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2004-2005 Supplement
Updated information for this section was published in the catalog supplement printed September 2004.
Click here for an Adobe Acrobat PDF of this section of the supplement.
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Full-Time Faculty: George M. Palumbo, Chair, Donald I. Bosshardt, Nelson D. Civello (Executive-in-Residence), Joseph G. Eisenhauer, Patricia A. Hutton, Larry Lichtenstein, Philip Pfaff, Ronald R. Reiber, Craig Rogers, Richard A. Shick, Richard A. Wall, F. Scott Wilson, Mark P. Zaporowski.
Economics Program
The objective of the Economics curriculum is to provide students with an understanding of the economic environment in which they will participate as professionals. The major in Economics has the same primary goal but, because a sequence of Economics courses is required, the student is expected to obtain a substantially greater understanding of the economic environment. The Economics major program in the Richard J. Wehle School of Business requires, in addition to the major courses, a business core curriculum that provides the student with a common body of business knowledge. It is anticipated that the Economics major will gain sufficient training in methods of economic analysis to be able to help solve the numerous economic problems of society.
Many Economics graduates find rewarding and challenging employment in government and industry – positions where their specialized training is put to the test and found valuable. Other students choose to deepen their knowledge of economics by attending graduate school. Still others find professional studies in business, law, and health sciences more rewarding because of their economics training.
Economics (B.S.) Curriculum:
| 1. |
ENG 101, ENG 102, PHI 101, RST 101 |
|
(4 courses) |
(12) |
| 2. |
Area Studies: Two courses from each of these areas: I, III, IV, V, VI, VIII1 |
|
(12 courses) |
(36) |
| 3. |
Major course requirements: |
|
(21 or 20 courses) |
|
| |
a. Common body of business knowledge: |
|
|
| |
|
QNT 101 |
Quantitative Methods for Business |
(3) |
| |
|
AND |
|
|
| |
|
MAT 106 |
Calculus for the Non-Sciences |
(3) |
| |
|
OR |
|
(6 or 4)2 |
| |
|
MAT 115 |
Calculus for Business I |
(4) |
| |
|
ACC 201 |
Financial Accounting |
(3) |
| |
|
ACC 202 |
Managerial Accounting |
(3) |
| |
|
ECO 1013 |
Principles of Macroeconomics |
(3) |
| |
|
ECO 1023 |
Principles of Microeconomics |
(3) |
| |
|
ECO 255 |
Business Statistics I |
(3) |
| |
|
ECO 256 |
Business Statistics II |
(3) |
| |
|
FIN 301 |
Introduction to Finance |
(3) |
| |
|
ISB 201 |
Management Technology |
(3) |
| |
|
MGT 101 |
Introduction to Management |
(3) |
| |
|
MGT 325 |
Operations Analysis for Business |
(3) |
| |
|
MGT 370 |
Managerial Environment |
(3) |
| |
|
MGT 446 |
Managerial Policy/ Strategy |
(3) |
| |
|
MKT 201 |
Principles of Marketing |
(3) |
| |
b. Economics major: |
|
|
|
| |
|
ECO 205 |
Intermediate Microeconomic Analysis |
(3) |
| |
|
ECO 206 |
Intermediate Macroeconomic Analysis |
(3) |
| |
|
Economics electives (at the 300 or 400 level): |
(4 courses) |
(12) |
| 4. |
Electives |
|
(3 or 4 courses) |
(9 or 12) |
| Total |
|
|
(40 courses) |
(120-121) |
Recommended Schedule:
| Fall |
|
Spring |
|
| Freshman Year |
|
|
|
| ENG 101 |
3 |
ENG 102 |
3 |
| QNT 101 or MAT 111 or MAT 115 |
3 or 4 |
MAT 106 or Elective |
3 |
| ECO 101 |
3 |
ECO 102 |
3 |
| AS VIII |
3 |
AS VIII |
3 |
| AS I |
3 |
MGT 101 |
3 |
| Total |
15 or 16 |
Total |
15 |
| Sophomore Year |
|
|
|
| RST 101 |
3 |
PHI 101 |
3 |
| ECO 205 |
3 |
ECO 206 |
3 |
| MKT 201 |
3 |
ECO 255 |
3 |
| ACC 201 |
3 |
ACC 202 |
3 |
| ISB 201 |
3 |
AS IV |
3 |
| Total |
15 |
Total |
15 |
| Junior Year |
|
|
|
| AS IV |
3 |
MGT 325 |
3 |
| FIN 301 |
3 |
MGT 370 |
3 |
| Economics elective |
3 |
Economics elective |
3 |
| AS III |
3 |
AS I |
3 |
| ECO 256 |
3 |
AS V |
3 |
| Total |
15 |
Total |
15 |
| Senior Year |
|
|
|
| AS III |
3 |
Economics elective |
3 |
| Economics elective |
3 |
MGT 446 |
3 |
| AS V |
3 |
AS VI |
3 |
| AS VI |
3 |
Elective |
3 |
| Elective |
3 |
Elective |
3 |
| Total |
15 |
Total |
15 |
| |
|
Total |
120-121 |
COURSES: 2003 – 2005
QNT 101 Quantitative Methods for Business 3
Introduction to using mathematical concepts such as algebraic and graphical analysis, probability and compound interest to analyze business problems. Includes an introduction to spreadsheets using Microsoft Excel.
ECO 101 Principles of Macroeconomics 3
Explanation of market system through supply and demand analysis. Measurement of important macroeconomic variables and development of economic models to analyze problems of unemployment, inflation, and economic growth. Efficacy of various fiscal and monetary policies. (AS II)
ECO 102 Principles of Microeconomics 3
Explanation of how the market system operates in the context of limited resources. Emphasis on the manner in which consumers and firms determine what to produce, how to produce, and for whom to produce. (AS II)
ECO 205 Intermediate Microeconomic Analysis 3
Analysis of demand and supply under different market situations. Cost and production theory. Factor pricing. Welfare economics. Prerequisite: ECO 101-102. Fall
ECO 206 Intermediate Macroeconomic Analysis 3
Modern macroeconomic theory developed, utilizing static and comparative static models. Examination of dynamic models and basic theories of economic growth. Prerequisite: ECO 101-102. Spring
ECO 250 (ENT 250) Small Business Economics 3
Issues of financing, valuing and preparing a small business for sale.
ECO 255 Business Statistics I 3
Fundamental concepts of probability and statistics with emphasis on business and economic applications. Organizing and describing data. Probability theory. Sampling. Inference. Hypothesis testing. (AS VII)
ECO 256 Business Statistics II 3
Regression analysis, goodness of fit, contingency tables, analysis of variance, Bayesian decision theory, time series and forecasting. Prerequisite: ECO 255.
ECO 300 (WST 325) Economics of Work 3
Examination of data on work-related outcomes and their economic explanation. The implications for employer policies. The course is interdisciplinary in scope, emphasizing gender differences, non-market work, and institutional factors. Prerequisite: ECO 102.
ECO 301 Economics of Sport 3
Offered periodically as an economics elective. Prerequisite: Eco 101 or 102.
ECO 311 (URS 311) Regional Economics and GIS 3
An analysis of the spatial regional economic patterns in America with an emphasis on market forces and Geographics Information System tools.
ECO 312 (URS 312) Spatial Economics and GIS 3
An analysis of the spatial patterns in urban America with an emphasis on market forces and Geographics Information System tools.
ECO 330 Money and the Economy 3
See FIN 330 for description.
ECO 350 Entrepreneurial Finance 3
Finance issues faced during life cycle stages of the company: seed financing at start-up, financing growth, and valuation of the business entity for succession planning. Fall
ECO 351 (FIN 351) Finance and E-Commerce 3
See FIN 351 for description.
ECO 360 International Economics 3
Theory and practice of international trade, finance, and development. Determinants of economic relations among nations. Prerequisite: ECO 101-102.
ECO 401 (PSC 324) Public Finance 3
A microeconomic analysis of the role of the public sector in resource allocation. Topics include: the theory of market failures, alternative corrective measures for market failures, efficiency/equity analysis of taxes, and public expenditure programs. Prerequisite: ECO 102. Fall
ECO 411 State and Local Finance 3
Municipal credit risk and municipal bonds analysis of revenue sources for State and Local governments. Public/private sector interaction in urban areas; city-suburban fiscal disparity and competition; state/local government structure; intergovernmental relations. Prerequisite: ECO 101-102, ECO 255-256 or equivalent. Spring
ECO 455 Econometrics 3
Estimation and analysis of linear and non-linear regression models using statistical inferences. Topics include: multicolinearity, heteroskedasticity, serial correlation, forecasting, dummy variables, and simultaneous equations. Analysis of actual data sets and use of statistical software. Prerequisite: ECO 205, 206, 255-256.
ECO 497 Internship 3
May be used for free elective credit only. Pass/Fail only.
Prerequisite: Consent of department chair.
ECO 499 Independent Research 3
Prerequisite: Consent of department chair.
Finance Program
The analytical tools and problem-solving skills fostered in the Finance program will prove useful to any student who wishes to pursue a career in corporate management, investments, banking, real estate, insurance, or small business. The program provides a concentration designed to help the student prepare for exams for licenses as Chartered Financial Analysts (CFA), Certified Financial Planners (CFP), and Insurance Brokers.
Finance Concentration is also available through the Basic Economics. Interested students should also contact the department chair.
Finance Curriculum:
| 1. |
ENG 101, ENG 102, PHI 101, RST 101 |
(4 courses) |
|
(12) |
| 2. |
Area Studies: Two courses from each of these areas: I, III, IV, V, VI, VIII4 |
(12 courses) |
|
(36) |
| 3. |
Major course requirements: |
(22 or 21 courses) |
|
|
| |
a. Common body of business knowledge: |
|
|
|
| |
|
QNT 101 |
Quantitative Methods for Business |
(3) |
| |
|
AND |
|
|
| |
|
MAT 106 |
Calculus for the Non-Sciences |
(3) |
| |
|
OR |
|
|
| |
|
MAT 115 |
Calculus for Business I |
(4) |
| |
|
ACC 201 |
Financial Accounting |
(3) |
| |
|
ACC 202 |
Managerial Accounting |
(3) |
| |
|
ECO 101 |
Principles of Macroeconomics |
(3) |
| |
|
ECO 102 |
Principles of Microeconomics |
(3) |
| |
|
ECO 255 |
Business Statistics I |
(3) |
| |
|
ECO 256 |
Business Statistics II |
(3) |
| |
|
FIN 301 |
Introduction to Finance |
(3) |
| |
|
ISB 201 |
Management Technology |
(3) |
| |
|
MGT 101 |
Introduction to Management |
(3) |
| |
|
MGT 325 |
Operations Analysis for Business |
(3) |
| |
|
MGT 370 |
Introduction to Management |
(3) |
| |
|
MGT 446 |
Managerial Policy/Strategy |
(3) |
| |
|
MKT 201 |
Principles of Marketing |
(3) |
| |
b. Finance major: |
|
|
|
| |
|
FIN 312 |
Analyzing Fin. Information |
(3) |
| |
|
FIN 311 |
Corporate Finance |
(3) |
| |
|
FIN 314 |
Portfolio Management |
(3) |
| |
c. Finance electives: four courses to be selected from 300 or 400-level Finance courses. FIN 455 is strongly recommended. A maximum of two of the following four Accounting courses (with a minimum grade of C or better in each) may be substituted for Finance electives: ACC 301, 302, 303, 4155 |
(12) |
| 4. |
Electives |
|
(2 or 3 courses) |
(6 or 9) |
| Total |
|
|
(40 courses) |
(120-121) |
Recommended Schedule:
| Fall |
|
Spring |
|
| Freshman Year |
|
|
|
| ENG 101 |
3 |
ENG 102 |
3 |
| QNT 101 or MAT 111 or MAT 115 |
3 or 4 |
MAT 106 or Elective |
3 |
| ECO 101 |
3 |
ECO 102 |
3 |
| AS VIII |
3 |
AS VIII |
3 |
| AS I |
3 |
MGT 101 |
3 |
| Total |
15 or 16 |
Total |
15 |
| Sophomore Year |
|
|
|
| RST 101 |
3 |
PHI 101 |
3 |
| MKT 201 |
3 |
ECO 256 |
3 |
| ACC 201 |
3 |
ACC 202 |
3 |
| ISB 201 |
3 |
ECO 255 |
3 |
| ECO 255 |
3 |
AS IV |
3 |
| Total |
15 |
Total |
15 |
| Junior Year |
|
|
|
| FIN 312 |
3 |
FIN Elective |
3 |
| FIN 313 |
3 |
FIN Elective |
3 |
| AS I |
3 |
MGT 325 |
3 |
| AS III |
3 |
MGT 370 |
3 |
| AS V |
3 |
AS VI |
3 |
| Total |
15 |
Total |
15 |
| Senior Year |
|
|
|
| FIN 314 |
3 |
Finance elective |
3 |
| Finance elective |
3 |
MGT 446 |
3 |
| AS IV |
3 |
Elective |
3 |
| AS III |
3 |
AS V |
3 |
| Elective |
3 |
AS VI |
3 |
| Total |
15 |
Total |
15 |
| Total |
|
|
120-121 |
COURSES: 2003 – 2005
FIN 100 The Stock Market 3
Stocks and bonds. Municipals and mutual funds. Brokers, analysts, and investment counselors. Exchanges, regulations, and strategy. Free elective only; for Arts and Sciences majors.
FIN 301 Introduction to Finance 3
An introduction to financial analysis, markets, institutions, and instruments. Topics covered include financial intermediation, interest rate determination, valuation, diversification, and financial management and agency issues.
Prerequisite: ECO 101-102, ACC 201 or 211, ECO 255 (or concurrent registration).
FIN 311 Corporate Finance 3
The examination of the procedures and objectives of capital budgeting, the financing of the firm by means of debt and equity, and short-term and long-term financial management. Prerequisite: FIN 301.
FIN 312 Analyzing Financial Information 3
The analysis and interpretation of financial information and accounting statements in order to assess security risk and return, credit worthiness, financing needs, and the valuation of the firm. Prerequisite: FIN 301.
FIN 314 Portfolio Management 3
An introduction to modern portfolio theory and management. The strategies underlying portfolio construction and evaluation will be examined. The implications of market efficiency on portfolio management will also be considered. Prerequisite: FIN 301, ECO 256.
FIN 321 Risk Management 3
Methods of managing pure risks to limit losses. Theory of risk management. Practical framework for decision-making under uncertainty. Public policy and social insurance. Prerequisite: ECO 102 and ECO 255.
FIN 351 (ECO 351) Finance and E-Commerce 3
An introduction to Internet commerce, and the economic and financial issues it raises.
FIN 401 Public Finance 3
See ECO 401.
FIN 410 Introduction to Commercial Banking 3
Commercial bank operating procedures, asset and liability management, deposit acquisition, commercial and personal loan functions; commercial bank capital structure, impact on financial system. Prerequisite: FIN 301.
FIN 411 State and Local Finance 3
See ECO 411.
FIN 420 Financial Institutions and Markets 3
Examines the changing world of financial services and the role that financial intermediaries and financial markets are playing in a rapidly consolidating industry with new benchmarks and success factors. Universal banking as the new model will be analyzed. Finally, the changing nature of careers in the "New Industry" will be discussed from both positive and negative points of view. Prerequisite: FIN 301.
FIN 455 Computers and Financial Planning 3
Computer-based financial modeling for the financial decision maker. Application of financial spreadsheets. Prerequisite: FIN 301.
FIN 460 International Finance 3
Basic understanding, with illustrations, of how to apply elements of international finance to managerial policies and decision-making. Exchange rates and exchange risk. Prerequisite: ECO 101, 102, FIN 301.
FIN 480 Options 3
Introduction to options and other derivative securities such as warrants and convertibles. Emphasis on their valuation and use in hedging. Prerequisite: FIN 312, FIN 313.
FIN 485 – FIN 486 Golden Griffin Fund 6
Students will manage this fund, which is a small cap regional growth and value equity fund, that manages against the Russell 2000 as a benchmark. The fund will raise real dollars and is expected to provide real returns to its investors. Students will have professional mentors and report to a professional investment committee. Student fund managers will receive hands-on experience in all aspects of fund management. Prerequisites and concurrent courses: The GGF is part of a 24-credit program: 6 for running the Fund and taking a current issues class that involves a 12-month time commitment: and 18 for tool/core classes in corporate financial reporting; FIN 312, FIN 420, FIN 311, FIN 314, FIN 480.
FIN 497 Internship 3
FIN 499 Independent Research 3
Prerequisite: Consent of department chair.
1 Area II is automatically fulfilled because this program is in the Social Sciences. Area VII is fulfilled by the mathematics courses required in this program.
2 MAT 115-116 is recommended. Additional mathematics is recommended if the student is preparing for a graduate program in Economics. The student should consult a departmental adviser.
3 Honors section recommended.
4 Area II is automatically fulfilled because this program is in the Social Sciences. Area VII is fulfilled by the Mathematics courses required in this program.
5 A strong Accounting background is desired by many corporations seeking job candidates with degrees in finance. For those who desire a degree in corporate financial planning, ACC 303 is strongly recommended. ACC 415 is recommended. FIN 455 is strongly recommended because many entry-level positions in finance require experience with financial modeling using personal computers.