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ACCT 100: Introduction to Financial Accounting. Objectives, basictheory, principles, and methods of financial accounting. Reports as aframework for decision-making. Measuring and reporting financial positionregarding income, costs, and revenue. ACCT 101: Introduction to Managerial Accounting. Use of accountinginformation to plan and control an organization's financial activities.Processes used to plan and control costs and expenditures. Quantitativetechniques used to evaluate alternative choices. ECON 101 Introduction to Microeconomic Analysis: Basic analysis ofprices and markets; consumer behavior; behavior of the firm; factormarkets. [GE]. ECON 102 Introduction to Macroeconomic Analysis: Basic economicmethodology, analysis, and policy; economic institutions, organizations, andindustrial structure; the monetary system; measurement, determination, andstability of national income; monetary, fiscal, and balance of paymentsproblems and policies. (Formerly ECON 100.) [GE]. MATH 70 Algebra II: Algebra II course in graphing linear, quadratic,exponential, and logarithmic functions and in solving quadratic equations,equations involving rational expressions and radicals, and linear systems ofequations. DS/MATH 110 Business Calculus: Functions, derivatives, and integrals.Applications of differentiation and integration, including optimization andmoving averages. Problems involving business, finance, and economics.Elements of basic calculus. (Plus-minus letter grade/NC grading only). DS/MATH 212 Business Statistics I: Statistical methods essential insolving business problems including probability distributions, estimationand tests of hypotheses, and regression analysis or DS/MATH 226 Calculus I: Differentiation: theory, techniques, andapplications. Integration: Fundamental Theorem of Calculus andapplications. Transcendental functions. (Plus-minus letter grade/NC gradingonly). DS/MATH 199 Pre-Calculus: Functions, graphing techniques,exponentials and logarithms, trigonometry. ISYS 263 Introduction to Information Systems: Application ofinformation systems (IS) in a business environment. Topics includeinformation technology (IT), networks and internetworks, types ofinformation systems and their development, problem solving using end-usertools, and social impact of IT.6

Other Courses: Not required but valuable. Advance Financial and ManagerialAccounting for Management Decision-Making; Principals of Microeconomics,Macroeconomics, and Monetary Policy; Capital Markets and Budgeting,Investments and Financial Institutions; Derivatives and Quantitative Finance,Calculus, Elements of Statistics for Business and Economics, Econometrics andQuantitative Data Analysis.**** Understand/Read Syllabus: SFSU Standards of Student Conduct.This is your acknowledgement that you have reviewed and understand the syllabusrequirements and the standards of academic integrity, and that you are responsiblefor these requirements and standards reflected by your acceptance of this syllabus.No Cell Phone Use, No Computer UseOther Than Note Taking, In Class Online ResearchNo Texting or Checking Phone for Email, Facebook, Etc.PHONE:At Work from 9:00 AM to 5:00 PM Monday - FridayCell: (415) 713 - 0213E-MAIL/WEBSITE: [email protected] (Identify the Class and Name in Subject Line)www.the-commercial-group.com (See Resources page)Course DescriptionFIN 372 – R1 – Commercial Leasing and Development. Application of acquired classroom knowledgeto a real-world commercial leasing case addressing the financial challenges of a redevelopment case thathas evaded a financial resolution for nearly 20 years. Focus on components of the proposal such as theentitlement process, leasing, financial management, investor financing, and sustainable business issues.Real estate financing from the viewpoint of borrower and lender, financing mathematics, legal aspects oflending, appropriate financial instruments, taxes and real estate, loan cost analysis, loan valuation,development and assumability. Mortgage markets/institutions considered together with alternativefinancing techniques for various types of properties.This course is also a foundation course for future course work in corporate finance, trading strategies andstructured finance, intermediate financial management, financial institutions, financial statement analysis,capital budgeting, long-term financing, working capital management, bank and thrift management,derivatives and financial engineering, portfolio management, venture capital, and real estate finance,investment analysis and valuation/appraisal.Other topics discussed include efficient market theory; risk and return analysis for stocks, bonds and cashequivalents; modern portfolio theory; asset pricing models; bond pricing and the term structure of interestrates; effects of taxes and inflation on investment choices; and derivative asset-liability analysis.Memos, mini-reports/homework, case analysis and exams are used for academic and professional skillsdevelopment.7

Course Goals, Objective and Topics of DiscussionFIN 372 Business Finance is an undergraduate level course in real-world commercial real estate leasing,financing, and development; and focusing development and the entitlement process, leasing, financialmanagement, investor financing, and sustainable business issues.This course is modeled after courses developed and delivered at top universities across the U.S.: Stanford,USC, Harvard, Wharton, UC Berkeley, MIT, Chicago, Columbia, NYU, London School, etc.This course is a foundation course for future course work in corporate finance, trading strategies andstructured finance, intermediate financial management, advanced financial institutions, financial statementanalysis, capital budgeting, long-term financing, working capital management, bank and thriftmanagement, derivatives and financial engineering, portfolio management, venture capital, and real estatefinance, investment analysis and valuation/appraisal.This course will focuse on contemporary real estate financial institutional analysis and management, basedon a solid foundation in macroeconomics and and monetary policy, corporate finance theory, financialproducts and applied techniques using standardized exchanged based and Over –the- Counter (OTC)financial products used for investment, financial institution portfolio construction and asset-liabilitymanagement, structured product development and application, trading and liquidity needs by financialeconomists, managers, traders and analysts, and instituaitonl managers.This course will also intuitively look at how to integrate the interrelationships between business andfinancial economic conditions into interest and discount rate determination, (intrinsic) asset valuation andprice forecast methods, and anticipated and unanticipated effects of (global) fiscal and monetary policyand events on short-term and long-term investment and portfolio allocation and trading decisions, andhow financial institutional managers manage these risks in real time on a global basis.Topics recommended for additional study beyond course content are: global political philosophy andeconomy, financial institutional accounting and financial analysis, market failures policy responces, andshort- long- term implications on capital market structures, efficiency, development, and allocativeimpacts on the real economy, socio-demographic segments and geography.These factors have a direct and indirect impact on the ability to manage the asset and liability side of afinancial institutions balance sheet and income statement, raise debt and equity funds in the capitalmarkets at minimum cost to borrowers and risk to investors, timing of capital issuance, allocation of fundsamong short- and long-term durations, working capital and cash management techniques, asset andproduct capital budgeting decisions, long-term capital structuring in volatile markets, corporate andgovernment fixed-income securities analysis, and dividend and leverage policy.The text for this course has been used for years, and it is recccomended that those interested in a career inmerchant or commercial banking pursuing the Chartered Financial Analyst (CFA) designation (CFAInstitute - https://www.cfainstitute.org/pages/index.aspx http://www.cfasanfrancisco.org/).Requirements for the course include selected chapters while simultaneously working problems sets,taking oral exams, reading current business and finance news (Financial Times -http://ftepaper.ft.com/signin) Account Number: 2339074FTU1 Password: larrysft ; and/or WallStreet Journal -- http://online.wsj.com/home-page); The Economist – www.economist.com Email:8

[email protected] Password: Professor1961; and writing memos forecasting stock,bond, real estate, commodities or other alternative assets trading in the capital markets, and makingporfoilio and trading recommendations for institutional and retail clients to maximize risk-adjusted ratesof return based on suitibilty.It is also recommend that you go to the following websites and register with them to receive their emaildistributions on the latest macroeconomic and stock/bond market articles: 1) Seeking Alpha(http://seekingalpha.com/) and Global Association of Risk Professionals – GARP(http://www.garp.org/?sctp PPC&scvn Google&scsrc Google Search&sckw garp&utm source Bing&utm medium Paid Search&utm term garp&utm campaign TGW Spring Reg#!/home)This course is an introduction to real estate, financial systems, analysis, instruments and portfoliomanagement theory and its applications, but will also be keeping up and continuously applying relevantcurrent economic and capital market events, and their constant impact on changes in interest and discountrates (Weighted Average Cost of Capital – WACC Weighted Cost of Debt and Equity) and intrinsicvalues of real and financial asset values.The goal of this course is to give you the student a solid foundation in the core competencies andapplications in contemporary standardized and customized real estate finance and investments, financicalproducts, their development and innovatione, and financial economics and engineering; preparing you thestudent for future graduate and post-graduate studies and professional approaches to: Financial product design, trading and portfolio management; financial reporting and analysis;Financial modeling and analytics;Management control and information systems;Capital budgeting and long-term financing;Working capital and liquidity management;Mergers and acquisitions;Venture and private equity capital management;Entrepreneurship in both the real and financial companies and institutions;Financial strategy and firm level value creation;Financial analysis of industries and competitors;Investments; international corporate finance, institutions and capital markets;Fundamental and technical securities analysis;Derivative markets and structured instruments;Financial engineering and quantitative risk management;Advanced options pricing theory and derivative applications;Modern and post-modern portfolio management;Bank and thrift income statement and balance sheet management;Tax, trust, insurance, annuities, investment and retirement planning;Business valuation and financing; business strategy, marketing, and management;Real estate finance, investments, development, and asset management.Course discussions will include topics and try to answer answer questions such as: What is the capitalist market system and how does it work compared to other global systems? What affect does low/rising U.S./Global savings rates have on the capital markets? How do monetary and fiscal policies affect the capital markets and capital market instruments?9

What affect do federal deficits and national/corporate debt have on interest rates and required rates returns, costs of capital, and discount rates?What causes interest rates or yields for corporate and government debt to rise and fall?How has the institutional framework of the financial system change through out the 70s, 80s, 90s, and00s?What are business, credit/capital market cycles? Fluctuations in interest rates and yield curves.What are the capital markets? Debt, Equity, Commodities, Real Estate, Etc.What is the definition of capital markets and how do you value capital market instruments?What is the affect of inflation and disinflation expectations on capital market instruments?What is financial, portfolio and asset-liability management, how is it used and who uses it?What is financial innovation and risk management, and how do ou apply the tools available?What is the definition, causes and measurement of volatility (risk in the capital markets)?How do you measure expected/excess return on financial instruments?What are risk-adjusted returns? Why are they important as a risk-averse investor?How do you build and manage an institutional portfolio of public and private fixed-income, equity,structured and standardized product, and alternative assets?Specific TopicsTopics targeted for discussion in this course:: Statistical Review: Beta, Correlation, Covariance, Variance, Standard Deviation, Mean/MedianForecasting Interest Rates/Discount Rates: Term Structure of Interest Rates and Yield Curve TheoryFinancial Markets, Institutions, and Instruments (Macro/Micro Prudential)Applied Financial Management (Corporate, Business, Finance, Marketing and Operations)Analyzing Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)Cash Flows, Management, and Liquidity (NOI, EBITDA, Earnings, Dividends)Time Value of Money – Probabalistic Value Determination (Present and Future)Stock, Bond, Real Estate, Commodity Price/Intrinsic Valuation (Bid-Ask Spreads)Capital Budgeting/Discout and Growth Rate Determination – NPV/IRR/MIRRTechnical Trading Strategies, Systems and ExecutionOther related topics include: Weighted Average Cost of Capital (WACC)/Optimal Capital Structure (Minimum M&M Theory)Multinational financial management techniques (global capital markets, flows and currency)The use of derivatives and risk management techniques (Futures, Forwards, Options, SWAPS)Hybrid financing techniques (Structured Products and Convertibles)Mergers and Acquisitions, Leverage Buy Outs (M&A/LBO), and Venture CapitalTaxes (Corporate and Personal)Value –At- Risk (VAR) Determination and Heading Strategies10

Course DesignFIN 372 Commerial Leasing and Development is designed to introduce undergraduate businessmanagement and public administration, marketing and advertising, information systems and projectmanagement, accounting and tax, economics, finance, banking and real estate majors for professionalcareers in both direct (private) and indirect (public) financial and government institutions, and businessand entrepreneurial enterprises.The course will be taught on three levels: 1) traditional management procedures and techniques(homework and problems); 2) written exams in fundamental capital market, firm and securities productanalysis; and 3) mini case studies, memo reports and presentations/participation.11

FIN 372-01: Commercial Leasing and DevelopmentSpring 2016 Schedule: (16 Weeks) Mon/Wed/Fri 10:10 am –to- 11:00 amWed/Fri Jan 27th/29th, 2016 (1): Introduction & Course OverviewCourse Introduction and ExpectionsLecture: Statistics, Accounting, Finance, Macro-Econ ReviewAssessment-Test: Statistics, Accounting, Finance and EconomicsChapter 1-2 (BF): Real Estate Investment: Basic Legal Concepts; Real Estate Financing: Notesand Mortgages. Chapter 1 (REDP): Into to the Real Estate Development Process; and Chapter 1(FRED): The Development Process.Yield Curve Dynamics vs. Dynamic Yield CurvesLinked are three videos going over Yield Curve Dynamics and their affect on Discount Rates (Cost of Equity/Debt andWeighted Average Cost of Capital (WACC). In almost all finance models, there is the risk-free rate (U.S. Treasury Yields onbond of differing maturities). The risk-free rate (nominal interest rates) is the Real Interest Rate (RR) plus InflationExpectations (e*); this is the Fisher Equation. Yield curves move up and down based on changes in the RR and e*, but mainlyfrom e*. The short end of the yield curve is managed and manipulated by the Federal Reserve through Open Market Operations(OMO). If the Fed sells bonds, bond prices go down, and interest rates go up; and if the Fed buys bonds, bond prices go up, andinterest rates go down. The Fed does this to regulate credit availability in the economy to stimulate or slow economic growthand manage asset prices.Yield Curve Dynamics I (https://youtu.be/tYBlZDigcKE)Yield Curve Dynamics II (https://youtu.be/ldIe7DX5zeY)Yield Curve Dynamics III (https://youtu.be/Ua8AGfuyAMk)Go to Webpage and Click Animate!!!! This shows the dynamics of the Yield Curve over the Business/Stock Market .phpNote: See Powerpoint Presentations and Articles posted to course website.Mon/Wed/Fri February 1st/3rd/4th, 2016 (2):Chapter 3-4 (REFI): Mortgage Loan Foundations: The Time Value of Money; FixedInterest Rate Mortgage Loans. Chapter 2 (REDP): The Raw Material: Land andDemographics in the United States; and Chapter 2 (FRED): Basics of Real Estate Finance.Pres-Test Due/ReviewAssign Homework #1 Monday February 1stChapt 1: DQ: 1, 2, 4 ; Chapt 2: DQ: 1, 2,6, 9, 10, 11, 14, 16, 19. DP: 1, 2, 3, 4, 5. HWP: 5 ;Chapt 3: DQ: N/A. DP: 1, 2, 3, 4. HWP: 12, 13, 18 ; Chapt 4: DQ: 2, 4, 5, 6, 7, 8, 11, 13,12

14. DP: 2, 10, 11, 13. HWP: 15, 17, 19, A-3 Excel ; Chapt 5: DQ: 4, 6. DP: 1, 2, 4, 5.HWP: 11, 12, 13 Excel ; Chapt 6: DQ: 2, 3, 7. DP: 1, 2, 3, 4. HWP: 6, 8, 9. ; Chapt 7: DQ:1, 4. DP 1, 3. HWP: 5, 6 ; Chapt 8: N/ANote: Discussion Questions (DQ) In-Class, Discussion Problems (DP) In-Class, and HomeworkProblems (HWP)– Due to Submit on Due Date.Mon/Wed/Fri February 8th/10th/12th, 2016 (3):Chapter 5-6 (REFI): ; Adjustable and Floating Rate Mortgage Loans; Mortgages: AdditionalConcepts, Analysis and Applications. Chapter 3 (REDP): Developers and Their Partners; andChapter 3 (FRED): Land Valuation for Acquisition.Memo I DueMon/Wed/Fri February 15th/17th/19th, 2016 (4):Chapter 7-8 (REFI): Single-Family Housing: Pricing, Investment, and Tax Considerations;Underwriting and Financing Residential Properties; Chapter 10 (REDP): Real Estate Finance:Background; and Chapter 5 (FRED): Capital Markets for Real Estate.Homework #1 Due Friday February 19th Homework/Quiz I ReviewMon/Wed/Fri February 22nd/24th/26th, 2016 (5):Quiz I: Chapters 1 – 8Mon/Wed/Fri February 29th/March 2nd/4th, 2016 (6):Quiz I ReviewChapter 9-10 (REFI): Income-Producing Properties: Leases, Rents and the Market for Space;Valuation of Income Properties: Appraisal and the Market for Capital. Chapter 11 (REDP): RealEstate Finance: The Basic Tools; and Chapter 6 (FRED): Obtaining Finaning for Devvelopment.Memo I II Due***Assign Homework #2***13

Chapt 9: DQ: 1, 2, 3, 4, 5, 6, 7. DP: 1, 2, 3, 6, 7, 8. HWP: 10. Chapt 10: DQ: 1, 2, 3, 4, 5,6, 7, 8, 9, 10, 11, 12, 13. DP: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 13. HWP: 14, 15, 16 ; Chapt11: DQ: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13. DP: 1, 2, 3. HWP: 4 Excel, 5. ; Chapt 12:DQ: 1–5, 6, 7–9, 10–12. DP: 1, 2, 5, 6, 7, 8. HWP: 3, 4, 9 Excel .Chapt 13: DQ: 1, 2, 3, 4, 5, 6, 8. DP: 1, 2, 5. HWP: 3, 4 Excel ; Chapt 14: DQ: 2, 4, 6, 7, 9,10, 12, 16. DP: 1, 2, 3, 4. HWP: 5, 6, 7 Excel .Mon/Wed/Fri March 7th/9th/11th, 2016 (7):Chapter 11-12 (REFI): Investment Analysis and Taxation of Income Properties;and Financial Leverage and Financing Alternatives. Chapter 13 (REDP): Stage Three: TheFeasibility Study. Chapter 4 (FRED): Task Management; Chapter 7: Developent Entity, JointVentures, and Financing

Tutoring Support/The Learning Assistance Center (LAC): Offers tutoring for undergraduate SF State students in the following areas: reading, writing, math, sciences and study skills for courses across disciplines. Tutors meet individually and in groups with st