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Course SyllabusFall 2020Dr. Saud Al-ThaqebFIN 327 – Intermediate Financial ManagementLecture Time and Location:FIN 327/03A : M W 3:30-4:45 pmContact Information:Location: Department of Finance & Financial Institutions – 2nd Floor Email: Althaqeb@cba.edu.kw Office Hours: After class & Tue from 1:15 PM to 1:30 PM or by appointmentSocial Media: MyU – SAlthajeb (This is my preferred form of communication)Course Website: Teaching Assistant: Name: Khaled Al-Bader Course Description:This course builds on the concepts covered in the Principles of Financial Management course. It examines the basis of financial decisions made by companies, emphasizing the following: theories of asset valuation; the cost of capital; risk analysis; real options; capital structure; dividend policies; working capital management; derivatives; multinational financial management; mergers and acquisitions.Course Learning Outcomes:The learning outcomes for this course, listed below, relate to the learning goals of the College of Business Administration Undergraduate Program, which can be found in the appendix at the end of this syllabus. The numbers in parenthesis indicate to which specific learning goal the outcome relates.Upon successful completion of the course, students will:Be able to analyze and solve financial problems. (LG5)Be able to use capital budgeting methods (i.e. NPV, IRR, MIRR, PBP, etc.) to solve financial problems. (LG2, LG5)Be able to analyze project risk. (LG5)Understand real options and what they mean to the firm. (LG2)Understand a firm's optimal capital structure and dividend policy and how they affect firm value. (LG2, LG5)Have a basic understanding of multinational financial management.Have a basic understanding of mergers and acquisitions. (LG2, LG5)Have a basic understanding of derivatives and their pricing.Required Material: Textbook : Brigham, Eugene F., and Joel F. Houston. Fundamentals of Financial Management. 13th ed. Mason: South-Western, 2012. Print.Additional Material: Brigham, Eugene F., and Joel F. Houston. Fundamentals of Financial Management: Study Guide. N.p.: Mason, Ohio, 2012. Print.Other material, including course PPT Slides are available on Blackboard.Financial CalculatorE-Learning System: Blackboard Learning Management SystemCourse Website: Course Requirements and Policies:Expectations: I expect you to attend each class and participate in discussions. I expect you to do your assignments on time and attend the tutorials.Project: There will be a project done in a group of 2-4. The project involves analyzing and evaluating a corporate project of your choosing. Projects for small businesses are also accepted. The project is here to help you understand the material and tie the concepts and expose you to real-world problems and situations.Attendance: Attendance is mandatory. There is a 10% grade towards attendance and participation. However Every student in this course must abide by the Kuwait University Policy on Attendance (published in the Student Guide, Chapter 3, Section 13). However, there is a bonus of 3 points for full attendance. A copy of the student guide can be accessed online on:: There will be various assignments throughout the semester These assignments are here to help you understand the material and tie the conceptsQuizzes: I will give some quizzes throughout the semester, so you should be prepared.Exams: There will be two midterms and a final; however, the instructor retains the right to change the dates. The dates of the exams are as follows:Important DatesEventNotes31/12/2020Last day to drop a course18/1/2021Midterm 1 (Ch 12,13,14)Time & place TBA15/2/2021Midterm 2 (Ch 15,16,18)Time & place TBA4/03/2021Last day of classes9/3/2021Final (comprehensive)5-7 PM in a place TBAGrading: The scores in this course will be the weighted average of the following items: WeightDescription5 %Class Participation5%Attendance15 %Project, Quizzes and Assignments 35 %Two Midterms40 %Final Exam100%TOTALCheating and Plagiarism: Every student in this course must abide by the Kuwait University Policy on Cheating and Plagiarism (published in the Student Guide, Chapter 3, Section 2). A copy of the student guide can be accessed online on: carefully note all sources and assistance when you turn in your work. Under no circumstances should you take credit for work that is not yours. You should neither receive nor give any unauthorized assistance on any deliverable. If you have any questions about what constitutes “unauthorized assistance” please email me before the deliverable is submitted.?Writing Style: Students must refer to MLA or APA writing style for their assignments and report writing. Refer to the English Language Center for help. Grade Distribution:GradeRangeGradeRangeA≥ 95C+≥ 77 and < 80A-≥ 90 and < 95C≥ 73 and < 77B+≥ 87 and < 90C-≥ 70 and < 73B≥ 83 and < 87D+≥ 65 and < 70B-≥ 80 and < 83D≥ 60 and < 65F< 60Course Outline:TitleTopicsCash Flow Estimation and Risk Analysis(CFA TOPIC) Identification of Relevant Cash Flows in Capital Budgeting Analysis Cash Flow Estimation Calculation of Capital Budgeting Metrics Measuring Risk and Adjusting WACC Mutually Exclusive Projects Unequal Lives ProjectsReal Options and Other Topics in Capital Budgeting (CFA TOPIC) What are Real Options? Analysis and Influence of Real Options NPV and Size of a Firm’s Capital Budget Optimal Capital Budget Post-AuditCapital Structure and Leverage(CFA TOPIC)Determining the Target Capital Structure Business Risk vs. Financial Risk How Debt Affects Expected Return and Risk Determining the Optimal Capital Structure Capital Structure Theory Distributions to Shareholders: Dividends and Share Repurchases Dividends vs. Capital Gains Trade-Offs in the Establishment of Optimal Dividend Policies Stock Splits vs. Stock Dividends Stock Repurchases and their Effects Pros and Cons of Stock Repurchases (CFA TOPIC)Working Capital Management(CFA TOPIC)Effect of Current Assets and Current Liabilities on Profitability Cash Conversion Cycle Construction of the Cash Budget Working Capital Management Credit Policies Financing Working Capital Derivatives and Risk Management(CFA TOPIC)Why Manage Risk? Introduction to Derivatives Types of Derivatives How Derivatives are Used to Manage Risk Black-Scholes Option Pricing Model Risk Management ProcessesMultinational Financial ManagementWhy Companies go “Global”? Exchange Rates Interest Rate Parity Purchasing Power Parity Pros & Cons of Investing Overseas Challenges Facing Multinational Corporations Mergers and Acquisitions(CFA TOPIC)Rationale for Mergers Types of Mergers Merger Valuation Merger Analysis Do Mergers Create Value? Course ScheduleMon7/12/2020Introduction to the courseWed9/12/2020Chapters 12: Cash flow estimation and risk analysisMon14/12/2020Chapters 12: Cash flow estimation and risk analysisWed16/12/2020Chapters 12: Cash flow estimation and risk analysisMon21/12/2020Chapters 12: Cash flow estimation and risk analysisWed23/12/2020Chapters 13: Real options and other topics in capital budgetingMon28/12/2020Chapters 13: Real options and other topics in capital budgetingWed30/12/2020Chapters 13: Real options and other topics in capital budgetingMon4/1/2021Chapter 14: Capital structure and leverageWed6/1/2021Chapter 14: Capital structure and leverageMon11/1/2021Chapter 14: Capital structure and leverageWed13/1/2021Chapter 14: Capital structure and leverageMon18/1/2021Midterm 1Wed20/1/2021Chapter 15: Distributions to shareholders: dividends and share repurchasesMon25/1/2021Chapter 15: Distributions to shareholders: dividends and share repurchasesWed27/1/2021Chapter 15: Distributions to shareholders: dividends and share repurchasesMon1/2/2021Chapter 15: Distributions to shareholders: dividends and share repurchasesWed3/2/2021Chapter 16: Working capital managementMon8/2/2021Chapter 16: Working capital managementWed10/2/2021Chapter 18: Derivatives and risk managementMon15/2/2021Chapter 18: Derivatives and risk managementWed17/2/2021Midterm 2Mon22/2/2021Chapter 19: Multinational financial managementWed24/2/2021Chapter 19: Multinational financial managementMon1/3/2021Chapter 21: Mergers and AcquisitionsWed3/3/2021Chapter 21: Mergers and AcquisitionsMon9/3/2021Final Exam (5-7 PM in a place TBA) ................
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