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.

Curricula are developed, taught, and regularly updated by a faculty with strong academic and business experience. They stress the development of critical thinking, sophisticated communication skills, and a flexible managerial perspective.

The undergraduate program in business administration is grounded in a broad-gauged education in the liberal arts and sciences designed to prepare students for responsible judgment in a wide variety of cultural and social settings.

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

John Burke, Specialist Professor. BA, SUNY; MBA, Indiana University. His professional career spanned twenty-seven years on both the sell-side and buy-side of Wall Street. He spent ten years at PaineWebber, Inc., where he was a Managing Director, heading the Global Equity Derivatives group, with operations in New York, London, and Tokyo; he was also responsible for Proprietary Trading. He subsequently spent two years at Deutsche Bank, AG as Director and Co-Head of the Global Structured Products Group with operations in New York, Frankfort, London and Tokyo, as well as running Proprietary Trading in New York. After twelve years on the sell-side, Professor Burke moved to the buy-side and formed the Rumson Capital LLC, a $500mm hedge fund, engaging in global arbitrage strategies, which he ran for fifteen years.
jdburke@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

Y.Lal Mahajan, Associate Professor. BA, University of Panjab, India; MA, University of Chicago, PhD, Northern Illinois University; PhD, Rutgers University. Research interests include econometric models for credit unions, corporate finance, portfolio analysis, and investment theory. Other interests include monetary policy effects on interest rates, inflation, and the stock market.
ymahajan@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

Peter Reinhart, Specialist Professor.
Director of the Kislak Real Estate Institute; Arthur and Dorothy Greenbaum and Robert Ferguson/NJAA Endowed Chair in Real Estate Policy. BA, Franklin and Marshall College; JD, Rutgers Law School Served as Senior Vice Presdident and General Counsel for Hovnanian Enterprises, Inc., for thirty-three years. Also served on the Council on Affordable Housing for ten years and was a member of the Real Estate Task Force of Governor Whitman's Economic Master Plan Commission. He was also a past president of the New Jersey Builders' Association and is the current Chairman of New Jersey Future. Mr. Reinhart has authored articles for Housing New Jersey, Tri-State Real Estate Journal, and New Jersey Lawyer.
preinhar@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-200   Economics for Social ScienceCredits: 3   

Prerequisite: Any Math course with a level higher than 100.

Term Offered: All Terms

Course Type(s): None

Students are introduced to core economic concepts in four areas: (i) Introductory concepts include: decision-making under scarcity, the operation of markets and the price mechanism, and government's role in the economy. (ii) Microeconomics covers the economic analysis of consumption, production in the context of competitive and monopolistic markets, operation of labor markets, and poverty and income distribution. (iii) Macroeconomics introduces students to national product and income accounts; business cycles, inflation and unemployment; and monetary and fiscal policies. (iv) Global topics include: comparative advantage, trade and finance. Real-world applications are emphasized in all areas. For Non-Business majors.

Course usage information

BE-201   MicroeconomicsCredits: 3   

Prerequisite: MA-100 or higher-level mathematics course.

Term Offered: All Terms

Course Type(s): SS.SV

Introduction to the operation of the price mechanism; examination of the individual economic units, laws of supply and demand, market structure, and cost analysis; contemporary problems examined.

Course usage information

BE-202   MacroeconomicsCredits: 3   

Prerequisite: MA-100 or higher-level mathematics course.

Term Offered: All Terms

Course Type(s): SS.SV

Determination of the components and level of national income; applications to the problems of inflation, unemployment, and economic stabilization; financial institutions in relation to their role in public policies.

Course usage information

BE-251   Business StatisticsCredits: 3   

Prerequisites: IT-100 or IT-150; and MA-117.

Term Offered: All Terms

Course Type(s): None

Descriptive statistics, tables and charts, probability distributions, confidence intervals and hypothesis tests, linear and multiple regression, and analysis of variance.

Course usage information

BE-301   Labor EconomicsCredits: 3   

Prerequisites: BE-201 and BE-202.

Term Offered: All Terms

Course Type(s): GS

Economic and social effects of the modern industrial structure: labor groups, attitudes, problems, tactics, labor legislation, the development of industrial society of American Unionism, and the labor movement throughout the world.

Course usage information

BE-304   Money, Credit, and Financial InstitutionsCredits: 3   

Prerequisite: BE-202.

Term Offered: All Terms

Course Type(s): None

Monetary economics and its institutions; the nature and function of money; commercial and central banking; the money markets; financial intermediaries; and international monetary institutions. Also listed as BF-304.

Course usage information

BE-305   Intermediate MacroeconomicsCredits: 3   

Prerequisite: BE-202.

Term Offered: All Terms

Course Type(s): None

A study of the measurement of aggregate output and the determination of the level of aggregate income; price level movements and factors underlying rates of economic growth; influence of applicable public policies.

Course usage information

BE-307   Managerial EconomicsCredits: 3   

Prerequisites: MA-118 or MA-125, and BE-201.

Term Offered: All Terms

Course Type(s): None

Application of contemporary economic theory to managerial decisions and to public policy affecting such decisions.

Course usage information

BE-388   Cooperative Education: Economics ConcentrationCredits: 3   

Prerequisites: Junior standing or BF-301; a minimum GPA of 2.00, and completion of thirty credits, fifteen of which are earned from Monmouth University.

Term Offered: All Terms

Course Type(s): EX2

An opportunity to apply classroom theory in practice through actual work experience; includes both academic and experiential education. Experiential education involves fifteen to twenty hours of work per week for three credit hours. Academic aspects include reading assignments and a term paper. This course may be repeated for credit.

Course usage information

BE-401   Development of Economic ThoughtCredits: 3   

Prerequisites: BE-201 and BE-202.

Term Offered: All Terms

Course Type(s): None

Economic ideas from the beginning of Western civilization to the present, including mercantilist writers Adam Smith, Malthus, Ricardo, Marx, and Keynes.

Course usage information

BE-403   Economic Growth and DevelopmentCredits: 3   

Prerequisites: BE-201 and BE-202; and EN-101 and EN-102 or permission of the instructor.

Term Offered: Fall Term

Course Type(s): WT

The principal theories, factors, and problems of economic development. Empirical case studies emphasize the growth patterns in several countries, the impediments to economic growth in the underdeveloped countries, and the need to sustain growth rates in highly developed countries.

Course usage information

BE-440   Bond MarketsCredits: 3   

Prerequisites: BE-251 and BF-301.

Term Offered: All Terms

Course Type(s): None

A comprehensive review and analysis of the U.S. Bond Markets with emphasis on traditional fixed income securities and their derivative products and applications. The course will explore these studies from both a theoretical as well as practical perspective. Also listed as BF-440.

Course usage information

BE-451   Public FinanceCredits: 3   

Prerequisites: BE-202 and BA-252.

Term Offered: Spring Term

Course Type(s): None

An analysis of the revenue, expenditure, and debt activities of government and their effects on resource allocation, income distribution, price stabilization, and economic growth. Also listed as BF-451.

Course usage information

BE-455   Business ForecastingCredits: 3   

Prerequisites: BE-201, BE-202, BE-251 and MA-118 or MA-125.

Term Offered: All Terms

Course Type(s): None

Use of statistical models to study historical data and discover their underlying tendencies and patterns. Extrapolation of the current estimates from the first step into the future. Attention given to the traditional exponential Smoothing and Box-Jenkins forecasting techniques, as well as the more recent techniques of ARCH-GARCH, which deal with heteroskedastic variance over time. Substantial use of statistics and computer applications. Also listed as BF-455.

Course usage information

BE-480   Business Research: EconomicsCredits: 3   

Prerequisites: Junior standing; approval of the instructor, department chair, and the Associate Dean or the Dean.

Term Offered: All Terms

Course Type(s): None

Active participation in a research project chosen by and currently being pursued by the faculty sponsor. Student activities may include but are not limited to: literature search, data collection, data analysis, preparation of a manuscript, and delivery of a manuscript.

Course usage information

BE-488   Cooperative Education: Economics ConcentrationCredits: 3   

Prerequisites: Junior standing or BF-301; minimum GPA of 2.00, and completion of thirty credits, fifteen of which are earned at Monmouth University.

Term Offered: All Terms

Course Type(s): EX2

An opportunity to apply classroom theory in practice through actual experience; includes both academic and experiential education. Experiential education involves fifteen to twenty hours of work per week for three credit hours. Academic aspects include reading assignments and a term paper. This course may be repeated for credit.

Course usage information

BE-489   Internship in EconomicsCredits: 3   

Prerequisites: Junior standing and a minimum GPA of 2.00.

Term Offered: Spring Term

Course Type(s): EX1

An opportunity to apply classroom theory in practice through actual work experience; includes both academic and experiential learning. Experiential part involves fifteen to twenty hours of work experience per week for three credit hours; academic aspect includes reading assignments and a term paper. Students are limited to nine credits of internship electives. This course is repeatable twice for credit.

Course usage information

BE-498   Special Topics in Economics (400 Level)Credits: 1-3   

Prerequisite: As announced in the course schedule.

Term Offered: All Terms

Course Type(s): SUS

An intensive study of a particular subject or problem in economics to be announced prior to registration, conducted on either a lecture-discussion or a seminar basis.

Course usage information

BE-499   Independent Study in EconomicsCredits: 3   

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

Term Offered: All Terms

Course Type(s): None

Independent study on a Business Administration topic not substantially treated in a regular course; work will include scheduled conferences with sponsoring professor and written reports.

Course usage information

BF-200   Survey of FinanceCredits: 3   

Prerequisite: Any math course with a level higher than 100.

Term Offered: All Terms

Course Type(s): None

Introduction to business and personal finance, including forms of businesses, financial statements and cash flows, time value of money, elements of risk and return and valuation of stocks and bonds. This course is for non-business majors.

Course usage information

BF-301   Principles of FinanceCredits: 3   

Prerequisites: BA-251, BE-201, and MA-117 or MA-126.

Term Offered: All Terms

Course Type(s): None

Introduction to financial management and operations of business corporations, including: concepts of time-value of money, valuation and rate of return, risk management, financial statement analysis, asset valuation models, capital budgeting, and international financial management.

Course usage information

BF-303   Real Estate Investment and TaxationCredits: 3   

Prerequisite: BF-310.

Term Offered: Spring Term

Course Type(s): None

Designed to introduce students to the world of real estate finance, including debt and equity issues, securitization and taxation. Also listed as BR-303.

Course usage information

BF-304   Money, Credit, and Financial InstitutionsCredits: 3   

Prerequisite: BE-202.

Term Offered: All Terms

Course Type(s): None

Monetary economics and its institutions; the nature of and function of money; commercial and central banking; the money markets; financial intermediaries; and international monetary institutions. Also listed as BE-304.

Course usage information

BF-310   Real Estate AppraisalCredits: 3   

Prerequisite: BF-301 passed with a grade of C- or higher.

Corequisite: MA-118.

Term Offered: Fall Term

Course Type(s): None

Principles and processes of real estate valuation. The sales comparison, cost, and income approaches to value will be examined in depth.

Course usage information

BF-322   InvestmentsCredits: 3   

Prerequisite: BF-301 passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Basic investment principles: investment objectives, determinants of value of investment media, range of investments available, relative values of securities, and personal investment administration.

Course usage information

BF-323   Analysis of Financial StatementsCredits: 3   

Prerequisite: BF-301 passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Reading, analysis, and interpretation of financial statements of industrial and commercial business enterprises and of utilities and transportation.

Course usage information

BF-324   Principles of Working Capital ManagementCredits: 3   

Prerequisite: BF-301 passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Exposure to major corporate decisions in restructuring and managing working capital and assessing the risks and returns of corporate decisions.

Course usage information

BF-341   Insurance and Risk ManagementCredits: 3   

Prerequisite: BF-301 passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Principles and practices of insurance; the basic legal obligations and rights of the insurer and the insured in various types of contracts; types of carriers; internal and field organizations; government regulations and related subjects.

Course usage information

BF-388   Cooperative Education: Finance ConcentrationCredits: 3   

Prerequisites: Junior standing or BF-301; a minimum GPA of 2.00, and completion of thirty credits, fifteen of which are earned from Monmouth University.

Term Offered: All Terms

Course Type(s): EX2

An opportunity to apply classroom theory in practice through actual work experience; includes both academic and experiential education. Experiential education involves fifteen to twenty hours of work per week for three credit hours. Academic aspects include reading assignments and a term paper. This course may be repeated for credit.

Course usage information

BF-421   International FinanceCredits: 3   

Prerequisites: BE-202 and BF-301, both passed with a grade of C or higher; and EN-101 and EN-102 or permission of the instructor.

Term Offered: All Terms

Course Type(s): WT

A study of the organization and operations of international monetary relations. Analyzes the alternative methods of short- and long-run payment adjustments; foreign exchange markets and international flow of funds; and theories of international liquidity.

Course usage information

BF-431   Managerial FinanceCredits: 3   

Prerequisites: BA-252 and BF-301; both passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Financial analysis, techniques, and principles as applied to short- and long-range planning and control; capital budgeting for long-term projects; valuation; determination of the firm's cost of capital; and the trade-off between risk and profitability.

Course usage information

BF-435   DerivativesCredits: 3   

Prerequisites: MA-118 or MA-125 and BF-301, each passed with a grade of C or higher.

Term Offered: All Terms

Course Type(s): None

Introduction to the complex subject of financial derivatives. Emphasis on the Black-Scholes and the Binomial Option pricing models, option strategies, and the use of options and futures to hedge risk.

Course usage information

BF-440   Bond MarketsCredits: 3   

Prerequisites: BE-251 and BF-301.

Term Offered: All Terms

Course Type(s): None

A comprehensive review and analysis of the U.S. Bond Markets with emphasis on traditional fixed income securities and their derivative products and applications. The course explores these studies from both a theoretical as well as practical perspective. Also listed as BE-440.

Course usage information

BF-451   Public FinanceCredits: 3   

Prerequisites: BE-202 and BA-252.

Term Offered: Spring Term

Course Type(s): None

An analysis of the revenue, expenditure, and debt activities of government and their effects on resource allocation, income distribution, price stabilization, and economic growth. Also listed as BE-451.

Course usage information

BF-452   Portfolio Management - Hawk Capital Student FundCredits: 3   

Prerequisites: BA-251, BE-251, and BF-301, all passed with a grade of B or higher, and a GPA above 3.30.

Term Offered: Fall Term

Course Type(s): None

Provides a real-world security analysis and portfolio management experience. Students learn and apply state of the art investment techniques, methods and tools in an actual hands-on environment managing a real portfolio in an environment replicating that of a professional investment firm.

Course usage information

BF-455   Business ForecastingCredits: 3   

Prerequisites: BE-201, BE-202, BE-251 and MA-118 or MA-125.

Term Offered: All Terms

Course Type(s): None

Use of statistical models to study historical data and discover their underlying tendencies and patterns. Extrapolation of the current estimates from the first step into the future. Attention given to the traditional, exponential Smoothing and Box-Jenkins forecasting techniques, as well as the more recent techniques of ARCH-GARCH, which deal with heteroskedastic variance over time. Substantial use of statistics and computer applications. Also listed as BE-455.

Course usage information

BF-480   Business Research: FinanceCredits: 3   

Prerequisites: Junior standing; approval of the instructor, department chair, and the Associate Dean or the Dean.

Term Offered: All Terms

Course Type(s): None

Active participation in a research project chosen by and currently being pursued by the faculty sponsor. Student activities may include but are not limited to: literature search, data collection, data analysis, preparation of a manuscript, and delivery of a manuscript.

Course usage information

BF-488   Cooperative Education: Finance ConcentrationCredits: 3   

Prerequisites: Junior standing or BF-301; minimum GPA of 2.00, and completion of thirty credits, fifteen of which are earned at Monmouth University.

Term Offered: All Terms

Course Type(s): EX2

An opportunity to apply classroom theory in practice through actual work experience; includes both academic and experiential education. Experiential education involves fifteen to twenty hours of work per week for three credit hours. Academic aspects include reading assignments and a term paper. This course may be repeated for credit.

Course usage information

BF-489   Internship in FinanceCredits: 3   

Term Offered: All Terms

Course Type(s): EX1

An opportunity to apply classroom theory in practice through actual work experience; includes both academic and experiential learning. Experiential part involves fifteen to twenty hours of work experience per week for three credit hours; academic aspect includes reading assignments and a term paper. Students are limited to nine credits of internship electives. This course is repeatable twice for credit. Prerequisites: Junior standing and a minimum GPA of 2.00

Course usage information

BF-498   Special Topics in Finance (400 Level)Credits: 1-3   

Prerequisites: BE-251, BF-301, and a minimum GPA of 3.33.

Term Offered: All Terms

Course Type(s): None

An intensive study of a particular subject or problem in finance to be announced prior to registration. The course may be conducted on either a lecture-discussion or a seminar basis.

Course usage information

BF-499   Independent Study in FinanceCredits: 3   

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

Course Type(s): None

Independent study on a Business Administration topic not substantially treated in a regular course; work will include scheduled conferences with sponsoring professor and written reports.

Course usage information

BR-301   Real Estate LawCredits: 3   

Prerequisite: BL-201.

Term Offered: All Terms

Course Type(s): None

Legal issues as they apply to the acquisition, financing, and sale of real estate.

Course usage information

BR-303   Real Estate Finance Investment and TaxationCredits: 3   

Prerequisite: BF-310.

Term Offered: Spring Term

Course Type(s): None

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

Course usage information

BR-304   Real Estate Lease AnalysisCredits: 3   

Prerequisite: BR-301.

Term Offered: Fall Term

Course Type(s): None

Examines concerned leasehold transactions, including office, industrial, retail, and general leases, while focusing on the respective roles of all relevant parties to the lease.

Course usage information

BR-310   Real Estate AppraisalCredits: 3   

Prerequisite: BF-301 passed with a grade of C -or higher.

Corequisite: MA-118.

Term Offered: Fall Term

Course Type(s): None

Principles and processes of real estate valuation. The sales comparison, cost, and income approaches to value will be examined in depth.

Course usage information

BR-389   Internship in Real EstateCredits: 1-3   

Prerequisites: Junior standing, a minimum GPA of 2.0, and instructor consent are required.

Term Offered: All Terms

Course Type(s): EX1

An opportunity to apply classroom theory in practice through actual work experience; including both academic and experiential learning. The experiential portion involves fifteen to twenty hours of work experience per week for three credit hours, and the academic aspect includes reading assignments and a term paper. Students are limited to nine credits of internship electives. Repeatable twice for credit.

Course usage information

BR-405   Real Estate DevelopmentCredits: 3   

Prerequisites: BR-301, BF-310, and three credits in Real Estate.

Term Offered: Fall Term

Course Type(s): SUS

Designed to introduce students to the world of real estate development, including the regulatory environment, which must be navigated to successfully gain municipal and other governmental approvals for a land use project.

Course usage information

BR-489   Internship in Real EstateCredits: 3   

Prerequisites: Junior standing, a minimum GPA of 2.0, and instructor consent are required.

Term Offered: All Terms

Course Type(s): EX1

An opportunity to apply classroom theory in practice through actual work experience; including both academic and experiential learning. The experiential portion involves fifteen to twenty hours of work experience per week for three credit hours, and the academic aspect includes reading assignments and a term paper. Students are limited to nine credits of internship electives. Repeatable twice for credit.

Course usage information

BR-498   Special Topics in Real EstateCredits: 1-3   

Prerequisite: As announced in the course schedule.

Term Offered: Spring Term

Course Type(s): None

An intensive study of a particular subject or problem in real estate to be announced prior to registration. May be conducted on either a lecture-discussion or a seminar basis.

Course usage information

BR-499   Independent Study in Real EstateCredits: 1-3   

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

Term Offered: All Terms

Course Type(s): None

Independent study on a Business Administration topic not substantially treated in a regular course; work will include scheduled conferences with sponsoring professor and written reports.