Economics, Business, & Accounting

The basics of financial accounting and an appreciation of the content and usefulness of accounting measurements and financial reports. 

A study of accounting systems and controls, including job order cost and process cost systems. The development and application of managerial accounting concepts and principles. Also stressed are the organization and operation from a managerial accounting perspective. 

An in-depth and comprehensive study of the financial statements, with special emphasis on valuation of each class of asset. Also reviewed are the concepts and principles underlying accounting and their application in the accounting process. 

A continuation of Intermediate Accounting I, emphasizing liability and stockholders' equity accounts. In addition, such topics as statement of cash flows and financial analysis are included.

A study of the taxation of individuals under the Internal Revenue Code. Emphasis will be placed on concepts of gross income, exclusions, deductions and credits available to individual taxpayers. Business income and deductions of sole proprietors will be addressed. 

A study of the Internal Revenue Code relating to the taxation of corporations, partnerships, trusts, estates and related entities. This course assumes a knowledge of the taxation of individuals, including sole proprietorships, and is a continuation of ACC 316. 

A comprehensive survey of information systems commonly used in modern business, emphasizing the role of computer hardware/ software. 

The basic principles of auditing, including elements of internal control, statistical sampling, financial statement and audit reports. The auditor's professional responsibilities and legal liability are also explored.

An advanced analysis of accounting theory and practice designed to prepare the accounting major for complex problems that arise from partnerships, home office and branch relationships, consolidations and mergers, receiverships and governmental units. Also a study of the theoretical and practical approach of accounting, budgeting, reporting and auditing for governmental units, colleges and universities, hospitals and other not-for-profit organizations.

The accumulating and reporting of costs of operations, budgets and other tools of management for measuring profitability of a business enterprise are studied. Emphasis is given to the various cost systems-job order, process cost, standard cost and variable costing. Economics and monetary incentives are also considered. 

A series of one-credit courses in various business topic areas. Designed as a general introduction to topics studied in greater detail in other business courses. May include general discussions of personal finance, beginning investing, leadership, starting a business, as well as other topics. Not available for students who have declared a major in business (accounting, financial management, marketing management, and international studies in business and foreign language).

A study of entrepreneurs and the creation of new ventures. Emphasis is on the characteristics of successful entrepreneurs, the identification and analysis of new ventures, and the traditional requirements for continued success of a venture after its founding. There is no business or economics prerequisite for this course.

An introduction to the principles and practices of marketing goods and services. The essentials of strategy, organization, marketing mix, ethical responsibilities, communication an inter-functional relationships are studied. 

An introduction to the quantitative tools necessary for advanced courses in business, covering such topics as regression analysis, decision-making under uncertainty, linear programming, forecasting, elementary game theory, queuing theory and inventory management.

Study of the political, economic and cultural environment of international business, the comparative advantages of countries, and the strategies companies may pursue to gain and sustain competitive advantage. Particular attention will be given to the features of the strategic and functional areas of management that are distinctive to international business.

Analysis of decision-making within the firm, emphasizing the conceptual structure of problems and the use of advanced analytic techniques. Specific topics include current asset management, capital budgeting, capital structure, dividend policy, long-term financing, mergers and corporate planning models. 

The course introduces mean-variance portfolio analysis stressing the core knowledge and tools used by professional portfolio managers. Topics include security markets and trading basics, fundamental security analysis, portfolio theory, mean-variance asset pricing and market efficiency. Case studies and assignments require use of Excel. 

This course provides an introduction to the trading, pricing and risk management applications of financial derivatives. The derivatives contracts studied include: futures on commodities, currencies, bonds and stock indices; currency forward contracts; forward rate agreements; and options on stocks, stock indices, currencies and futures. 

A case course focusing on typical ethical dilemmas encountered by business managers. Students will be introduced to the context in which managers are forced to make ethical decisions and provided with various models and frameworks by which ethical problems may be analyzed. 

Case studies covering the topics of corporate financial analysis, value creation, financing alternatives, international finance and derivative securities. Extensive case readings and class participation are required. 

This course surveys the modern paradigms in international finance stressing the behavior and the global competitive environment facing the multinational firm. Specifically, the course examines the theory linking the world's various foreign exchange (FX), money and securities markets, emphasizing global investment and risk management. Topics include international monetary arrangements, balance of payments statistics, spot and forward FX markets, FX futures and options contracts, interest rate parity, purchasing power parity, exchange rate theory, global mean-variance portfolio theory, FX hedging and emerging markets. 

A seminar in portfolio management, this course examines advanced topics in professional management of investment funds. Course topics vary, depending on the instructor, and typically focus on innovations in investment strategies and products. Specific topics may include principles of active portfolio management, performance evaluation, hedge funds and investment applications of derivative products. The course requires use of Excel and outside research resources.

This course provides an introduction to enterprise risk management, where the management of risk is integrated and coordinated across the entire organization. All categories of risk (financial, market and operational) are studied. Value-at-risk, which is the main method for measuring risk, is examined in detail. Other measures, such as earnings-at-risk and shareholder value added, are also considered. Finally, the course also examines how enterprise risk management may be implemented, and the issues that arise when one attempts to change the culture of a firm. 

Digital marketing directly applies marketing strategies and concepts to practical commerce-based Internet business. It prepares future business decision makers for the rapidly changing world of Web business practices. Prerequisite: BUS 315; computer and Web literacy.

Covers the process of identifying new consumer needs and developing new products and services meeting those needs. Methods of planning, organizing, and managing the process of new product development are also addressed.

Through lectures, case discussions, and projects, students will apply the frameworks and methods learned across Hillsdale's business curriculum to the strategic, integrated analysis of business opportunities and challenges.

An introduction to the collection, presentation and analysis of quantitative economic data, analysis of central tendency, dispersion, statistical inference, index numbers, time series, correlation and regression. Course includes functions and graphing. 

An advanced analysis of exchange, production, productive resource use and price theory. 

A thorough exposure to classical, Keynesian and Monetarist macroeconomics. A critique of macro-analysis is provided. 

A survey of the labor movement, union structures and internal political forces. Union strategies, government labor arbitration and employment contracts and negotiations are also described.

A two-course evaluation of man's ideas about economic matters, including an examination of the relationship of economic theories to the respective historical environments in which those theories were developed. 

A two-course evaluation of man's ideas about economic matters, including an examination of the relationship of economic theories to the respective historical environments in which those theories were developed. 

An introduction to, and foundations for, the use of techniques for estimating and testing relationships between variables. The course includes advanced topics in hypothesis testing, analysis of variance, multiple regression and correlation analysis, and experimental design. 

Game theory is the study of the interaction of rational decision makers. This course uses game theory to study incentives and strategic behavior in practical situations of inter-dependent decision making and negotiations. The course will develop basic theoretical concepts in tandem with applications from a variety of areas, including bargaining, competition, and strategic voting. 

A study of the economics of government spending and taxation. Among the topics covered are budgeting and cost/benefit analysis, effects and incidence of major taxes imposed in the U.S., and issues in state and local government finance. 

A study of the field of behavioral economics, which incorporates insights from psychology into economic theory and models. The course includes directed reading of seminal contributions, and analysis of the arguments and counterarguments for the behavioral approach. The class goal will be to better understand human behavior, the standard economic model, and the pros and cons of behavioral economics as a field. 

A year-long course which will present, analyze and critically assess the Austrian school of economics from its founder, Carl Menger, to present-day representatives such as Murray Rothbard and Israel Kirzner. The course will emphasize the works of Ludwig von Mises, whose personal library and papers will be utilized. 

A year-long course which will present, analyze and critically assess the Austrian school of economics from its founder, Carl Menger, to present-day representatives such as Murray Rothbard and Israel Kirzner. The course will emphasize the works of Ludwig von Mises, whose personal library and papers will be utilized.

Applications of economic theory in the analysis of collective decisions. Emphasis will be on explanation/ prediction of legislative, bureaucratic and judicial decisions. Prerequisites: 

Economics of the allocation and use of natural resources, and the impact of institutional factors on how decisions are made and implemented. Emphasis on property rights, economic rent, and impact of regulations on resources such as forests, fisheries, minerals, land, and water, as well as pollution control issues. 

An analysis of the mechanics and objectives of the Federal Reserve System. A brief history and analysis of money and credit in modern financial markets. Prerequisites: ECO 202 and 203.

Studies in the theory of money and credit. Emphasis will be placed on the role of money in a market economy and the impact which changes in the supply of and demand for money have on both the structure and level of economic activity. Prerequisites: ECO 303 and 304.

A study of the microeconomics of international trade, with emphasis on the determinants of the direction, volume, terms and gains from international trade. Issues surrounding the impact of trade, tariffs, quotas and other factors affecting the distribution of earnings will be examined. Prerequisites: ECO 202 and 203.

A study of the macroeconomics of international trade. A systematic analysis of the monetary and financial components of economic transactions across international boundaries. Topics covered will include various models of exchange-rate adjustments under fixed, floating and mixed-exchange regimes. Prerequisites: ECO 202 and 203.

A mathematical treatment of the theory of the firm and household behavior, including optimization problems, implicit functions and comparative statistics. This course may be viewed as advanced microeconomics. Prerequisites: ECO 303 and MTH 220 or 310 or equivalent, or special permission from the instructor

A study of the theoretical and practical differences between highly centralized "command" economies and comparatively decentralized "market" economies. Attention is given to the contrasting ideological and political aspects of these two systems as they relate to economic production and human freedom. Prerequisites: ECO 202 and 203.

Conventional microeconomics courses seek to understand individual decisions without regard for the institutional framework under which such decisions are made. In this course, students learn different institutional structures and how they influence incentives, and thus individual decision-making. Prerequisites: ECO 202 and 203.

This course uses rational choice theory to understand legal rule-making and institutions. Efficiency criteria act as a guide for decision-makers in formal legal institutions. This methodology is employed as it applies to torts, property, contract, criminal and antitrust law. Prerequisites: ECO 202 and 203.