FEFA - FORDHAM

The Master of Science in Global Finance (MSGF) program is a joint program offered by

Fordham University’s Graduate School of Business and the Faculty of Economics, Finance, and Administration (FEFA).

To obtain a Master of Science in Global Finance granted by Fordham University, New York, candidates need to: -‐ complete four (4) prerequisite courses at FEFA (or pass equivalent examinations administered by FEFA); -‐ complete additional six (6) courses delivered based on Fordham curriculum; three (3) of these courses are taught in Spring semester on FEFA campus and three (3) are taught on Fordham campus during intensive Summer semester (month of July) in New York City. U.S. News and World Report of Best Graduate Schools Ranks Fordham Graduate Business School #16 in Finance, #21 in Management and #23 in Marketing. The program enables FEFA graduate students (and alumni) who have completed the prerequisite courses to obtain MSGF degree in addition to FEFA Master in Management degree by completing additional six (6) courses. Note that FEFA also accepts transfer students to its second year of masters program provided that they have completed a four-‐year accredited undergraduate program in Economics or Management (other programs will also be considered based on course structure). These students also need to pass all the prerequisite four (4) courses for the MSGF program. MSGF students gain:

§ A solid theoretical foundation in all major functional areas of finance § Ability to analyze complex, globally traded equity and fixed income securities § Understanding of innovative financing instruments for growth industries in

emerging economies § Risk management and portfolio strategies for today's global investors § A competitive edge and enhanced career opportunities in the global job market § Access to New York City, the world's leading business hub, through one of its

leading universities § Membership in a network of more than 150,000 Fordham University alumni

worldwide

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The total tuition for the 6 Fordham courses is based on Fordham’s price/credit and currently totals $21,582 (€16,700). Partial scholarships are available and preference will be given to students with high GMAT score. FEFA tuition will be charged based on the number of courses taken at FEFA as prerequisites for Fordham MSGF program and/or FEFA Master of Management program. Applications for admission to the program (including professional CV, 500 words letter explaining why you wish to complete the program, two letters of recommendation, and GMAT score), are to be submitted to FEFA student services in person or by mail) by March 1, 2013. Selected candidates will be interviewed for final selection. Applications for scholarships (including professional CV, 500 words letter explaining why you wish to complete the program, two letters of recommendation and why you are applying for the scholarship, and GMAT score) will be accepted by January 31, 2013. For any questions please write to [email protected] The details of the academic part of the program are as follows: 1. Course Schedules The MSGF program requires a total of thirty (30) credits over ten (10) courses. The first twelve (12) credits are from the FEFA program at Belgrade and will be accepted as transfer credits by Fordham University. - These transfer credits are comprised of four (4) designated core courses:

Managerial Economics (cross-‐registered at FEFA as Microeconomics of Competitiveness), Financial Statement Analysis, Principles of Modern Finance (cross-‐registered at FEFA as Corporate Finance), and Financial Modeling (cross-‐registered at FEFA as Investment Decisions). These four FEFA courses are foundational courses and are pre-‐requisites for the following six (6) Fordham courses in the MSGF program. Students need to earn a minimum of B average in the four courses (8/10 in Serbian higher education system) for the courses to be eligible to be transferred.

Eighteen (18) credits will be offered by Fordham University, which translates to six (6) courses. Courses Time (Tentative) Faculty Global Financial Markets April 2013 FEFA/Fordham Raising Capital and Investing in Global Financial Markets

April 2013 FEFA/Fordham

Contemporary issues in Global Finance May 2013 FEFA/Fordham Global Corporate Governance 7/15-‐7/20 Fordham Global Equity Portfolio Management 7/22-‐7/27 Fordham Global Risk Management 7/29-‐8/2 Fordham Graduation Ceremony 8/3 New York City

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All courses will consist of a total of thirty (30) hours classroom time. The three Fordham courses offerings in Belgrade will be offered on weekends and/or in an intensive week format. The three courses in the US are offered from Monday to Thursday during the week, with seven hours of lectures in each day. The courses taught in New York (NY) will include company visits as part of the classroom time. Tentatively, we are planning for two (2) 1-‐hour company visits. Company visits will take place on Fridays. Students will graduate after they have satisfactorily completion the program of study and met all graduation requirements. Upon graduation, students will receive Fordham’s Master of Science in Global Finance (MSGF) degree. 2. Course outlines

GFGB 7001 Global Financial Markets: This course provides a comprehensive overview to the workings of the global financial markets, the functions and goals of the key financial institutions, and the role played by central banks and regulatory agencies. It will cover international money markets, international equity markets, the foreign exchange market, forward markets for commodities and financial instruments, bond markets and derivative markets.

GFGB 7002 Contemporary Issues in Global Finance: This course explores current issues relevant to the global financial system, including international commercial and investment banking and international investments. Emphasizes the underlying conditions and fundamental trends in various sectors of international finance.

GFGB 7007 Raising Capital and Investing in Global Financial Markets: The course discusses the strategies in the going public decision and the process of securities issues. Discusses the strategies and process of corporate restructuring and investing decisions such as mergers and acquisitions, corporate diversification, spin-‐offs, carve-‐outs, asset sell-‐offs, tracking stock, exchange offers, and debt restructuring.

GFGB 7004 Global Equity Portfolio Management: The course provides a comprehensive overview of equity portfolio management in theory and practice. Examines portfolio objectives and link them to appropriate investment strategies. Covers pricing of equities, the asset-‐allocation decision, return enhancement/risk control techniques, performance evaluation, as well as the recent changes in international fund management. Analyzes international investment strategy and the relative merits of various approaches.

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GFGB 7005 Global Corporate Governance: This course examines how modern publicly traded corporations are governed in the global markets. Discusses the roles of the board of directors, corporate management, institutional investors, and the other shareholders. Discusses the effects of the recent legislation and the financial market development on corporate governance. Provides international comparisons of corporate governance structures and the issues arising in contests for corporate control.

GFGB 7006 Global Risk Management: This course covers market risk and volatility, calculation of VaR (Value at Risk), Monte Carlo Simulation, credit risk and use of credit derivatives, operational risk, counterparty risk, and other topics. Discusses risk regulations, including Basel II, recent developments in Basel III, and recent regulations on the banking industry in the US. 3. Professor Biographies: FACULTY OF ECONOMICS, FINANCE AND ADMINISTRATION -‐ FEFA: Professor Katarina Djulic Dr Djulic is Assistant Professor at FEFA and Senior Advisor at KPMG, Serbia. She holds a Bachelor of Law from the University of Belgrade, a Master of Law (LL.M.) from Northwestern University, a Master in Public Policy from Harvard University JFK School of Government, and a PhD degree from the University of Belgrade Faculty of Economics. Prior to KPMG, Dr Djulic served as Associate Operations Officer at the International Finance Corporation, World Bank Group, working on the Corporate Governance Program. She also worked as a legal adviser to firms in Belgrade and New York and afterwards at the Ministry of Finance, first as an adviser to the Minister and then as an Assistant Minister in charge of the Financial System Division. She also worked for the European Bank for Reconstruction and Development in London in Office of General Council. Dr Djulic was a member of Board of Directors in DDOR, Novi Sad, a member of Supervisory Board in Jubanka, Beograd and Chairwoman of Supervisory Board in Central Securities Depositary and Clearing House, Republic of Serbia. Professor Milan Nedeljkovic Milan Nedeljkovic, Ph.D. is Assistant Professor at FEFA. He holds BSc from University of Belgrade, MSc from University of Essex, United Kingdom and PhD in Econometrics from University of Warwick, UK. His fields of interest include theoretical and applied econometrics with applications in finance and macroeconomics. He has published three papers in peer-‐reviewed journals including Journal of International Money and Finance and presented his research in several conferences. His work experience includes: Advisor to the Vice Governor, then Governor at the National Bank of Serbia, Belgrade, 2010; Winter Internship at the European Department of International Monetary Fund, Washington DC, 2008; Research Associate at the Barclays Global Investors/General

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Market Strategies Group/Currency Research, London, 2006-‐2007; Bank privatization advisor for the Ministry of Finance, Bank Rehabilitation Agency, Belgrade, 2005. He is currently the Lead Research Economist at the National Bank of Serbia, Belgrade. Professor Goran Pitić Dr Pitić is a Professor of Macroeconomics and Council President of the Faculty of Economics, Finance and Administration (FEFA). He also serves as President of the Board of Directors of Societe Generale Serbia, and is a Member of the Board of Metalac Holding Gornji Milanovac. Dr Pitić holds a PhD from the Faculty of Economics, Belgrade University and two MA degrees – from the Belgrade Faculty of Economics, and from the University of Toronto, Department of Economics. He specialized in Economics (postgraduate program in Quantitative Development Economics) at the University of Warwick, Great Britain in 1991/92. He also received advanced training at the London School of Economics, and participated in a number of specialized programs at universities in France and USA, as well as financial market institutes. From October 2000 to March 2004, he held the position of the Minister of International Economic Relations in the first democratic Government of the Republic of Serbia. He is Vice-‐President of the Foreign Investment Council in Serbia and Member of the Presidency of the Serbian Economists Association, member of the Association of Corporate Directors and Member of the Board of Directors of the Serbian Banking Association. He has co-‐authored five books, and published many articles. Dr Pitić speaks three foreign languages (English, French and Spanish) in addition to native Serbian language. FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS: Prof. Christopher R. Blake Professor Blake holds the Joseph Keating, S.J., Distinguished Professor chair at Fordham University's Graduate School of Business Administration and Gabelli School of Business in New York City. He joined the Fordham faculty in 1991. Dr. Blake has published articles in The European Finance Review, The Journal of Banking and Finance, The Journal of Business, The Journal of Finance, The Journal of Financial and Quantitative Analysis, The Journal of Financial Intermediation, The Journal of Public Economics, The Review of Economics and Statistics and The Review of Financial Studies. He is a co-‐developer of The Investment Portfolio, Windows-‐based portfolio-‐management software, and he has consulted in the areas of investments and portfolio management with major financial and governmental institutions. He has also served on the program committees of the European Finance Association, the Financial Management Association and the Portuguese Finance Network.

Prof. Sris Chatterjee Prof. Chatterjee is a Professor in the Finance and Business Economics Area at Fordham University’s Schools of Business and Associate Dean of Graduate Business Education. He has taught a variety of courses including Mergers and Acquisitions, Principles of Modern Finance and Behavioral Finance for MBAs, executive MBAs, and the undergraduate

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business students. He was the 1995 recipient of the Gladys and Henry Crown Award for Faculty Excellence at Fordham GBA. Prof. Chatterjee got his undergraduate degree in Mechanical Engineering from the Indian Institute of Technology (Kharagpur) and his Postgraduate Diploma in Management from the Indian Institute of Management (Calcutta). He received his M. Phil. and Ph. D. degrees from Columbia University’s Graduate School of Business. Prior to joining Fordham University, Prof. Chatterjee taught at SUNY (Buffalo), Rutgers University and Columbia University. He has taught in the Key Training Program at UBS Wealth Management, where he participated in curriculum development and in writing training material. He has taught in the executive MBA programs at other schools. Prof. Chatterjee’s main research interest is in Corporate Finance. His publications in the Journal of Banking and Finance, Journal of Financial Economics, Financial Management and the Journal of Financial and Quantitative Analysis include work on corporate debt/equity ratio, effect of interest rate uncertainty on the valuation of subordinated debt, restructurings of firms in financial distress and innovative securities. Prof. Chatterjee maintains a secondary research interest in Futures and Options, and has published several papers in the Journal of Futures Markets. Prof. Chatterjee is on the Editorial Boards of the International Journal of Banking, Accounting and Finance, and the International Journal of Behavioural Accounting and Finance.

Prof. Ren-‐raw Chen Dr. Chen specializes in modeling term structure of interest rates and credit risks, automating pricing models for trading desks and rating agencies, deriving closed form solutions, implementing lattice and Monte Carlo simulations, and complex calibrations. He has published papers across major finance as well as professional journals. He also has implemented pricing models for financial companies, including credit derivatives pricing models for Lehman Brothers, structural default models for Moody’s KMV, convertible bond and fixed income derivatives models for Grand Cathy Securities Corporation, and a two-‐factor HJM model for Polypaths Software. Dr. Chen received his Ph.D. in Finance from the University of Illinois at Urbana-‐Champaign. He has taught at Rutgers, the State University of New Jersey, University of Pittsburgh, National Taiwan University, and Hong Kong University, and worked at JP Morgan, Lehman Brothers, Grand Cathy Securities Corporation, Moody’s KMV, Black Rock, and Morgan Stanley.

Prof. N.K. Chidambaran Professor Chidambaran is an Assistant Professor of Finance at the Graduate School of Business and Co_director of MSGF Program. Previously, he has been on the faculty at Rutgers University and Tulane University. He received his doctorate from the Leonard N. Stern School of Business, New York University and a B.Tech. from the Indian Institute of Technology, Bombay. Professor Chidambaran teaches courses in Corporate Finance, Corporate Governance, and Risk Management. His research interests are in the field of Corporate Finance and Financial Derivatives. He has published his research in leading academic journals such as the Journal of Financial Economics, the Journal of Risk and

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Insurance, the Journal of Derivatives, and the Financial Analysts Journal. His work has also been presented at major research conferences and universities, and has been published in books and conference proceedings.

Prof. Gautam Goswami Prof. Goswami is an associate professor of Finance at the Graduate School of Business at Fordham University. He completed his Ph.D. in Finance from Georgia State University. He also has an undergraduate degree in Chemical Engineering from the Indian Institute of Technology at Kharagpur and post-‐graduate diploma in management (majoring in Finance and Marketing) from the Indian Institute of Management at Calcutta. His previous academic experiences include teaching at Georgia State University. Prior to his academic position, Goswami worked in large multinational corporations like Dunlop India Ltd., Chloride India Ltd., and Larsen and Toubro Ltd. in various management positions. Goswami’s research interests are mainly in the areas of corporate finance, international finance and experimental finance. He has done research in the areas of corporate debt maturity choice, implication of different auction mechanisms as used in the US treasury bill market, corporate use of hedging instruments like currency swaps and interest rate swaps, and self-‐insurance in the corporate insurance market. He is currently working on international asset pricing, modeling exchange rate process, and real estate auction methods. Goswami has won research awards and research grants a number of times and is published in top rated journals like Journal of Finance, Review of Financial Studies, and Economica. Prof. Iftekhar Hasan Professor Hasan is the E. Gerald Corrigan Chair in International Business and Finance at Fordham University's Schools of Business and co-‐director of the Center for Research in Contemporary Finance. Professor Hasan serves as the Scientific Advisor at the Central Bank of Finland and as the President of the Eurasia Business and Economics Society. He is the Managing Editor of the Journal of Financial Stability. Professor Hasan's research interests are in the areas of financial institutions, corporate finance, capital markets, and entrepreneurial finance. He has been a past or current Associate Editor for a number of journals, including the Journal of Money, Credit, and Banking, Journal of Banking and Finance and Journal of International Money and Finance. Professor Hasan has over 225 publications in print, including 12 books and edited volumes, as well as over 145 peer-‐reviewed academic journal articles in finance and economics journals such as the JFE, JFQA, JB, JME, FM, JFI, JMCB, JIMF, JBF, EFR, JAAF, JBFA, JMIS, RP, and SMJ.

Professor Hasan has presented his research work at over 375 professional meetings and institutions worldwide, and he has been a consultant for numerous international organizations, including the World Bank, the IMF, the United Nations, the Federal Reserve Bank of Atlanta, the Banque de France, and the Italian Deposit Insurance Corporation. Professor Hasan is a Research Fellow at the Berkley Center of Entrepreneurial Studies at the Stern School of Business of New York University and he

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serves on the advisory board of the Center for Financial Studies at the Rensselaer Polytechnic Institute. He is a Fulbright (Specialist) Scholar and holds an honorary Ph.D. from the Romanian-‐American University in Bucharest. Professor Hasan has held visiting faculty positions at several American and European universities, including the University of Rome, Italy, the University of Strasbourg, France, the University of Carlos III in Madrid, EPFL at Lausanne, Switzerland, the University of Limoges, France, National Taiwan University at Taipei, the University of Romania at Bucharest, and the Stern School of Business in New York.

Prof. An Yan Prof. An Yan is Professor and Area Chair of Finance in the Schools of Business of Fordham University. He also serves as the Director of the Center for Research in Contemporary Finance in Fordham University. Prof. Yan received his undergraduate degree from Tsinghua University, China, and his Ph. D. degrees from Boston College. Prof. Yan’s main research interest is in theoretical and empirical corporate finance, including IPOs, mergers and acquisitions, corporate restructurings, and behavior corporate finance. He has published in scholarly journals such as the Review of Financial Studies, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Banking and Finance, the Journal of Financial Intermediation, and the Financial Management.

FEFA - FORDHAM

Education

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