Economics, Finance, and Real Estate

Chair: Barrie Bailey, Department of Economics, Finance, and Real Estate

Within the Leon Hess Business School, students can pursue a number of academic degrees including economics, finance, and real estate. The program provides an education that helps qualify its graduates for positions of leadership in private and public sectors.

Economics, finance, and real estate provide a strong foundation for graduate work in economics, finance, and law, as well as careers in government, commercial and investment banking, corporate finance, insurance, commercial real estate, medical services, human resources, international trade, and labor relations.

Nahid Aslanbeigui, Professor (Graduate Faculty). BA, University of Tehran; MA, PhD, University of Michigan. Specializes in globalization, economic development, and the history of economic thought. Additional interests include economics education and the economic status of women.
naslanbe@monmouth.edu

Barrie Bailey, Associate Professor and Chair (Graduate Faculty). BS, MBA, PhD, University of Central Florida. Research interests include international mutual fund performance and finance education.
bbailey@monmouth.edu

Andreas Christofi, Professor (Graduate Faculty). BA, Graduate Industrial School of Thessaloniki, Greece; MBA, University of New Orleans; PhD, Finance, Pennsylvania State University. Research interests include pricing of capital assets, investments, fixed income securities, and international finance. Additional interests include derivatives and econometrics.
achristo@monmouth.edu

Jonathan Daigle, Assistant Professor (Graduate Faculty). BS, MBA, The University of South Alabama; ABD, The University of Missisippi.
jdaigle@monmouth.edu

Judex Hyppolite, Assistant Professor (Graduate Faculty). PhD, Indiana University. Primary research areas are Econometrics, Monetary Economics, and Finance. His current research focuses on the application of Panel Data Mixture Models to the study of firms and households heterogeneous behaviors. He has studied the differencs in the investment behavior firms when they are financially constrained and when they are not, and the differences in the healthcare behavior of individuals grouped according to their intensity of healthcare utilization. His healthcare article was recently published in Health Economics.
jhyppoli@monmouth.edu

Donald Moliver, Professor (Graduate Faculty).
Dean of the Leon Hess Business School. BA, Fairleigh Dickinson University, MA, PhD, Virginia Polytechnic Institute. Research interests include real estate finance and valuation. CRE and MAI designations.
dmoliver@monmouth.edu

Patrick L O'Halloran, Associate Professor (Graduate Faculty). BA, MA, PhD, University of Wisconsin-Milwaukee. Principal research interests are in labor economics, discrimmination, payment scheme, and econonometrics.
pohallor@monmouth.edu

Benedicte Reyes, Associate Professor (Graduate Faculty). BA, Ecole Superieure de Commerce de Reims, France; MBA, Temple University; PhD, Columbia University. Research interests include international corporate finance and capital markets deregulation.
breyes@monmouth.edu

Robert H. Scott, III, Professor (Graduate Faculty). BA, Western State College of Colorado; MA, PhD, University of Missouri at Kansas City. Reserach interests include credit cards, start-up business financing, and interpreting the work of Kenneth Boulding.
rscott@monmouth.edu

Course usage information

BE-511   MicroeconomicsCredits: 1.5   

Term Offered: All Terms

Course Type(s): None

Provides MBA students with principles-level knowledge of microeconomics. Students will learn economic theory to analyze markets, competitive and noncompetitive firm behavior, market structure, government regulation and global trade.

Course usage information

BE-512   MacroeconomicsCredits: 1.5   

Term Offered: All Terms

Course Type(s): None

Provides MBA students with principles-level knowledge of macroeconomics. Students will learn to determine the components and level of national income, applications to the problems of inflation, unemployment and economic stabilization. Students are introduced to the macroeconomic operation of a mixed economy such as the United States within the global economy. Topics include national income accounting, business cycles, inflation, unemployment, monetary and fiscal policies, national deficit and debt, exchange rates, balance of payments, balance of trade, global financial crises, and policy debates.

Course usage information

BE-571   Economic Policy in SocietyCredits: 3   

Term Offered: Fall Term

Course Type(s): MBA.E

The factors that determine the level of national income, employment, and business activity; the relationship of government in the productive system in establishing economic goals and objectives and its role in making policy.

Course usage information

BE-575   Analysis and ForecastingCredits: 3   

Prerequisites: BM-518 or equivalent.

Term Offered: All Terms

Course Type(s): MBA.E

Identification, analysis, and appraisal of forces influencing the course of economic activity; evaluation of theories and models of cycles and growth; and various forecasting and projecting techniques.

Course usage information

BE-599   Business ResearchCredits: 3   

Prerequisite: Prior permission of the directing professor and department chair.

Course Type(s): None

Independent research in business administration in an area not substantially treated in a regular course offering, under the supervision of a Business Administration faculty member; written evaluation of the research required. Student must be within nine credits of graduation.

Course usage information

BE-611   Managerial EconomicsCredits: 3   

Prerequisites: BE-511 and BM-518.

Term Offered: All Terms

Course Type(s): MBA.E

The application of the theory of production and the theory of the firm to problems of managerial decision making in a global environment. Application of contemporary microeconomic theory to managerial decision making and to public policy affecting such decisions. Not open to students who have taken BE-561.

Course usage information

BE-620   EconometricsCredits: 3   

Prerequisites: BE-511, BE-512, and BM-518.

Term Offered: Spring Term

Course Type(s): None

Provides a graduate-level introduction to the methodology and tools of econometrics required by finance professionals. Topics include: linear regression, time series modeling, volatility and correlation modeling. Markov switching, limited dependent variable models and Monte Carlo simulation. EViews is used extensively in class. Instructor assumes students have no previous knowledge of EViews.

Course usage information

BE-650   GlobalizationCredits: 3   

Prerequisites: BE-512 and BF-515.

Term Offered: All Terms

Course Type(s): MBA.E, MBA.I

Students are introduced to debates on the meaning, causes, and consequences of globalization. The role of trade, finance, labor, multinational corporations, nation-states, international institutions, and civil society will be examined. Benefits of globalization - the potential to create goods and services, employment, income and wealth - will be contrasted with its costs - volatility, contagion, environmental degradation, inequality and poverty. The course will end with a discussion of the management of globalization through global coordination and governance.

Course usage information

BE-698   Special Topics in EconomicsCredits: 3   

Term Offered: Fall Term

Course Type(s): None

Subject matter varies according to the interest of the students and the professor. The exact nature of the topic covered is indicated in the student's permanent record.

Course usage information

BF-515   Financial MarketsCredits: 1.5   

Term Offered: All Terms

Course Type(s): None

Covers the roles and functioning of the financial markets, financial institutions and regulatory bodies, the principles of valuation of financial assets and the determinants of market interest rates.

Course usage information

BF-516   Business FinanceCredits: 1.5   

Prerequisite: BA-513.

Term Offered: All Terms

Course Type(s): None

Principles and techniques of financial analysis: financial planning and control, profit planning and management, valuation theory, capital budgeting, financial structure and the cost of capital.

Course usage information

BF-525   Real Estate AnalysisCredits: 3   

Term Offered: Fall Term

Course Type(s): None

Real estate financing and appraising. Examination of personal and corporate real estate portfolio strategies. The analysis of specific types of real properties are reviewed. This includes: single- family homes, apartment houses, condominiums, shopping centers, and office and industrial buildings. Also listed as BR-525.

Course usage information

BF-599   Business ResearchCredits: 3   

Prerequisite: Prior permission of the directing professor and department chair.

Term Offered: All Terms

Course Type(s): None

Independent research in business administration in an area not substantially treated in a regular course offering, under the supervision of a Business Administration faculty member; written evaluation of the research required. Student must be within nine credits of graduation.

Course usage information

BF-612   Corporate FinanceCredits: 3   

Prerequisites: BE-511 and BE-512 and BF-515 and BF-516.

Term Offered: All Terms

Course Type(s): None

Analysis of corporate finance concepts: Financial ratio analysis and forecasts, estimation of cash flows for corporate valuation, cost of capital and optimal capital structure, distributions to shareholders, and financial restructuring. This course will rely on corporate cases and Excel applications.

Course usage information

BF-620   EconometricsCredits: 3   

Prerequisites: BE-511, BE-512, and BM-518.

Term Offered: Spring Term

Course Type(s): None

Provides a graduate-level introduction to the methodology and tools of econometrics required by finance professionals. Topics include: linear regression, time series modeling, volatility and correlation modeling. Markov switching, limited dependent variable models, and Monte Carlo simulation. EViews is used extensively in class. Instructor assumes students have no previous knowledge of EViews.

Course usage information

BF-630   InvestmentsCredits: 3   

Prerequisites: BE-511 and BE-512, BF-515 and BF-516 and BM-518.

Term Offered: Spring Term

Course Type(s): None

The course studies the characteristics of securities of the debt and equity markets with major emphasis on risk and return. It delves into the valuation of these securities based on traditional and modern approaches, security evaluation and selection for portfolio construction and evaluation. The course acquaints students with the valuation and hedging characteristics of options and discusses lessons from the past financial crises and bubbles. The course applies Bloomberg technology.

Course usage information

BF-631   DerivativesCredits: 3   

Prerequisites: BE-511 and BE-512, BF-515 and BF-516, and BM-518.

Term Offered: Spring Term

Course Type(s): None

Covers the primary instruments (forwards, futures and options) of the derivative securities market and their use in investment and corporate financial management. The course applies Bloomberg technology.

Course usage information

BF-632   Financial Markets and Risk ManagementCredits: 3   

Prerequisites: BE-511 and BE-512, and BF-515 and BF-516.

Term Offered: Fall Term

Course Type(s): MBA.E

You will learn about the theories, nature and environment of financial institutions and markets of the United States, especially as it relates to activities of the Federal Reserve System. It includes financial intermediaries, the central and commercial banking systems, the determination of the money supply and interest rates, and an introduction to international financial activities.

Course usage information

BF-650   International FinanceCredits: 3   

Prerequisites: BE-511, BE-512, BF-515, and BF-516.

Term Offered: All Terms

Course Type(s): MBA.E, MBA.I

Study of international monetary systems and capital markets. Analysis of foreign exchange, international equity markets, bond pricing, and currency derivatives. Emphasis on international diversification and the role of emerging markets.

Course usage information

BF-698   Special Topics in FinanceCredits: 3   

Term Offered: All Terms

Course Type(s): None

Subject matter varies according to the interest of the students and the professor. The exact nature of the topic covered is indicated in the student's permanent record.

Course usage information

BF-699   Independent Study in FinanceCredits: 3   

Prerequisite: Prior permission of the directing professor and department chair.

Term Offered: All Terms

Course Type(s): None

Independent research in business administration in an area not substantially treated in a regular course offering, under the supervision of a Business Administration faculty member; written evaluation of the research required. Student must be within nine credits of graduation.

Course usage information

BR-510   Real Estate LawCredits: 3   

Term Offered: Spring Term

Course Type(s): None

Students will be introduced to the legal issues in the ownership, transfer, and development of real property.

Course usage information

BR-525   Real Estate AnalysisCredits: 3   

Term Offered: Fall Term

Course Type(s): None

Students gain insight into basic real-estate finance and valuation theory. Traditional approaches to value are reviewed. Examination of personal and corporate real estate portfolio strategies. The analysis of specific types of real properties are reviewed. This includes: single-family homes, condominiums, shopping centers, and office and industrial buildings. Also listed as BF-525.

Course usage information

BR-527   Real Estate Finance, Investment and TaxCredits: 3   

Term Offered: Spring Term

Course Type(s): None

Designed to introduce students to the world of real-estate finance, including debt and equity issues and securitization.

Course usage information

BR-530   Real Estate Lease and NegotiationsCredits: 3   

Term Offered: Fall Term

Course Type(s): None

Students will look at the commercial leasing of real estate, including statutory law, public policy, and landlord-tenant relations, along with the role of the real estate broker.

Course usage information

BR-580   Regulation and Real Estate Development ProcessCredits: 3   

Term Offered: Fall Term

Course Type(s): None

Real Estate Development analyzes the distinctive roles and perspectives of government and business in the land development process. A step-by-step examination of the phases of a real estate development project from conceptualization to either disposition or lease-up that emphasizes both the management and approval aspects of those phases.

Course usage information

BR-598   Special Topics in Real EstateCredits: 1-3   

Term Offered: Spring Term

Course Type(s): None

Subject matter varies according to the interest of the students and the professor. The exact nature of the topic covered is indicated in the student's permanent record.

Course usage information

BR-599   Independent Study in Real EstateCredits: 3   

Term Offered: All Terms

Course Type(s): None

Independent research in real estate in an area not substantially treated in a regular course offering, under the supervision of a Business Administration faculty member and with the permission of the program director.

Course usage information

BR-630   Environmental Land Use and Planning Law and RegulationCredits: 3   

Term Offered: All Terms

Course Type(s): None

This expands upon the basics of real estate law and development law to examine closely the detailed federal, state and local statutes, regulations and case law that impact the design, planning, and approval of proposed real estate developments and the redevelopment of areas. Case studies of existing developments as well as current developments already in progress will be analyzed.

Course usage information

BR-631   Capital Markets and Real EstateCredits: 3   

Prerequisites: BF-515 and BF-516.

Term Offered: Fall Term

Course Type(s): None

This course will build upon the foundations laid in the basic Real Estate Finance course. The focus will be upon the "capital stack" including the forms of equity and debt available to finance real estate. The various forms of ownership of real estate will be examined from the perspective of the investors, owners, and lenders. The tax implications of the various forms of investment will be closely examined to demonstrate the effects of alternative legal structures. Case studies of successful and unsuccessful real estate projects will be used to understand how certain legal structures contributed to the success or failure. The discussion of "bankruptcy remote" entities will be included.

Course usage information

BR-632   Real Estate Valuation and AnalysisCredits: 3   

Prerequisite: BF-516.

Term Offered: All Terms

Course Type(s): None

Provides students with a basic understanding of the three traditional methods of real property appraisal including the Sales, Cost, and Income Approaches to value. These approaches will be applied to various property types including residential, commercial (retail and office), and industrial properties. Most emphasis will be applied to the Income Approach as it best typifies the expectations of buyers and sellers of commercial properties in the marketplace. Direct and Yield capitalization techniques and applications will be thoroughly reviewed and discussed within the context of litigation valuation assignments.

Course usage information

BR-633   Real Estate Accounting, Taxation and InsuranceCredits: 3   

Prerequisites: BA-513 and BF-516.

Term Offered: All Terms

Course Type(s): None

This course will provide students with a general understanding of the accounting, taxation and insurance/risk management aspects of real estate and develop a basic understanding of the principles of real estate accounting, taxation, and risk management and their interrelationship in the financial reporting and management of real estate companies to enable a non-accountant to understand generally their implications upon investment, leasing, and development decisions in real estate and to engage in informed discussions with accountants and other financial professionals.

Course usage information

BR-634   Real Estate Lease Negotiations and AnalysisCredits: 3   

Term Offered: All Terms

Course Type(s): None

Designed to introduce the basic terminology of real estate leases and to gain an understanding of the business and legal interests of landlords and tenants and how these interests impact the negotiations of leases. The course will include a discussion of office, retail, shopping center, warehouse, ground and residential leases. Guest speakers will be utilized to demonstrate the practical aspects of lease negotiations. One or more field trips to lease locations will be part of the curriculum.

Course usage information

BR-635   Real Estate Property ManagementCredits: 1.5   

Prerequisite: BR-630.

Term Offered: All Terms

Course Type(s): None

Provides students with a general understanding of the property management of real estate, including commercial, residential and condominium and cooperative properties. The essentials of budgeting, maintenance, tenant and owner relations as well as the business of owning a property management firm are included.

Course usage information

BR-636   Real Estate Sales and MarketingCredits: 1.5   

Prerequisite: BK-520.

Term Offered: All Terms

Course Type(s): None

Includes a study of the traditional methods of market analysis of buyers and tenants as well as a focus on the use of social media. The evaluation of the costs and benefits of various types of sales and marketing techniques including case studies will be utilized. A review of the laws regarding marketing including federal truth in lending, discrimination, and interstate sales is included.

Course usage information

BR-637   Real Estate ConstructionCredits: 3   

Prerequisite: BR-630.

Term Offered: All Terms

Course Type(s): None

This course will provide students a basic understanding of the terminology used in construction of real estate projects; the critical path processes required for successful completion of construction; an understanding of different materials used in construction; the evaluation and selection of general contractors, construction managers, and subcontractors; the laws concerning construction and lien laws.

Course usage information

BR-638   Real Estate Planning and DesignCredits: 1.5   

Prerequisite: BR-630.

Term Offered: All Terms

Course Type(s): None

An understanding of how the planning of a site and the design of the infrastructure and structures on the real estate impacts the feasibility and performance of the project as well as the impact of the project on the surrounding areas.

Course usage information

BR-640   Strategic Case Studies in Real EstateCredits: 3   

Prerequisites: BR-631 and BR-632.

Term Offered: All Terms

Course Type(s): None

This "capstone course" will apply the lessons learned in the other real estate courses to actual real estate development projects. Students will dissect actual real estate projects from the perspective of the developer and owner as well as others involved in the financing of the projects. The analysis of critical decision points in planning, marketing, pricing, construction will be examined with the benefit of hindsight. Students will then apply those lessons to current real estate projects.

Course usage information

BR-650   International Real EstateCredits: 3   

Prerequisites: BR-630 and BR-631.

Term Offered: All Terms

Course Type(s): None

Examines the legal, financial, regulatory, and social aspects of real estate ownership and development in selected international markets. The markets will include Europe, UK, Pacific Rim, Canada, Mexico, China, and other areas. Investment by U.S. companies in these international markets as well as investments in U.S. real estate by foreign investors will be included.

Course usage information

BR-698   Special Topics in Real EstateCredits: 3   

Term Offered: Spring Term

Course Type(s): None

Subject matter varies according to the interest of the students and the professor. The exact nature of the topic covered is indicated in the student's permanent record.

Course usage information

BR-699   Independent Study in Real EstateCredits: 3   

Prerequisite: Permission of the Instructor, Department Chair and Dean.

Term Offered: All Terms

Course Type(s): None

Independent research in Real Estate is for areas of Real Estate not substantially treated in a regular course offering. It is done under the supervision of a Leon Hess Business School faculty member, and written evaluation of the research is required.