CATAWBA COLLEGE FIN 2535—MANAGERIAL FINANCE SPRING 2015 BLOCK 3 I: General Information Day, Time, & Location: Instructor: Contact Information: Office Hours: March 12 – April 9, 2015 Jeffrey J. Bowe, MBA, Doctoral Candidate 704-202-1720; [email protected] Call, text, or email for appointments in person, by telephone, Skype, or WebEx. Live WebEx office hours will be posted in Blackboard under Announcements. Course Code: http://connect.mheducation.com/class/j-bowe-block-3-salisbury-campus II: Course Description & Rationale A study of financial management for business firms to include financing and investing decisions. Prerequisite: ACC 1901. III. Required Textbook and Other Materials Block, Hirt, & Danielson. (2014). Foundations of financial management 15E. New York, NY: McGraw-Hill. Access to McGraw-Hill’s online homework management system, "Connect Plus" (not “Connect”), is required. Connect Plus includes a copy of the e-book. Be sure you have purchased access to Connect Plus (not "Connect") as only Connect Plus includes the e-book. There are THREE ways to acquire course resources including Connect Plus: 1. Purchase the ConnectPlus access code from the Catawba College bookstore. 2. Purchase the ConnectPlus access code online directly from the publisher. If you purchase directly from the publisher, you can upgrade to a black and white loose leaf version of the text for around $40. This is not required but may be helpful if you feel a hard copy fits your study preferences or that access to this book may be helpful for Strategic Management (and as an instructor of that course, access to finance texts during that course will be very helpful. 3. Purchase a color loose leaf book and ConnectPlus access code from the Catawba College bookstore. FIN 2535 Managerial Finance Spring 2015 Block 3 Page 1 IV: Course Overview and Learning Outcomes Students will: 1. Analyze a firm’s performance and financial position using financial statements with a focus on trending and benchmarking. 2. Forecast a firm’s future financial performance. 3. Use the time value of money techniques to make business decisions related to the timing of future cash flows. 4. Demonstrate an understanding of working capital management, sources and costs of financing, risks and return, and market capitalization. 5. Value financial assets. 6. Estimate a firm’s cost of capital. 7. Analyze potential investment (capital budgeting) opportunities. 8. Analyze trends in the movement of a firm’s stock price based on financial research. Learning outcomes will be assessed as follows: Assessement method Pre-test / Post-test Quizzes and Examinations Discussion Postings Homework Assignments (inlcuding Writing) Outcome 1, 2, 3, 4, 5, 6, 7, 8 1, 2, 3, 4, 5, 6, 7, 8 1, 2, 3, 4, 5, 6, 7, 8 1, 2, 3, 4, 5, 6, 7, 8 Rubrics are in this syllabus for homework assignments classified as writing intensive. V: Course Delivery, Assignments, and Assessment The course will consist of in-class exercise (CL), discussion postings (DP), homework assignments (HA), quizzes (QU), a mid-term examination (ME), and a cumulative final examination (FE). Homework assignments will include several assignments classified as “writing intensive”. Each workshop includes material covered in the text. Assignments may include additional materials made available to the student. In-Class Exercises (CL) This component will include involvement in class discussions as well as completing assignments and projects during class periods. Some of these projects and assignments will be individual and others will be completed in groups formed randomly by the instructor. Discussion Postings (DP) Discussion posting are due by the date and time as published in the Course Schedule and Blackboard. Online discussion points are earned based on your written response as upper level students. Some discussion posts will requires source citations other than FIN 2535 Managerial Finance Spring 2015 Block 3 Page 2 your text as noted in the Blackboard instructions. Each citation must be properly referenced, following proper APA style. Wikipedia or any source that does not offer identification and qualification of its authors is not allowed. Slideshares and any student paper below the doctoral course level are not acceptable. Any source that sells or in any format or manner distributes completed research papers is strictly forbidden as a source and can lead to an automatic recording of 0 points for that assignment. The following rubric provides additional details on grading of Online Discussions and the points for each assignment will be posted in Blackboard. ONLINE DISCUSSION RUBRIC Requirements Writer addressed all objectives and questions of the assignment. Writer stayed focused on the topic, and shows clear evidence of thorough research. At least three additional credible sources are used in the discussion. Critical Thinking Writer uses critical thinking and analytical skills based on research. The research and analysis is consistent in supporting the comments and answers. Writer addresses assignment using insights and new applications. Appropriate terminology and vocabulary is used in presenting and analysis. Writer interprets how new knowledge is useful to his/her learning. Mechanics Grammar Spelling Word choice Punctuation Sentence structure APA citations and references TOTAL FIN 2535 Managerial Finance Spring 2015 Block 3 MAX POSSIBLE DISC/HW 35% ADD’L CRITERIA All questions are answered—1 point for each element of a question not answered 40% Analysis and recommendations must use analysis and not simple reporting of facts and details 25% More than 3 errors results in 1 point for every error; APA citations are 1 point for placement and accuracy. Varies Page 3 Homework Assignments (HA) Homework assignments include assignments that can be classified as: Application of concepts (ConnectPlus and Blackboard). Writing intensive (Blackboard). Writing intensive homework in Blackboard MUST be submitted in a Microsoft Word-compatible document as a file attachment. Note that homework assignments marked “A” are pre-class homework (15 points each) on the topics to be discussed. The completion of this homework is to provide for more effective class time. Homework marked “B” (35 points each) is due after the class discussion and is to provide practice to master necessary course concepts. Quizzes (QU) Quizzes may include the following question types: Multiple choice (quantitative and qualitative) Short-answer Essay Practical application problems The Quiz may be taken online from any location and will be administered in Blackboard and Connect Plus. Detailed instructions will be made available prior to the quiz. Mid-term Examination and Cumulative Final Examination (ME and FE) The mid-term examination will be administered online and is open-book and open-note but must be taken on campus at the regularly scheduled time. The cumulative final will be administered online and it will be closed book and closed note—nothing will be allowed except calculators and the time value of money tables from the textbook—and must be taken on campus. You will certify on both exams that you worked independently. Please note that once you answer a question using the online software for an exam, you may not return to the question. VI: Grades, Weights & Scale Scale: A B+ C+ D+ F = 100‐93 % = 90‐88% = 79‐78 % = 69‐68 % < 60% A‐ B C D = 92‐90% = 87‐82% = 77‐72% = 67‐62% FIN 2535 Managerial Finance Spring 2015 Block 3 B‐ C‐ D‐ = 81‐80% = 71‐70% = 61‐60% Page 4 Weights: In Class Activities (6 @ 20) Pre and Post Tests Blackboard Discussions (2 @ 15, 2 @35) Homework A (5 net @ 15) Homework B (5 @ 35) Quiz Midterm Exam Final Exam (cumulative) Total Possible Points in Course* = = = = = = = = = 120 points 25 points 100 points 75 points 175 points 80 points 200 points 250 points 1025 T To mitigate the stress and impact of bad performance on individual topics: * The class total is 1025 points but the scale is 1000 points. The extra points can be considered built-in extra credit or grace, so please do not ask for additional extra credit. Your lowest Homework A and B scores are dropped providing that you attempted the assignment. The “net” notation in the above table indicates the number of each type of assignment that remains after dropping the low score. If you do not attempt the assignment, then that “0” score will be counted in your grade and your total possible points will be higher than 1000--your total possible score will be 1035, 1055, or 1070. Student grades are visible to the student throughout the course. Please note that grades for some assignments are converted to percentages, and then applied to the course total in the ratios above. Blackboard will be used to maintain a gradebook throughout the course using the total points and then adjusted at the end of the course by dropping the lowest Homework A and B scores. This means that the points accumulating in Blackboard are more than your actual net score. However, as noted above, if you do not submit an assignment then your total possible points will be more than 1000 and this will significantly lower your final grade based on the % required for each grade. This course deploys both a pre-test and a post-test for assessment purposes. Students should sincerely attempt both since the results impact our accreditation status and thus the value of the business degree earned at Catawba College. Both the pre-test and post-test can be completed online from any location on the planet with internet access, although it is recommended that it not be attempted from a cell phone. The pretest earns 10 points for completion. The post-test earns 10 points for completion plus 5 additional points for scoring over 90%. It is said that 90% of success is showing up. In this class, like business, that is not true. You start each class and online discussion at 0% of contribution points until you demonstrate that you have mastered the topic and concepts in depth and with the requisite knowledge that is required to translate the concepts into application. FIN 2535 Managerial Finance Spring 2015 Block 3 Page 5 The grade you receive for the course is intended to certify your demonstrated understanding of and mastery of the concepts and tools from the course. Your grade is not a reflection of your worth as an individual; it probably reflects the amount of time and effort you have been able to devote to the assignments. Smart people may have priorities other than getting a high grade in this course, and that is their prerogative. VII: Academic Integrity and the Catawba College Student Honor Code "As a member of the Catawba College community, I will practice academic honesty, communicate truthfully, and show respect for the rights and property of others. I will also encourage others in the community to behave honorably." Academic Dishonesty “Academic dishonesty includes, but is not limited to, cheating, plagiarism, and lying about academic work. A student who submits the work of others, whether in whole or in part, without proper acknowledgement or permission, or who has falsified information within his own work, is in violation of the Honor Code, and is therefore subject to appropriate sanctions resulting from such a violation.” VIII: Attendance Policy: Class attendance is determined by being present for the entire classroom period (6-9:45PM and 8-11:45AM) or by posting due dates as required in the Blackboard assignments. Posting a required discussion or any homework problems after they have been discussed in class will result in 0 points for that assignment. Catawba professors retain the right to fail any student who is absent from 25% of class sessions. This policy is in the college catalog. For this course, missing the equivalent of 8.5 hours of class time can result in a grade of “F.” At a minimum, two absences or the equivalent of 7.5 hours of class time will result in a one letter grade deduction from the final grade. The grade letter penalty is a straight deduction after the earned points are calculated. A student who misses class time bears personal responsibility for completing any material or assignment presented during missed classes (see The Catawba Catalog for details.) Each student is personally responsible for checking CATAWBA email and visiting Blackboard at least three times a week for changes and updates to assignments. Examples of an absence that will usually be excused: FIN 2535 Managerial Finance Spring 2015 Block 3 Page 6 Serious illness or injury requiring you to seek medical care and miss work for more than 48 hours prior to the online due date. If you are well enough to go to work, you are well enough to post your online work. Serious illness/injury of a direct family member (child, parent, sibling) which would cause the caregiver to be unable to attend work for more than 48 hours directly before the due date. Funeral of a direct family member (child or step child, parent, sibling) Military duty Examples of an absence that will NOT be excused: Weddings including your own Protests, charity and fund-raising events, social or competitive events Work and/or business trips Internet connectivity problems The online midterm and final cannot be extended or made up. Computer Access Reliable computer access is assumed. Computer services can be reached by telephone at 704-637-4666. Please visit http://www.catawba.edu/administrative/computerservices/ for more information. “Computer problems” do not negate the students’ responsibility to submit assignments on time. Please plan accordingly. Appropriate Behavior Behavior that is deemed to be disrespectful to your professor or classmates will not be tolerated. You are permitted to remain in this course at the discretion of your professor. WebEx to Facilitate LIVE Online Interaction WebEx is a web conferencing tool that allows the professor host LIVE online interactive office hours. DETAILED instructions for participation in WebEx meetings will be made available. These are optional but attendance is encouraged. Blackboard Blackboard can be assessed 24 hours, 7 days per week from any computer, on or off campus, through catawba.edu. Students with Learning Disabilities Catawba College complies with all laws related to students with disabilities. Please visit http://www.catawba.edu/administrative/support/documents/DisabilitiesHandbook.pdf . FIN 2535 Managerial Finance Spring 2015 Block 3 Page 7 IX: Missed and Late Assignment Policy: Late permission must never be assumed. Students are required to contact me before due dates if you have a reason for missing an assignment. Do NOT procrastinate. Requests are granted at the discretion of the instructor and partial credit or full credit will be given at the discretion of the instructor. However, you should never assume that late permission will be granted. Note: Homework due at 5:59 CANNOT be submitted late for credit in any scenario. Homework due at 11:59 may be accepted up until the beginning of the next class providing written permission is received prior to the original due date. X: Papers and APA Writing Requirements In addition to all normal guidelines on plagiarism and academic dishonesty, all writing is to be submitted according to APA guidelines. There are numerous web resources on APA style writing including citations, reference pages, and the proper and acceptable use of source material. One of the best online resources is the Purdue Online Writing Lab which can be accessed at http://owl.english.purdue.edu/owl/section/2/10/. You are responsible for complying with APA format. As a business program, APA is the only acceptable format for academic writing. While feedback will be given on APA format, it is your responsibility to become familiar with it outside of the classroom. FIN 2535 Managerial Finance Spring 2015 Block 3 Page 8 XI: Course Content & Calendar This schedule is subject to revision and change. Additional assignments, including readings, research, and papers, may be made during the course. Each student is responsible for any announcement or assignment made in class. The points per exercise are noted by each element. Note: BB = Blackboard CO = ConnectPlus Workshop Date Day Chapters 1 Mar 12 Thursday 1&2 1 Mar 14 Saturday 2 Mar 16 Monday 2&3 3 3 Mar 19 Mar 21 Mar 22 Thursday Saturday Sunday 3, 4 & 5 3, 4 & 5 1-5 4 Mar 23 Monday 4 Mar 25 Wednesday 6,7, 8 & 17 6, 7, 8 & 17 5 Mar 26 Thursday 1-8 + 17 6 Mar 28 Saturday 9 7 Mar 30 Monday 7 Apr 1 Wednesday 8 Apr 2 Thursday 8 Apr 7 Tuesday 11, 12, 13 & 16 11, 12, 13 & 16 9 Apr 9 Thursday All 9, 10, & 11 9, 10 & 11 Due by 5:59PM Due by 11:59PM Pretest (CO) Video Lectures (CO) Discussion 1 (BB) Homework 1A (CO) Discussion 2 (BB) Homework 2A (CO) Homework 2B (CO) Homework 3A (CO) Homework 3B (CO) Quiz (CO + BB) Homework 4A (CO) Homework 4B (CO) Discussion 3 (BB) Midterm in KH 340 Homework 6B (CO) Homework 7A (CO) Homework 7B (CO) Discussion 4 (BB) Homework 8A (CO) Homework 8B (CO) Post-test and Final Exam in KH 340 Note: Business is a brutal sport with brutal consequences for lack of preparation. So is this course. You may need to read each chapter multiple times as well as additional sources of studying to grasp the concepts required to demonstrate mastery throughout the course. FIN 2535 Managerial Finance Spring 2015 Block 3 Page 9 Chapter 1 2 3 4 5 6 7 8 9 10 11 12 13 16 17 Title The Goals of Financial Management Review of Accounting Financial Analysis Financial Forecasting Operating and Financial Leverage Working Capital and the Financing Decision Current Asset Management Sources of Short-Term Financing The Time Value of Money Valuation and Rates of Return Cost of Capital The Capital Budgeting Decision Risk and Capital Budgeting Long-Term Debt and Lease Financing Common and Preferred Stock Financing XII: Common Professional Component (CPC) Concepts: Summary of (CPC) Concepts: Functional Areas: Marketing Business Finance Accounting Management The Business Environment: Legal Environment of Business Economics Business Ethics Global Dimensions of Business Technical Skills: Information Systems Quantitative Techniques/Statistics Integrative Areas: Business Policies Comprehensive Integration Workshop 1 1 2&3 2&3 3 4 4 4&5 7 7 8 8 8 8 5 Hours 51 5 2 2 60 FIN 2535 Managerial Finance Spring 2015 Block 3 Page 10
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