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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 480"
COURSE NAME: "Senior Seminar in Economics and Finance"
SEMESTER & YEAR: Spring 2020
SYLLABUS

INSTRUCTOR: Mary Merva
EMAIL: [email protected]
 HOURS: T 6:00-8:45 PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisites: EC 301, EC 302 or EC 316, FIN 301, EC 360 or MA 209 (as of Fall 23)
OFFICE HOURS:
COURSE DESCRIPTION:
Designed to be a capstone course, emphasis is placed on both theoretical and quantitative methods in the fields of economics and finance. Basic tools of economics and statistics are used to analyze a variety of contemporary economic problems and policy issues. Students read through major papers and may undertake research on specific topics so as to develop their understanding of economics and finance. Papers and topics cover the current issues of interest in the areas of microeconomics, macroeconomics, econometrics, and finance to include the CFA Professional Code of Ethics and Standards of Professional Conduct. Students may be expected to present and write about their research topics as well as demonstrate an ability to work with quantitative information.
SUMMARY OF COURSE CONTENT:
This course aims at enhancing quantitative and mathematical reasoning skills, as well as developing the ability to communicate effectively in written, spoken, and graphical form. It also aims at enhancing knowledge in the field of Economics and Finance. Designed to be a capstone course, emphasis will be put on both theoretical and quantitative methods. Basic tools and methods of economics and statistics are used to understand and analyze a variety of contemporary economic problems and policy issues chosen by the instructors.
LEARNING OUTCOMES:

LOS 1:  Build a solid understanding of and knowledge base in microeconomics, macroeconomics, and finance.            

LOS 2:  Development of critical-thinking skills and learn to apply economic analysis to understand economic events and everyday problems.

LOS 3:  Learn how to us empirical evidence in evaluating economic problems and theories, and to evaluate strategic business and policy proposals.

LOS 4:  Mastering research methods in the field and develop the ability to gather research data, conduct basic statistical analysis and interpret results. 

LOS 5:  Develop adequate training in mathematical methods to develop problem-solving skills, perform proofs and prepare for further graduate studies in the areas of economics and finance.

LOS 6:  Master solid communication skills that enable students to formulate a well-organized argument and communicate effectively in written, spoken, and graphical form about specific economic and financial issues.

LOS 7:  Gain awareness of the CFA Code of Ethics and Standards of Professional Conduct.

 
TEXTBOOK:
NONE
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Equity Research ReportStudents prepare an equity research report on a selected stock. Guidelines are in the Frohring Library Research Guides for EC 480.20%
White Paper - Topic to be assignedGuidelines are in the Frohring Library Research Guides for EC 48020%
CFA Ethics and Professional Standards TestIn class multiple choice exam.10%
Seminar DiscussionsIn class discussions on assigned papers and/or topics on the syllabus. Students are expected to participate, contribute, and lead discussions demonstrating competency in the assigned work.10%
Research Paper and PresentationGuidelines are posted on MyJCU.40%

-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course. 93-100: A 90-92.99: A-
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments. 86-89.99: B+ 83-85.99: B 80-82.99: B-
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings. 75-79.99: C+ 70-74.99: C 65-69.99: C-
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail. 60-64.99: D+ 55-59.99: D 50-54.99: D-
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant. Below 50
-ATTENDANCE REQUIREMENTS:

ATTENDANCE REQUIREMENTS AND EXAMINATION POLICY

You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed.

Attendance is mandatory.

 
ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.
SCHEDULE

A more detailed syllabus is on Moodle to include assigned readings - below is only partial set.

Week 1: January 21

Researching economics and finance: information resources and writing: the White Paper and the Equity Research Report.  Introduction to accessing Bloomberg Terminal data. Library Information Session with the Reference Librarian.

Begin lecture on valuation.

Assignment 1: Equity Research Report

Preliminary 5-minute snap presentation Week 3; Report due Week 4; Company: Eni Spa: Buy, Sell, or Hold?

Selected Readings:

(i)             What is Valuation? by Professor Aswath Damodaran, NYU Stern School of Business:http://pages.stern.nyu.edu/~adamodar/New_Home_Page/background/valintro.htm March 21, 2014

(ii)            CFA Equity Research Report Essentials 2013

Brief discussion of the research papers:  begin to prepare 2 research questions for discussion in Week 2.

Week 2: January 28

Present (1 minute) preliminary research question-ideas. 

Information Cascades - discussion questions assigned.

Classroom Games: Information Cascades by Lisa Anderson and Charles Holt, The Journal of Economic Perspectives, Vol. 10, No. 4 (Autumn, 1996)  http://www.jstor.org/stable/2138561

Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades by Sushil Bikhchandani and David Hirshleifer, The Journal of Economic Perspectives, Vol. 12, No. 3 (Summer, 1998) http://www.jstore.org/stable/2647037

Week 3:  February 4

Snap presentation of the Equity Research Report - 5 minutes for a few randomly selected persons from a buy, hold, and sell group (have a couple of slides prepared).

Begin the White Paper assignment:  Policy Viewpoint:  What are the implications of cryptocurrencies for central banks and monetary policy?  White Paper due March 17.  Includes a power point presentation (groups)

Policy Contribution Issue no. 10, June 2018: “Cryptocurrencies and monetary policy,” by: Grégory Claeys, Maria Demertzis and Konstantinos Efstathiou, Bruegel. Date: June 28, 2018

Week 4: February 11

Equity Research Report Due beginning of class.

White Paper assignment: discussion of the topic of cryptocurrencies and monetary policy.

Thesis statements presented to class.  Upload to Moodle at the beginning of class.

Week 5: February 18  Collective Action and Social Norms/Artificial Intelligence and the Labor Market

Discussion questions assigned for:  Collective Action and the Evolution of Social Norms: by Elinor Ostrom, Joumal of Economic Perspectives—Volume 14, Number 3—Summer 2000—Pages 137-158

Paper to be determined.


Week 6: February 25
TBD

Week 7: March 3  Labor Market Discrimination

Discussion question assigned for class.

Introduction to measuring wage discrimination (students should read briefly through Oaxaca paper before class as we will go over it in class:   Male Female Wage Discrimination in Urban Labor Markets, Author: Ronald Oaxaca, International Economic Review, Volume 14, Issue 3, October 1973 (693-709)

Bayesian Bigot? Statistical Discrimination, Stereotypes, and Employer Decision Making Author(s): Devah Pager and Diana Karafin,  Annals of the American Academy of Political and Social Science, Vol. 621, The Moynihan Report Revisited: Lessons and Reflections after Four Decades (Jan., 2009), pp. 70-93 Published by:  in association with the Sage Publications, Inc. American Academy of Political and Social Science Stable URL:  http://www.jstor.org/stable/40375833 Accessed: 19-04-2015 10:11 UTC

Are Emily and Greg More Employable than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination Author(s): Marianne Bertrand and Sendhil Mullainathan Source:   The American Economic Review, Vol. 94, No. 4 (Sep., 2004), pp. 991-1013 Published by:  American Economic Association Stable URL:  http://www.jstor.org/stable/3592802 Accessed: 19-04-2015 09:58 UTC

Prepare an excel file of the Oaxaca wage discrimination file using the CPS May data for Week 9: demonstrate ability to clearly present and document and excel file.

Week 8:  March 17 

Presentation of research paper outlines:  upload to Moodle at the beginning of class

White Paper Due – Presentation

Week 9: March 24  Role of Government Discussion

Discussion questions to prepare before class:  Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis Author(s): William J. Baumol Source: The American Economic Review, Vol. 57, No. 3 (Jun., 1967), pp. 415-426 Published by: American Economic Association

Ted Talk on not-for-profit management.

Week 10: March 31 

Exam on CFA Code of Conduct and Standards of Professional Conduct

Week 11: April 7

Economic movie night

Week 12: April 14
Research paper presentations
Week 13:  April 21
Research paper presentations
Week 14: April 28
Research paper presentations
Week 15: Final Exam: See University schedule for day and time.
Research paper presentations.