COURSE NUMBER: MBA283.1
This course is
cross-listed with the EWMBA Program
COURSE TITLE: Real Estate Finance and Securitization
UNITS OF CREDIT: 3 Units
INSTRUCTOR: Alexei Tchistyi
E-MAIL ADDRESS: tchistyi@haas.berkeley.edu
CLASS WEB PAGE LOCATION: https://bspace.berkeley.edu/portal
MEETING DAY(S)/TIME: Tuesdays, 6:00pm-9:30pm
PREREQUISITE(S): MBA203, MBA280
CLASS FORMAT (Will there be lectures, cases, or a mixture?):
mixture
REQUIRED READINGS (Not a list of specific readings but a
statement of whether you will use a textbook, cases, course reader, readings on
reserve, or a mixture.): mixture
BASIS FOR FINAL GRADE (midterm, final, paper(s),
project(s), class participation, or a mixture): mixture
ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES (2-4
paragraphs):
This is an applied finance and economics course that
focuses on the structure and operation of the U.S. mortgage and asset-backed
securities market. The course begins with an overview of the fundamentals of
bond and mortgage contracts and a review of basic analysis tools such as
duration and convexity. The course then considers the fundamentals of
residential and commercial real estate contracting and analyzes methods to
design mortgages to manage risk. These foundation concepts are further
evaluated in detail in a series of cases that will be discussed in class. The course will then review recent advances
in finance to price mortgage and contracts with embedded options such as prepayment,
default, extension and cancellation. The final part of the course considers the
multi-trillion dollar mortgage and asset-backed bond markets. We will discuss
the fundamentals of securitization, strategies to structure deals, and methods
to price bonds. The course will offer all students an opportunity to develop
their business skills through a final project presentation.
BIOGRAPHICAL SKETCH (1-2 paragraphs):
Alexei Tchistyi is an Assistant Professor of Real Estate
and Finance at the UC Berkeley Haas School of Business. Before joining UC
Berkeley in July 2008, Professor Tchistyi was an Assistant Professor of Finance
at the New York University Stern School of Business. Professor Tchistyi
received his Ph.D. from the Stanford Graduate School of Business in 2005.
Professor Tchistyi’s research focuses on financial innovations, mortgages and mortgage-backed securities, dynamic contracting, corporate finance, and banking. His papers have been published at the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis. His paper “Performance-Sensitive Debt” won the Review of Financial Studies Young Researcher Award in 2009. Professor Tchistyi has won the outstanding teaching awards in the PhD Program in 2011 and in the MFE Program in 2010.