MBA Online

Graduate School of Management at Ritsumeikan Asia Pacific University (APU)
Investment and Security Analysis
Topics addressed in this course will include the structure and operation of securities markets, the relationship between security value and the macro-investment environment, and investment policies for individual and institutional investors. Patterns of risk and return will also be presented, together with methods for valuation of investment products.

Graduate School of Management at Ritsumeikan Asia Pacific University (APU)

Financial Management
This course will present advanced financial issues confronted by corporate managers engaged in capital planning. Students will gain skills in financial management for corporate expansion and restructuring, capital structure, and capital distribution policy.

Faculty of Economic at The University of Tokyo

5055: Introduction to Stochastic Calculus for Finance
Summer D.Nakazato
The lecture launches from the Black-Scholes non-arbitrage valuation theory base, then penetrates through the core of the Heath-Jarrow-Morton interest rate term structure model. It is destined for the hazard rate process for the credit portfolio evaluation where an art of financial engineering entangle with sophistication of actuarial mathematics. Current and hot topics on derivatives evaluation will be covered from theoretical perspectives aiming at practical solutions.

Faculty of Economic at The University of Tokyo

4095: Securitization and the Economic Analysis of Corporate Finance
Winter H.Nakamura
This course provides lectures on theoretical analyses of the optimal corporate financial structure and securitization.

ICS , Graduate School of International Corporate Strategy
[Term 3 & 4] Entrepreneurial Management (M. Korver) (2009/Term 3&4 (Spring&Summer))

This course covers the process of identifying and assessing entrepreneurial opportunities, then conceptualizing and planning an enterprise tasked to capitalize on such an opportunity. Students will work in teams to pick an attractive entrepreneurial opportunity (viz., a new technology, new business area, or innovation in an existing market) and develop a business plan, working through issues of opportunity identification and analysis, management team-building and organization, competitive strategy, marketing and sales, and identifying and obtaining necessary resources. We will introduce frameworks necessary to identify and analyze entrepreneurial opportunities and the elements of companies that can quickly define and dominate an existing or new category of business through innovative strategies or disruptive technology.
Course Structure

The course is designed to provide students with the opportunity to gain practical knowledge in how to identify entrepreneurial opportunities and, with limited resources, transform them into successful enterprises. This knowledge will be gained by:
(1) Studying cases of both successful and unsuccessful entrepreneurial ventures
(2) Learning about and applying analytical frameworks to issues commonly faced by entrepreneurs
(3) Examining in detail what a business plan is designed to do, what it contains, how it is developed and written, what are its uses, how to analyze and evaluate the business plan, and what investors look for in a business plan
(4) Providing an environment where students can collaborate to create their own winning business plans as members of entrepreneurial management teams
(5) Interacting with business plan contest judges and hands-on faculty who have deep and recent experience starting and building companies
Teaching Method

The course consists of two sections. Term 3 (Spring) will primarily cover the items (1) through (3) in the previous paragraph and will culminate in a mid-term examination. Term 4 (Summer) will primarily cover items (4) and (5) and will culminate in a business plan competition. Accordingly, the first section consists of regularly scheduled sessions with a mixture of case studies, lectures, and class discussion. Term 4 (Summer) consists of out-of-class collaboration by the team members on development of a business plan with periodic feedback from the faculty. In addition, guest lectures may be scheduled from time-to-time. The details of the business plan competition will be announced during the first class.

ICS , Graduate School of International Corporate Strategy

[Term 4] Topics in Finance (R.Yasuda) (2009/Term 3&4 (Spring&Summer))

This course tries to identify recent key corporate topics and analyze them from the viewpoints of three factors: strategy, organization, and finance. These three factors are mutually interactive in the real corporate world. Students are encouraged to apply what they learnt about the basics of these three themes in the previous three terms.

Topics will be selected from among important issues that top corporate managers having recently been facing.
Course Structure

The first four topics will be based on the Corporate Evolutional Development Concept which emphasizes non-linier type of corporate development by smartly adapting itself to changing environments or by mutation.

Evolutional development requires the corporate organization to respond to seasonal characteristics of the environment.
(1) Growth Strategy (in response to the spring season)
(2) M&A Strategy (in response to the summer season)
(3) Turnaround Strategy: The case of Tokyu (in response to the autumn season)
(4) Corporate Venture as the mutation

In addition, four other topics will be introduced to enhance the understanding of students on recent finance topics.
(1) Why has the world financial and energy and food crisis arisen, and how should corporations respond to overcome this crisis of stagflation?
(2) Recent strategies of financial institutions: the shortage of capital in global financial institutions and moves for merchant banking and asset management businesses
(3) Is fund capitalism contributing to the healthy growth of corporations and society?
(4) What is the role of smart CFOs?
Teaching Method

The teaching methodology is a combination of lectures and case discussions, as well as lectures by outside guest speakers. This combination may vary depending upon the topics. For instance, growth strategy may start with a lecture on the first day and be followed by a case discussion which is assigned for homework. Turnaround strategy is conducted in a one-day case discussion of Tokyu. On the other hand, other topics will be conducted mainly by lectures, with small pre-reading assignments. In addition, several students will be requested to give 5-10 minute commentary speeches on related news topics at the beginning of class.

ICS , Graduate Schl f Internatinal Crprate Strategy

[Term 4] Change Management (K. Ichij) (2009/Term 3&4 (Spring&Summer))

This curse is abut rganizatinal change management, in which a firm seeks t successfully mbilize peple fr change t imprve its business perfrmance.

Business leaders face varius challenges. Challenges f launching new grwth strategies, challenges f implementing new business mdels, and challenges f accmplishing crprate transfrmatin, t name a few. Business leaders have t implement change initiatives and mbilize the entire rganizatin fr change s that they can vercme the challenges facing them.

Change, hwever, is nt easy. ld habits die hard. Peple are afraid f change. Every change initiative faces resistance; therefre, business leaders shuld be gd at managing change. Successful change management aims t manage change prcesses successfully s that the challenges identified can be effectively and efficiently vercme within a shrter perid f time.

In this curse, students will study leadership, prcesses, and key enablers fr successful change management.
Curse Structure

ICS , Graduate School of International Corporate Strategy
The curse is structured s that the students will have a better understanding f the successful executin f change initiatives. Effective change management is required when business leaders launch new initiatives t vercme the challenges facing them. Therefre, in this curse, several key leadership challenges such as the executin f a new grwth strategy, a new business mdel, a new rganizatin, and crprate transfrmatin will be studied. In this study, the fllwing key prcesses fr change management will be examined.
Assessing change necessity.
Shaping a visin fr a change initiative.
Mbilizing cmmitment: Spnsring frm abve; repeating small wins; and caching and guiding.
Making change last: embedding new culture; and establishing scial netwrk.
Teaching Methd

This curse will be taught using the Harvard Business Schl type f case methd. Students will be asked t prepare a case and discuss questins designated by the instructr fr each sessin. Mst learning will take place in class primarily frm cmments made by fellw students. The rle f the instructr will be t facilitate stimulating discussin.

ICS , Graduate School of International Corporate Strategy
[Term 3] Competitiveness of Firms & Clusters (Y. Ishikura) (2009/Term 3&4 (Spring&Summer))

Today, competitiveness is discussed extensively at multiple levels: the level of the firm, city, region, and/or country. There are many competitiveness rankings available, addressing different levels, such as the Global Competitiveness Report by the World Economic Forum. Competitiveness has become an important issue not only for the firm but also the nation/city/region, partly because of the advancement of ICT (Information & Communication Technology) and of globalization.

This course explores the determinants of competitiveness and economic development viewed from a bottom-up, business perspective. While sound macroeconomic policies, stable legal and political systems, and investment in human and physical capital create the potential for competitiveness, wealth is actually created at the business level. The sophistication and productivity of firms, the vitality of clusters, and the quality of the business environment in which competition takes place are the ultimate determinants of a nation’s or region’s productivity. Wealth is created not by governments, but by companies in the private sector.

This course covers both developing and advanced economies, and addresses competitiveness at the level of nations, regions, or cities within nations, clusters, and groups of neighboring countries. A major theme of the course is that competitiveness and economic development are affected by circumstances and policies at all of these levels.

The course is concerned with the role of government, and also with the roles of firms, universities, and other institutions in determining competitiveness. In modern international competition, the roles of these constituencies have shifted and expanded, and the traditional separation between them has worked against successful economic development.

Under these circumstances, business executives today are expected to play a more active role in shaping the business environment, which determines a nation’s, region’s, or city’s productivity. They are expected to have global and inter-disciplinary perspectives. They can no longer be concerned only with the domestic market or their industry. As world trade continues to increase, an open system for innovation is becoming more prevalent, and financial trouble originating in one market can affect the world very quickly.

Business executives can no longer focus only on the bottom line, as “companies can help create a better society while improving their bottom line, by focusing on contributions aligned with their core competencies and corporate missions…” (quoted from the WEF 2008 summary, Corporate Global Citizenship in the 21st Century”). As was pointed out at the WEF annual meeting in 2008, the collaboration of businesses, governments, and NGOs is perceived to be critical in resolving global issues, such as energy and the environment in today’s globalized world.

This course attempts to address these emerging issues facing future leaders, whether they are in companies, governments, other institutions, or civil society organizations. As such, this course is different from most MBA courses in the following respects. First, it is not purely a management course, but a course focused on economic development and prosperity. While it explores implications for companies and the new, expanded role of business executives, the course discusses the roles of other important constituencies, such as government and social entrepreneurial organizations.

The ability to mount and sustain a competitiveness improvement strategy for a nation or region is a daunting challenge. Thus, the course will explore not only theory and policy, but also the nature of the organizational structure, institutions, and processes required for sustained improvements in competitiveness.

Some of the questions which have emerged from past attempts to deal with the issue of competitiveness, economic development, and prosperity include the following:
• How can the economy move from one that is resource-based (such as those dependent on oil and other natural resources) to one that is investment-based and diversified?
• How can we create an innovative economy?
• How do we make these changes happen, as the process of improving competitiveness involves many diverse organizations with different agendas, mentalities, and thought processes?

The course was originally created by Professor Michael E. Porter at the Harvard Business School. It is offered not only in the Harvard University community, but also simultaneously by professors at other universities around the world.
Course Structure

The course consists of Three Modules. Module I discusses Firms, Industries, and Locations. Module II covers the Microeconomic Business Environment, which is the main topic of the course. Module III refers to the Economic Strategy for Nations, States and Regions. Advanced topics will be covered as well.

The course will build on topics such as “firms and industry competition” (covered in the Competitive Strategy course in Term 1) and problem definition and implementation (covered in the Problem Solving course in Term 2). The course will also touch upon issues such as the Mission, Vision, and Value of individual leaders, which will be covered during the Knowledge Week offered in June.
Teaching Method

The course will be taught using the case method, together with readings, lectures (both real and virtual), and guests (both real and virtual).

As it is a joint course with HBS and other institutions throughout the world, content is shared via the Internet.

We will show some videos of Michael Porter’s lectures and of the guests at the Harvard Business School. In addition, we plan to have some guests just for ICS.

ICS , Graduate School of International Corporate Strategy

[Term 3] Business Research (C. Ahmadjian) (2009/Term 3&4 (Spring&Summer))

This course is a how-to course in conducting and evaluating business research. Many of you will be required to do research in your post-MBA careers—in consulting, marketing, equity analysis, competitor analysis, etc. All of you are likely to be consumers of business research. Whatever you do after business school, you will probably be reading Nikkei Business, the Harvard Business Review, or The Economist. At the very least, you will be consumers of business research prepared by management consultants or securities analysts. Hence, the objective of this course is not only to prepare you to do research but also to prepare you to be wise, and critical, consumers of business research.

One special focus of this class will be on logical and critical thinking. If you think that you need more practice in becoming a more logical and critical thinker, this course will help you. One warning: This course may ruin your life! Students in previous years have said that after taking research methodology, they have trouble believing anything that they read, because we learn how to evaluate claims made by consultants, journalists, and politicians.
Course Structure

The course begins with several sessions on general issues in research design: inductive and deductive approaches, measurement, and sampling. We will then cover four main research methods: surveys, experiments, research using available data, and field or case study research. We will also consider research ethics.

In the course, we will evaluate research produced by consultants, business school professors, equity analysts, and journalists. My main focus, however, will be to give you a very firm grounding in the basic principles of research. We will examine issues such as how to choose a sample that is appropriate and will give accurate and generalizable results, how to design a survey that is not biased, and how to define a research question that makes the research process efficient and focused.

There will be two textbooks. The first is How to Lie with Statistics by Darrell Huff. Of course, I am not teaching you how to lie with statistics, but this book points out some commonly used tricks, and teaches us some fundamentals of research methodology. You should buy this if possible - it is a short paperback. The other text is Approaches to Social Research by Royce A. Singleton, Jr. and Bruce C. Straits. This book is hard core, and is used in many PhD courses in research methodology. I have assigned two chapters from this book. You don’t need to buy it - it will be on reserve in the library.

Research is much easier to read and criticize than to do. Therefore, there will be three written assignments in which you have an opportunity to do research and provide constructive criticism of others’ work. First is a short, half-page paper listing three research questions. This will be very easy. The second is a longer paper (8-10 pages), in which you will be asked to come up with a research question, and two different research designs to answer that question (you may choose between survey, experiment, available data, and field/case study). You don’t have to do the research, just come up with the design. This will be more difficult than you expect, but you will be glad that you did it. The third assignment will be to critique an (anonymous) classmate’s research design. This will be 3-5 pages. The biggest challenge will be to be helpful and constructive. There will be no final exam. All the assignments are to be done individually.
Teaching Method

The class format will be lectures and discussions.

ICS , Graduate School of International Corporate Strategy
[Term 2] Accounting & Business Valuation (K. Koga) (2008/Term 1&2 (Fall&Winter))

This course is aimed at MBA candidates who expect at some point in their careers to use financial statements to evaluate the performance of a company and the value of a business. The objective of the course is to provide hands-on experience in financial statement analysis. By the end of the course, you will be able to read firms’ financial statements and also understand how a financial statement can be used to do “fundamental analysis” and equity valuation.

How can we translate “sustainable competitive advantage” into accounting numbers? How about the concepts of “cost leadership” and “core competence”? The course focus is not on the details of accounting rules, but on interpreting strategy from profitability, efficiency, financial health, stability, and so on.
Course Structure

In this course students will be exposed to a comprehensive financial statement analysis and valuation framework that integrates accounting, financial analysis, and valuation.

The first half of the course develops financial statement analysis and an accounting-based valuation framework that integrates accounting numbers and corporate strategy. This will help students understand how strategy is reflected in financial numbers.

In the second half of the course, the fundamental analysis framework will be applied in a variety of business contexts, such as the following:
(1) Valuation of diversification strategy
(2) Valuation of M&A and divestiture
(3) Financial reporting strategy
(4) Financial policies, such as stock repurchase and dividend policy
Teaching Method

The early part of the course will be slide oriented with accounting data. From the midpoint, some cases will be used. Students are expected to analyze financial statement information and prepare case studies thoroughly.