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Seidman develops business talent that contributes to the economic growth of West Michigan and the Great Lakes region. Through the exchange and application of knowledge with a global perspective, our students learn to make informed decisions, act ethically, and take initiative. Our distinctiveness is grounded in strong community collaborations, applied scholarly contributions, innovative approaches to learning, and a supportive environment.

FIN 320 Managerial Finance Winter 2018 Class: Professor: Office Phone: Office Hours: Office Number: email:

Section 03: TR 10:00 – 11:15AM, SCB2023 Section 04: TR 11:30AM – 12:45PM, SCB2023 Dr. Sue Edwards 616-331-7434 TR: 1:00 – 2:30PM and by appointment SCB3145 [email protected]

Required Materials: Ross, Westerfield, and Jordan. Essentials of Corporate Finance – 9th ed. with Connect, Irwin – McGraw Hill Publishers. Financial Calculator: Texas Instrument BAII-Plus (Basic or Professional version), TI-83, TI-83 Plus, OR TI84 Plus Prerequisites: ACCT 212, Principles of Financial Accounting; MTH 110, Algebra Course Description: This course presents the financial policies and practices that lead to the maximization of the value of the firm. Major topics include financial statement analysis, time value of money, asset valuation, sources and costs of financing, capital budgeting analysis, and risk and return. After successful completion of the course, students will be able to… 1. Analyze a company’s financial performance using its financial statements and a ratio analysis. 2. Compute the value of a single cash flow or series of cash flows at any point of time. 3. Estimate the intrinsic value of bonds, preferred stock, and common stock. 4. Estimate the cost of capital of a corporation. 5. Evaluate the feasibility of a capital budgeting proposal using NPV, IRR, Payback, and the Profitability Index. 6. Assess the return and risk of a single asset and a portfolio of assets.

Grading: Homework/Real World Projects: (20% of final grade) Homework will be assigned for each chapter covered during the semester. All homework assignments will be completed using Connect and will be available for completion until the specified Monday at 11:59PM (see Blackboard – Weekly Assignment Calendar). Please see the detailed instructions provided above the Connect assignments in the “Connect Assignments” link in the Blackboard course menu. Solutions will be posted online 12 hours after the due date. Projects which apply the chapter content to real world situations will be assigned during the semester. Projects will be completed in-class, unless time constraints do not allow for completion. In these situations projects will be submitted as a Blackboard assignment and will be due on the following Monday at 11:59PM (see Blackboard – Weekly Assignment Calendar). No make-up projects will be allowed without my prior approval. Late Connect assignments will not be accepted. Late in-class project submissions will only be accepted for students attending a required GVSU sponsored event or for a medical emergency documented with a doctor’s excuse. I will drop your lowest grade (homework or in-class project) in the calculation of your final grade. Company Project: (15% of final grade  10% individual analysis, 5% group written report) You will evaluate a real world firm, applying financial concepts learned during the semester. Parts of this assignment will be due at different points during the semester. When your individual analysis is complete, you will partner with one or more students in the class to compare firms and provide a recommended investment strategy. All elements, including the final report, will be submitted through Blackboard (due dates will be noted on the Blackboard – Weekly Assignment Calendar). You will also be required to complete an online evaluation of the other group member(s) to receive a grade for this assignment. Exams: (15% per exam x 3 exams = 45% of final grade) Three closed book, closed note exams, not including the final exam, will be given during the semester as noted on the Course Calendar and the Blackboard – Weekly Assignment Calendar. A common formula sheet (available for review on Blackboard) will be provided. No make-up exams will be given without my prior approval or a grade of zero will be assigned for that exam. Details on each exam’s format will be provided in the week prior to the exam. Final Exam (20% of final grade) A cumulative final exam (closed book, closed note) will be given during finals week as noted on the Course Calendar and the Blackboard – Weekly Assignment Calendar. Details on the final exam format and content will be provided two weeks prior to the final exam. Computation of the Final Grade: Do not use the total points information in Blackboard. Scores in Blackboard will be converted to percentages before my calculation of final grades. I will post an Excel workbook online to aid in the estimation of your final grade. Final grades will be determined using the following formula.

Student grade =

(.20)(average homework/real world projects % grade) + (.15)(company project % grade) + (.15)(Exam 1 % grade) + (.15)(Exam 2 % grade) + (.15)(Exam 3 % grade) + (.20)(Final Exam % grade)

The final letter grades will be assigned according to the following table: A 93.0-100% C+ 77.0-79.9% A90.0-92.9% C 73.0-76.9% B+ 87.0-89.9% C70.0-72.9% B 83.0-86.9% D+ 67.0-69.9% B80.0-82.9% D 60.0-66.9% F Less than 60% No extra credit will be offered. A curve is left to the discretion of the professor.

Seidman/GVSU Policies: STUDENTS WITH DISABILITIES: If there is any student in this class who has special needs because of learning, physical or other disability, please contact me and Disability Support Resources (DSR) at 616331-2490. Furthermore, if you have a disability and think you will need assistance evacuating this classroom and/or building in an emergency situation, please make me aware so the University can develop a plan to assist you. WITHDRAWAL POLICY: A student may withdraw from a course and receive a grade of W when the completed “Registration and Drop-Add Form” is presented to the Registrar by the end of the ninth week. (After the first week of the current semester, students may not use the online system to withdraw). Students who do not withdraw before the deadline must accept a grade other than W depending on the instructor’s judgment of their performance in the course(s) and any mitigating circumstances. INCOMPLETE POLICY: The grade of I, Incomplete, indicates that a student was doing satisfactory work, but due to non-academic reasons beyond the student’s control, the student was unable to complete the remaining requirements of the course. A student cannot graduate with an Incomplete on their record. The grade of Incomplete is only appropriate when all of the following conditions are met: (a) the student is doing satisfactory work in the course and the unfinished requirements can be clearly delineated, (b) the unfinished requirements constitute a relatively small part of the course, and the Incomplete is requested in the last 20% of the semester, (c) the student has justifiable reason(s) why the work cannot be completed by the end of the semester. STUDENT CODE OF HONOR: The principles of truth and honesty are recognized as fundamental to a community of teachers and scholars. As such, the Seidman College of Business expects both faculty and students to honor these principles and, in so doing, to forge a lifelong commitment to ethical behavior.

ACADEMIC HONESTY: The Student Code Section 4 with respect to academic honesty will be strictly enforced up to and including failure for the course and judicial action for dismissal from the University. TUTORING: The Seidman College of Business is committed to assisting students in achieving their personal and academic goals by encouraging student development and academic success. Tutoring information for Seidman classes as well as the Tutoring Center at the Student Academic Success Center is available at https://www.gvsu.edu/seidman/tutoring and clicking on the Tutoring button.

Winter 2018 Academic Calendar Registration Drop and Add

March 20-January 12

Payment Deadline

December 15 by 5:00 pm

Classes Begin

January 8

Last Day to Add, Register, or Pay

January 12 by 5:00 pm

100% Tuition Refund Deadline

January 12 by 5:00 pm

Martin Luther King, Jr. Day Recess

January 15

75% Tuition Refund Deadline

February 2

Mid-term Evaluations

February 19-23

Mid-term Grades Due from Faculty

February 27 by 12:00 pm (noon)

Mid-term Grades Available to Students

March 1

Spring Break

March 4-11

Drop with a "W" Grade Deadline

March 9

Classes End

April 21

Examinations and Semester Ends

April 23-28

Commencement

April 27-28

Grades Due from Faculty

May 1 by 12:00 pm (noon)

Grades Available to Students

May 3

Tuition refunds are based on the difference between the amount paid and the amount due for credits remaining after courses are dropped. The block tuition rate may result in a smaller or no refund being available for dropping a course. / The posted refund deadlines apply to courses that meet for the specified amount of time. Classes that meet for a portion of the semester have different refund deadlines. Please contact the Registrar's Office for more information.

TENTATIVE Course Calendar – Winter 2018 FIN 320 – Managerial Finance

Week of:

Content to be Covered in Class:

Jan 9/11

Chapter 1 – Introduction to Financial Management (review outside of class) Chapter 2 – Financial Statements, Taxes, and Cash Flows

Jan 16/18

Chapter 2 – Financial Statements, Taxes, and Cash Flows Chapter 3 – Working with Financial Statements

Jan 23/25

Chapter 3 – Working with Financial Statements

Jan 30/Feb 1 Chapter 4 – Introduction to Valuation: The Time Value of Money EXAM 1 (Ch. 1,2,3) – Thursday, Feb 1 Feb 6/8

Chapter 4 – Introduction to Valuation: The Time Value of Money Chapter 5 – Discounted Cash Flow Valuations

Feb 13/15

Chapter 5 – Discounted Cash Flow Valuations

Feb 20/22

Chapter 6 – Interest Rates and Bond Valuation

Feb 27/Mar 1 Chapter 7 – Equity Markets and Stock Valuation EXAM 2 (Ch. 4,5,6) – Thursday, Mar 1 Mar 6/8

SPRING BREAK – No required assignments

Mar 13/15

Chapter 7 – Equity Markets and Stock Valuation Chapter 8 – Net Present Value and Other Investment Criteria

Mar 20/22

Chapter 8 – Net Present Value and Other Investment Criteria

Mar 27/29

Chapter 10 – Some Lessons from Capital Market History

Apr 3/5

Chapter 11 – Risk and Return EXAM 3 (Ch. 7,8,10) – Thursday, Apr 19

Apr 10/12

Chapter 11 – Risk and Return

Apr 17/19

Chapter 12 – Cost of Capital

Finals Week

Section 03 (TR 10AM Class): Final Exam – Wednesday, April 25, 8:00 - 9:50AM Section 04 (TR 11:30AM Class): Final Exam – Wednesday, April 25, 12:00 - 1:50PM...