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COURSE SYLLABUS

 

School of Management

The University of Texas at Dallas

 

Fall 2014

The Regulation of Business and Financial Markets

Instructor:

Peter Lewin

Home Page:

http://www.utdallas.edu/~plewin/

Semester Start/End Date:

January 12 -  May 2, 2015

Grades due:

May 14, 2015

 

 

 

Class Section - Class Number

Schedule & Location

FIN 3340.001 - 23960

Tues & Thurs : 4:00pm-5:15pm JSOM 11.206

FIN 3340.002 - 23961

Tues & Thurs : 1:00pm-2:15pm JSOM 12.218

 

| Course Info | Course Materials | Tech Requirements | Access and Navigation | ResourcesAssessments | Course Outline  | Scholastic Honesty | Course Evaluation | UTD Policies |

 

Course Information

 

Course Description

 

All business occurs within a particular legal and regulatory environment. This course will examine the structure and effects of that environment. The general theory of government regulation will be explained as it applies to various specific cases. Included will be such topics as the analysis of government regulations concerning safety, the environment, anti-trust, anti-discrimination, financial trading, health care and price controls. These topics will be examined within a general theoretical framework paying particular attention to comparisons between the impact of these laws and their apparent intent. The role of changes in technology, the political environment and other macro-global influences will be addressed.

 

My goal is to have students emerge from this course with a critical understanding of the regulatory environment in which business occurs. This environment is the result of the interaction between the legal structure and economic realities. Such a critical understanding would consist of the ability to assess the particular legal and regulatory structure and to understand how it works to achieve or fail to achieve its apparent purpose and how it affects other aspects of business life.

 

Course Format

 

The course consists of 8 lessons. See Course Outline for details. In addition to reading assignment from select books and articles, course materials will be provided. 

 

Instructor Information

 

   Dr. Peter Lewin

   Email:                              plewin@utdallas.edu

   Instructor's Web Site:     http://www.utdallas.edu/~plewin

   Online Course Site:         http:/elearning.utdallas.edu/  (requires login, see instructions below)

 

You can contact me anytime by email – office meetings can be arranged by appointment.

 

Contact Information

My full contact information is: 
Email:  plewin@utdallas.edu

Phone: 972-883-2729
Office:  SM 3.223

 

Instructor Information 

 

Instructor brief biography 

I was born and grew up in Johannesburg, South Africa. I received a BA (honors) degree in Economic and History from the University of the Witwatersrand in Johannesburg in 1969. In September 1972, after teaching at the business school there, I left to study at the University of Chicago. I received a Ph.D. in Economics from the University of Chicago in 1979. I was fortunate to have had four Nobel prize winners as teachers. In January 1979 I moved with my family to Dallas, where we have lived ever since. After seven years as an academic, I tried my hand in an entrepreneurial venture and joined a friend in a startup business called Soft Warehouse. Today it is called CompUSA. I was one of its founding shareholders. It was a difficult but very enlightening experience. In 1992 I decided to return to academics and have been with the UTD School of Management since 1997. I love my job. I have a passion for teaching and for economics. 

 

My wife and I were married in December 1969. We have four children and nine grandchildren.  

 

To see more about my professional and personal life visit my website at http://www.utdallas.edu/~plewin/

  

Course Materials

 

The following texts will serve as a guide to discussions and are required. I have provided some online links where they may be purchased. There may be others.

 

·         Free our Markets: A Citizen’s Guide to Essential Economics by Howard Baetjer, Paperback (or Kindle) Jane Philip Publications, LLC (July 4, 2013), ISBN#: 978-0984425426

·         http://www.amazon.com/Free-Our-Markets-Essential-Economics/dp/098442542X/ref=sr_1_1?s=books&ie=UTF8&qid=1387828854&sr=1-1&keywords=free+our+markets

·         The Economics of Public Issues by Roger Leroy Miller et. al., eighteenth  edition, Addison Wesley, 2013.  ISBN # 978-0133022933:

·         http://www.amazon.com/Economics-Public-Issues-18th/dp/0133022935/ref=sr_1_2?s=books&ie=UTF8&qid=1387828595&sr=1-2&keywords=the+economics+of+public+issues

·         The Antitrust Religion by Edwin S. Rockefeller Cato Institute 2007. ISBN # 1933995092 or 978-1933995090 (also available in kindle edition 193-3995092).

·         http://www.amazon.com/Antitrust-Religion-Edwin-S-Rockefeller/dp/1933995092/ref=sr_1_1?s=books&ie=UTF8&qid=1314638834&sr=1-1

·         Capitalism and Freedom by Milton Friedman, Paperback – Any edition will do (first published February 1963) University of Chicago Press; ISBN: # 0-226-264-01-7

·         http://www.amazon.com/Capitalism-Freedom-Anniversary-Milton-Friedman/dp/0226264211/ref=sr_1_1?s=books&ie=UTF8&qid=1314639343&sr=1-1

 

Some online materials will be included in the class PowerPoint presentations and the suggested reading for each lesson will be indicated.

 

I will add links relevant to our discussions to the Supplementary Reading Resources in the eLearning module as we go along.

 

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Technical Requirements (provided by UTD eLearning)

 

In addition to a confident level of computer and Internet literacy, certain minimum technical requirement must be met to enable a successful learning experience. Please review the important technical requirements and the web browser configuration information.

 

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Course Access and Navigation

 

I make extensive us of eLeaning. Students will use their UTD NetID account to login to the course at:  http://elearning.utdallas.edu Please see more details on course access and navigation information.

 

To get started with an eLearning course, please see the Getting Started: Student eLearning Orientation.

 

UTD provides eLearning technical support 24 hours a day and 7 days a week. The improved ser/vices include a toll free telephone number for immediate assistance (1-866-588-3192), email request service, and an online chat service. The UTD user community can also access the support resources such as self-help resources and a Knowledge Base. Please use this link to access the UTD eLearning Support Center: http://www.utdallas.edu/elearninghelp.

 

Policy on Server Unavailability or Other Technical Difficulties

The university is committed to providing a reliable online course system to all users. However, in the event of any unexpected server outage or any unusual technical difficulty which prevents students from completing a time sensitive assessment activity, the instructor will extend the time windows and provide an appropriate accommodation based on the situation. Students should immediately report any problems to the instructor and also contact the UTD eLearning Help Desk: http://www.utdallas.edu/elearninghelp, 1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with the student to resolve any issues at the earliest possible time.

 

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Student Resources

 

The following university resources are available to students:

 

UTD Distance Learning:  http://www.utdallas.edu/oee/distance/students/cstudents.htm

 

McDermott Library: Distance Learners (UTD students who live outside the boundaries of Collin, Dallas, Denton, Rockwall, or Tarrant counties) will need a UTD-ID number to access all of the library’s electronic resources (reserves, journal articles, ebooks, interlibrary loan) from off campus. For UTD students living within those counties who are taking online courses, a Comet Card is required to check out materials at the McDermott Library. For more information on library resources go to http://www.utdallas.edu/library/distlearn/disted.htm.

 

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Student Assessment:  Grading/Evaluation

 

There will be three timed online tests, two midterms (25% each) and a comprehensive final (50%).

100 points

In addition there is a term-paper requirement.

50 points

Total.

150 points.

 

 

Test number

Weight

Material covered

Date

Test 1

25%

Lessons 1 and 2

02/06 (12 am) ‐ 02/08 (11:59 pm) - 1 hour

Test 2

25%

Lessons 3 and 5

03/27 (12 am) ‐ 03/29 (11:59 pm)  - 1 hour

Test 3 (final)

50%

Lessons 4, 7 and 8 (25%) All Lessons (25%)

05/01 (12 am) ‐ 05/03 (11:59 pm) – 2 hours

 

 

 

Term Paper – to be turned in by every student – due-date May 13, 2015.

 

Pick some current or historical regulation. Explain briefly the nature of the regulation. What are the laws, agencies, etc.? Explain the rationale for the regulation, what the sponsors of the regulation said they wanted to achieve, or what is on the surface considered to be the purpose of the regulation. From what you have learned in this course analyze the expected and actual effects of the regulation. Offer a judgment about it. Is it worthy, valuable, the most efficient way to achieve its aims, etc.

The following are off-limits: Minimum wages, rent controls.

 

Some candidates are:

subsidies to farmers, anti-discrimination laws, protection from foreign producers, tax-exemptions, work-safety, the TSA, interstate commerce, regulation on the internet, and many others.

 

The paper should be between  5 and 10 pages, double-spaced, 12 point, Times New Roman. It will be checked for plagiarism. Please list all your sources at the end under references.

 

I would like to see the application of the frameworks we have developed in this course, notably.

·         Type I / Type II errors

·         knowledge and incentive problems

·         costs and benefits

·         burden of proof

 

 

 

Makeup tests will be allowed only for very special circumstances. There are NO extra credit assignments.

 

Please see below for further information on the tests.

 

You can check your grades by accessing “My Grade” icon under My Tools on the Course Menu after the grade for each assessment task is released.

Online Testing

You can access tests by clicking the "Assessments" link on the course Menu or the icon on the designated page and then clicking the available test title links. Each test is timed and can only be taken for ONE TIME within the scheduled time window. Please read the on-screen instructions carefully before you click “Begin Assessment”. After each quiz is graded and released, you may go back to the Assessments page and click “View All Submissions” to review your exam results.

 

Self Tests

 

There is a self test available for each lesson module. Those are non-credit quizzes for self assessment. Please take the quiz after you finish each lesson.

 

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Course Outline

 

Part 1 – Principles of Regulation

Lesson 1

 

General Introduction: Regulation – its origins and effects. Regulation involves the truncation of ownership. It is both the product and cause of changes in economic incentives. An examination of various theories of government and regulation.

Lesson 2

Elementary Regulation: Price controls, tariffs, taxes, subsidies and quotas. Minimum wages, rent controls, salary caps.

Test 1 - Lessons 1 and 2

Part 2 – Monopoly and Anti-trust regulation

Lesson 3

Regulation of Monopoly: The development of anti-monopoly law in America. The current anti-trust environment.

  Test 2 - Lessons 3 and 5

Part 3 – multiple applications

Lesson 4

Regulation of Labor: anti-discrimination, equal pay and equal employment opportunity, labor safety laws, unemployment insurance, labor unions.

Lesson 5

Occupational licensure: The economics of health care and other professions.

Lesson 6

Capital Markets: Regulation of financial institutions

Lesson 7

Regulation of the use of the Natural Environment: The economics of the environment. Air pollution, hazardous materials, preservation of wildlife, depleteable resources.

Lesson 8

General Conclusion: The Ethical Foundations of Business Behavior

Politics, Economics and the way of the world.

Test 3 (final) - Lessons 4 -  8 (25%) All Lessons (25%)

 

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University Policies Relevant for Students:

Scholastic Honesty

The University has policies and discipline procedures regarding scholastic dishonesty. Detailed information is available on the UTD Judicial Affairs web page. All students are expected to maintain a high level of responsibility with respect to academic honesty. Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since such dishonesty harms the individual, all students and the integrity of the University, policies on scholastic dishonesty will be strictly enforced.

Course Evaluation

As required by UTD academic regulations, every student must complete an evaluation for each enrolled course at the end of the semester. An online instructional assessment form will be made available for your confidential use. A link to an online instructional assessment form will be emailed to you towards the end of the semester.

 

Online behavior - Virtual Classroom Citizenship

The same guidelines that apply to traditional classes should be observed in the virtual classroom environment. Please use proper netiquette when interacting with class members and the professor.

 

Policy on Server Unavailability or Other Technical Difficulties

The university is committed to providing a reliable online course system to all users. However, in the event of any unexpected server outage or any unusual technical difficulty which prevents students from completing a time sensitive assessment activity, the instructor will extend the time windows and provide an appropriate accommodation based on the situation. Students should immediately report any problems to the instructor and also contact the UTD eLearning Help Desk: http://www.utdallas.edu/elearninghelp, 1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with the student to resolve any issues at the earliest possible time.

University Policies

General policies, including policies on Academic Honesty and Integrity.

 

Please go to http://go.utdallas.edu/syllabus-policies for these policies.

 

Student Conduct & Discipline

 

The University of Texas System and The University of Texas at Dallas have rules and regulations for the orderly and efficient conduct of their business. It is the responsibility of each student and each student organization to be knowledgeable about the rules and regulations which govern student conduct and activities.

 

The University of Texas at Dallas administers student discipline within the procedures of recognized and established due process. Procedures are defined and described in the Rules and Regulations of the Board of Regents of the University of Texas System, Part 1, Chapter VI, Section 3, and in Title V, Rules on Student Services and Activities of the Course Syllabus Page 8, University’s Handbook of Operating Procedures. Copies of these rules and regulations are available to students in the Office of the Dean of Students, where staff members are available to assist students in interpreting the rules and regulations (SSB 4.400, 972/883- 6391).

 

A student at the university neither loses the rights nor escapes the responsibilities of citizenship. He or she is expected to obey federal, state, and local laws as well as the Regents’ Rules, university regulations, and administrative rules. Students are subject to discipline for violating the standards of conduct whether such conduct takes place on or off campus, or whether civil or criminal penalties are also imposed for such conduct.

 

 

© Peter Lewin 2013-2014.