Carola Frydman
Harold L. Stuart Chair
Professor of Finance
Academic/Faculty Director, Ward Center
Carola Frydman is the Harold L. Stuart Professor of Finance and the Faculty Director of the John L. Ward Center for Family Enterprises at the Kellogg School of Management, and a Research Associate at the National Bureau of Economic Research. Professor Frydman's research focuses on corporate finance and on American business and financial history. Recent research projects examine the evolution of financial markets during the early twentieth century, with special emphasis on the role of financial intermediaries for firm growth, and on financial crises. She has also studies the long-run trends in executive compensation, the market for managers, and corporate governance. Her work has been published at journals such as the American Economic Review, the Journal of Political Economy, the Journal of Financial Economics, the Review of Financial studies, and the Journal of Economic History, and featured in media outlets such as The Wall Street Journal, the New York Times, NPR, and The Economist, among others. She currently serves as an Associate Editor of the Journal of Finance, and has previously served as Co-Editor of Explorations in Economic History and on the board of various journals, including the Review of Financial Studies and the Journal of Economic History. Prior to joining Kellogg, Professor Frydman was an Assistant Professor of Finance at the MIT Sloan School of Management (2006-2011) and an Assistant Professor of Economics at Boston University (2011-2016). She holds a Ph.D. in Economics from Harvard University, and B.A. and M.A. degrees in Economics from Universidad de San Andres, Argentina.
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Ph.D., 2006, Economics, Harvard University
M.A., 2004, Economics, Harvard University
M.A., 2000, Economics, Universidad de San Andres
B.A., 1999, Economics, Universidad de San Andr, Universidad de San Andres, Summa Cum Laude -
Professor of Finance, Kellogg School of Management, Northwestern University, 2017-present
Associate Professor of Finance, Kellogg School of Management, Northwestern University, 2016-2017
Visiting Associate Professor of Finance, Kellogg School of Management, Northwestern University, 2013-2016
Assistant Professor, Economics, Boston University, 2011-2016
Research Associate, National Bureau of Economic Research, National Bureau of Economic Research (NBER)
Assistant Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology, 2006-2013 -
Associated Student Government Faculty & Administrator Honor Roll, 2019-2020
Harvey Kapnick Center for Business Institutions ‘VIP’ Teaching Award, Winter 2018 -
Editorial Board, Journal of Finance, 2022-2025
Managerial Finance II (FINCX-441-0)
Managerial Finance II analyzes corporate financial decisions. Topics include market efficiency, capital structure, dividend and stock repurchase policy, and firms’ use of options and convertible securities.
Finance II (FINC-431-0)
Finance II: Corporate Finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion international conglomerate or a three-person start up. You will learn how to answer the three fundamental question of corporate finance: (1) Capital structure or the funding decision: which source(s) of capital should you use to fund the firm's project? (2) Capital budgeting or the investment decision: which projects should you invest in? (3) Dividend decision: how should you deploy the capital that the project returns?
We will cover the three fundamental methods for valuing projects and firms: discounted cash flow (or net present value), real options, and multiples analysis. The class begins with a theoretical framework. The world of finance is very complex. Without a logical structure that you can use to frame and answer questions, you will rapidly become lost and will be unable to defend your position. The theoretical framework is valuable, however, only if you can use it to examine real world decisions. Thus the majority of class time will be devoted to applying the logical framework.
This course is important for anyone who plans to run a firm or a division, who hopes to be involved in the investment or funding decisions of the firm, who plans to work for a service provider who will assist the firm in analyzing these decisions (e.g., banking and consulting), or who plans to invest in firms or advise clients who will invest in firms. Even if you initially specialize in a different functional area, you want to understand how the finance function works. The most brilliant idea isn't useful if you cannot get it funded.
Recommended Prerequisites: ACCT-430 and MECN-430
Business and Economic Institutions in Historical Perspective (BUS_INST-321-0)
Factors affecting economic growth and challenges to achieving economic success. Organization of firms and financial markets; corporate governance; innovation; financial crises; income inequality; race and gender. Prerequisites: ECON 201-0 and ECON 202-0; STAT 210-0 or equivalent; and MATH 218-1 or MATH 220-1.
