Fintech Courses

Entrepreneurship Hour (ENTR 407) Fall 2021 / Winter 2022 
Credits: 1 Hour
Instructor: Eric Bacyinski, Director-External Engagement and Mentorship
This weekly seminar series invites disruptive, influential, and respected entrepreneurs, venture capitalists, and business leaders to speak to students about their personal experiences founding, financing, and managing a startup venture. Following the lecture, students will be able to meet the guest speaker and network with members of the entrepreneurial community.

Intro to Venture Capital (ENTR 409) Winter 2022
Credits: 1 Hour
Instructor: Adrian Forinto, Adjunct Lecturer in Center for Entrepreneurship 
Introduction to Venture Capital --- Successful entrepreneurship and early stage venture capital appear to require a mixture of four very different traits and abilities: innovation/vision, evaluation, operation/management, and dedication. This course dives deep into these four pillars of success for the next generation of entrepreneurs and venture capitalists.

Intro to Innovation ((ENTR 500) Fall 2021/ Winter 2022 
Credits: 3 Hours
Instructor: Aaron Crumm, Lecturer in Center for Entrepreneurship
An Introduction to Innovation: Tools for Career Success --- Students will learn a wide range of concepts and skills to successfully navigate innovation-focused careers in small, medium, and large businesses and institutions. Students will study intellectual property, market and industry analysis, product-market fit, equity and stock options, program and project management, and communication, securing investment and government funding and more.

Engineering Economics and Finance (CEE 504) Fall 2021
Credits: 3 Hours
Instructor: Peter Adriaen, Professor of Civil and Environmental Engineering, and Professor of Entrepreneurship and Strategy in the Ross School of Business
Engineering Economics and Finance focuses on evolving financial decision making in engineering practice. Topics like accounting, public and private investment decision making, project management and risk and uncertainty are covered and linked to practical problems that are meaningful to (smart) infrastructure systems and the students’ professional futures

Compensation, Funding, and Ownership (ENTR 510) Winter 2022 
Credits: 3 hours
Instructor: Aaron Crumm, Lecturer in Center for Entrepreneurship
Ownership in any size business is a continuum that ranges from 100% investor owned to 100% employee owned. Students will thoroughly deconstruct this continuum from all perspectives (as employees, founders, and investors) and learn by role playing how they myriad of models affects compensation and a company and society's culture.

Programming (SI 506) Fall 2021/ Winter 2022 
Credits: 3 Hours
Instructor: Anthony Whyte, Lecturer in School of Information 
Introduction to programming with a focus on applications informatics. Covers the fundamental elements of a modern programming language and how to access data on the internet. Explores how humans and technology complement one another, including techniques used to coordinate groups of people working together on software development.

Privacy in Information Technology (SI 540) Winter 2022
Credits: 3 Hours 
Instructor: Florian Schaub, Assistant Professor of School of Information 
This course explores privacy and data protection in information technologies. Students will gain a critical understanding of privacy's role in society and tension between privacy, technology and secure. Students will learn to analyze privacy issues and design privacy-friendly and usable solutions by considering social, technical, legal and public policy aspects.The course starts with a historical perspective on privacy and the tensions between privacy, technology and security as well as discourse on aspects affected privacy decisions of individuals. This is followed by an overview of the privacy laws and regulations in the United States and Europe, and other countries or even between sectors. The second half of the course focuses on the design of privacy-friendly systems under considerations of legal and regulatory requirements, technological safeguards and challenges, human factors, and organizational measures.

Artificial Intelligence and the Law (Law 897) Winter 2022
Credits: 2 Hours 
Instructor: Nicholson Price, Professor of Law 
Artificial intelligence (AI) is increasingly pervasive in areas of legal concern, including lethal autonomous weapons systems ("killer robots"), autonomous vehicles, medical diagnostic algorithms, criminal sentencing, predictive policing, welfare distribution, consumer manipulation, and content moderation. This seminar will provide an introduction to the field of how the law treats AI. We will consider what AI is, how the law shapes its development and regulation generally, and implications in some specific subject matter areas. Please note that we will not focus on AI as a tool of legal practice (e.g., e-discovery). Readings will include legal scholarship, scholarship from other fields, and (to a lesser extent) cases, statutes, regulations, and other materials as appropriate. No technical background is required, but you must be willing to engage with the technology. Class will be centered on robust discussion, with occasional guests, informed by the readings, response papers, and student discussion questions. Students have the option of writing a longer term paper rather than shorter response papers for an additional credit.

Financial Markets: Regulation, Policy and Transactions (Law 776) Winter 2022
Credits: 4 Hours 
Instructor: Paul L. Lee: Adjunct Lecturer, Veronica A. Santarosa: Professors of Law 
This course explores financial regulation in the United States in the aftermath of the most systemic financial crisis in the last 70 years. The 2007-2009 financial crisis was followed by a major shift in regulatory design with the enactment of the Dodd Frank Act. We analyze and compare the current market and regulatory architecture of the U.S. financial sector, from banks, insurance companies and broker-dealers, to asset managers and complex financial conglomerates. We explore a range of financial activities, from consumer finance and investment to payment systems, securitization, short-term wholesale funding, money markets, derivatives, and the fintech sector. We examine a range of regulatory techniques, including supervision, enforcement, and rulemaking, as well as crisis-fighting tools such as resolution and the lender of last resort. We also discuss various initiatives implemented by the Trump Administration to reverse the course of regulation for parts of the U.S. financial system. We then discuss the steps that may be taken by the Biden Administration to reverse or modify certain of the actions taken by the Trump Administration in the financial sector. Finally, we will discuss the effects of the COVID pandemic on the U.S. financial system and scan the horizon for signs of what the future architecture of the U.S. financial system might look like.
 
International Finance (Law 678) Winter 2022
Credits: 4
Instructor: Veronica A. Santarosa, Professor of Law 
This course explores the international financial architecture. It examines international banking and securities regulation, global capital rules and cross-border issues in supervision and regulation, global standards for payment, clearing and settlement systems, and rules for different exchange rate regimes. Particular attention will be paid to the Dodd-Frank legislation, the evolution of global financial regulation under the Basel Committee on Banking Supervision and IOSCO, and the creation of the Financial Stability Board. We will explore the roles of the G-7/8, G-20, the World Bank and the International Monetary Fund in global finance, and address the regulation of financial firms in Europe and selected nations in the developing world, both as a comparative matter and to understand the extent to which national rules require global coordination.

Corporate Finance (Law 635) Fall 2021 
Credits: 4 Hours 
Instructor: Laura Nyantung Beny, Earl Warren DeLano Professor of Law
And Associate Director of University of Michigan African Studies Center
This course is designed to familiarize law students with the foundations and most recent developments in the theory and application of corporate finance. We will explore several topics, including: the theory of present discounted value, stock valuation (i.e., discounted net cash flow analysis), bond valuation, capital budgeting and other valuation techniques; the theory and evidence for and against the efficient capital market hypothesis and the counter-hypothesis of behavioral finance theory; risk, return, the capital asset pricing model and arbitrage pricing theory; the firm's investment and financing decisions, including security issuance, the law and economics of dividend policy and share repurchases; optimal capital structure; comparative corporate law; the role of classical finance theory in legal decisions; option theory; and the causes and consequences of corporate mergers and acquisitions.

Capital Market Regulation (Law 659) Fall 2021
Credits: 4 Hours
Instructor: Gabriel Rauterberg , Professor of Law 
This course concerns the law, economics, and institutions of financial trading markets, such as markets for stocks and bonds, which provide "capital" or financing for businesses in the economy. These markets serve vital social functions, including facilitating trade and incorporating information into prices, which serve as guides for the real economy. The course will begin with the major institutions of financial trading markets. It will then address the economic theory that explains their dynamics. These segments lay the groundwork for a more informed discussion of the substantive law that governs capital markets. In particular, we will consider (1) the regulation of market structure; (2) contemporary controversies regarding the modern stock market, such as high-frequency trading and dark pools; and (3) the regulation of misconduct by traders, including manipulation and insider trading.

Changing Paradigms for Corporate Law and Regulation (LAW 434) Fall 2021
Credits: 2 Hours
Instructor: Gabriel Rauterberg , Professor of Law 
This seminar will analyze questions about the appropriate objective and shape of regulation and law across a number of areas in corporate law, securities regulation, and capital markets. Each week will discuss one to two recent or classic papers addressing issues such as: the role of the government in how the stock market evolves; the appropriate objective of corporations; the moral responsibility of shareholders for corporate policy and wrongdoing; the mandate of central banks; and the design of the public/private divide in securities law. Each student enrolled in the class will be responsible for reading all papers; writing three short analytical papers related to some of them; and participating insightfully in class discussion. Background in the relevant bodies of law, in empirical research, and in finance will certainly be useful, but is not necessary for anyone interested in exploring the relevant areas.

International Financial Policy (PubPol 542) Winter 2022
Credits: 3 Hours 
Instructor: Kathryn M. Dominguez, Professor of Public Policy and Economics; PhD Program Director
This course provides an overview of international financial economics, developing analytic tools and concepts that can be used to analyze world economic policy debates. It covers the international implications of macroeconomic policies, international monetary arrangements and institutions, and stabilization programs for developing countries. The course will be structured around the tools (models) of open economy macroeconomics, using primarily graphs, and occasionally equations. However, motivation for these tools and examples of their use will always be taken from current and recent real-world macroeconomics events and conditions. This course presumes prior knowledge of intermediate microeconomics and graduate standing. Course assignments will include problem sets that involve short essays, data collection and analysis, and problem solving, and a group project that involves an assessment of the macroeconomic performance and problems in a particular country.

FinTech Entrepreneurship (PubPol 750.005) Fall 2021
Credits: 1.5
Instructor: Amias Gerety, Lecturer
Total global fintech investment increased from $50.8 billion in 2017 to a full $111.8 billion in 2018, according to KPMG's The Pulse of Fintech, and there are no signs that growth in this sector will slow down. What are the latest trends in fintech and how do innovators, entrepreneurs, and other stakeholders see the space developing?  Beyond the general trends, how do fintech entrepreneurs, incumbents, and investors identify and assess opportunities in fintech? And what does the lifecycle of a fintech company - from ideation, to investment, to growth and maybe acquisition - look like? This course will provide a strong foundation for those with a working level of knowledge in fintech and who are interested in starting or investing in fintech companies.

Financial Economics (ECON 435) Fall 2021/ Winter 2022
Credits: 4 hours
Instructor: Pablo Ottonell, Assistant Professor of Economics 
The goal of the course is to provide students with the tools to understand the main principles of financial decisions from investors and firms. The course will cover two of the main areas of financial economics, namely, asset pricing and corporate finance. Asset pricing topics include the valuation of bonds, stocks, derivatives, portfolio decisions, and arbitrage. Corporate finance topics include the valuation of investment projects, the cost of capital, capital structure, and financial distress. 

Mathematics of Finance (MATH 423) Fall 2021/ Winter 2022
Credits: 3 Hours
Prerequisite: MATH 217 and 425; EECS 183 or equivalent.
This course is an introduction to the mathematical models used in finance and economics with particular emphasis on models for pricing derivative instruments such as options and futures. The goal is to understand how the models derive from basic principles of economics and to provide the necessary mathematical tools for their analysis. A solid background in basic probability theory is necessary.

Computational Finance (MATH 623) Fall 2021/ Winter 2022
Credits: 3 Hours 
Prerequisite: MATH 316 and MATH 425 or 525
This is a course in computational methods in finance and financial modeling. Particular emphasis will be put on interest rate models and interest rate derivatives. Specific topics include Black-Scholes theory, no-arbitrage, and complete markets theory, term structure models, Hull and White models, Heath-Jarrow-Morton models, the stochastic differential equations and martingale approach, multinomial tree and Monte Carlo methods, the partial differential equations approach, finite difference methods. For more information on this course, please visit the Department of Mathematics webpage.

Financial Mathematics I (MATH 573) Fall 2021
Credits: 3 Hours
Instructor: Dominykas Norgilas, Byrne Postdoctoral Fellow and Assistant Professor 
This is an introductory course in Financial Mathematics. This course starts with the basic version of the Mathematical Theory of Asset Pricing and Hedging (Fundamental Theorem of Asset Pricing in discrete time and discrete space). This theory is applied to problems of Pricing and Hedging of simple Financial Derivatives. Finally, the continuous-time version of the proposed methods is presented, culminating with the Black–Scholes model. A part of the course is devoted to the problems of Optimal Investment in discrete time (including Markowitz Theory and CAPM) and Risk Management (VaR and its extensions). This course shows how one can formulate and solve relevant problems of the financial industry via mathematical (in particular, probabilistic) methods. Although Math 526 is not a prerequisite for Math 573, it is strongly recommended that either these courses are taken in parallel, or Math 526 precedes Math 573.

Financial Mathematics II (MATH 574) Winter 2022
Credits: 3 Hours
Prerequisite: MATH 526 and MATH 573.
Instructor: Dominykas Norgilas, Byrne Postdoctoral Fellow and Assistant Professor 
This is a continuation of Math 573. This course discusses Mathematical Theory of Continuous-time Finance. The course starts with the general Theory of Asset Pricing and Hedging in continuous time and then proceeds to specific problems of Mathematical Modeling in Continuous-time Finance. These problems include pricing and hedging of (basic and exotic) Derivatives in Equity, Foreign Exchange, Fixed Income and Credit Risk markets. In addition, this course discusses Optimal Investment in Continuous time (Merton’s problem), High-frequency Trading (Optimal Execution), and Risk Management (e.g. Credit Value Adjustment).

FinTech: Blockchain, Cryptocurrencies, and Other Technology Innovations (TO 428/TO 638/ FIN638) Winter 2022
Credits: 3 hours 
Instructor: Andrew Wu, Assistant Professor of Technology and Operations and Finance
Stein Research Scholar

New technological innovations are poised to fundamentally transform the financial industry in the coming decades, resulting in abundant career opportunities for FinTech professionals who are well-versed in the dual languages of tech and finance. This course introduces students to the most cutting edge topics including blockchain, cryptofinance and smart contracts, mobile payments, P2P lending, and robo-advising. Topics on big data and technology commercialization will be interwoven throughout the course. Students will (1) obtain in-depth technical knowledge of core Fin Tech concepts, (2) connect this technical know-how to current financial theories and market practices, and (3) decipher concepts beyond just the buzz words to provide critical judgments on new Fin Tech ventures. This knowledge will enable students to be the go-to FinTech expert in a wide variety of industries, and give them an important advantage in career advancement over peers who might just know the "buzz words".

FinTech Innovations (FIN 428) Winter 2022
Credits: 3 hours 
Instructor: Andrew Wu, Assistant Professor of Technology and Operations and Finance
Stein Research Scholar
FinTech: Blockchain, Cryptocurrencies, and Other Technology Innovations In and Out of Finance --- This course introduces students to the most cutting edge FinTech topics including mobile payments, blockchain, cryptocurrencies and smart contract, P2P lending and crowdfunding, and robo-advising. Topics on big data and technology commercialization will be interwoven throughout the course.

Managing Business Operations (TO 302) Fall 2021/ Winter 2022
Credits: 3 Hours 
Instructor: Ali Hojjat, Lecturer of Technology and Operations, Debjit Roy Visiting Professor of Technology and Operations
Managing Business Operations --- Technology and Operations studies the business processes by which inputs of materials, labor, capital, and information are transformed into products and services which customers want and are willing to pay for. Effectively managing these processes will enhance firms' competitive advantage in the marketplace. This course prepares students to think managerially and analytically about business processes, and provides students with the tools to analyze and continuously improve these processes.

Artificial Intelligence and Machine Learning in Investment Strategies (FIN 427) Winter 2022
Credits: 3 Hours 
Instructor: Robert Dittmar, Professor of Finance
Artificial Intelligence and Machine Learning in Investment Strategies --- This course covers quantitative approaches to using firm information to develop profitable trading strategies. Students will use tools such as FactSet and coding in Python or other languages to investigate, validate, and verify out-of-sample performance of investment strategies. Strategies implemented will include simple naive implementations, as well as data-driven machine learning approaches involving regression, random forests, and neural networks. The strategies will be invested using real funds into the Maize and Blue Machine Learning Fund.

Entrepreneurial Finance (FIN 425) Winter 2022
Credits: 3 Hours 
Entrepreneurial Finance --- This course is open to all BBA students and presents the fundamentals of venture capital and private equity finance. It is focused on financing startup and early stage, technology-based firms, later stage investment and buyouts. The course covers venture capital and private equity market structure and institutional arrangements and the application of financial theory and methods in a venture capital and private equity setting. Four main aspects of venture capital and private equity are covered: valuation, deal structuring, governance, and harvesting. "Live" case studies are used in demonstrate the practical, hands-on application of techniques following their development in class.

Venture Capital Finance (FIN 623) Fall 2021
Credits: 3 Hours
Instructor: Emmanuel Yimfor, Assistant Professor of Finance 
This course covers venture capital market structure and institutional arrangements and the application of financial theory and methods in a venture capital finance setting. It presents and applies the fundamentals of venture capital finance, employing "live" case studies to focus on financing startup and early stage, technology-based firms.

Global Private Equity (FIN 626/ ES626) Winter 2022
Credits: 1.5 Hours 
Instructor: Emmanuel Yimfor, Assistant Professor of Finance
As the third course in the sequence, this course extends the coverage of venture capital and private equity from the US model to other parts of the globe. Similarities and differences among regions and countries are examined and related to fundamental forces such as political, cultural, legal and regulatory differences. Emphasis is placed on investment characteristics found in emerging markets and in developed markets of the world. Text, cases and live deals are employed to study the issues involved. As with the earlier courses, this course applies simulation and real options technology to the valuation issues involved as well as game theory to the negotiating of contracts among the several categories of players mentioned above. Familiarity with these valuation technologies is a necessary prerequisite for the course.

Legal Aspects of Entrepreneurship (ES 504/ BL 504) Winter 2022
Credits: 2.25 Hours
Instructor: Cindy Schipani, Merwin H. Waterman Collegiate Professor of Business Administration and Professor of Business Law
Law provides entrepreneurs with many opportunities for competitive advantage. This course offers an examination of legal issues that every entrepreneur should understand, from start-up to IPO, in order to make good business decisions. These issues include: -Leaving your current employer to start a business -Forms of business organizations and ownership structure -Funding the venture -Entering contracts -Product liability to product innovation -Hiring and retaining the best staff -Protecting your intellectual property -Going public

Legal Issues in Finance and Banking (BL 507) Winter 2022
Credits: 1.5
Instructor: Jeremy Kress, Assistant Professor of Business Law 
Leaders in finance and banking operate in an environment fraught with legal risk. Financial companies are highly regulated, subject to strict supervision, and the target of frequent litigation. Moreover, the recent financial crisis and passage of the Dodd-Frank Act have increased scrutiny of the financial sector and created new types of legal risks. The goal of this course is to develop leaders of financial companies who are prepared to fulfill the legal aspects of their business responsibilities and who understand how their organizations can achieve competitive advantage by reducing legal risk and using the law responsibly to create economic value. The course will include coverage on legal issues related to securities law, systemically important firms, hedge funds and derivatives, and private equity and venture capital. This course is recommended for students pursuing careers in investment banking, financial services, corporate finance, private equity, venture capital, accounting, or consulting.

Private Equity Finance (ES 624) Winter 2022
Credits: 2.25
Instructor: Emmanuel Yimfor, Assistant Professor of Finance
This course presents the fundamentals of private equity finance, focusing on financing mezzanine deals and buyout transactions. The course covers the private equity and buyout market structure, institutional arrangements and application of financial theory and methods in a private equity and buyout setting. The course covers four main aspects of private equity mezzanine investment and buyout transactions: valuation, deal structuring, governance, and harvesting. "Live" case studies are used to demonstrate the practical, hands-on application of techniques following their development in class.

Platform of Value Co-Creation (MKT 624) Winter 2022
Credits: 3 Hours
Platforms of Value Co-Creation --- Interactions are the new locus of creation of value, propelled by Internetworking and the forces of digitalization, ubiquitous connectivity, globalization, and social media. The future of value creation lies in interactional creation of valuable experienced outcomes through digitalized interactive platforms (DIPs) enabled by ecosystems of resourced capabilities. The goal of this course is to expose you to an "all win more" co-creation paradigm of value creation through DIPs, going beyond goods and services to experiences, and beyond the knowledge-skill base of enterprises to actor-networked ecosystems that include customers, employees, partners, and other stakeholders. The practice of co-creation and its management implications will be discussed through various examples of interactive value creation by enterprises.

Social Venture Fund (ES 703) Winter 2022
Credits: 1.5-3 Hours
Instructor: Gautam Kaul 
This course will provide students with the education, tools, and techniques essential to valuing and financing venture investments that create sustainable value for both the investor firms and society at large. Students will engage in action-based learning of the entire process of social venture investing: sourcing applicant deals, initial screening analysis, due diligence, investment negotiation and monitoring of the investment portfolio. The key distinguishing feature of this course is that all core investment competencies will be developed in the context of creating sustainable social value. Students will develop a broad-based understanding of social and environmental valuation with the objective of measuring and optimizing the blended value of financial and social return of an enterprise.