Pace University
Prof. P.V. Viswanath
Fin 396L/FIN 680L Student Managed Investment Portfolio Spring 2003

Course Outline and Time-Table

Class Meeting Week and Days

Topics (Chapters  refer to Damodaran, Investment Valuation)

Projects and other Deadlines

Week 1  
Jan. 23

Macro Aspects of Investing -- the Macro Economy and the firm

Groups will be formed.

Week 2  
Jan. 30

Chapter 4: The basics of risk -- CAPM and Models of Default Risk; presentation on StockVal; Initial stock screening.

Groups will start writing up a report on the Macro economy; a draft will be submitted.

Week 3  
Feb. 6

Chapter 7: Riskless rates and Risk Premiums

Final macro-economy write-up due.
Based on screening, we will choose two or three sectors that are promising.

Week 4  
Feb. 13

Chapter 8: Estimation Risk Parameters and Cost of Financing


Week 5
Feb. 20

Chapter 9: Measuring Earnings

The groups will choose firms to focus on.  They will write a report on the industry, laying out earnings drivers for the industry, prospects, relevant valuation models, accounting issues to keep in mind, etc. 

Week 6
Feb. 27

Chapter 10: From Earnings to Cash Flows

Industry report due.

Week 7
Mar. 6

Chapter 11: Estimating Growth

Presentation of report on financial statement restatements for the firms, taking into account non-recurring items, capitalization of operating leases, R&D etc.

Week 8  
Mar. 20

Chapter 12: Estimating Terminal Value

Presentation on growth estimates for the different firms. 

Week 9
Mar. 27

Dayton Trip

Initial Write-ups.

Week 10  
April 3
Chapter 13, 14, 15: Choosing the Right Model  
Chapter 17: Relative Valuation  

Week 11  
April 10


DCF Valuation Models due.

Week 12  
April 24

Stock Research Report Presentation

Evaluation of Existing Stocks.

Week 13  
May 1

Stock Research Report Presentation

Purchase/Sale Decisions

Week 14  
May 8

Stock Research Report Presentation

Purchase/Sale Decisions

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