GSBA 548-CorporateFinance Spring 2015 Section: 15840R
Section: 15840RGSBA 548-CorporateFinanceSpring 2015Time: Th 6:00-9:40pmProfessor: Dr. Sena DurgunerOffice Location: OCC Office number 113E-mail: durguner@marshall.usc.eduOffice Hours: Thursdays from 4:00 pm to 6:00 pmCOURSE DESCRIPTIONGSBA 548 is a fundamentals course in finance. Finance is a way of thinking about economicproblems that involve uncertainty over time. This course is designed to provide an introductoryframework for understanding how financiers think, how they break down components of a financialproblem, and how they make decisions as investors and corporations in the financial market. By theend of the semester, you should be familiar with financial vocabulary, understand aspects offinancial theory, develop skills in financial computation, and appreciate the underlying financialmindset as well as incentives involved when solving problems of finance. You will learn principlesrelated to time value of money, operation of financial markets, stock and bond valuations,assessments of the risk of investments, capital budgeting decision, cost of capital for firms andindividual projects, and effects of debt and dividend policy on firm value.COURSE LEARNING OBJECTIVESThrough lecture, group project analysis, worked samples, and by learning to apply appropriatemathematical and financial formulas and functions, you will be able to:1. Understand basic types, goals, and implications of financial management and the role of thefinancial decision maker.2. Interpret financial statements and how they influence long-term planning and growth.3. Understand the meaning of time value of money and how to evaluate the trade-off betweendollars today and dollars sometime in the future.4. Understand interest rates, bonds, and stocks; and realize how interest rates impact bonds andstocks.5. Determine the cost of capital, and understand and apply the concepts of the weighted cost ofcapital (WACC).6. Understand the different criteria used to evaluate proposed investments (e.g., net present value(NPV), IRR, MIRR, payback period, and discounted payback period).7. Understand how firms decide to commit capital and its impact on cash flow (discounted cashflow).1
8. Recognize and understand the elements of optimal capital structure, the effects of financialleverage, bankruptcy, and the role of taxes.REQUIRED TEXTBOOKS AND MATERIALS1) Corporate Finance, Tenth Edition by Ross, Westerfield and Jordan. ISBN number: 978-0-07803477-0.2) Calculator with financial functions. I will teach from the Texas Instruments BA II Plus. You canuse other calculators that have the same functionality such as the BA II Plus Professional, theHewlett Packard 17bII , and Hewlett Packard 10bII. Many graphical calculators, such as the TI-83,have built-in financial functions. However, it is the student’s responsibility to learn the functions oftheir particular calculators. You should bring your calculator to all classes and exams. You will beextremely disadvantaged if you do not have your calculator during exams. During exams you willnot be allowed to use cellphone calculators, computers, or any other device that can communicate toother devices, so learning how to use the financial calculator is essential for success in the class.3) I will post slides, non-graded assignments, practice questions, and group project on Blackboard.All related announcements will also be posted on Blackboard.Supplemental Reading: Students are encouraged to read Wall Street Journal (please seewww.wsj.com/class for student subscription).GRADING POLICYGrades will be assigned according to the following weights:Un-announced QuizzesProject-CAPM/Capital Budgeting ProjectMidterm ExamFinal Exam15%10%35 %40 %Tentative Deadlines:Midterm Exam: April 9th, 2015 Thursday from 8:40 pm to 9:40 pmGroup Project: May 10th, 2015 Sunday by 10 pmFinal Exam: May 14th, 2015 Thursday from 6pm to 8pmIn rare occasions, the date of the midterm exam might need to be changed. In that case, I will notifystudents through Blackboard as soon as possible. It is your responsibility to check theannouncements on Blackboard.Un-announced Quizzes: The quizzes will test you either on the new topic that we will coverthat day and/or the topic we covered in the previous class. There will not be any make-up quizzesfor the missed un-announced quizzes. Any missed un-announced quiz will receive a zero. One ofyour lowest quiz score will be dropped from your final grade computation. The average of yourquizzes (after dropping the lowest quiz score) will enter into your final grade computation and willbe 15% of your final grade.Group Project Assignment: The project will be posted on the Blackboard course website andsubmitted as a group. These projects must be submitted to Blackboard as an excel file. Each groupwill compose of 6 group members (please use the teams assigned by the graduate program). The2
project is due by 10 pm on the date indicated on the Course Schedule below. In addition toelectronic submission of the “Group Project” by 10 pm on the project due date, the “Group ProjectPoint Allocation Contract” should be submitted as a hard copy with signatures to the instructor atthe beginning of the final exam. The “Group Project Point Allocation Contract” will distribute thescore of the project proportionately to each group member, (subject to a 10% cap) as groupmembers direct. All members to the group must agree to the allocation, and if they do not, instructorwill determine the allocation based on the majority of the team.Group Project: CAPM/ Capital Budgeting Project (25 points*4 100 points)Late project received before the graded assignments are returned will lose 20% per day late.No assignment will be accepted after the graded assignments are returned.Unprofessional work submitted as a group project will be deducted 10% of the project grade.These projects will give you practice with the types of calculations and concepts that are importantto a proper understanding of the material of the course. Also, these projects will help you to practiceusing Excel to make financial calculations and to solve financial problems. These skills are highlyvalued in the business world.Midterm Exam: You will have 1 midterm exam. Midterm exam will be worth 35% of your finalgrade. The chapters that you will be responsible for midterm exam are provided at the end of thesyllabus under “Tentative Course Schedule”.Final Exam: Final exam will be cumulative and covers all the chapters. The topics that are notcovered in midterm exam will represent 60% of the final exam and the remainder 40% will befrom the previous chapters that you have been tested on during midterm exam. Final examwill be worth 40% of your final grade.All un-announced quizzes, midterm and final exams will be closed book and notes.You will be provided with a formula sheet for midterm exam and final exam but not for the unannounced quizzes. I will post a sample formula sheet on Blackboard so that you can know whichformulas are going to be included. However, if a formula is not provided in the formula sheetbut we covered in class, then you need to know the formula by memory. So, it is best to look atthis formula sheet before the midterm and final exams so that you know which formulas you need toknow by memory.University policy requires the final exam to be given at the time indicated by the University’s finalexam schedule. Instructors do not have discretion to grant exceptions to this policy. No student isallowed to take the final exam earlier or to skip the final exam.There will be no make-up tests, no matter what the excuse is. By enrolling in the course you arecommitting to take the tests on the scheduled dates. If you miss the midterm exam, it receives anautomatic zero.If you miss the midterm exam for an approved reason, the weight of the final exam is increased tocompensate for the missed midterm. Approval for a missed midterm will be rare, and only with3
appropriate written documentation from an authoritative source indicating why the student wasunable to appear for the midterm. A doctor’s certification addressed to the professor warranting theabsence of the student from an exam will be required. If you have to miss a test for religiousreasons, a formal request for weight adjustment for the missed exam should be made at least twoweeks before the missed exam and the school will need to verify the validity of your request.I do not assign letter grades to individual exams, quizzes, or group project. For each exam, quiz andgroup project, you will receive a score from zero to 100 points. At the end of the semester, I willcompute your weighted average semester score (also from zero to 100 points) as follows.Semester Score 0.15*Average of Un-announced quizzes (with lowest quiz scoredropped) 0.10*Group Project 0.35* Midterm Exam Score 0.40*Final Exam Score.Cutoff points for letter grades will be assigned according to the overall course performance. Yourfinal grade will reflect my best judgment of your course performance, as indicated by yourperformance on the exams, quizzes, and group project, and your ranking among all students in thecourse. Your rankings in the course will be determined based on the weighted score you received atthe end of the semester. I will attempt to follow the School’s recommended mean GPA target: 3.3(B ). There will be no hard target for the distribution of grades.In marginal situations, if you are in between cutoffs, my opinion will matter. In determining myopinion, I will consider your work ethics, your professionalism in class, and how well prepared youcome to class and how satisfactorily you answer cold-calls (please refer to section on“Recommended Preparations and Expectations” to learn more about how you can better prepare fora class). Some examples of good work ethics are hard work, motivation, persistence, anddetermination. Some examples of professionalism in class are arriving to class on time and notleaving the class early, being attentive and participative, turning off cell phones/laptops/any otherelectronic devices before the class starts, and not engaging in any type of private/side conversationsin class.CLASSROOM POLICIES TO FOLLOWIn order to create a conducive learning environment for all students, students are expected to followthe below rules.1) Turn off your cellular phones before entering the classroom and put them in your bag-packs.2) No laptops or tablets or any other electronic devices are allowed in class. Past feedbacks fromstudents brought out the concern that this causes a distraction for them.3) No student can arrive late to class or leave the class in the middle. If you are going to be late or ifyou need to leave classroom early, please let me know in advance and the reason.4) Private/Side conversations among students (no matter what the purpose is) during class time is notallowed.RECOMMENDED PREPARATIONS AND EXPECTATIONSAn active and productive classroom is essential for the success of this course. Cultivating andmaintaining such an environment is the responsibility of the instructor and the students. Thisresponsibility imposes several obligations on all of you. First, it is very important that you prepareyourself for each and every session. Therefore, we will have un-announced quizzes and these4
quizzes can be both from new topics that we will cover that day and/or topics that we havecovered in the previous class. It is important that you expend sufficient effort to come prepared tothe class. To be more specific, prior to every session, you should read the chapter and thepower point slides before we cover in the class (see the last page of this syllabus under CourseSchedule for a detailed schedule of the chapters that we will cover in each week) and also do thenon-graded assignments that are posted on Blackboard.Further, this finance course is cumulative, so a misunderstanding of some earlier argument cancreate an even deeper misunderstanding at some later stage. It is important that you review yournotes after each class and attempt to recreate the same arguments on your own. Keep currentwith your understanding of the material by reviewing your lecture notes soon after each class. Inaddition to non-graded assignments, I will post additional practice questions on Blackboard. Myexpectation is that you do these additional practice questions and re-do the non-gradedassignments immediately after we cover the related chapter.These materials are very important part of our class – students who carefully and on regular basisstudy these additional materials obtain significantly better grades on the exams. If you pile up thesematerials until a week before the exam, you will not be successful in this class. Since the lecturesand the resources will not be limited with the book and I will place a great emphasis on what wecover during class and the materials posted on Blackboard, it is extremely important that you goover all the materials posted on Blackboard.I will not be handing out any of the class materials (power point slides, non-graded assignments,extra practice questions, and the group project assignment) in class. All these will be availablethrough Blackboard. You are responsible for timely download of the materials. I will also useBlackboard to make class announcements. You will receive an email notification each time anannouncement is posted. It is your responsibility to regularly check the announcements and uploadson Blackboard.Also, the slides posted on Blackboard are not a complete record of what I say or do in class, socoming prepared to class, attending lectures, and taking notes are advised to successfully completethe course. If you miss a lecture, the solutions to the power point slides will not be available inBlackboard. You will need to ask for a friend’s note or you can confirm with me your answer onlyif you bring me your own solutions.The class period will typically be taken up by lecture and questions addressed to students (coldcalls), but questions from students are also encouraged. However, if I feel that a question leads ustoo far afield and would be discussed outside of class, I will say so.You may also ask me your questions over the email. However, in your emails, you need to write mespecifically the question and also your thought process and then I will lead you where you are doingthe mistake. I will try to respond those emails within 24 hours. Most times if it is not feasible togive a comprehensive answer to questions sent to me by e-mail, I will ask you to come to my officehours.5
MARSHALL GUIDELINESGRADE APPEALSRegrades must be requested within one week of the day the exam was returned to the class. Thestudent must submit a written and precise explanation of why he/she thinks the grade should bemodified. The entire exam will be regraded and the final mark may go up or down.Returned paperwork, unclaimed by a student, will be discarded after 4 weeks and hence, will not beavailable should a grade appeal be pursued by a student following receipt of his/her course grade.TECHNOLOGY POLICYVideotaping faculty lectures is not permitted due to copyright infringement regulations.Audiotaping may be permitted but please ask for my permission. Use of any recorded or distributedmaterial is reserved exclusively for the USC students registered in this class.ACADEMIC CONDUCTPlagiarism – presenting someone else’s ideas as your own, either verbatim or recast in your ownwords – is a serious academic offense with serious consequences. Please familiarize yourself withthe discussion of plagiarism in SCampus in Section 11, Behavior Violating University ns. Other forms of academic dishonesty are equally unacceptable. See additionalinformation in SCampus and university policies on scientific duct.Discrimination, sexual assault, and harassment are not tolerated by the university. You areencouraged to report any incidents to the Office of Equity and Diversity http://equity.usc.edu or tothe Department of Public Safety c-safety/onlineforms/contact-us. This is important for the safety of the whole USC community. Another memberof the university community – such as a friend, classmate, advisor, or faculty member – can helpinitiate the report, or can initiate the report on behalf of another person. The Center for Women andMen http://www.usc.edu/student-affairs/cwm/ provides 24/7 confidential support, and the sexualassault resource center webpage http://sarc.usc.edu describes reporting options and other resources.STATEMENT ON ACADEMIC INTEGRITYUSC seeks to maintain an optimal learning environment. General principles of academic honestyinclude the concept of respect for the intellectual property of others, the expectation that individualwork will be submitted unless otherwise allowed by an instructor, and the obligations both toprotect one’s own academic work from misuse by others as well as to avoid using another’s work asone’s own. All students are expected to understand and abide by these principles. SCampus, theStudent Guidebook, (www.usc.edu/scampus or http://scampus.usc.edu) contains the UniversityStudent Conduct Code (see University Governance, Section 11.00), while the recommendedsanctions are located in Appendix A.Students will be referred to the Office of Student Judicial Affairs and Community Standards forfurther review, should there be any suspicion of academic dishonesty. The Review process can befound at: http://www.usc.edu/student-affairs/SJACS/ . Failure to adhere to the academic conductstandards set forth by these guidelines and our programs will not be tolerated by the USC Marshallcommunity and can lead to dismissal.6
STATEMENT FOR STUDENTS WITH DISABILITIESAny student requesting academic accommodations based on a disability is required to register withDisability Services and Programs (DSP) each semester. A letter of verification for approvedaccommodations can be obtained from DSP. Please be sure the letter is delivered to me as early inthe semester as possible. DSP is located in STU 301 and is open 8:30 a.m.–5:00 p.m., Mondaythrough Friday. The phone number for DSP is (213) 740-0776. For more information visitwww.usc.edu/disability .Students requesting test-related accommodations will need to share and discuss their DSPrecommended accommodation letter/s with their faculty at least three weeks before the date theaccommodations will be needed. Additional time may be needed for final exams. Please note that areasonable period of time is still required for DSP to review documentation and to make adetermination whether a requested accommodation will be appropriate.SUPPORT SYSTEMSStudents whose primary language is not English should check with the American Language Institutehttp://dornsife.usc.edu/ali, which sponsors courses and workshops specifically for internationalgraduate students. The Office of Disability Services and Programs www.usc.edu/disability providescertification for students with disabilities and helps arrange the relevant accommodations. If anofficially declared emergency makes travel to campus infeasible, USC Emergency Informationhttp://emergency.usc.edu will provide safety and other updates, including ways in which instructionwill be continued by means of blackboard, teleconferencing, and other technology.EMERGENCY PREPAREDNESS/COURSE CONTINUITYIn case of a declared emergency if travel to campus is not feasible, USC executive leadership willannounce an electronic way for instructors to teach students in their residence halls or homes usinga combination of Blackboard, teleconferencing, and other technologies.Please activate your course in Blackboard with access to the course syllabus. Whether or not youuse Blackboard regularly, these preparations will be crucial in an emergency. USC's Blackboardlearning management system and support information is available at blackboard.usc.edu.TENTATIVE COURSE SCHEDULEThis is our tentative schedule. When necessary, changes will be announced on Blackboard.1Feb 26 ThursdayIntroduction to Course PoliciesChp 1: Introduction to Corporate FinanceChp 4 DFC Approach2March 5 ThursdayChp 4: DFC ApproachChp 2: Financial Statements and Cash FlowChp 3: Financial Statement Analysis and Financial ModelsFinancial MarketsChp 14 Sections 14.2 and 14.3 (Market Efficiency)7
3March 12 ThursdayChp 8: Interest Rates (Sections 8.4 & 8.5)Chp 15 Sections 15.2 and 15.3: Long Term Financing: An IntroductionChp 8: Bond Valuation4April 2 ThursdayChp 8: Bond ValuationChp 10 Section 10.5 (Risk Statistics)Chp 11 (Return & Risk: CAPM)Chp 15 Section 15.1: Long term Financing: An IntroductionChp 9: Stock Valuation5April 9 ThursdayChp 9: Stock ValuationChp 10 Sect 10.1 through 10.4: Risk & Return: Lessons from Mark. HistoryChp 13: Risk, Cost of Capital, and ValuationMIDTERM EXAM (60 MIN)(chapters 1, 2, 3, 4, 8, 10.5, 11, 14.2, 14.3, 15.2, 15.3, and Fin Mkts)6April 16 ThursdayChp 13: Risk, Cost of Capital, and ValuationChp 5: Net Present Value and Other Investment Rules7April 30 ThursdayChp 5: Net Present Value and Other Investment RulesChp 6: Making Capital Investment DecisionsSPEAKER (Chp 20: Raising Capital)8May 7 ThursdayChp 6: Making Capital Investment DecisionsChp 16: Capital Structure: Basic ConceptsChp 17: Capital Structure: Limits to the Use of DebtMay 10 SundayPROJECT DUE ON BLACKBOARD BY 10 PMMay 14 ThursdayFinal Exam (120 MIN) (Cumulative)9Final Exam is cumulative and covers all the chapters we did in class. 40% of finalexam covers topics from midterm exam and the remaining 60% covers topics that youare not tested on in midterm exam.8
(NPV), IRR, MIRR, payback period, and discounted payback period). 7. Understand how firms decide to commit capital and its impact on cash flow (discounted cash flow). 2 8. Recognize and understand the elements of optimal capital structure, the effects of financial . I will teach from the Texas Instr
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