1AbriefbiographyofProfessorLancasterisatthebackofthissyllabus.

B8331REALESTATEFINANCESummerA2019

PROFESSOR:BRIANP.LANCASTER1Phone:860-898-0436E-mail:blancaster.nyc@gmail.comOfficeHours:Pleasecontactmeandwecanarrangeameetingorcall.

TEACHINGASSISTANTSTBDXXX-XXX-XXXXofficehours:byappointmentTBDXXX-XXX-XXXX,officehours:byappointment

CommunicationsfromprofessorandteachingassistantsaboutthecoursewilltakeplacethroughCanvas.Studentsshouldmakesuretheyregularlycheckforannouncementsandmessagingnotifications.

SCHEDULEANDLOCATIONTues,Thurs9:00AM-12:15PMClassroom:Warren208COURSEDESCRIPTIONTheobjectiveofthecourseistoteachyouthefundamentalconcepts,analyticalmethods,toolsandmodelsusedformakingcommercialrealestatefinanceandinvestmentdecisions.Forexample,howinvestorsacquirerealestatepropertiesbyissuingavarietyofdebtandequityclaims.Thecoursewillfocusprimarilyonincomeproducingproperties(i.e.commercialrealestate).Thegeneralapproachwillbetoteachyoufirstthefundamentalprinciples,themath,thespreadsheet,thelogicofrealestatefinanceandthentoapplythistothe“reality”ofrealestatefinance–considerationsyouhavetotakeintoaccountatthesidewalklevel.Thecourseisdesignedtoensurethatyouhaveathoroughunderstandingofthe“science”(thetheoryandmodels)aswellasthe“art”(reality)ofrealestatefinanceandrealestateinvesting.Theapproachutilizesarigorous,unifiedfinance-basedframeworkinthelecturesandspreadsheetsthatintegratesriskandexpectedreturntoanswerrealestateinvestmentdecision-makingproblemsencounteredintherealworld,suchasdecidingbetweentheinvestmentreturnsoftwoproperties,whatisanappropriateriskadjustedborrowingrate,whenshouldvacantlandbedevelopedetc.UnderstandingtheoryinRealEstatefinanceisalsoimportantinthatwithoutitonetendstomerelyextrapolatefromexistingconditionswithoutseeingthebiggerpicture.Thistheoreticalapproachiscomplementedinthelecturesandcasestudieswiththe“art”ofrealestateinvesting-realsituationstohelpstudentsgainadeeperunderstandingoftheissuesbothbyapplyingtheseconceptsandseeingthelimitationsoftheseprincipalsandmodelswhenappliedtoreality.Forexample,whatarethebestassumptionstomakeinmodelingcashflowsforcaprates,vacanciesetc.Howsensitiveisouranalysistoourassumptions?Howdoweaccountforvacantlandadjacenttoashoppingmallwemayconsiderdeveloping?Howdothephysicalattributesofapropertyimpactitsvalue(floorplates,windows,views)etc?Theprofessor’sprofessionalbackgroundisleveragedto

providestudentswithrealsituationsandexamplesthatsupportandsometimescontradicttheorytohelpthestudentsgainadeeperunderstandingofRealEstateFinance.Bytheendofthecourseyoushouldhave:asolidunderstandingofhowtodirectlyinvestandvaluerealestatepropertiesaswellasdistresseddebt;whenandhowtouseleverage,howtoinvestindirectlyinrealestatethroughvariousvehicles,suchasprivateequity,realestateinvestmenttrusts,CMBSandotherformssuchasmezzaninedebtandfinally…Howtomakemoney!REQUIREDCOURSEMATERIALSCourseHandouts:Powerpointsoflectures,readings,andcaseswillbeavailableonCANVASbeforeclasses.StudentsshouldmakesuretoreadlecturepowerpointslidesandreadingsforeachclassBEFOREeachclass.Theymaybringtheirlecturepowerpointslideswiththemtoclass,howeverpowerpointslideswillbeprovidedatthebeginningofeachclasssothatstudentsmaytakenotesonthem.Readingsthatareoptionalareindicated.Theyareprovidedifstudentswishadeeperlookintoaparticulartopic.Theyarealsohelpfuladditionalreferencedocumentstokeepshouldyoupursueacareerinrealestatefinance.Lectureswillberecordedandmadeavailableondemand.ReferenceBooks:• RealEstateFinanceandInvestments:RisksandOpportunitiesbyPeterLinneman(5thedition)—StronglysuggestedThisbookprovidesbackgroundmaterialandcontextformanyoftheconceptscoveredinclass.Itisalsousefulasareferencebookshouldyouwishtopursueacareerincommercialrealestate.

• CommercialRealEstateAnalysisandInvestmentsbyGeltnerandMiller,withClaytonandEichholtz,(SouthwesternPress,2ndedition)-Recommended.Thisbookisaveryusefulreferencethatprovidesamoredetailedcoverageandoffersmorequantitativeanalysis.

• Thesetwobooksarecomplementarytoeachotherandareavailableforpurchaseatthebookstoreoronline.Fourcopiesofeachbookareavailableatthelibrary.

CONNECTIONTOTHECORE• CorporateFinance:Timevalueofmoney,risk,CAPM,ModiglianiMillerTheorem,arbitragepricingandthelawofoneprice,efficientmarkets,frictions.

• ManagerialEconomics:Maximizationandthinkingonthemargin,analyzingcomplexdecision-makingunderuncertainty,understandingmarketcompetitionandequilibriumthinking.

• ManagerialStatistics:Statisticsdataanalysis,probabilityintro,conditionalprobability,modelinguncertainty.• GlobalEconomicEnvironmentI:Whatcausesinflation,whatdrivesemployment,whatarethecausesofbusinesscycle,whataretheeffectsofmonetarypolicy,whatistheroleoffinancialmarketsintheeconomy.

CLASSROOMNORMSANDEXPECTATIONSStudentsareexpectedtoadheretoCBSCoreCultureinthisclassbybeingPresent,Prepared,andParticipating.

Pleasebringandpostnameplatesineveryclass.Classparticipationcountsfor10%ofyourcoursegrade.Pleaseparticipate.Thecourseiscumulative,sobeinglostgetsquitecostlyveryquickly.TAswilltakeattendanceandnoteclassparticipation.Excessiveunexcusedabsencesfromclasswillweighmoreheavilythan10%onyourgrade.Lackof

participationcanreduceagradebyoneortwolevels.Constructivecommentsinclasswillincreasetheparticipationpoints.Allcellphones,iPads,laptops,Blackberries,andotherelectronicdevicesunlessusedfornotetakingmustbeturnedoff.Absencesorlatearrivalswillbeconsideredasafactorinclassparticipation.Materialscoveredbyguestlecturersarerequired.Forteamwork,itisexpectedthatstudentsparticipateequallyinhomeworkassignmentsandcases.Ifteammembersreportthatsometeammembersarenotdoingtheirfairshareofthework,thegradesofthosewhoarenot,maybemarkeddownsignificantly.WewelcomebackandcongratulateourlongtimeguestspeakerKenCaplanofBlackstone.GivenKen’snewseniorroleasco-headofGlobalRealEstateatBlackstone(thepositionformerlyheldbyJonGray),enrolledstudentsmayinvitenon-enrolledstudentstoattendthatclasswiththeprofessor’spermission.WearealsoexcitedtohaveagainPeterLewis,CEO,WhartonEquityPartnerswhohasbeenverywellreceivedbystudents.Studentsarerequiredtostudyanymaterialsguestspeakersprovideandcometoclasswiththoughtfulquestionsandparticipatefullyinclassdiscussions.Studentsshallnotuseanydeviceswhileguestspeakersarespeaking.Severalchangesincorporatinggreaterfocusoninternationalrealestateandprivateequityrealestatemaybemadetothissyllabus.

COURSEROADMAP/SCHEDULE2

Session Topic(s) RequiredPre-Readings AssignmentsDue(Type)1

05/28/2019(T)

CourseOverviewandRequirements Session1Lecturenotes(CANVAS)Linneman,Ch.2WhatisRealEstate?(CANVAS).Ch.3InternationalRealEstateInvesting(CANVAS)

205/28/2019

(T)

IntroductiontoProforma,RiskandLeasesHowtodoaprojectedcashflowanalysisofaproperty,limitations,NOI,CapEx,howtovaluedifferenttypesofleases.Choosingtherightdiscountrate.Tenantrisk,zoningrisk,operationalrisk,liquidityrisk,raterisk.

Session2LectureNotes(CANVAS)Linneman,Ch.5,Propertylevelproformaanalysis.(CANVAS)Linneman,Ch.7RealEstateDueDiligence.(CANVAS)HW#1(CANVAS)DueJune4

305/30/2019

(Th)

AnalysisofIncomeProducingProperties:ValuationandCapRatesDefinitionandmechanicsofcalculatingcaprates,thedeterminantsofcaprates,linkingdiscountedcashflowswithcaprates.

Session3Lecturenotes.(CANVAS)AnalysisofIncomeProducingProperties:ValuationandCaprates(CANVAS)EmergingTrendsinRealEstate2017(Optionalreading).(CANVAS)

405/30/2019

(Th)

IntroductiontoMortgageAnalysisandIntroductiontoCase1Part1Features,mechanicsandmathofcommercialrealestatemortgages(calculationofamortizationschedules,effectiveyieldsintheoryandusingafinancialcalculator,commercialmortgageprepayments.

Session4LectureNotes(CANVAS)GeltnerandMiller,Ch.16,p.387-397.(CANVAS)GeltnerandMiller,ch.17,pp.407-416(CANVAS)Case1:TheAssociatesTask,Part1:SunsetApartments(CANVAS)Case1,Part1SunsetApartmentsTemplate(CANVAS)Case1:Part2BylineandDuke(CANVAS)Case1,Part2BylineTemplate(CANVAS)Case1,Part2DukeTemplate(CANVAS)

506/04/2019

(T)

RealEstateCapitalStructureI:ImplicationsforRiskandReturnTheimpactofdebtandequityonreturns,howmuchdebttouse,LTV,expectedROE,expectedreturnonmortgagedebt.

Session5LectureNotes(CANVAS)GeltnerandMiller,Ch.16MortgageBasicsI:AnIntroductionandOverview(CANVAS)

2Thedatesonwhichvarioustopicsarediscussedinclassmaychangedependingonwhenspeakerscanattend.

606/04/2019

(T)

RealEstateCapitalStructureII:LawofOnePriceCalculatingstateprices,pricingmortgageandequity,calculatinga“fair”mortgagerate,quantifyingthedefaultriskembeddedinmortgages,analyzingtherelationshipbetweenmortgageratesandloantovalueratios.

Session6LectureNotes(CANVAS)NotesonStatePrices(CANVAS)HW#2(CANVAS)DueJune11

HW#1Due(A:Group)

706/06/2019

(Th)

DiscussionofCase#1Part1andDynamicValuationAnalysisofwhetherornottoinvestinseveralcommercialrealestateproperties,calculatingriskandreturnonbothaleveredandunleveredbasis.Unleveredassetvaluation,calculatingdebtservice,IRRandNPVwithleverage,LTV,DSCR.

Session7LectureNotes(CANVAS)

Case#1Part1Due(A:Group)

806/06/2019

(Th)

RealEstateCapitalStructureIII:SubordinateDebtandMezzanineFinancingOverviewofdifferenttypesofCREsubordinatedebt(mezzanine,B-notes,preferredequity),pricing/valuingsubordinatedebt,calculatingthe“fair”mortgagerateonjuniordebt,legalaspectsofjuniordebt,risks,workouts,howtoacquirecommercialrealpropertiesatadiscountbymezzaninelending.

Session8lecturenotes(CANVAS)Lancaster,UnderstandingManagedCRECDOs,p.12-27(CANVAS)Thisreadingprovidesanin-depthanalysisofsubordinatedebt,mezzaninedebtandBnotes.Itisoptional.

906/11/2019

(T)

DynamicValuationSpreadsheetSpreadsheetanalysisandmanipulationstodeterminemortgagerates,unleveredassetvaluation.

Session9lecturenotes(CANVAS)DynamicValuationExcelSpreadsheet(CANVAS)

1006/11/2019

(T)

RealEstateandTaxesQuantitativeandqualitativeanalysisanddeterminationofacommercialrealestatepropertyinvestment.Taxationonincomeandcapitalgains,NOIandbefore-taxandafter-taxcashflows,taxtreatmentsfordepreciationandinterestincome,taxshields.

Session10lecturenotes.(CANVAS)HW#3(CANVAS)DueJune27

HW#2Due(A:Group)Case#1Part2Due(A:Group)

1106/13/2019

(Th)

DefaultDecisionsoverTimeandDistressedDebtTheeconomicsofborrowerdefaultdecisions,applydynamicvaluationframework,makesenseofwhatisobservedintherealworld,

Session11lecturenotes.(CANVAS)

differentiationbetweenbookandmarketvalues.

12MidtermExam(Thursday,06/13/2019,9:00AM–10:30AM)Materialupthroughandincludinglecture10,RealEstateandTaxeswillbeincluded.

1306/18/2019

(T)

IntroductiontoCase2andRealEstateCapitalStructureIV:FinancingStrategiesbeyondPlainVanillaAnalysisofgroundleases,participatingmortgagesandtheirimpactonborrowingrates,thevalueofrecourseandpersonalguarantees.

Linneman,Ch.15Session13lecturenotes(CANVAS)Case21800LStreetCoverExplanation(CANVAS)Case21800LStreetCase(CANVAS)Case21800LStreetTemplate(CANVAS)

1406/18/2019

(T)

LandDevelopment,Valuation,Risk,andReturnAnalysisanddecisioningastowhentodevelopland,howtovalueland,landasaphysicallyleveredasset,predictionsonreturnandvolatilityofland,whyislandvaluable.

Session14LectureNotes(CANVAS)

1506/20/2019

(Th)

CommercialMortgageBackedSecuritiesWhatarecommercialmortgagebackedsecurities,howtovalueandinvestinthem,risksandreturns,borrowingthroughconduitlendersversusbalancesheetlenders,prosandcons,influenceonrealestatevalues.

Session15LectureNotes(CANVAS)

1606/20/2019

(Th)

RealEstateInvestmentTrustsPart1WhatareequityREITs,whyinvestinREITs,whatarethetaxadvantagesofaREITstructure,valuingREITsandmeasuringtheirprofitability,FFOvsAFFO,mortgageREITs.

Session16LectureNotes(CANVAS)NAREITwebsite:www.REIT.com(GoodbackgroundmaterialonREITs,videoofREITs,goodfuturereferencesource.)

1706/25/2019

(T)

RealEstateInvestmentTrustsPart2WhatareequityREITs,whyinvestinREITs,whatarethetaxadvantagesofaREITstructure,valuingREITsandmeasuringtheirprofitability,FFOvsAFFO,mortgageREITs.

Session16LectureNotes(CANVAS)NAREITwebsite:www.REIT.com(GoodbackgroundmaterialonREITs,videoofREITs,goodfuturereferencesource.)

1806/25/2019

(T)

DiscussionofCase#2(1800L.Street)

1800LStreetPowerpoint(CANVAS)

Case#2Due(A:Group)

1906/27/2019

(Th)

RealEstatePrivateEquityFundsandIntroductiontoCase3Privateequitybusinessmodels,managerialandinvestmentsskillsofageneralpartner,fundinvestmentstrategies,considerationsforinvestinginprivateequityCRE,distributionwaterfalls,REITsversusprivateequityrealestatefunds

Session18LectureNotes(CANVAS)Case3GraybarCaseCoverExplanationPage(CANVAS)GraybarCase(CANVAS)

HW#3Due(A:Group)

2006/27/2019

(T)

Guestspeaker:KenCaplan,GlobalCo-headofRealEstate(Blackstone.)Discussingapotentialinvestmentinacommercialrealestateproperty,howmuchleveragetouse,risksofthepropertyetc.Thissessionwillapplymanyoftheconceptslearnedinthecasesaswellassessions6,7,8,9,and18toarealinvestmentsituation.

2107/02/2019

(Th)

DiscussionofCase#3(Graybar)

GraybarSyndicationsCasePowerpoint(CANVAS)

Case#3Due(A:Group)

2207/02/2019

(T)

CourseReview Lecture22CourseReview(CANVAS)

2307/09/2019

(T)

GuestSpeaker:PeterLewis,CEO,WhartonEquityPartnerswilldiscussfuturetrendsandopportunitiesincommercialrealestateandcommercialrealestatefinance.

24FinalExam(Tuesday,07/09/2019,9:00AM–10:30AM)

METHODOFEVALUATION

ClassParticipation 10%Cases(5) 30%HomeworkExercises(3) 15%Midterm&FinalExam 45%

• Assignments:Therewillbehomeworkassignmentsandcases.Theyjointlyaccountfor50%ofyourgrade.Homeworkassignmentsandcaseswillbecompletedingroupsuptoamaximumof3students.Itisyourresponsibilitytoformthegroup.Assignmentsshouldbeturnedinatthebeginningofclassonthedayitisdue.Lateassignmentswillnotbeaccepted.

• Midterm:Themidtermexamcoversmaterialforthefirsthalfofthelecture.Itisonlyofferedinclass.Make-upsarenotgivenunlessyouhavewrittenauthorizationfromtheOfficeofStudentAffairs(OSA).

• FinalExam:Thefinalexamcoversmaterialprimarilyfromthelecturesafterthe1stmidterm.Somematerialfromthefirsthalfoftheclassmayalsobeincluded.Itisonlyofferedinclass.Make-upsarenotgiven,unlessyouhavewrittenauthorizationfromtheOfficeofStudentAffairs(OSA).

• Case1actuallyconsistsof3cases:SunsetApartments,DukeOffice,BylineIndustrial.• Thereislikelytobeoneadditional“rawcase”associatedwithaguestspeakerregardingtheoriginationofanactualrecent,largecommercialrealestateloan.Ifthishappensstudentsmustbepreparedtodiscussthecaseinclasswiththeguestspeakerandturninaonepagewriteupthatwillbegradedandtakenintoconsiderationinthecasecoursegrade.

Thereadingsdistributedoverthesemesteraretohelpyoubetterunderstandconceptsandmaterialscoveredinclass.Materialsonlyinthereadingsbutnotcoveredinclassarenotrequiredfortheexams.ASSIGNMENTSAllofyourassignmentsubmissionsaresubjecttotheCBSHonorCode.ViolationsoftheCBSHonorCodemayleadtofailingtheassignment,failingthecourse,suspension,and/ordismissal.InordertoavoidambiguitythatmayleadtounintentionalviolationsoftheHonorCode,assingmentdescriptiontypeshavebeenstandardizedandspecifiedbelow.Type Designation Grade Preparationof

submissionDiscussionofSubmission* Discussionof

Concepts**

A GroupWork Samegradeforallgroupmembers

Bythegroup Permittedtodiscuss(withingroup) Permitted

B1 Individualw/DiscussionsofConceptsandSubmission

Individualgrade Individualpreparation

Permittedtodiscuss;sharingsolutionsorsubmissionfilesisnot

allowed

Permitted

B2 Individualw/DiscussionsofConceptsOnly

Individualgrade Individualpreparation

Notpermittedtoshare/discusssolutionsorsubmission

Permitted

C Individual Individualgrade Individualpreparation

Notpermittedtoshare/discusssolutionsorsubmission

Notpermitted***

*Thedesignatedgroupcanbeeitheranassignedstudygrouporaself-selectedone.

ATTENDANCEPOLICYStudentsarerequiredtoattendeachclass.StudentsshouldreachouttotheOfficeofStudentAffairs(OSA)byusingCoreAbsenceFormonthiscourse’sCanvaspageregardingexcusedabsences(forreligiousobservances;personal,medical,andfamilyemergencies;militaryservice;courtappearancessuchasjuryduty).Unexcusedabsenceswillaffectyourcoursegrade.

NOTE:ThefollowingisapplicableforCoreCoursesandinfluencestheprofessor’sjudgmentinthiscourse:• Studentsthatmissmorethan33%oftheirclasses(unexcusedabsences)willatmostreceiveaPforthecourse

grade• Studentsthatmissmorethan50%oftheirclasses(unexcusedabsences)willreceiveaFforthecoursegrade

NOTE:ThefollowingisapplicableforCoreCoursesandforanyelectiveswithOSA-administeredexams:• Studentsthatmisstheexamforanexcusedreasonbutareunabletotaketheexamwithinthestatedmake-up

periodwillreceiveazeroforthefinalexamgrade• StudentsthatmisstheexamwithoutnotifyingOSA(unexcused),willreceiveanFforthecoursegrade

Takingexamsoffschedulecreatessignificantlogisticalchallengesinfindingroomsandproctorsandmostimportantly,hasthepotentialtojeopardizetheintegrityoftheexam.Therefore,requestsforreschedulingofexamsshouldonlybemadewithinthefirstthreeweeksofthesemesterandonlyforseriousconflicts.Reschedulingofexamsforweddings,earlytravelhomearenotacceptable.Lastminutereschedulingofexamsmayonlybedoneforveryseriouscause.INCLUSION,ACCOMMODATIONS,ANDSUPPORTFORSTUDENTSAtColumbiaBusinessSchool,webelievethatdiversitystrengthensanycommunityorbusinessmodelandbringsitgreatersuccess.ColumbiaBusinessSchooliscommittedtoprovidingallstudentswiththeequalopportunitytothriveintheclassroombyprovidingalearning,living,andworkingenvironmentfreefromdiscrimination,harassment,andbiasonthebasisofgender,sexualorientation,race,ethnicity,socioeconomicstatus,orability.

ColumbiaBusinessSchoolwillmakereasonableaccommodationsforpersonswithdocumenteddisabilities.StudentsareencouragedtocontacttheColumbiaUniversity’sOfficeofDisabilityServicesforinformationaboutregistration.StudentsseekingaccommodationintheclassroommayobtaininformationontheservicesofferedbyColumbiaUniversity’sOfficeofDisabilityServicesonlineatwww.health.columbia.edu/docs/services/ods/index.htmlorbycontacting(212)854-2388.

ColumbiaBusinessSchooliscommittedtomaintainingasafeenvironmentforstudents,staffandfaculty.Becauseofthiscommitmentandbecauseoffederalandstateregulations,wemustadviseyouthatifyoutellanyofyourinstructorsaboutsexualharassmentorgender-basedmisconductinvolvingamemberofthecampuscommunity,yourinstructorisrequiredtoreportthisinformationtoaTitleIXCoordinator.Theywilltreatthisinformationasprivate,butwillneedtofollowupwithyouandpossiblylookintothematter.CounselingandPsychologicalServices,theOfficeoftheUniversityChaplain,andtheOmbudsOfficeforGender-BasedMisconductareconfidentialresourcesavailableforstudents,staffandfaculty.“Gender-basedmisconduct”includessexualassault,stalking,sexualharassment,datingviolence,domesticviolence,sexualexploitation,andgender-basedharassment.Formoreinformation,seehttp://sexualrespect.columbia.edu/gender-based-misconduct-policy-students.PROFESSOR´SBIOGRAPHYProfessorLancasterhasovertwentyfiveyearsofprofessionalexperienceinrealestatefinanceandcapitalmarketsincludinghiscurrentroleasPresident,TheMinotGroup,LLCvotedoneofForbes“America’sBestManagementConsultingFirms”(2017,2018,2019}(realestatefinanceandcapitalmarketsconsultingtohedgefunds,privateequity,REITs,banksandinsurancecompanies);Co-headFinancialAnalyticsandStructuredTransactions,RBS;ChiefInvestment

Officer,RealEstateDivision,Wachovia/WellsFargo;HeadofCommercialRealEstateResearch,WachoviaCapitalMarkets;HeadofStructuredProductsResearch,WachoviaCapitalMarkets;ManagingDirectorPrincipalBearStearns(commercialandresidentialrealestatesecurities);SeniorCapitalMarketsEconomistFederalReserveBankofNYandBankofEngland.Healsoinvestsinrealestatedevelopmentprojects,distressedrealestate,realestateprivateequityinAsia,mezzanineandbridgefunds,securitizedproductsanddevelopedcondominiumsinNYC.HispassionforrealestatestartedwithhisworkontheredevelopmentofBoston’swaterfrontasasophomoreatMIT.HeisafulltimeprofessorintheMBAprogramattheColumbiaBusinessSchoolandwasformerlyanadjunctprofessorattheColumbiaBusinessSchoolandtheSternSchoolofBusiness,NewYorkUniversity.HeholdsaBScinEconomicsfromtheMassachusettsInstituteofTechnology,anMBAinFinance,SternSchoolofBusiness,NewYorkUniversity,andaMasterofInternationalAffairsandPublicPolicy,ColumbiaUniversity.HeisaformerboardmemberoftheCommercialRealEstateFinanceAssociation,aformerExecutiveCommitteememberoftheMortgageBankersAssociationandEditorinChiefofCommercialRealEstateFinancejournal.HeperiodicallylecturesatDukeUniversityandtheWhartonSchoolofBusiness,UniversityofPennsylvania.