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.