Welcome to my academic homepage. I am pleased to offer two distinctive economics courses this fall semester, each designed to provide students with comprehensive understanding of critical economic principles and their real-world applications.
About Professor Burton
Learn more about my background in academia and finance by visiting the Who is Professor Burton? section, which details my career spanning both academic institutions and major financial firms on Wall Street.
Fall 2025 Course Offerings
ECON 4340
Theory of Financial Markets
A selective coverage of the most important topics in finance, including the Credit Markets (US Treasury Securities, Repo/SOFR Market, High Yield Market), the Equity Market (Capital Asset Pricing Model, Arbitrage Pricing Theory), and Specialized Markets (Options and Asset Backed Securities). Meets in Nau Hall 101 on Tuesdays and Thursdays.
ECON 1100
Global Macro Economic Issues
A course about global economic challenges designed to expose first year students to the most important economic issues faced globally, including both developed and under-developed world perspectives. Emphasizes class participation, discussion, and critical analysis of contemporary global economic issues.
Professor Burton's Lunch & Dinner Program
🍽️ Join Professor Burton for Lunch or Dinner
Professor Burton regularly hosts informal lunch and dinner gatherings for students enrolled in his courses. These sessions provide an excellent opportunity to discuss economics, career paths, current market developments, and academic interests in a relaxed, collegial atmosphere.
What to Expect:
- Small group discussions (typically 6-8 students)
- Insights from Professor Burton's Wall Street experience
- Career guidance and academic mentoring
- Analysis of current economic and financial market trends
- Networking opportunities with fellow economics students
Open to all students currently enrolled in ECON 4340 or ECON 1100
Course Resources
Use the navigation menu on the left to access detailed syllabi, examination schedules, and course-specific information. All materials will be regularly updated throughout the semester to ensure students have access to the most current information and resources.
Education
- Ph.D. in Economics - Northwestern University, 1971
- M.A. in Economics - Rice University, 1965
- B.A. in Economics - Rice University, 1964
Academic Career
University of Virginia (1988 - Present)
Professor of Economics
Charlottesville, Virginia
Cornell University (1969-1979)
Assistant and Associate Professor of Economics
Ithaca, New York
Visiting Positions
- Rice University (1974-1975) - Visiting Associate Professor, Houston, Texas
- York College (1986-1987) - Adjunct Professor of Economics, York, Pennsylvania
Business Career & Wall Street Experience
Rothschild Financial Services (1988-1994)
President
New York, New York
Interstate Johnson Lane (1994-1995)
Head of Investment Banking and Public Finance
Board of Directors
Charlotte, North Carolina
Smith Barney (1975-1985)
Senior Vice President
New York, New York
Other Financial Roles
- First Capital Strategists (1985-1987) - Partner, York, Pennsylvania
- American Stock Exchange (1986) - Consultant
Public Board Service
Current and Recent Directorships
- SL Green Realty (SLG) - Board of Directors, 1997-2024, New York
- Virginia National Bank (VABK) - Board of Directors, 1998-2004 and 2012-2014, Charlottesville
- Capstar (CHO) - Board of Directors, 1996-1998, Washington, DC
Public Service
Virginia Retirement System
- Chairman - 1997-2001, Richmond, Virginia
- Trustee - 1994-2001 and 2004-2014, Richmond, Virginia
Unique Perspective
Professor Burton brings a rare combination of rigorous academic training and extensive practical experience in financial markets to the classroom. His career has spanned major Wall Street firms, corporate boardrooms, and public service, providing students with insights that bridge theoretical economics and real-world financial practice. This dual perspective of academia and industry is particularly valuable in courses like Theory of Financial Markets, where understanding both the theoretical foundations and practical applications is essential.
Course Information
Meeting Times: Tuesdays and Thursdays
Location: Nau Hall 101 (the big auditorium in Nau Hall)
Semester Dates: August 26 - December 9, 2025
No Classes: October 9 (Fall Break), November 4 (Election Day), November 27 (Thanksgiving Break)
Required Textbook
Burton, Edwin T. and Michael Koro. "Financial Markets: In Theory and Practice," 2020. Available at Amazon.
Course Topics
I. The Credit Markets (Fixed Income Markets)
- The US Treasury Securities Market
- The Repo (SOFR) Market
- The High Yield Market
Readings: Burton-Koro, Chapters 1, 11, 13, 14 & 15
II. The Equity (Stock) Market
- The Capital Asset Pricing Model
- Arbitrage Pricing Theory
Readings: Burton-Koro, Chapters 2 through 7 (all 6 chapters)
III. Specialized Markets
- Options Markets
- Asset Backed Securities Market
Readings: Burton-Koro, Chapter 19 (pp. 274-284) and Chapter 16
Examination Schedule
- First Mid-Term: Thursday, October 2 (covering Credit Markets)
- Second Mid-Term: Thursday, November 6 (covering the Equity Market)
- Final Exam: Tuesday, December 16 (comprehensive coverage of all course material)
Grading Information
Graders: We have three graders for this course. The examinations will be organized by Tomas Gomez Traub (qbr2rf). All questions related to actual examination scheduling should be directed to Tomas. Grading will be done by Lily Rademacher (amn8ge) and Srimaan Suribhotla (zcs6mw). All questions related to actual grading of the examinations should be referred to Ms. Rademacher and Mr. Suribhotla.
Grade Weights:
- First Mid-Term: 30%
- Second Mid-Term: 30%
- Final Exam: 40%
Note: If a student receives an approved absence from one mid-term but takes the other mid-term and final, the weights become 40% and 60% (with the final receiving 60%).
Examination Dates
First Mid-Term: Thursday, October 2, 2025
Coverage: Credit Markets (Fixed Income Markets)
Time Limit: 1 hour 10 minutes
Location: Nau Hall 101
Second Mid-Term: Thursday, November 6, 2025
Coverage: The Equity Market
Time Limit: 1 hour 10 minutes
Location: Nau Hall 101
Final Examination
Date: Tuesday, December 16, 2025
Time: 2:00 PM - 5:00 PM
Location: Nau Hall 101
Coverage: Comprehensive coverage of all course material
Important: No final exam can be taken at a time that does not overlap with the 2 PM to 5 PM timeline. Any changes must be pre-arranged with the approval of the head grader.
Examination Policies
- Format: All examinations are closed book
- Permitted Items: Only writing materials
- Prohibited Items: Books, papers, iPhones, electronic devices, or other materials
- Coverage: All material including all reading and all lectures
- Attendance: Students are responsible for making arrangements to make up any lectures for which they are absent
- Required Exams: Students must take all three exams or receive an approved absence
- Failure Policy: Failure to take the final exam or at least one mid-term will result in either an "F" or "Incomplete"
Important Notes
Schedule Conflicts: Students should check their schedule in advance to ensure they can take the final exam at the prescribed time. No exceptions will be made to the final exam schedule.
Contact Policy: Do not contact Professor Burton about schedule changes unless you have previously communicated with the head grader.
Course Description
This is a course about global economic challenges. Its main purpose is to expose first year students at the University of Virginia to the most important economic issues that are faced globally, including the developed and the under-developed world.
Required Books
Both books are required and should be purchased as soon as possible from Amazon:
- Exile Economics by Ben Chu, Basic Books, 2025
- Our Dollar, Your Problem by Kenneth Rogoff, Yale University Press, 2025
We will read both of these books in their entirety during the course of the semester.
Grading Structure
Students will be graded on:
- Class Participation: Active participation in class discussions is expected
- Term Paper: To be submitted no later than the last class
Term Paper Requirements
- Length: Between 5-10 pages
- Quality Standards: Very high quality expected (no typos, misspellings, grammatical mistakes, etc.)
- AI Usage: Students are encouraged to use AI sources (ChatGPT, DeepSeek, Perplexity, Claude, etc.) to pursue additional information helpful to their term papers
- Originality: The final paper should be substantially the student's own work, but AI use is encouraged, not discouraged
- Due Date: No later than the last class
Class Expectations
- Participation: Students are expected to speak up in class and participate in discussions
- Attendance: Attendance is absolutely mandatory
- Engagement: Active engagement with global economic issues and current events is essential
Course Philosophy
This course encourages the thoughtful use of modern AI tools as research aids while maintaining academic integrity. Students should view AI as a valuable resource for exploring complex global economic topics, while ensuring their final work represents their own understanding and analysis of the material.
