This is a course for future corporate leaders, on the globalization of the world’s cultural industries from an applied economics perspective. The course includes a trip to the city of Chennai, India, between noon on Sunday 5th Jan 2014 and noon on Friday 10th Jan 2014. Course Goals The course has the following goals:  To present the economic analysis of the fine and the performing arts in a global context including the roles of governments, and the social responsibility of, and the private benefits to, the corporate sector in helping the arts to flourish  To provide an introduction to how cultural globalization is affecting, and being affected by, the evolving aesthetic of a global civil society  To develop knowledge about the world’s longest continuously living civilization in India, where human pre‐history and the 21st century and everything in between, including the extremes in human wealth and poverty, can be seen living side‐by‐side in mind‐jarring proximity. During the trip we shall focus in particular on how India, and the Indian corporate sector, is reacting to and influencing the globalization of the world’s aesthetic.
This course will explain how a practicing financial market economist with 25 years experience combines the raw economic numbers with theoretical foundations to formulate an outlook for the US economy and markets. It is designed for business professionals whose interactions require a working understanding of the state of the economy, particularly those employed in the financial markets. Students will learn how to put the wide array of economic data into a coherent framework to make judgments about business activity and markets. Upon completion of the class, students will have a working knowledge of the major data releases, have the tools to understand and interpret data as they are released, and be able to dispel some commonly held misconceptions.
Impact investors seek to generate environmental and social impacts in addition to financial returns. This emerging investment strategy has been applied across asset classes and seeks to address critical issues such as energy, water, climate change, community development, social enterprises, health, sustainable development and education. This course targets students seeking careers in financial services who want to better understand the interaction of capital markets and policy issues. The class will draw upon principles of finance, microeconomics, public policy and investment management to evaluate specific cases and investment tools in areas such as environmental markets and climate change, public finance, education, health and investing at the base of the pyramid. The format will be a combination of readings, lectures, case discussions, guest speakers and team presentations.
This course will use the case method to provide a comprehensive overview of private equity finance. Private equity as an asset class (including venture capital, growth investments, distressed investments and leveraged buy-outs) has grown from less than $5 billion of assets under management in 1980 to over $1 trillion in 2012. Its emergence as a significant global asset class has elevated this industry in the public consciousness and led to a debate about its effect on portfolio companies, contribution to systemic risk, and compensation and taxation practices. The dramatic growth of assets under management by private equity firms has also led to a compression in investment returns, making the task of executing successful private equity deals and selecting private equity funds increasingly challenging. The objective of this course is to survey the private equity industry and to provide a deep understanding of the origination, execution, and realization of private equity transactions and of the process of investing in private equity funds. The course will be divided in two parts. The first section will examine the private equity industry from the perspective of private equity firms investing in portfolio companies (referred to as general partners or “GPs”). The second section of the course will examine investing in private equity funds from the perspective of institutional investors in the asset class (the LPs). The focus of this section will be on reviewing the LP universe (pension funds, endowments, fund-of-funds, sovereign wealth funds, and secondary funds), analysing GP investment track records, and understanding terms of fund agreements.
Sustainability and the New Economy, taught by Jeffrey Hollender, co-founder and former CEO of one of the most successful sustainable brands – Seventh Generation – explores the unfolding landscape in which the increasing challenges generated by the unsustainable use of non-renewable resources, the concentration of money and influence together with political landscape that no longer resembles a democracy collides with a new economy that may dramatically realign power and influence. This course will focus on four central questions: - How does our understanding of sustainability need to evolve to create a future of health and wellbeing, a future that is regenerative rather than destructive? - What historic, legal, policy, political and dynamic factors contributed to the design of an economy so obsessively focused on short-term results that we have incentivized behavior that is dangerous and destructive for our long-term survival? - How do we move towards a new economy driven by a sustainable understanding of wealth and happiness, equity and justice that insists on a systems based, long-term point of view? How do we build and manage organizations that personify this edict? - Business has arguable become the most powerful force on the planet, how might the role it plays in society evolve to become a more beneficial to all stakeholders.
Do the economic and political tensions in the U.S.-China relationship matter for the business community? How should businesses deal with potential flashpoints – whether on trade, foreign direct investment, varying business norms and practices, intellectual property violations, or security concerns – in the relationship between the two largest economies in the world? Does the business and investor community, both collectively and as individual firms, have a responsibility to grapple with the political environment inside China? This course addresses these and other related questions in an effort to prepare Stern students for the complex reality of China’s emergence on the world stage. While many Stern courses recognize the critical role that institutional and political contexts play in business decision-making, this course will focus specifically on the U.S.-China relationship. Given the volume of political rhetoric in this area (and the expectation that it will increase over time as China overtakes the U.S. to become the world’s largest economy), the practical aim of this course is to have students squarely confront the reality of how to navigate U.S.-China political and economic tensions in their future business roles. It’s an MBA elective taught by a public policy practitioner, and thus will have a decidedly “real-world” feel.
This course is designed for individuals interested in learning more about the art and science of influence in organizations. Many people are ambivalent, if not disdainful, of those who seek to wield power and influence at work, but power and influence are key mechanisms by which things get done. For those considering careers in management, it is important to be able to diagnose situations as opportunities to exercise power and influence in order to form and implement new strategies. In addition, managers are usually on the receiving end of these processes. An astute manager knows how to anticipate moves that others will make, how to block or avoid them when they have undesirable consequences, and how to help these moves succeed when their consequences are beneficial. The course aims to provide you with “political intelligence” in a sense. After taking this course, you will be able to: (1) diagnose the true distribution of power in organizations, (2) identify strategies for building sources of power, (3) develop techniques for influencing others, and (4) understand the role of power in building cooperation and leading change in organizations. These skills will be invaluable throughout your career.
Managing Investment Funds is a capstone course that requires students to draw on their knowledge of finance as well as macroeconomics, accounting, competitive analysis, strategy, marketing and other fields to manage a $1.5 million endowment fund held by New York University. In addition to honing their analytical skills, by organizing all activities related to institutional asset management, students gain experience in financial writing and oral presentations, advancing financial decisions in a group setting, and handling all of the governance and fiduciary responsibilities of a university endowment fund. The central mission of this course is for students to learn through having practical, hands on investment management experience. Because of the time requirements in formulating an investment strategy, screening and reviewing prospective stocks, updating the status and performance of existing positions, and all of the ancillary duties connected with the operation of a real, live portfolio, the experiential or hands-on component consumes the bulk of class time. However, a related mission is for students to acquire knowledge about institutional funds management and current industry practices and trends. This more traditional learning experience comes through readings and presentations from industry professionals. The endowment funds under management operate as the Michael Price Student Investment Fund (MPSIF). The Fund began in early 2000 thanks to a generous gift from Michael F. Price.
When we think of entertainment, perhaps the most popular location that comes to mind is Las Vegas. Behind the glitter and excitement in Las Vegas are industries dedicated to supplying entertainment to customers. Operations address the supply side of business, including how products are produced and how services are supplied. This course goes behind the scenes in Las Vegas to observe and analyze the operations involved in performing this supply function. This course presents an opportunity to observe and study the entertainment industry including strategy formation and decision-making that are quite unique. The entertainment comes in various forms. The underlying driver is certainly gaming, but the industries surrounding the various forms of gambling have become major profit centers separate from the millions made on the casino floors. During a one-week visit to Las Vegas, students will observe and study some of the major operating industries that comprise the broad scope of entertainment in this city. Although the Operations Management models, techniques and strategies in this field are applicable anywhere, Las Vegas is the epicenter of the industry.
The International Social Impact Strategies course is designed to help students gain actionable insights into the nexus between economic and social value creation in an international context. Specifically, the purpose of ISIS is to provide students with hands-on exposure to the entrepreneurial pursuit of social impact in a developing economy. As a result of this course, students will gain: § Increased ability to recognize and critically assess various forms of social enterprise and base-of-the-pyramid strategies as tools of poverty alleviation, economic development, and social transformation; § Greater understanding of the challenges of growing and sustaining a social enterprise, as well as special insights into enterprise development in a developing economy; § Improved consulting skills, including project planning, issue analysis, formulation of strategic and tactical recommendations, and client relationship management. While exploring these developing countries first hand, students will learn about local history, culture, economy, politics, social change, sustainable development, and entrepreneurship. By participating in the course, students will be better able to adapt and apply business skills and academic disciplines in the social sector, and will have increased skills for effective and thoughtful leadership in business and society throughout their careers.
This course will cover the economic development and current structure of Asian economies, as well as the rise of regional economic interaction and institutions with a focus on East Asia and India. For the past several decades (and earlier for Japan) the region has been the most vibrant in the world in terms of economic growth. The economic experience of this region provides a means to reinforce many of the topics presented in the course The Global Economy. The experience of these countries also provides interesting challenges to some of the usual assumptions about how economies and corporations should be organized and governed in order to be successful. When, why, and how did these economies begin the process of economic development? Why have many of them been so successful at growing and industrializing quickly? How do these economies operate today? How does the government interact with the economy? How do firms behave (including both internal governance/structure/behavior and competition in the marketplace)? What issues and problems will confront these countries in the future, issues that will be important for you to understand as you enter the world of business? In addition, evolution of a regional policy dialogue and the proliferation of bilateral and sub-regional free trade agreements, provides an opportunity to examine important issues related to exchange rate policy, regional trade preferences, and macroeconomic policy coordination.
This course covers business drivers of a wide range of industries. This knowledge is essential for your general business IQ regardless of your career choice. Having a perspective about how various industries make money is critical whether you analyze a company for investment, advise its managers, manage its operations, market its products, or choose its capital structure. More details about the 20 industries covered are at http://www.dangode.com/drivers/.
This course will explore the issues and strategies surrounding the key human capital issues facing organizations and their leaders in today’s global business environment. This area of study is increasingly important as organizations seek to differentiate themselves in the marketplace through the contributions of their global teams. In addition, organizations in the future will increasingly sell more information and services, and fewer traditional “products”, and so the management of this human asset becomes even more critical. OBJECTIVES: 1) Explanation of the overall theoretical framework for Human Capital Management and their practices in the business environment, 2) Relate the practices and impact of different areas of HCM to each other and their implications for organizational and employee needs, 3) Discussion of how the HR or HCM function adds value to the organization and is leveraged by key line leaders to achieve their goals, and 4) The objectives noted above will be accomplished via exposure to the various course content, including case studies, articles, guest speakers, team projects and lectures.
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