FINS 1613 BUSINESS FINANCE
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1.
STAFF CONTACT DETAILS
The email at
:assignment4finance@gmail.com
Website: https://www.blogger.com/home
1.1
Communication with Staff
General
enquiries should be
directed
to course coordinator,
Donald
Winchester. Specific enquiries regarding course materials should
be directed to the lecturer teaching each section of the course
Announcements will be made periodically on
Blackboard
Posting course
specific
inquiries on Blackboard is also highly encouraged rather than by email or phone.
Questions concerning the administration of tutorials should be directed to the Tutor-in-Charge (TBA). Please refer to the course website for contact details for the tutor in charge.
2.
COURSE DETAILS
2.1. Teaching Times and
Locations
Five lectures streams are offered each
week
(1-12)
in semester one
2010:
Lecture time: Lecture location:
Monday, 2
PM – 4 PM CLB 6# Monday, 6 PM – 8 PM CLB
6# Tuesday, 12 PM
– 2 PM Biomed
D Tuesday, 4 PM – 6 PM Law Th
G04* Wednesday,
11 AM – 1 PM CLB
6
NOTE:
* The Law School need the Law Theatre GO4 in week 3 on 16/3/10 (Tuesday) therefore
the Tuesday 4pm–6pm lecture will be in the Science Theatre (K-F13-G09) on Tuesday 16/3/10 from 4pm–6pm .
# Week 8 Monday 26th April in a public holiday (ANZAC Day) and there will be no lectures. Provisionally the week 8 Monday lectures (and tutorials) will be held on Friday
(30th April) in the Science Theatre (or other rooms to be announced as details are confirmed).
In addition to lectures, students are required to attend a one-hour tutorial each week starting in week 2 and
finishing in week 12.
Students must attend
the tutorial session in which
they
are enrolled.
2.2. Units of
Credit
This course has
6 units of
credit and 3 contact hours per
week.
2.3. Summary of Course
This is a first level corporate finance course that looks at the essential aspects of financial decision-making.
The course begins
with the different ways
in which companies can be
structured and the differing types of ownership that exist. Thereafter, the principles and
applications of financial mathematics are introduced and used to value securities and investment decisions. Portfolio
theory is used to provide a foundation
for determining the relationship
between expected risk and returns in financial and real asset investments. Dividend payouts and the choices between debt
and equity financing, including methods of determining
the cost of capital, are also covered. Further, this course includes analysis of the influence of the capital
market environment, the implications
of financial risk, taxation and the conflict of interest
between managers and
investors
on the
value and operation of businesses.
The course develops distinct conceptual frameworks and specialised tools for solving real-world financial problems at both
the personal and corporate level. Illustrations from real-life corporate practices are used to highlight the importance and relevance of financial management to the
realisation of personal and corporate financial objectives. Examples include personal financial
planning, funds management, capital
raisings, portfolio selection of financial securities, private equity, public floats, and the pricing of assets in the stock
market.
2.4. Course Aims
and
Relationship to Other Courses
FINS1613 is one of two gateway courses to the electives in each of the finance streams. It provides a foundation for
understanding financial decision making
and valuation which
you will
need
for our advanced
finance classes, as well as to contribute as a finance professional upon
graduation.
There are no
pre-requisites
or co-requisites for
this course.
3. COURSE AIMS AND LEARNING OUTCOMES
3.1 Course
Aims
This undergraduate course introduces students to the theoretical basis and analytical framework for corporate financial decision making.
It is concerned with
both the investment decision of
firms
and the determination of the financing mix necessary
to achieve a firm’s financial
objectives. Investment decisions determine a firm’s size, its operating profits, its business risk and its liquidity. Financing decisions affect a firm’s financing costs and its financial risk.
These
two decisions, combined
with the dividend decision, comprise the essential financial decisions which
firms
must make.
3.2 Student Learning
Outcomes
Upon completion
of this course, students should:
1. Be familiar with the basic financial
decision making and valuation
concepts;
2. Understand and solve problems
involving financial mathematics;
3. Be able to
evaluate different types
of securities;
4. Have developed critical skills in analysing capital budgeting projects;
5. Understand the
relation between risk
and return, and be
able
to estimate the cost of capital;
6. Understand
the firm’s capital
structure
and dividend policy,
and relevant theory;
7. Have developed oral
presentation
skills;
8. Be able to
select
subsequent
finance
courses.
The course is designed
to specifically target the following UNSW Graduate
Attributes:
1. an in-depth engagement with the relevant disciplinary knowledge in its interdisciplinary context;
2. the capacity for analytical and critical thinking
and for creative problem solving;
3. the ability to
engage in independent
and
reflective
learning;
4. the skills required for collaborative and multidisciplinary work;
5. the skills of effective communication.
3.3 Approach to Learning
and
Teaching
We endeavour to make this course relevant and meaningful to you in class and after you graduate. To help achieve this
objective we have a number of teaching aims:
• To create a climate of engagement, dialogue and ongoing feedback between students and
teaching staff
regarding the course content, teaching strategies, learning experiences
and outcomes (Guidelines on
Learning that
Inform Teaching at UNSW (GLIT) numbers 2,7,10);
• To cater for a variety of learning preferences
and abilities
by providing a range
of learning
activities
and teaching
methods
(GLIT
number 9);
• To help develop independent learning skills and create
an environment
that both provides structure
and guidance
as well as encouraging students to
extend their learning
(GLIT numbers
2,11);
• To help develop skills in collaboration and teamwork,
which
is directly relevant to the skills required of a Finance professional
(GLIT
numbers
6, 14).
3.4 Teaching Strategies
This course consists of weekly two-hour lectures and one-hour tutorials. High levels of preparation and interaction are required for the
course and are intended to provide the necessary foundation for
success
in subsequent
BCOM elective courses
and in the workplace.
Each lecture will provide an overview of topic being addressed with an emphasis on explaining fundamental
concepts and
issues. The role
of the lecture is to provide students with an
understanding
of the context of the topic as well as work
through the relevant issues. When possible,
we will seek to incorporate current research. This may
be referring to topical papers and current events.
Each tutorial will involve working through a number of tutorial questions which relate to the previous week’s
lecture topic.
Students are required to prepare the answers to the set questions for each tutorial and to contribute to group discussions. The questions to be covered
in each tutorial can be found in the Tutorials section of the course website. The tutorials are designed to be interactive and help
build understanding of the
topic through the application
of knowledge
gained in lectures and through the set readings. They provide an opportunity to discuss
any difficult concepts
with
the tutor
and
peers, and hence gain an indication
of one’s
own progress.
Students will be given continuous feedback on their progress throughout the semester in the tutorial
sessions and through tutorial quizzes.
In addition, students will
be graded on both
individual attendance and participation
during the tutorials, as well as on their performance
during
the final exam.
Students
are also
strongly encouraged
to devote regular weekly private study time
to this course.
In addition to reviewing lecture and tutorial materials and set readings, students are encouraged to utilize the online study resources
offered through the textbook publisher’s website. Details are available in the Student Resources
section (8.1) in this
course outline.
4. CONTINUAL COURSE EVALUATION AND IMPROVEMENT
Each year feedback is sought from students and other stakeholders about the courses offered in the School
and continual improvements are made based
on this feedback. UNSW's
Course and
Teaching Evaluation and Improvement (CATEI) Process is one of the ways in which student
evaluative
feedback is gathered.
Feedback received is incorporated into planning the structure of the course, assessments, materials and teaching staff. Significant changes to courses and programs within the School are communicated to subsequent cohorts of students. We would
appreciate your feedback on
this
course.
5. LEARNING ASSESSMENT
5.1 Formal Requirements
In order to pass this course, you MUST complete and pass each component of the course. A pass is defined as a score of at least 25/50 from the tutorial component and
25/50 from
the formal examination component of the course.
5.2 Assessment
Details
5.2.1 Summary Assessment Assessment
1. Tutorial Component Tutorial
Attendance
2. Formal Examination Component Final Examination
Weight for course
5%
50%
5.2.2 Compulsory Tutorial Component (50%)
You must enrol in a tutorial class and attend the class in which you are enrolled. MyUNSW will be available till the end of the first week of lectures to enable changes, additions and deletions. After the first week, changes will ONLY be made for documented University conflicts and
approval is needed
from
the lecturer-in-charge.
Your tutorial grade is based on your attendance, participation and quizzes. Tutorials are
designed to complement the lecture material and involve small
group discussions. Active participation
is STRONGLY encouraged in class.
By discussing and preparing formal written answers, ample opportunity is provided to allow you to develop your written and oral skills. You should
look upon tutorials as a way in which you
can (1) extend your
understanding and
knowledge of basic finance
principles and (2) develop problem
solving techniques particular
to the discipline.
Solutions to key problems will be discussed in class and the final answer (without full workings) will be provided to students. Note also that not
all of the set problems will be expressly discussed in tutorials. However, the questions are indicative of the breadth, style and
level
of difficulty of the
questions
and problems asked
in the examinations.
Tutorial Attendance:
Due: Every week,
beginning week 2 Weight: 5%
of the final
grade
Details: You are expected to regularly attend your assigned tutorial classes as they contribute to the understanding of lecture
material through
a small group setting.
You are required to attend at least 80% of the tutorials to be eligible for special consideration and a role
will be distributed for
you to sign. WARNING: No credit will be given for attendance at tutorials other
than that
in which you are enrolled.
Tutorial Participation (Homework):
Due: Every week,
beginning week
2
Weight: 5%
of the final
grade
Details: You are expected to prepare detailed answers to the set tutorial problems BEFORE attending tutorials. You will be called upon on a random basis throughout the tutorial stream to present answers to the
class. You will be
assessed on these presentations and the clarity
of your discussion. Students
who do not participate in tutorial discussion will not have the opportunity
of scoring
maximum marks for tutorials. Your attendance in class will also affect this component of your grade.
Written Tutorial Quizzes:
Due: 4 times in the semester,
in weeks 4, 7, 10
and
12
Weight: 10% each for a total of
40% of the final grade
Details: You will be evaluated on your response to FOUR 20-minute WRITTEN short answer quizzes, worth 10 marks each. You will be given
these quizzes during the
session and the marks will
be totalled for the tutorial quiz
mark out of 40. There
will be NO negotiation of these grades
or of the quizzes.
Students
who miss a quiz
will
receive a grade of 0 for that quiz. These quizzes will occur in weeks 4, 7, 10,
and 12. In general, you should
expect them to be used as a means of providing
early
feedback and continued interest in later material. Questions will be based on
the LECTURE
TOPICS presented over the PREVIOUS WEEKS (See Section 9. COURSE SCHEDULE on page 13). For
example, if your tutorial quiz occurs in Week 4, this will
cover the lecture topics from weeks 1, 2 and 3 inclusive (i.e., highlighted in yellow). This means that you may
be asked a question which relates
to material from tutorial work that is being covered on the day
of the quiz (i.e., highlighted in yellow). The
quiz will be administered
in the latter part of the
tutorial time however to enable you to ask questions regarding tutorial work
before
taking
the quiz.
You must attend at least 80% of the tutorials and gain at least 25/50 in the Compulsory Tutorial component, otherwise you will
be deemed to have failed the course at the end of the session and
accordingly given a failing grade in the result of assessment
due to unsatisfactory performance in an essential component of the course. This is irrespective of your
performance in the Final Examination component.
5.2.3 Formal Examination
Component (50%)
Due:
Weight
Details:
The UNSW Final Exam period commences Friday 11th June and on Tuesday 18th May the Finals Timetable is published (FINS1613 final exam date to be determined centrally – date, time, room
location(s))
50% of
the
final grade
The final examination is a 2.0-hour closed book examination (no reading time) covering all course material (textbook readings,
lecture notes and other
assigned readings).
It consists of questions
and problems in a multiple-choice
format. A passing grade of 50% (25/50) is required in the final examination. Students
who fail to meet this criterion will be deemed to have failed the course at the end, irrespective of tutorial marks earned.
Further in next chapters you will read: ACCT 1511 accounting and financial management 1B
If you fail to sit the examination at the scheduled time, there is NO guarantee that a supplementary
examination will be provided. Poor class attendance (less than 80%) is sufficient justification
for the refusal
of final assessment.
Note: No exceptions to the scheduled examination dates and times will be permitted. Students making end-of-semester travel
plans must conform to the University timetable in making their arrangements. You must be available for the entire final examination period from the 9th June, 2010.
Your Responsibility to Notify Employers
You should notify employers of the requirement to attend examinations.
Note that there are NO acceptable grounds for failure to complete any of the assessment components.
Use of Electronic
Calculators during Examinations
You are allowed to use a scientific calculator, either a Casio-FX or equivalent. In the quizzes held in tutorials and
in the final exam, you will be responsible
for providing an ‘approved’
calculator. You will be provided with further instructions on how to obtain an ‘approved’ calculator
sticker from the Faculty
office shortly.
Please refer to the following UNSW website for a list of calculators approved for use:
https://www.blogger.com/home
Please note that only the ‘scientific’ calculators on the list are approved for use in quizzes and
the final exam. Students
who attempt to bring any other sort of calculator
to the examinations will be liable
to be charged
with
academic misconduct.
Student Identification Required for All Examinations
Your student ID should be visible at all times during the examination. Students without photographic ID may not
be allowed
to sit the examination.
5.3 Special Consideration and Supplementary Examinations UNSW
Policy and Process
for Special
Consideration
Applications for special consideration (including supplementary
examinations) must go through
UNSW
Central
administration
(within
3 working
days of
the assessment to
which it refers) – applications will
not be accepted by teaching staff;
Applying for special consideration does not
automatically mean
that
you will
be granted
additional assessment or that you will be awarded an amended
result;
If
you
are
making an
application
for special consideration (through UNSW
Central Administration) please notify your Lecturer
in Charge;
Please note that a register of applications for
Special Consideration is maintained. History of previous applications for
Special
Consideration is
taken into account when considering
each case.
ASB Policy and Process
for Special Consideration
and Supplementary Exams
In the ASB,
requests
for special consideration are determined
by a Faculty wide panel which
will advise the Lecturer
in Charge of appropriate action.
If the Faculty panel grants a special consideration
request, this
may entitle the student
to sit a supplementary
examination.
In such cases
the following
procedures will apply:
Supplementary exams
will be scheduled centrally and will be held approximately two weeks after the formal
examination
period. The actual
date
will be advised by mid-semester.
Where
a student is granted a supplementary examination as a result of a request for special consideration, the student’s original exam
(if completed) will not be marked
and
only
the mark achieved in the
supplementary examination
will
count
towards the final
grade.
Further information
concerning supplementary examinations is available
on the ASB
website:
https://www.blogger.com/home
.
Please note that
for
QUIZZES which are worth 10%, the
procedure is to fill
in the
application form for Special
Consideration according to the guidelines
above and submit the documentation
to your tutor. All other terms and conditions above still
apply.
6. ACADEMIC HONESTY AND PLAGIARISM
The University
regards plagiarism as a form
of academic misconduct, and has
very
strict rules
regarding plagiarism.
For full
information
regarding policies, penalties and information to help
you avoid plagiarism see: assignment4finance.blogspot.in
Plagiarism is the presentation of the thoughts or work of another as one’s own.* Examples include:
direct duplication of the thoughts or work of another, including by copying work, or knowingly permitting it to be copied. This includes copying material, ideas or concepts from a book, article, report or other written document (whether published or
unpublished), composition, artwork, design, drawing, circuitry, computer program or software, web site, Internet, other electronic resource, or another person’s assignment without appropriate acknowledgement;
paraphrasing another person’s work with very minor changes keeping the meaning, form and/or progression of ideas of the original;
piecing together sections of the work of others into a new whole;
presenting an assessment item as independent work when it has been produced in whole or part in collusion with other people, for example, another student or a tutor; and,
claiming credit for a proportion a work contributed to a group assessment item that is greater than that actually contributed.†
Submitting an assessment item that has already been submitted for academic credit elsewhere may also be considered plagiarism.
The inclusion of the thoughts or work of another with attribution appropriate to the academic discipline does not amount to plagiarism.
Students are reminded of their Rights and Responsibilities in respect of plagiarism, as set out in the University Undergraduate and Postgraduate Handbooks, and are encouraged to
seek advice from academic staff whenever necessary to ensure they avoid plagiarism in all its forms.
The Learning Centre website is the central University online resource for staff and student information on plagiarism and academic honesty. It can be located at:
The Learning Centre also provides substantial educational written materials, workshops, and tutorials to aid students, for example, in:
correct referencing practices;
paraphrasing, summarising, essay writing, and time management;
appropriate use of, and attribution for, a range of materials including text, images,
formulae and concepts.
Individual assistance is available on request from The Learning Centre.
Students are also reminded that careful time management is an important part of study and one of the identified causes of plagiarism is poor time management. Students should allow sufficient time for research, drafting, and the proper referencing of sources in preparing all assessment items.
* Based on that proposed to the University of Newcastle by the St James Ethics Centre. Used with kind permission from the University of Newcastle
† Adapted with kind permission from the University of Melbourne.
7. STUDENT RESPONSIBILITIES AND CONDUCT
7.1 Workload
It is expected that you will spend at least TEN (10) HOURS per week studying this course. This time should be made
up of reading, research, working on exercises
and problems,
and attending
classes. In periods where you need
to complete assignments or prepare
for
examinations, the workload
may be greater.
Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study
with employment and other activities.
7.2 Attendance
Your regular and punctual attendance at lectures and tutorials is expected in this course. University
regulations indicate
that if students attend
less than 80% of scheduled classes
they may be refused final assessment.
7.3 General Conduct and Behaviour
You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes
with a class,
such
as ringing or talking on mobile phones, is not acceptable and
students may be asked to
leave
the class. In the event that the ambience of the class
is affected, student(s) will be
cautioned once and will
be asked to leave class in the case of repeat offences. Final assessment may also be refused and
may lead to suspension
from all or part of the University in severe cases. More information
on student
conduct is
available
at: https://www.blogger.com/home
7.4 Keeping Informed
You should take note of all announcements made in lectures, tutorials or on the course web site (Blackboard). From
time to time, the University will send important announcements to your
university e-mail address
without providing
you with a paper copy. You will
be deemed to have
received this information. It is also your
responsibility to keep the University informed of all changes
to your
contact
details.
8. STUDENT RESOURCES
8.1 Course
Resources
Online study resources are available through the
publisher’s
website
at: https://www.blogger.com/home
Lecture and tutorial materials, additional readings and all other resources are provided on the course
website:
https://www.blogger.com/home
You should also keep informed of business and financial matters by reading the Australian Financial Review, Business Review Weekly, Australian Business and Personal Investment, during the session. Business Sunday broadcast on Channel 9 on Sunday mornings may also be of interest. This exposure
should help
you appreciate how finance theory can be applied to
practical issues.
You may also wish to check out information available on the World Wide Web. The following sites should be of interest to you in
finance:
Regulators
Australian Securities &
Investments Commission
U.S. Securities Exchange Commission
Newspapers and Magazines
Australian Financial Review
Business Review Weekly Wall Street Journal
Business Week
CNN Financial Network
Securities Exchanges
Australian Securities Exchange
New York Stock Exchange Chicago Board of Trade
Chicago Mercantile Exchange
Finance Journals and Research
Network
The Journal of Journal of Financial and Quantitative Analysis
Journal of Financial Economics
Review of Financial Studies
SSRN Financial
Economics Network
8.2 Other Resources, Support and Information
The University and the ASB provide a wide range
of support
services for students, including:
Learning and Study Support:
ASB Education Development Unit
The Education
Development Unit (EDU) provides learning support and assistance to all students in the ASB, to enable them
to enhance the quality of their learning.
The EDU
services are free, and tailored to meet the academic
needs of
students
in the
Australian School
of Business.
The role of the EDU
is to provide:
A range of support initiatives for
students
from
the Australian School of
Business in relation to their transition to university;
Learning skills development, resources and activities
for Business students
Academic writing and skills workshops throughout the session;
Printed and online study skills resources, such as referencing guides, report writing and exam
preparation;
A drop-in
EDU Office
containing books and resources that can be borrowed;
A limited consultation service for students with individual or small group learning
needs.
The EDU website https://www.blogger.com/home contains
information,
online resources and useful links
as well as providing
information and dates for workshops. More information about
the EDU services including resources, workshop details and registration, and consultation
request forms are available from the EDU
Office.
EDU Contact Details
Email: assignment4finance@gmail.com
Website:
https://www.blogger.com/home
UNSW Learning Centre (https://www.blogger.com/home
In addition to the EDU services,
the UNSW Learning Centre provides
academic skills support services for all UNSW students. The Learning Centre is located on Level
2 of the Library
and can
be contacted by phone: 9385
3890
or through their website.
Technical support: Email: assignment4finance@gmail.com
For any technical support issues (difficulty logging in to
websites, problems
downloading
documents, etc) you can contact the
UNSW IT Service
Desk
at: (02)
9385
1333.
Counselling support:
Students experiencing problems of a personal or academic nature are encouraged to contact the Counselling
Service at UNSW.
This consultation service is free and confidential and run
by professional counsellors. The Counselling Service also conducts workshops on topics such as ‘Coping With Stress’ and ‘Procrastination’.
The Counselling Service is located on Level 2,
Quadrangle East Wing, and can
be contacted on
9385 5418.
Library training
and support services:
Disability
Support Services:
Those students who have a disability that requires some adjustment in their teaching or learning environment
are encouraged to discuss their study needs with the Course Coordinator
or the Disability
Support Services Equity
Officer. Early notification is essential to enable any necessary adjustments to be made.
In addition, it is important that all students are familiar with University policies and procedures in relation to such issues as:
Examination procedures and advice concerning illness or misadventure
Occupational Health and Safety policies and student responsibilities;
9.COURSE SCHEDULE^
Week
|
Date
|
Lecture Topic
|
Required Reading#
|
Tutorial Topic
|
Lecturer*
|
1
|
1st March
|
Introduction and Basic Concepts
|
RTBWJ, Ch1
|
DW
|
|
2
|
8th March
|
Financial Mathematics
|
RTBWJ, Ch 4, 5
|
Introduction and Basic
Concepts
|
DW
|
3
|
15th
March
|
The Valuation of a Firm’s
Securities
|
RTBWJ, Ch 6, 7
|
Financial Mathematics
|
DW
|
4 Quiz 1
|
22nd March
|
Capital Budgeting: An Introduction
|
RTBWJ, Ch 8
Graham & Harvey,
2001
Truong et. al, 2008
|
The Valuation of a
Firm’s Securities
|
DW
|
5
|
29th
March
|
Capital Budgeting Applications
I
|
RTBWJ, Ch 8, 9
|
Capital Budgeting: An Introduction
|
DW
|
MID-SESSION RECESS (2nd April to 11th April 2010)
|
|||||
6
|
10th
April
|
Capital Budgeting Applications
II
|
RTBWJ, Ch 9
|
Capital Budgeting Applications
I
|
DW
|
7 Quiz 2
|
19th April
|
Risk and Return
|
RTBWJ, Ch 10
|
Capital Budgeting
Applications II
|
DW
|
8
|
27th
April
|
CAPM
|
RTBWJ, Ch 11
|
Risk and Return
|
KS
|
9
|
3rd May
|
Cost of Capital & Raising Capital
|
RTBWJ, Ch 12
+15
|
CAPM
|
KS
|
10 Quiz 3
|
10th May
|
Capital Structure: Theory & Evidence
|
RTBWJ, Ch 13
|
Cost of Capital & Raising Capital
|
KS
|
11
|
17th May
|
Dividend Policy:
Theory & Evidence
|
RTBWJ, Ch 14
|
Capital Structure: Theory & Evidence
|
KS
|
12 Quiz 4
|
24th May
|
Revision
|
Ch 1-15 (ex 2, 3)
|
Dividend Policy:
Theory & Evidence; Practice Exam Questions
|
KS
|
13
|
31st
May
|
||||
STUDY RECESS (5th JUNE
TO 8th JUNE, 2010)
|
|||||
From 9th June
|
June - TBA
|
Final Exam
|
Ch 1-15 (ex
2, 3)
|
Final Exam
|
DW, KS
|
MID-YEAR RECESS (29th JUNE TO 18th JULY, 2010)
|
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