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Professional Linkage Seminar (394-LK-32)

Topic

Inefficient Markets

Instructors

Ryan M. Garino
Office Hours: By Appointment
Ryan Garino is a former Partner and Head of Global Credit at Citadel Investment Group, where he worked for 15 years. In this role, he oversaw the firm’s trading efforts in convertible bonds, corporate debt and credit default swaps. He was also selected to serve on Citadel’s Portfolio Committee for seven years, helping to determine the risk allocation and portfolio sizing decisions of the firm’s asset management business. Since leaving Citadel, Ryan has lectured at Northwestern, creating a course entitled Inefficient Markets that combines academic and practitioner perspectives on the root causes of market inefficiencies. He has also lectured at Kellogg courses including the Asset Management Practicum, Derivatives, Corporate Finance and Hedge Funds and Private Equity. Ryan graduated summa cum laude from Northwestern with a BA/MA in Mathematics and Economics. He also holds an MBA, with honors, from the University of Chicago.

Meeting Info

Kresge Centennial Hall 2-325: Tues, Thurs 9:30AM - 10:50AM

Overview of class

*INFORMATION IS SUBJECT TO CHANGE*

The instructor of this course is Ryan Garino.

The goal of this course is to expose driven, inquisitive students to real-life examples of inefficiency in the public financial markets and to build up a framework for thinking about the drivers of these inefficiencies. Students will explore how hedge funds evaluate these opportunities and capitalize on them to drive returns for their investors. Through the course, students will learn how to price and evaluate a wide variety of financial instruments including depository receipts, credit default swaps, convertible bonds and distressed debt.


Some Interesting Questions We Will Explore in This Class:


  • Is the Efficient Markets Hypothesis still relevant today?

  • How prevalent are instances of inefficiency in financial markets?

  • What are the most common sources of financial market inefficiency?

  • Do bona fide arbitrage opportunities still exist today?

  • What role does behavioral economics play in market inefficiency?

  • Do hedge funds really have edge/alpha?

  • What markets tend to exhibit instances of inefficiency more than others?

Registration Requirements

BUS_INST 304: Corporate Finance (Equivalents to BUS_INST 304 include: ECON 360-1; IEMS 326; KELLG FE 310)

Class Materials (Required)

"Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined" by Lasse Pedersen
ISBN: 978-0691166193
Approximate Price: $46

Class Notes

There are no waitlists for BUS_INST courses. If the class closes before your registration time, please check back.

For more information, please view sample syllabus: https://businessinstitutions.northwestern.edu/courses/course-descriptions/index.html

Class Attributes

Attendance at 1st class mandatory

Enrollment Requirements

Enrollment Requirements: This course is open to students who have completed BUS_INST 304-0 or equivalent.