Furfine studies the functioning of interbank markets, commercial mortgage securitization, and real estate finance, having published in scholarly journals including the Review of Corporate Finance Studies, the Journal of Business, the Journal of Monetary Economics and the Journal of Money, Credit, and Banking. He currently serves as an Associate Chair of the Finance Department, Associate Editor of the Journal of Money, Credit, and Banking and Treasurer of the Midwest Finance Association. Prior to joining the Kellogg School faculty, he was an economic advisor in the economic research department at the Federal Reserve Bank of Chicago. He previously served as a senior economist at the Bank for International Settlements in Basel, Switzerland where he contributed to the revision of international bank capital standards. Before that, he was an economist at the Board of Governors of the Federal Reserve System, where he served on international work groups responsible for analyzing various payment system issues. Furfine teaches corporate finance, multiple courses on real estate finance, and has written eighteen case studies covering a wide range of topics in real estate finance. He is the author of Practical Finance for Property Investment, a book designed for investors and students interested in learning what finance theory implies about property investment. He received a PhD in economics from Stanford University.
Commercial real estate finance; securitization; commercial and residential mortgages; bank capital requirements; interbank markets
Real estate finance; corporate finance
Finance 1 answers managers' and investors' most fundamental finance question: how should a project or an asset be valued? Managers must determine the value of building a factory, entering a new market, or purchasing an entire firm when deciding in which projects to invest. Similarly, individuals must assess the value of financial securities to decide how to invest their wealth. Using a combination of lectures and business cases, Finance 1 teaches the discounted cash flow and multiples methods to value projects or assets. These valuation tools lay the foundation for all work in capital markets and corporate finance.
Prerequisite: Business Analytics I (DECS-430-5)
Corequisite/Prerequisite: Accounting for Decision Making (ACCT-430) and Business Analytics II (DECS 431-0)