Professors Carilli, Dempster, Isaacs, Thornton, Townsend; Associate Professors Carson, Khurana; Assistant Professors Matyus, Redford.
Chair: Anthony M. Carilli


BUSINESS 222. (3) BUSINESS FOUNDATIONS. This course introduces each of the functional areas of business, including accounting and control, finance, marketing, operations, and management, and demonstrates how these functions are integrated to form a successful enterprise in a global economy. Students will acquire skills and employ tools necessary to recognize business opportunities, engage with customers and other stakeholders, and design and execute business models that meet customer needs. Prerequisite: Economics 101.

BUSINESS 223. (3) ENTREPRENEURIAL THINKING. This course is about learning to think and act entrepreneurially in order to create value through new products, new solutions, new firms, new business units, new distribution channels, new business models, new technologies, and business transformation. Emphasis is on both the theory and practice of venture creation, and students are required to apply what they learn in the context of transforming their own ideas into a feasible and testable venture opportunity. Critical reflection on the “learn-bydoing” process is also emphasized. Prerequisite: Economics 101.

BUSINESS 231. (3) FINANCIAL ACCOUNTING. A comprehensive introduction to the fundamental principles and procedures of financial accounting. Emphasis is placed on the description, derivation, and interpretation of the primary financial statements. Prerequisite: Economics 101. Offered: each semester.

BUSINESS 233. (3) MANAGERIAL ACCOUNTING. Study of the sources, organization, and uses of data generated by double-entry accounting. Emphasis is placed on managerial accounting techniques. Prerequisite: Business 231. Offered: each semester.

BUSINESS 241. (3) CORPORATE FINANCE. The financial organization and management of a business corporation. The course includes a study of methods of obtaining capital, financial policy, asset valuation, derivatives, and international applications. Prerequisite: Economics 103; Prerequisite or corequisite: Business 231. Offered: each semester.

BUSINESS 242. (3) INVESTMENT BANKING. This course is an introduction to advanced topics in investment banking, private equity, and venture capital. A case study method of instruction is used, and issues of valuation relating to small and medium enterprises are emphasized. Prerequisite: Business 241 or permission of instructor.

BUSINESS 243. (3) REAL ESTATE FINANCE. The purpose of this course is to develop a student’s ability to analyze aspects of global commercial real estate and investment. Topics include but are not limited to: Macro- and microeconomic factors affecting real estate; demographic influences; valuation; financing; risk mitigation; urban planning and development; governmental regulation, impact fees, tax abatements and incentives; and real estate law. Attention will be given to the impact of unforeseen and disruptive events such as financial crisis and web-based retail; investment vehicles such as Real Estate Investment Trusts (REITs); repurposing and renovation of existing structures; and green construction and operation of facilities. Prerequisite: Business 241 or permission of instructor.

BUSINESS 263. (3) INTERNATIONAL BUSINESS. This course is a survey of international business issues and strategies. Subject areas include issues related to the economic, political, and human environments of international business. In addition, the functional operation of global firms is examined. Prerequisite: Economics 101.

BUSINESS 331. (3) FINANCIAL STATEMENT ANALYSIS. This course covers issues associated with the analysis and interpretation of financial statements, with particular emphasis placed upon understanding the economic characteristics of a firm’s business, the strategies the firm selects to compete in each of its businesses, and the accounting procedures and principles underlying the financial statements. Prerequisite: Business 231.

BUSINESS 341. (3) FINANCIAL MARKETS AND INVESTMENT ANALYSIS. This course begins with a detailed examination of the securities market and basic portfolio theory. Additional topics include index models of portfolio selection, market equilibrium analysis and efficiency, stock valuation, and performance evaluation. Prerequisite: Business 241.

BUSINESS 342. (3) QUANTITATIVE FINANCIAL MODELING. This course introduces theoretical equity, fixed income, foreign exchange and derivative pricing models and reviews the current empirical literature for each. Students will use statistical programs such as Excel, R, and/or Python to empirically evaluate those models applying contemporary “Machine Learning” analytic techniques to publicly available market data. Students will also be introduced to “Big Data” concepts in data acquisition, storage, cleansing, and manipulation/analysis. Prerequisites: Business 241, Math 121, and Math 140 or 141, or permission of instructor.

BUSINESS 343. (3) STUDENT-MANAGED INVESTMENT FUND. In this course, participants in Tigerfund act as managers of an actual equity investment fund using money contributed for this purpose by the College. They are required to conduct investment research, carry out and document trades, file weekly reports, and prepare and present an annual report summarizing their investment activities. Critical reflection on the “learn-by-doing” process is also emphasized. Prerequisites: Business 241 and participation in Tigerfund in the preceding semester. Corequisite: Business 341 or 342.

BUSINESS 421. (3) MANAGERIAL DECISION MAKING. Application of microeconomic decision tools to managerial problems of the firm. The class time is divided between a discussion of tools to be used and application of those tools. Prerequisites: Business 222, 231, 233, and 241, Economics 301. Offered: fall semester.

BUSINESS 422. (3) SEMINAR IN BUSINESS POLICY AND STRATEGY. The purpose of this course is to integrate the student’s knowledge of the business system. Discussion of problems, independent investigation, and communication of conclusions by the student are emphasized. Prerequisite: Business 421, and senior standing, or permission of the instructor. Offered: spring semester.


CONOMICS 101. (3) INTRODUCTION TO ECONOMICS. A survey of the basic concepts used to analyze economic questions. Prerequisite: none. Offered: each semester.

ECONOMICS 103. (3) MONEY AND BANKING. Analysis of the fractional reserve banking system and its place in financial markets and the American economy. The Federal Reserve System and its relation to the banking system are analyzed. Monetary and fiscal policies are examined in the light of Macroeconomic theory. Prerequisite: Economics 101. Offered: each semester.

ECONOMICS 161. (3) INTRODUCTION TO R AND RSTUDIO. An introduction to R statistical programming, the RStudio integrated development environment, and associated Open-Source tools with a particular emphasis on the tidyverse. Practical issues of documenting workflow, data management, and reporting will be addressed.

ECONOMICS 201. (3) COMPARATIVE POLITICAL ECONOMY. An examination of the major political-economic systems with emphasis on implications for resource allocation, income distribution, and economic growth. Beginning with the origins of the field dating back to Adam Smith and the French Physiocrats, the course reviews the development of political-economic governance, focusing on domestic institutions that comprise diverse models of political economy around the world. Areas of interest include systems of industrial relations, finance, welfare policies, and the economic role of the state. Prerequisite: Economics 101.

ECONOMICS 202. (3) HEALTH ECONOMICS AND POLICY. An economic analysis of markets for health care and the participants in those markets (e.g., government, insurers, health care providers, and patients). The course uses economic analysis to examine some of the unique characteristics of markets for health care, including high levels of uncertainty, asymmetric information, externalities, and the government’s unusually large presence in the market. Prerequisite: Economics 101.

ECONOMICS 204. (3) TOPICS IN ECONOMIC HISTORY. This course explores historical events of economic significance and examines them using the tools of economic analysis. Potential topics include, but are not limited to, the 20th century U.S. economy; the rise and fall of communism; the history of financial markets; and the role of the entrepreneur in economic development. Prerequisite: Economics 101.

ECONOMICS 205. (3) HISTORY OF ECONOMIC THOUGHT. A survey of the development of economics from Plato and Xenophon through marginalism. Emphasis is on the works of the central figures in the evolution of the discipline, including Smith, Ricardo, Mill, Marx, and Marshall. Prerequisite: Economics 101. Offered: fall semester.

ECONOMICS 208. (3) PUBLIC ECONOMICS. An analysis of the process of government decision-making and of the effects of governmental budgetary decisions, particularly tax decisions, on individual and business choices. Prerequisite: Economics 101. Offered: spring semester.

ECONOMICS 209. (3) TOPICS IN POLITICAL ECONOMY. This course adapts and applies the tools of economics to what are often considered non-economic questions and employs economic analysis to explore related publicpolicy problems. Potential topics include, but are not limited to, war, peace, and conflict resolution; poverty; crime and punishment; and democracy and voting systems. Prerequisite: Economics 101.

ECONOMICS 210. (3) ECONOMIC DEVELOPMENT. A study of fact, theory, and policy in underdeveloped economies. Problems of capital formation, population, agriculture, international trade, foreign aid, etc. Prerequisite: Economics 101. Offered: spring semester.

ECONOMICS 211. (3) LABOR ECONOMICS AND LABOR RELATIONS. The course examines outcomes in the labor market and their causes. Topics covered vary from year to year, but are selected from the following: wage determination; labor supply decisions; firms’ employment decisions; the impact of education and human capital investment, migration and immigration, unemployment, welfare programs, theories of workplace discrimination, and the employment-at-will doctrine; and the impact of government regulation of labor markets. Prerequisite: Economics 101.

ECONOMICS 212. (3) ENVIRONMENTAL ECONOMICS. This course examines the economic determinants of environmental change and analyzes the principal remedies proposed for the problems of pollution, resource exploitation, and overpopulation. Case studies are used to illustrate, and require use of, the concepts of public goods, externalities, benefit-cost analysis, and government regulation. Prerequisite: Economics 101. Offered: spring semester.

ECONOMICS 213. (3) ECONOMICS OF THE LAW. Application of economic analysis to the civil law, with primary emphasis upon the common law of property, torts, and contracts. Examination of the effects of legal institutions and precedents on economic choices and study of the economic logic of law. Prerequisite: Economics 101. Offered: fall semester.

ECONOMICS 214. (3) INDUSTRIAL ORGANIZATION AND THE ECONOMICS OF ANTI-TRUST. An examination of the structure, conduct, and performance of different industries, and an analysis of government anti-trust policies designed to alter or maintain existing market structures. Prerequisite: Economics 101.

ECONOMICS 215. (3) URBAN AND REGIONAL ECONOMICS. Economic analysis of the location and growth of urban and regional areas with emphasis on public-policy issues. Discussion of land-use patterns, measurement and change in regional economic activity, and urban problems, such as transportation, housing, poverty, and crime. Special attention is placed on local fiscal behavior, overlapping jurisdictions and the provision of local public goods, and intergovernmental fiscal relations. Prerequisite: Economics 101.

ECONOMICS 216. (3) AUSTRIAN ECONOMICS. This course develops the methodological foundations of the Austrian school. From these foundations the course investigates the Austrian view on value theory and social costs and benefits, entrepreneurship, competition and monopoly, the socialist calculation debate, capital and interest, money and monetary institutions, business cycle theory, and wages and unemployment. Prerequisite: Economics 101. Offered: spring semester.

ECONOMICS 217. (3) ECONOMICS OF SPORTS. Economic analysis of individual, team, and league sports. This course focuses not only on the market structure and industrial organization of sports leagues, but also addresses the public finance issues of municipal stadium construction and the labor issues involved with free agency and salary caps. Prerequisite: Economics 101.

ECONOMICS 218. (3) DISEQUILIBRIUM, MONEY, AND MACROECONOMICS. This course provides an overview of macroeconomic theories and policies based on (the concept of) disequilibrium in markets for money and capital. Attention will be paid to both seminal literature and recent advances in the field. Prerequisite: Economics 101. Offered: spring semester.

ECONOMICS 219. (3) GAME THEORY. This course introduces a game theoretical framework to analyze strategies adopted by consumers, firms, or governments when there are competing interests or ends and the outcomes depend on the actions chosen by all of the participants. Topics include simultaneous move, sequential move, perfect information, imperfect information, and bargaining games. Class sessions often involve experiments. Prerequisite: Economics 101.

ECONOMICS 261. (3) INTERNATIONAL TRADE. This course examines theories of trade patterns, trade-related policies in competitive and non-competitive markets, the effects of trade liberalization and economic integration, trade policies by developed and developing nations, and international factor movements. Prerequisite: Economics 101.

ECONOMICS 262. (3) INTERNATIONAL ECONOMICS AND FINANCE. This course will focus on topics related the international flows of goods and services, capital, and labor, as well as economic policies that nations commonly adopt to influence those flows. Topics include the economic rationale for trade in goods and services, flows of labor across borders, economic integration, international capital flows, foreign direct investment, foreign exchange rate determination, the balance of payments, and the effect of macroeconomic policies on international trade and investment. Prerequisite: Economics 103.

ECONOMICS 301. (3) INTERMEDIATE MICROECONOMIC THEORY. A study of the theory of consumer behavior, production, and pricing; and comparison of resource allocation in competitive and non-competitive markets. Prerequisites: Economics 101, Mathematics 140 or higher, and junior standing. Offered: each semester.

ECONOMICS 303. (3) INTERMEDIATE MACROECONOMIC THEORY. Analysis of theories applied to the problems of income determination, unemployment, and inflation in modern industrial economies. Prerequisites: Economics 101, Economics 103, and junior standing; Prerequisite or co-requisite: Mathematics 140 or higher. Offered: each semester.

ECONOMICS 306. (3) ECONOMETRICS. A study of the application of statistical analysis to economic problems with a review of basic statistical techniques followed by extensive empirical econometric work. Prerequisites: Economics 101 and Mathematics 121. Offered: fall semester.

ECONOMICS 308. (3) MATHEMATICAL ECONOMICS. Exposition of the mathematical structure of economic theories with particular attention to static and comparative static analysis, game theory, and unconstrained and constrained optimization models. Prerequisites: Economics 301 and Mathematics 141. Offered: spring semester.

ECONOMICS 311. (1) ECONOMICS RESEARCH AND WRITING I. This course is part of a two-semester sequence to introduce students to the methods and practice of producing scholarly research in economics. The first semester, students are required to read and discuss published research in the field of economics. Discussion focuses on choosing research questions, making effective arguments, and establishing support for an argument. Prerequisite: Economics major, or Economics 101 and permission of the instructor. Offered: fall semester.

ECONOMICS 312. (1) ECONOMICS RESEARCH AND WRITING II. This course is part of a two-semester sequence to introduce students to the methods and practice of producing scholarly research in economics. The second semester, students are required to read and discuss published research in the field of economics as well as present their own ongoing research and review peer work. Prerequisite: Economics 311. Offered: spring semester.

ECONOMICS 395. (1, 2, or 3) INTERNSHIP. Internship opportunities are made available to qualified students in the belief that learning which involves both the classroom and the larger world is especially valuable for the student. Combines work (normally done in the summer before the student’s senior year) with ongoing course work and the production of a substantial research paper on a related issue. This paper, a daily journal, and the worksite supervisor’s evaluation serve as the basis for the internship grade. However, the granting of credit for an internship remains at the discretion of the sponsoring faculty member. To qualify, a student must have a grade-point average of at least 2.7 at the time of application and must have taken at least nine hours of Hampden-Sydney Economics and Business courses or the equivalent before the internship begins. May not be included in the 30 hours required for the major.

ECONOMICS 401. (3) SEMINAR IN APPLIED ECONOMETRICS AND FORECASTING. A capstone course primarily for those seniors specializing in general economics, this seminar combines economic theory and econometric technique for the task of modeling and forecasting trends in both industry-level and aggregate economic activity. Prerequisites: Economics 301 and 303. Offered: fall semester.

ECONOMICS 402. (3) SEMINAR IN EMPIRICAL PUBLIC POLICY. A capstone course primarily for those seniors specializing in general economics, this seminar explores the application of economic analysis to a variety of public-policy issues. Prerequisite: Economics 401, or permission of the instructor. Offered: spring semester.

updated 7/28/22