Advanced Corporate Finance: On-site Syllabus



Advanced Corporate Finance2 Credits231.790.XX [NOTE: Each section must have a separate syllabus.][Day & Time / ex: Monday, 6pm-9pm][Start & End Dates / ex: 8/20/18–10/15/18][Semester / ex: Fall 2018][Location / ex: Washington, DC]Instructor[Full Name]Contact Information[Email Address][Phone Number, ###- ###-#### (Optional)]Office Hours[Specify the day and time of the 2 hours that will be dedicated to office hours each week. For evening classes, faculty may wish to hold their office hours by phone or email. While faculty are permitted to state “and by appointment,” office hours should not be held exclusively by appointment.]Required Texts & Learning MaterialsHarvard Cases* (Coursepack link: )Corporate Finance by Berk and DeMarzo*Should the instructor decide to select different cases other than the ones listed in the course schedule, the substitute cases will cover the same topics and address similar issues as the ones they replace. In addition, the instructor can decide the number of cases depending on the preparation level of the students.Course DescriptionBy employing a case study approach, students learn how the theoretical concepts and tools learned in Corporate Finance and other finance classes are applied in solving real-world problems. Through such key concepts as financial forecasting, cost of capital, capital budgeting, optimal capital structure, dividend policy, and firm valuation, students learn the analytical techniques necessary to make rational financial decisions.Prerequisite(s) BU.231.620 OR BU.910.611Statement about FinanceThe effectiveness and perceived integrity of finance have been tested in recent years. Along with preventable excesses and regrettable distortions, financial innovation has, however, always been an effective means for society to achieve its goals, from insurance to consumption to saving. The power of financial innovation as a generator of inclusive prosperity and widespread well-being can (and should be) reclaimed. In this context, optimization of shareholder’s value – for instance – may not be the only metric along which financial success is measured and should be placed, along with other traditional finance metrics, in the broader context of its contribution to society. To this extent, Carey encourages technical, non-ideological, exchanges of ideas leading to a better understanding of the broader role of finance as a force for shared prosperity. The reading (a case, an article, a book, etc...) provides an initial opportunity for technical discussions of these issues as they relate to the topics covered in Advanced Corporate Finance.Learning ObjectivesBy the end of this course, students will be able to: Evaluate investment proposals in relation to a company's overall strategy and objectives.Appraise and develop a firm's capital structure policy.Appraise and develop a firm's dividend policy.Determine the relationship and trade-offs among a company's investment, financing, and dividend policies.Exercise various valuation models/skills in valuing a company.Discuss and appraise alternative views on financial problems on a group basis as a result of working in co-operation with other class members.To view the complete list of the Carey Business School’s general learning goals and objectives, visit the Carey website.Attendance* *The attendance policy can be determined by the instructor.It is imperative that you attend every class. Missing classes will certainly have a negative impact on your exam scores. If you miss a class, it is your responsibility to keep up with materials that were covered during your absence. My attendance policy is the 20% rule: Missing more than 20% of total contact hours, which means two classes, is not acceptable and will result in a grade of F.Students close to a cutoff point may receive subjective consideration based on their class attendance and participation. Please participate actively, and ask questions whenever something is not clear. Assignments & Rubrics**The class structure can be determined by the instructor.Assignment*Learning ObjectivesWeightCase Presentation**1, 2, 3, 4, 5, 6 25%Homework**1, 2, 3, 4, 5 35%Final Exam1, 2, 3, 4, 5 40%Total100%*The instructor can revise this evaluation system, but the final exam should be an in-class exam.**The case presentation and homework points will be adjusted up to 30% depending on the peer evaluation, which will be conducted during the final exam. Case Presentation PowerPoint slides and spreadsheets should be used to present cases. The presenting team should send the presentation files to me by [TBA]. All members should participate in the analysis and oral presentation. All members in the presenting group will receive the same score (out of a possible 100 points) based on four categories, which are listed by order of importance in the following rubric:Evaluation CriteriaPoint Range1. Quality of Analysis 0–402. Delivery Skills 0–303. Organization of Ideas 0–204. Equal Participation in the Group 0–10Case HomeworkI will assign homework for each case for non-presenting groups. The purpose of this homework is to ensure that students are prepared to participate in the class discussions with case study readings completed. The homework should be submitted to Blackboard by [TBA]. Late submission won’t be accepted. Peer EvaluationAt the end of the semester, you will evaluate your group members based on your perception of their contribution to presentation and homework. See the Peer Evaluation Rubric below.GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance as determined by the instructor. The grade of A- is awarded only for excellent performance. The grades of B+, B, and B- are awarded for good performance. The grades of C+, C, and C- are awarded for adequate but substandard performance.?The grades of D+, D, and D- are not awarded at the graduate level (undergraduate only). The grade of F indicates the student’s failure to satisfactorily complete the course work.Please note that for Core and Foundation courses, a maximum of 25% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.3. For Elective courses, a maximum of 35% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.4. (For classes with 15 students or fewer, the class GPA cap is waived.)Tentative Course CalendarInstructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.Note: BM refers to Corporate Finance by Berk and DeMarzo.WeekLectureCasesHomework for Non-presenting Groups1DCF Valuation PrinciplesCalculating CFCalculating WACCInstructor’s cases2Boeing 7E7Victoria Chemicals (A) Estimate the WACC of the 7E7 projectIdentify major issues existed in the case and provide a solution to each issue3Capital Structure TheoryAurora Textile CompanyInstructor’s casesEstimate cash flows (year 0–10) of the Zinser 351 machineStudy BD Chapters 14, 15, 164Dividend PolicyWm. Wrigley Jr. CompanyDeluxeEstimate Wrigley’s WACC after the share repurchaseEstimate the WACC if Deluxe maintains a BBB ratingStudy BD Chapter 175Business & Equity ValuationGainsboro Machine Tools Recommend a long-term dividend policy for this company6Real Option AnalysisThe Battle for Value, 2004: FedEx vs UPSWhich company is doing better?Study BD Chapter 227Flinder Valve and Controls Palamon Capital Partners/TeamSystemArundel Partners: The Sequel ProjectEstimate FVC’s enterprise value Estimate the time-varying WACC from 2000–2007Estimate the real option value8Final ExamPeer Assessment Rubric**The instructor can modify the details included in this rubric.Section: Team:Your Name: The purpose of this evaluation is to give credit to those students who went the 'extra mile' or who did their fair share of the team work. Conversely, if any team member did not do their fair share (for whatever reason), then that student should not get full credit for the work. Be assured that all data on this form will be held in confidence and seen only by the instructor.Performance evaluation is an important part of every manager's job; you are expected to make a fair and accurate evaluation. Key to numerical ranking:Attendance & Cooperation:5 = Was a team leader both in and outside the class; cooperation was superior 4 = Attended meetings regularly; good cooperation; team player3 = Attended meetings fairly regularly; did what was asked, but no more 2 = Missed some meetings and did the minimum amount of work1 = Poor attendance at meetings and/or poor cooperation/work loadAcademic Contribution:5 = A team leader in ideas; enthusiastic; a lot of good ideas4 = Contributed greatly to the team; did more than his/her fair share 3 = Had good ideas from time to time; an average performance2 = Was either too quiet or not sufficiently interested to be an effective contributor 1 = Contributed little to the teamTeam Player:5 = THE TEAM LEADER (Note: Only one person, if any, may receive this score.)4 = A team player, only slightly second to the leader (Note: Two people may be assigned this score if they were co-leaders.)3 = An average member of the team; good work 2 = Slightly below-average member of the team 1 = Contributed the least to the teamDO NOT SCORE YOURSELF.Team MemberAttendance & Cooperation (5, 4, 3, 2, 1)Academic Contribution (5, 4, 3, 2, 1)Team Player(5, 4, 3, 2, 1)TOTAL POINTS* (Max. 15 points each)*Add points from the three columns and place it in TOTAL POINTS column.Carey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Disability Support ServicesAll students with disabilities who require accommodations for this course should contact Disability Support Services at their earliest convenience to discuss their specific needs. If you have a documented disability, you must be registered with Disability Support Services (carey.disability@jhu.edu or 410-234-9243) to receive accommodations. For more information, please visit the Disability Support Services webpage.Academic Ethics PolicyCarey expects graduates to be innovative business leaders and exemplary global citizens. The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an exemplary citizen. The objective of the Academic Ethics Policy (AEP) is to create an environment of trust and respect among all members of the Carey academic community and hold Carey students accountable to the highest standards of academic integrity and excellence.It is the responsibility of every Carey student, faculty member, and staff member to familiarize themselves with the AEP and its procedures. Failure to become acquainted with this information will not excuse any student, faculty, or staff from the responsibility to abide by the AEP. Please contact the Student Services office if you have any questions. For the full policy, please visit the Academic Ethics Policy webpage.Student Conduct CodeThe fundamental purpose of the Johns Hopkins University’s regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically. Please contact the Student Services office if you have any questions. For the full policy, please visit the Student Conduct Code webpage.Student Success CenterThe Student Success Center offers free online and in-person one-on-one and group coaching in writing, presenting, and quantitative courses. For more information on these services and others, or to book an appointment, please visit the Student Success Center website.Other Important Policies and ServicesStudents are encouraged to consult the Student Handbook and Academic Catalog and Student Services and Resources for information regarding other policies and services.Copyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Academic Ethics Policy. ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download