firm with its suppliers and customers, where planning,
design, and control of all aspects of supply chains including design and
control of material and information systems, supplier development, supplier
selection, customer relationship management and quality issues such as
outsourcing in supply chain are discussed. Credit, 3 semester hours. PREREQ:
ECN 2020 and 2030, DSC 3130, MAT 1070, ITM 3010.
DSC 4990. Directed Studies in Decision Sciences
Independent
study in an area of decision sciences of particular interest to a student under
the direction of one or more faculty members. Students must submit
detailed proposals for a directed study, detailing the proposed plan of study,
research involved, dates for deliverables, final product to be produced, and
faculty who will be supervising. Proposals will be reviewed by a faculty
committee to determine acceptance of the proposal. Credit, 1-3
semester hours. PREREQ: DSC 2090, DSC 3130.
DSCS 4XXX: Special Topics in Decision Sciences
The study of a particular topic of special
importance, relevance, and currency in the broad field of decision
sciences. The content of the special
topics course varies with each offering. Course may be repeated as long as
topic being studied is different. Credit, 3 semester hours. PREREQ: DSC 2090, 3130.
ECONOMICS (ECN)
ECN 1000.
Economics of Social Issues
Economic thinking applied to persistent
economic problems and issues in a market economy. Emphasis on implications for
government policy rather than on the underlying theory. Topics include the
nature of an economic system, demand and supply, monopolies, pollution and
public goods, ethics and law, unemployment, inflation, the Federal Reserve
System and money. Credit, 3 semester
hours.
ECN 2020.
Principles of Microeconomics
This course focuses on the individual
decisions in the market economy. After
an overview of how a market economy works, the course develops theories of
consumer behavior, the behavior of firms in various degrees of competition, and
workers’ decision to offer labor.
Government regulation of markets is also examined. Credit:
3 semester hours.
ECN 2030.
Principles of Macroeconomics
This course offers an overall picture of the
operation of our economy. The course
focuses on how the economic system determines the level of national income, the
unemployment rate, and the rate of inflation.
Fiscal, monetary, and supply-side policies are discussed. Credit: 3 semester hours.
ECN 2060. Economic
Geography (GGY 2060)
Geographic analysis of the location,
development and distribution of major industries, resources, agricultural
products, and economic services. Study
of economic development problems and prospects. Credit, 3 semester hours.
ECN 2410. Asian Economies
This is an introductory level course focusing
on the economic systems of Asian countries, which despite diverse history,
culture, politics, and society have demonstrated one similarity: rapid economic
growth. The course reviews patterns of economic growth among Asian countries,
highlighting institutional differences within Asia and between Asian countries
and the United States, and studying the global consequences of Asian economic
expansion. Countries discussed will be
selected from the Middle East, the Indian subcontinent, and Southeast and North
Asia. China and Japan will be discussed in depth. Particular attention is paid
to successes and failures of government policies in promoting economic growth
in the region, and the role of culture in shaping such policies. Economic
theories such as comparative advantage and growth models will be utilized to
analyze the reasons for success of certain countries and the stagnation of
others. The role of the market system
as well as cultural and legal factors will be studied in addressing the
similarities and differences among such economies. Credit, 3 semester hours.
ECN 3010.
Managerial Economics
This course is a rigorous analysis of
resource allocation, price determination in a market economy, consumer behavior
(constrained utility maximization), theory of the firm (constrained profit
maximization), and production and pricing behavior under various market
structures. Credit, 3 semester hours.
PREREQ: A “C” or better in MAT 2150 or 2210 and in ECN 2020.
ECN 3040. Money,
Financial Markets, and Institutions (FIN 3040)
Study of money, financial institutions, and
markets and their roles in the economy. Coverage includes organization and
functions of financial intermediaries, structure of financial markets and
financial instruments, application of time value of money to bond pricing and
yield calculations, algebraic approach to the supply and demand for money and
interest rate determination, term- and risk structures of interest rates, the
Keynesian macroeconomic model, and the algebraic approach to analyzing the
effects of money and credit on national incomes, prices, and interest rates.
While this course is substantially the same as FIN 3040 and covers the same set
of topics, it places more emphasis on policy-oriented macroeconomic
analysis. Credit, 3 semester hours.
PREREQ: A “C” or better in MAT 2150 or 2210 and in ECN 2030.
ECN 3050. Intermediate Macroeconomics
This course builds upon the concepts learned
in Principles of Macroeconomics. It provides a deeper understanding of the
functioning of the macroeconomy and the forces of globalization. Students will
learn two major macroeconomic models: the neoclassical model and the Keynesian
model. Topics will include national income and its determinants, economic
fluctuation and economic growth, the possible impacts of monetary and fiscal
policies, and how different factors of production behave in certain economic
situations. Furthermore, how changes in aggregate consumption and investment
affect the economy will also be covered. Credit, 3 semester hours. PREREQ: A
“C” or better in MAT 2150 or 2210 and in ECN 2030.
ECN 3070. Internet
Economics
Applying basic principles of economics,
this course surveys the various ways that economics is applied to the area of
electronic commerce and how the e‐commerce
revolution affects the economy. The course covers relevant applications of
electronic commerce to emerging economic concepts such as virtual products,
network industries, online pricing and advertising, vertical
integration/vertical restraint in the online market, Internet intellectual
property rights, anti‐trust
issues in e‐commerce, online
financial markets, online banking, digital cash and electronic payments,
regulatory issues of online markets, the public sector and the online
marketplace, Internet and security. It provides balanced examinations of how
basic economic principles continue to [word(s) omitted here???] the electronic
marketplace and of how features of certain products sold in this market place
required rethinking some of those principles. Credit, 3
semester hours. PREREQ: ECN 2020.
ECN 3080. Environmental Economics
This course examines the implications of
economic theory and how it relates to the environment and environmental
activity. The continuing conflict between market forces and environmental
integrity will be the centerpiece of discussion, and the course will explain
how economic theory views the relationship between economic activity and the
natural world. Special emphasis is given to developing and implementing tools
to evaluate environmental policies. Other topics include cost-benefit analysis,
measurement of the benefits of non-market goods and costs of regulations, and
the evaluation of the impact of regulations in areas such as financial markets,
workplace health and safety, consumer product safety, and other contexts. Credit, 3 semester hours. PREREQ: ECN 2020.
ECN 3090. Economics of Sports
This course centers around the application of
microeconomic theory to the sports industry, both at the professional and
amateur sports markets. The topics include market structure, labor
relations, labor market discrimination, competitive balance, market value of
sports talent, and payments to players. The involvement of the government in
the sports business will also be discussed. Credit, 3 semester hours. PREREQ:
ECN 2020.
ECN 3300. Public
Finance (PSPA 3310)
A descriptive and analytical study of
government revenues and government expenditures. Includes federal, state, and
local levels of government. Credit, 3
semester hours. PREREQ: ECN 2020 or ECN 2030.
ECN 3410. U. S.
Economic History (HST 3410)
A study of the United States economy from
colonization to the present. Credit, 3
semester hours. PREREQ: Permission of instructor.
ECN 3500. Survey
of Ethics in Economics and Finance (FIN 3500)
A survey of the emerging field of Financial
Ethics. This course will provide an
overview of ethical theory and decision making, explore some of the possible
sources of ethical conflicts in economics and finance, study the practice of
ethical decision making in the fields of finance and economics, and employ case
studies to practice methods for determining ethical decision making in
financial management, investments, and financial institutions. Credit, 3
semester hours.
ECN 3740. Health Economics
This course will present an economic analysis
of several aspects of the healthcare industry, including hospital services,
physicians' services, nurses' services, the pharmaceutical industry, medical
insurance, Medicare and Medicaid, HMOs and PPOs, medical tourism, and
government healthcare policy. Credit, 3 semester hours. PREREQ: ECN 2020.
ECN 4060.
Comparative Economic Systems
A comparative study of alternative economic
systems, including communism, socialism, and capitalism. Credit, 3 semester hours. PREREQ: ECN 2020,
ECN 2030.
ECN 4070. Labor
Economics
Examines the nature of the labor markets and
problems dealing with labor groups. Topics include history of the labor
movement, union structure, labor law, collective bargaining. Credit, 3 semester hours. PREREQ: ECN 2020,
ECN 2030.
ECN 4080. Economic
Development
Analysis of economic and social problems of
underdeveloped regions. Theories and strategies of economic growth and
development designed to accelerate solutions to these problems. Credit, 3 semester hours. PREREQ: ECN 2020,
ECN 2030.
ECN 4110.
Development of Economic Thought
A basic course in the development of economic
theories and doctrines, from the ancient Greeks to the present day. Credit, 3 semester hours. PREREQ: ECN 2020,
ECN 2030.
ECN 4400.
International Trade
An introductory analysis of international
trade relations, the nature of a country’s imports and exports, costs and
benefits of trade protectionism, the role of trade in the domestic economy,
balance of payments, and the determination of exchange rates. Credit, 3 semester hours. PREREQ: ECN 2020,
ECN 2030.
ECN 4990. Directed
Studies in Economics
Independent study in an area of economics of
particular interest to a student under the direction of one or more faculty
members. Students must submit detailed
proposals for a directed study, detailing the proposed plan of study, research
involved, dates for deliverables, final product to be produced and faculty who
will be supervising. Proposals will be
reviewed by a faculty committee to determine acceptance of the proposal. Credit, 1-3 semester hours. PREREQ: ECN 2020, ECN 2030, and permission of
the Department.
ECNS 4xxx. Special
Topics in Economics
The study of a particular topic of special
importance, relevance, and currency in the field of economics. The content of the special topics course
varies with each offering. Course may be
repeated as long as topic being studied is different. Credit, 3 semester hours. PREREQ: ECN 2020, ECN 2030.
FINANCE (FIN)
FIN 2050. Personal
Finance
Course focuses on tools consumers can use in
making purchase decisions. Topics include planning and managing personal
finances, credit, insurance, real estate, financial investments, retirement
planning and estate planning. Credit, 3
semester hours.
FIN 2400. Foundations of Finance (for Non-Business
Majors)
Foundations of Finance offers a concise yet
comprehensive survey approach to finance that provides students with the
opportunity to understand what finance is all about. The course, intended for
non-business majors, introduces the three main areas of finance—markets,
investments, and financial management.
Topics include banks and financial institutions, interest rate and the
saving process, time value of money, introduction to bonds and stocks,
financial data analysis and long term financial planning, and overview of
capital budgeting. MAT 1050 and a financial calculator are recommended. Fall/Spring/Summer.
Credit, 3 semester hours.
FIN 3000. Finance for Small and Entrepreneurial
Businesses
Small Business and Entrepreneurial Finance
takes a three-pronged stage-sensitive approach to introduce financial thinking,
tools, and techniques adapted to the realm of entrepreneurship and small
business ownership. The course emphasizes the differences between large
corporations and Small and Medium Enterprises (SMEs) relative to funding, risk
assessment, and management. Topics include introduction to financial tools,
financial markets and instruments, and management of short terms assets and
liabilities. Analysis of bootstrapping
strategies in estimating financial resource requirement is followed by a
comprehensive discussion of sources of funds for small businesses in the development,
startup, and survival stages of the entity’s life cycle (including Small
Business Administration programs), and in later stages of life, entrepreneurial
venture growth capital, harvesting the venture investment and turnaround
opportunities or liquidation under financial distress. Credit, 3 semester
hours.
FIN 3040. Money,
Financial Markets, and Institutions (ECN 3040)
Study of money, financial institutions and
markets and their roles in the economy. Coverage includes organization and
functions of financial intermediaries, structure of financial markets and
financial instruments, application of time value of money to bond pricing and
yield calculations, algebraic approach to the supply and demand for money and
interest rate determination, term- and risk structures of interest rates, the Keynesian
macroeconomic model, and the algebraic approach to analyzing the effects of
money and credit on national income, prices, and interest rates. While this
course is substantially the same as ECN 3040 and covers the same set of topics,
it places more emphasis on the structure and functions of financial
institutions and instruments and the role they play in guiding resources within
the economy. Credit, 3 semester
hours. PREREQ: A “C” or better in MAT
2150 or 2210 and in ECN 2030.
FIN 3050. Risk Management
and Insurance
This course provides for the future business
manager an introduction to the nature
and management of risk. Theory
and application into the nature of risk, exposure, insurance, and hedging are
covered. Insurance is covered from the point
of view of the business person, to be a smart consumer of insurance services;
as well as from the point of view of a potential insurance industry
representative or executive. Credit, 3
semester hours. PREREQ: DSC 3130.
FIN 3100. Business
Finance
Principles of financial management as they
apply to American business organizations. The role of finance and the financial
manager, risk, return and interest rates, long‑term investment decisions,
cost of capital, and short and long term financing decisions. Credit, 3 semester hours. PREREQ: A “C” or
better in ACC 2280, DSC 3130 or equivalent statistical course, and MAT 1070 or
a higher-level mathematics class.
FIN 3210.
Financial Analysis with Spreadsheet Applications
FIN 3210 employs spreadsheets as a management
tool for financial analysis by taking an integrative view that promotes
integration across financial functions and responsibilities within a business.
Topics include analyzing income statements, balance sheets, and cash flow
statements, performing vertical and horizontal analyses of financial
statements, determining financial ratios and analyzing their trends and
significance, and combining quantitative and judgmental techniques to improve
forecasts of sales revenues and customer demands. Spreadsheet software will be
used in the course as an analytical tool. Credit, 3 semester hours. PREREQ: DSC
1590 or DSC 2090 and FIN 3000.
FIN 3500. Survey
of Ethics in Economics and Finance (ECN 3500)
A survey of the emerging field of Financial
Ethics. This course will provide an
overview of ethical theory and decision making, explore some of the possible
sources of ethical conflicts in economics and finance, study the practice of
ethical decision making in the fields of finance and economics, and employ case
studies to practice methods for determining ethical decision making in
financial management, investments, and financial institutions. Credit, 3
semester hours.
FIN 4100.
Financial Management
Finance from the viewpoint of the financial
manager. This course introduces and utilizes the case study method to explore
differences in financial policy, financial statements for ratio analysis,
capital budgeting investment decisions, and strategic bond and stock
valuations. Credit, 3 semester hours.
PREREQ: A “C” or better in FIN 3100.
FIN 4180.
Investment Analysis and Portfolio Management
Equity and debt securities as investments,
the organization and functions of the capital market, and the analysis and
evaluation of securities and portfolios.
Credit, 3 semester hours. PREREQ: A “C” or better in FIN 3100.
FIN 4200. Bank
Management and Policy
Course focuses on the theory and practice of
management of commercial banks and other depository institutions. Primary
emphasis is on the application of concepts and analytical tools crucial to
decisions facing managers of contemporary banks. Areas covered include
financial and portfolio management, deposit acquisitions, capital adequacy,
managerial objectives, market and regulatory environment, and dimensions of
risk. Credit, 3 semester hours. PREREQ:
A “C” or better in FIN 3100.
FIN 4210.
International Finance
This course will provide the student with a
comprehensive survey of complex financial concepts as applied to the
international arena, through the exploration of theoretical constructs and
their practical applications. Topics
explored include the international macroeconomic environment, international
financial landscape, and the management of the multinational firm. Credit, 3 semester hours. PREREQ: FIN 3100, DSC 3130, MAT 2150 or 2210.
FIN 4800. Financial Institution Internship
A work experience in a bank or financial
institution where the student, under academic and employer supervision,
participates in actual managerial functions and is exposed to the daily operation,
decisions and working policies of the bank (minimum of 40 work hours per
semester credit hour required). Students must keep an extensive diary of work
experiences and submit frequent reports to the academic supervisor. Credit, 1-3 semester hours. Pass/Fail. May be
repeated for credit. PREREQ: A “C” or better in FIN 3100 and the consent of
Dean or faculty member supervising bank internships.
FIN 4990. Directed
Studies in Finance
Independent study in an area of finance of
particular interest to a student under the direction of one or more faculty
members. Students must submit detailed
proposals for a directed study, detailing the proposed plan of study, research
involved, dates for deliverables, final product to be produced, and faculty who
will be supervising. Proposals will be
reviewed by a faculty committee to determine acceptance of the proposal. Credit, 1-3 semester hours. PREREQ: A “C” or better in FIN 3100 and
permission of the Department.
FINS 4xxx. Special
Topics in Finance
The study of a particular topic of special
importance, relevance, and currency in the field of finance. The content of the special topics course
varies with each offering. Course may be
repeated as long as topic being studied is different. Credit, 3 semester hours. PREREQ: A “C” or better in FIN 3100 or
permission of the instructor.