Sheets Fact

FACT
SHEETS
2013/2014
MBA
Academic Areas
The term Area refers to the academic divisions within the Rotman School of Management. There
are 7 academic areas as follows;
Accounting
Business Economics
Finance
Marketing
Operations Management
Organizational Behaviour/Human Resource Management
Strategy
Courses in Integrative Thinking are offered by the Desautels Centre for Integrative Thinking.
Students taking four or more electives in a given functional area should be well positioned to
declare this a specialization to the external community. Note that courses marked with an
asterisk (*) are experimental courses. Please note that not all courses are offered each year.
Fact Sheets
The following Fact Sheets have been prepared by individual faculty based on their tentative
plans for their courses next year. Faculty may of course, change their plans as they get closer to
the course offering, but students can rely reasonably well on these descriptions. Some courses
may not be offered if, a) there is insufficient demand for them, or b) there are changes in faculty
assignments to courses. Detailed course outlines are available through R-World at My
Program/Elective Courses Info & Resources.
Accounting
Business Economics
Desautels Centre for Integrative Thinking
Finance
Marketing
Organizational Behaviour / Human Resources Management
Operations Management & Statistics
Strategic Management
Non-Rotman Courses
Accounting
Area Coordinator: Wally Smieliauskas (416.978-1454 wally.smieliauskas@rotman.utoronto.ca)
RSM2203H
RSM2204H
RSM2209H
RSM2210H
RSM2211H
RSM2212H
Current Issues in Financial Reporting & Disclosure

Taxation and Decision Making
Financial Statement Analysis
Financial Distress & Insolvency
Business Law
Business Analysis and Valuation
RSM 2203
Current Issues in Financial Reporting and Disclosure
Ole-Kristian Hope
okhope@rotman.utoronto.ca
TARGET AUDIENCE
All MBA students would benefit from taking this course. In particular, all students majoring in
equity research, corporate finance, strategy, management consulting, investment banking, or
company management should consider taking this highly integrative course.
COURSE MISSION
Financial reporting is used to inform investors and potential investors but also produces numbers
that are used in contracting between shareholders, managers, creditors and others. Regulators
use financial reports to make assessments of competitive conditions and financial strength. At
various times, management makes financial reporting and/or transaction design decisions to
obtain some objective with these various user groups. With this in mind, this second year course
in financial reporting and analysis has two main objectives:
To expand the participants ability to analyze and interpret financial statements and
notes and develop an understanding and appreciation of the various incentives and
pressures impacting on financial reporting decisions, and
To examine advanced financial reporting topics and how the application of generally
accepted accounting principles in these areas affect reported earnings and financial
position.
Throughout the course, the emphasis will be on examining the topics from the perspectives of
external users of information, rather than preparers. The classes will consist of case discussions,
lectures, group presentations, a term project on quality of earnings, and a guest presentation.
We will integrate material from accounting, finance, strategy, and management in all our
discussions.
Although not a focus of this course, most of the material we cover is highly relevant for the CFA
program. In fact, most CFA candidates find financial reporting to be the most challenging part
of the exam. (Note that I only sponsor students who take 2203.)
REQUIRED RESOURCES
Financial Reporting and Analysis (fifth edition 2011). Revsine, Collins, Johnson, and Mittelstaedt.
McGraw Hill.
Handouts. Other material posted to portal.
COURSE FORMAT
13 regular sessions in the Fall or Winter Session
9 regular sessions in the Summer
EVALUATION AND GRADE DISTRIBUTION
(Fall/Winter only. Contact Professor Mahmood for Summer evaluation details)
Component
Due Date
Weight
Class participation
NA
20%
Group case presentation
NA
20%
Term project
NA
20%
Final exam
NA
40%
RSM 2204
Taxation and Decision Making
Dan Jakubowicz (formerly Joan Kitunen)
daniel.jakubowicz@rotman.utoronto.ca
TARGET AUDIENCE
Students aspiring to be decision-makers in the Business World should take this course. Many
deals are structured so as to receive the most favourable tax treatment. In order to understand
and compare these deals, one has to have an understanding of the tax rules.
COURSE MISSION
This course provides an overview of the Canadian income tax system and how it impacts
business and investment decisions.
COURSE SCOPE
The objectives of the course are achieved through a combination of lectures and the
application of the tax rules to practical problems and cases. After taking this course students
are expected to be able to identify income tax issues associated with business and investment
activities, determine the income tax implications of the issues identified, analyze alternatives on
an after-tax basis, and make decisions and recommendations based on the analysis.
REQUIRED RESOURCES
Buckwold and Kitunen, Canadian Income Taxation: Planning and Decision Making, 2013-2014
edition, McGraw-Hill Ryerson.
Current Readings in Taxation. These readings will be posted on the portal.
COURSE FORMAT
13 sessions, including term test.
Component
Class participation
Quiz
Term test
Group assignment
Exam
Due Date
Ongoing
Class 3
Class 6
Class 9
Weight
10%
5%
30%
15%
40%
RSM 2209
Financial Statement Analysis
Ramy Elitzur
elitzur@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in careers in consulting, investment banking, corporate finance, entreprenurs
and anybody who wants to run a corporation.
COURSE MISSION
This course emphasizes the theme of the Accounting Art of War (paraphrasing Sun Tzu) and
extends it. As such, we spend a third of course understanding why do companies manipulate
financial statements, how do they do this, and, more importantly, what sophisticated detection
tools can we use (e.g., the Beneish Manipulation Index). The class emphasizes analysis rather
than mechanical work. The objective of this course is to develop a set of quantitative tools for indepth analysis of financial statements and the reporting strategy of companies.
The course builds upon the foundation established in the first year course in Financial
Accounting, and thus assumes a basic familiarity with financial statement preparation using
accrual accounting. The course emphasizes an integrative approach and, as such, has strong
links with economics, marketing, finance and strategy. Consistent with this goal we use a
textbook that applies a strategic framework to analyze companies.
Predicting the past is not a lofty goal, as opposed to predicting the future. Consequently,
beyond case analyses (predicting the past) the course has in it a project to analyze real
companies in real time applying all of the tools taught up to that point in the course (predicting
the future).
The course has in it three modules: (1) Analysis of profitability and risk (2) The Accounting Art of
War, and (3) Valuation of companies and reverse engineering. Each of these modules has in it a
theory part, a case study to test our knowledge and the analysis of real companies in real time.
REQUIRED RESOURCES
JAMES M. WAHLEN; STEPHEN P. BAGINSKI; MARK BRADSHAW, Financial Reporting, Financial
Statement Analysis, and Valuation - A Strategic Perspective, 7th edition, South-Western
Publishing, 2011
COURSE FORMAT
Component
Group case submissions (2 cases)
Group financial statement
analysis project (in two
instalments)
Participation
Final Exam
Due Date
NA
NA
Weight
20%
30%
NA
10%
40%
RSM 2210
Financial Distress and Insolvency
Donna.L.Losell
losell@rotman.utoronto.ca
TARGET AUDIENCE
Students who wish to know what alternative courses of action are open to them in cases of
financial instability and corporate insolvency - whether they are managers, directors, creditors or
turnaround specialists.
COURSE MISSION
This course examines the process of corporate bankruptcy in Canada including exposure to the
language of insolvency, identification of key players in insolvency, identification of the
advantages of selecting certain insolvency regimes over others, corporate governance issues in
distressed firms, exploration of instability prediction models and turnaround strategies for firms in
financial difficulties as well as additional topics of interest to managers.
COURSE SCOPE
Financial distress is part of the normal business environment with thousands of businesses going
bankrupt every year in Canada alone. Since bankruptcy is a significant presence in the business
environment, the objective of this course is to introduce students to the theoretical concepts
and practical realities of financial instability and insolvency including the language and key
players, the legal and management processes needed to ensure not only that there is as high a
return to creditors and equity holders as possible in the circumstances but that the regulatory
requirements have been fulfilled. Students are also introduced to short term metrics and longer
term models used to predict bankruptcy as well as turnaround strategies available to troubled
companies. The intention of this course is to show students that they often have options in
instability and insolvency situations whether they are managers, directors, creditors or equity
holders. All second year MBA students are welcome.
REQUIRED RESOURCES
Required Readings:
(i)
Lecture notes
(ii)
Class handouts
Optional Readings:
(i)
Course materials package
(ii)
Corporate Bankruptcy: Tools, Strategies , and Alternatives, Grant W. Newton c.2003,
John Wily & Sons, New Jersey
(iii)
Corporate Financial Distress and Bankruptcy, Altman and Hotchkiss C.2006
(iv)
Distressed Debt Analysis, S. Moyer c.2005
COURSE FORMAT
Regular weekly sessions
Component
Due Date
Individual assignments
weeks 4,5,6,7
Group case presentation and
Weeks 10,11 and/or 12
write up
Take Home Exam
To be distributed online in last week
of class
Weight
40%
35%
25%
RSM 2211
Business Law
Richard Powers
powers@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in understanding how the legal environment interacts with the business
environment. Students interested in studying current cases that illustrate the dynamic interaction
of business and law in todays business environment.
COURSE MISSION
This course is intended to focus participants attention on those areas of law that typically effect
a businesss operations. In addition, we will examine those areas of law that reflect on the role of
directors and officers. Recent case law provides numerous examples that illustrate the
conflicting roles managers often find themselves in.
COURSE SCOPE
Businesses operate within a complex environment of legal issues. Management must be able to
not only recognize these issues, but also have an understanding of how to resolve them
effectively and efficiently. This requires an appreciation of the Canadian legal system and the
way that legal experts can offer assistance. The material will be examined through cases that
reflect the legal principles being discussed during the class sessions. Participants will be
expected to do some further legal research to complete assignments.
REQUIRED RESOURCES
Smyth, J.E., Soberman, D.A. and Easson, A.J., McGill, S.A. The Law and Business Administration in
Canada, 13th Edition (2013). Toronto: Pearson Canada.
Supplementary cases will be provided in class.
COURSE FORMAT
12 regular sessions consisting of readings from the required textbook and other handouts
provided in class. Guest speakers will be involved in several of the lectures.
Component
Class Participation
Midterm exam
Group case assignment
Final Exam
Due Date
Ongoing
Week 7
TBA
TBA
Weight
15%
25%
20%
40%
RSM 2212
Business Analysis and Valuation
Partha Mohanram
partha.mohanram@rotman.utoronto.ca
TARGET AUDIENCE
Anyone pursuing a career where one needs to analyze financial statements intelligently. This
obviously includes those interested in finance related professions such as Investment Banking,
Research and Investment Management. Students interested in consulting and marketing also
find this course useful because of its approach that focuses on business analysis with tie-ins to
corporate strategy.
COURSE MISSION
This course will help you value businesses using financial statements. We will discuss how
accounting regulations and managerial discretion influence presented financial statements. You
will understand how to interpret financial statements, analyze cash flows, make judgments
about earnings quality and uncover hidden assets and liabilities. You will also be exposed to
research from accounting and finance that focuses on how financial statement analysis can be
used in devising trading rules. Finally, we will use financial statement analysis prospectively to
forecast and value firms using cash flow based and accounting based methods.
COURSE SCOPE
The course will consist of the following five modules. In the first module (strategic and industry
analysis) you will learn why the critical first step is to understand industry structure and a
companys strategic choices. The second module (accounting analysis) will provide you with a
framework to understand and evaluate a firms accounting and disclosure choices and learn
how to adjust financial statements to ensure better comparability. The third module (financial
analysis) will present a comprehensive framework for ratio analysis where a firms operations are
separated from its financing to better understand the true drivers of profitability and risk. The
fourth module (prospective analysis) will expose you to techniques of integrated forecasting,
where you will apply the insights from the earlier modules and apply them to truly understand
what the future holds for the firm being analyzed. You will then use these forecasts to value firms
using a variety of techniques including DCF, multiples and abnormal earnings based valuation
methods. In the fifth module, you will apply the business valuation techniques in a variety of
settings including credit analysis, security analysis and M&A.
REQUIRED RESOURCES
AVAILABLE on R-WORLD: Presentations for class, Excel Spreadsheets, Links to Articles from
Business Press, Additional readings. There will be no additional course packet as all material will
be made available online.
REQUIRED BOOK:
Krishna G. Palepu, Paul M. Healy and Eric Peek, Business Analysis and
Valuation using Financial Statements: IFRS Edition. 2 nd Edition. The
book will be available from the U of T bookstore. Please make sure you
buy the IFRS version with cases. The US version will have different
cases, while the version without cases will be useless as we rely on the
text cases. The book you buy should look like this.

Component
Due Date
6Individual HW
Due In Class
Class Participation
NA
Group Project
Due in 4 instalments
Final Exam
NA
Weight
25%
15%
30%
30%
COURSE SESSION OUTLINE

I plan to break up each session into two parts. After the first class, any material that needs to be
discussed (in lecture format) will be covered in the second part. The case relevant to that topic
will be covered in the first session of the next class, as the outline will indicate. Questions for the
case will be either on R-World or at the end of the case itself.
All presentations will be uploaded onto R-World at least 3 days prior to each class. In addition, all
supplementary files will also be available on R-World (excel spreadsheets etc).
The 6 highlighted cases will also serve as the 6 graded HW submissions. All other cases are not
required to be handed it, but it is expected that you are prepared and ready to participate
Session
Topic
Case to be discussed
Item Location
1-A
Introduction
1-B
2-A
Strategic Analysis
Identify the firms exercise
R-world
Strategic Analysis Case
Haier
Book page 65
2-B
Accounting Analysis
3-A
Accounting Analysis Case
Sunbeam (HW 1)
R-world
3-B
Accounting Adjustments
4-A
Accounting Adjustments
4-B
Accounting Adjustments Exercises
Chapter 4: Problems 2,3

and 4
Marks and Spencer (HW 2)
Book page 185189

Book page 197
5-A
Accounting Adjustments Case
5-B
Financial Analysis
6-A
Financial Analysis Case
6-B
Forecasting
Best Buy
R-World
7-A
Forecasting Case
Nutrisystem (HW 3)
R-World
7-B
Valuation Theory
8-A
Valuation Theory Case
8-B
Valuation Implementation
Puma AG
Book page 347
9-A
Valuation Case
Nutrisystem (HW 4)
R-World
9-B
Advanced Valuation
10-A
Implied Cost of Capital Exercise
ICC in the computer

industry
R-World
10-B
M&A
11-A
M&A Case
11-B
Credit Analysis
KLM Air France (HW 5)
Book page 491
12-A
Credit Analysis Case
Amazon.com in the year

2000
Book page 569
12-B
IPO Valuation
13-A
IPO Valuation Case
UPS IPO (HW 6)
Book page 717
13-B
Wrap Up
GROUP PROJECT
Guidelines:
Form groups of either 3 OR 4. Choose a publicly traded firm that uses either IFRS or US/Canadian
GAAP. Please do not choose a firm for which any of you work or have worked. The reason for
this is that only publicly available information should be used for your analysis. If you work or
have worked for a company you may have had access to private information. Also, avoid any
regulated industries as well as firms in financial services as there will be added complications for
these analyses. One of the group members should email me with the details of group members
as well as the firm chosen. As only 1 group may choose a given firm, it will be first come first
served. If someone else has taken the firm you wish to analyze, you will have to choose some
other firm.
Upon selecting your firm, try and obtain the most recent financial statements. You could use the
web as most firms have a lot of information usually under investor relations on their web sites, or
the financials are available on the EDGAR database (www.sec.gov) or the SEDAR database
(www.sedar.com). IR websites may have the statements in useful formats such as excel.
Any other public information available on the firm can also be used. The reference librarians in
the library may be able to direct you to sources of information on industries and particular firms.
In addition, make use of the internet and Lexis/Nexis. Finally, you will also want to look at those
financial statements of the firms major competitors.
Main Objective:
Your group should take the role of investment advisor to a group of investors. Your ultimate
objective is to advise whether they should buy the stock of the company. Of course to arrive at
your final conclusion you will need to address a number of issues, including but NOT limited to
1. Analyze the industry in which the firm operates in. Do a 5 forces analysis for instance or use
any other framework you feel comfortable with. (Maximum 5 pages)
2. Analyze the strategy of the firm and compare it with other firms in that industry. (Maximum 5
pages)
3. Do a Risk and Profitability analysis of the firm using past data. Carry out time series analysis as
well as cross-sectional analysis by comparing the firm to other firms in the industry.
Make sure to do a ROCE decomposition as well as a ROA breakdown.
Make adjustments for items such as restructuring, discontinued items etc, to get a better
measure of continuing operations.
4. Do an Accounting Analysis. Analyze the firms accounting choices and compare with the
others in the industry. Look for red flags. Also, analyze substantive accounting issues such
as leases, pensions, income taxes etc looking for accounting related problems.
5. Make assessments about what the future balance sheets, income statements and cash flow
statements (forecasting).
6. Value the firm using the Abnormal Earnings Based Valuation. Also, value the firm using one
other technique (DCF, Multiples any other method you want to use)
7. Compare the valuation with actual stock price and try to provide plausible reasons for why
the firm's actual stock price may be different from what you valued it at. Use this to make
your recommendation
Please remember that while this is an integrative course, greater weight will be placed on the
accounting aspects. Use the industry and strategic analysis as a way to set the stage and dont
focus too much attention on them. Similarly, greater weight will be placed on abnormal
earnings based valuation than other methods.
Business Economics
Area Coordinator: Matt Mitchell (416.946.3149 matthew.mitchell@rotman.utoronto.ca)
RSM2115H
RSM2120H
RSM2122H
RSM2123H
RSM2125H
RSM2126H
RSM2127H
RSM2128H
RSM2129H
RSM2130H
RSM2131H
Creative Regional Strategies (not offered in 2013-2014)

Health Policy and Health Care Markets
Business and the Regulatory Environment (not offered in 2013-2014)
International Business in the World Economy
Game Theory & Applications for Management
Real Estate Development (not offered in 2013-14)
Economic Environment of International Business
Real Estate Economics
Forecasting Models & Econometric Methods
Real Estate Investment
Economics of Innovation and Intellectual Property
RSM 2120
Health Policy and Health Care Markets
Mark Stabile
mark.stabile@rotman.utoronto.ca
TARGET AUDIENCE
This course is aimed at students interested in understanding the growing role of the health and
health care sectors in the economy. It will be useful for students planning a career in the health
care sector, or with innovative organizations that interact with the health care sector. It will also
provide an understanding of the role of government policy in health care, and how these
policies affect the relationship between health care costs and business competitiveness.
This course is open to all 2nd year Rotman students and is part of the Rotman School of
Managements major in Health Sector Management.
COURSE MISSION
The course will help students understand the complex interactions between health care delivery,
insurance markets, governments, business organizations, and then health of populations. It will
help prepare students to take leadership roles in the health care sector, broadly defined, with
consultant organizations, and organizations that interact with government.
COURSE SCOPE
The course examines key issues in health care policy and markets, both in Canada and
internationally. Topics include the market for medical care, the market for health insurance, the
relationship between health care and the firm, physician payment, hospital delivery and
competition, and the pharmaceutical sector. The course will examine the role of government in
the financing and delivery of health care, and how government decisions affect firm strategy
and behaviour. It will also provide context and analysis on health care cost growth and
containment strategies.
REQUIRED RESOURCES
All readings will be available on-line or in the course packet. No textbook is required.
Component
Participation
Ongoing
5 short response papers
5 of 12 weeks
Midterm Exam
Week 7
Team Presentation
Final Week of Classes
Weight
15%
25%
30%
30%
RSM 2123
International Business in the World Economy
Wendy Dobson
wendy.dobson@rotman.utoronto.ca
TARGET AUDIENCE
This course will be of particular interest to students who left the first year course in Global
Managerial Perspectives wanting more depth and detail on the implications of host country
environments and the international business and economic environment for decisions to locate
in, outsource or export to, a particular country.
COURSE MISSION
The purpose of this course is to bring together for students what they need to know and
understand about the international economic environment and key global institutions. The
course provides knowledge about important economies that host international businesses and
perspectives on what businesses are doing in the various major economies around the world
and why and how they are doing it.
By the end of the course, we expect you to be able to address such questions as: How do I
assess and predict major economic trends in these economic areas? How do I find out about a
national economic and business environment in order to trade, invest or do other aspects of
business there? What do I need to know about key risks associated with exchange rate regimes,
financial crises, legal and regulatory environments, problems of corruption and expropriation,
and sources of financing? What do I need to know about international institutions and policy
regimes?
COURSE SCOPE
One of the defining features of the world economy in the early 21st century is the emergence of
large dynamic former developing economies taking their places alongside the traditional
players, Europe, the United States and Japan, as important trading partners and as places to
invest and carry on international business. Much popular attention is paid to this phenomenon in
outsourcing. Underlying these trends are international frameworks created and supported by
governments cooperating with each other, frameworks that attract little popular attention.
Second, government policy decisions influence the domestic economic environments and
external economic relationships through cross-border flows of goods, services, technology,
capital and labour. Third, the decisions of multinationals and local enterprises, to create global
supply chains for example, influence, and are influenced by, the location of their technology,
financing, production and marketing activities around the world. Fourth, and much in the news,
are reports of the rising economic prominence and dynamism of the emerging market
economies.
REQUIRED RESOURCES
Text:
Gravity Shift, Dobson, Wendy, 2010 (available in the book store; on Amazon;
Kindle edition available from Amazon or on Kobo). Also on reserve at BIC.
Readings (electronic notes): Country analysis frameworks; Types of Economic Integration
A Note on the Potash Case
Asian Development Bank, 2008, Integrating Production; Ch. 3 in Emerging Asian
Regionalism
Note on Chinas 12th Five Year Plan
China 2030
Unleashing Indias Innovation Potential, 2007, World Bank study chapter 2
OECD 2009, Economic Survey of Japan
IMF Survey of the US Economy
Dobson, Wendy, 2010, Differentiating Canada
Europe after the Crisis

Gulf Cooperation Council Trade and Investment Flows
The GCC in 2020
Policy Challenges in the GCC
Chad-Cameroon: A Model Pipeline?
The Russian Economy: More than just Energy?
Cases: Available electronically through Rotman Portal. Cases to be purchased through
Harvard Business Online.
Japan, Deficits, Demography and Deflation
Brazil under Lula: Off the Yellow BRIC Road
Foreign Direct Investment and South Africa
The Chad-Cameroon Petroleum Development & Pipeline Project
Gazprom and Hermitage Capital: Shareholder Activism in Russia
COURSE FORMAT
13 regular sessions
Component
Class Participation
Class Presentation
Submit topic for approval
Submission of group projects
Final Exam (Take home)
Due Date
Weight
Ongoing
Ongoing
Topic selection week 6
Project submission week 12
Week 13
20%
10%
25%
45%
RSM 2125
Game Theory and Applications for Management
Ig Horstmann
ihorstmann@rotman.utoronto.ca
TARGET AUDIENCE
The audience for this course is quite general but those interested in general management or
consulting may find this course of particular value.
COURSE MISSION
The aim of this course is to show you how game-theoretic reasoning can be used to analyze
business problems and to develop successful business solutions. Part of this solution process is
recognizing that the game in which you operate is not fixed and that decision making is not
simply a matter of choosing the right strategy. Rather, this course asks you to look at the game
setting as something over which you have influence and asks how you can design the game
in a way that is advantageous to you.
COURSE SCOPE
This course focuses on four broad classes of strategic situations: Achieving and designing
commitment in strategic settings, how best to communicate information to or extract
information from opponents, contract design and designing auctions and negotiations. The
course examines how your solutions to these problems depend on the environment in which you
operate: who you interact with, the information you have available, what commitments are
enforceable, what alternatives are available to you. Applications will range across various areas
of firm decision making: marketing, economics, strategic management finance and
accounting.
REQUIRED RESOURCES
Recommended book: Games and Information: An Introduction to Game Theory by Eric
Rasmusen.
COURSE FORMAT
13 regular sessions
Component
Due Date
2 Team projects
Class 6 & Class 12
Individual case
2 weeks after end of class
Weight
30%
70%
RSM 2126
Real Estate Development
TBA
TARGET AUDIENCE
Students interested in learning about the real estate industry and real estate development,
specifically through class discussion and guest speakers. The focus is on the real world of
development and planning rather than theory. Classes will be a combination of both lectures
and discussion and will be supplemented by guest speakers. Students will be expected to
engage in the discussion and debate of the issues raised.
COURSE MISSION
The purpose of this course is to provide students with a fundamental background and basic skill
set to understand the real estate development business and its interrelationships with urban
planning. It will provide students with an introduction to the major disciplines and processes
related to development, which can provide a basis for the pursuit of a career in the
development field or simply an understanding of the mindset of the developer. The course
attempts to provide some understanding of the complexity surrounding real estate
development and will introduce a level of quantitative and qualitative thinking sufficient to deal
with myriad of decisions that confront the real estate developer. This course gives students the
opportunity to experience, first hand, the world of real estate development through a final
group project in which students will be required to apply their acquired knowledge and skills to
identify, investigate, evaluate, and present a real-life real estate development project.
Students are also expected to contribute to class debate and are encouraged to ask questions
at any time. The objective of the course is to enable students to think critically about real estate
development. This is not so much a course in facts as it is a course in thinking, learning and
adapting to the forces shaping the real estate development industry.
COURSE SCOPE
Real estate development is one of the few business fields where financial, legal, social,
environmental and political considerations are so intricately weaved. Knowledge of the
interrelationships of these elements and the ability to understand the ensuing issues are essential
to all of those who are involved either directly or indirectly in the development industry. All
businesses and/or activities require real estate, and it is through real estate development that
one can have ultimate control over the creation of value in real estate.
In finding the path to profit, a real estate developer has to navigate through many obstacles
and deal with forces, which he or she must anticipate. These forces can be local, provincial,
national, and global in nature, ranging from the dynamic of the economy to changes in family
structure, consumer spending patterns, migration trends and emerging technologies. The
interaction of these forces, over time, makes real estate development an exciting endeavor in
which risks are high and rewards, at times, substantial. It is a field strewn with challenges, risks
and pitfalls that have toppled the largest and seemingly most stable organizations in the world.
Yet, the ownership of real estate has not lost its allure and it is from real estate that many (nonreal estate) companies survive.
Real estate development can be considered the bedrock of the real estate industry. To
understand real estate development is to understand all aspects of the real estate industry
investing, financing, growth trends, market cycles, etc. This course provides an overview of the
real estate industry, the development process, and the laws regulating it through the planning
process. It covers the financial basis for development projects, the participants, the market
search procedures and the financing of development. It also touches on the interface of the
industry with the public sector.
REQUIRED RESOURCES
A course reader will be provided. There are no required textbooks for the course. Additional
required readings will be assigned and/or handed out in the previous weeks session. These must
be read prior to the following weeks lecture, as they will be the source of class discussion.
Reference readings will not be discussed in class and are intended only as an additional
reference source on particular topics.
To supplement readings, cases and assignments may require additional resource material to be
researched in the library or through interviews and contacts. The ability to find pertinent
information through informal channels is a fundamental skill required in real estate development.
COURSE FORMAT
13 regular sessions
Component
Class Participation
Assignment 1
Assignment 2
Assignment 3
Development project
class presentation
Development project
report
Due Date
Ongoing
Week 5
Week 7
Week 9
Last class
Weight
10%
20%
15%
15%
15%
Last class
25%
RSM 2127
Economic Environment of International Business
Don Brean
brean@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in developing a thorough yet practical understanding of the basis of
location-specific advantages and, in particular, how modern industry successfully taps those
advantages around the globe. The course appeals to those intent on careers in international
business, strategic management and global positioning.
COURSE MISSION
What economic factors shape a foreign market opportunity or a foreign production
opportunity? What specific corporate characteristics contribute to successful foreign
operations? In what way and to what extent do national and international laws, regulations or
institutions such as trade law, competition policy or the level of a countrys financial
development shape the commercial opportunities in specific locations? Answers to such
questions are focus of RSM 2127.
The course also addresses the role of international economic institutions and arrangements
such as the World Trade Organization, the IMF, NAFTA, The EU Economic Directorates, tax
treaties, intellectual property protection in making the world a more promising and secure
place for international business. In RSM 2127, such issues are explored, explained and illustrated.
This course establishes managerial perspectives on international trade, cross-border investment
and global risk management. Fundamental principles of international trade and finance
comparative advantage, gains from trade, industrial specialization are framed for business
decisions in the world economy. Principles of global industrial organization are illustrated in a
context of increasing international economic integration. All concepts are illustrated with real
world examples.
Specific topics examined in depth include industry exposure to exchange rate changes (and
how to hedge such exposure), international diffusion of technology, investing in emerging
markets (such as China and India), conflict resolution in international trade (with illustrative
examples) and international aspects of competition policy.
COURSE ORGANIZATION & DELIVERY
The course involves a blend of lectures, case analysis and, closer to the end of the course,
student presentations of firm- or industry-specific term projects.
READINGS
Readings (All readings are posted in the Rotman Portal. Here are selected examples for this brief
outline.)
TD Economics (2008). Global Economic Decoupling
DeLong, J. Bradford. Global Trends: 1980-2015 and Beyond, Canada in the 21st Century;
Industry Canada Research Publications Program
Schwanen, Daniel Trading Up: The Impact of Continental Integration on Trade, Investment
and Jobs in Canada
Dungan, Peter and Steve Murphy The Changing Industry and Skill Mix of Canadas
International Trade
Trefler, Daniel (2000). The Long and the Short of The Canada-U.S. Free Trade Agreement
Baldwin, J.R. and Wulong Gu Innovation, Survival and Performance of Canadian
Manufacturing Plants, Statistics Canada Research report
Antweiler, Werner and Daniel Trefler (2002). Increasing Returns and All That: A View From
Trade
Dion, Richard, Trends in Canadas Merchandise Trade
Blackhurst, Richard, The WTO and the Global Economy
Case: Western Mining (Economic Exposure to Exchange Rate Changes)
Teaching Note (Brean): International Conflict Resolution I: The WTO: Canada & Brazil,
Bombardier & Embraer
Teaching Note (Brean): International Conflict Resolution II: NAFTA: Canada & The United
States, Softwood Lumber
International Tax Arbitrage: The Shell Case
Harmful Tax Competition: OECD
Teaching Note (Brean): The WTO Decision on US Taxation of Export Earnings
Brean, Donald (2007). Bank Reform in China: What It Means for the World, Asia Pacific
Foundation
Blomstrom, Magnus and A. Kokko, How Foreign Investment Affects Host Countries, World
Bank Policy Research Paper 1745
Trebilcock, Michael, R. Winter, P. Collins and E. Iacobucci, Competition Policy and Trade
Policy, in The Law and Economics of Canadian Competition Policy, Toronto: University of
Toronto Press (2000)
EVALUATION
Component
Mid-term
Essay/Presentation
Final Examination
Due Date
NA
NA
Exam week
Weight
30
35
35
RSM 2128
Real Estate Economics
Lu Han
lu.han@rotman.utoronto.ca
TARGET AUDIENCE
Real estate matters in every area of business. Real estate assets are a very important part of
corporate balance sheets. The principle residence is usually the largest item in a households
portfolio. In aggregate, real estate has been estimated as comprising roughly 40% of total
wealth. For all of these reasons, real estate is a fundamental area of finance. Real estate and
location decisions can determine whether entrepreneurs succeed or fail and whether mature
businesses grow or decline. It is thus no exaggeration to claim that all educated businesspeople
should know something about real estate.
This class is, therefore, designed to be useful across the MBA program. In addition to students
who pursue careers in real estate itself, a background in real estate can be useful to students in
banking and asset management. A background in real estate can also be useful to general
managers to the extent that they deal with location decisions and because firms in other lines of
business frequently own or rent significant real estate, and are therefore accidentally in the real
estate business. Real estate is also important to consultants since real estate decisions are so
important for the businesses that make them.
COURSE MISSION AND SCOPE
The course applies economic methods to make students better real estate decision-makers.
Topics covered include the determinants of real estate values, the location decisions of
households and firms, land use, urban growth and agglomeration, industry clusters, cycles,
bubbles, real estate finance, real options, and leasing.
REQUIRED RESOURCES
The course will make use of a paperback text (Helsley, Robert W., Urban and Real Estate
Economics , Vancouver : UBC Real Estate Division, 2003) and a course packet. The packet will
contain one case and a number of articles.
Class participation
All weeks
10%
Case write-up*
Week 8
5%
Debate*
Week 10
5%
Paper/Presentation*
Week 13
30%
Final
Examination period
50%
*Denotes group work. Students are allowed to choose their own groups, with each group
having 4-5 members.
The case to be written-up will concern the development of Canary Wharf in London, England.
The debate will concern housing price bubbles. The term paper will be relatively short (15 pp.).
It can be on any topic in real estate, and I interpret this very broadly. Previous papers have
dealt with real estate finance, market analysis, real estate strategy, and entrepreneurship.
RSM 2129
Forecasting Models and Econometric Methods
Peter Dungan
pdungan@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in understanding and using regression-based forecasting techniques
applicable to Finance, Marketing, Strategy and Business Economics.
COURSE MISSION & SCOPE
The course provides an introduction to forecasting techniques based on time-series methods,
single-equation econometric (regression) equations, multiple-equation econometric models
and volatility forecasting (ARCH techniques and their offspring). The forecasting applications
considered span demand and price forecasting and financial variables. The course is handson, requiring use of the toolkit of techniques in Econometric Views an econometrics package
widely used in the forecasting community. Relatively little time is devoted to non-econometric
forecasting techniques.
REQUIRED RESOURCES
Required: Econometric Views Student Version 7.0, Quantitative Micro Software
(Text and program on CD-ROM) (EV)
Recommended: R.S. Pindyck and D.L. Rubinfeld (PR), Econometric Models & Economic
Forecasts 4th ed. New York: McGraw Hill (This or any equivalent econometrics text is
recommended; PR and several other econometric/forecasting texts will be placed on
reserve in the Rotman library)
COURSE FORMAT
13 regular sessions
Component
Due Date
Mid-Term Test No. 1
Week 7 (in class)
Mid-Term Test No. 2
Week 12 (in class)
Term Paper
Due End of term
Weight
30%
30%
40%
RSM 2130
Real Estate Investment
Lu Han
lu.han@rotman.utoronto.ca
TARGET AUDIENCE
Real estate assets account for about one-third of the value of all capital assets in the world. An
understanding of real estate is important no matter what line of business a student plans to be in.
This class is, therefore, designed to be useful across the MBA program.
COURSE MISSION
This course will consider the economic and financial issues that are of fundamental importance
in the analysis of real estate investment. The objective is to combine the analytic framework of
financial economics with the real-world features of real estate markets. The course shall (1) help
students understand house price movements; (2) familiarize students with the key elements of
the real estate investment decision process in both residential and commercial real estate
markets; and (3) establish a meaningful framework within which students can identify real estate
opportunities and manage the associated risks.
COURSE SCOPE
This class will provide an overview of real estate valuation, financing and investment, using
finance and economics tools. Topics include real estate investment and development,
mortgage and equity financing, real estate securitization and credit crunch, real estate
brokerage, house price dynamics, homeownership decisions and government policies.
REQUIRED RESOURCES
The course will make use of a textbook and a course packet. The required textbook is Real
Estate Finance and Investments by Peter Linneman. The packet will contain both articles and
cases.
COURSE FORMAT
In order to emphasize the interaction of theory and practice, academic lectures are
supplemented by a series of student presentations, case discussions, and guest lectures.
Component
Due Date
Weight
Class Participation
All weeks
10%
Case Assignment*
Week 4,10
10%
Debate*
Week 7
5%
Paper/Presentation*
Week 13
25%
Final
Examination Period
50%
*Denotes group work. Students are allowed to choose their own groups, with each group
having 4-5 members.
RSM 2131
Economics of Innovation and Intellectual Property
Matt Mitchell
matthew.mitchell@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in management of the research process and management of intellectual
property, especially as it relates to government policies such as patents that provide intellectual
property protection.
COURSE MISSION
This course should allow students interested in technology and management to get a new
perspective on the problems faced by firms, and understand an important force shaping the
dynamic evolution of industries.
COURSE SCOPE
Firms and industries are often shaped by important innovations. We discuss how economic
theory can help the manager to understand the development of innovations and their impact
on the firm and the industry as a whole.
Another important feature of innovations is the intellectual property they generate. We describe
a variety of ways in which intellectual property is protected and used by firms, and the
economics of these different protections.
REQUIRED RESOURCES
Course packet and information distributed on RWorld.
COURSE FORMAT
13 regular sessions
Component
Class Participation
Group Case
Presentation
Group Patent Project
Final Exam
Due Date
Ongoing
Various
Weight
10%
20%
Last Class
TBA
20%
50%
Desautels Centre for Integrative Thinking

Area Coordinator: Mihnea Moldoveanu (416.978.7700 micamo@rotman.utoronto.ca)
RSM2913H
RSM2916H
RSM2918H
RSM2920H
RSM2922H
RSM2923H
GettingItDone
Leadership from the Inside Out: Building Relationship Skills that Work
Business Intelligence
Top Manager's Perspective
The Opposable Mind
Business Problem Solving - An Integrated Approach
(offered in 2013 Summer Intensive Term only)
RSM 2913
GettingItDone
Brendan Calder and Dr. John ODwyer
www.GettingItDone.biz
TARGET AUDIENCE
Soon to be MBA graduates who want to effectively implement their strategies when in
leadership and management positions.
This is a course about GettingItDone; It being your vision (and related strategy, operating
results, change initiatives, and employee involvement and commitment). This is a doing course
and not a memorizing course.
COURSE MISSION
1. Students learn an annual planning and management process that incorporates and links the
practices of strategic planning, business planning, managing for results, and continuous
improvement. Graduates will be able to effectively implement their vision and strategies
when in leadership and management positions
2. Students get proven tools and methods to achieve organizational results
3. Students get proven tools that will improve their personal effectiveness
COURSE SCOPE
The course delivers proven models and tools that have been continuously refined over 35 years
based on the works of Peter Drucker, Mike Kami and Bill Reddin (e.g., see
www.gettingitdone.biz).
The course is built around four integrative frameworks: Strategic Planning, Strategy Deployment,
Managing for Results, and Continuous Improvement. Classes will include a number of sessions
with real leaders who are GettingItDone in real time and the course Faculty have managed
many organizations using these tools and methods.
INSTRUCTIONAL METHODS
Sessions include guests who are GettingItDone in real time
Individual and team-based learning assignments
Action Learning
Discussions of readings and key take-aways
Applications of learnings to your next job situation
One-on-one coaching & after hours social events
REQUIRED RESOURCES
- GettingItDone Tool Kit distributed in Session 1
- Peter F. Drucker - The Effective Executive (students purchase)
- Michael J. Kami - Trigger Points (Gap Analysis pdf) - distributed prior to Session 1
- Bill Reddin - How to Make Your Management Style More Effective (pdf distributed prior to
Session 1 & complete excel test version, not the pdf version) & The Output Oriented
Organization (students purchase) purchasing details given prior to Session 1
- ManagerSim (Management Simulation) User Handout - distributed prior to Session 1
COURSE FORMAT
10 sessions
EVALUATION
Active Class Participation (20%)
Students are expected to be engaged during their class attendance and to make a
contribution to the overall learning experience.
Individual Paper (20%)

Each student to submit a paper answering the following questions:
1. List the key take-aways from each author
2. Compare and contrast the views of these three authors
3. Comment on where these views are relevant today
Rules are: 3 pages maximum and it should be Clear (easily understood), Memorable (worth
remembering) and Compelling (having a powerful & irresistible effect).
Individual Presentation (20%)
Each student to prepare a presentation addressing the following challenge:
Based on your learnings in the GettingItDone course, what are the things that you personally
commit to do during the first six months in your next job?
Team Presentation (40%)
Students will be randomly divided into 5 Study Teams of 5, in advance of the start of the course.
The team presentation assignment will be based on the methods and tools that you have
learned during the GettingItDone course and as applied to your assigned business simulation:
1. Describe what impact the Team Effectiveness Lab (TEL) activities had on your teams
effectiveness (20%).
2. Develop a Performance Agreement (PA) for your business simulation organization for fiscal
year 2014 (20%).
RSM 2916
Leadership from the Inside Out: Building Relationship Skills That Work
Melanie Carr
melaniecarr@sympatico.ca
Not Offered in 2012-13
TARGET AUDIENCE
Business is all about people. Those with the deepest understanding of human interaction and the
ability to harness that understanding will more often get what they want, achieve more and
make a bigger impact on the world and on those around them. This course is for students who
want to develop their own interpersonal effectiveness to reach their career goals.
COURSE MISSION
The main objective of this course is to provide participants with a lively, interactive opportunity to
reflect on their own stance towards themselves, others and their leadership role and to develop
and practice tools which will assist in the design of more productive interactions, particularly in
new or complex situations. The ultimate goal is to look at how managing from the inside out
increases your effectiveness in the workplace.
COURSE SCOPE
The managers who are most successful appreciate that the ability to build novel, creative and
more effective business solutions is intimately tied to the ability to work productively with other
people -- motivating them, nurturing them, persuading them, understanding them and working
collaboratively with them. Using a combination of learning methods, this course is designed to
provide a deeper understanding of, and increased effectiveness with, some of the tools that are
related to interpersonal understanding, self-awareness and communication, including those
linked to Integrative Thinking.
The ability to communicate well, a key skill of great business leaders, involves a sophisticated
understanding of interpersonal dynamics, self-awareness and empathy. For some this ability is
largely intuitive; for all, these abilities can be improved upon through a rigorous examination of
underlying patterns of interaction and engagement in exercises designed to practice
advanced communication skills. Sessions 1 & 2 will focus on developing active listening and
empathic inquiry tools through the use of the video camera and providing feedback in realtime in a small group setting. These essential communication tools form the building blocks for
the development of productive work relationships.
Once students become comfortable with the process of understanding the other person
through enhanced communication skills, the focus will shift to an exploration of professionalism
and leadership in a managerial context.
(Session 3)
Personal effectiveness and learning depend on the ability to move from automatic, repetitive
thought and behaviour patterns which may have outgrown their usefulness to you to a more
reflective, flexible position that allows for the possibility of change. Session 4 is devoted to the
concept of mindfulness as a useful tool to increase self-awareness and to help cultivate a
mindset which promotes more productive interactions with others.
Session 5 then moves into the key area of understanding difficult interpersonal interactions in a
business context using the strategy of re-framing the conflict. As business success is more likely to
be the result of interpersonal effectiveness than it is about having the right idea, developing
and practicing strategies to deal with interpersonal conflict is essential. Case studies and
exercises adapted from cognitive/behavioural theory will be employed to work through this
important concept.
The course will finish (Session 6) with the presentation of group projects designed to translate the
course concepts to a business environment in an effective and practical way.
REQUIRED RESOURCES
Course Package, and online readings through the course portal.
Difficult Conversations: How to Discuss What Matters Most by Stone, Patton and Heen.
COURSE FORMAT
Six four-hour experiential sessions.
Guest Instructors with specific expertise will enrich the learning experience in some sessions.
Component
Class Participation
Personal Learning Journal
Group Project
Individual assignment
Due Date
Ongoing
TBD
TBD
TBD
Weight
20 %
40 %
30 %
10%
RSM 2918
Business Intelligence
Filippo Passerini
NEW INSTRUCTOR BIO
Dr. Filippo Passerini is the Chief Information Officer of Procter&Gamble, Inc., and the Group
President of Procter & Gambles Global Business Services Unit, where he leads a 7000-employee
global organization. He has been with P&G for more than 30 years, serving in various leadership
roles in Europe, Latin America and the US. Dr. Passerini received his doctorate in Statistics and
Operations Research from the Politecnica di Milano.
COURSE MISSION & SCOPE
In a world ever more complex and fast-paced, detecting and anticipating the need for business
change is becoming increasingly critical. Speed of decision making is often the key
differentiator in the success and failure of an Enterprise. At the same time the amount of data
available to us, both structured and unstructured (Big Data), is becoming a new force. In
order to turn all of that into a competitive advantage as opposed to overwhelming entropy
new tools and ways of using data to make decisions and solve problems are necessary.
This course aims at providing the context in which Analytics and Business Intelligence plays a
strategic role in the business, as well as the content to turn data into information, then into
knowledge, and finally into insights and business action predicated on new information. The
course illustrates the importance of rapidly moving beyond what is happening in the business,
to invest time on why it is happening, and better understand the options available for how
to react. All of that based on case studies, highly interactive sessions, and several business
cases. The course also touches several personal skill areas fundamental to succeed in todays
business world, as well as the importance of Visualization to bring to life complex analytical
models and distill down actionable insights.
CAREER FOCUS
The course is open to anyone wishing to improve his or her basic knowledge on Business
Intelligence and Analytic and who wants to learn how to turn digital technology into
competitive advantage. Students pursuing careers in general management, investment
banking, consulting, financial services and entrepreneurship in big data niches should find the
course of particular interest.
REQUIRED RESOURCES
TBD
COURSE FORMAT
Intensive format offered over X days
TBD
RSM2920
Top Managers Perspective
David R. Beatty O.B.E.
beatty@rotman.utoronto.ca
Richard Powers
Richard.Powers@Rotman.Utoronto.Ca
TARGET AUDIENCE
The course should be of interest to future consultants, general managers, investment analysts
and entrepreneurs. The course demands a lot of work outside the boundaries of text books and
lectures so it is not for everyone.
COURSE MISSION
The objectives of this course are to make you a better decision maker by:
Making you think logically and teaching you to communicate in a clear, memorable
and compelling way
Developing your understanding of the theory and concepts of strategic
management in large complex business organizations.
Providing you with a set of practical analytical tools to enhance your strategic skills
Building your self-confidence as a decision maker at the most senior managerial
level.
COURSE SCOPE
This is a course designed to make you a better strategic decision maker and to integrate all the
skills you have acquired in your career and at RSM.
The course is built on some high level frameworks, such as LogicWorks, that enhance your
capacity to reason logically, to identify effective solutions and to learn continuously from your
own experiences.
The course works with practical tools and techniques such as momentum analysis, Porters 5
forces, core competence, the GE/McKinsey 9-box and others. These tools and the exercises
designed to make them useful will assist you in making real world, real time decisions in complex
business environments.
The course perspective is that of the CEO of large, global businesses such as Four Seasons,
Gildan, CAE or Inmet Mining as well as a more local business, Loblaws.
Students will be required to develop insights from the provided readings (Annual Reports and
analysts reports) and from their own independent investigations. There are no boundaries. Each
days newspapers may add further dimensions to the course.
If you are prepared for hard work, aggressive thinking and insightful reflection about yourself this
course may well transform your career trajectory.
REQUIRED RESOURCES
The readings will be drawn from Corporate Annual Reports, Investment Analysts Reports,
selected HBR articles on relevant topics.
Students will also be required to develop their own information sources from interviews, literature
searches or company/industry reviews.
EVALUATION
Component
Participation in class (individual)
Case presentations in class (group)
Final exam (individual)
Due Date
Ongoing
Various
Exam week
Weight
20%
40%
40%
Top Managers Perspective

Assignments and Expectations
Please note that this course has both graded and ungraded work. You should not sign up for the
course if you are not prepared to commit fully to the ungraded work as well as the graded work.
To give you a sense of the expectations, here is what we did in 2012:
1. Graded Work
Contribution in class (individual)
Mid-term (group)
Final exam (individual)
20%
40%
40%
Due Date
ongoing
Nov
Dec
2. Expected, but Ungraded

Attend coffee with. sessions, usually outside class time at 7:30 AM at the corporate
office of the speaker. It is expected that you show up for all of these sessions.
Submit a journal entry for each guest speaker within 36 hours (there were 14 in 2012)
At the term end summarize your key take-aways from these coffee with sessions
Thoroughly prepare the case and any readings for each week.
Prepare a short presentation every week on the case, using a framework to be provided.
Each group gets to present at least once.
Enrolment in this course is limited and very competitive. If you are not sure you are willing or
able to do the work, please let someone else join the class who is.
RSM 2922
The Opposable Mind
Roger Martin
martin@rotman.utoronto.ca
Jennifer Riel
jennifer.riel@rotman.utoronto.ca
INSTRUCTOR BIOS
Roger Martin has been Dean of the Rotman School of Management since 1998. Prior to joining
Rotman, he was a Director of Monitor Company, a global strategy consulting firm. He is the
author of nine books including his latest, Playing to Win: How Strategy Really Works (with A.G.
Lafley, Harvard Business Review Publishing, 2013), and, of course, The Opposable Mind: How
Successful Leaders Win Through Integrative Thinking (Harvard Business Press, 2007).
Jennifer Riel is the Associate Director of the Desautels Centre for Integrative Thinking and
Director, Content and Communications for the Deans Office. Jennifer is the academic director
of Rotmans Integrative Thinking Program for Executives and spends much of her time designing
and leading corporate training in integrative thinking. She also collaborates closely with Roger
on his writing and teaching.
TARGET AUDIENCE
This course is for students interested in developing their own integrative thinking and decisionmaking skills. It will be of particular interest to those planning to go into professional services and
general management.
COURSE MISSION
This course aims to give you the tools to tackle big, complex and wicked business problems. You
will gain practice applying integrative thinking to difficult business problems, looking at both
personal and interpersonal strategies to work towards creative resolution.
COURSE SCOPE
What do you do when you feel forced to choose between two mutually exclusive, yet suboptimal options? How do you react when dealing with a colleague whose understanding of the
world seems to be fundamentally at odds with your own? How can you resolve the kinds of
problems that seem to change as you attempt to solve them and seem to have no good
answers? These clashes are the wicked problems you will almost certainly face in your
managerial career. And how you deal with them can make the difference between a good
career and a transformative one.
REQUIRED RESOURCES
The Opposable Mind by Roger Martin (2007) and the course package.
COURSE FORMAT
Modified intensive format offered over six 4-hour weekday afternoon sessions in September
and October.
Component
Due Date
Class Participation
Ongoing
Short Assignment
Between weeks 2 and 6
Group Presentation
Week 6
Final Paper
Two weeks after the final class
Weight
10%
20%
30%
40%
Finance
Area Coordinator: Craig Doidge (416.946.8598 cdoidge@rotman.utoronto.ca)
RSM2300H
RSM2301H
RSM2302H
RSM2303H
RSM2304H
RSM2305H
RSM2306H
RSM2307H
RSM2308H
RSM2309H
RSM2310H
RSM2312H
RSM2314H
RSM2315H
RSM2316H
RSM2319H
RSM2320H
RSM2321H
Corporate Financing (also offered in 2013 Summer Term)

Financial Management (also offered in 2013 Summer Term)
Security Analysis & Portfolio Management
Risk Modeling & Financial Trading Strategies
Financial Institutions & Capital Markets
International Financial Management
Options & Futures Markets (also offered in 2013 Summer Term)
Advanced Derivatives
Financial Risk Management
Mergers & Acquisitions
Analysis & Management of Fixed Income Securities
Value Investing
Private Equity & Entrepreneurial Finance
The Management of Private Wealth
Introduction to Hedge Funds and Broker Dealers
The Revolution in Finance: Markets, Institutions and Organizations*
The Canadian and American Financial Systems Comparisons and Contrasts*
Islamic Finance in Canada*
* Experimental Course
RSM 2300
Corporate Financing
Heather-Anne Irwin
hirwin@rotman.utoronto.ca
NEW INSTRUCTOR BIO
Heather-Anne Irwin came to Rotman in 2002 after working for 17 years on Bay Street. She was
last at TD Securities Inc. where she was a Director and VP in Equity Capital Markets, specializing
in new issues of equity. Heather-Anne spent 7 years at Nesbitt Burns (Burns Fry) in Investment
Banking, doing both financings and mergers and acquisitions work. She started her career at
Citicorp in New York and later in Toronto as a bond trader and then on the Private Placements
desk. As well as teaching she is the Executive Director of the Canadian Securities Institute
Research Foundation. Heather-Anne is the founder of Women in Capital Markets.
TARGET AUDIENCE
This is a core course for students interested in a career in finance in a bank or investment bank,
in corporate finance or treasury, or as an investment analyst. For students that are not finance
majors (such as JD/MBA or MFE students) the course offers an appreciation for how companies
raise capital.
COURSE SCOPE AND MISSION
The aim of this course is to apply the theoretical underpinnings of corporate finance learned in
1231 and 1232 to real Corporate Financing situations. This course could also be called How
Companies Finance with an emphasis on the various products (debt, equity, prefs, private
equity) and processes (public, private, bought, marketed etc), as well as some industry specific
financing methods (real estate and mining) . In keeping with the concept of how corporate
financing is really done the class consists of lecture format for half of the class and a series of
current market discussions, case presentations and analysis and a Live Case to design a
Financing Plan for a public company. While RSM 2301 looks more internally (cash cycle, new
projects decisions) this course starts at the point where the company needs funds. The class
discussions revolve around transactions that have happened and current financings in the
market place that help illustrate corporate financing solutions
REQUIRED RESOURCES
Text 1231/1232 Finance text book.
Course Package- consisting of cases and supplementary readings
COURSE FORMAT
13 regular sessions
Component
Due Date
Weight
Class Participation/pop
quiz
Group Cases
Ongoing
20%
2*10% - throughout the term
20%
Live Group Case
About week 9/10
20%
Final Exam
Exam week
40%
RSM 2301
Financial Management
Asher Drory
asher.drory@rotman.utoronto.ca
Wendy Rotenberg
rotenber@rotman.utoronto.ca
TARGET AUDIENCE
This is a required course for students in the corporate finance/investment banking stream. It can
be taken concurrent or before RSM2300 Corporate Financing or RSM2309 Mergers and
Acquisitions. It should also be of interest to those students who simply wish to have a better
understanding of how firms manage their working capital and make capital budgeting
decisions. It is also the designated finance for non-finance specialist course.
COURSE MISSION
The course is designed to deepen the understanding of basic financial management decisions
within a non-financial corporation and focuses on the application of modern financial
techniques to operating and investing decisions. It comprehensively analyzes working capital
management and capital budgeting decisions within the context of the firms business strategy.
The course consists of two parts: the management of working capital (including short term
financing), and internal long-term asset acquisition (investment a.k.a. capital budgeting and
Capex) decisions.
COURSE SCOPE
The course looks at the management of working capital and the organic acquisition of longterm assets and deals with the following critical questions:
What is the cash cycle within the firm?
How can the firm forecast its cash requirements?
How can the firm develop its cash budget?
What is the difference between seasonal, cyclical and secular demands for funds?
How can banks structure lending agreements to manage the different funds
requirements?
How does securitization affect short term liability management?
What are the advantages of leasing versus borrow/purchase and how should such a
hybrid decision be made?
How are incremental cash flows determined for investing decisions?
How can the firm evaluate replacement, expansion, new product development,
international and strategic investment decisions?
How can real options analysis help make better investment decisions?
REQUIRED RESOURCES
There is no textbook required. The course is based on a package of readings and the textbook
required in the first year finance course.
COURSE FORMAT
13 regular two hour sessions
EVALUATION AND GRADE DISTRIBUTION Prof. Drory

Component
Due Date
Weight
2 Individual technical
assignments
Week 3, week 6
20%
2 group case analyses
NA
40%
Exam week
40%
Final Exam
EVALUATION AND GRADE DISTRIBUTION Prof. Rotenberg

Component
Due Date
Weight
Minor Prep Assignments
various
20%
4 Group Case Analyses, with

one presentation per group
various
40%
1 week after end of course
40%
Final Summative Project (5

pages)
RSM 2302
Security Analysis and Portfolio Management
Maureen Stapleton
maureen.stapleton@rotman.utoronto.ca
TARGET AUDIENCE
This course targets students who are interested in the conceptual framework and real word
practice of portfolio management. It provides a solid background for those who plan to work in
the funds management industry in any capacity, and for those who have a strong interest in
investing. Taught by a former institutional portfolio manager, the course is also useful for students
who are working towards the CFA designation which is required of almost anyone who plans a
career in analysis, portfolio management or sales/trading.
COURSE MISSION
This course expands on investment concepts that were introduced in RSM 1231. It focuses on
theories and techniques that underlie the construction and management of optimal investment
portfolios, emphasizing the risk-return tradeoffs that are appropriate for different types of
investors.
It explores key elements of the investment management process, including development of
objectives and constraints, implementation and performance measurement. The characteristics
of stocks and bonds are discussed, with an emphasis on valuation metrics and performance
drivers. By managing fictitious funds via trading real securities, students will apply their classroom
knowledge and shrewd judgments to real-world investing.
COURSE SCOPE
The course covers theoretical concepts, some empirical methodology and their application to
real markets and portfolios. Through a combination of lectures, readings and case discussions,
students explore key elements of practical asset allocation, security valuation and style
investing. Students will apply their knowledge by managing portfolios on the Rotman Portfolio
Management System (RPM).
REQUIRED RESOURCES
1. Text book: "Investments," by Z. Bodie, A. Kane, A. Marcus, S. Perrakis, and P. Ryan. 6th
Canadian edition, McGraw-Hill Ryerson, 2008 (ISBN: 978-0-07-096545-4).
2. Cases and readings to be downloaded from various sources.
COURSE FORMAT
13 regular sessions
Component
Assignments & Cases
Investment project
Final exam
Due Date
Weight
Ongoing
End of term
Exam period
25%
25%
50%
RSM 2303
Risk Modeling and Financial Trading Strategies
Tom McCurdy
tmccurdy@rotman.utoronto.ca
TARGET AUDIENCE
This course is primarily targeted to those interested in developing their skills to make effective
financial decisions for an uncertain future. These skills have general applicability but may be
particularly relevant for securities trading, investment and risk management.
COURSE MISSION and GOALS
1. To learn to make effective financial decisions when the future is uncertain
2. To develop strategies associated with various securities and investment objectives
3. To identify, quantify, and manage risks associated with those strategies
COURSE SCOPE
This Lab-based course will integrate theory and practice by using simulation cases and real-time
data links to both a simulated market and to quotes from actual markets. In particular we use:
The Rotman Interactive Trader (RIT) platform, which simulates an order-driven market, to deliver
learning-by-doing cases which, coupled with Excel support applications to apply the relevant
theory, will guide decision making and allow us to derive effective strategies when faced with
uncertainty and quantifiable risks. This training is analogous to using a flight simulator. More
details are available at http://rit.rotman.utoronto.ca. In addition, Rotman Portfolio Manager
(RPM) exercises will be assigned to apply your strategies to real-time market quotes. This
facilitates learning about important institutional details and reinforces the learning objectives of
the RIT cases. You will be able to install the RPM client and connect to the RPM server from any
computer with a web connection (see http://rpm.rotman.utoronto.ca for details).
REQUIRED RESOURCES
The course package will include slides, case briefs, help files for Lab applications and required
background readings. Additional optional readings will be posted.
COURSE FORMAT
12 or 13 sessions perhaps including a visiting speaker session
Classes using the Rotman Interactive Trader platform will be held in the Finance Lab.
TENTATIVE EVALUATION AND GRADE DISTRIBUTION (more details available on the course outline)
Component
Due Date
Tentative Weight
Assignments/Case Reports
TBA
42%
Trading/Investment Performance
TBA
20%
Final Test
TBA
38%
RSM 2304
Financial Institutions and Capital Markets
Susan Christoffersen
susan.christoffersen@rotman.utoronto.ca
INSTRUCTOR BIO
Professor Christoffersen was recently hired to the University of Toronto in 2010 with award-winning
experience teaching both undergraduate and MBA courses in financial institutions and
corporate finance. Her research focuses on mutual funds and more generally on the role of
financial institutions in capital markets. In 2005, Professor Christoffersen was honoured by the
Canadian Securities Institute Research Foundation as their three-year term professor for her
research initiatives on mutual fund trading. Her research has been cited in several international
newspapers such as the Wall Street Journal, The New York Times, and The International Herald
Tribune.
TARGET AUDIENCE
This course is meant for any students interested in understanding how financial institutions and
capital markets function. The focus is on current issues facing management in the financial
service sector. The course would be of great interest to students contemplating a career in
financial services and also those just wanting to gain a general knowledge of how markets work.
The material is accessible and general enough for all business majors as it provides a solid
understanding of financial markets, needed by anyone working in business.
The course first provides a qualitative description of commercial banks, investment banks,
insurance companies, mutual funds, and central banking. For each institution, the course
discusses their basic business practices as well as the regulations and regulators guiding each
institution. In the second half of the course, we discuss methods of measuring and managing risk
which can be generally applied to each institution depending on its needs. The course
concludes by considering the capital standards imposed on banks and the recent discussions
and implications of Basel III and the Dodd-Frank Act in response to the financial crisis. A sample
of the questions that will be considered during the course include:
How is monetary policy implemented through financial institutions? What is the role of a
central bank, discount window, and Bank Rate?
How can one profitably day-trade in mutual funds and what problems does this imposes
on long-term investors?
How does microfinance and why is this form of financing so important?
REQUIRED READINGS
Suggested Textbook: Financial Institutions Management, 4th Canadian Edition, by A. Saunders,
M. Cornett, and P. McGraw, McGraw-Hill Publishing. A course package of readings will also be
available as well as cases.
Component
Class participation
Mid-term exam
Case submissions and assignments
Final exam
Due Date
Ongoing
Week 6 or 7
Ongoing
Exam Period
Tentative Weight
10%
20%
30%
40%
RSM 2305
International Financial Management
Don Brean
brean@rotman.utoronto.ca
TARGET AUDIENCE
This is a recommended course for students following the corporate finance/investment banking
major. More generally, the course should be useful for students interested in the international
aspects of finance.
In frictionless and integrated world markets we would expect that the country an investor resides
in or where a firm is incorporated should not matter. Although the process of globalization has
reduced many barriers to international investment for both firms and portfolio investors, countries
and borders continue to have a major impact on many aspects of finance. For example, the
country where an investor resides has a major impact on his or her portfolio choices and
consumption decisions. The country where a firm is incorporated affects its ownership structure,
capital structure, and corporate governance choices. Importantly, when investors and firms
cross a border into another country, it changes the opportunity set, incentives, and risks that they
face. For example, investors can lower the risk of their portfolios by diversifying internationally;
firms can raise capital abroad, often on better terms than they could get at home. With these
benefits come additional risks, such as currency risk and political risk that can have a major
impact on firm value. Further, issues such as different accounting standards, tax rules, and
institutional constraints can make crossing borders a challenge for both firms and investors.
The goal of this course is to provide a framework for making financial decisions in an
international context. Therefore, the course extends the principles of investment analysis and
financial management to the international environment. The course covers a broad range of
interrelated topics such as:
Currency markets and parity conditions
International investing and portfolio diversification
Understanding and managing exchange rate risk
Raising capital in global markets
Project finance
International capital budgeting and political risk
REQUIRED RESOURCES
1. Cheol S. Eun, Bruce G. Resnick, and Donald J.S. Brean, International Financial
Management: Canadian Perspectives 2nd ed, 2008 (McGraw-Hill).
2. Course package: contains additional readings as well as the case studies that are
discussed in class.
3. Optional articles related to material covered in class are posted on the course
webpage.
COURSE FORMAT
13 regular 2 hour sessions, split between lectures and case studies
Component
Class participation
3 case studies
Final exam
Weight
10%
40%
50%
RSM 2306
Options and Futures Markets
Kevin Wang
kwang@Rotman.Utoronto.Ca
TARGET AUDIENCE
Students who expect to work in finance or who have some interest in derivatives markets
COURSE MISSION
To provide students with an understanding of derivative instruments including their use in
financial risk management. This is the first of a three-course sequence in risk management and
financial engineering. The other courses in this sequence are, Advanced Derivatives (RSM 2307)
and Risk Management and Financial Engineering (RSM2308).
COURSE SCOPE
This course covers forwards, futures, swaps and options. By the end of the course, students will
have good knowledge of how these contracts work, how they are used and how they are
priced.
REQUIRED RESOURCES
Options, Futures, and Other Derivatives by John Hull, eighth edition, and Solutions Manual for
this book
COURSE FORMAT
13 regular sessions
Component
Due Date
Weight
Assignment 1
Week 4
15%
Assignment 2
Week 8
15%
Assignment 3
Week 12
20%
Final Exam
Exam Week
50%
RSM 2307
Advanced Derivatives
Alan White
alan.white@rotman.utoronto.ca
TARGET AUDIENCE
This course covers more advanced material than RSM 2306. It is intended for students who have
a quantitative background.
COURSE MISSION
Objective is to enhance students knowledge of the way in which derivatives can be analyzed.
COURSE SCOPE
The course starts with Black-Scholes analysis. This leads to a variety of approaches commonly
used to value derivatives. This technology is then applied to a variety of exotic contracts. The
second half of the course focuses on the types of models used in the swap market.
REQUIRED RESOURCES
Options, Futures, and Other Derivatives by John Hull, seventh edition, and Solutions Manual for
this book
COURSE FORMAT
13 regular sessions
Component
Due Date
2 assignments
uniformly distributed through the course
Final Exam
Exam week
Weight
50%
50%
RSM 2308
Financial Risk Management
John Hull
hull@rotman.utoronto.ca
TARGET AUDIENCE
Students expecting to work in finance, particularly those who would like to work for a bank or
other large financial institution
COURSE MISSION
To explain important issues concerned with the way banks throughout the world manage risks.
Bank regulations including Basel III and Dodd-Frank will be covered. Many of the topics are
applicable to non-bank institutions and to non-financial corporations.
COURSE SCOPE
This course deals with the ways in which risks are quantified and managed by financial
institutions. Among the topics covered are types of financial institutions, the regulation of banks
and other financial institutions, market risk, credit risk, operational risk, liquidity risk, model risk, and
economic capital.
REQUIRED RESOURCES
Risk Management and Financial Institutions by John Hull, third edition, Wiley.
COURSE FORMAT
13 regular sessions
Component
Assignment 1
Assignment 2
Final Exam
Due Date
Week 7
Week 12
Exam week
Weight
25%
25%
50%
RSM 2309
Mergers and Acquisitions
Asher Drory
asher.drory@utoronto.ca
TARGET AUDIENCE
major. More generally, the course should be useful for students with non-finance majors (e.g.
JD/MBA or MFE students) interested in investment banking, private equity, funds management,
consulting, corporate development, entrepreneurship, accounting and control, business
journalism, economic analysis, and advising senior management.
COURSE MISSION
The course objectives are to provide an understanding of the drivers of success and failure in
mergers and acquisitions and to develop skills in the design and evaluation of these transactions.
The course will analyze M&A from the perspective of a financial advisor and from the
perspective of a corporate leader, integrating issues from economics, accounting, law, strategy
and organizational behaviour where appropriate. Successful financial advisors not only
evaluate individual transactions, but also offer guidance on trends in capital markets.
Corporate leaders evaluate transactions in the context of their overall business strategy and
long term goals. The primary focus is on Canadian and US institutional forms, laws and
regulations, but we will also touch on international transactions and issues.
COURSE SCOPE
The course is organized in five sections. In the first section we review valuation techniques and
extend and apply them to acquisition opportunities. In the second section, we examine sources
of value creation in M&A from strategic and financial buyers, including gains through horizontal
and vertical integration, tax gains, and reductions in agency costs. In the third section we shift
our attention to factors that drive the distribution of value between targets and acquiring firms
focusing on deal structuring, takeover defenses and negotiation issues. In the fourth section we
provide an opportunity for students to apply their knowledge of valuation, value creation and
value shifting through a deal concept exercise. Specifically, students are given a client
company and are asked to pitch a M&A deal the client, requiring students to research and
identify a target company, develop a presentation and pitch the presentation to a panel of
experts from industry and classmates. In the fifth and final section, we re-examine value creation
and value shifting when firms restructure, often when faced with financial distress.
REQUIRED RESOURCES
Course package of case studies and a textbook [currently it is Valuation: Measuring and
Managing the Value of Companies (McKinsey & Company Inc., Authors: Koller, Goedhart and
Wessels)
COURSE FORMAT
12 regular sessions and one extended deal-concept class. Mix of case discussion (about 10
cases), lecture, and general class discussion on topical issues. Some exercises and applications
done in class.
TBA
RSM 2310
Analysis and Management of Fixed Income Securities
Redouane Elkamhi
Redouane.Elkamhi@rotman.utoronto.ca
INSTRUCTOR BIO
Redouane Elkamhi has a PhD in Finance from McGill University. His areas of expertise in teaching
are in Fixed Income, and Futures and Options both at the MBA and undergraduate level. He has
also been involved in executive programs at Standard and Poors in New York.
In addition to his PhD in Finance Redouane also has a Bachelors degree in Electrical Engineering
and an MBA. His previous work experience includes being an electrical engineer for a mining
company and an electrical utility. He has also held a position as an industrial risk evaluator for an
insurance company.
TARGET AUDIENCE
Students interested in pursuing a career in fixed income or interested in gaining a solid
understanding of the bond market generally. The course will provide the tools to analyze and
understand various bond structures, simple yield curve strategies and the different fixed income
products across the credit spectrum.
COURSE MISSION
1. Linking bond theories with practice - use of 'mini' cases in class to demonstrate/apply theory
to real issuers
2. Building knowledge of current fixed income markets and issues b
3. Become familiar with:
Interest rate risk management
Term structure modeling
The market of defaultable securities
Securitisation
3. Structuring deals - ability to understand and analyze a prospectus and bond trust indenture
4. Understanding of bond mathematics, bond pricing and relative value of product across the
credit spectrum
COURSE SCOPE
This course describes important fixed income securities and markets. It will provide an overview
of traditional bond and term structure concepts as well as review a number of bond structures
relevant to the different sectors of the fixed income market.
REQUIRED RESOURCES
Sundaresan, S. (2009) Fixed Income markets and Their Derivatives, Academic Press
Martellini, L., P. Priaulet and S. Priaulet (MPP): Fixed income securities: Valuation, Risk
Management, and Portfolio Strategies, John Wiley
COURSE FORMAT
13 regular sessions
Component
Group Assignment
Group Assignment
Final Exam
Due Date
Week 7
Week 12
Exam Week
Weight
20%
20%
60%
RSM 2312
Value Investing
Eric Kirzner
kirzner@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in a rigorous course on company evaluation using the Value approach.
COURSE MISSION
The focus of this course is on the fundamental value-based approach to investing pioneered by
Benjamin Graham and developed by Graham and David Dodd. The overall objective of the
Graham/Dodd approach is to find undervalued companies based on their estimated intrinsic
values. The critical element in the Graham approach is the search for the margin of safety
(i.e. the purchase of $1.00 of intrinsic value for $.50).
COURSE SCOPE
The emphasis of this course is on both intellectual stimulation and practical rigorous applications,
through the security analysis project. The course has a heavy participation component and
emphasizes the development of both quantitative analytic skills and presentation skills.
By completing this course the student should be able to conduct a full equity analysis of a
company including a rigorous quantitative and qualitative assessment, culminating in a
valuation conclusion. The student will develop their ability to present their conclusions in a
coherent and professional manner.
The value investing course received a $1,000,000 gift from a generous donor in 2006. The
2010/2011 Value class will provide recommendations for maintenance and changes to the
Rotman RSM 2312 $1,000,000 VIP.
REQUIRED RESOURCES
TEXTS
Bruce C.N. Greenwald, Judd Kahn, Paul D. Sonkin and Michael van Biema, (GK)
Value Investing from Graham to Buffett and Beyond, Wiley Finance, 2001.
Benjamin Graham, (BG) The Intelligent Investor, Revised Edition, Collins Business Essentials,1995.
COURSE FORMAT
Full year course- 13 bi-weekly sessions
EVALUATION AND GRADES
Grades are a measure of the performance of a student in individual courses. Each student shall
be judged on the basis of how well he or she has command of the course materials.
The final grade will be calculated as follows:
Component
Weight
Individual papers and presentations
24%
Group reports
36%
Final exam
40%
Total
100%
RSM 2314
Private Equity and Entrepreneurial Finance
Alexander Dyck
adyck@rotman.utoronto.ca
TARGET AUDIENCE
major. More generally, the course should be useful for students with non-finance majors (e.g.
JD/MBA or MFE students) interested in entrepreneurship, venture capital, investment banking,
private equity, funds management (e.g. as an institutional investor), and consulting.
COURSE MISSION
The primary objective of the course is to improve students ability to understand the concepts
and institutions involved in entrepreneurial finance and private equity. The last decades have
revealed a significant increase in the demand for and supply of private equity (e.g. venture
capital and Leveraged Buyout Funds), as well as significant cyclicality. The course will provide
students with skill sets so they can analyze and understand private equity from multiple
perspectives: the perspective of the individual/firm seeking and receiving private equity
finance; the perspective of the private equity fund; and, the perspective of the limited partners
that provide finance for private equity funds.
COURSE SCOPE
The course will be divided into four sections:
Issuers/Users of private equity This section focuses on the challenges entrepreneurs/managers
face in attracting finance to fund their ideas. Students will be required to assess the qualitative
attractiveness of an opportunity and to put a quantitative value on that opportunity including
consideration of alternative exit possibilities.
Private equity partnerships This section focuses on issues facing private equity partnerships in
evaluating, choosing, and managing private equity investments. This section evaluates the
methodologies and structures that have evolved as well as possible ways to improve them.
Investments in private equity partnerships: This section will analyze issues in structuring private
equity partnerships, and in raising funds for them.
Emerging Issues This section will also analyze emerging issues from private equity investing by
pension and sovereign wealth funds, to IPOs of private equity firms, to the opportunities and
challenges arising from the spread of private equity to India and China.
REQUIRED RESOURCES
Course package of case studies and textbook, Venture Capital and the Finance of
Innovation, by Andrew Metrick and Ayako Yasuda, second edition.
COURSE FORMAT
12-13 regular sessions. Case discussions, lecture, and general class discussion.
Component
Class Participation
Case Write-ups and
Financial skills evaluation
Investment Committee
Pitch
Exam
Due Date
Ongoing
Ongoing
Weight
30%
20%
Close to end of course
20%
Exam week
30%
RSM 2315
The Management of Private Wealth
Tom McCullough
tmccullough@rotman.utoronto.ca
INSTRUCTOR BIO
Tom McCullough is CEO of multi-family office which serves the comprehensive financial needs of
families of significant net worth. He has spent over 30 years in the wealth management/ family
office field, initially in senior executive roles with RBC wealth management and now with
Northwood Family Office. He is a registered portfolio manager, a member of the Editorial Board
of the Journal of Wealth Management and holds a certificate in Family Business Advising from
the Family Firm Institute. He has a Bachelor of Commerce from the University of Toronto and an
MBA from the Schulich School of Business at York University.
TARGET AUDIENCE
This course focuses on the financial management issues faced by private (vs. institutional) wealth
holders. It will be of interest to students in funds management who aim to service the private
individual market or any student who want to develop better understand wealth management
for their own personal and family purposes.
COURSE MISSION
The goal of the course is to help students develop an understanding of the unique financial
management problems and opportunities faced by wealthy individuals and families, and
practical, integrated approaches to dealing with them. We also want to help students see and
be able to apply the integrated approach required in the management of private wealth.
COURSE SCOPE
The course covers the following major topics:
Understanding and quantifying client objectives
The individual life cycle and its impact on financial planning
The management of personal and market risk
Asset allocation decisions and investment management
Tax, insurance and estate planning
Alternative investments, real estate and private equity
Succession planning for family businesses and private wealth
REQUIRED RESOURCES
Primarily comprised of articles from various respected financial journals.
COURSE FORMAT
12 regular sessions and one extended group presentation class.
Component
Due Date
Class Participation
Ongoing
Assignment #1
Week 3
Assignment #2
Week 6
Midterm exam
Week 10
Group report/
Week 13
presentation
Weight
15%
10%
15%
30%
30%
RSM 2316
Introduction to Hedge Funds and Broker Dealers
Jon Aikman
jon.aikman@rotman.utoronto.ca
INSTRUCTOR BIO
Jon Aikman is a management consultant and lawyer with international experience in alternative
investments and investment banking. He is faculty at Rotman and is a consultant for hedge
funds and investment banks. Previously he worked as Vice-President and Counsel in investment
banking, equities, derivatives and structured products for Citigroup Global Markets in London,
UK. He is a dual qualified lawyer in England and Ontario. He holds an MBA from the University of
Oxford and holds the Chartered Investment Manager designation. He is the author of When
Prime Brokers Fail, from Bloomberg Press.
TARGET AUDIENCE
Students interested in issues regarding how hedge fund and investment banks work and how to
launch and run a hedge fund.
COURSE MISSION
Introduction to hedge funds, executing brokers and prime brokers, what they are, what they do
and what risks are associated with them. This course is about the interrelationship between
hedge funds, investment banks and their investors, with specific attention to prime brokers and
executing brokers, and other service providers.
COURSE SCOPE
The course will provide a broad review or many different areas of hedge funds and investment
banks. Also, the history of hedge funds will be explored, including the risks of failure of hedge
funds, such as LTCM, and brokers, such as Lehman Brothers, and the distress or certain
investment banks, such as Bear Stearns. Also, practical applications of launching and running a
simulated hedge fund will demonstrate the challenges, risks and potential rewards of alternative
investments to investors, hedge funds and their service providers.
REQUIRED RESOURCES
1. Investment Strategies of Hedge funds, Fillippo Stfanini, John Wiley & Sons, 2006
2. When Prime Brokers Fail, J.S.Aikman, John Wiley / Bloomberg Press, 2010
COURSE FORMAT
Winter Intensive
Component
Due Date
Weight
Participation
20%
Group presentation
20%
Individual Assignment
20%
Exam
3 hours
40%
RSM 2319
The Revolution in Finance: Markets, Institutions and Organizations
Chris Kobrak
cpkobrak@aol.com
INSTRUCTOR BIO
For 20 years, Chris Kobrak has taught at ESCP Europe. In January 2013, he assumed, jointly with
his position in Paris, the Wilson/Currie Chair in Canadian Business and Financial History here at
Rotman. He is an International Fellow at the Centre for Corporate Reputation, Oxford University
and serves on the editorial board of several journals. A CPA with extensive international work
experience, he holds an MBA in Finance and Accounting, and PhD in Business History from
Columbia University. His publications include Banking on Global Markets: Deutsche Bank and
the United States, 1870 to the Present, and articles in Business History, Business History Review,
Enterprise and Society, as well as other journals on a wide range of business and financial topics.
TARGET AUDIENCE
This course is designed for finance and non-finance majors who want to understand the social
significance of our financial system.
COURSE MISSION
This course aims at addressing the financial amnesia some commentator believe help cause
financial crises by providing students with a clearer perspective on the evolution of perceptions
about the advantages and liabilities of different financial architectures. By presenting how the
institutional, intellectual and organizational building blocks of modern finance changed over
time, the course will help students develop a sharper sense of what is unique or commonplace
about their work and what parts of their work contribute to sustainable economic and social
value.
COURSE SCOPE
The course consists of 26 hours of lecture, discussion, movies, and student presentations,
buttressed by extensive reading.
REQUIRED RESOURCES
The reading includes a book (The Ascent of Money, Niall Ferguson, 2011), book chapters, case
studies and articles. (On reserve or on Portal)
COURSE FORMAT
13 weekly sessions.
Component
Due Date
Weight
Class Participation
Ongoing
20%
Group Debate
Last full session
20%
Written Debate Report
Due a week after debate
20%
Take Home Exam
Distributed in final class, due in one

week
40%
RSM 2320
The Canadian and American Financial Systems Comparisons and Contrasts
Chris Kobrak
cpkobrak@aol.com
Joe Martin
jmartin@rotman.utoronto.ca
TARGET AUDIENCE
In 2008 there was the beginning of a credit crisis, global in scope, which has come to be known
as the Great Recession. This course will be of interest to those students who are interested in
understanding why the Canadian and American financial systems performed so differently
during that recession.
COURSE MISSION
The main objective of the course is to assist the student in understanding how public policy
shapes financial systems and to understand how two North American systems, both rooted in
British tradition, have evolved in such a different fashion.
In order to accomplish this Mission, key turning points in each countrys financial system will be
dissected, in order to compare, contrast and to draw conclusions for the reasons as to why the
systems differ.
The student will be expected to come to their own conclusions as to which system is better.
COURSE SCOPE
This course is divided into two parts. The first is a narrative dealing with the historical
development of the major components of the Canadian and American systems, banking,
insurance, etc., and is instructor led.
The second part will deal with specific aspects of each countrys financial system. Students will
be assigned groups early in the course. Each group will be expected to report on an assigned
topic involving the evolution of a specific aspect of financial sector, e.g., corporate
governance, venture capital, private equity.
REQUIRED RESOURCES
A Course Package of Case Studies, Articles and Chapters from Books
ENROLMENT LIMITATION: 25 students
COURSE FORMAT
13 Sessions including a Mid Term Group* Presentation and a final take-home Exam.
This course will also incorporate outside speakers from the US and Canadian Financial Systems.
*Please note, groups are formed by the professors.
Component
Due Date
Weight
Class Participation
Ongoing
20 %
Mid term team assignment
Weeks 10 through 12
35 %
Take Home Exam
To be distributed in class in week 12

Due by noon the following week.
45 %
RSM 2321
Islamic Finance in Canada
Walid Hejazi
hejazi@rotman.utoronto.ca
TARGET AUDIENCE
The target audience for this course is quite broad. As the Middle East and Asian economies
continue to grow at relatively rapid rates, trade and investment linkages with Canada will
increase. To the extent Shariah finance is important to one of the businesses involved in any
transaction, then having an understanding of Shariah (Islamic) financing principles will serve as a
competitive advantage. Ultimately, this course in Islamic Finance will give Rotman students a
competitive advantage in this space, allowing students to differentiate themselves and stay
ahead of curve.
COURSE MISSION
The objective of this course is to review the underlying principles of Islamic Finance, and show
how the outcomes of such principles differ from those in a conventional financial system. The
course begins by covering the underlying principles of Islamic Finance and discusses how
financial instruments differ across the two systems. We also tackle the misconceptions that exist
of what Islamic Finance is. For example, the ban on interest does not mean money can be used
for free, rather the cost to borrow money in an Islamic context is competitive or similar to what
would be paid in a conventional arrangement, but other dimensions of the relationship differ.
There will be a focus on the relative cost, distribution of risks across borrowers and lenders, and
efficiency. The issue of efficiency is very important: in conventional finance, financial institutions
assess risk, and transfer funds from lenders to borrows, using the interest rate to mitigate risks. This
results in the efficient allocation of resources. We consider how the efficiencies of a Shariahcompliant financial system compares to that of a conventional financial system?
COURSE SCOPE
The course begins with a detailed discussion of restrictions that result from Shariah finance. We
then review the differences , vis-a-vis costs and risks, between conventional and Shariah
compliant securities, including mortgages, bonds, and bank accounts. We also discuss how
financial structures are being created that are both Shariah compliant and replicate the payoff
structures of conventional structures. The roles of Shariah boards are discussed to ensure the
integrity of the Shariah structures. We then discuss the legal and taxations implications of
Shariah-complaint financial structures.
REQUIRED RESOURCES
All readings will be available on-line or in the course packet. No textbook is required.
Component
Participation
Team Presentation
Take Home Exam
Ongoing
Last Day
Weight
20%
40%
40%
Marketing
Area Coordinator: David Soberman (416.978.5445 david.soberman@rotman.utoronto.ca)
RSM2500H
RSM2504H
RSM2505H
RSM2506H
RSM2507H
RSM2511H
RSM2512H
RSM2513H
RSM2516H
RSM2517H
RSM2518H
RSM2521H
RSM2522H
RSM2524H
Marketing Strategy
Consumer Behaviour
Strategic Marketing Communication (not offered in 2013-14)
Marketing Research
Marketing Analysis & Decision Making (not offered in 2013-14)
Marketing Financial Services
Branding
Pricing
Sales Management*
Innovation, Foresight and Business Design
Data Driven Marketing* (not offered in 2013-14)
Marketing Using Information Technology
Marketing and Behavioural Economics
Design Practicum
* Experimental Course
RSM 2500 (2013 Fall)

Marketing Strategy
Samuel G. Cukierman
sgc@strategicguidance.com
TARGET AUDIENCE
This course is for students who enjoy case discussion and active class participation in the strategic
planning process as it relates to consumer analysis and the cause and effect of business decisions.
The course will appeal to business generalists who wish to supplement their marketing skills, or to those
seeking a marketing career. The backdrop is that we live in the right now generation, and yet aging
boomers outnumber teenagers two to one. Add in stressful competition, and a changing and far
more demanding consumer, and these serve as challenges for creating strategies with meaningful
differentiation. Students will need to shift their thinking about developing marketing strategies in a
world that values ethics, and socially responsible leadership.
COURSE MISSION
This course uses the case study method from the text and casebook, supplemented by special
handouts and guest speakers, to teach marketing strategy as an organizational decision-making
process. Students will gain an understanding of and be able to put in practice the processes used to
make informed decisions, learning to what works in varied industries and scenarios. We quickly move
from theoretical analysis to a detailed dialogue of practical decision-making and the implications
arising from those decisions - one in which management commits people and cash to compete
effectively in markets which they choose to serve.
To develop thinking and analytical skills in strategic marketing in order to assess markets and
create value.
To develop skills in defining business drivers, and the factors influencing strategic and tactical
decisions.
To develop an understanding of the critical success factors that make the strategic planning
process effective beginning with development of brand image, assessment of competition,
creating a customer value proposition, relating to the importance and relevance of customer
satisfaction, to the meaning and role of high performing teamwork, and how these factors
influence the bottom line.
To appreciate the use of marketing strategy for new products and technology in our current
environment both domestically and globally.
COURSE SCOPE
This course examines the processes by which businesses decide how to compete in the markets they
choose to serve. The emphasis is on the analysis of market opportunities and sources of competitive
advantage. The course also looks at the strategic implications of market evolution and methods of
allocating resources to new and established products. Take this course if you want to make money.
Use the processes to sharpen your consulting skills.
REQUIRED RESOURCES
1. Textbook: Strategic Marketing (Tenth Edition), David W. Cravens and Nigel F. Piercy,
McGraw Hill, 2009
2. Course Package: The course uses a case package.
COURSE FORMAT
13 regular sessions
Component
Class Participation
Case Write-up 1
Case Write-up 2
Group Case Presentation
Due Date
Ongoing
Week 5
Week 9
Weeks 12 and 13
Weight
20%
25%
25%
30%
RSM 2500 (2014 Spring)

Marketing Strategy
Sridhar Moorthy
moorthy@rotman.utoronto.ca
TARGET AUDIENCE
Marketing strategy is an integrative second course in marketing dealing with strategic issues in
marketing. As such, it should appeal to any student interested in marketingmarketing types
and strategy consulting types. The latter will find that the core problem examined in the course
how to develop sustainable competitive advantage through marketing actionsforms the heart
of consulting practices at companies such McKinsey, BCG, etc.
WHAT THE COURSE IS ABOUT
As alluded to above, it is about marketing and strategy. As such, it is a natural follow-up to
your first-year marketing and strategy courses. The course deals with how to use marketing to
create a sustainable competitive advantage for the firm. Typically these decisions have to do
with choosing target markets, creating differentiated value propositions, and backing them up
with assets that are hard to replicate by competitors. These are the sorts of decisions CMOs, and
even CEOs, get involved in.
This is essentially a case course, supplemented by lectures. The cases have been chosen to
cover a wide range of marketing strategy issues, in a variety of product and geographical
settings. The variety is part of the design: you will learn from comparing cases, and figuring out
how the similarities and differences between them map into strategy. A key feature of the
course is live casesi.e., cases involving actual companies based in Toronto. These live cases
will involve student teams interacting with company executives to understand the real issues
facing these firms and developing recommendations to address those issues. In the lectures I will
develop theoretical frameworks for thinking about marketing strategy decisions, and present
empirical evidence on what works and doesnt work.
REQUIRED RESOURCES
No textbook; packet of readings and cases.
COURSE FORMAT
13 regular sessions
Component
Class & online participation
One-page case executive summaries (team-based)
Case presentations (team-based)
Final Exam
Due Date
Ongoing
Ongoing
Ongoing
Exam week
Weight
20%
15%
25%
40%
RSM 2504
Consumer Behaviour
Scott Hawkins
hawkins@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in investigating social and psychological foundations of consumer thought
and behaviour. Course content is oriented toward basic principles of psychology and other
social sciences and their application to a wide range of consumer activities.
COURSE MISSION
Successful managers have the ability to design and deliver unique consumer value in ways that
efficiently utilize the companys resources. This course focuses on the analysis of consumer
thoughts, feelings, and behaviours by providing a detailed account of the theory of consumer
behaviour. We will examine the personal, psychological, social, and cultural aspects of the
marketing environment, and explore the nature of these influences on the buying behaviour of
individuals and groups. This course has four overarching objectives:
To encourage appreciation for the value of consumer behaviour in determining
successful marketing strategies.
To review recent conceptual, empirical, and methodological developments in research
on consumer behaviour.
To provide a coherent framework for interpreting consumer reactions to marketing
stimuli.
To provide experience in applying behavioural principles to the analysis of marketing
problems and the design of marketing strategy.
Classes will use a variety of methods: readings, lectures, application exercises, and class
discussions.
COURSE SCOPE
The primary goal of this course is to enhance understanding of consumer behaviour, from
determining consumer needs to building customer relationships. Behavioural concepts from
various social science disciplines are used to examine consumer motivations, perceptions,
attitudes, decisions, and actions. The emphasis is on using this knowledge to capitalize on
marketing opportunities.
REQUIRED RESOURCES
Textbook: Consumer Behaviour: Buying, Having, and Being, (5th Canadian Edition), Michael R.
Solomon, Judith L. Zaichkowsky and Rosemary Polegato, Scarborough, ON: Prentice Hall
COURSE FORMAT
13 regular sessions
Component
Class Participation
Application Paper
Midterm Exam
Final Exam
Due Date
Ongoing
Week 4
Week 7
Exam Week
Weight
15%
15%
35%
35%
RSM 2505
Strategic Marketing Communications
Aparna Labroo
aparna.labroo@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in Marketing, Branding, Consumer Behaviour, Communications, Consulting
should take this course.
COURSE MISSION
1. To understand how marketing communications programs are developed and sustained;
2. To apply consumer psychology and communications theory to marketing
communications;
3. To appreciate the implications of technology changes, social media and advertising
clutter for marketing communications;
4. To develop an awareness of the ethical issues surrounding marketing communications
and a framework for dealing with these considerations.
COURSE SCOPE
No product can be commercially successful without effective communication with customers
whether this takes the form of advertising, personal selling, public relations, or the myriad of other
forms that are available. But with the growth of new media technologies, the environment for
marketing communications is more challenging than ever, and old assumptions are constantly
being questioned.
This course is concerned with the science, art and ethics of marketing communications. As a
result of the course, you will develop a refined understanding of how advertising/markcom
works, the effect it has on consumers and how this knowledge is, for better or for worse, used by
businesses.
You will learn how marketers communicate with customers knowledge that is useful to you
both as a manager and a consumer.
REQUIRED RESOURCES
(i)
Textbook (TBD)/ Cases.
(ii)
Readings package and readings posted on R-World.
COURSE FORMAT
13 regular sessions
EVALUATION AND GRADE DISTRIBUTION (subject to changes at the instructors discretion)
Component
Due
Grade Weight
Class participation
Ongoing
20%
Case executive summaries/ mini assignments
Ongoing
40%
Final Project
Last class
40%
RSM 2506
Marketing Research
Delaine Hampton
delaine.hampton@rotman.utoronto.ca
TARGET AUDIENCE
This course is relevant for students interested in general management, marketing, market
research and innovation in businesses that are fundamentally consumer or customer centric.
The course emphasizes the pivotal role market research has in supporting decisions at all levels
and stages of business management. Students will learn how to design market research studies
and interpret the findings to support the most important decisions involved in growing brands in
competitive markets. The course will expose students to emerging areas of market research and
consider how they speed the generation of actionable insights.
COURSE MISSION
To give students experience with the most frequently used market research methods that
guide business decisions in consumer or customer markets today.
To equip students to answer complex business questions by integrating data on
consumer behaviour with market structure information to identify opportunities and
evaluate alternatives.
To provide a business application context for the development of skills and knowledge of
foundational research methods.
To expose students to emerging areas of market research that are shedding new light on
how consumers/customers make decisions in complex markets.
COURSE SCOPE
Growing brands in todays marketplace requires deep understanding of the target consumer;
their wants, needs, habits, wishes and beliefs about the category of interest. It also requires a
rigorous understanding of existing market structures: competitive landscape, equities of existing
brands, retail dynamics, response to marketing investments and purchase patterns. The market
research profession offers literally hundreds of methods, tools, analytics and models for
developing this understanding and evaluating options. This course will highlight the range of
market research practices and select a few of the most important tools for student skill
development and practice. These include:
Hands on experience with foundation methods for understanding consumer attitudes,
opinions, habits and behaviours - survey research, semantic scales, ethnography, and
various theories or models of the consumer decision process.
Exposure to the range of methods for understanding brand health and competitive
positions in a category, including attitudinal methods such as perceptual mapping and
behavioural measures derived from purchase data.
Construction of market size estimates and forecasts that integrate bottom up buying
behaviours with top down trends and industry data. The assessment of overall market
size, based on consumer fundamentals, is a powerful skill to bring to any marketing
strategy project.
Practice with the design and analysis of concept tests and trade-off/conjoint studies,
which are the workhorse methods of product developers and innovators.
Projects and exercises designed to teach the market research tool and illustrate how it is
used to support decisions in common business situations.
Guest speakers providing perspective on the emerging areas of market research services
and research science.
A field trip to a leading edge retail facility specializing in point of purchase marketing
innovation.
INSTRUCTOR BIO
Delaine Hampton joined Rotman as an Executive in Residence in 2010 following a 35 year career
in marketing and market research at Procter & Gamble. In her last 10 years with P&G, Delaine
led upstream innovation groups in the Consumer and Market Knowledge Department. Her team
developed research methods and models on a global corporate level. These included
predictive models for new products incorporating breakthrough analytical and simulation
technologies. Delaine participated with the Marketing Faculty in the writing of FLUX, providing
the chapter on adoption of new marketing science in organizations.
REQUIRED RESOURCES
Many of the readings will be available online through the course portal. A standard market
research textbook will be selected as a required resource.
COURSE FORMAT
13 regular sessions
Component
Class Participation
Assignment 1: Observational Research
Assignment 2: Questionnaire Design
Assignment 3: Market Size Estimate
Assignment 4: Business Question/Research Design
Group Project Presentation
Group Project Written Report
Due Date
Ongoing
Week 2
Week4
Week 7
Week 9
Week 12, 13
Week 13
Weight
15%
10%
15%
15%
10%
15%
20%
RSM 2511
Marketing Financial Services
Dan Richards
drichards@rotman.utoronto.ca
Mark Wettlaufer
mark.wettlaufer@rotman.utoronto.ca
RSM2511 VIDEO HIGHLIGHTS
TARGET AUDIENCE
Students who work in or intend to enter the Financial Services sector.
COURSE MISSION
The course is designed to give students real world, practical insights on what it will take to win in
the Canadian and global financial industry over the next five to ten years and to learn from
leading edge companies in the financial services arena.
GUEST SPEAKERS
Each class begins with an industry speaker - some of the best learning for students has come
from the chance to hear senior guest speakers in candid conversation.
Guest speakers in the past included:
Randy Ambrosie
CEO
Accretive Advisor
Barry Columb
President
Presidents Choice Financial
Caroline Dabu
VP, Retirement Planning
BMO Financial Group
Trudy Fahe
CEO
Walmart Bank of Canad
George Hopkinson
CEO
Knowledge First Financial
Peter Intraligi
CEO
Invesco Trimark
Patrick Kennedy
Exec VP
PriceMetrix
Scott Mackenzie
CEO
Morningstar Canada
Jeff Marshall
VP Marketing
Scotiabank
Som Seif
CEO
Claymore Investments
Gerry Solway
CEO
Home Trust
In addition, based on requests from students interested in learning more about marketing in
capital markets, optional small group breakfasts were organized with David Fleck, CEO of
Macquarie Capital Markets Canada and Andrew Kiguel, Managing Director with GMP
Securities.
GROUP ASSIGNMENT: RBC NEXT GREAT INNOVATOR CHALLENGE
For the past five years, RBC has invited business students across Canada to compete for a
$20,000 grand prize, by developing presentations on a specified topic.
For the group assignment, students will develop a presentation for this competition. Past
participants report that while its a time commitment of 15 to 20 hours, its a terrific learning
experience and a great resume builder for the winners. Note that this is subject to the theme of
the RBC Next Great Innovator Challenge being appropriate for the course.
Note: In 2012, the winning group in this course qualified for the final five presentations in the
national competition.
COURSE INSTRUCTORS
In 2013, the course instructors received a Rotman Teaching Excellence Award based on student
evaluations from Fall of 2011.
Dan Richards has taught at Rotman since 1992. He has built and sold two start-ups in the
financial industry (a research company to Environics in 1998 and a conference business to
Rogers Communications in 2001) and is currently at work on his third. In 2002, he was recruited to
join a small public company that had rolled up five investment distribution firms and was losing
money; as CEO he helped stabilize the firms finances and led its successful sale 18 months later.
Dans columns, conference presentations and award winning book have made him a
household name among Canadian financial advisors; he also writes a regular column for the
Globe and Mail Report on Business and is a regular on BNN. He has an undergraduate degree
in economics from McGill University and an MBA from Harvard Business School.
Mark Wettlaufer has co-taught this course since 2005. He led TD Asset Management for over ten
years in the 1990s; during his tenure, TD experienced dramatic share gains. In 2001, he took off
three years to explore the world by motorcycle, and has spent the past seven years as head of
Products and Marketing at Fidelity Investments Canada. Mark has an undergraduate degree
from Western and an MBA from Harvard Business School.
CASES
The course uses a combination of recent cases and in depth articles from leading publications
that act as living cases. Video segments enhance the learning process.
COURSE FORMAT
13 regular sessions 2 hours in length per week, incorporating guest speakers, articles and case
materials.
Component
Class Participation
Group Assignment
Final Exam
Due Date
Ongoing
TBD
Exam Week
Weight
20%
40%
40%
RSM 2512
Branding
Scott Hawkins
hawkins@rotman.utoronto.ca
TARGET AUDIENCE
The course is intended for second-year MBA students interested in branding issues, and should
appeal to many students. Students interested in a career in marketing will find the material
essential. Students interested in financial careers should feel at home with the idea that products
become brands through marketing investments. Brands are financial assets that can be
leveraged, bought, and sold, just like any other asset. Students interested in management
consulting should appreciate that brand strategy is an important sub-practice at most strategyoriented consulting firms. Students interested in legal careers will find the material on brand
equity relevant to cases involving trademark infringement/deceptive advertising.
COURSE MISSION
To develop an understanding of the strategic importance of brands in creating
value for customers and firms.
To appreciate the nature of the challenges in planning, executing, and
controlling branding strategies.
To develop a customer-based view of brand equity that explicitly addresses the
role of cognitive, emotional, behavioural, social, cultural, and economic factors
in creating brand equity.
To gain familiarity with some of the tools and tactics that firms use to create,
sustain, leverage, and defend brand equity.
To refine analytical and decision making skills and the ability to express
conclusions orally and in writing.
COURSE SCOPE
Brands are defined by a name, term, sign, symbol, or design, or a combination of them,
intended to identify the goods and services of one seller or group of sellers and to differentiate
them from those of competitors. However, brands are valuable because those distinctive
elements mean something to consumers. Sometimes they make a product more memorable;
sometimes they carry rich and powerful associations; sometimes they evoke feelings and
emotions; sometimes they perform important social functions; and, sometimes they carry
significant cultural meaning. Consumers may even form relationships in which the brands help
to define who they are and communicate this self-image to others. The varied meanings and
functions of brands for consumers create enormous challenges and opportunities for marketers.
The value that brands can create for consumers also makes the valuable assets for
organizations. Brands represent valuable assets that must be created, sustained, leveraged,
and defended. Students will assume the role of senior marketing managers responsible for the
design, implementation, and evaluation of branding strategies. This course will use case analysis,
lectures, discussion, and a group project to reinforce successful decision making and
communication skills for students who are interested in developing expertise in managing
brands.
REQUIRED RESOURCES
There are two required course packages (one available from the bookstore and one to be
purchased online).
COURSE FORMAT
13 regular sessions

Component
Class Participation
First Written Case Analysis
Second Written Case Analysis
Brand Audit Project Report (group)
Brand Audit Presentation (group)
Final Examination Case
Due Date
Ongoing
Week 5
Week 9
Week 13
Week 13
TBA
Weight
15%
15%
20%
25%
5%
20%
RSM 2513
Pricing
Andrew Ching
andrew.ching@rotman.utoronto.ca
Ron Borkovsky
ron.borkovsky@rotman.utoronto.ca
TARGET AUDIENCE
This course is appropriate for anyone who expects to be involved in the determination,
execution and communication of a price. This includes students who plan careers in general
management, marketing, sales, strategy, and customer services. The course is not restricted to
any particular industry or vertical, and is appropriate for both B-2-B and B-2-C, and for both
products and services applications.
COURSE MISSION
To enable students make optimal pricing decisions. In particular, by the end of this course
students will be able to:
1) Understand the role of the pricing decision in influencing customer value. This will involve
calculating economic value to customers (EVC), determining relevant costs, and estimating
demand curves.
2) Execute a pricing strategy through an understanding of tactical issues in pricing (including
menu costs, pricing formats etc.) and sales promotions (including couponing, rebates, etc.)
3) Learn a set of tools to understand how consumers respond to prices, and how an
understanding of this response could be integrated into the pricing decision.
4) Understand the effect of non-price factors on price image and perceived value.
5) Understand innovative pricing strategies like peak period pricing, bundling, and price
customisation.
6) Understand pricing for goods/services that generate externalities.
7) Understand how a two-sided market works, and the importance of pricing in two-sided
markets
COURSE SCOPE
This course approaches the pricing decision as an intersection of economic, strategic and
behavioral considerations. Using product categories as diverse as financial services, healthcare,
industrial products and consumer packaged goods, students will study economic and
behavioral approaches to pricing, dynamic pricing, value pricing, price customization, price
bundling and multi-part tariffs, menu costs and price stickiness, price presentation strategies,
sales promotions, pricing for goods/services with externalities, and pricing in two-sided markets.
REQUIRED RESOURCES
Course Package: The course uses a case package.
COURSE FORMAT
13 weekly sessions
Component
Class Participation
Case Write-up
Final Exam
Due Date
Ongoing
Week 6
Exam week
Weight
20%
35%
45%
RSM 2516
Sales Management
James A. Tucker
tucker.james@bcg.com
INSTRUCTOR BIO
James Tucker is a Principal with the Boston Consulting Group (BCG) and a core member of the
Marketing and Sales Practice Area. James leads teams globally with extensive experience in
Canada, USA, UK, Australia and Scandinavia. Prior to joining BCG James spent over 15 years in
sales, marketing and business development at Molson, CTV and with other companies.
James is a Rotman MBA alumnus graduating at the top of his class, making the Deans List with
Highest Distinction, was named a Bregman Scholar and class Valedictorian.
James is particularly active in the community both as a sitting Director on the board of the West
Park Healthcare Centre and by supporting several charities including the Heart and Stroke
foundation of Canada. He was recently invested with the Ontario Medal for Good Citizenship by
the Lieutenant Governor of Ontario.
TARGET AUDIENCE
All students who intend to lead a business, be accountable for overall revenue or expect to
interface with the sales function should take this course to be able to provide more effective
oversight and guidance for the sales function.
This would include prospective CEOs,
entrepreneurs, marketing executives and line managers. In addition all students who see selling
(products, services, ideas, yourself) as a core skill in their chosen profession should take this
course to sharpen their personal selling tools.
COURSE MISSION
1. Provide holistic approach/toolkit to developing optimal sales forces & revenue creation
strategies
2. Deliver an enhanced executive ability to manage your sales teams
3. Enhance your personal selling capabilities (to sell products, services, ideas and yourself)
4. Build appreciation for various approaches for maximizing return on sales investment
5. Develop visibility into the inter-relationship of buyer and seller and how this plays out in the
market
6. Develop an understanding of how buyers buy
COURSE SCOPE
Nothing happens until something is sold
This course is intended to develop your ability to manage your most critical business resource
your revenue generators. We will study the intersection of individual selling, sales management
and sales strategy (theory and current practice). We will develop an integrated toolkit that will
give you a competitive advantage in managing your future companies toward maximum value
creation and give you the personal skills to sell your products, services or ideas to your target
buyer.
By the end of the course students will have a holistic overview of the concepts and tools
available to the sales professional and strategic sales manager. The three essential building
blocks of a successful sales organization will be covered in detail:
1. Strategic sales planning
2. Best practices in sales force management
3. Personal selling
REQUIRED RESOURCES
Sales management, Robert J Calvin, McGraw-Hill; 1 edition (December 12, 2000)
Course package: various articles, sales plans and corporate policies to be provided by the
instructor
COURSE FORMAT
13 regular sessions
Component
Class Participation
Mid Term Paper
Individual presentation
Final Exam
Due Date
Ongoing
Week 8
Week 12
Exam week
Weight
20%
25%
25%
30%
RSM 2517
Innovation, Foresight and Business Design
Alexander Manu
alexander.manu@rotman.utoronto.ca
INSTRUCTOR BIO
Alexander Manu is a strategic innovation practitioner, international lecturer and author. He
works with executive teams in Fortune 500 companies in industries as diverse as consumer
packaged goods, media, advertising, public gaming, mobile communications and
manufacturing. Alexander lectures around the world on innovation, imagination, change
agents and strategic foresight. He is a Senior Partner at InnoSpa International Partners, teaches
Innovation, Foresight and Business Design at the Rotman School of Management, is a Professor
at the OCAD University in Toronto and a visiting lecturer at the Wallace McCain Institute for
Entrepreneurship.
In his client and research work, Alexander is involved in transforming organizations by exploring
and defining new competitive spaces, the development of new strategic business
competencies and the reation of innovation methods. For over 25 years Alexander has enabled
global companies as diverse as Motorola, LEGO, Whirlpool, Nokia, Navteq and Unilever, to
develop policies and strategies that address emerging issues through strategic foresight and precompetitive business models. Author of Disruptive Business: Desire, Innovation and the ReDesign of Business, 2010., Everything 2.0: Redesign your Business Through Foresight and Brand
Innovation, 2008, The Imagination Challenge : Strategic Foresight and Innovation for the
Global Economy , 2006, ToolToys: Tools with an Element of Play, 1995, and The Big Idea of
Design, 1999 , as well as of numerous articles published in national and international periodicals.
His most recent book, Behaviour Space: Transformation, Pleasure and Business in the Millennial
Economy was released by Gower Publishing in December 2012.
TARGET AUDIENCE
This course is of direct value to the student who has elected to major in Business Design,
Consulting, Brand Management or Innovation and Entrepreneurship. This course is also of value
to students interested in design strategy, marketing, new venture start-up, or innovation/product
development and who wish to develop an ability to imagine new possibilities and create high
quality forward views.
COURSE MISSION
This course aims to prepare the MBA candidate for the ambiguous challenge of creating and
supporting a culture of innovativeness, within the framework of an innovation creating
enterprise. In content, manner and style, this course has been designed to focus on developing
the candidates ability to inspire exploration, discovery and learning within teams, as well as
increasing the value of their own imagination and creativity. Students will work with predesign methods that will help them identify and validate ideas, and transform these ideas into
pre-competitive products, services and systems by using techniques designed to identify
significant strategic shifts at their early stages as well as tools to assess the potential of these
strategic shifts in technology and behaviour as potential markets before they can be measured.
Finally, this course will explore how foresight informs strategic decision-making and aligns the
desires of people with the potential of technology, into new business models.
COURSE SCOPE
The primary goal of this course is to expand your decision-making data set by:
Enhancing your awareness of macro trends and global behaviour shifts, and discover the
possibilities present at the intersection between latent needs and current technology.
Building unique new perspectives
Transform shifts in behaviour and technology into feasible, useful and desirable business
model concepts for systems, communications, products and services.
Develop and execute methodologies leading to innovation outcomes that combine

emerging technology research and foresight methods.
The coursework is designed to: a) Help students to unlearn in order to see from new perspectives.
b) Recognize and assign meaning to local and global patterns of emergence in behaviour. c)
Translate these behaviour signals into future opportunities. d) Explore the experiential value of
these opportunities e) Describe the support structures required to deliver on these experiences f)
Design business models that translate these experiences, into social and corporate wealth.
REQUIRED RESOURCES
Course Package: The course uses a package of cases and readings.
HUME. D. 1888. A Treatise of Human Nature. Oxford, Clarendon Press. P.134
MANU, A. 2010. Disruptive Business. Desire, Innovation and the Re-design of Business. Gower
Publishing. London. ISBN: 978-0-566-09240-4
MANU, A. 2007. The Imagination Challenge: Strategic Foresight and Innovation in the Global
Economy . Berkley: New Riders.
MASLOW. A. H. 1943 A Theory of Human Motivation. Originally Published in Psychological
Review, 50, 370-396.
SENGE, PM, SCHARMER, CO, JAWORSKI, J & FLOWERS, BS. (2004) Presence: human purpose and
the field of the future. Nicholas Brealey Publishing Ltd (June 2, 2005) . ISBN-10: 1857883551. ISBN13: 978-1857883558
SMITH. ADAM. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations. In public
domain. (Gutenberg Project)
COURSE FORMAT
13 regular sessions
Component
Assignments
Process Reports
Final Project Presentation
In Class and Online Participation
Due Date
Weeks 3 and 5
Weeks 7 and 9
Week 13
Weekly
Weight
2 x 15% (30% Total)
2 x 20% (40% Total)
25 %
05 %
RSM 2521
Marketing Using Information Technology
Markus Christen
markus.christen@rotman.utoronto.ca
TARGET AUDIENCE:
Students interested in emerging media including online advertising, social media, and mobile
media.
COURSE MISSION:
To understand how emerging media change the way companies find and serve their customers.
COURSE SCOPE
This course gives students the skills required to respond to changes in the emerging media
landscape. Among other things, by the end of the course, students will know how to run a
Google AdWords campaign and develop search engine optimization strategies, how to
develop a web presence in order to communicate with customers and suppliers, how to take
advantage of online marketplaces like eBay, how to use social media effectively, how to
manage privacy concerns online, and how to develop and implement a mobile marketing
campaign.
RESOURCES
Course package and online readings
COURSE FORMAT
Intensive course
Component
Class Participation
Group project and presentation
Final Exam
Due Date
Ongoing
Varies by group
Final session
Weight
10%
30%
60%
RSM 2522
Marketing and Behavioural Economics
Dilip Soman
Dilip.soman@rotman.utoronto.ca
TARGET AUDIENCE
This highly interdisciplinary course will be particularly relevant to students with interests in
Marketing, Strategy, Behavioural Finance, Policy, and General Management.
COURSE MISSION
By the end of this course, you will:
1. Master the basic principles of behavioural economics
2. Know the application of the principles to various aspects of business and policy
3. Be able to design products and programs that are behaviourally informed.
COURSE SCOPE
The field of behavioural economics couples scientific research on the psychology of decision
making with economic theory to better understand what motivates economic agents, including
consumers, investors, employees, and managers. In this course, we will examine topics such as
the role of emotions in decision-making, irrational patterns of how people think about
products, money, or investments, and how expectations shape perceptions. We will study not
only individual decision-making, but also its effects on markets at an aggregate level. Topics
covered will include: Individual and group choice, choice complexity, intertemporal choice,
emotional influences on choice, the role of behavioural economics in marketing, spending and
savings behaviour, social welfare, decision engineering and choice architecture.
REQUIRED RESOURCES
Readings for this course will be drawn from academic papers and web links that will be posted
to the RWorld portal.
COURSE FORMAT
13 weekly sessions
Component
Due Date
Class Participation
Ongoing
Mid term exam
week 7
Group Project and
week 12 or 13
Individual writeup on
project
Weight
20%
40%
40% (30 + 10)
RSM 2524
Design Practicum
Heather Fraser
heather.fraser@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in how to effectively leverage design-based principles and methodologies
as a tool for innovation and strategic business design. This includes students who might work in
strategy, marketing, new venture start-up, or innovation/product development.
COURSE MISSION
The objective for this course is to provide students with an overall methodology and set of tools
for innovation and business design, and give them the opportunity to apply integrative thinking
and design principles to a real-world project. The process will cover the full development cycle
from identifying user needs and opportunities to creating a strategic business model to deliver
innovation. This will include identifying new insights and unmet market needs, generating and
prototyping new product/service experiences, evaluating and refining prototypes, building
business strategies for market success, and communicating results to clients in an effective
manner. Students will work in multi-disciplinary teams (with industrial designers from OCAD) and
learn to synthesize discoveries and multi-disciplinary inputs in each stage of innovation process.
COURSE SCOPE
The Design Practicum consists of student teams who will create human-centric solutions and
innovative business models using design principles and practices. In particular, teams will be
expected to: a) Develop and field research designed to identify unmet user needs (including
ethnographic techniques that will be taught), b) Develop new product/service solutions based
on an understanding of user needs; c) Generate multiple prototypes before integrating ideas
into one optimized experience and final concept; d) Test their concepts using user evaluation
tools to refine/optimize their innovation concepts; and e) Develop a viable strategic business
model. At the end of the practicum, teams will present their plans to faculty and industry
representatives.
REQUIRED RESOURCES
Course Package: The course uses a package of cases and readings.
COURSE FORMAT
13 regular sessions. There will be a mix of lectures, field research, and group work. Students work
on their projects both in class workshops and in between the sessions.
Component
Foundation Report
User Understanding Report
Concept Visualization Report
Strategic Business Design Report
Final Report/Presentation
Class Participation & Team Work (Individual)
Individual Papers (2 total)
Due Date
Class 3
Class 6
Class 10
Class 12
Class 13
Throughout
Throughout
Weight
5%
5%
5%
5%
20%
10%
50%
Operations Management & Statistics

Area Coordinator: Joseph Milner (416.978.5552 joseph.milner@rotman.utoronto.ca)
RSM2405H
RSM2406H
RSM2407H
RSM2408H
Supply Chain Management

Operations Management Strategy
Service Operations Management (offered in 2013 Summer Term only)
The Art of Modeling with Spreadsheets
RSM 2405
Supply Chain Management
TBD
TARGET AUDIENCE
This course is intended for students interested in general management or careers in consulting,
operations, or marketing. Understanding how supply chain management impacts business
performance is also of value for students aspiring to accounting and finance careers.
Note: this course counts towards the Consulting Major.
COURSE MISSION
Understand how to make supply chain design and policy decisions to develop the supply
chain capabilities required to support the business strategy and improve the performance of
a firm and of an entire supply chain.
Learn how to examine and improve the flow of materials and information through a network
of suppliers, manufacturers, distributors, and retailers in order to help firms get the right
product to the right customer in the right amount and at the right time.
Learn how to make decisions on the following fundamental supply chain performance
drivers: facilities, inventories, transportation, information, sourcing and pricing.
Special emphasis is given to understanding of how supply chain decisions have to account
for coordination requirements within and across firms, the impact of uncertainty, and the
specific product and customer characteristics that derive from the overall business strategy.
COURSE SCOPE
Supply chains are networks of organizations that supply and transform materials, and distribute
final products to customers. This course views the supply chain from a general managers
perspective. Supply chain management represents a great challenge as well as a tremendous
opportunity for most firms. If designed and managed properly, supply chains are a crucial
source of competitive advantage for both manufacturing and service enterprises. There is a
realization that no company can do any better than its supply chain. This becomes even more
important as product life cycles are shrinking, product and service variety is growing and
competition is intensifying. The course emphasizes the use of qualitative and quantitative
analysis in making supply chain management decisions.
REQUIRED RESOURCES
Supply Chain Management: Strategy, Planning, & Operation, Chopra & Meindl (C&M), 5th Ed.
Course packet
Further materials (made available on portal before/after the relevant sessions): slides, case
solutions, Excel spreadsheets for C&M examples, sample final exam.
Supply chain simulation game
COURSE FORMAT
13 regular sessions, mix of lectures, case discussions, spreadsheet models and simulation game.
Component
Class Participation
Individual problem set, mini-case
Group report (cases)
Group presentation (simulation
game)
Final Exam
Due Date
Ongoing
Weeks 5 and 10 or 12
Weeks 3, 6, 6
Week 13
Weight
15%
10%
24%
16%
Exam week
35%
RSM 2406
Operations Management Strategy
Joseph Milner
milner@rotman.utoronto.ca
TARGET AUDIENCE
The course is designed to be of interest to students considering positions in the transformative
parts of firms. These include leading roles production and manufacturing, in service design and
fulfillment, and supply chain management. Most of the topics require systematic thinking and
many topics require some mathematical analysis.
COURSE MISSION
1. Enable students to formulate an operations strategy for a firm.
2. Provide some concepts, tools and experiential input on how to analyze, value and
optimize the key decisions involved in an operations strategy. These decisions include
benchmarking; capacity expansion, timing, flexibility and location; sourcing and supply
management; operational hedging; and innovation and learning.
COURSE SCOPE
The course builds on the core operations class, focusing on the higher-level issues of strategic
operations management discussed in that course. Operations strategy consists of the
development and use of operating capabilities, whether they are in service provision,
manufacturing, or supply chain fulfillment, to further the competitive position of the firm.
We discuss trade-offs firms make in their operations and the underlying assets and processes they
invest in to support their decisions. We consider both external views of the organization to
ascertain their competitive choices and internal views to estimate their productivity and
competitive threats. We study examples of asset sizing, type, and flexibility. We also study how
firms assess the buy vs. make decision in supply chains. Finally we consider innovation and
operations development.
Each topic will be discussed using a combination of models, case-discussions, and readings. The
anticipated mix for the course is 50-50 qualitative-quantitative. In a typical week we will cover
one major case in-depth, supplemented by mini-lectures, presentations and qualitative
discussions of other examples.
REQUIRED RESOURCES
Course package consisting of cases and readings.
COURSE FORMAT
13 weekly sessions
Component
Due Date
Class Participation
Ongoing
Group case analyses
4 weeks during semester
Individual Case
Week 13
Development
Weight
20%
40%
40%
RSM 2408
The Art of Modeling with Spreadsheets
Opher Baron
Opher.baron@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in learning how to formulate models using spreadsheets to enhance analytic
decision making in marketing, finance, and operations.
COURSE MISSION
(1) To introduce students to the science of fact based, data-driven decision making;
(2) To develop, integrate and reinforce students modeling skills based on spreadsheet
usage in a variety of applications;
(3) To enhance and reinforce students ability to intelligently use information in the presence
of uncertainty.
COURSE SCOPE
In this course we will learn how to structure, analyze, and solve business decision problems on
Excel spreadsheets. We will focus on problems involving decision-making and risk analysis. The
emphasis of the course will be on systematic, logical thinking, and problem solving on
spreadsheets, illustrated by building and analyzing models of a variety of problems in operations,
finance, and marketing.
While the underlying concepts, models, and methods of this course are mathematical in nature,
we will develop them on the more intuitive and user-friendly platform of spreadsheets. The
spreadsheet approach to problem solving is more accessible to managers, as they usually find
spreadsheets a natural medium for organizing information and performing what if analyses.
We will study how to use Excel and various add-ins to perform such analyses and interpret them.
REQUIRED RESOURCES
Practical Management Science: Spreadsheet Modeling and Applications, 4 th edition, by Winston
and Albright and a course packet with several cases
COURSE FORMAT
13 weekly sessions
Component
Due Date
Class Participation
Ongoing
Group cases
Weeks 3, 6, 8, 12
Individual Homework
Weeks 5, 7, 10, 13
Weight
20%
40%
40%
Organizational Behaviour / Human

Resources Management
Area Coordinator: Maria Rotundo (416.946.5060 rotundo@rotman.utoronto.ca)
RSM2601H
RSM2603H
RSM2609H
RSM2612H
RSM2619H
RSM2620H
RSM2621H
Organization Design
Advanced Negotiations & Conflict Management (also offered in 2013
Summer Term)
Aligning People and Strategy
Managing Talent for Global Operations (offered in 2013 Summer Term only)
Power & Influence in Organizations
Leading Teams
Effective Leadership (offered in 2013 Summer Intensive Term only)
*Experimental Course
RSM 2601
Organization Design
Professor Jim Fisher
jfisher@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in learning how organizations work or why they so often work so badly.
COURSE MISSION
The purpose of this course is to make you aware of the way organizations are designedfamiliar
with organization design concepts and principles and able to see the limitations and constraints
that the design puts on the functioning of the organization. If you are aware of these things you
will be able to be more effective in your own work, more effective in dealing with other
organizations as suppliers or customers, and ultimately more effective at designing an
organization for which you have responsibility.
Therefore my goals for the course are for you to:
1. Understand how organizations are put together;
2. Use your awareness of how organizations function to be more effective in your job;
3. Have the tools to organize a work unit for which you are responsible.
COURSE SCOPE
This course focuses on the role of organization design in the implementation of business
strategies.
The flow of the course is from the challenges of a traditional organization facing current day
pressures to those of the newer organizations that could only exist in the information age. We will
also contrast the challenges of leading a smaller company with those of leading a large multidivisional corporation. At the same time, we will move from classical design principles to the
more recent, but now well-proven ideas of the last few decades.
Because of my real-world bias, it is important that as you read the cases, you pay particular
attention to the business situation confronting the protagonists. Organizations exist to do
something. In their simplest form, business organizations exist to make a profitable sale. Pay
attention to the financials. Pay attention to the challenges the company is facing in its
environment: demands of customers; competitive pressures; technological challenges and
opportunities. In every case discussion we will not move onto the organization design issues until
we have a point of view on the business challenges that are being confronted.
REQUIRED RESOURCES
Course package
COURSE FORMAT
Spring term
8 sessions of 3 hour classes Tuesday nights, starting on January 21, 2014.
Component
Class Participation
Personal Blog
Final assignment
Due Date
Ongoing
Last class
Exam week
Weight
20%
30%
50%
RSM 2603
Advanced Negotiations and Conflict Management
Chen-Bo Zhong
chenbo.zhong@rotman.utoronto.ca
TARGET AUDIENCE
The target audience for this course is any student interested in developing a sophisticated set of
negotiation, influence, and conflict management skills.
COURSE MISSION
A basic premise of the course is that while managers and leaders need analytical and technical
skills to develop optimal solutions to problems, a broad array of negotiation and conflict
management skills is needed to implement and gain acceptance for these solutions. Technical
competence and expertise without the ability to win support for preferred solutions is of little
value in real organizational life. Thus, this course is designed to complement the technical and
diagnostic skills learned in other courses at Rotman, and to further augment the skills developed
in your core Negotiations class from first year.
Students will learn how to implement negotiation, mediation, and alternative dispute resolution
methods to resolve disputes in business and other organizations. We will also consider structural
mechanisms by which organizations can manage conflict. There are no perfect formulae for
successful negotiations and conflict management, but by understanding and analyzing
negotiation and conflict situations systematically, especially with a sophisticated appreciation of
the social psychology of conflict, you will learn skills that help you to manage new situations and
to decide which strategies are most likely to be effective in different situations.
COURSE SCOPE
Successful completion of this course will equip students to understand, analyze, and practice
powerful techniques and strategies in negotiations and conflict management situations. Each
class will include negotiation and decision-making exercises, debriefing and lecture material.
Most students will use the advanced skills and knowledge gained in this course during daily
workplace and personal interactions. This course begins with a focused review of distributive and
integrative negotiation skills, and goes on to consider more advanced topics like the use of
agents in negotiations, mediation, the psychology of influence, dispute resolution, and crosscultural negotiations.
REQUIRED RESOURCES
A course packet will be prepared for this course. It will include a collection of the very best, most
focused articles and chapters addressing issues of interest to the course. The professor will
distribute supplementary handouts throughout the course.
COURSE FORMAT
For summer 2013, expect four meetings over four weeks, followed by a final test.
For winter 2013-2014 intensive, expect one three hour meeting per day over 9 days, followed by
a final test.
Component
Due Date
Class Participation
Ongoing
Planning & role prep
Ongoing
Learning Journal
One during course
Students have choice
Final Exam
End of course
Weight
20%
10%
30%
40%
RSM 2609
Aligning People and Strategy
Maria Rotundo
rotundo@rotman.utoronto.ca
TARGET AUDIENCE
This course is designed for graduate students who have an interest in learning about new
paradigms for managing human capital. Students successfully completing this course will better
understand the role of human capital management practices in the strategic management
process, and how to align these practices to support the firms strategic direction. Students will
develop their skills at recruiting, selecting, evaluating, and retaining human capital.
In our increasingly competitive, dynamic, and global business environment, a firms ability to
attract, develop, and retain talent has become one of the primary drivers of success and a
major source of its competitive advantage. Because the management of human capital is
becoming less of a functional responsibility and more of managers responsibility, the concepts
that are learned and the skills that are developed in this course are applicable for many
positions in a wide variety of organizations.
The course is divided into four modules: aligning people and strategy, hiring talent, retention,
and organizational change. Through these modules the course examines the techniques,
strategies, and practices used by companies to effectively and efficiently leverage their human
capital in local and emerging markets and while undergoing organizational change. Through
exercises, case discussion, guest speakers, in-class presentations, videos, and assignments, the
course will provide you with the opportunity to learn the basic concepts and theories underlying
these practices and to develop your skills in these areas.
REQUIRED RESOURCES
Readings and cases will be available electronically. Links to the readings will be posted on the
portal and a link to purchase electronic copies of the cases will be provided in the course
syllabus.
COURSE FORMAT
Offered in Spring 2014
4 sessions over 1 month when offered in an intensive format
8 sessions 3 hours each when offered in semester long format
EVALUATION
Component
Class Participation
Individual Component
Group Component
Due Date
Ongoing
TBD
TBD
Weight
20%
30%
50%
RSM 2619
Power and Influence in Organizations
Jennifer L. Berdahl
jberdahl@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in improving their understanding of power and influence processes in
organizations and in developing their own power and influence to achieve life goals.
COURSE MISSION
Students will learn strategies for gaining and maintaining power and exerting influence as they
develop an awareness of their own strengths and weaknesses and a personal action plan for
reaching their professional and personal goals. The course will cover the following topics:
1.
2.
3.
4.
5.
6.
7.
Develop a conceptual understanding of power sources and influence styles.

Improve diagnostic skills for recognizing power and influence tactics at work.
Assess your own power bases and influence styles and how they might be improved.
Learn how culture affects expectations and styles of power and influence.
Understand how power changes the way people think, feel, and behave.
Analyze the influence of the personal on the political (and vice-versa) in organizations.
Study cases of how power is gained, lost, and regained over time.
COURSE SCOPE
Power differences and influence tactics are pervasive dynamics in organizational and social life.
From financial institutions to technology start-ups to healthcare organizations to educational
settings, insufficient sensitivity to and skill in coping with power and influence dynamics have cost
many talented people the opportunity to influence important decisions, promotion opportunities
and even their jobs.. People may believe they can escape power dynamics, but efforts to
avoid them are doomed to fail. The purpose of this class is to give you a head start on building
power and influence awareness and skills that are essential for a successful career.
REQUIRED RESOURCES
Pfeffer, Jeffrey (2010). Power: Why Some People Have It -- and Others Don't. Harper Business.
Cialdini, Robert (2009). Influence: Science and Practice. 5th Edition.
Cases and other readings will be made available on the course web portal.
COURSE FORMAT
9 weekly three-hour sessions
Component
Due Date
Weight
Class Participation
Ongoing
20%
Self-Reflective Essays (4)

Final Paper
Five Days After the Topic is Covered in the Course

(Topics are optional, so due dates are too)
Two Weeks After Final Class
40%
40%
RSM 2620
Leading Teams
Geoffrey Leonardelli
geoffrey.leonardelli@rotman.utoronto.ca
TARGET AUDIENCE
This course is intended for students interested in developing a sophisticated skill set in leading
teams.
COURSE MISSION
Managers have greatly expanded their use of teams to accomplish a wide variety of
organizational objectives. Teams have emerged as a favorite work arrangement and can be
found at every level of the organization, from production crews on the shop floor to top
management teams in the executive suite. Moreover, virtual team dynamics have created
many new opportunities and challenges for leaders of such teams. Teams are not a panacea,
however. Even as they become a way of life in many organizations, widespread myths and
misconceptions about teams often stand in the way of effective teamwork. The objectives of
this course are 1) to sharpen your understanding of the conditions that foster team effectiveness
and the disruptive forces that can derail teams; 2) to develop your ability to diagnose complex
team dynamics and take action to improve team functioning; and 3) to build the combination
of analytic and interpersonal skills you need to effectively design and lead teams.
COURSE SCOPE
The course is divided into four modules, on team design, team function, bridging differences in
teams, and team leadership. The first will focus on how leaders can influence aspects of a
teams context and structure critical to team effectiveness, such as the appropriateness of the
teams members, the type of direction provided to the team, the kind and level of support
provided to the team (information technology, incentives, etc.). The second module is to
develop a working understanding of the conditions that maximize a teams chances of success,
in ways that include production, decision-making, and creativity. Once you have designed and
deployed a team, it is critical to periodically assess team members work processes to overcome
any obstacles to effective collaboration. The third module provides guidelines for diagnosing
determining what strategies are available to improve these dynamics. Finally, the course will
integrate the previous modules under a single rubric, team leadership, and discuss unique
challenges leaders of tomorrows teams might face as they confront the challenges of
geographically dispersed teams interacting primarily through electronic media, and differing in
language and cultural values.
REQUIRED RESOURCES
A course packet will be prepared for this course. It will include a collection of the very best, most
focused articles and chapters addressing issues of interest to the course. The professor will
distribute supplementary materials throughout the course.
COURSE FORMAT
Winter Semester Course (beginning Jan). Anticipated 3 hours/week for 9 straight weeks.
Component
Due Date
Class Participation
Ongoing
Group Consulting
Week 9
Project
Individual Assignment
Week 10
Weight
20%
40%
40%
Strategic Management
Area Coordinator: Brian Golden (416.946.8519 brian.golden@rotman.utoronto.ca)
RSM2010H
RSM2011H
RSM2012H
RSM2015H
RSM2016H
RSM2017H
RSM2018H
RSM2019H
RSM2020H
RSM2021H
RSM2023H
RSM2027H
RSM2030H
RSM2052H
RSM2054H
RSM2056H
RSM2057H
RSM2058H
RSM2059H
RSM2060H
RSM2061H
RSM2082H
RSM2083H
RSM2084H
RSM2088HY
Business Government Relations (also offered in 2013 Summer Intensive Period)

International Business (not offered in 2013-14)
Entrepreneurship
Advanced Strategic Analysis*
Causal Modelling for Integrative Business Strategies*
Pharmaceutical Strategy
Business Strategy by Firms Based in Emerging Market Economies
Corporation 360 (not offered in 2013-14)
Health Sector Strategy & Organizations
Corporate Strategy
Strategic Change and Implementation (also offered in the 2013 Summer Term)
Not For Profit Consulting
Canadian Business History in a Global Context
Management Consulting (also offered in 2013 Summer Period)
Technology Strategy
Game Theory and Competitive Strategy (not offered in 2013-14)
Venture Capital
Case Analysis and Presentation
Health Care Consulting
Network & Digital Market Strategy
Leveraging Strategic Networks
Prosperity and Competitiveness
Managing Innovation
Healthcare Transformation (not offered in 2013-14)
Creative Destruction Lab Course*
*Experimental Course
RSM 2010
Business Government Relations
George Fleischmann
gfleischmann@rogers.com
TARGET AUDIENCE
Students interested in understanding how government action impacts business across a wide
spectrum of the economy.
COURSE MISSION
To help students appreciate how to interact and dialogue with officials and politicians when dealing
with government policies, programs, and/or regulations which impact businesses/companies that
they may be representing. To provide students with an understanding of government structure and
policy development, how it differs between Canada and other countries, and what the impact on
business is in each of these countries.
COURSE SCOPE
This course will initially provide a basic understanding of the operation of the Canadian federal
government. A comparison between the Canadian, U.S. and U.K. government systems, and their
impact on business/ government interaction in each country will also be offered. The spectrum of
government policies and instruments affecting business and company operations will also be
reviewed.
The business/government interface will be explored in several sectors including finance, health care
and retail. Senior executives from these and other business sectors will review the impact of
government on their operations, and will provide specific illustrations based on their experience.
REQUIRED RESOURCES
All required materials are included in a case packet. Selected contents:
a) Business Government Relations George Fleischmann
b) Nonmarket Strategy Daniel F. Spulber
c) Apotex Case Study Paul Seaborn
d) The Business Trade Association Dilemma in Canada George Fleischmann
COURSE FORMAT
13 regular two-hour sessions (fall semester) or 8 three-hour sessions (summer intensive). Approximately
half of the class time is devoted to lecture and discussion and the other half to presentations of
business/government issues by senior executives from various business sectors, along with one session
of student group presentations.
Past guest speakers:
Kevin Lynch, Vice Chair, Bank of Montreal and former Clerk of the Privy Council
Konrad von Finckenstein, CRTC Chairman
Stan Hartt, Chairman, Macquarie Capital Markets
Louise Wendling, CEO of Costco Canada
Michelle DiEmanuele, President & CEO, Credit Valley Hospital
Claude Lamoureux, Past President, Ontario Teachers Pension Plan
Marilyn Knox, President, Nestle Nutrition
EVALUATION AND GRADE DISTRIBUTION (Fall Semester)

Component
Class Participation
Group Presentation
Case Reports/Reaction Papers (2)
Final Exam
Weight
10%
20%
30%
40%
Summer intensive session requires only one reaction paper submission worth 20% with final
exam weighting increased to 50%.
RSM 2012
Entrepreneurship
Becky Reuber
reuber@rotman.utoronto.ca
TARGET AUDIENCE
Entrepreneurship has been called the engine of the economy and, indeed, there is persuasive
evidence that new firms contribute disproportionately to innovation and job creation.
Entrepreneurs and their firms are celebrated by the media and their communities. But what does
it take to start a business? This course will let you be an entrepreneur for at least a term.
COURSE MISSION
The objectives of the course are to sharpen your ability to: determine if you could (or should)
become involved in a business start-up; recognize and analyze new venture opportunities from
the viewpoints of the entrepreneur and potential stakeholders; anticipate problems faced by
new ventures so they can be managed through advance planning; prepare a cohesive,
concise and effective business plan for a new venture. After completing the course, you will be
able to develop business plans for diverse reasons, such as new product introductions, feasibility
studies and new market analyses.
COURSE SCOPE
This is a highly experiential course where you will be able to apply and integrate your entire
business education and experience to a practical project. Taking a real world, hands-on
approach is the most effective way to understand the entrepreneurial process. Working in small
teams, youll develop a business plan for launching a new venture. You will pitch business
concepts, research the market for your product or service, prepare marketing and launch plans,
and develop financial projections. You need to be able to interact with the business community
and potential customers, work effectively in teams, and participate actively in class discussions
and exercises.
REQUIRED RESOURCES
TBA
COURSE FORMAT
13 regular sessions.
Component
Class Contribution
Individual assignments
Team assignments
Due Date
Ongoing
Various
Various
Weight
20%
40%
40%
RSM 2015
Advanced Strategic Analysis
Michael D. Ryall
mike.ryall@rotman.utoronto.ca
TARGET AUDIENCE
Strategic management is fundamentally about developing and deploying the firm's resources in
such a way as to appropriate maximum economic value (profit). The mere creation of value is
not sufficient for the acquisition of it. Rather, once created, value must also be appropriated.
The ability to appropriate the value that one creates is, of course, often bedeviled by the
presence of capable, highly motivated competitors. Advanced Strategic Analysis is aimed
primarily at students interested in developing the ability to analyze strategic decisions using a
sophisticated, state-of-the-art set of quantitative tools. This course is particularly useful for
Students interested in strategic management and management consulting. The material
presented here complements that in other areas, most notably Finance since we assess the
"cash flow" part of discounted cash flow.
COURSE MISSION
Advanced Strategic Analysis is designed to develop students' abilities to think clearly about
value appropriation under competition -- the issue at the heart of all strategic business decisions.
Students completing the course should acquire: (1) A refined understanding of the conditions
leading to superior profitability; (2) A complete set of quantitative tools to tackle real-world
strategy applications; and, (3) The ability to apply the general principles of value appropriation
under competition in a qualitative fashion (e.g., when a full-blown analysis is not required or
feasible).
COURSE SCOPE
The primary focus of this class is on developing a complete analytical framework for strategic
decision making. You will learn specific, technical methods for analyzing value appropriation
under competition in a precise, logical manner. The bulk of what we do is analysis and problemsolving. In order to understand how the ideas presented relate to the real world, we also study
business cases; these emphasize informal application of the theory. While not required, prior
exposure to linear programming in Excel is helpful.
The first half of the class focuses upon general principles. These provide a foundation for
analyzing a wide variety of strategic decisions, including such items as market entry, new
product development, organizational design, alliance formation, technology acquisition and
merger evaluation. In the second half of the class, the focus shifts from the theory to its
application. Practical, hands-on methods are developed to provide managers with a set of
tools that are useful in the design and implementation of corporate strategies.
This course presents fresh-off-the-whiteboard research into the theoretical principles of strategic
management ideas that are ten to fifteen years ahead of their widespread dissemination
through textbooks and the popular press. As a result, students are equipped with knowledge
that is both scarce and valuable. Unfortunately, this approach is not for everyone: in my
experience, 10% of the students who enroll for this subject either drop it or wish they had.
Elements that appear to cause difficulty for some are:
The material is mathematical and abstract. Those who are unfamiliar or uncomfortable
with symbolic notation are at a substantial disadvantage.
There is a large number of new concepts, definitions and propositions. Keeping up with
the flood of new technical material is hard.
The lion's share of the homework and exams involves working through numerical
problems. Therefore, this is not a class for people who have a strong distaste for problem
solving.
There is no textbook the primary source material consists of my lectures supplemented

by academic journal articles. Those who prefer elaborate, highly polished textbooks and
supplemental material are not likely to enjoy this class.
REQUIRED RESOURCES
All of the required materials for this course are included either in the case package (available
from the MBA program services office) or in electronic form from the portal.
COURSE FORMAT
13 regular sessions
Component
Weight
Team case work
20%
Mid term exam
25%
Homework
20%
Final Exam
35%
RSM 2016
Causal Modeling for Integrative Business Strategies
Mike Ryall
mike.ryall@rotman.utoronto.ca
COURSE GOALS
1. Learn causal modeling methodology
2. Develop skill in the practical use of this approach in both qualitative and quantitative contexts
3. Integrate and apply disciplinary content (i.e., Finance, Strategy, etc.) to real world problems
Rotman is recognized as a leading center in Integrative Thinking education. A tangible selling
point of this education, from the perspective of recruiters, is that our MBAs graduate with a
superior ability to use models to solve real-world problems. This course is designed to nurture and
extend students real-world modeling abilities. In management, understanding and exploiting
causal structure is often the key to successful decisions.
For example, the modern marketing manager must choose among a host of possible
interventions traditional advertising, promotions, new media, social networking, the sales force,
distribution channels, etc. under conditions of limited resource availability. Which interventions
should be undertaken for maximal effect? A little of everything? A lot of a few things? The
answer lies in the links between the available interventions and their effects on: sales, costs,
competitors, suppliers, each other and so on. Here, the relationship between action and
consequence is a central concern. RSM XXXX is about framing, analyzing and resolving issues of
this kind.
The course will cover both qualitative and quantitative causal modeling. Qualitative models are
useful for such applications as back-of-the-envelope analysis, organizing ones thinking about
a complex issue at the start of a substantive analysis, or responding to case questions in an
interview setting. Quantitative models are useful when precise answers are required for
example, building financial statements for an entrepreneurial business plan or exploring what-if
scenarios for a corporate strategic plan or consulting engagement. Quantitative causal models
are first developed for single decision maker analysis, then extended to analyze interactive
decisions (game theory).
Students should be forewarned that, although only a basic understanding of probability and
statistics is assumed, the course is heavy on quantitative analysis.
REQUIRED READINGS
I will post copies of my lecture notes prior to each class. These notes will serve as the class
textbook. Other relevant material, such as readings and problem sets, will also be posted as
appropriate.
EVALUATION AND GRADES
Grades are a measure of the performance of a student in individual courses. Each student shall
be judged on the basis of how well he or she has command of the course materials. The
assignment weights are:
In-Class Labs
Quizes
Midterm
Final Exam
10%
20%
30%
40%
Homework problems and sample exams will be provided for you to work outside of class to
practice the techniques. These will not be collected or graded.
Topics
1
Introduction
Qualitative Causal Analysis
Analyzing the Consulting Case
Quantitative Causal Analysis
Evidence-Based Inference
Single Agent Influence Diagram
Multi-Agent Influence Diagram
Causal Structure From Data
CAPM Revisited/Wrap-up
RSM2017H
Pharmaceutical Strategy
Will Mitchell
william.mitchell@rotman.utoronto.ca
INSTRUCTOR BIO
Will Mitchell is a visiting professor from Duke University, where he is the J. Rex Fuqua Professor of
International Management at the Fuqua School of Business. Will is a faculty associate of Dukes
Health Sector Management Program. He is a board member of Neuland Laboratories, Ltd.,
based in Hyderabad. Will studies business dynamics in developed and emerging markets,
investigating how businesses change as their competitive environments change and, in turn,
how the business changes contribute to ongoing corporate and social success or failure. He
teaches courses in business dynamics, emerging market strategy, entrepreneurship, and health
sector management at Duke and Rotman as well as in business programmes in Asia, Europe,
Africa, and elsewhere.
TARGET AUDIENCE
The course is relevant for students who plan to work for pharmaceutical companies or at other
points along the healthcare value chain in Canada or elsewhere, including healthcare suppliers,
academic partners, distributors, providers, policy makers, and/or consultants.
COURSE MISSION
The course will provide institutional background about global pharmaceutical firms and the
pharmaceutical value chain, as well as current strategic and policy challenges and
opportunities that people face along the pharmaceutical global value chain. We concentrate
on factors that are critically important for pharmaceutical firms and other stakeholders, including
research intensity, extensive and complex marketing investments, close ties to the health care
system, and the critical role of government regulations and policy. During the course, we will
consider the perspective of established firms as well as new entrants and potential entrants to
the industry.
We take a strategic perspective on the industry, focusing on critical decisions that managers
and other actors must take as they carry out their day to day jobs, seeking to gain both short
term performance and long term competitive advantages. The course begins with an
introduction to pharmaceutical pipelines. We next examine key aspects of the pharmaceutical
commercialization process, including pricing, reimbursement, promotion, differences among
market segments, and competition between generics and proprietary products. We conclude
by considering the management of inter-firm relationships such as pharmaceutical alliances and
acquisitions. Throughout the course, we will consider the industry's strategic responses to recent
developments including the growth of managed care, global competitiveness, proposed
regulatory reform policies, and increasing government cost containment policies in Canada
and abroad.
COURSE SCOPE
We will cover companies and other institutions along the pharmaceutical value chain in the
developed markets of Canada, elsewhere in North America, Europe, and Japan, as well as
companies and strategies of pharmaceutical firms based in emerging markets of Asia, the
Middle East, Latin America, and elsewhere in the world.
REQUIRED RESOURCES
I will provide a course pack consisting of cases about pharmaceutical firms and issues, as well as
a set of supplemental readings about how to adapt and transform the general concepts of
strategy to these settings. The course resources will also include substantial data about
pharmaceutical companies and markets.
COURSE FORMAT
13 weekly sessions
Component
Class Participation
Learning Journal
Term paper (group or individual)
Due Date
Ongoing
Ongoing
Due at end of term
Weight
20%
40%
40%
RSM2018H
Business Strategy by Firms Based in Emerging Market Economies
Will Mitchell
william.mitchell@rotman.utoronto.ca
INSTRUCTOR BIO
Will Mitchell is a visiting professor from Duke University, where he is the J. Rex Fuqua Professor of
International Management at the Fuqua School of Business. Will is a faculty associate of Dukes
Health Sector Management Program. He is a board member of Neuland Laboratories, Ltd.,
based in Hyderabad. Will studies business dynamics in developed and emerging markets,
investigating how businesses change as their competitive environments change and, in turn,
how the business changes contribute to ongoing corporate and social success or failure. He
teaches courses in business dynamics, emerging market strategy, entrepreneurship, and health
sector management at Duke and Rotman as well as in business programmes in Asia, Europe,
Africa, and elsewhere.
TARGET AUDIENCE
The course is relevant for students who plan to work for or compete with businesses that operate
in emerging markets, as well as for students who plan to work as consultants in emerging market
contexts. We will examine businesses from the perspective of firms based in emerging markets. In
turn, the concepts in the course will be relevant for students who manage such businesses as
they build on their home bases to expand around the world, as well as for students who will
manage businesses that compete with emerging market firms, whether in Canada or other
home markets or in global markets. The core point, from whichever perspective, is to understand
the dynamic nature of competitive strategy in contemporary emerging markets.
COURSE MISSION
The course focuses on strategies that firms based in emerging market economies around the
world are adopting in order to compete in their home markets and, increasingly, in regional and
global markets beyond their boundaries. By emerging market economies, I mean countries that
have established a moderate degree of market-based commercial infrastructure such as labour
markets, legal transparency, capital markets, external supply chains, and physical infrastructure.
These markets ranging from the BRIC countries of Brazil, Russia, India, and China, to myriad
countries in Africa, Latin America, Asia, and the Middle East are now the most dynamic
economies in the world. Quite simply, this is where the growth is.
Firms based in these countries are adopting strategies that partly reflect what we have come to
think of as traditional business strategy, but also incorporate important elements of strategy that
arise from the distinct conditions of the emerging market context in general and of their home
countries in particular. The course explores similarities and key differences of business strategy in
these emerging market environments.
COURSE SCOPE
We will explore multiple factors that create differences in both kind and intensity of strategies in
emerging markets. Four dominant issues arise at the centre of the factors: Dynamic competitive
advantage, complex management of resources, inherent uncertainty, and political strategy. In
turn, these issues lead to a range of questions involving value chain positioning, supply chains
and human resources, cost structure pressures, business model innovation, and other dimensions
of strategy. We will explore how firms based in emerging markets around the world have
developed strategies to deal with these issues, sometimes successfully, other times struggling to
compete effectively at home and abroad.
In order to capture the pragmatic, action-oriented nature of strategic management, I teach this
course through the case method, supplemented with readings, lectures, and discussions. Our
objective is for you to develop your personal synthesis and approaches for identifying and
solving the key problems that you face as business managers.
REQUIRED RESOURCES
I will provide a course pack consisting of cases about firms based in emerging markets
throughout the world, as well as a set of supplemental readings about how to adapt and
transform the general concepts of strategy to these settings. In addition, I will provide data to
help compare and contrast the institutional and strategic development of the market
environment in different countries.
COURSE FORMAT
13 weekly sessions
Component
Class Participation
Learning Journal
Term paper (group or individual)
Due Date
Ongoing
Ongoing
Due at end of term
Weight
20%
20%
40%
RSM 2020
Health Sector Strategy and Organizations
Brian Golden
bgolden@rotman.utoronto.ca
Note: Due to the intensive, compressed nature of the Healthcare Change Simulation, classes will
meet once a week for 9 weeks. In addition, the simulation will be conducted on an extended
afternoon and into the evening (one day during the semester). Students unable to attend the
evening session will be accommodated (with alternative times).
INSTRUCTOR BIO:
Professor Brian Golden is the Sandra Rotman Chaired Professor in Health Sector Strategy at the
Rotman School of Management, The University of Toronto, and The University Health Network. He
holds a cross-appointment In the Faculty of Medicine. In 2006 he became founding Executive
Director of The Collaborative for Health Sector Strategy, a policy, research and leadership
development institute funded by the Ontario Ministry of Health.
Professor Golden conducts research in the areas of health system integration and sustainability,
hospital boards, organizational strategy, leadership, strategic change and implementation.
Among his published work are articles in The Strategic Management Journal, Healthcare
Quarterly, Healthcare Papers, The Annals of Pharmacotherapy, Management Science, Clinical
Oncology, Health Policy and The Harvard Business Review. He has recently begun a major
research project with Professor Michael Porter (Harvard Business School) on Creating Value in
Canadian Healthcare.
His advising and executive education clients in the health sector include the office of Ontarios
Premier, Ontarios Ministry of Health, Britains National Health Service, and several U.S. and
Canadian hospitals including The University Health Network, The Hospital for Sick Children, The
Royal Victoria Hospital, The Scarborough Hospital, The Trillium Health System, Hamilton Health
Sciences, London Health Science Centre, Sunnybrook Health Sciences Centre, The Centre for
Addiction and Mental Health, Baylor Medical Center. His recent private sector executive
education clients include Jannsen-Ortho, Manulife, General Electric and Baxter International.
Professor Golden was Board Chair of the Institute for Clinical Evaluative Sciences (ICES) from
2005-2010. His article Transforming Healthcare Organizations in Healthcare Quarterly is that
journals most downloaded article of the past twelve years. He is one of two faculty leading the
Canadian Medical Associations Physician Management Institutes Leading Change and
Innovation program, and in 2004 he was awarded Canadas Ted Freedman Innovation in
Healthcare Education Award.
TARGET AUDIENCE
This course is open to all 2nd year Rotman Students and is a required core course in the Rotman
School of Managements major in Health Sector Management. This course aims to improve your
ability to formulate and implement strategy in the healthcare delivery sector. The course will
help prepare students for leadership roles in healthcare management, the life sciences,
insurance, government, entrepreneurship, venture capital, and health sector consulting,
Numerous guest speakers will participate in the course. They will be selected from a group of
hospitals CEOs, physician leaders, health care consultants, health care managers and senior
government officials.
COURSE SCOPE
Healthcare represents a huge and growing sector in all industrialized economies, is
representative of the service and knowledge-oriented focus of the 21st century economy, and
has significant and unique management challenges that have not been adequately addressed
in any jurisdiction on the planet! Virtually all observers agree that the aging population and
increased patient demand for new services, technologies, and drugs are contributing to the
steady increase in healthcare expenditures, but so, too, is waste. For instance, many types of
medical errors result in the subsequent need for additional healthcare services to treat patients
who have been harmed. A highly fragmented delivery system that largely lacks even
rudimentary clinical information capabilities results in poorly designed care processes
characterized by unnecessary duplication of services and long waiting times and delays. And
there is substantial evidence documenting overuse of many services services for which the
potential risk of harm may outweigh the potential benefits
However much the healthcare delivery marketplace environment may resemble a business
environment, careful analysis reveals that healthcare organizations are considerably more than
mere businesses. Peter Drucker tells us that hospitals, for example, are the most complex form of
human organization we have ever attempted to manage. This complexity derives from, among
other things, the confluence of professions (e.g., medicine, nursing, social work, pharmacy,
nutrition, accounting, engineering, and physical therapy), numerous stakeholders with
competing claims, perspectives and time horizons, underdeveloped information technology,
and the incomplete knowledge of medicine.
This course aims to provide a framework for appreciating and managing this complexity. The
course is designed around the key challenges identified by The Institute of Medicines influential
report Crossing the Quality Chasm (2000). That report noted the need to address the following
challenges in healthcare:
Redesign of care processes based on best practices
Use of information technologies to improve access to clinical information and support
clinical decision making
Knowledge and skills management
Development of effective teams
Coordination of care across patient conditions, services, and settings over time
Incorporation of performance and outcome measurements for improvement and
accountability
With these challenges in mind, this course provides an overview of the central issues in the
management of healthcare organizations and healthcare systems. This includes developing a
working knowledge of the key facts about our healthcare system. Some of the issues we will
examine are unique to the Canadian context (e.g., the role of government), and others
transcend jurisdictional boundaries (e.g., stakeholder relations). The topic areas to be covered
in this course may shift in emphasis from time to time, based on current debates in the health
sector. In a typical term we will address topics such: as understanding the Canadian health
sector (with comparisons to systems in other industrialized countries); comparing and contrasting
various integrated healthcare delivery systems; the role of professions vs. occupations in
healthcare organizations; the unique challenges of managing multiprofessional organizations,
knowledge creation, management and diffusion in healthcare organizations; patient-centred
care; issues related to patient safety and quality improvement; and managing change and
transformation in healthcare organizations and systems.
The course will not directly explore two important segments of the health sector --- medical
devices and bio-pharma. However, students who wish to work in these industries will need to
have a strong working knowledge of the healthcare delivery sector. When feasible and
appropriate, guest speakers from the healthcare sector will be invited to join our class.
REQUIRED RESOURCES
Case Packet
Regular scanning of articles in the on-line journals available from Longwoods Publishing
http://www.longwoods.com/
COURSE SIMULATION
Rotman faculty, in partnership ExperiencePoint and with input from health system leaders,
recently designed the web-based simulation ExperienceChange: HealthCare. We have used
this simulation in Rotman Executive programs and Ministry initiatives with great success, and will
now incorporate it into this course. This simulation will prepare you to test both your theories
about change and the efficacy of the tactics you choose to employ. Additional information
about the simulation can be found at http://www.experiencepoint.com/sims/Lakeview.
Students should note that the simulation experience is intensive, and does not fit neatly in to the
traditional 2 hour class session. Consequently, the simulation will be conducted from 9 am to 4
pm on either a Friday or Saturday (one of the days will be selected depending on student
availability). The number of traditional class sessions will be adjusted accordingly.
Component
Due Date
Class Contribution & Participation
Ongoing
Midterm Paper (2 person group)
Due late Oct or early NovSubmit to
edropbox on Rotman Portal
Subject heading: 2020 Midterm
Final Exam
Date and location TBA
Learning Journal (Part 1)
Due TBA (approximately midway
through the course)
(Weeks 1-6 inclusive)
Learning Journal (Part 2)
Due TBD
(Weeks 7-12 inclusive)
Simulation Analysis
Due approximately early December
Submit to edropbox on Rotman Portal
Subject heading: Simulation analysis
Weight
20%
25%
30%
10%
10%
5%
RSM 2021
Corporate Strategy
Ajay Agrawal
ajay.agrawal@rotman.utoronto.ca
TARGET AUDIENCE
This course is suitable for those pursuing careers in general management, strategy consulting,
and corporate finance.
COURSE MISSION
In Corporate Strategy, we extend the analysis of business level strategy from RSM 1301 to the
corporate or multi-business level.
COURSE SCOPE
We address questions such as: What strategic factors influence the optimal size of the firm in
terms of scale and scope? How might corporate managers employ diversification strategies
that create more value than that which investors could accomplish by diversifying their
portfolios? How might multi-business unit firms identify potential threats with respect to
weaknesses relative to single-business unit competitors? How might corporate managers exploit
commitments in one business area to benefit another? What types of pricing advantages might
multi-business firms exploit over single-business competitors? How might multi-business units
influence coordination strategies with other firms, such as those associated with setting technical
standards? How might multi-business unit firms exploit particular demand-side features, such as
network effects and positive feedback? To what extent are clever strategic tactics congruent
with the overall welfare for humankind? We will explore such questions through the lens of
economic theory, apply the concepts in the context of case analyses, and discuss implications
for corporate strategy.
REQUIRED RESOURCES
Readings package, including 5 cases (no required text).
COURSE FORMAT
13 regular sessions. Teams are required to present either a case analysis or a case critique. Every
team will also prepare one sheet of questions for a case they are not presenting or critiquing.
Component
Due Date
Team case/critique
Various, depending on team number
presentation
Team preparation of
Various, depending on team number
questions
Class contribution
Ongoing
Final exam
TBA
Weight
30%
5%
20%
45%
RSM 2023
Strategic Change and Implementation
Brian Golden
bgolden@rotman.utoronto.ca
Bill McEvily
b.mcevily@rotman.utoronto.ca
TARGET AUDIENCE
The perspective taken in this course is that all managers require the conceptual frameworks and
action skills to enact change and implement strategy. What differs, however, is the extent to
which these skills are necessary at various stages in ones career. Most obviously, students
interested in a consulting career (as an external or internal consultant) should benefit greatly
from this course. However, other students who will be expected to enact change without formal
authority (e.g., brand managers; project leaders) are also expected to benefit from this class.
COURSE SCOPE
Middle and Senior Managers are increasingly responsible for rapidly managing and resolving
competing claims for the organization's limited resources (financial and human). Doing so
requires advanced capabilities at managing cross-functionally and between business
units. Critical, therefore, are the sophisticated leadership and action skills required to translate
one's technical knowledge into effective actions in order to implement strategy. Equally
important are the "systems" managers must design, maintain, and update in order to facilitate
the implementation of the firm's strategy.
A fundamental objective of this class is to align strategic vision, organizational structure, task,
people, reward, and control subsystems. That is, at one level this course is about the interactive
relationship of strategic intent and strategy implementation.
Our perspective in this course is that of the general manager whose responsibility is the long-term
health of the entire firm or a major division. General managers, from our perspective, are
managers who are in the position to make strategic decisions for the firm. Note that such
managers are not "generalists" in the sense that they need to know a little bit of everything, but
not very much of anything. To be effective, general managers need to have in-depth
understanding of the generic problems in all the relevant functional areas. Furthermore, they
must be able to deal with problems and issues at the level of the total enterprise and its
relationships with relevant external environments.
REQUIRED RESOURCES
Course reading packet. Each assigned article or chapter will help you address the issues in the
corresponding cases. While we may not discuss each non-case reading, failing to read and
think about each reading will limit your ability to address that day's assignment. In addition,
your individual final assignment is based on the recent book by former IBM CEO Lou Gerstner
(Who Says Elephants Cant Dance: Inside IBMs Historic Turnaround, Harper Business Press,
2002).
RSM 2027
Not For Profit Consulting
Vince Brewerton
vince.brewerton@rotman.utoronto.ca
TARGET AUDIENCE
This course is for students who wish to experience a live consulting engagement while learning
about not-for-profit organizations and social enterprises, and how they impact the Canadian
economy. Relevant for those students interested in pursuing a career in management consulting
or the not-for-profit sector, and those interested in starting a social enterprise.
This course examines the current and emerging characteristics of the North American not-forprofit/social enterprise sectors and the challenges of designing and leading these organizations.
We will explore developments in organizational design, governance, measurement of social
impact, personal philanthropy and impact investing, among other topics. At the same time, we
will examine new and emerging consulting approaches, and develop your consulting and client
engagement skills by reflecting on them as you work on a live consulting engagement.
The course will help you to:
1. Develop a better understanding and appreciation for the not-for-profit sector and social
enterprises, and the issues leaders are facing as they try to effect social change.
2. Articulate your personal values and understand how they affect the actions you take in
business/consulting situations.
3. Make a real impact on a not-for-profit organization or social enterprise through your
consulting assignment.
REQUIRED RESOURCES
To be determined.
COURSE FORMAT
13 regular sessions taught using multiple methods focusing on active learning. The course
includes short lectures to explain ideas and practices, consulting project discussions, videos, and
guest speakers who share their experience leading not-for-profit and social enterprise
organizations. Past speakers have included senior executives from a hospital foundation, a
family wealth management firm, a social enterprise investment fund, the United Way as well as
social entrepreneurs.
Component
Due Date
Self-Reflection on Values Mid-term
Team-based Consulting
End of term
Engagement
Statement of Work for
As soon as signed off with client partner
Engagement
Take Home Exam
Distributed in second-last class and due
two weeks later
Weight
25%
35%
5%
35%
RSM2030
Canadian Business History in a Global Context
Joe Martin
jmartin@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in anticipating the future direction of Canadian Capitalism. The Course is
about Canadian Business History in a Global context. The purpose of the course is to help
students think historically about future decisions..
COURSE MISSION
The main objectives of the course are to help students understand the evolution of business in a
Canadian context as well as to give students insights from the lessons of the past. As George
Santayana wrote, those who do not remember history are condemned to repeat it.
In analyzing business in Canada special attention has been paid to what Joseph Schumpeter
called creative destruction. The Stern School of Business Diamond of Sustainable Growth has
also provided a useful framework for Case analysis. The Diamond covers public policy; the
financial system, entrepreneurs and professional managers.
Attention is paid to major issues such as the battles between Free Trade and Protectionism and
between those who are pro Foreign Direct Investment and those who are against.
Particular attention is paid to long term shifts both within and without Canada from Quebec
City to Montreal to Toronto and now to Calgary; from France to the UK to the US and now to
China and India.
Outside speakers include the five individuals who gave $3 million to get the course going.
COURSE SCOPE
The Course is divided into three Parts, beginning in the mid 19 th century and ending in the early
21st. Each Part begins with an overview of the time period, where both the general conditions
are examined as well as specific corporate developments. After the Overview there are three or
four original Case Studies illustrative of the particular time period, written specifically for this
course.
REQUIRED RESOURCES
There is a Text book entitled Relentless Change: A Casebook for the Study of Canadian Business
History, the first casebook for the study of Canadian Business History. There is also a small Course
Package.
COURSE FORMAT
13 sessions 4 will feature discussion with Business Leaders who have funded the course, e.g. L.R.
[Red] Wilson and Dick Currie. Ten will be Case based, using original Cases written for the Course.
Component
Due Date
Class Participation
Ongoing
Mid term team assignment
Week seven
Take Home Exam
To be distributed in class in week 12
Due by noon two weeks later.
Weight
20 %
40 %
40 %
RSM 2052
Management Consulting
Beatrix Dart
bdart@rotman.utoronto.ca
TARGET AUDIENCE
This course is primarily targeted at students in their second year of their MBA program, who wish
to understand specific consulting tools and/or plan a consulting career. However, this courses
teachings are broadly applicable across business functions and industries, and are relevant to
consulting, but also valuable in corporate strategy assignments or business development
challenges.
COURSE MISSION
Strategy consultants help organizations analyze and solve some of their most challenging
business problems. These problems are typically ill-defined and cross-functional, with clients
frequently holding conflicting views on the situation.
This course will help students to develop a set of structured problem-solving, communication and
influencing skills that will help to bring clarity and structure to the business problem and identify
appropriate solutions.
COURSE SCOPE
The emphasis in this course is on developing problem-solving skills, with additional focus given to
communication and influencing skills. It will be organized around the phases of a typical
consulting engagement: problem definition, problem structuring, data gathering and analysis,
recommendations development and presentation. Students will learn and practice specific
consulting tools and principles associated with each of these five phases, such as issue trees,
hypothesis-driven problem solving, interview guides, and client communication.
The course emphasizes hands-on practice and will involve a combination of mini-cases, roleplay, and lectures. Guest speakers from the consulting industry will help to round out the
consulting picture.
REQUIRED RESOURCES
Course readings, acquired via the printing press:
Developing Professionals The BCG Way (A), HBS 9-903-113
Deloitte & Touche Consulting Group, HBS 9-696-096
Sylvia Ann Hewlett: Extreme Jobs: The Dangerous Allure of the 70-Hour Workweek. HBR,
December 2006, pp.2-13
Other materials will be provided online or as hand-outs. An optional reading list is attached and
will be updated and posted on the portal for those who would like to broaden the context on a
specific topic. Please note: As part of this course, you will be asked to fill out an MBTI personality
style assessment. This online assessment tool takes about 15 minutes, and needs to be
completed before the program starts. You will be contacted via email and receive an access
code to complete your MBTI. Should you already have received an MBTI assessment as part of
your program (i.e. as a 3YR student), it will be optional for you to repeat the exercise.
COURSE FORMAT
Intensive format offered over 9 days in the Summer. Please see the elective course list on
RWorld for the Fall term schedule.

Component
Due Date
Problem structure
May 6th (beginning of class)
(group)
Case analysis (group)
May 9, 2013
Pop Quiz (indiv.)
May 16, 2013
Final Exam (indiv.)
Invigilated exam on May 17, 2013
Weight
15%
15%
10%
60%
RSM 2054
Technology Strategy
Mike Abramsky
michael.abramsky@rotman.utoronto.ca
TARGET AUDIENCE
The course is intended for those interested in senior roles in technology firms or technology
divisions of larger companies, creating (or investing in) technology startups or companies,
technology strategy consulting, or analyzing technology companies in capital markets.
COURSE MISSION
Rapid technological innovation is both a source of competitive advantage and disruption -for companies and industries. Effective technology strategy can create and sustain
competitive advantage, displace incumbents, defend against new entrants and create new
markets. While most evident in high-technology industries mobile communications, hardware,
software, services, online, networks, cloud, biotechnology technology strategy can be pivotal
to success in traditional industries such as publishing, manufacturing, healthcare, education,
financial services.
Students should leave the course with a sophisticated understanding of:
1)
The role of technology strategy in an organization, and its effects on developing and
sustaining competitive advantages;
2)
Strategies and tactics employed by high profile historic technology firms and their
degree of success or failure in driving new growth or adapting to industry change;
3)
Means to assess, develop and evolve a technology strategy for a firm (or analyze
existing strategies in place in evaluating a firms strengths and weaknesses) in the
context of its industry, including competitors, suppliers, customers, etc.
4)
Business model implications of strategic technology priorities, including investments
(IT, R&D, patents, etc.), targeted productivity/efficiency or new business outcomes,
and related impact on growth, profitability/margins, etc.
5)
Organizational and cultural issues to consider in developing and executing
technology strategy for small to large companies
COURSE SCOPE
This course will study the development of technology strategy as a key part of business strategy;
analyzing both successes and failures in the context of the ecosystem of customers, competitors,
suppliers, etc.
REQUIRED RESOURCES
Burgelman, Robert A., Clayton M. Christenen, and Steven C. Wheelwright. 2009. Strategic
Management of Technology and Innovation. Fifth Edition. Boston: McGraw-Hill Irwin. As well 3
case studies will be covered.
COURSE FORMAT
There are thirteen class sessions. Ten sessions are devoted to a discussion of the readings and
three sessions to case analyses.
Component
Due Date
Reading Review Sheet
Day of Reading
Class Participation
Ongoing
2 Case Analyses
week #5,6,8
Team Project
Final Week
Weight
10%
15%
40% (20% each)
35%
RSM 2056
Game Theory and Competitive Strategy
Joel Baum
baum@rotman.utoronto.ca
TARGET AUDIENCE
This course aims to improve your strategic decision-making ability in competitive situations. In
competitive situations, determining the best course of action, requires you to think through your
opponents options, their aims and the way they will act or react all the while knowing that
they will be doing the same in order to outdo you. The course will be of particular interest to
students in innovation and entrepreneurship and consulting. It may also interest to marketing
and finance students interested in understanding interfirm rivalry. This course complements other
strategy electives including Corporate Strategy, Cooperative Strategy, and Technology
Strategy.
COURSE MISSION
Our goal is to become better strategic decision-makers, and to develop a systematic and
coherent approach to problem formulation, judgment, and strategic decision-making when
faced with competitive challenges.
COURSE SCOPE
To help us arrive at good strategic decisions, we will concentrate on an analytic method derived
from game theory, starting with basic assumptions and principles and moving to increasingly
advanced and complex applications (our approach will be nontechnical, but resources are
available for those so inclined!). Game theory helps put structure to competitive situations,
identify alternatives, and choose among them. A game-theoretic approach is most useful in
complex environments where there is a mixture on conflict and concurrence of interests, and
the situations, motives and decisions of rivals are unknown at the time a decision must be made.
Our basic approach will be to take break the complexity down into pieces, use game theory
tools (as well as good judgment!) to analyze the pieces, and then reassemble the pieces into a
logically coherent understanding. Many classes will be organized around strategic games in
which you are the players. At intervals, we will consider psychological factors that either impede
or contribute toward our efforts to make good strategic decisions. And we will link our methods
with real world applications, testing for ourselves the limits and pitfalls of this mode of strategic
thinking.
REQUIRED RESOURCES
1. Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life by
Avinash K. Dixit, Barry J. Nalebuff, W.W. Norton (ISBN 0-393-310353-0; paperback)
2. Hypercompetitive Rivalries: Competing in Highly Dynamic Environments by Richard A.
DAveni, Free Press (ISBN: 0-028-74112-9; paperback)
3. Case Packet. Available from instructor.
COURSE FORMAT
The class is divided into two parts. In the first part, we will use Thinking Strategically to help us
understand strategic games and how they are played. Because game theory will be a new tool
for many of you, we will be playing games in class to reinforce and add to concepts discussed in
the book. A part of each session will also be devoted to discussions of applications and
assignments. In the second part, we will use Hypercompetitive Rivalries to help us understand the
competitive arenas in which games of strategy are played, and the intense competitive
games that characterize much of current the competitive landscape. We will analyze case
studies in class to try to reinforce and add to the concepts discussed in the book, and to
develop your ability to test the applicability of game theory concepts and tools for developing
effective competitive strategies for complex, real-world scenarios.

Component
Due
Date
Assignments and
Cases
Participation
Midterm exam
Team Term Project
Various
Ongoing
Week 6
Week 8
Week 13
Weight
10%
15%
30%
Report 1: Case study and Game Theory Analysis (15%)
Report 2: Competitive Strategy Analysis and
Recommendations (30%)
RSM 2057
Venture Capital
Brian S. Silverman
silverman@rotman.utoronto.ca
TARGET AUDIENCE
Students interested in Innovation & Entrepreneurship, institutional investing, private equity and/or
the financing of entrepreneurial ventures will appreciate this course. It will also be of value to
aspiring entrepreneurs, to those with interests in technology commercialization policy, and to
those interesting in developing new products/businesses within corporations.
COURSE MISSION
This course seeks to expose students to all aspects of the venture capital industry, from the
challenges of organizing VC funds, through the recognition and evaluation of investment
opportunities, to management of portfolio companies and exit of investments. It also seeks to
provide a high-level understanding of the current structure and future dynamics of the venture
capital industry.
COURSE SCOPE
This course covers all aspects of nurturing entrepreneurial ventures from the point of view of the
venture capitalist, including raising funds, forming limited partnerships, selecting and valuing
potential investments, writing term sheets, monitoring investments and managing exit events. In
addressing these issues, it draws on recent research in competitive strategy, organization theory,
financial economics and economic sociology. Though built on rigorous theory and evidence,
the focus of the course is nonetheless highly practical.
REQUIRED RESOURCES
Case and reading packet
COURSE FORMAT
13 regular sessions
Component
Due Date
Class Participation
Ongoing
Problem Set
Approx. session 5
Write-up #1
Approx. session 7
Write-up #2/presentation
Approx. session 9
Group term
paper/presentation
Session 12 or 13
Weight
20%
15%
15%
20%:
write-up 10%; presentation 10%
35%:
paper 20%; presentation 15%
RSM 2058
Case Analysis and Presentation
Tim Rowley
Rowley@rotman.utoronto.ca
WHY
Translating your business skills into career success requires the ability to effectively present your
ideas.
By second year, Rotman MBA students are able to analyze complex business problems and
make astute recommendations. However, in organizations that is not enough because good
recommendations go unacknowledged unless presented well. While students have invested in
their abilities to solve businesses problems, their career success depends on the ability to
effectively communicate those ideas in business settings.
TARGET AUDIENCE
For students interested in honing their skills in areas such as analysis and synthesis of information
about management situations, formulating recommendations, developing implementation
plays, and professional presentations.
COURSE MISSION
The specific course objectives are:
To increase your effectiveness in informal communication and formal presentations.
To better understand how to use business school models and tools.
To become a more complete business manager by combining expert analytical and
presentation skills.
COURSE SCOPE
This course provides second year students with the opportunity to hone their presentation and
communication skills. Students will enhance their abilities to (1) select the appropriate analytical
models to match specific business problems, (2) presents effective presentations, (3) develop
logical arguments to support their ideas.
The course pedagogy focuses on learning-by-doing. Students will learn by regularly presenting
their recommendations for business problems, reviewing peer feedback and receiving faculty
coaching. Student presentations will occur most classes and often involve video tape analysis.
REQUIRED RESOURCES
No textbook. There is a package of readings and cases.
COURSE FORMAT
Regular class sessions, 2 small group meetings, 1 individual meeting comprising 13 sessions
Component
Team presentations
Individual Written
Assignment
Participation
Due Date
TBA
TBA
Weight
40%
40%
Each Class
20%
RSM 2059
Health Care Consulting
Brian Golden
brian.golden@rotman.utoronto.ca
Zayna Khayat, Associate Partner, Secor Consulting (see bio below)
Linda Blair, Principal, Deloitte Consulting (see bio below)
*Course design subject to minor changes*
TARGET AUDIENCE
This course is open to all 2nd year Rotman Students and is a recommended and qualifying
course in the Rotman School of Managements major in Health Sector Management. This course
aims to improve your ability to formulate and implement organizational strategy and improve
performance in healthcare organizations. The course will also help prepare students for
leadership roles in healthcare management and consulting. Students are strongly encouraged
to complete the fall course Health Sector Strategy and Organization prior to taking Health Care
Consulting. Those students who have not completed Health Sector Strategy and Organization
will require written permission from the instructor in order to enroll.
COURSE DESCRIPTION
This course is intended to provide a field application experience as part of your overall Rotman
learning experience. As such, the course has several objectives:
To encourage you to use the mix of functional skills and tools you have learned in
previous Rotman courses in the first year and the second year fall semester.
To take those skills and tools from their abstract presentation or artificial case study
settings and use them in a real management setting in a real organization.
To show, in way that cannot be done in the classroom, how knowledge must be
adapted to fit real problems.
To further develop your leadership and team effectiveness skills.

This course will provide a supervised experience in the art and science of (a.) shaping clientdefined issues in ways that make them tractable and (b.) applying new ideas effectively in
complex organizational settings. The field application takes the form of a consulting project, but
this is not primarily a course in how to do garden-variety consulting. For those who have not had
the consulting experience yet, it will, of course, provide the basics. But it will also give you
experience with techniques, approaches, and coping mechanisms for problem solving in
unstructured, messy, and imperfect situations, especially when you have to influence a situation
by expertise and persuasion rather than having direct control over it. You will, in other words, be
confronting the reality that most managers face most of the time.
COURSE STRUCTURE
The project is the heart of the course, and you will be involved in helping to shape its direction
and content as well as carry it out and effectively engage your clients with your findings. The
course is structured to maximize your learning about both the content of the project itself and
about how to work effectively in a project-oriented environment. The most important elements
of the course structure are:
1)
A tutorial approach to your teams initial work plan development, problem diagnosis
and problem solving, management of client-team and within-team issues, and final
presentations.
2)
Use of course instructors and mentors. Each team will have access to three instructors --Rotman Professor Brian Golden, Zayna Khayat (Associate Partner, Secor Consulting) and
Linda Blair (Principal, Deloitte Consulting).
3)
An introductory class session designed to orient you to the course, the work, and our
expectations and to prepare you for the on-campus workshop.
4)
5)
6)
7)
8)
9)
10)
11)
An on-campus workshop with the clients to launch the projects.

A tutorial with your course instructor and mentor to debrief on the client workshop and to
begin to prepare the Client Engagement Memorandum. All team members must attend.
Preparation of a Client Engagement Memorandum that will lay out the Scope of Work,
Resources Required, Time Frame, and Deliverables. Each team will add a confidential
note to the faculty (that the client will not see) that describes your hunches about
possible hidden agendas, difficulties you think you may encounter in executing the
project, and what resources you think you will need to successfully complete the project
within the time frame.
A tutorial with your course instructors to review progress. All team members must attend.
Email summary of progress and issues encountered, if any, for course instructors.
A dry-run of your project presentation to your client. Efforts will be made to video-tape
this practice presentation and provide expert feedback.
Presentation of the project report to the client.
A final workshop with your classmates.
REQUIRED RESOURCES
Case Packet
Regular scanning of articles in the on-line journals available from Longwoods Publishing
http://www.longwoods.com/
EVALUATION and GRADINGREQUIRED RESOURCES
Faculty evaluation of project --- analytical quality, management of client and feasibility (40%)
Faculty evaluation of individual report on learnings (20%)
Teammate Evaluation of individual performance (10%)
Client evaluation of overall team performance (30%)

SUMMARY OF WRITTEN ASSIGMENTS
Client engagement memorandum, with addendum for the faculty only (group)
Email progress report (group)
Presentation deck and consultants report (group)
Report on learnings (individual)

Dr. Zayna Khayat Associate Partner, SECOR Consulting
Zayna Khayat has been a strategic management consultant for 10 years. She has been the head of
the Toronto Health and Life Sciences practice of SECOR Consulting, an independent Canadian
management consultancy, since 2010. Prior to joining SECOR, Zayna was a Principal in the
healthcare practice of The Boston Consulting Groups Toronto office where she co-lead the
Canadian healthcare practice. In her final year with BCG, Zayna managed the Strategy Institute
(the R&D arm of the firm), advancing the current state of thinking on what strategy means in the 21st
century. Ms. Khayat has worked with public and private sector clients in Canada and the US across
the healthcare value chain and in other sectors on issues ranging from strategy to management to
organization redesign.
Zayna is an advisor and active volunteer with Endeavour Volunteer Consulting Network, a volunteerbased consultancy that serves Toronto's non-profit/charitable sector. She is also currently supporting
a Canadian venture philanthropist in establishing a personalized medicine offering for advanced
stage cancer patients who are refractory to standard of care treatments.
Ms. Khayat earned her Ph.D. in biochemistry from the University of Toronto and The Hospital for Sick
Children in 2001, where she was a CIHR scholar, an NSERC scholar and a U of T Open Scholarship
recipient. Her research and international publications focused on insulin regulation of glucose in the
muscle in disease models such as Type 2 diabetes.
Zayna is proficient in French and Arabic, and resides in Toronto with her husband and 3 children.
Linda Blair Partner, National Health Services Practice, Deloitte Consulting
Linda Blair is a Partner in the National Health Services Practice of Deloitte providing advisory services
to the private and public sector. Linda is a respected leader with 20 years experience, including
executive positions, program management and clinical practice as a Registered Nurse. Passionate
about transforming healthcare, she is focused on delivering business change initiatives that are
supported by the strategic use of information technology. Linda has a proven record of leading
large-scale clinical system implementation projects in academic medical centers and large
integrated delivery systems and worked with clients to achieve improvement in care delivery.
Prior to Deloitte, Linda held leadership roles with Courtyard Group, a professional services firm that
applies information to meet the complex needs of healthcare. At Courtyard Group, Linda worked in
both the United States and Canada and provided executive leadership for the US operation and the
human resource function company wide.
Linda holds a Bachelor of Science in Nursing from the University of Western Ontario and earned her
MBA from the University of Toronto, Rotman School of Management.
RSM 2060
Network and Digital Market Strategy
Joshua Gans
joshua.gans@rotman.utoronto.ca
NEW INSTRUCTOR BIO
Joshua Gans has just been appointed as the Jeffrey C. Skoll Chair of Technical Innovation and
Entrepreneurship at Rotman. Previously, he was a Professor at the University of Melbourne and,
most recently, was visiting Harvard University and Microsoft Research. Joshua holds a PhD in
Economics from Stanford University and, in 2007, received Australias award from the best
economist under the age of 40. Joshuas research concentrates on innovation strategy, start-up
commercialization, network competition, and digital platforms. He has written numerous books
including Core Economics for Managers and Parentonomics: An Economist Dad Looks at
Parenting. Joshua is a prolific blogger and tweeter (twitter.com/joshgans). Joshua writes a
weekly column for Harvard Business Review online
(http://hbr.org/search/Joshua%25252520Gans/) ad co-founded the Digitopoly blog
(www.digitopoly.org).
TARGET AUDIENCE
This course is intended for those interested in pursuing or engaging with network and digital
markets including, most notably, online ventures, e-commerce, media, and information
platforms. Those wanting to engage in entrepreneurial start-ups on the Internet are particularly
targeted. The course will also link to issues in public policy and regulation for network markets as
part of introducing students to important non-market aspects of entrepreneurial strategy.
COURSE MISSION
Some of the most dynamic firms in economies around the world are actively pursuing network or
digital strategies. These include Apple, Google, Facebook, among others. There is sizeable entry
of start-ups into this space and also a set of established firms (particularly, media companies)
who are facing disruption as a result of digital technologies.
The goal of this course is to provide students with the tools to evaluate and formulate strategies
in networks and digital markets. What choices do start-up firms face? How can they evaluate
these choices in the face of uncertainty? How can start-ups be creative in their business plans to
ensure diffusion and sustainable ventures? What are the roles of large-scale data gathering and
business model experimentation? How should established firms facing disruption respond to new
competitive challenges?
The outcome of this course will be a preparation for the tackling challenges in the digital
economy using clear strategic thinking applying a variety of economic and game theoretic
tools. The goal will be to allow students to become thoughtful participants in business level
debates about strategy.
COURSE SCOPE
The course covers topics such as first mover advantages, network effects (particularly arising
from social drivers), online pricing strategies, establishing online exchanges, digital market
design, strategies for information goods, standard setting, privacy, intellectual property rights,
online advertising markets and the elements of platform strategy. The subject matter will be a
blend of economic theory and strategic thinking with current business cases for online, media
and network companies. It will include a focus on current issues such as social networks, cloud
computing and media content funding. In all cases, the role and incentives for innovation will be
stressed.
REQUIRED RESOURCES
A variety of readings will be provided (as well as purely online sources).
COURSE FORMAT
Two week intensive.
Component
Due Date
Online Participation
Ongoing
Critical Case Analysis
TBD
Term project (group or
Due at end of term
individual)
Weight
20%
30%
50%
The evaluation will be novel and will utilize online and social media in a unique way. The term
paper will involve a menu of choices including well-defined strategic analysis to studentnominated evaluation of their own start-up or innovative ideas. The emphasis is on methods of
evaluation that complement the learning experience and prepares students for real-world
activities upon graduating from Rotman.
RSM 2061
Leveraging Strategic Networks
Professor Bill McEvily
bill.mcevily@rotman.utoronto.ca
INTENSIVE FORMAT
This course is offered in the intensive format. All sessions will occur over two half days (Fridays)
and two full days (Saturdays). The format is concentrated and ambitious, but also well-suited to
focused and in-depth coverage of the topic.
NETWORKING
Some see it as unpleasant and offensive, others view it as a necessary evil, and there are those
that find it just plain baffling. Although the concept of networking is not new, the core principles
that make this activity valuable to individuals, entrepreneurs, and organizations are often
misunderstood. My purpose in this course is to cut through the clutter and help students gain a
better understanding of how to create, use, and evaluate networks to generate value. To do so
I will introduce students to some simple, but powerful principles that explain: how networks form,
what benefits are associated with different positions in networks, and the social dynamics (e.g.,
reciprocity, trust, norms, reputation) upon which networks are based. As a result, students will
gain valuable insights about developing a strategy for managing their own professional
networks and will learn how to leverage organizational networks to achieve strategic outcomes.
As a way of gaining insight into how networks operate, students will practice putting the network
principles to use by: (1) conducting a self-assessment of their own professional networks, (2)
considering how organizational networks influence strategic change and implementation, and
(3) examining how companies are strategically leveraging (online and offline) social networks to
create value.
TARGET AUDIENCE
This course will be of particular interest to students in the Consulting, and Leadership & Change
Management, Innovation & Entrepreneurship majors. This course is a complement to several
other strategy electives including: Strategic Change & Implementation, Entrepreneurship,
Network & Digital Market Strategy.
REQUIRED RESOURCES
An electronic course packet of cases and readings will be provided.
COURSE FORMAT
We will use a combination of case discussions, guest speakers, in-class exercises, breakout group
discussions, videos and lectures.
Component
Class Contribution
Network Self-Assessment
Social Strategy Analysis
Due Date
Weight
20%
40%
40%
RSM 2062
Management Consulting Practicum
Scott Rutherford
scott.rutherford@rotman.utoronto.ca
COURSE DESCRIPTION
In this course students will be working on a real-life, real-time consulting engagement. The
experience will help students understand the consulting process as well as develop a set of
structured model-building, problem-solving, and communication skills that will help to bring
clarity and structure to a business predicament and identify appropriate solutions.
The emphasis in this course will be the application of problem-solving skills to solve a real and
present problem for a real and present client.
This course uses a client project-based format to help students develop a deep client-orientation
and client management skills. This course is meant to be a practical complement to RSM 2052
Management Consulting Foundations Course where the specific skills of consulting are
developed in more depth.
The course is organized around the phases of a typical consulting engagement: letter of
proposal (LOP), problem definition and structuring, data gathering and analysis, collaborative
and integrative team-problem-solving, recommendations development and presentation.
Throughout the course, students will grapple with helping a client start a shift from their current
situation to a more desired situation. The capstone of the course will be a working session with
executives of the client organization guided by the most powerful insights of the student
presentations of the previous day.
COURSE MISSION
The course is intended both for students interested in management consulting as a career, as
well as those students interested in corporate problem-solving more generally. The learning
objectives of the course include:
Approach and frame a consulting engagement

Engage with a client to understand their current and desired situations
Work with the client to develop an appropriate model of the problem to be solved
Specify and gather data to test the model and derive insights
Synthesize information into clear conclusions and recommendations
Facilitate a working session with the client to understand and develop ownership for the
implementation of recommendations.
RESOURCES
a)
a)
Text:
The McKinsey Engagement; Friga, Paul
Readings
Selections from:
Process Consultation Revisited II; Schein, Edgar
Solving Tough Problems; Kahane, Adam
Meta; Moldoveanu, Mihnea
Consulting is more than giving advice; Turner, Arthur
The Worlds Newest Profession; McKenna, Christopher
Consulting into the Future; Management Consultancies Association
b)
Cases, problems, other materials

The course always has a real, live case as its core focus. Past clients:
2010: Engineers Without Borders: Addressing the Missing Middle in Africa
2011: Hospital for Sick Children: Reducing errors in the CCU
2012: Cancer Care Ontario: Using Data to improve Health outcomes
2013: Access Copyright: Capturing value from digital content
The course is entirely immersive within a live consulting engagement. Students work in teams to
define and solve a problem for a client. Culminating in a final working session with the client,
and a final feedback session with ones team. Course deliverables are typical engagement
deliverables.
Assignment
Assignment Description
Define the clients problem (problem definition),
Defining and Modeling
as well as the drivers of the problem (problem
the Problem (team)
model)
Deliver a written report progress your team has
Progress Review
made to date in defining, structuring, and solving
(team)
the problem
Structure and provide thoughtful developmental
Feedback to Team
written feedback for each of your team-members
(individual)
on the basis of your experience with them on this
engagement
Assessment of your performance on the
Feedback from Team
engagement as aggregated from the feedback
(individual)
received from your team-mates.
Assessment of your performance on the
Feedback from Client
engagement and during course from the
and Director
perspective of clients, senior team members (TAs)
(individual)
and Director (instructor)
Total
Weight
15%
25%
20%
20%
20%
100%
RSM 2082
Prosperity & Competitiveness
Richard Florida
florida@rotman.utoronto.ca
TARGET AUDIENCE
This course will impart this understanding the role of business and public policy in the
competiveness and prosperity of cities. It will do so through theories, data, and case studies,
drawn from my more than three decades of my own research and extensive experience
working with companies, nations, and cities. The course integrates academic theory and real
world examples of the forces that shape business competitiveness and community prosperity.
COURSE MISSION
Cities are an increasingly important component of economic life. Half the worlds population
lives in cities and metro areas a figure that will only continue to increase. Businesses depend on
places for their competitiveness and the prosperity of communities depend on economic
success.
COURSE SCOPE
This course is designed to help you understand the role of firms and communities in prosperity
and competitiveness. It has four key objectives:
To help you understand the importance of competitiveness and prosperity for communities
as well as companies.
To help you better understand how and why firms locate where they do and the role of
location in corporate strategy and performance.
To help you understand the various assets that communities provide to people and firms.
At a more personal level, this course will give you the tools you need to help you select the
best place for your career and life.
REQUIRED RESOURCES
Florida, R. (2012) The Rise of the Creative Class Revisited. New York: Basic Books.
COURSE FORMAT
13 weekly sessions
Component
Class Participation
Assignment 1
Assignment 2
Assignment 3
Assignment 4
Due Date
Ongoing
Ongoing
Week 4
Week 8
Week 12
Weight
20%
20%
20%
20%
20%
RSM 2083
Managing Innovation
Lib Gibson
lib.gibson@gmail.com
TARGET AUDIENCE
The course will interest those keen to be innovators, and those aspiring to senior management,
because the ability to manage innovation is a key differentiator for career enhancement.
COURSE MISSION
The course aims to give students a strategic understanding of innovation, the ability to spot
opportunities and obstacles to their own organizations innovation, and threats to their business
by competitive innovators. It will then offer tools to manage effective innovation or defend
against innovative new entrants.
COURSE SCOPE
To thrive over the long term, an organization has to be an agile innovator. Some people think
innovation is all about technology, or invention, or prolific idea generation. We will take a more
holistic view, starting with defining what innovation is and considering how many types of
innovation there are. We will base our study on a sound theoretical framework, and review
many examples that illustrate the concepts.
Two key themes will run through the course. One is the congruence of good innovation and
good design. Well emphasize the imperative of identifying the customer problem as the
starting point. We will also deeply explore the concept of disruptive innovation and its impact
on companies indeed whole industries. We will use these two themes as the basis for
understanding how to enable your company to generate repeatable successful innovation,
whether you work in a start-up or an established company.
Its important to understand the place of organizational structure and culture in fostering
innovation or crippling it if you get it wrong and we will examine strategic choices in these
areas. We will consider the innovation-appropriate strategic planning, financial management
and metrics.
REQUIRED RESOURCES
The Innovators Dilemma, Clayton Christensen .
Other readings will be suggested on the portal.
COURSE FORMAT
Daily 3.5 hour lecture for nine days, with exam on tenth day.
Component
Due Date
Daily Insights
Daily
Final
Final day of course
Class participation
Ongoing
Weight
45%
45%
10%
RSM 2084
Health Care Transformation
Will Falk
william.falk@rotman.utoronto.ca
Professor: Will Falk (@willfalk)
416-317-9232; willfalk@hotmail.ca
Executive Fellow in Residence, Mowat Centre for Policy Innovation, SPPG
Adjunct Professor, Rotman School of Management
Managing Partner Healthcare, PwC Canada
Office hours: by appt through sarah.thiessen@ca.pwc.com
Teaching Assistant: Candice Camilleri
647-291-5864; candice.camilleri@ontario.ca
Senior IM Policy Advisor, MOHLTC
Office hours: Wednesdays 5:30 to 6:30 p.m. by teleconference
TARGET AUDIENCE
This course is open to all 2nd year Rotman students and is an eligible course in the Rotman School
of Managements major in Health Sector Management. It has also been successfully enrolled in
by students from SPPG, other health policy programs, MDs and from Shulich. The course will help
prepare students for leadership roles across a variety of sectors, including health care
management, life sciences, insurance, government, entrepreneurship, venture capital and
health sector consulting. Numerous guest speakers will participate in the course. They will be
selected from a group of hospitals CEOs, physician leaders, academics, health care managers
and senior government officials.
COURSE MISSION
This is a practical course which covers current health care topics in transformation. We will take
a global perspective on health care transformation and apply lessons and models from other
jurisdictions to the Canadian model, particularly to the current Ontario situation. The course is
organized around four themes: (1) quality; (2) cost; (3) access; and (4) innovation. Much of what
we discuss will be of immediate concern to health system participants and policymakers. This
requires students to accept and manage some ambiguity and to be innovative in finding
current sources of information.
COURSE SCOPE
Health care is a service industry in the middle of a major transformation. This transformation is
based on the application of new models of care, new inventions and new information systems.
Knowledge-based investments are leading to decreasing costs at the individual unit level yet
total system costs continue to rise faster than the rate of inflation due to the ever increasing
demand. Typical explanations for increasing costs include demographic factors, new product
substitution and population growth. They only explain part of the situation. We will examine
costs, prices and value in the health care sector.
The course will examine ways to transform the healthcare system and unlock the possibilities that
are implicit in large investments, new inventions and innovative technologies. Examples from the
Ontario healthcare system will be examined using this framework to demonstrate how value can
be increased and costs decreased in the Canadian healthcare system.
Over the first two-thirds of this class we will focus on three dimensions of transformation: (1) cost;
(2) quality; and (3) access. We will hear directly from key decision-makers and health system
leaders. The implication for students is that they will need to be prepared to tackle emerging
issues directly and stay current in health care topics in transformation. During this section of the
course we will use Christensen et al.s The Innovators Prescription as a supporting text.
Over the last third of the course our focus will shift to innovation. Emphasis will be placed on
changes in productivity that are transforming health care as well as on how to apply those
changes to the transformation agenda. Three leading thinkers from Canadian eHealth arenas
are invited to share their perspectives on how this high tech industry is transforming as new
thinking and ideas are brought to the patient setting. During this section of the course we will
use Topols The Creative Destruction of Medicine as a supporting text.
There are three assignments over the semester. They run in parallel with classroom discussions
and are designed to challenge students with topics that are currently under discussion by policy
makers. The three papers are organized as follows:
1) Short paper on a large thematic topic. Discuss one or more of the three course themes:
quality, cost and access, in a short briefing note. Precise paper topics on the three
subjects will be given in the first class. This paper is to be written in groups of two.
Previous years topics have included: Reduce the budget of the Ministry of Health by
$5MM or Next steps for Wait Times/Access to Care, extend the Excellent Care for All
Agenda (ECFA) beyond the acute care sector.
2) Major paper and group presentation on a topic of current interest. Candice and I will
suggest topics and be available for consultation. We have the support from the health
care community required to get you access to key opinion leaders as you develop and
refine your paper. This paper is expected to provide in depth analysis and will be
presented to a panel of external reviewers upon completion. in the paper is to be
written and presented in groups of 3-4. Topics from previous years have included:
a. Diabetes in Ontario A new way forward
b. End-of-life re-engineering saving money by choice
c. Kensington Model applied more broadly
d. LHINs Do we really need regionalized management in healthcare?
e. Appropriateness: MRI and CT Scans in Ontario
f. Mental Health Ontario: Applying the CCO model to mental health
g. Strategic approach to physician fee negotiations for 2012
3) Short individual paper on an innovative idea or company that you believe will change
health care in the next ten years. Describe and discuss this innovative idea. Incorporate
into your paper concepts from Topols CDOM. It is acceptable to copy-paste some of
the promotional materials from a group or company for this paper as emphasis here is on
innovation.
Examples of prior year A papers will be provided to give demonstrate our expectations and
help you shape and structure your work accordingly. Candice and I are available for detailed
discussion and to talk through the challenges that come along with working on current topics.
Longwoods, Chilmark, Christensen, Topol, Porter/Teisberg, internet research, and current articles
will be sources for this work.
REQUIRED RESOURCES
The Innovator's Prescription: A Disruptive Solution for Health Care; Christensen et al.
(First seven chapters will be relevant for the course and provide background for some of
the papers; feel free to skim ``American`` sections)
The Creative Destruction of Medicine: How the Digital Revolution Will Create Better
Health Care, Eric Topol, MD. A short book with many examples; students will want to
either read the whole thing or focus on pieces of particular interest for their final paper
Case Packet: provided electronically and/or via the web.
Stay up to date with current sources:
Use Longwoods resources to stay current and support your research in the class.
Please subscribe to at least the Longwoods eLetter at
http://www.longwoods.com/newsletters
Subscribe to http://chilmarkresearch.com/ a push service on Health IT
Subscribe to HealthyDebate.ca and their newsletter
Follow @EricTopol, @innorx, @berci, and @picardonhealth on twitter
Create a Google Alert for Ontario Healthcare: The expectation is that you are current
on issues. We will often deconstruct an article in class. Feel free to bring articles
Old text for the course that may be useful reading but not required Redefining Health
Care; Creating Value-Based Competition on Results, HBS Press, Michael E. Porter and
Elizabeth Olmsted Teisberg, 2006.

Component
Due Date
Class Contribution
Ongoing
Participation
2--person team project
February 22, 2013
on Access, Cost or
To be discussed in class
Quality
(May need independent
write-ups)
3 or 4-person Team Term
Mid March, 2013
Project on Current
Healthcare Policy or
(This draft will be
Operations Issue Initial
commented on and
Draft Paper
feedback provided within 72
hours)
Presentation by Team
Late March , 2013
and Final Paper on
Current
Policy/Operations Issue
Revised
Innovative
April (last day), 2013
Company/Idea
Weight
20%
20%
10%
30%
20%
RSM 2098
Creative Destruction Lab Course*
Ajay Agrawal
ajay.agrawal@rotman.utoronto.ca
TARGET AUDIENCE
This course is primarily targeted at students who are interested in careers in strategy,
entrepreneurship, entrepreneurial finance, new product development, and economic
development policy.
COURSE SCOPE & MISSION
We study the process of commercializing technological innovation through a series of close
interactions with real, early-stage technology ventures and their potential seed investors (the
G7). We apply basic economics and analytical tools developed in the first-year MBA courses
to evaluate the size of markets, the attractiveness of industries, the sustainable competitive
advantage of proposed strategies, the financing options and valuation of early-stage ventures,
and the downside risks and upside potential of individual entrepreneurs and their vision for their
companies; ultimately, we seek to develop the optimal strategy for a new venture.
The course involves working closely with new ventures seeking capital and with experienced
entrepreneurs and investors.
REQUIRED RESOURCES
Links to readings are provided in the course outline.
COURSE FORMAT
September-April, 1 credit
Component
Evaluation of applicants
Part 1 (report and
presentation) (individual)
Evaluation of applicants
Part 2 (report and
presentation) (individual)
G7 report and presentation
#1 (group)
#2 (group)
#3 (group)
#4 (group)
Overall class contribution
Weight
15%
Due Date
TBD
15%
TBD
15%
TBD
15%
TBD
15%
TBD
15%
TBD
10%
N/A
Non-Rotman Courses
ENV 1707
Environmental Finance and Sustainable Investment: Risk Mitigation and Emerging Opportunities
Jane Ambachtsheer
Jane.Ambachtsheer@mercer.com
Susan McGeachie
Susan.McGeachie@ca.ey.com
Time
Place
Background
Career
Applicability
Objectives &
Scope
Reading
Materials
Wednesday 6:30 8:30 pm

Rotman School of Management, Room TBD
Environmental finance and sustainable investing are fast-emerging fields. They
involve the application of new and established financial market instruments and
practices to the management of environmental issues, and the incorporation of
environmental, social and governance (ESG) factors into asset management
and shareholder stewardship. Banks, insurance companies, pension funds,
venture capitalists, financial services companies, corporations and governments
are becoming increasingly engaged on the topic in order to manage risks and
capitalize on new opportunities. This course explores the growing materiality of
ESG factors on the bottom line financials, using real case examples of how
various firms and investors are driving and responding to this relatively new
strategic area. An in-depth knowledge of financial markets is not required.
Students leaving the course will be able to apply their new knowledge to a
variety of career paths. The following professions and/or fields have required
expertise in the area of environmental finance and/or sustainable investing:
Financial analyst, portfolio manager, financial product development
Investment and management consultant
Sustainability staff (especially for firms in high impact sectors such as oil
& gas, forestry, chemicals, metals and mining and utilities)
Commodities trader
Venture capitalist, private equity or real estate investor
Credit and insurance risk analysts
Investor relations, public relations, communications
Not-for-profit managers and executives
The objective of the course is to provide students with a firm grounding in range
of basic issues at stake in environmental finance and sustainable investing and
an awareness of their current application around the world. The course will
examine how established practices, procedures and tools from within the
mainstream financial market are being adapted to integrate ESG criteria, in the
pursuit of financial performance goals from both an investor and corporate
perspective.
Each week has required readings as well as suggested background
resources. See for example:
www.mercer.com/ri
http://www.responsible-investor.com
http://www.environmental-finance.com
http://www.sasb.org/
http://www.calpers.ca.gov/eip-docs/about/press/news/invest-corp/esg-report2012.pdf
http://www.mckinsey.com/insights/energy_resources_materials/resource_revoluti
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EVALUATION AND GRADE DISTRIBUTION

COURSE SESSION OUTLINE

Identify the firms exercise

Strategic Analysis Case

Accounting Analysis Case

Accounting Adjustments Exercises

Chapter 4: Problems 2,3

Book page 185189

Accounting Adjustments Case

Financial Analysis Case

Valuation Theory Case

Book page 347

Implied Cost of Capital Exercise

ICC in the computer

KLM Air France (HW 5)

Book page 491

Credit Analysis Case

Amazon.com in the year

Book page 569

IPO Valuation Case

UPS IPO (HW 6)

Book page 717

Creative Regional Strategies (not offered in 2013-2014)

Europe after the Crisis

Desautels Centre for Integrative Thinking

Individual Paper (20%)

Top Managers Perspective

2. Expected, but Ungraded

Corporate Financing (also offered in 2013 Summer Term)

2*10% - throughout the term

Live Group Case

About week 9/10

What is the cash cycle within the firm?

How can the firm forecast its cash requirements?

How can the firm develop its cash budget?

How does securitization affect short term liability management?

How are incremental cash flows determined for investing decisions?

EVALUATION AND GRADE DISTRIBUTION Prof. Drory

2 group case analyses

EVALUATION AND GRADE DISTRIBUTION Prof. Rotenberg

Minor Prep Assignments

4 Group Case Analyses, with

1 week after end of course

Final Summative Project (5

How does microfinance and why is this form of financing so important?

Close to end of course

Last full session

Written Debate Report

Due a week after debate

Take Home Exam

Distributed in final class, due in one

Mid term team assignment

Take Home Exam

To be distributed in class in week 12

RSM 2500 (2013 Fall)

RSM 2500 (2014 Spring)

EVALUATION AND GRADE DISTRIBUTION

Develop and execute methodologies leading to innovation outcomes that combine

Operations Management & Statistics

Supply Chain Management

Organizational Behaviour / Human