Skip to main content
Official Logo of Columbia Business School
Academic Programs
  • Visit Academic Programs
  • MBA
  • Executive MBA
  • Master of Science
  • PhD
  • Undergraduate Concentration
Faculty & Research
  • Visit Faculty & Research
  • Academic Divisions
  • Faculty Search
  • CBS Research
  • Research Resources
  • Research Opportunities
Executive Education
  • Visit Executive Education
  • For Organizations
  • For Individuals
  • Program Finder
  • Online Programs
  • Certificates
Alumni
  • Visit Alumni
  • Alumni Clubs
  • Alumni Benefits
  • Alumni Events
  • Lifetime Network
  • Women's Circle
  • Career Management
About Us
  • Visit About Us
  • The CBS Experience
  • Leadership
  • Our History
  • CBS Directory
  • Newsroom
  • Magazine
CBS Insights
  • Visit CBS Insights
  • AI & Business Analytics
  • Business & Society
  • Climate
  • Finance
  • Entrepreneurship
  • More on CBS Insights
Arial view of Manhattan with the Freedom Tower

Finance Division

Finance Division
  • Faculty
    • Other Affiliates
    • Staff
  • Seminars
    • Finance Free Lunch
    • Finance Seminar
    • PhD Seminar
  • Doctoral Program
  • Centers
  • CBS Research in Finance
  • More 
Jump to main content

Letter From the Chair

Photo Image of Mike Johannes

Finance is at the core of making informed business decisions. Columbia GSB’s finance division provides a complete finance training with a carefully integrated core curriculum and over 100 elective courses to train students to manage their own finances as well as for career success in asset management, investment banking, real estate, financial technology firms, management consulting, and for roles in central banks and government.

Taught by award-winning faculty from all areas of finance, our professors bring a combination of research-based insights, theoretical frameworks, and practice-based understanding to the classroom. The curriculum focuses on merging the theory and practice of finance along three dimensions: understanding finance principles, an ability to use state-of-the-art data-analytical tools, and a deep knowledge of financial markets and institutions. The core curriculum provides the foundation, and then expansive electives provide more advanced and concentrated courses in the main areas of finance: investment management, investment banking, private equity, venture capital, and real estate.

Central to Columbia GSB’s finance training are Centers and Programs that curate the curriculum, connect students with alumni and industry, and mentor students along their career journeys. These include the Eugene Lang Entrepreneurship Center, Heilbrunn Center for Graham & Dodd Investing, and Paul Milstein Center for Real Estate, which anchor our training in entrepreneurial finance, value investing, and real estate, respectively. These programs host many conference and events, and offer significant executive education, connecting our alumni and industry practitioners with new developments and insights.

Together, our program has a long track record of producing transformative business leaders, with Warren Buffett and Henry Kravis as two leading examples who’ve revolutionized the asset management and private equity industries. Our goal is to teach and mentor the next generation of business leaders in finance.

Michael Johannes


Ann F. Kaplan Professor of Business
Chair of Finance Division

In the Media

Date
June 12, 2023
Faculty Member
Takatoshi Ito

Columbia University's Ito on BOJ Policy

Bloomberg
Date
May 7, 2023
Faculty Member
Laura Veldkamp Sehwa Kim Harry Mamaysky

First Republic Bank Acquired by JPMorgan: CBS Experts Weigh In on the Implications for the Banking System, Fed

CBS Insights
Date
March 29, 2023
Faculty Member

Office Real Estate Is Getting Kind of Ugly

Axios
Date
March 29, 2023
Faculty Member
Mark Cohen

Bloomingdale’s CEO to Replace Macy’s Chief Jeff Gennette Next Year

Retail Dive

Research

The Macroeconomics of Stakeholder Equilibria*

Authors
John Donaldson and Hyung Seok E. Kim
Date
Forthcoming
Format
Working Paper

We propose one route to a more inclusive society. Our context is the prevailing one of high wealth inequality where stockholders alone supply the stochastic discount factor governing the allocation of capital. A large and pervasive pecuniary externality is thus imposed on non-stockholder workers, something we view as antithetical to the notion of an inclusive society.

Read More about The Macroeconomics of Stakeholder Equilibria*

Detecting Routines: Applications to Ridesharing CRM

Authors
Ryan Dew, Eva Ascarza, Oded Netzer, and Nachum Sicherman
Date
Forthcoming
Format
Journal Article
Journal
Journal of Marketing Research

Routines shape many aspects of day-to-day consumption. While prior work has established the importance of habits in consumer behavior, little work has been done to understand the implications of routines — which we define as repeated behaviors with recurring, temporal structures — for customer management. One reason for this dearth is the difficulty of measuring routines from transaction data, particularly when routines vary substantially across customers. We propose a new approach for doing so, which we apply in the context of ridesharing.

Read More about Detecting Routines: Applications to Ridesharing CRM

License to Layoff? Unemployment Insurance and the Moral Cost of Layoffs

Authors
Daniel Keum and Stephan Meier
Date
Forthcoming
Format
Journal Article
Journal
Organization Science

This study presents moral cost as a novel behavioral constraint on firm resource adjustment, specifically layoff decisions that can cause severe harm to employees. Revising the prevailing negative view of managers as purely self-interested, we propose that managers care about their employees and incur moral cost from layoffs. We leverage expansions in unemployment insurance as a quasi-natural experiment that reduces economic hardship for laid-off workers and, in turn, the moral cost of layoffs to managers. We find that these expansions license larger layoffs.

Read More about License to Layoff? Unemployment Insurance and the Moral Cost of Layoffs

Mitigating Disaster Risks in The Age Of Climate Change

Authors
Harrison Hong, Jinqiang Yang, and Neng Wang
Date
Forthcoming
Format
Journal Article

Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation — a mix of firm-level efforts and public spending — varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best.

Read More about Mitigating Disaster Risks in The Age Of Climate Change

Dynamic Banking and the Value of Deposits

Authors
Patrick Bolton, Ye Li, Neng Wang, and Jinqiang Yang
Date
Forthcoming
Format
Journal Article

We propose a theory of banking in which banks cannot perfectly control deposit flows. Facing uninsurable loan and deposit shocks, banks dynamically manage lending, wholesale funding, deposits, and equity. Deposits create value by lowering funding costs. However, when the bank is undercapitalized and at risk of breaching leverage requirements, the marginal value of deposits can turn negative as deposit inflows, by raising leverage, increase the likelihood of costly equity issuance. Banks’ inability to fully control leverage distinguishes them from non-depository intermediaries.

Read More about Dynamic Banking and the Value of Deposits

Ideas

Economics & Policy
Entrepreneurship
Innovation
Type
Columbia Business
Date
October 12, 2022
Economics & Policy
Entrepreneurship
Innovation

5 Questions About Value Investing and Finance

Tano Santos, the Robert Heilbrunn Professor of Asset Management and Finance and Director of Columbia Business School’s Heilbrunn Center for Graham and Dodd Investing, discusses the school’s approach to value investing and finance.

  • Read more about 5 Questions About Value Investing and Finance about 5 Questions About Value Investing and Finance
Labor
Leadership
Date
July 10, 2023
Author David M. Schizer smiles
Labor
Leadership

How to Save the World in Six (Not So Easy) Steps

Expert scholar and nonprofit leader David M. Schizer offers the ultimate management book for nonprofit professionals, board members, and donors.

  • Read more about How to Save the World in Six (Not So Easy) Steps about How to Save the World in Six (Not So Easy) Steps
Business and society
Economics & Policy
Tax Policy
Date
April 15, 2018
Richman Center Image
Business and society
Economics & Policy
Tax Policy

The Economic Impact of the New Tax Law

Tax experts Michael Graetz, Daniel Shefter, and Robert Willens discuss the likely impact of the new US tax law.

  • Read more about The Economic Impact of the New Tax Law about The Economic Impact of the New Tax Law
Chazen Global Insights
Finance
Date
February 15, 2011
CBS Template Placeholder Image
Chazen Global Insights
Finance

Research: Balancing the Returns of Offering Free Information

Can free sampling hurt your business?

  • Read more about Research: Balancing the Returns of Offering Free Information about Research: Balancing the Returns of Offering Free Information
Finance
Date
February 15, 2011
columbia business school logo
Finance

Research: Balancing the Returns of Offering Free Information

Can free sampling hurt your business?

  • Read more about Research: Balancing the Returns of Offering Free Information about Research: Balancing the Returns of Offering Free Information

Pagination

  • Current page 1
  • Page 2
  • Page 3
  • Page 4
  • Page 5
  • Page 6
  • Page 7
Official Logo of Columbia Business School

Columbia University in the City of New York
665 West 130th Street, New York, NY 10027
Tel. 212-854-1100

Maps and Directions
    • Centers & Programs
    • Current Students
    • Corporate
    • Directory
    • Support Us
    • Recruiters & Partners
    • Faculty & Staff
    • Newsroom
    • Careers
    • Contact Us
    • Privacy & Policy Statements
Back to Top Upward arrow
TOP

© Columbia University

  • Twitter
  • Instagram
  • Facebook
  • YouTube
  • LinkedIn