Cover Page - Leeds School of Business
University of Colorado-BoulderPRIVATE Leeds School of BusinessESBM 4570Sanjai BhagatEntrepreneurial FinanceFall 2020Online Office Hours: M (3:15 pm – 5:15 pm)Tu 3:55 pm – 6:45 pmsanjai.bhagat@colorado.eduI.Course ObjectiveThe objective of the course is to provide the student with a state-of-the-art understanding of valuation of small and mid-cap public and private firms, and the economics of contracts as it applies to new venture finance,financing sources (venture capital, crowdfunding, other); and exit strategies (initial public offering, other). II.Course MaterialsCourse materials consist of Entrepreneurial Finance (Stanford University Press, by J.K. Smith and R.L. Smith and R.T. Bliss, 2011) and Damodaran On Valuation (Second Edition, Wiley Online, by A. Damodaran, 2015), ()and scholarly journal articles and working papers. Lecture notes/overheads can be accessed from my home-page: check your ---@colorado.edu email frequently for emails from me regarding updates to class lectures, recent relevant articles in the financial media, and class announcements.Articles from the Wall Street Journal will be used to motivate some of the class discussion. Leeds students have free online access to the Wall Street Journal. Outline and ReadingsValuationA1. A. Damodaran, “Valuation Approaches and Metrics,” 2005, Foundations and Trends in Finance. Valuation Chapter 1, Introduction to Valuation. [ “Books & Support” “Damodaran On Valuation (Second Edition)” Chapter 2, Estimating Discount Rates. Valuation Chapter 3, Estimating Cash Flows.Valuation Chapter 4, Estimating Growth and Terminal Value.Valuation Chapter 6, Firm Value DCF Models.Valuation Chapter 9, Firm and Enterprise Value Multiples.Valuation Chapter 12, The Value of Intangibles.Valuation Chapter 14, The Value of Liquidity.Entrepreneurial Finance Chapters 8, 9, 10, New Venture Valuation. Cornell, Bradford and Damodaran, Aswath, The Big Market Delusion: Valuation and Investment Implications (December 10, 2019). Available at SSRN:?. Damodaran, Aswath, Valuing Young, Start-Up and Growth Companies: Estimation Issues and Valuation Challenges (June 12, 2009). Available at SSRN: or , NYU.Damodaran, A., Valuing Users, Subscribers and Customers, 2018, NYU.ValuingNegativeEarningsGornall, Will and Strebulaev, Ilya A., Squaring Venture Capital Valuations with Reality (April 2019). Journal of Financial Economics forthcoming. Available at SSRN: Real OptionsSievers, Soenke and Mokwa, Christopher Frederik and Keienburg, Georg, The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms (October 2, 2012). European Accounting Review Forthcoming, Available at SSRN:?, Vikas and Barber, Brad M. and Cheng, Si and Hameed, Allaudeen and Yasuda, Ayako, Private Company Valuations by Mutual Funds (December 21, 2018). Available at SSRN:?. Sievers and J. Klobucnik, “Valuing High Technology Growth Firms,” Journal of Business Economics, December 2013, Volume 83, Issue 9, pp 947–984. . S. Armstrong, A. Davila, G. Foster, and J.R.M. Hand, “Market-to-revenue multiples in public and private markets,” Australian Journal of Management 36, 15-57, 2011.Imbierowicz, Bj?rn and Rauch, Christian, The Pricing of Private Assets: Mutual Fund Investments in ‘Unicorn’ Companies (August 1, 2020). Available at SSRN: or Goedhart, Tim Koller, and David Wessels. February 2016.Private Equity1. S. N. Kaplan and P. Stromberg, “Leveraged Buyouts and Private Equity, NBER paper, 2008. . Steven J. Davis , John Haltiwanger , Ron S. Jarmin , Josh Lerner and Javier Miranda, “Private Equity and Employment,” US Census Bureau Center for Economic Studies Paper No. CES-WP-08-07R, 2014. Private Equity3. Paul Gompers, Steven N. Kaplan and Vladimir Mukharlyamov, “What Do Private Equity Firms Do?” 2014, Harvard University working paper.4. Paglia, John and Harjoto, Maretno Agus, The Effects of Private Equity and Venture Capital on Sales and Employment Growth in Small and Medium Sized Businesses (June 5, 2014). Journal of Banking and Finance, Vol. 47, pp. 177-197, 2014.5. J. Haltiwanger, R. Jarmin, J. Miranda, “Who Creates Jobs?” Review of Economics and Statistics 95, May 2013, 347-361.Financial ContractingEntrepreneurial Finance Chapters 11, 12, 13. VentureCapital-Yearbook S. N. Kaplan and P. Stromberg, "Venture Capitalists as Principals: Contracting, Screening, and Monitoring," 2001, American Economic Review 91(2 May), 426-430. ImpliedReturn SampleCapitalizationTableP.A.Gompers,W.Gornall, and S.N.Kaplan etal., How do venture capitalists make decisions? Journal of Financial Economics, 2019., Paul A. and Gornall, Will and Kaplan, Steven Neil and Strebulaev, Ilya A., Venture Capitalists and COVID-19 (September 21, 2020). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-135, Available at SSRN: , Ufuk and Ates, Sina and Lerner, Josh and Townsend, Richard and Zhestkova, Yulia, Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers (September 21, 2020). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-136, Available at SSRN: or O. Bengtsson and B. A. Sensoy, “Changing the Nexus: The Evolution and Renegotiation of Venture Capital Contracts,” Journal of Financial and Quantitative Analysis / Volume 50 / Issue 03 / June 2015, pp 349-375.DOI:?, Shai and Giroud, Xavier and Townsend, Richard R., The Impact of Venture Capital Monitoring (April 16, 2014). Journal of Finance, Forthcoming. Available at SSRN: or DebtHochberg, Yael V. and Serrano, Carlos J. and Ziedonis, Rosemarie Ham, Patent Collateral, Investor Commitment, and the Market for Venture Lending Journal of Financial Economics, 2018, vol. 130, issue 1, 74-94, . Davis, A. Morse, X. Wang, The Leveraging of Silicon Valley: Venture Debt in the Innovation Economy, April 2018.Tereza Tykvová, When and Why Do Venture-Capital-Backed Companies Obtain Venture Lending? , JFQA, 2017. Financing SourcesEntrepreneurial Finance Chapter 14.S. Bhagat, “Why Do Venture Capitalists Charge Such High Discount rates?”Journal of Risk Finance, 2014. venture-discount-rates.doc VentureCapital.pptDenes, Matthew and Wang, Xinxin and Xu, Ting, Financing Entrepreneurship: Tax Incentives for Early-Stage Investors (September 1, 2019). Available at SSRN:?, William R. and Nanda, Ramana, Financing Innovation (November 5, 2014). Harvard Business School Entrepreneurial Management Working Paper No. 15-034. Available at SSRN: or , J. Piet and Korreck, Sabrina, A Systematic Review and Research Agenda on Incubators and Accelerators (January 2018). Available at SSRN:?, University of Osnabrueck.Bernthal, Brad, Investment Accelerators (August 11, 2015). Silicon Flatirons Center, 2015. Available at SSRN:?, University of Colorado Law School.Hallen, Benjamin L. and Bingham, Christopher and Cohen, Susan, Do Accelerators Accelerate? If So, How? The Impact of Intensive Learning from Others on New Venture Development (April 2018). Available at SSRN:?, University of Washington.Fehder, Daniel C. and Hochberg, Yael V., Accelerators and the Regional Supply of Venture Capital Investment (September 19, 2014). Available at SSRN:?, MIT.Raising Capital Alternative SourcesFu, Jonathan and Mishra, Mrinal, The Global Impact of COVID-19 on Fintech Adoption (April 22, 2020). Swiss Finance Institute Research Paper No. 20-38, Available at SSRN:?, P. Raghavendra, Law, Trust, and the Development of Crowdfunding (December 1, 2017). Available at SSRN: , University of Cambridge.Giga, Aleksandar, Firm Financing Through Equity Crowdfunding (June 2017). Available at SSRN: or , University of Southern California.Armour, John and Enriques, Luca, The Promise and Perils of Crowdfunding: Between Corporate Finance and Consumer Contracts (September 11, 2017). ECGI - Law Working Paper No. 366/2017. Available at SSRN: or , University of Oxford.Knyazeva, Anzhela and Ivanov, Vladimir I., Soft and Hard Information and Signal Extraction in Securities Crowdfunding (November 17, 2017). Available at SSRN: , U.S. Securities and Exchange Commission.Belleflamme, Paul and Omrani, Nessrine and Peitz, Martin, The Economics of Crowdfunding Platforms (March 20, 2015). Available at SSRN: or , Université Catholique de Louvain.Agrawal, Ajay and Catalini, Christian and Goldfarb, Avi, Are Syndicates the Killer App of Equity Crowdfunding? (February 25, 2015). MIT Sloan Research Paper No. 5126-15; Rotman School of Management Working Paper No. 2569988. Available at SSRN: or , Anja and Goldfarb, Avi and Bonatti, Alessandro and Ghose, Anindya and Goldstein, Daniel G. and Lewis, Randall A. and Rao, Anita and Sahni, Navdeep S. and Yao, Song, How Do Firms Make Money Selling Digital Goods Online? (March 6, 2014). London Business School. Available at SSRN: or , Joshua and McMullin, Jeff L., Economic Consequences of Risk and Ability Disclosures: Evidence From Crowdfunding (June 25, 2018). Available at SSRN:?, Stefano and Correia, Maria M. and Tamayo, Ane, Does Consumer Protection Enhance Disclosure Credibility in Reward Crowdfunding? (July 3, 2018). Available at SSRN:?. Jagtiani and C. Lemieux, FinTech Lending, 2018, Federal Reserve Bank.Berg, Tobias and Burg, Valentin and Gombovi?, Ana and Puri, Manju, On the Rise of FinTechs – Credit Scoring Using Digital Footprints (October 31, 2018). Michael J. Brennan Irish Finance Working Paper Series Research Paper No. 18-12. Available at SSRN:?, Gordon and Gupta, Diwakar and Martin, Paola, Referral Timing and Fundraising Success in Crowdfunding (June 8, 2019). Available at SSRN:?ère, Jean-Fran?ois and Gehman, Joel, The Legitimacy Threshold Revisited: How Prior Successes and Failures Spill Over to Other Endeavors on Kickstarter (March 22, 2019). Academy of Management Journal, Forthcoming. Available at SSRN:? Chiesa, Carolina and Dekker, Erwin, Crowdfunding in the Arts: Beyond Match-Making on Platforms (March 18, 2019). Available at SSRN:?, Sandra Isabel and Sousa, Miguel and Brand?o, Elísio Fernando Moreira, Drivers of Fundraising Success in Equity Crowdfunding (March 17, 2019). Available at SSRN:?, Jascha-Alexander and Siering, Michael, Crowdfunding Success Factors: The Characteristics of Successfully Funded Projects on Crowdfunding Platforms (April 4, 2015). Proceedings of the 23rd European Conference on Information Systems (ECIS 2015); Muenster, Germany 2015. Available at SSRN:?, Francesca and Busato, Francesco and Manganiello, Maria, Equity Crowdfunding: Brave Market or Safe Haven for the Crowd During the COVID-19 Crisis? (July 1, 2020). Available at SSRN:?, Sameh and Ajufo, Ezimamaka and Lehmann, Christoph U. and Medford, Richard J., Crowdfunding Medical Care: A Comparison of Online Medical Fundraising in Canada, the United Kingdom, and the United States (3/25/2020). Available at SSRN:?, Andrea, Terms of Endearment: Financing Terms for Deep Technology Startups on a Crowdfunding Platform (April 20, 2020). Available at SSRN:?, Andrew A., Crowdfunding Issuers in the United States (March 31, 2020). Journal of Law & Policy, Vol. 61, Washington University Journal of Law and Policy, Vol. 61, pp. 155-72, 2020, U of Colorado Law Legal Studies Research Paper No. 20-20, Available at SSRN:? Exit StrategiesEntrepreneurial Finance Chapter 16.Michelle Lowry, Roni Michaely and Ekaterina Volkova, “Initial Public Offerings: A synthesis of the literature and directions for future research,” March 2017.IPO.ppt R. Aggarwal, S. Bhagat and S. Rangan, “Impact of Fundamentals on IPO Valuation,” Financial Management, 2009, 253-284. IPO Valuation.pptIPO Valuation: The International Evidence, S. Bhagat, J. Lu, and S. Rangan, in The Oxford Handbook of IPO Valuation, Oxford University Press, 2018.M. Ewens and J. Farre-Mensa, The Deregulation of the Private Equity Markets and the Decline in IPOs, 2018, CalTech.Craig Doidge, Kathleen M. Kahle, G. Andrew Karolyi, René M. Stulz, Eclipse of the Public Corporation or Eclipse of the Public Markets?, 2018, Cornell University.Chernenko, Sergey. Lerner, Josh. Zeng, Yao. “Mutual Funds as Venture Capitalists? Evidence from Unicorns.” SSRN:? . October 2017, Harvard University.Agarwal, Vikas and Barber, Brad M. and Cheng, Si and Hameed, Allaudeen and Yasuda, Ayako, Private Company Valuations by Mutual Funds (December 21, 2018).? TopicsCorporate ESG (Environment/Social/Governance) PolicyBhagat, Sanjai and Hubbard, Robert Glenn, Should the Modern Corporation Maximize Shareholder Value? (September 22, 2020). Available at SSRN:?. Bansal, Ravi, Wu, Di and Yaron, Amir, Is Socially Responsible Investing A Luxury Good? (February 10, 2018). Available at SSRN: or Bhagat, Financial Crisis, Corporate Governance, and Bank Capital, Cambridge University Press, 2017. , Elizabeth and Hendrikse, Jurian and Joos, Philip and Lev, Baruch Itamar, ESG Didn’t Immunize Stocks Against the Covid-19 Market Crash (August 17, 2020). Available at SSRN:?. Bhagat and R. Romano, “Empirical Studies of Corporate Law,” in Handbook of Law & Economics, 2007. CorporateLaw.pptBouten, Lies, Cho, Charles H., Michelon, Giovanna, and Roberts, Robin W., CSR Performance Proxies in Large-Sample Studies: 'Umbrella Advocates', Construct Clarity and the 'Validity Police' (August 2017). Available at SSRN: or , Hans Bonde, Hail, Luzi, and Leuz, Christian, Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards (November 30, 2018). Available at SSRN: or , Gordon L., and Viehs, Michael, The Implications of Corporate Social Responsibility for Investors: An Overview and Evaluation of the Existing CSR Literature (August 17, 2014). Available at SSRN: or , Steven N., Are U.S. Companies Too Short-Term Oriented? Some Thoughts (May 22, 2017). Available at SSRN: or . Manchiraju, and S. Rajgopal, “Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013,” Journal of Accounting Research 55, 2017, , Joshua D., and Elfenbein, Hillary Anger and Walsh, James P., Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance (March 1, 2009). Available at SSRN: or , Ruoke, What Do We Learn From Ratings About Corporate Social Responsibility (CSR)? (December 1, 2019). Columbia Business School Research Paper No. 18-37. Available at SSRN: or , Buvaneshwaran and Yerramilli, Vijay, Outside Directors at Early-Stage Startups (January 21, 2019). Available at SSRN:? of LawBlockchain and CryptocurrencyCatalini, Christian and Gans, Joshua S., Some Simple Economics of the Blockchain (September 21, 2017). Rotman School of Management Working Paper No. 2874598; MIT Sloan Research Paper No. 5191-16. Available at SSRN: or , Jonathan and Wright, Aaron, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets (October 4, 2017). Cardozo Legal Studies Research Paper No. 527; University of Tennessee Legal Studies Research Paper No. 338. Available at SSRN: or , Dmitri and Sahdev, Navroop K., To ICO or not to ICO – Empirical Analysis of Initial Coin Offerings and Token Sales (July 6, 2018). Available at SSRN:?, Sabrina and Niessner, Marina and Yermack, David, Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales (June 2018). NBER Working Paper No. w24774. Available at SSRN:?, Campbell R., Cryptofinance (January 14, 2016). Available at SSRN: or , Duke University.Werbach, Kevin D., Trust, But Verify: Why the Blockchain Needs the Law (August 1, 2017). Berkeley Technology Law Journal, Forthcoming. Available at SSRN: , Paul P. and Rennertseder, Kathrin and Schr?der, Henning, Token Offerings: A Revolution in Corporate Finance? (March 5, 2019). Available at SSRN:?, Tobias and Burg, Valentin and Gombovi?, Ana and Puri, Manju, On the Rise of FinTechs – Credit Scoring Using Digital Footprints (July 15, 2019). Michael J. Brennan Irish Finance Working Paper Series Research Paper No. 18-12. Available at SSRN:?, Anjan V., Fintech and Banking: What Do We Know? (July 30, 2019). Journal of Financial Intermediation, 2019. Available at SSRN:? ScheduleAugust 25 Introduction, ValuationSeptember 1ValuationSeptember 8Valuation (Proposal due: September 8, 1:00 pm)September 15ValuationSeptember 22ValuationSeptember 29 Financial ContractingOctober 6Financial ContractingOctober 13Financial ContractingOctober 20Financial Contracting October 27Venture Financing(Paper first-half due: October 27, 1:00 pm)November 3Exit StrategiesNovember 10Exit StrategiesNovember 17CrowdfundingNovember 24Student Pitches(Full Term Paper due, November 24, 1:00 pm)December 1Student Pitches, Review for Final ExamDecember 9Final Exam2020-12-09 04:30 PM - 05:30 PMV.Course PoliciesGradingThe grade breakdown is as follows:ItemWeightA.Class quizzes35%B.Term Paper (proposal, due: September 8)5%C. Term Paper (first half, due: October 27)15%D.Term Paper (full, due: November 24) 15%E.Term Paper (pitch)10% F.Final Exam (December 9)20%A. Class quizzes will be given unannounced. Please sign up for your iclicker account and be prepared to use it during the class: class utilizes the iClicker system to enhance learning and reward participation in class discussions. You will need to create an iClicker Reef account.? You will also need to register for my course in Reef, and link your Reef account to Canvas. Information on how to do this is located on the CUClickers Student Resources page.?When you are participating in class remotely, you will need to use your iClicker Reef account to answer the quiz questions during class.? You can either use the account from a web browser, or install the iClicker Reef app on a cell phone or tablet.? Clicker fraud (sharing clickers, clicking in for someone else, or otherwise cheating using a clicker) is a violation of CU Boulder's honor code. Learn more about the honor code.B.Proposals for the term paper are due on September 8, 2020, 1:00 pm. Process for writing the proposal: Please meet with me on zoom/online for 10 minutes by signing up on this google document. Please sign up by 12 noon on August 27, 2020. I will email you the zoom link. Please have the course syllabus ready for this meeting.Please upload your one-page proposal as a doc docx or pdf document on your canvas portal for this course. The proposal should answer the following two questions: What will the paper be about?Why is this topic interesting and important? You should also include a list of at least four academic papers or book chapters that you intend to read as background for your paper. References should be cited properly: author(s) name(s), title of paper, journal name and volume, journal page numbers, year of publication; for unpublished papers: the web-link, author(s) name(s), title of paper, and university affiliation of the authors should be noted. The proposal should be no more than a page.C, D. The first half of the term paper is due on October 27, 2020, 1:00 pm. Please upload your paper as a doc docx or pdf document on your canvas portal for this course. The term paper draft should be at least ten pages long, and include the following: What is the paper about? Why is this interesting and important to study/read? A critical survey of the literature. Outline of the original analysis that would be of interest to somebody in the real world: an investment banker, venture capitalist, or entrepreneur. References that includes at least four academic papers or book chapters.The full term paper is due on November 24, 2020, 1:00 pm. Please upload your paper as a doc docx or pdf document on your canvas portal for this course.The paper can be on any topic that will be covered in the course. The paper should include a critical survey of the literature and some original analysis that would be of interest to somebody in the real world: an investment banker, venture capitalist, or entrepreneur. The paper (including exhibits) should be between 20 and 25, double-spaced pages (twelve-point font, one-inch margin all-around). On your paper please note the following:On my honor, as a University of Colorado at Boulder student, I have neither given nor received unauthorized assistance on this paper.A Note on Academic Honesty & Plagiarism: The development of the Internet has provided students with historically unparalleled opportunities for conducting research swiftly and comprehensively. The availability of these materials does not, however, release the student from appropriately citing sources where appropriate; or applying standard rules associated with avoiding plagiarism. Please see . Student (elevator) pitches are scheduled for November 24 and December 1, 2020. 4 minutes to 5 minutes elevator pitch should cover the following:TopicWhy is this topic of interest to somebody in the real world: an investment banker, venture capitalist, or entrepreneur.Your analysis (3 to 4 minutes).Your conclusions.Please observe the following during your elevator pitchOverheads: No more than three slides.Please rehearse your presentation at home. Please be cognizant of your 5 minutes (maximum) allotted time.Business attire, please.Guidelines for the Term Paper Suggested order for the sections:PRIVATE Cover PagePaper Title, Student Names, Course, DateExecutive SummaryNo more than one page. The most important part of your paper! Briefly explain what the paper is about, why this is an interesting and important topic, and your main findings/conclusions. Consider an entrepreneur, investment banker, investor, or venture capitalist as your primary reader of this page.IntroductionWhat is the paper about?Motivation: Why is this interesting and important to study/read?Overview of the paper.(Main Body)Please consider using sub-sections to better organize your paper, and improve its readability.Please check the transition between paragraphs.(Footnotes on same page.)Summary and ConclusionsExhibits (Tables, Graphs, etc.)Captions and legends in the exhibits should make them self-explanatory. Cite data sources.References____________________________________________________________________Check for grammar and spelling.All arguments/assertions should be supported using:logical constructs, and/ortheoretical considerations (cite references), and/orprevious empirical evidence (cite references).Paper should be revised by you at least four times over a period no less than a week.F.The final exam will consist of essay-type questions, and will be open-book, and open-notes. However, you may not take help from or consult with any other person or student in-person or online. All students enrolled in a University of Colorado Boulder course are responsible for knowing and adhering to?the Honor Code.?Violations of the policy may include: plagiarism, cheating, fabrication, lying, bribery, threat, unauthorized access to academic materials, clicker fraud, submitting the same or similar work in more than one course without permission from all course instructors involved, and aiding academic dishonesty. All incidents of academic misconduct will be reported to the Honor Code (honor@colorado.edu);?303-492-5550). Students found responsible for violating the academic integrity policy will be subject to nonacademic sanctions from the Honor Code as well as academic sanctions from the faculty member. Additional information regarding the Honor Code academic integrity policy can be found at the?Honor Code Office website.To prepare for the exam, I will provide you a set of study questions. The exam may or may not include any of these study questions. After completing your exam, please upload your exam as a doc docx or pdf document on your canvas portal for this course.Readings We will not be covering all the readings in class. I will indicate in class the readings I will be covering in detail. The readings above would be relevant if you decide to write your term paper on the particular topic.You are advised to read the “critical portions” of the assigned readings for a particular class before that class. The critical portions of a reading include the abstract, introduction, summary/conclusions of the paper. You might wish to read the main body of the paper after we have discussed it in class.Bloomberg dataThe Bloomberg terminals in Room E-370 have a wealth of financial data. Some of this can be used for the valuation part of your term paper. Having a competency with the Bloomberg terminal and related data makes you very attractive to future employers. Please go to Grading GuidelinesIn March 2019, the Leeds faculty adopted the grading guidelines listed below effective fall 2019. These guidelines are a community norm at Leeds, not a forced curve or mandated distribution. They embody the faculty’s consensus about fairness, level of difficulty, and consistency in the classroom experience across course sections and levels at Leeds.Average course grades should not exceed:3.0 (1000‐2000 level courses)3.0 (3000 level courses)3.2 (4000 level courses)Classroom BehaviorBoth students and faculty are responsible for maintaining an appropriate learning environment in all instructional settings, whether in person, remote or online. Those who fail to adhere to such behavioral standards may be subject to discipline. Professional courtesy and sensitivity are especially important with respect to individuals and topics dealing with race, color, national origin, sex, pregnancy, age, disability, creed, religion, sexual orientation, gender identity, gender expression, veteran?status, political affiliation or political philosophy. For more information, see the policies on classroom behavior and the Student Code of Conduct. Requirements for COVID-19As a matter of public health and safety due to the pandemic, all members of the CU Boulder community and all visitors to campus must follow university, department and building requirements, and public health orders in place to reduce the risk of spreading infectious disease. Required safety measures at CU Boulder relevant to the classroom setting include:maintain 6-foot distancing when possible,wear a face covering in public indoor spaces and outdoors while on campus consistent with state and county health orders,?clean local work area,?practice hand hygiene,?follow public health orders, andif sick and you live off campus, do not come onto campus (unless instructed by a CU Healthcare professional), or if?you live on-campus, please alert CU Boulder Medical Services.Students who fail to adhere to these requirements will be asked to leave class, and students who do not leave class when asked or who refuse to comply with these requirements will be referred to Student Conduct and Conflict Resolution. For more information, see the policies on COVID-19 Health and Safety and classroom behavior and the Student Code of Conduct. If you require accommodation because a disability prevents you from fulfilling these safety measures, please see the “Accommodation for Disabilities” statement on this syllabus.Before returning to campus, all students must complete the COVID-19 Student Health and Expectations Course.?Before coming on to campus each day, all students are required to complete a Daily Health Form. Students who have tested positive for COVID-19, have symptoms of COVID-19, or have had close contact with someone who has tested positive for or had symptoms of COVID-19 must stay home and complete the?Health Questionnaire and Illness Reporting Form remotely.?Accommodation for DisabilitiesIf you qualify for accommodations because of a disability, please submit your accommodation letter from Disability Services to your faculty member in a timely manner so that your needs can be addressed.? Disability Services determines accommodations based on documented disabilities in the academic environment.? Information on requesting accommodations is located on the Disability Services website. Contact Disability Services at 303-492-8671 or dsinfo@colorado.edu for further assistance.? If you have a temporary medical condition, see Temporary Medical Conditions on the Disability Services website.Preferred Student Names and PronounsCU Boulder recognizes that students' legal information doesn't always align with how they identify. Students may update their preferred names and pronouns via the student portal; those preferred names and pronouns are listed on instructors' class rosters. In the absence of such updates, the name that appears on the class roster is the student's legal name.Honor CodeAll students enrolled in a University of Colorado Boulder course are responsible for knowing and adhering to?the Honor Code.?Violations of the policy may include: plagiarism, cheating, fabrication, lying, bribery, threat, unauthorized access to academic materials, clicker fraud, submitting the same or similar work in more than one course without permission from all course instructors involved, and aiding academic dishonesty. All incidents of academic misconduct will be reported to the Honor Code (honor@colorado.edu);?303-492-5550). Students found responsible for violating the academic integrity policy will be subject to nonacademic sanctions from the Honor Code as well as academic sanctions from the faculty member. Additional information regarding the Honor Code academic integrity policy can be found at the?Honor Code Office website.Sexual Misconduct, Discrimination, Harassment and/or Related RetaliationThe University of Colorado Boulder (CU Boulder) is committed to fostering an inclusive and welcoming learning, working, and living environment. CU Boulder will not tolerate acts of sexual misconduct (harassment, exploitation, and assault), intimate partner violence (dating or domestic violence), stalking, or protected-class discrimination or harassment by members of our community. Individuals who believe they have been subject to misconduct or retaliatory actions for reporting a concern should contact the Office of Institutional Equity and Compliance (OIEC) at 303-492-2127 or cureport@colorado.edu. Information about the OIEC, university policies, anonymous reporting, and the campus resources can be found on the OIEC website.Please know that faculty and instructors have a responsibility to inform OIEC when made aware of incidents of sexual misconduct, dating and domestic violence, stalking, discrimination, harassment and/or related retaliation, to ensure that individuals impacted receive information about options for reporting and support resources.Religious HolidaysCampus policy regarding religious observances requires that faculty make every effort to deal reasonably and fairly with all students who, because of religious obligations, have conflicts with scheduled exams, assignments or required attendance. See the campus policy regarding religious observances for full details. ................
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