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Jonathan Carmel
Jonathan Carmel

FINANCE
Visiting Assistant Professor of Finance

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Jonathan Carmel is a Visiting Assistant Professor of Finance who will be teaching Fixed Income Securities at Kellogg. With more than ten years of teaching experience, Carmel has taught at both Ross School of Business, University of Michigan and Kellogg School of Management, Northwestern University. He is a Co-Editor of The Economist’s Voice and has published work on incentive compensation, market efficiency, market microstructure, and corporate finance in The Review of Economic Studies, The Journal of Finance, and The Journal of Economics and Management Science. Outside of academia, Carmel has experience as a Vice-President in Fixed Income Research at Lehman Brothers and is an ongoing member of the board of directors of Internet-Journals Inc.

Carmel earned a PhD in economics from Stanford University and an A.B. from Woodrow Wilson School of Public Affairs, Princeton University.
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Full-Time / Part-Time MBA
Finance II (FINC-441-0)

This course counts toward the following majors: Analytical Finance, Finance.

This course is the sequel to FINC-430. The primary objective is to examine the financial decisions of firms with regard to their capital budgeting decisions (which investments to make), dividend decisions and capital structure decisions (how to raise capital). We first examine these decisions in an idealized frictionless world in which the firm cannot change its value by altering its dividend or capital structure policy. We then explore the effect of frictions (e.g. taxes, bankruptcy costs, inefficient or uncompetitive financial markets, or self-interested managers) on the firm's financial decisions and how these decisions can affect a firm's value. Prerequisites: FINC-430. Corequisite: DECS-434 or equivalent. ACCT-430 and MECN-430 are recommended.

Fixed Income Securities (FINC-464-0)

This course counts toward the following majors: Analytical Finance, Finance.

This advanced course is designed for students seeking a sophisticated understanding of fixed income valuation and hedging methods, and a basic familiarity with the major markets and instruments. Tools include duration, convexity, yield curve models, option pricing models and value at risk, which are used to understand pricing and hedging of forwards, futures and swaps, asset-backed securities and other fixed income derivatives. This information is most useful for students planning a career in sales and trading, portfolio management, banking or financial consulting. The course also surveys some of the institutional features of these markets.

International Finance (FINC-470-0)

This course counts toward the following majors: Finance, International Business

Management of an international business or one exposed to global competition requires knowledge of international financial instruments, markets, and institutions. This course examines these issues from theoretical and applied perspectives. Topics include the nature of foreign exchange risk, the determination of spot and forward exchange rates and interest rates, the returns to foreign investments in external currency and in bond and stock markets, the management of foreign exchange risk with forward markets and foreign currency option markets, and the dynamics of the balance of payments with a focus on understanding international capital flows, country debt, and exchange rate fluctuations.