FIN 321 003 Syllabus Winter 2019 PDF

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Download FIN 321 003 Syllabus Winter 2019 PDF

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FIN 321 – INVESTMENT SECURITIES AND MARKETS LeBow College of Business Drexel University

Winter 2019

Frank LaMay [email protected] 215

Course description and objective This course provides an introduction to the theory and practice of investment management, with a valuation and markets. Principal topics include investment returns and risk, the drivers of stock va efficiency and its implications for investment strategy, and the functioning of equity market addresses current financial theory, how that theory is applied in practice, and the impact o developments. Course materials  Textbook: Custom text titled Finance 321 LaMay is available in print at the bookstore and as an create.mheducation.com/shop/. (The custom text contains select chapters from Essentials of In th Bodie, Kane, Marcus, McGraw Hill; edition, 10 2017.)  Course website at learn.dcollege.net  Non-programmable financial calculator. Bring your calculator to each class. For exams you will use the calculator but you will also need to show formulas and intermediate calculations to dem understanding of the relevant theory.  Access to/ability to use Excel Course Requirements and Grading Course requirements and their weighting in the course grade are: Class participation 5% Individual assignments 10% Group stock valuation project 15% Mid-term exam 30% or 40% Final exam (cumulative) 30% or 40% 100% (For the mid-term and final exams, the weighting will be 40% on the higher of the two scores the lower score. If needed, grades will be curved to achieve an appropriate distribution.)  Class participation: Active participation in class discussion is essential for a good learn expect you to attend class, to be on time, and to participate in discussions, ask questio questions. In support of full participation by all, phones and laptops are not to be used during class.  Assigned Problems and Questions: Problems and questions will be assigned for you to do on yo make sure you understand the course material and to help prepare for the exams; assignments at the course website (in the Problems and Questions folder). The problems are for you to use a tool; they don’t have to be turned in and aren’t part of the course grade. However, solving and the problems is essential to understanding the material we discuss, and I will be glad to discuss you have about them.  Individual assignments: There will be two brief individual assignments to be handed in. They w practical aspects of topics covered in the course.

 Group stock valuation project: Working in small groups, you will pick a publicly traded research the company and its industry. Based on your research, you will (1) estimate the compa (2) do a fundamental and relative valuation of the company’s stock price. The report for the pro due March 11.  Exams: The midterm and final exams will include multiple choice questions, brief free-answer q problems. The exams will be closed book; formula sheets will be provided for the exams. You w have your calculator for the exams. The exams will cover the assigned reading as we discussed in class. Expectations / How to Succeed in this Course The keys to succeeding in this course are:  Do the assigned reading in advance of each class. Determine what you don’t understand in the sure we cover that in class.  Keep up with the assigned problems and questions. This will ensure that you understand the co and will help you be prepared for the exams.  Read the financial press (Wall Street Journal or Financial Times) and come to class prep current market developments.  Check the course website at learn.dcollege.net regularly for course updates and information. Communication / Office Hours If you have questions, need help figuring something out or would like to discuss course-related mat contact me. I am happy to hear from you and will respond as quickly as I can. I also welcome inpu the course at any time. The easiest way to reach me is email ([email protected] or lamay@drexel My regular office hours for this course will be on Wednesdays after class; we can schedule other tim phone meetings. “Official” communications (e.g., about an absence) must be by email. Attendance If you need to miss a class due to an emergency, you should notify me in advance. If you have a m similar emergency on the date of the midterm, you must notify me in advance and provid documentation (e.g., doctor’s note); if you do this and your absence is excused, the final exam will 70% of your course grade. Otherwise, an unexcused midterm exam absence earns a grade of 0 for (There is no midterm makeup.) You must be available to take the final exam at the scheduled time final exam period, which extends through Saturday, March 23. If you have a medical or other Unive emergency on the date of the final, you will take a makeup exam in the second week of the spring Schedule The course schedule showing topics and assigned readings by date is on the next page. We may a schedule during the term; changes will be announced in class and posted at the course website in University Academic Policies Code of conduct: https://drexel.edu/studentlife/community_standards/code-of-conduct/ Academic integrity: http://drexel.edu/provost/policies/academic_dishonesty/ Students with disabilities http://drexel.edu/oed/disabilityResources/instructors-supervisors/Syllabus Drop/add: https://drexel.edu/provost/policies/course-add-drop/ Withdraw: https://drexel.edu/provost/policies/course-withdrawal/

COURSE SCHEDULE Date

Topic

Reading

PART I: INVESTMENT RETURNS 1/7

Introduction

Sections 1.1 through 1.6 (1.7 is optio

1/9

Investment returns and risk I

5.1 through 5.5

1/14

Investment returns and risk II: Portfolio risk

6.1 through 6.4

1/16

Investment returns and risk II: Portfolio risk (continued)

6.1 through 6.4

1/21

UNIVERSITY HOLIDAY

1/23

Investment returns and risk III: CAPM

7.1 through 7.3

PART II: EQUITY VALUATION 1/28

Equity valuation I

13.1 through 13.3

1/30

Equity valuation II

13.4

2/4

Macroeconomic and industry analysis

Chapter 12

2/6

Equity valuation III

13.5 through 13.6

2/11

MIDTERM

2/13

Equity valuation III (continued)

13.5 through 13.6

2/18

Equity valuation exercise

Handouts

2/20

Market efficiency

8.1 through 8.3; 9.1 (8.4 is optional)

2/25

Financial statement analysis

Review 14.1; read 14.2, 14.3 and 14

PART III: SECURITIES MARKETS 2/27

Securities markets and trading

3.1 through 3.5, 2.4

3/4

Securities markets and trading

3.6 through 3.10

3/6

Investment companies

Chapter 4

3/11

Investment companies

Chapter 4

3/13

REVIEW

TBD

FINAL EXAM (will be scheduled by the Registrar in exam week)...