RES 9850 Real Estate Capital Market | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Course Objective: The objective of this course is to provide an integrated framework for understanding the mechanism of financial market as it is related to the real estate capital market. The course will emphasize rigorous quantitative analysis, as well as intuition and insight, in order to foster students' interests and skills in applying economic and financial theory to real estate applications. The materials to be covered include: · Fixed-income mathematics · Mortgage Backed Securities · Real Estate Investment Trusts · Real Estate as an Asset Class in a Portfolio Course Materials: In this course, teaching materials are drawn from several books, research articles, newspapers, and periodicals. Required reading: · Lecture Notes: Available over the course website for downloading before the lecture · Textbook: (BF) Real Estate Finance and Investments by William B. Brueggeman and Jeffrey D. Fisher, 13th Edition, McGraw-Hill Irwin. (F) Bond Markets, Analysis, and Strategies by Frank J. Fabozzi, latest Edition, Pearson / Prentice Hall (required) (DSWC) Securitization – Structuring and Investment Analysis by Davidson, Sanders, Wolff and Ching, Wiley Finance. Recommended books, periodicals, newspapers and websites: · Barrons · www.mortgagenewsdaily.com/ Prerequisites The course draws heavily from students' background knowledge in accounting, finance, economics and spreadsheet applications. FIN 9770 or RES 9776 is required as a prerequisite. Grading Policy: Course requirements include class participation, quizzes, homework assignments, two midterms and a final exam. The final grade will be based on the overall performance of the students. The distribution is as follows: Final grade = 10% Classroom participation / presentation + 20% Homework assignments + 15% Min {1st midterm, 2nd midterm} + 25% Max {1st midterm, 2nd midterm} + 30% Final (take-home) Exam Homework is due before the start of the class on the due date. No late assignment will be accepted. Missed quizzes cannot be made up. The midterms and the final will be close-book. While the quizzes and midterm cover the material studied in the previous classes, the final exam will be cumulative and comprehensive. No makeup exams will be given, except for medical emergency as proved by a written note from a doctor with contact information for verification. Your class participation grade is decided by attendance and classroom discussion. Attendance is mandatory. If you have to miss a class, you are responsible for getting the handouts and lecture notes from your classmates or the course website. To encourage and monitor attendance, signup sheet and/or pop quiz will be periodically handed out in class. Coming late or leaving earlier when the class is in session – before or after the quiz or signup sheets are handed out or collected – will be counted as one absence. Please also kindly turn off cell phone and beeper while the class is in session. As a part of your classroom participation grade, each student is required to write a one-page note on the current development of financial market and its potential implication on real estate market. Please also email me the note BEFORE the class. Important: if you accumulated more than five (5) absences, you will receive a WU for the course at the instructor’s discretion. Academic Integrity Academic dishonesty is unacceptable and will not be tolerated. Cheating, forgery, plagiarism and collusion in dishonest acts undermine the college's educational mission and the students' personal and intellectual growth. Any student who attempts to compromise or devalue the academic process will be sanctioned. A report of suspected academic dishonesty will be sent to the Office of the Dean of Students. Additional information and definitions can be found at: http://www.baruch.cuny.edu/academic/academic_honesty.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Course Outline: (Note: BF stands for the Brueggeman and Fisher textbook, DSWC stands for the “Securitization” textbook, and F stands for Fabozzi textbook)
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| Copyright © 2011-2012, Prof. Rui Yao, Last Updated: Jan 31, 2012 |