Students learn how to analyze the qualitative aspects of analysis in terms of news flow of an industry and the individual companies within it, and the quantitative aspects of an industry, i. Excel and VBA are the primary computer tools employed in the course. Students are expected to develop proficiency in the use of Excel and VBA. ENRG Energy Data Analysis 3 - This course emphasizes the analysis of different forms of quantitative data in energy markets, energy production, demand, and supply. The course introduces various interpretive analytic approaches, explores their uses, and guides students in applying them to energy data.
The danger of using quantitative methods lies in the lack of fundamental understanding of the justification for the use of a procedure, how to use it correctly, and how to properly interpret results. This course addresses these pitfalls. The course covers the process of extracting meaning from data to support evaluation and decision making by using modern spreadsheet technology such as Microsoft Excel. The class explores data sets from Thomson Reuters and LIM and covers their key technical charting tools, employs statistical thinking to provide understanding of the variation in data, and draws insights into relationships that may exist among underlying factors.
The course also covers the basics of cash flow analysis and introduces the elements of financial data interpretation. ENRG Energy and Environmental Economics 3 -This course provides an overview of the economic principles used in analyzing energy markets and environmental issues important to this sector. Students in this class will learn to apply fundamental tools of micro and macro-economics to study business and public policy issues involved in the oil, natural gas, and electric industries including renewable energy sources. The course will also cover the fundamentals of externalities in the energy industries and how to evaluate the impact of various environmental policies.
They will evaluate incentive compatible mechanism and efficient regulation design. The course goal is to have students critically analyze typical problems in the energy sector. They should be able to apply these skills and economic reasoning to unravel popular fallacies and doomsday scenarios such as peak oil, fallacy of common-use resources, and technical vs. ENRG Energy Fundamentals and Trading 3 - This course covers the fundamental and technical information and techniques needed to begin trading in the energy markets.
Structure of physical and financial markets, electronic trading tools and techniques, and the associated risk management practices are covered. ENRG Advanced Energy Trading and Finance 3 - The course covers advanced energy trading techniques, including technical analysis, electronic trading algorithms, and the trading of energy derivatives. ENRG Energy Risk Management 3 — The course balances both the qualitative and the quantitative aspects of the risk in energy markets.
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The course begins with a broad qualitative look at risk scenarios. Topics covered include the economic impacts of pricing and investment decisions in these industries, privatization of publicly-owned energy assets, regulation of monopolies and antitrust, the transportation and storage of energy commodities, and the economics of renewable energy sources.
Major policy trends related to energy production and use, such as deregulation, climate change, and environmental impacts, are critically analyzed. The course focuses on risk management applications from the perspective of an energy company. ENRG Energy Trading: Wholesale Electric Markets 3 - This course covers the fundamental concepts necessary to maintain and operate an efficient wholesale electric power market. Through in-class simulations, students will apply concepts from operations management, economics, risk management, and negotiations to manage physical and financial power portfolios.
Instructor-led case studies will review historic successes and failures of deregulated energy firms. Successful completion of this course will provide students with a firm understanding of electric power market operations and portfolio management. ENRG Energy Investment Banking 3 - Energy Investment Banking is intended for students who wish to be introduced to, to learn about, and to implement the concepts and methodologies of energy investment banking as currently practiced in the investment banking industry.
It builds on the core finance topics covered in financial management. Concepts and methods of valuing energy companies and analyzing, proposing, and completing financing for energy companies will be covered. The financings that will be examined and thoroughly discussed include initial public offerings, follow-on equity offerings, merger and acquisition engagements, long-term debt issuance, and strategic financial advisory services.
Students will be required to develop, present, and discuss financing alternatives for selected companies operating in the energy space. Each team is expected to analyze and research an energy industry issue and to prepare written project reports, presentations, or cases. The final project reports, presentations, and cases are evaluated by the project sponsors.
This course is offered during the spring semester. The first part of the class looks at what the trend of energy use means and how it might transition to a more sustainable pattern of use. The second part of the class provides an in-depth analysis of the power sector and how the demand for renewable power is changing the way the industry operates. Students will gain exposure to current power industry developments including: generation and operation planning models, renewable mandates, transmission planning issues, smart grid devices, market rule differences among various power markets, and rate design for demand side programs.
Students will research opportunities and challenges for sustainable development in energy use and present case studies in class. FINE Analysis for Financial Management 3 - This course provides an introduction to the discipline of finance and gives students the tools they need to make capital budgeting decisions for firms. It begins with the study of the time value of money and how to value stocks and bonds. From there, it moves into capital budgeting techniques including net present value and internal rate of return.
The course concludes with a discussion of market efficiency and its implications. By the end of the course, students will be familiar with the basic tools used to analyze the investment and financing decisions made within firms. Initially the valuation of stocks and bonds and basic capital budgeting techniques are studied in detail. Options are then examined. Valuation is then taken up. Though there are no formal prerequisites for this course, we will move very quickly through concepts relates to the time value of money and basic statistics.
The emphasis is on open economy macroeconomic issues for managerial decisions. Topics include the determination of interest rates, inflation, foreign investment, wage levels, real output growth, exchange rates, and international trade patterns in the world economy.
Also included is a study of the global institutions of world commerce — the WTO and the Bretton Woods institutions of the World Bank and the International Monetary Fund — as well as a study of regional and bilateral trade agreements and of governmental controls of capacity and currency flow. FINE Managerial Economics 3 - The purpose of this course is to apply the economic theory of the firm and consumer behavior to management decision making.
This involves the development of a conceptual framework to analyze household and firm decisions related to product and factor markets and the application of that framework to managerial decisions. Applications focus on market demand analysis and marketing strategy, production and cost efficiency, pricing, product quality and other competitive strategies, optimization under regulatory constraint, optimal employment decisions, and incentive structures. The applications are developed with cases and problems.
FINE Options and Other Derivatives 3 - This course covers the pricing and use of derivative securities, including forward contracts, swaps, futures, and options. The course emphasizes the role of derivatives in managing risks. FINE Investments 3 - The first half of this course takes students through an in-depth study of portfolio theory. Students critically examine the assumptions of modern portfolio theory and its implications. The second half of the course focuses on fixed income analytics.
Students learn how to price various types of fixed income securities and how to measure their interest rate risk. They learn how to hedge interest rate risk for fixed income portfolios, and how to incorporate call and conversion features into the price of a bond. Students learn how to derive implied forward interest rates, how to bootstrap a yield curve, and the implications of various theories of the term structure.
Finally, students will have the opportunity to conduct an event study, learn the basics of options, and discuss how behavioral finance is changing the way asset pricing is viewed. Case studies will be used to learn how hedge funds, mutual funds, exchange-traded funds, and various other investment managers operate.
Note: This course is a prerequisite for students who wish to apply for participation in Aaron Selber Jr. The course will cover advanced corporate finance theory and how one translates theory into financial decisions. Special topics such as international finance may also be covered. FINE Venture Capital and Private Equity 3 -Entrepreneurial firms face financial issues that are significantly different from those facing established companies.
This course focuses on analyzing the special finance issues faced by such companies and on the knowledge and tools needed by managers of these firms. Topics covered will include stages of venture capital development, start-up financing venture capital, leasing, bank loans , financial management of rapidly growing firms, deal structuring for entrepreneurial firms, and financial distress issues and concerns.
Initial public offerings will also be examined as a culminating event for entrepreneurial firms. The course also covers the broader topic of private equity.
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The course investigates why firms seek private rather than public equity and identifies differences between private and public equity investments. The recent trend of investment in emerging economies by private equity funds is also examined. Students will create a deal or pitch book as part of the class. FINE International Finance 3 - This course provides students with a solid understanding of the basic principles of international finance. Emphasis will be placed on understanding the roles of trade and exchange rates in the global economy as well as how individual firms can obtain financing, make capital budgeting decisions, and minimize risk in a global environment.
The first half of the course will be largely lectures which are designed to acquaint students with these fundamental principles. The second half of the course will be primarily case-oriented. FINE Investments and Asset Pricing 3 - This course covers portfolio theory and practice, equity valuation behavioral versus market efficiency , and asset pricing models. The course also provides an introduction to derivatives futures and options and discusses basic hedging.
Course topics include: mathematical and computational models of stock price movements involving stochastic processes; applications of probability theory to portfolio risk analysis; modeling of cash flows and valuation; Monte Carlo simulation applied to both investments and cash flow modeling; applications of numerical optimization in finance; and use of Excel and Python for computation, statistics, and graphics in finance. FINE Real Estate Planning Finance and Development 3 -This course focuses on the real estate development process including: land acquisition, zoning, environmental impacts, valuation, financing alternatives, risk assessment, construction, management, leasing, and sale.
Real estate decision making under changing economic conditions, environmental expectations, and tax legislation is also discussed. FINE Cases in Real Estate 3 - This course explores the real estate development process in detail, from inception of an idea through construction completion and property management. Real-life case studies, group discussion, and lectures are the primary teaching methods. Student teams present development proposals at the conclusion of the course. As part of the course, students will study a variety of applied case studies as well as relevant academic research papers on the subject.
Leading practitioners in the alternative investment industry will visit the class as guest lecturers and mentors as students build their foundation of knowledge. Note: Students must apply for enrollment in this course. This course introduces students to the broader field of alternative investing through an in-depth analysis of hedge fund investments. Leading practitioners in the hedge fund investment industry will visit the class as guest lecturers and mentors as students build their foundation of knowledge. Ultimately, students will work in teams to develop a prospectus for a hypothetical new hedge fund.
Students will compete in a simulated conference to raise committed capital for their newly-created hedge fund. The basic regression model is reviewed in the first week, and then more advanced techniques are covered. Topics include testing the assumptions of the regression model, multicollinearity, serial correlation, heteroskedasticity, endogeneity, stability, instrument variables, binary variables, ARCH, forecasting, and basic time-series regression models for both stationary and nonstationary data.
The course provides students with a valuable opportunity to gain hands-on experience in equity analysis by participating in Burkenroad Reports. Student analysts work in small teams, visiting company sites, meeting with top management, conducting financial analysis, and preparing an in-depth investment research report on selected under-followed companies in the region. Students also participate in a weekend analyst workshop and the annual Burkenroad Reports Investment Conference. FINE Valuation and Financing Enterprises 3 - This course studies advanced corporate valuation using discounted cash flow, comparables, and option techniques.
As part of the course, students manage a small-cap portfolio of stocks for the University endowment. The following topics are discussed: market efficiency, abnormal returns, factor models, interpretation of multiple regression outputs, relative valuation applied to industry and company analysis, portfolio theory, portfolio performance evaluation, and portfolio mean-variance optimization. State-of-the-art academic research papers and classic writings that have significantly influenced equity investing are studied. The assigned readings focus on empirical evidence regarding security and portfolio risk and returns.
Through reading and discussing research papers and classic writings, students develop a critical thinking process and build proprietary investment models. Students are also free to develop market-wide investment models to use across market sectors. This will include building a proforma model of the financial statements of a firm in Excel.
The firms that are chosen will be in the energy industry or the financial industry. Students will have an opportunity to pose questions to management of the firms they cover. Students must attend a mandatory modeling weekend program run by an industry leader in such training.
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Piening, M. Rese, T. Joining forces or going it alone? Journal of Product Innovation Management, 32 , pp. Hung, C. Technovation, 33 , pp. Hwang, E. Kim, S. Factors affecting open technological innovation in open source software companies in Korea. Innovation: Management, Policy and Practice, 11 , pp. Laursen, A. Open for innovation: The role of openness in explaining innovation performance among U. Strategic Management Journal, 27 , pp. Outbound open innovation and its effects on firms performance: Examining environmental influences. Love, S. Roper, J. Openness, knowledge, innovation and growth in UK business services.
Research Policy, 40 , pp. Co-operation and co-opetition as open innovation practices in the service sector: Which influence on innovation novelty?. Nitzsche, B.
Wirtz, V. Innovation success in the context of inbound open innovation. International Journal of Innovation Management, 20 , Article. Praest Knudsen, T. Some immediate but negative effects of openness on product development performance.
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Pullen, P. De Weerd-Nederhof, A. Groen, O. Open innovation in practice: Goal complementarity and closed NPD networks to explain differences in innovation performance for SMEs in the medical devices sector. Journal of Product Innovation Management, 29 , pp. Rass, M. Dumbach, F. Danzinger, A. Bullinger, K.
Open innovation and firm performance: The mediating role of social capital. Creativity and Innovation Management, 22 , pp. Spithoven, D. Frantzen, B. Heterogeneous firm-level effects of knowledge exchanges on product innovation: Differences between dynamic and lagging product innovators.
Journal of Product Innovation Management, 27 , pp. Suh, M. Innovation: Management, Policy and Practice, 14 , pp. Vahter, J. Industry and Innovation, 21 , pp. Vanhaverbeke, M. Open innovation in SMEs: Trends, motives and management challenges. Technovation, 29 , pp. Wallin, G. Von Krogh. Organizing for open innovation: Focus on the integration of knowledge. Organizational Dynamics, 39 , pp. Because of the composition of their intangible assets, almost entirely externally generated and not providing any value added in terms of innovation. Subscribe to our newsletter.
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Technologically new product innovation,. Technologically improved product,. Technological process innovation. Market Structure CR3 ,. Community participation — 5-point Likert scale. Firm size — log of Full Time Employees. Firm age — log of years. Network innovative performance, 1—7 Likert Scale.
Financial indicators,. Competence diversity within the board,. Frequency of meetings,. Incremental innovation performance. Search breadth and depth. Radical innovation performance. Technological turbulence. Company size as a surrogate. Diversity of Technology Alliance Portfolio. Internal innovation efforts,. Product innovation performance,. Financial performance,. If the firm is part of a divisional entity,. Personnel costs in value added,. Past financial performance. CRES — complex research, ratio between information sourced from universities, government and conferences over all information sources.
PROC — dummy variable for process innovation. Appropriability APPR , dummy variable measuring the degree on which the firm pursues strategic protection. LHEI — log of share of employees with higher education. LEXI — log of share ofexports over revenues. LSIZE — log of number of employees. Industry-specific dummy variables, five sectors:.
Bogers, M; Lhuillery, S. Customers, Suppliers, Competitors, Group members part of the same conglomerate ,. Appropriation, for both product and process innovation;. PROs including universities of applied sciences, universities and public research institutes. Non-price competition;. Duration of innovative project;. Financial constraints;. Each type of co-operation is a binary variable and receives the value one if co-operation has occurred with at least one partner of the group.
Innovation performance — 5 items measured on a 7-point Likert scale. Network characteristics — 1. Network position strength. Firm size LGS — log number of employees,. Firms with 10 to employees. Firm's age LGA — log of years,. Percentage of sales obtained in the last year of the period of analysis, from products new to the market, introduced in the previous three years LNEWMK.
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Openness strategy — 4 dummy variables:. Closed — no collaborative or inbound OI links. Semi-open — new products were obtained mainly by the enterprise on its own. Open — new products were achieved mainly through cooperation with other organizations. Ultra-open — new products are the result predominantly of the efforts of third parties.
Appropriability conditions. Hung, KP; Chou, C. Firm performance — firm's. Tobin q: ratio of firm market value to the replacement cost of its assets. Technological turbulence — change rate of technology used in the business. Market turbulence — speed of change in customer needs and preferences in competitor actions. Product innovation dummy. Invention output — average number of patents granted over a three-year period.
Available slack — Ratio of current assets to current liabilities. Recoverable slack — working capital to sales ratio. Potential slack — debt to equity ratio. Innovation performance — Four items:. Entrepreneurial orientation. Science-based partnership — dummy. Technology fields — dummy variables for technologies involved in the project. Market-based partnership — dummy. Project management formality- 5-value scale measure. Project patent — dummy variable on whether the project resulted in a patent application.
Sponsor departments — dummy variables identifying the department sponsoring the project. Development departments — dummy variables identifying the department in charge of developing the project after its conclusion. Project initiating year — dummy variables. Project ending year — dummy variables. Strategy — firm strategy. Dummy variables for three approaches:. Domestic group. Percentage 0— OI Breadth — number of different types of innovation linkages. Multi nationality — dummy variable. Workforce with degree — percentage.
OTHER — dummy variable for other linkages — with competitors, joint ventures or consultants. Public support — dummy variable on whether firms have received public support for their innovation activity. Herfindahl index — proxy for sectoral competition. External search breadth — 7-point Likert scale, based on the importance of 16 external sources. Technological dynamism — 7-point Likert Scale based on 4-item questions.
External search depth — 7-point Likert scale, based on the importance of 16 external sources. Technological diversification. Other environmental instability. Firm size — log of number of FTE. Universities and research institutes. Human capital — ratio of employees holding a university degree. Formal, contractual governance always contract based. Export intensity — ratio between international revenues over total revenues.
Informal market-focused collaboration,. Industry dummies — 21 categories. Hybrid market-focused collaboration,. Formal market-focused collaboration,. Informal science-focused collaboration,. Hybrid science-focused collaboration, and. Formal science-focused collaboration. Performance — n. Patents — dummy variable. Export — dummy variable. Export intensity — share of sales from exports. Subsidized — dummy variable. Innovation performance — ratio of sales derived from new or substantially improved products. Collaboration with different types of partners — nine types of potential partners in the survey: lead users, major clients, suppliers, competitors, firms in other industries, universities and research institutions, technology agencies, intellectual property organizations, and venture capitalists.
Industries — dummy variables. Year of survey — dummy variables. Absorptive capacity — dummy variables on whether the firm possesses engineering or scientific skills 0—6. Innovation outcomes — dummy variables on whether the firm undertake different types of innovation activities. Patent Portfolio PP — count of new patent registered by the firm in the reference year. Manufacturing Assets MA — ratio of firm's tangible fixed assets over total assets. Financial Advice. Popular Courses. Login Advisor Login Newsletters. What is Return On Innovation Investment Return on innovation investment is a performance measure used to evaluate the effectiveness of a company's investment in new products or services.
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