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COURSE: FIN 3403 – FINANCIAL MANAGEMENTSECTION: U01REFERENCE: 14327TERM: SPRING 2014 DATES: 1/7/2014 - 4/22/2014CLASS: TUESDAY, 2:00PM - 4:45PMLOCATION: CBC 155INSTRUCTOR: JIM KEYSHOME PAGE: http://faculty.fiu.edu/ keysjCONTACT INFORMATIONOffice Phone: (305) 348-3268Finance Department: (305) 348-2680Fax: (305) 348-4245Instructor: Jim KeysOffice: RB 215, MM CampusEmail: keysj@fiu.eduOffice Hours:MondayTuesday11:00AM - Noon11:00AM - Noon5:00PM – 6:00PM5:00PM – 6:00PMPlease do not hesitate to make an appointment ifoffice hours conflict with another class. You arefree to visit my office any time you are on campus.Class attendance is essential.TEXTBOOK AND WILEYPLUS ACCESS (REQUIRED)Fundamentals of Corporate Finance, 2nd EditionRobert Parrino, David S. Kidwell, Thomas BatesHardcover ISBN: 978-0-470-87644-2 October 2011, 2012Class Section URL: /Purchase Options through Direct-To-Student 17657.htmlElectronic Version with WileyPLUS access: 978047091474Binder Ready Version with WileyPLUS access: 9781118252239Purchase Options through FIU Bookstore:Binder Ready Version with WileyPLUS access: 9781118252239Student Companion Sitehttp://bcs.wiley.com/hebcs/Books?action index&itemId 0470876441&bcsId 6984COURSE PREREQUISITESPlease review information about prerequisites for this course: STA 2023 (or equivalent) and ACG 2021 (orequivalent).

COURSE DESCRIPTION AND OBJECTIVESFIN 3403 is the core finance course required of all business majors and it serves as the basis for all other coursesin the area of finance as well as providing the basic tools that every business student will need to be successful intheir chosen career. Emphasis is placed on the underlying principles and practices and how they relate to thedecision-making process faced by a financial manager charged with the objective of shareholder wealthmaximization and value creation. Although the focus is on corporate decision-making, the knowledge and skillsobtained in this course will also aid the student with personal financial and small business decision-making.COURSE LEARNING OUTCOMES Explain the concept of shareholder wealth maximization and how it relates to other possible objectives ofthe firm's management as well as the nature of the agency relationship inherent in the corporate structure.Describe how interest rates are determined and the role played by financial markets and institutions in theglobal financial system.Apply the concepts of compounding and discounting and utilize these tools to calculate the future value andpresent value of lump sums, annuities, and uneven cash flow streams and in addition calculate the value ofother variables such as the interest rate, time period, and periodic payment.Calculate the expected rate of return and risk of an individual investment as well as a portfolio of assets,including concepts and measurements such as standard deviation, correlation, diversification, and theCAPM (Capital Asset Pricing Model).Explain the determinants of intrinsic value and utilize these concepts to determine the value and yields ofbonds and preferred and common stocks.Calculate various measures of project profitability using traditional capital budgeting techniques includingPayback Period (PB), Net Present Value (NPV), Internal Rate of Return (IRR), and Modified Internal Rateof Return (MIRR).Analyze the concept of the cost of capital and how it is affected by the firm’s capital structure and applythese concepts to capital budgeting decision making and dividend policy.Utilize the information included in the income statement and balance sheet, discuss the importance of thecash flow statement and explain the difference between accounting net income for the firm and cash flow;analyze a firm's financial performance using financial ratio analysis.Describe the risk-return trade off involved in working capital management and explain how firms chooseappropriate levels of working capital and sources of short term financing.Identify the goals of financial planning and the tools available to forecast the firm's financing requirements.MAJOR AND CURRICULUM STUDENT LEARNING OUTCOMES TARGETED Apply critical thinking skills to complex business problems including:Identifying and evaluating relevant issues and information;Generating and evaluating possible solutions to problems. Use quantitative analytical skills to:Identify and analyze material factors that are involved in business problems;Determine and apply appropriate problem solving techniques to business problems. Use information technology as a tool to perform essential business tasks.ASSURANCE OF LEARNINGThe College of Business cares about the quality of your education. Please read about the College's commitment toAssurance of Learning.

FINANCIAL CALCULATOR AND TIME VALUE OF MONEY RESOURCESCalculators with financialfunctions:Financial calculator tutorialsand guidebooks:HP 10bII, HP 12c, HP 17bII , TI BA II Plus,TI BA II Plus Professional, TI-83 Plus, TI-84 / keysj/Other Resources.htmHow to choose afinancial ancial calculator recommendationsTime value of money formulasheet:http://faculty.fiu.edu/ keysj/TVM Formulas PKB.pdfTime value of money interesttables:FV FVA PV PVAOnline pp/cfl/Calculators.htmlTEACHING METHODOLOGYThe structure of this class makes your individual study and preparation extremely important. You should read andbe familiar with the material in the assigned chapter and attempt to solve some problems before the lecture. Thelecture will focus on the more difficult aspects of each chapter and on problems and concepts that deal with thematerial. After the class you should review your notes and in the process work additional relevant problems andquestions at the end of the chapter. There are additional resources available in WileyPLUS that many studentswill find helpful.Participation: You are expected to attend all of the lectures for the semester. If you miss any material, it is yourresponsibility to obtain the information from another student. Please do not conduct private conversations whileclass is in session, however, participation in class discussions is expected.Suggested study procedures: Access the Chapter Presentation through the ASSIGNMENTS tab in WileyPLUS. The ChapterPresentation organizes the readings and resources for the selected chapter.Review the Critical Thinking Questions as well as the Self-Study Problems found at the end of eachchapter. Solutions are found in the Chapter Presentation for the selected chapter.Complete the two practice Chapter Quizzes (ungraded) for the chapter found in the Chapter Presentationfor the selected chapter.Take the sample Chapter Test (ungraded) listed under the ASSIGNMENTS tab for the selected chapter.These sample tests contain T/F and multiple choice conceptual questions as well as a limited set ofproblems. Take "Assignment Zero - An Introduction to WileyPLUS" - before attempting any Assignment.Work on the Homework (graded) in the ASSIGNMENTS section of WileyPLUS, and make sure to submityour answers before the due dates listed in the Course Calendar.Utilize the additional resources in WileyPLUS --- Interactive Tutorials/PowerPoints/Videos/Excel files.Participate in class discussions both verbally as well as with Socrative (see below).Track your progress and grades for all assignments (graded and ungraded) under the GRADEBOOK tab ofWileyPLUS.Post your questions in the Discussion Forum in Blackboard and view previously answered questions.Utilize the services of the Student Learning Center in CBC 106A. To learn more, stop by the center andpick up a detailed schedule, call 305-348-1591, send an email to cbaslc@business.fiu.edu, or visithttp://business.fiu.edu/landon/student learning center.cfm.Use Course Mail in Blackboard, my personal email address (keysj@fiu.edu), or visit during office hours tocommunicate privately.Prepare for and take the on-campus Exams as scheduled in the Course Calendar.

WILEYPLUS HOMEWORK CLASS ATTENDANCE / PARTICIPATIONHomework Assignments: A portion of your grade (22.5%) will be based upon homework assignments inWileyPLUS. The assignments are drawn from the problems at the end of each textbook chapter. You will haveunlimited attempts to correctly answer each question prior to the posted due date. Homework problems that areattempted and submitted beyond the due date will receive reduced credit (10% penalty for problems submitted afterthe due date).Class Attendance / Participation: A portion of your grade (10%) will be based upon your class attendance andparticipation. This will be measured in various ways, including the use of Socrative (see below). Therefore, ifpossible, you should have access to a web-enabled device (notebook computer, iPad, smartphone, etc.) duringclass.DISABILITY NOTICEIf you have a disability and need assistance, please contact the Disability Resource Center (University Park: GC190;305-348-3532) (North Campus: WUC139, 305-919-5345). Upon contact, the Disability Resource Center will reviewyour request and contact your professors or other personnel to make arrangements for appropriate modificationand/or assistance.RELIGIOUS HOLIDAYSThe University's policy on religious holidays as stated in the University Catalog and Student Handbook will befollowed in this class. Any student may request to be excused from class to observe a religious holy day of his orher faith.RULES, POLICIES, AND ACADEMIC MISCONDUCTFlorida International University is a community dedicated to generating and imparting knowledge throughexcellent teaching and research, the rigorous and respectful exchange of ideas, and community service. Allstudents should respect the right of others to have an equitable opportunity to learn and honestly to demonstratethe quality of their learning. Therefore, all students are expected to adhere to a standard of academic conduct,which demonstrates respect for themselves, their fellow students, and the educational mission of the University.All students are deemed by the University to understand that if they are found responsible for academicmisconduct, they will be subject to the Academic Misconduct procedures and sanctions, as outlined in the StudentHandbook.It is expected that interactive learning and teaching will enrich the learning experience of all students, and thateach student will work in partnership with the professor to create a positive learning experience for all. Studentengagement is a necessary condition for an effective learning experience, and includes contributions to debateand discussion (if any), positive interaction with others, and an enthusiastic attitude towards inquiry. Everyone isexpected to be a positive contributor to the class learning community, and students are expected to share theresponsibility of teaching each other. By taking this course I promise to adhere to FIU's Student Code ofAcademic Integrity. For details on the policy and procedure click here.Exam Conduct: No computers, cell phones, PDA’s, iPods, or other electronic devices will be permitted to be outor accessible during exams. Be sure that such items are either not brought to class on exam days or are properlysecured in a backpack or purse where you will not have access. The Exams are multiple choice and are notcomprehensive although some material will carry through. There will be three in-class exams given throughout theterm. Students should bring their FIU One Card IDs, #2 pencils, and calculator ("cell phone" calculators are notpermitted). Formula sheet(s) will be attached to the exam. Further instructions will be provided before each exam.Exam Policy: You must take each and every exam at the date and time announced in class. Failure to do so willresult in zero credit for that exam. This includes the final exam. Any deviation from this policy because of illness oremergency must be cleared in advance and supported with the appropriate written documentation. Absolutely no

incomplete grades or make-up examinations will be given if these policies are violated. In cases of medical orcatastrophic emergencies, the student should contact the Registrar's Office to apply for a Late Drop or Refund.COURSE REQUIREMENTS AND ASSESSMENT WEIGHTSCOURSE REQUIREMENTSWEIGHTExam #1 (in-class, see Course Calendar)22.5%Exam #2 (in-class, see Course Calendar)22.5%Exam #3 (in-class, see Course Calendar)22.5%Class Attendance / Participation10%Homework (WileyPLUS)22.5%TOTAL100%GRADING SCALE POLICY90 - 100A77 - 79B-64 - 66D 87 - 89A-74 - 76C 60 - 63D84 - 86B 70 - 73C55 - 59D-80 - 83B67 - 69C-00 - 54FAll grades will posted in the Discussion Forum in Blackboard under your personal code. Calculate your personalcode by going to http://business.fiu.edu/cba/index.cfm and entering your FIU One Card ID number.SOCRATIVEThis is a technology that we will utilize during the lectures to foster interactive learning and to gauge attendanceand participation. Please register (free) for Socrative on the device(s) that you normally bring to class.Socrative is a free cloud-based student response system for enhancingclassroom engagement, assessment and personalization. Socrative runs ontablets, smartphones, and laptops.DeviceDownload / Access ApplicationThe browser-based solutionsupports Internet Explorer,Firefox, and Chrome browsers.http://m.socrative.com/studentCompatible with iPhone, iPodtouch, and iPad. Requires iOS4.3 or kersocrative/id477618130?mt 8For Android devices. RequiresAndroid 2.1 and up.https://play.google.com/store/apps/details?id com.socrative.student&hl en

COURSE CALENDARTopicDue uary 7Syllabus, 1, 2January 143, 4January 214, 5January 285The Time Value of MoneyFebruary 41, 2, 3, 4, 5Exam #1 - 2:00PM 4:45PMFebruary 116Discounted Cash Flows and ValuationMarch 18CFLFebruary 187Risk and ReturnMarch 18CFLFebruary 258Bond Valuation and the Structure of Interest RatesMarch 18CFLMarch 49Stock ValuationMarch 18CFLMarch 11Spring BreakMarch 17Drop DateMarch 186, 7, 8, 9March 2510, 11April 22CFLApril 111, 13April 22CFLApril 814Working Capital ManagementApril 22April 1517Dividends, Stock Repurchases, and Payout PolicyApril 22April 2210, 11, 13, 14, 17Exam #3 - 2:15PM 4:15PMThe Financial Manager and the FirmThe Financial System and the Level of Interest RatesFinancial Statements, Cash Flows, and TaxesAnalyzing Financial StatementsAnalyzing Financial StatementsThe Time Value of MoneyFebruary 4February 4February 4CFLCFLCFLFebruary 4Exam #2 - 2:00PM 4:45PMThe Fundamentals of Capital BudgetingCash Flows and Capital BudgetingCash Flows and Capital BudgetingThe Cost of Capital*Corporate Finance Live, an interactive learning tool, with emphasis on the quantitative areas of Corporate Finance.

#TVM Formula For:Annual Compounding1Future Value of aLump Sum. (FVIFi,n)FVn PV( 1 i )PV Present Value of aLump Sum. (PVIFi,n)2nFV 1 i nCompounded/Payments(m) Times per YearFVn PV 1 i/m (m n)PV orPV FV( 1 i ) ( 1 i )n - 1 FVAn CF i -n 1 - ( 1 i ) PVAn CF i PV FV 1 i/m FV e (i n)PV FV e (-i n) ( 1 i/m )(m n) - 1 FVAn CF i/m (-m n) 1 - 1 i/m PVAn CF i/m Future Value of anAnnuity. (FVIFAi,n)4Present Value of anAnnuity. (PVIFAi,n)5Present Value ofPerpetuity. (PVA )6Effective AnnualRate given the APR.EAR APR i7The length of timerequired for a PV togrow to a FV.n 8The APR requiredfor a PV to grow toa FV.9Present Value ofa Growing Annuity.10Present Value ofa GrowingPerpetuity.11The length of timerequired for aseries of PMT’s togrow to a futureamount (FVAn). (FVA)(i) ln 1 CF n ln (1 i) i FVA m ln i m CF n m ln (1 i/m) 12The length of timerequired for aseries of PMT’s toexhaust a specificpresent amount(PVAn). (PVA)(i) ln 1 CF n ,ln (1 i) (PVA)(i/m) ln 1 CFn ,m ln(1 i/m) for PVA(i) CFfor PVA(i/m) CFCFiPV (i n)or(-m n)3PVA FVn PV e FV 1 i/m (m n)or-nContinuousCompoundingPVA CF[(1 i/m) m 1]mln (FV/PV)ln (1 i ) FV i PV (1/n)-1i EAR 1 - 1 m n ln ( FV/PV)m ln (1 i/m) FV [1/(m n)] i m - 1 PV CF 1 g 1 g PVAn 01 i g 1 i EAR ei - 1n ln (FV/PV)ii ln (FV/PV)nn CF1 1 g 1 i g 1 i CF 1 g CF1PVA 0 i g i g ni APR, the nominal or Annual Percentage Raten the number of periodsm the number of compounding periods per yearEAR the Effective Annual Rateln the natural logarithm, the logarithm to the base ee the base of the natural logarithm 2.71828 (Calculator: 1 ex )CF PMT the periodic payment or cash flowPerpetuity an infinite annuity

Copyright 2014

FINANCIAL CALCULATOR AND TIME VALUE OF MONEY RESOURCES Calculators with financial functions: HP 10bII, HP 12c, HP 17bII , TI BA II Plus, TI BA II Plus Professional, TI-83 Plus, TI-84 Plus

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