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Economics and Finance

Asli K. Ogunc (Head)
Location: McDowell Administration Building, Room 102, 903-886-5681, Fax 903-886-5601
Economics and Finance Web Site:

The department offers the Bachelor of Business Administration degree in Finance and the Master of Science degree in Finance.  These degrees prepare graduates for career positions in all areas of finance, including investment management, financial management, credit and financial services, and related areas.  The department also offers a minor in personal financial planning; it is a program registered by the Board of Examiners of the Certified Financial Planner Board of Standards.   A minor in finance is available to both undergraduate and graduate students, as well as an MBA minor in finance.  In addition to the common body of knowledge in business, a graduate with a major in finance possesses the following competencies with domestic and international dimensions: financial analysis; financial institutions, markets; securities investments and portfolio management; short and long term financial planning. Brokerage firms, commercial and investment banks, insurance companies, governmental agencies, and other financial intermediaries routinely employ finance graduates.

Students seeking a bachelor’s degree in any of the following majors must complete:

  1. degree requirements for the Bachelor of Business Administration degree,
  2. Core Curriculum Requirements , and
  3. the College of Business course requirements (refer to those sections of this catalog).

In addition, courses in the major must be completed as shown in the program description.

ECO 233 - US-Economics of Personal Finance
Hours: 3
The course is designed to help students become prepared for a financially challenging world and to introduce the concepts and methods of personal financial planning. The financial planning process, the time value of money, taxation, credit, housing insurance, employee benefits, family economics and building a personal financial plan will be explored. The course is designed to integrate subject matter into a comprehensive format enabling students to understand and demonstrate the ability to develop a personal financial plan and to increase financial literacy. Special Projects include the students reviewing their credit report, creating a debt repayment plan, monitoring their spending habits, identifying their retirement needs.

ECO 301 - Environmental Economics
Hours: 3
Environmental Economics. Three semester hours. This course applies the basic analytical tools of economics to explain the interaction between the marketplace and the environment, the implications of that relationship, and an examination of effective solutions. Particular emphasis given to agricultural and other renewable resources.

ECO 302 - Business and Economic Statistics
Hours: 3
This course introduces students to descriptive statistics (measures of central tendency and variation and representing data graphically) and statistical inference. Inference will involve sampling techniques, estimation, hypothesis testing and simple regression. Applications emphasize continuous improvement of products and services. Prerequisites: MATH 176 or Math 1325.

ECO 309 - Economic Forecasting
Hours: 3
Introduces the student to the economic forecasting approach through which economic theories and policy analysis can be stated and applied. Prerequisites: ECO 2301, 2302; MATH 176, ECO 302.

ECO 331 - Intermediate Macroeconomics
Hours: 3
Intermediate Macroeconomics. Three semester hours. (1) An analysis of national income and its components. Emphasis is placed on the relationship between saving, investment, and employment. Prerequisite: ECO 2301.

ECO 332 - Intermediate Micro Economics
Hours: 3
Intermediate Micro Economics. Three semester hours. (2) Demand, cost, and supply functions of firms; sources of data for their estimation; functions of prices and markets. Application of principles to empirical problems, decisions, and situations. Prerequisite: ECO 2302.

ECO 428 - GLB/ International Economics/Finance
Hours: 3
An analytical approach to assessing and understanding current impacts international economies have on the United States. Emphasis is on gains from trade, economic growth, exchange rates, price formation, trade policy, and political considerations. Prerequisites: Junior standing.

ECO 489 - Independent Study
Hours: 3
Independent Study. One to four semester hours. Individualized instruction/research at an advanced level in a specialized content area under the direction of a faculty member. May be repeated when the topic varies. Prerequisite: Consent of department head.

ECO 490 - H Honors Thesis
Hours: 3-6
Honors Thesis in Economics. Three semester hours. This course satisfies the requirements for honors thesis and oral examination on the student's chosen topic.

ECO 491 - H Honors Readings
Hours: 3
Honors Readings in Economics. Three semester hours. This course satisfies the requirements for honors readings in economics on the student's chosen topics.

ECO 497 - Special Topics
Hours: 4
Special Topics. One to four semester hours. Organized class. May be repeated when topics vary.

ECO 2301 - GLB/US-Prin Macro Economics
Hours: 3
Introduces the student to the workings and interrelationships of the U.S. and world economics. Principles of economic analysis including measurement of aggregate economic activity, national income determination, money and banking, monetary and fiscal policy, and business fluctuation. Emphasis is given to analyzing real world problems such as poverty, inflation, unemployment, and economic instability.

ECO 2302 - Principles of Micro Economics
Hours: 3
Principles of Micro Economics. Three semester hours. Introduces the student to the basic concepts and tools of analysis in microeconomics. Focuses on the operation of markets, with emphasis placed on the analysis of current problems such as health care, the environment, crime, education and regulatory reform. A major concern is how prices of individual goods and services are determined and how prices influence decision making.

FIN 304 - Introduction to Business Finance
Hours: 3
Basic concepts of business finance with emphasis on global and ethical issues, total quality management, production of goods and services, and various laws and regulations that affect the financial environment in which the firm operates. Basic elements of business finance, the financial environment, financial institutions, security markets, interest rates, taxes, risk analysis, time value of money and valuation. Maximizing value of the firm using financial analysis and planning, working capital management, cost of capital and capital budgeting. Prerequisites: ACCT 222; ECO 2301, 2302; MATH 1324 MATH 176.

FIN 312 - Money, Banking & Financial Markets
Hours: 3
The nature and evaluation of money and its role in determining the overall level of economic activity. The course also examines the role of banking, central banking, and monetary policy as they apply to financial instruments and institutions in the context of global financial markets. Prerequisites: ECO 2301, 2302 MATH 176.

FIN 334 - Sav & Loan Assoc
Hours: 3

FIN 340 - Real Estate Finance
Hours: 3
Real Estate Finance. Three semester hours. The financial, social, legal and regulatory environment affecting real estate investing; the factors affecting availability and sources of mortgage funds; tools used for market research and forecasting; applying processes of analysis for the various types of real estate investments. Prerequisite: Junior standing.

FIN 385 - Principles of Risk & Insurance
Hours: 3
This insurance planning course looks at the basics of insurance and risk and their role as they relates to financial planning. The topics covered include annuities, disability, long-term care including social security, Medicare and Medicaid. It also includes types of life, health, automobile insurance plans. Prerequisites: FIN 304.

FIN 400 - Principles of Investments
Hours: 3
Principles of Investments. Three semester hours. (1) Introduction to the basic principles of investing in debt and equity securities which includes: the study of the behavior of securities markets; mechanics of security analysis and investing; economic affects on prices resulting from dynamic political, social and regulatory influences on the financial environment; and risks, such as those caused by influences of international changes in demographic diversity of the world's countries on domestic securities markets. Prerequisite: FIN 304.

FIN 404 - Advanced Financial Management
Hours: 3
Intermediate techniques of financial management. Emphasis on cash budgeting, capital budgeting, and financial impact of alternative financing methods in both short and long terms, financial engineering, and ethical and global issues with related demographic diversity effects. Prerequisites: FIN 304.

FIN 410 - Analysis of Financial Derivatives
Hours: 3
This course provides a broad introduction to the options, futures, swaps and interset rate options markets. These derivative securities play an integral part in managing risk for many progressive companies, portfolio managers, and sophisticated investors. Prerequisites: FIN 304 and FIN 400.

FIN 420 - Entrepreneurial Finance & Venture Capital
Hours: 3
The goal of this course is to help students understand the dynamics of the capital food chain within the context of the entrepreneurial ecosystem affecting the global economy. To this end, we explore various stages of venture capital investing such as seed, start-up, early, mid and later. Next, we introduce the venture capital model and the valuation aspects of entrepreneurial finance. There is a strong emphasis on modeling cash flows as the most critical component of venture capital decision making. The mechanics of venture capital financing in the form of term sheets, business plans and due diligence process are discussed with respect to deal structuring (the entrepreneur perspective) and deal evaluation (the venture capitalist perspective). Crosslisted with: FIN 520.

FIN 429 - Financial Markets and Institutions
Hours: 3
This course examines the economic role of financial institutions and their relationship to money and capital markets. Prerequisite: FIN 304 or FIN 312.

FIN 430 - Principles of Financial Planning
Hours: 3
Advanced techniques of personal sector cash flow, asset and liability management, life cycle financial planning, investment management, tax planning, and retirement and estate planning. Prerequisites: FIN 304.

FIN 431 - Internship
Hours: 3
The goal of this course is to gain relevant work experience in the student's field of interest by developing specific work related skills to improve marketability upon graduation. Students will also build a "network" of professional contacts. Prerequisites: FIN 304 and FIN 400 or departmental approval.

FIN 434 - Risk, Insurance, and Estate Planning
Hours: 3
Insurance and estate planning for individuals, families, and small businesses, applies risk management principles to evaluate various insurance products, including life, disability, long-term care, health, homeowners, auto and liability. Prerequisites: FIN 430.

FIN 436 - Retirement Planning & Employee Benefits
Hours: 3
This course provides an introduction to retirement plans and employee benefits. The emphasis is on the decision making process of the individual in consultation with the financial planner. After a thorough review of retirement funding, this course discusses qualified pension plans, profit sharing plans and stock bonus plans as well as distributions from and administration of these plans. Other topics include IRAs, SEPs, 401(k), 403(b), and 457 Plans, Social Security, Deferred Compensation and Non-qualified Plans. Employee benefits are explored as both fringe and group benefits. Pre-requisite: FIN 430

FIN 438 - Comprehensive Financial Planning and Presentation
Hours: 3
This course will require students to utilize all of the elements of financial planning. The course will require students to use education planning, investment planning, estate planning, retirement planning, tax planning and insurance planning to generate a comprehensive client plan and presentation. The final product will be a written comprehensive financial plan and oral presentation of that plan. Prerequisites: FIN 400, FIN 430, and by department approval.

FIN 440 - Financial Statement Analysis & Valuation
Hours: 3
The goal of this course is to provide the analytical framework students need to scrutinize financial statements, whether they are (i) evaluating a company's stock price, (ii) determining valuations for a merger or acquisition, or (iii) calculating the value of a start-up company from the perspective of a venture capitalist. By understanding the dynamic nature of financial ratios and evaluating the trends in historical series, students will be able to interpret financial statements in today's volatile markets and uncertain economy, and allow them to get past the sometimes biased portrait of a company's performance. Moreover, the course reflects changes in the financial reporting landscape, including issues related to the financial crises of 2008-2009.

FIN 450 - Financial Modeling in Excel
Hours: 3
A review of principles of corporate finance and investment management using Excel and VBA. There will be an emphasis on (1) Financial Statement Analysis, (2) Valuation Methodologies including Real Options Analysis, (3) Modern Portfolio Theory including the Black-Litterman Approach, and (4) Risk Management Strategies such as Portfolio Insurance, Immunization and Hedging. BLOOMBERG PROFESSIONAL® will be incorporated when possible. Prerequisites: FIN 304 and FIN 400.

FIN 471 - GLB/International Business Finance
Hours: 3
The goal of this course is to help students understand issues and questions which concern financial management of international corporations. The course introduces students to the international aspects of corporate finance, including such topics as the international monetary system, balance of payments, foreign exchange markets, international parity conditions, foreign exchange exposure and management, foreign direct investment, international venture capital and entrepreneurship, global financing, and international cost of capital and capital budgeting. The course will emphasize the link between theory and applications. Pre-requisite: FIN 304

FIN 489 - Independent Study
Hours: 3
Individualized instruction/research at an advanced level in a specialized content area under the direction of a faculty member. May be repeated when the topic varies. Prerequisites: Consent of department head.

FIN 490 - Honors Thesis
Hours: 3

FIN 491 - H Ind Honors Readings
Hours: 3

FIN 497 - Special Topics
Hours: 1-4
Special Topics. One to four semester hours. Organized class. May be repeated when topics vary.

Augustine C. Arize
Regents Professor
B.S., M.B.A., University of Central Arkansas; Ph.D., North Texas State University.

Raymond J. Ballard
B. A., California State University; M. A., University of Southern California; Ph. D., Texas AM University.

Tom Deaton
B.A., Ph.D., Texas AM University

Dale Funderburk
B.A., East Texas State University; M.S., Ph.D., Oklahoma State University.

Al Gormus
Assistant Professor
B.A., M.S., Texas Tech University; Ph.D., University of Texas at Arlington

Kishor Guru-Gharana
Associate Professor
B.A., M.A. Tribhuvan University; M.A., Southern Methodist University; M.S., University of Texas; Ph.D., Southern Methodist University.

Singru Hoe
Assistant Professor
BA., Fu-Jen Catholic University, Taiwan, MBA., George Washington University, Ph.D., University of Texas at Arlington

Stanley Holmes
Assistant Professional Track
B.B.A., and MS., Texas SM University-Commerce, Ph.D., Texas AMUniversity

Mary Francis Miller
B.S., M.S., New Mexico State University.

Srinivas Nippani
B.C., M.C., Osmania University; M.S., Indian Institute of Technology; Ph.D., University of Arkansas.

Asli K. Ogunc
Associate Professor and Department Head
B.B.A., Marmara University; M.B.A., Western Michigan University; M.S., Ph.D., Louisiana State University.

Dror Parnes
Assistant Professor
B.Sc., Tel-Aviv University; M.S., Ph.D., The Graduate School and University Center-The City University of New York

Steven S. Shwiff
B.A., University of Texas; M.A., St. Mary’s University; Ph.D., Texas AM University.