Department of Economics and Finance

309A Anderson Hall
610-436-3422
Orhan Kara, Chairperson

PROFESSORS: Andrews, Benzing, Kara

ASSOCIATE PROFESSORS: Condliffe, Doorn, Li, Tolin, Zhu

ASSISTANT PROFESSORS: Abdesaken, Dunleavy, Isgin, Malcolm, Marcinak, Miller, Saboe, Schini, Ulupinar, Zheng

The primary objective of the Department of Economics and Finance is to provide a learning experience that will permit each student to achieve maximum intellectual development in his or her chosen area of study and to prepare for a satisfying career in that field.

Two degree programs are offered:

  1. The B.S. in ECONOMICS focuses on a business orientation of economic analysis.

    The economics program seeks to develop communication, problem-solving, and technology skills, as well as an understanding of practical and theoretical concepts in economics. Faculty members employ a variety of teaching methods to attain this mission. Graduates of the economics program should be well-prepared for a career in business and government or for the pursuit of graduate studies in a variety of fields.

    2. In addition to the above abilities, graduates with a B.S. in economics should be able to
    • communicate information of an economic or policy nature through written and oral presentation;
    • use quantitative methods to analyze problems;
    • use technology (including spreadsheets and statistical software) to present and analyze economic problems;
    • critically analyze an economic issue and develop a clearly supportable position on the issue;
    • understand the principles of international trade in microeconomics and macroeconomics; and
    • understand basic economic concepts and theories.
  2. The B.S. in FINANCE focuses on investment, international finance, and financial markets.
    The finance program seeks to develop communication, problem-solving, and technological skills, and an understanding of practical and theoretical concepts in finance. Faculty members employ a variety of teaching methods to attain this mission. Graduates of the finance program should be well-prepared for a career in the field of finance or for the pursuit of graduate studies in a variety of fields.

    3. In addition to the above abilities, graduates with a B.S. in finance should be able to
    • critically analyze an economic or financial issue and develop a clearly supportable position on the issue;
    • effectively communicate information of a financial or policy nature through written and oral presentation;
    • use quantitative methods to analyze problems;
    • use technology and financial spreadsheets to present and analyze financial problems;
    • understand how international finance is applied to company decision making; and
    • understand basic financial concepts and theories.

All freshmen and those transfer students who have not completed the required courses will be admitted to the pre-business program.

BACHELOR OF SCIENCE - ECONOMICS

120 semester hours

  1. General ed. requirements, see pages 38-44 (48 semester hours)
    (includes MAT 105** or 107** or 108** or 110** or 161**; PHI 101 or 150 or 180; and nine semester hours of free electives)
  2. Business core (42 semester hours)
    ACC 201**, 202**; BLA 201**; ECO 111**, 112**, 251**, 252**; FIN 325**; MAT 108 or 161; MGT 200**, 313**, 341**, 499**; and MKT 325** (If either of the MAT courses is completed with a grade of C or better to fulfill general education requirements, then a free elective may be substituted.)
  3. Other course required (3 semester hours)
    ENG 368**
  4. Major concentration courses (24 semester hours)
    ECO 335** or FIN 337**, ECO 340**, 348**, 400**, two electives in economics 300 level
    or above**, ECO 338** or FIN 372**, and one elective in finance 300 level or above**
  5. Free electives (3 semester hours)

A minimum of 30 credits in business courses must be completed at West Chester University, with a minimum of 15 credits in 300–400 level ECO courses.

BACHELOR OF SCIENCE - FINANCE

120 semester hours

  1. General ed. requirements, see pages 38-44 (48 semester hours)
    (includes ECO 111**; MAT 105** or 107* or 108** or 110** or 161**; PHI 101 or 150 or
    180; and nine semester hours of free electives)
  2. Business core (36 semester hours)
    ACC 201**, 202**; BLA 201**; ECO 112**, 251**, and 252**; FIN 325**; MAT 108 or 161; MGT 200**, 313**, 341**, 499**; and MKT 325** (If either of the MAT courses is completed with a grade of C or better to fulfill general education requirements, then a free elective may be substituted.)
  3. Other course required (3 semester hours)
    ENG 368**
  4. Major concentration courses (21 semester hours)
    FIN 326**; FIN 337** or ECO 335**, FIN 344**; FIN 372** or ECO 338**; FIN 375**; and two electives in finance, economics, or accounting 300 level or above**
  5. Business electives (6 semester hours)
    300-level or above courses in ACC, BLA, ECO, INB, MGT, MIS, MKT; GEO 325, 425; or PSC 318
  6. Free elective (3 semester hours)

A minimum of 30 credits in business courses must be completed at West Chester University, with a minimum of 15 credits in 300–400 level ACC or FIN courses.

To apply for their business major, students must (1) complete ACC 201; ECO 111, 112, and 251; and MGT 200 with a C or better in each course; (2) pass and complete both MAT 107* and MAT 108† with a C or better required in at least one of them.  If a student is placed directly into MAT 108 and receives a C or higher or has completed MAT 161 or MAT 162 with a C or better, then the student does not have to take MAT 107 (replaced as a free elective); (3) have a minimum overall GPA of 2.50; (4) pass an Excel basic skills exam with an 88% or better; and (5) have at least 45 credit hours.  These requirements must be met to be eligible to register for 300 and 400 level business courses.  The same rules apply to all transfer students – both internal (those from within the University) and external (those from a non-WCU institution).

Minor in Economics (30 semester hours)

To be admitted into the minor in economics, students must have an overall GPA of 2.5 and have completed the following classes with a C or better: MAT 105 or 107 or 110, and ECO 111, 112, and 251. Once admitted to the minor, students must maintain an overall GPA of 2.5 to continue in the minor.

  1. Course requirements (12 semester hours)
    ECO 340**, 348**, and two economics electives at the 300 level**
  2. Prerequisite course requirements (18 semester hours)
    ECO 111**, 112**, 251**, 252**; MAT 105** or 107** or 110**, MAT 108 or 161

Minor in Finance (30 semester hours)

To be admitted into the minor in finance, students must have an overall GPA of 2.5 and have completed the following classes with a C or better: MAT 105 or 107 or 110, and ECO 111, 112, and 251. Once admitted to the minor, students must maintain an overall GPA of 2.5 to continue in the minor.

Course requirements are ACC 201**, MAT 108, and FIN 325**, 326**, 344**, and 372**. Only business majors and students who have been accepted into the minor may register for 300-level finance classes.

*Course substitutions for MAT 107 are MAT 105 or MAT 110.
† Course substitutions for MAT 108 are MAT 161 or MAT 162.
**A minimum grade of C must be attained in these courses. Students must maintain a 2.50 overall GPA and pass an Excel proficiency exam to register for 300- or 400-level business courses and to graduate.

COURSE DESCRIPTIONS
ECONOMICS

Symbol: ECO

111 Principles of Economics I (Macro) (3) National income and its measurement. The determination of price levels, output, and employment. Money and credit, expenditures, and economic stability. Government fiscal and monetary policy. PREREQ: Working knowledge of high school mathematics is required.

112 Principles of Economics II (Micro) (3) Principles underlying use and allocation of scarce productive resources. Consumption and production activities. Value, price, and income distribution. Considerations of economic efficiency and welfare. PREREQ: Working knowledge of high school mathematics.

200 Personal Economics and Financial Planning (3) Students will acquire an understanding of the nature and scope of the economy and how it affects one’s life plans and goals. Topics covered include supply and demand, financial planning, personal taxes, retirement planning, investing in stocks and bonds, portfolio management, the time value of money, managing credit cards and debt, and insurance planning.

250 International Special Topics in Economics (3) Different international special topics.
This course may be taken again for credit.

251 Quantitative Business Analysis I (3) Teaches students to analyze data and solve problems using descriptive statistics and probability theory. Covers discrete and continuous probability distributions, and sampling distributions. Stresses practical business applications of statistical theory as well as how to obtain and interpret descriptive statistics using Excel. Use of a spreadsheet program (such as Excel) necessary to manipulate data and formulas. PREREQ: ECO 111 or 112; MAT 105 or 107 or 108 or 110 or 161.

252 Quantitative Business Analysis II (3) Teaches students how to develop testable hypotheses and use them to analyze data and answer questions. Covers confidence intervals, analysis of variance, simple regression, multiple regression, and correlation. Stresses practical business variance using Excel and another statistical package and interpret the results. Use of a spreadsheet program (such as Excel) necessary to manipulate data and formulas. PREREQ: ECO 111, 112; ECO 251 or MAT 121; MAT 105 or 107 or 108 or 110.

334 Labor Economics (3) Application of economic theory to the operation of labor markets and the collective bargaining process. Consideration is given to the development of the labor movement and public policy toward labor and employment. PREREQ: ECO 111 and 112.

335 Money and Banking (3) A survey of money, credit, and prices, emphasizing their effects on economic stability. The Federal Reserve System and its effect on credit control. PREREQ: ECO 111 and 112.

336 Regulation of Competition (3) Background and development of public policies that directly modify the free enterprise economy of the United States. Evaluation of policies that change the nature and extent of competition. PREREQ: ECO 111 and 112.

337 Economic Growth and Development (3) A survey and critical evaluation of alternative theories of capitalist economic development. Analysis and comparison of alternative public policies applicable to underdeveloped countries and regions. PREREQ: ECO 111 and 112.

338 International Economics (3) A descriptive, analytical examination of international trade, finance, and other economic relationships. The effects of public policies on these relationships. PREREQ: ECO 111 and 112..

340 Intermediate Microeconomics (3) A continuation and extension of the price-system analysis in ECO 112. Emphasis on the need for efficiency in the economy’s use of scarce productive re­sources. PREREQ: ECO 111, 112, and 252; ECO 251 or MAT 121; MAT 108 or 161.

341 Public Finance (3) Government's influence on stability of national income. Nature of taxes and expenditures at the various levels of government and their effect on the allocation of resources and the distribution of income. PREREQ: ECO 111 and 112.

342 Economics of the Law (3) Applies economic reasoning to the analysis of legal rules, examining both efficiency and distributional consequences. Examines the incentive effects created by property law, tort law, contract law and criminal law, along with their institutional frameworks. PREREQ: ECO 111 and 112.

345 History of Economic Thought (3) Origins of economic thought and comparison of the major schools of economic doctrine. Current economic and socio-political factors. PREREQ: ECO 111 and 112.

346 Game Theory (3) This course introduces students to strategic decision making. It considers simultaneous and sequential interactions, repeated interactions among the same players, and interactions where information is incomplete or asymmetric. It provides an applied overview of game theoretical concepts and emphasizes their use in real-world situations. The course also introduces students to the field of behavioral game theory, which integrates insights from psychology into standard economic theory. PREREQ: ECO 111, 112, and 252; ECO 251 or MAT 121; MAT 108 or 161; and a minimum 2.50 cumulative average.

348 Intermediate Macroeconomics (3) Introduction to the theory of income, employment, and growth. Provides the analytic tools necessary for dealing with aggregate economic problems. PREREQ: ECO 111, 112, and 252; ECO 251 or MAT 121; MAT 108 or 161.

350 Urban Economics (3) Economic aspects of such urban problems as poverty, housing, taxation, income distribution, and discrimination. Analysis of economic aspects of various proposed remedies, including urban renewal, family allowances, cooperatives, and others. PREREQ: ECO 111 and 112. Writing emphasis course.

370 Economics of Health Care (3) This course will apply the tools of economic analysis to the various components of the health care system. Relying on microeconomics principles, students will study the behavior of participants (consumers, providers, insurers) in the health-care industry. Key policy issues that surround the provision of health care will be discussed. To be successful in this course, students must be able to manipulate data and formulas using a spreadsheet package such as Excel. PREREQ: ECO 111 and 112; minimum 2.50 cumulative GPA.

385 Environmental and Resource Economics (3) The role of the environment in an economic system. Topics include energy economics, the economics of renewable and nonrenewable resources, and the economics of pollution. PREREQ: ECO 111 and 112.

400 Research Methods for Business and Economics (3) Provides the skills and tools required in business and economic research. Covers hypothesis development, data collection, multivariate analysis, and regression. Senior economics majors only. PREREQ: ECO 340 and 348.

401 Introduction to Econometrics (3) Statistical and mathematical techniques applied to economic situations. Use of empirical data in economic analysis. PREREQ: ECO 111, 112, and 252; MAT 108.

409 Senior Seminar (3) Students are expected to prepare a research paper that describes and analyzes a current topic in economics. PREREQ: Senior standing, ECO 252, 340, and 348.

411-412 Internship (3 or 6) The internship is open to majors in economics only. It is intended to enhance the student's educational experience by providing substantive, professional work experience. PREREQ: Permission of department chairperson.
This course may be taken again for credit.

414 Special Topics in Economics (3) Provides in-depth coverage of a major current topic in economics, from current monetary policy to economic issues in China. PREREQ: ECO 111 and 112; minimum 2.50 cumulative GPA.

FINANCE

Symbol: FIN

325 Corporate Finance (3) Fundamental financial management course introduces students to essential financial concepts, including the analysis of financial statements, time value of money, stock and bond valuation, risk and return, capital budgeting, and cost of capital. PREREQ: ACC 201; ECO 111 and 112; ECO 251 or MAT 121; MAT 108 or 161.

326 Intermediate Financial Management (3) Emphasizes the theoretical understanding and practical application of concepts introduced in FIN 325. Students perform a financial analysis of one or more companies including current trends in the economy and industry, as well as ratio, DuPont, and operating capital analyses. Use of spreadsheet analysis to value stocks and bonds; determine the cost of capital, NPV, and IRR; and calculate beta. PREREQ: FIN 325; MAT 108 or 161.

330 Principles of Insurance (3) Designed to give students a sound foundation for personal risk management along with a basic understanding of the insurance industry. Covers insurance pricing, industry regulation, risk management, and contract law; homeowner's, personal auto, life, and health insurance; and retirement products. A paper is required. PREREQ: FIN 325.

332 Real Estate Finance (3) Covers different types of real estate, forms of ownership, real property rights, and land use policies; how to perform a feasibility analysis and value real estate using the income capitalization, sales comparison, and cost approaches; various types of residential mortgages; and how to finance a commercial property purchase. How to lease, buy, sell, and mortgage a property, analyze the market, examine risk factors, and determine the best financing technique. PREREQ: FIN 325.

337 Financial Markets and Institutions (3) Covers a variety of domestic and international financial markets and institutions, including the mutual fund industry, banking institutions, insurance companies, savings institutions, credit unions, and pension funds, as well as their regulation, operation, and management. Reviews macroeconomic principles and money and banking theory. Written and oral presentation of a financial institution required. PREREQ: FIN 325.

344 Investments (3) Problems and procedures of investment management; types of investment risks-security analysis; investment problems of the individual and as well as the corporation. PREREQ: FIN 325; minimum 2.50 GPA; majors only.

350 Investment Analysis and Portfolio Management (3) Emphasizes portfolio construction and importance of diversity and asset allocation rather than security selection. How to set portfolio objectives, develop investment policy, construct a portfolio, and manage it. Importance of using options and futures, periodic review and portfolio revision, benchmarking, and duration analysis. Interview a client, develop an investment portfolio based on needs assessment, and present the results. PREREQ: FIN 344.

351 The Market for Corporate Control (3) The question of who controls an economy’s assets is essential to understanding the success of the economy. The aim of this course is to thoroughly examine the market for corporate control, which includes mergers, acquisitions, LBOs, proxy fights, reorganizations, and antitakeover protections. This course will cover the history of M&A markets, review corporate governance practices, and investigate the current theories and empirical evidence on buyouts and acquisitions. The course includes a rigorous treatment of deal valuation and financial modeling. Throughout the course, case studies provide students with access to key concepts and an interactive experience. PREREQ: FIN 326 with a grade of C or better.

360 Financial Analysis Using Excel (3) Teaches students how to use Excel spreadsheets to structure, analyze, and solve financial problems. Students will use Excel to develop financial forecasts, perform break-even and sensitivity analysis, and make capital budgeting decisions. PREREQ: FIN 325 with a grade of C or better.

372 International Finance (3) Introduces global financial markets and financial risk management. Covers foreign exchange markets, money markets, bond markets, and equity markets, of which each market is developed to consider the needs of a multinational corporation, thus providing a meaningful integration of international markets and institutions. PREREQ: FIN 325.

375 Contemporary Financial Issues (3) Students will think, speak, and write about complex financial and economic issues, including ethics, efficient markets, data analysis and forecasting, globalization, behavioral finance, and portfolio analysis. Thesis, PowerPoint presentation, and portfolio analysis required. Senior finance majors only. PREREQ: FIN 326, 344, and 337. Writing emphasis course.

410 Special Topics in Finance (3) Provides in-depth coverage of a major current topic in finance. The topic will change each semester. Topics to be covered include capital budgeting, valuation, financial derivatives, and financial modeling. PREREQ: FIN 325.