Enrichetta Ravina
Enrichetta Ravina is a Visiting Associate Professor of Finance at the Kellogg School of Management. Professor Ravina's research focuses on Household Finance, Behavioral Finance, and Corporate Finance. Some of her recent research projects examine the investment and trading behavior of individuals in 401(k) plans, brokerage accounts, and other type of financial accounts, with special emphasis on the role of behavioral biases, imperfect information, financial anxiety, and inertia in affecting such decisions. She has also studied the portfolio allocations of high net-worth US households, and conducted several studies in Fin-Tech about the measurement of investors' risk attitudes and their evolution over time, and the effect of beauty, race and other personal characteristics in credit markets. Her work has been published at journals such as the Review of Financial Studies and the Journal of Financial Economics, and featured in The Wall Street Journal, the Financial Times, and The Atlantic. Prior to joining Kellogg, Professor Ravina was an Assistant Professor of Finance at NYU Stern (2005-2008), and an Assistant Professor of Finance and Economics at Columbia Business School (2008-2017). She holds a Ph.D. and an M.A. in Economics from Northwestern University, and a B.A. degree in Economics from the University of Torino, Italy.
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PhD, 2005, Economics, Northwestern University
BA, 2001, Monetary and Financial Economics, University of Torino, Italy, Summa Cum Laude -
Visiting Associate Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2018-present
Visiting Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2017-2018
Assistant Professor of Finance and Economics, Finance and Economics, Columbia Business School, Columbia University, 2008-2017
Visiting Scholar, New York Federal Reserve Bank, 2012
Visiting Scholar, Harvard Business School, Harvard University, 2010
Assistant Professor of Finance, Finance, Stern School of Business, New York University, 2005-2008 -
ECGI Aberdeen Standard investments Finance Prize for the paper "Investor Ideology"., European Corporate Governance Institute (ECGI), 2019
Visiting Research Fellow, Swedish House of Finance -
Referee, Empirical Economics, 2017-2018
Referee, Journal of Financial Intermediation, 2018
Referee, Economic Journal, 2017-2018
Referee, Quarterly Journal of Economics, 2017-2018
Accelerated Corporate Finance (FINC-440-0)
Corporate finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion dollar international conglomerate or a three-person start up. Accelerated Corporate Finance will combine the material from Finance 1 and Finance 2 in an intensive one-quarter course. We will cover valuation (discounted cash flow, multiples, and real options), capital structure (how firms finance themselves and how they manage risk), and payout policy (should firms return capital to investors and if so how). For more details, you should read the descriptions of Finance 1 and Finance 2. The logical concepts will be covered in class, technical skills and intuition will be developed in class and through online exercises, and then the logic and tools will be applied to a set of valuation, financing, risk management, and payout cases. Given the pace of the course, students are expected to be prepared to put in the extra effort in class and outside of class. Basic finance knowledge (discounting) and accounting is assumed
Prerequisite: Business Analytics I (DECS-430-5)
Corequisite/Prerequisite: Accounting for Decision Making (ACCT-430) and Business Analytics II (DECS 431-0)
Finance II (FINC-431-0)
Finance II: Corporate Finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion international conglomerate or a three-person start up. You will learn how to answer the three fundamental question of corporate finance: (1) Capital structure or the funding decision: which source(s) of capital should you use to fund the firm's project? (2) Capital budgeting or the investment decision: which projects should you invest in? (3) Dividend decision: how should you deploy the capital that the project returns?
We will cover the three fundamental methods for valuing projects and firms: discounted cash flow (or net present value), real options, and multiples analysis. The class begins with a theoretical framework. The world of finance is very complex. Without a logical structure that you can use to frame and answer questions, you will rapidly become lost and will be unable to defend your position. The theoretical framework is valuable, however, only if you can use it to examine real world decisions. Thus the majority of class time will be devoted to applying the logical framework.
This course is important for anyone who plans to run a firm or a division, who hopes to be involved in the investment or funding decisions of the firm, who plans to work for a service provider who will assist the firm in analyzing these decisions (e.g., banking and consulting), or who plans to invest in firms or advise clients who will invest in firms. Even if you initially specialize in a different functional area, you want to understand how the finance function works. The most brilliant idea isn't useful if you cannot get it funded.
Recommended Prerequisites: ACCT-430 and MECN-430
