Detailed information about the finance and real estate concentrations is provided below. For information about the MBA program, please consult that listing in the General Information section. Finance.-The student pursuing a concentration in fi- nance typically specializes in financial management, finan- cial markets and institutions, or investments. The Ph.D. curriculum consists of course work of four types: breadth, research foundations, the majorfield, a minor or supporting field, and a breadth requirement. The research foundation requirements are comprised of a set of six courses: ECO 6115-Microeconomic Theory I, ECO6206-MacroeconomicTheory I, ECO6805-Mathe- matical Methods and Applications to Business and Eco- nomics, STA 4321 and 4322-Mathematical Statistics I and II, and at least one econometrics course suitable for the student's background and proposed thesis research. The major field in finance consists of at least 16 credit hours in graduate course work in finance including FIN 6446 and 6447-Financial Theory I and II. Students may elect to have one "strong" minor (16 credit hours), two "weak" minors (8 credit hours each), or a supporting field which is not declared as a minor. If a supporting field is chosen, at least 16 hours of course work acceptable to the student's supervisory committee must be taken. The sup- porting field option is selected when a student wishes to take courses across a number of departments. Other re- quirements are listed in the General Information section of this Catalog. Real Estate.-The breadth requirement applies only to students with no prior course work in business and consists of ACG 6026-Financial and Managerial Accounting plus two of the following: ECP 6705-Economics of Business Decisions, MAN 5501--Operations Management, or MAR 6805-Problems and Methods in Marketing Management. The research foundations are identical to those listed above for finance. The major field, minor, and supporting field requirements have the same credit stipulation as those outlined above for finance, except that the major work is in real estate. The M.A. with a concentration in either finance or real estate requires a minimum of 30 credit hours which in- cludes a minor of at least 6 credits and a thesis. No more than 6 hours of FIN or REE 6971 count toward the 30 credit minimum. The M.A. nonthesis option emphasizing appraisal for the concentration in real estate is a two-year program consist- ing of at least 36 credits of on-campus, letter-graded courses and 6 credits of off-campus internship. This program meets all of the education requirements and some of the experi- ence requirements for the MAI designation awarded by the Appraisal Institute. A narrative demonstration report is also required. FIN 5405-Business Financial Management (3) Prereq: ACG 6026, QMB 5305. Required of all MBA degree candidates who have had no basic business finance course. Analysis of business financing and investing decisions. FIN 5425-Corporation Finance (3) Prereq: FIN 4414, 5405, or consent of instructor. The application of business finance prob- lems. Students prepare written solutions to case problems. FIN 5525-Security Markets and Pricing (3) Prereq: FIN 5405 or consent of instructor. An examination of security market structure and the theory of security selection and pricing. FIN 6246-Money and Capital Markets (4) Prereq: FIN 5405, college-level mathematics, andstatistics. Financial markets, with emphasis on flow of funds, interest rate determination, and allocation of resources. FINANCE, INSURANCE, AND REAL ESTATE /105 FIN 6314-Financial Institutions (3) Prereq: FIN 5405. De- signed forMBA candidates. Description and analysis of manage- ment decisions in a changing economic and regulatory environ- ment. FIN 6446-Financial Theory I (4) Prereq: FIN 5405 or consent of instructor. The first in a two-course sequence. Emphasis on the theory of the firm's investment and financing decisions. FIN 6447-Financial Theory 11 (4) Prereq: FIN 6446 orconsentof instructor. Emphasis on the theory of the financial intermediary system. FIN 6626-International Finance (4) Prereq:FIN 5405 or consent of instructor. A study of international financial markets and institutions, and problems encountered by corporations operating in the international environment. FIN 6905-Individual Work in Finance (1-4; max: 7) Prereq: permission of department and Director of Graduate studies. Reading and/or research in finance as needed by graduate stu- dents. FIN 6940-Supervised Teaching (1-5; max: 5) S/U. FIN 6957-International Studies in Finance (1-4; max: 12) Prereq: admission to approved study abroadprogram andpermis- sion of department. S/U. FIN 6971-Research for Master's Thesis (1-15) S/U. FIN 7808-Corporate Finance (4) Prereq: FIN 6446, 6447 or consent of instructor. Theory and empirical analyses of corporate financial decisions in a world of risk with both perfect and imperfect markets. FIN 7809-Investments (4) Prereq: FIN 6446, 6447 or consent of instructor. Theory and empirical analyses of security investment decisions in a world of risk with both perfect and imperfect markets. FIN 7810-Financial Markets and Institutions (4) Prereq: FIN 6446, 6447 or consent of instructor. The economic role of financial markets and institutions and how financial decisions are made by financial institutions. FIN 7938-Finance Research Workshop (1-4; max: 7) Analysis of current research topics. Paper presentation and critiques by doctoral students, faculty, and visiting scholars. FIN 7979-Advanced Research (1-9) Research for doctoral stu- dents before admission to candidacy. Designed for students with a master's degree in the field of study or for students who have been accepted for a doctoral program. Not open to students who have been admitted to candidacy. S/U. FIN 7980-Research for Doctoral Dissertation (1-15) S/U. REE 5145-Case Studies in Valuation Analysis and Report Writ- ing (3) Analysis of various property types and appraisal situations. Case studies illustrate and teach application of appraisal method- ology to typical assignment. REE 5505--Real Estate Development and Management (3) The decision making process concerning the production and manage- ment of real estate resources. Includes principles and techniques employed by developers and managers, as well as case studies of real estate projects. REE 6196-Seminar in Real Estate Valuation (3) Advanced theories and methods of appraisal. Statistical inference, market simulation, and application of specialized appraisal theory to appraisal problems. REE 6286-Seminar in Real Estate Financial Analysis (3) Mort- gage risk analysis, mortgage risk rating; trading on equity; long- and short-term financing; problems encountered in slum clear- ance, subdivision, and urban redevelopment. REE 6395-Seminar in Real Estate Investment and Development (3) Advanced theory and applications of real estate investment analysis to both existing properties and new development. Em- phasis on problem identification, analysis and prospective solu- tions. REE 6796-Seminar in Real Estate Market Analysis (3) Economic factors which provide the basis for urban growth and develop- ment. Analysis of real estate supply and demand with applications to residential and nonresidential markets. REE 6905-Individual Work in Real Estate (1-3; max: 7) Prereq: permission of department and Director of Graduate Studies. Reading and/or research in real estate. REE 6910-Supervised Research (1-5; max: 5) S/U. REE 6940-Supervised Teaching (1-5; max: 5) S/U.