TOWSON UNIVERSITY ADVANCED CORPORATE FINANCE

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Nov 10, 2013 (3 years and 11 months ago)

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TOWSON UNIVERSITY

ADVANCED

CORPORATE
FINANCE

FIN 3
5
1

Fall

201
3


Instructor:


Dr. Yingying Shao, CFA

Office:



ST316F

Work Phone:


410
-
704
-
3839

Class Hours:


Section 351
-
001
TuTh

11:00AM
-

12:15PM




Section 351
-
002 TuTh
3:30PM
-

4:45PM



Office
Hours:


TuTh 9:00AM
-
11AM, 1:00PM
-
3:00PM,

or by appointment

Email:



yshao@towson.edu

Course Home Page:

Blackboard site


Prerequisites:

FIN
331
, Junior/Senior and major standing.


Course Description:

This is the second in the sequence of two intermediate level corporate finance courses for
all finance majors.
Applying financial modeling skills using Excel is an integral
component of this course.

It serves the purpose to let students to use the modeling

skills
acquired in
FIN3
50

to apply to more sophisticated topics covered in this course. Students
will continue to develop in
-
depth understanding of many financial theories, analyses, and
comprehensive applications of financial tools. Equipped with basic f
inance knowled
ge
and modeling skills from FIN
3
50
,
students are to apply concepts
and technology for
supporting the decision making process to solve a wide variety of financial problems.
Students are also expected to read outside material to enhance the und
erstanding of topics
presented in class.
Topics include

Capital Budgeting,
Real Option,

Capital Structure
Theory, Corporate Payout Policy, and
Working Capital Management
.


Course Objective:

This course is intended to introduce

students to advanced financ
e concepts and build on
FIN
3
50

while simultaneously infusing financial modeling (spreadsheet) skills that allow
the students to develop complex financial concepts. The goal is to lay the foundation for
students to become proficient in the use of spreadshe
ets as they progress through the
finance curriculum.


General Learning Objectives:



To conduct an in
-
depth study of corporate finance theory and practice.



To provide students with an opportunity to apply financial and analytical tools for
problem solving

and decision making purposes.


Specific Learning Objectives:



Learn and apply Financial Modeling Skills in Excel.



Analyze Capital Budgeting Decisions



Understand and
evaluate

Real Options.


2



Understand and evaluate Capital Structure Decisions



Evaluate Corpor
ate Payout Policies


Required Materials:



Textbook:


Intermediate Financial Management, Brigham & Daves, 1
1
th

Ed.

Calculator:

Texas Instruments BA II Plus.
Phone calculators or any other calculators
are not allowed.



Grading:

Exams

There will be

two
non
-
cumulative exams. Exams are based on class lecture, assigned
problems, group discussion
, and

supplementary readings.


Spreadsheet
Quizzes

There will be
three
Excel
-
based

quizzes

examining students’ skills in applying

Excel

for
problem solving

on an individual basis.





Note:
I’ll not administrate make
-
up exam
s/quizzes
unless you have to miss the exam
/quiz

due to medical emergencies or other university approved reasons. You should inform me
in writing of your desire to take the make
-
up exam
/quiz

in advance or within one week of
missing an exam and support necessary documentation.


Homework assignments

Assignments will be graded on correctness as well as presentation. Due to the amount of
time given to complete the assignment, I expect high s
cores and will grade accordingly.
L
ate assignment will not be accepted unless you make prior arrangements with me at
least one class period before the due date and you have an extraordinarily good excuse.



Attendance and Participation

I
expect

you

to atte
nd class

and to
arrive on time
.
Students who have conflicts should
discuss them with me at the beginning of the semester to see what arrangements might be
made. Students who miss
three classes or less

during the semester will not lose any
points from final grade. However, students who miss more than three classes will lose
5
points for each additional class

they miss. That is, you will lose 10 points in your final
grade if you miss 5 classes in the sem
ester.


Breakdown of Grade:

Percentage

Exam 1

2
5

Exam 2

2
5

Spreadsheet quizzes (10x3)

30

Assignments

15

In
-
class exercises


5

Total

10
0


Final Exam date
: FIN351
-
001 Dec 18, 2013: 10:15 AM
-
12:15 PM




FIN351
-
002 Dec 16, 2013: 12:30 PM
-

2:30 PM



3


Final Grade Distribution:

A

A
-

B+

B

B
-

C+

C

D+

D

F

92+

89
-
91.99

87
-
88.99

82
-
86.99

80
-
81.99

77
-
79.99

72
-
76.99

67
-
71/99

60
-
66.99

0
-
59.99


Please note, the above cutoffs are exact and no rounding up will occur.



Student Evaluations

Student evaluations of this course play a crucial role in my delivery.


This semester, all
course evaluations will be administered online during the last two wee
ks of the
course.


You will receive an email with a link to the website with directions on how to
access the survey.



It is vitally important that you complete the survey as I use the results
to modify the course and assess my teaching and the University
uses the results to
address technology and facility needs.


You can be assured that your responses will be
confidential as the results will be transmitted to me after the grading period and they will
not include any identifying information.


Course Withdra
wal

Please note that the last day to drop the class is noted in the online Academic Calendar
(http://www.towson.edu/registrar/calendars/). Students dropping on or before this date
will receive a “W” on their official transcript. Withdrawal after that date

will require an
assignment of a letter grade for the course.


Repeated Courses

According to the University policy, all students may repeat any course once. If repeating,
you are advised to speak with your instructor. For a third attempt, the student must

obtain
prior approval from the Academic Standards Committee along with the approval from the
Chair of the Department. If students enroll for a third attempt without permission, they do
so at their own risk.


Conduct of the Course:

You are responsible for all assigned readings, handouts, class presentations, group
discussion, and homework. I strongly recommend you to attempt those problems at the
end of the chapters and those that I assign during the semester. You must read outside

sources, such as
The Wall Street Journal, Business Week, Fortune, Forbes
, and other
business magazines, that help to contribute to the class discussion and understanding of
the lecture. Also, the excitement and desire to keep up with current events in the field is
an important part of the student becoming a professional. If

you miss a class meeting, it
is your responsibility to obtain any notes or assignments from your fellow classmates.
My notes are not available for copying.


Academic Integrity:


Student Academic Integrity Policy
(
https://inside.towson.edu/generalcampus/tupolicies/categorylist.cfm?thecategory=Acade
mic%20Affairs

):



4

“The acquisition, sharing, communication and evaluation of knowledge is at th
e core of a
university’s mission. To realize this part of its mission, a university must be a
community of trust. Because integrity is essential to the purpose of an academic
community, the responsibility for maintaining standards of integrity is shared
by all
members of that academic community.”


The Student Academic Integrity Policy as it pertains to this class
: There is no tolerance
of academic dishonesty in this class. Any violations are sanctioned by the professor.


Students with Disabilities

In ac
cordance with university policy, if you have documented disability and require
accommodations to obtain equal access in this course, please contact the instructor at the
beginning of the semester and when given an assignment for which an accommodation is
r
equired. Students with disabilities must verify their eligibility through the Office of
Disability Support Services (AD232).


Tentative Class Schedule

Notes: Although it is the intention of the instructor to cover all topics presented in the
text, it is l
ikely that the tentative schedule cannot be met due to unexpected events.
However, in order to keep the appropriate progress in the semester, exam dates are
identified and will not be changed under any circumstances.


Week

Chapters

1

8/29/13

Introduction

2

9/3/13

12. Capital Budgeting: Decision
Criteria


9/5/13

13. Capital Budgeting

3

9/10/13



9/12/13


4

9/17/13



9/19/13


5

9/24/13

Excel Quiz1


9/26/13

14. Real options

6

10/1/13



10/3/13


7

10/8/13

15 Capital Structure Decisions


10/10/13


8

10/15/13

Excel Quiz 2


10/17/13

Review

9

10/22/13

Exam1


10/24/13

26. LBO

10

10/29/13



10/31/13


11

11/5/13

17. Payout policy


5


11/7/13


12

11/12/13

21 working capital management


11/14/13


13

11/19/13



11/21/13


14

11/26/13

Excel quiz3


11/28/13

Thanks giving break

15

12/3/13

22. obtaining credit


12/5/13


16

12/10/13

Review



Exam2 (Final):