Public Finance

Public Finance will introduce the nuances of the US municipal financing market from the perspective of issuers, investors and intermediaries. Students will learn about traditional fixed rate bond structures, but will also look at innovative financing techniques that have been implemented in recent years. In-depth discussions of interest rate markets and their impact on financing will be a key area of study. The growing pressures of public sector pensions are influencing how states and municipalities manage their budgets, and are under increased scrutiny by market participants; as such, pension accounting will be a focus area for the class as well. Financial distress and municipal bankruptcy will be examined through case studies of recent high profile issuers, such as the City of Detroit and the Commonwealth of Puerto Rico. The class is intended to prepare students to be versed in the fundamental concepts underpinning capital markets as they relate to municipalities and non-profit corporations, and to provide a knowledge base that can be utilized in practice in their careers.