Dr. Ravi Jagannathan is the Chicago Mercantile Exchange/John F. Sandner Professor of Finance at Northwestern University's Kellogg School of Management and Co-Director of the Financial Institutions and Markets Research Center at the Kellogg School (1997 - present). He has previously held positions as Piper Jaffray Professor of Finance (1993 - 1997) and Associate Professor of Finance (1989 - 1993) at the University of Minnesota's Carlson School of Management, Assistant Professor of finance at Northwestern University's Kellogg School (1983 - 1989), and as a Distinguished Visiting Professor at the Hong Kong University of Science and Technology (1994 - 1995), and has appointments as Special Terms professor at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (2012+) and the Indian School of Business (2012-2014) and Finance Area Coordinator at the Indian School of Business (2014+).
Ravi received a Ph.D. in Financial Economics (1983) and an M.S. in Financial Economics (1981) from Carnegie Mellon University, an M.B.A. from the Indian Institute of Management at Ahmedabad (1972), and a B.E. in Mechanical Engineering from the University of Madras (1970). His Ph.D dissertation received the Alexander Henderson award for excellence in economics.
Ravi has served on the editorial boards of leading academic journals, and is a former executive editor of the Review of Financial Studies. He has served as a member of the Board of Directors of the American Finance Association and the Western Finance Association and is a past President of the Western Finance Association, the Society of Financial Studies, and the Financial Intermediation Research Society. He is a research associate of the National Bureau of Economic Research, a fellow of the Society for Financial Econometrics, and a member of the Board of Directors of the Financial Management Association. He is the President of the Society for Financial Econometrics.
Ravi's research interests are in the areas of asset pricing, capital markets, and financial institutions. His articles have appeared in leading academic journals, including the Journal of Political Economy, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies. He is noted for his contributions to the development of the Hansen-Jagannathan bound, and the Hansen-Jagannathan distance that summarizes what is missing in an asset pricing model, the TGARCH volatility model, a contingent claims framework for evaluating the performance of actively managed portfolios, and the role of portfolio weight constraints in estimating vast covariance matrices with precision. He received the 2014 Graham & Dodd, Murray, Greenwald Prize for Value Investing.
Pricing of Financial Assets, Financial Markets and Institutions, and Portfolio Performance Evaluation.
**This course was formerly known as FINC-936-0**
Students enrolled in this sequence of courses will manage a portion of the Kellogg School's endowment. The courses will combine investment theory with exposure to leading practitioners. Students will rotate across roles of industry analysts, hedge fund fund-of-funds managers, traders, quantitative analysts, and portfolio managers. Students must take three of the four AMP courses: FINC-456, FINC-457, FINC-458, or FINC-459.
Recommended prerequisite: FINC 431 Finance II or FINC 440 Accelerated Corporate Finance
Co-requisites: Over the three-quarter sequence students must take three quarter credits in additional asset management-related courses from the list below.1) For their first quarter of the practicum, students must have taken or be simultaneously registered for one of the following classes: FINC 442: Financial Decisions; FINC 444: Value Investing; FINC 448: M&As, LBOs and Corporate Restructuring; FINC 463: Security Analysis; FINC 477: Global Entrepreneurial Finance, or ACCT 451: Financial Reporting and Analysis (or have the requirement waived by Professor Vincent). 2) Before graduation: either FINC-950 (Capital Markets) or FINC-465 (Derivative Markets I).
This course will introduce students to the traditional Graham, Dodd, and Buffett value investing framework as it has evolved over time (Fundamental VI) and the quantitative value investing framework (Quant VI). We will discuss the methods used for identifying and evaluating potential investment opportunities taking into account the fact that for every security you buy or sell, there is another investor in the market who is taking the opposite position and you could be wrong.
The learning objectives are: (a) Develop an in depth understanding of the Fundamental VI framework and a working knowledge of the Quant VI framework. (b) Understand the value investing philosophy, and apply it in practice through analysis of financial data and integrative thinking that helps assess the risks and rewards. (c) Present the analysis effectively in an organized manner and develop the ability to effectively work in teams by defining individuals' roles and tasks and managing conflicts for successful completion of group projects.