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188D Extended Education Complex
Winnipeg, Manitoba Canada R3T 2N2
Telephone (204) 474-8012 Toll Free in Canada
1-888-216-7011 ext 8012 Fax (204) 474-7661
FIN 2200 D01 – Corporate Finance – Summer 2019 Dear Distance and Online Education Student: Welcome to Corporate Finance – FIN 2200. I am David Stangeland and am your instructor for the course. Course description This course introduces students to the fundamentals of finance and presents theories and tools to be used in addressing corporate finance problems and issues. It is also important to note that many of the theories and tools covered in this course can be applied at a personal level too. This is known to be a challenging course for many students; therefore, it is important that you keep up to date in your studies and make full use of the text and online course material in preparing for your assignments and exams. If all you do is practice old exams or try to memorize problems, then you will not do well in this course. I do not recommend David’s tutoring or other such services – my students who relied on that material instead of the course material failed the course. If you would like to get a personal tutor, I can refer
you to students who have performed well in my course before and now they offer tutoring services. You need to really try to understand both the concepts and the math – this means you need to read the textbook and the chapter content posted to the UM Learn site and then work through the examples and assignments with the goal of understanding and not memorizing. Please contact me if you need more advice about this – our goal is for your success! Information about your instructor: Professor David A. Stangeland, PhD, CPA, CMA, B Comm (Distinction). Work and experiences related to the University of Manitoba:
• Professor of Finance, Associate Dean for Professional Programs (MBA, Master of Finance, and Executive Education)
• Former Department Head for the Department of Accounting & Finance • Former Acting Head for the Department of Economics • Educational background: PhD in Finance and B Comm from the University of Alberta, CPA, CMA • Teaching experience: 27+ years teaching at the University of Manitoba at the undergraduate,
MBA, Master of Finance, and PhD levels. • Co-author of two corporate finance textbooks including the one used for this course
Work and experiences outside of the UM setting: • Independent review committees for various mutual fund companies • Pension fund governance committees and investment committees • Other consulting • International program development and teaching abroad
Fun facts: • Own a condo in Puerto Vallarta, Mexico, and love vacationing there with my partner • Enjoy cycling, hiking, running, travelling, and cooking and try to go to the gym
188D Extended Education Complex
Winnipeg, Manitoba Canada R3T 2N2
Telephone (204) 474-8012 Toll Free in Canada
1-888-216-7011 ext 8012 Fax (204) 474-7661
188D Extended Education Complex
Winnipeg, Manitoba Canada R3T 2N2
Telephone (204) 474-8012 Toll Free in Canada
1-888-216-7011 ext 8012 Fax (204) 474-7661
Contact information 1. Office Telephone: 204-474-6477 – note, I will be out of town much of the course, so email instead.
Toll Free (if living outside of Winnipeg in Manitoba): 1-800-432-1960, extension 6477 Toll Free (if living outside of Manitoba but in Canada): 1-888-216-7011, extension 6477.
2. Email and/or discussion forums: If you want to email me, email me directly at:
Student email policy: The U of M will only use your university email account for official communications, including messages from your instructors, department or faculty, academic advisors, and other administrative offices. Refer to this link for details: http://umanitoba.ca/registrar/e-mail_policy Students asking general questions should do so in the course discussion forum on UM Learn rather than sending an email. In that way all students can see the answer to the question. Students should restrict email use for questions that are more personal in nature (not for all students to see). Watch for regular updates and important information in the Course Announcements section of the UM Learn course website. Make sure you set UM Learn so that announcements get emailed to you. Also, if you use another email address (not UM email), then set your UM email so it forwards to the address where you normally read your email – this will avoid you missing important communications.
3. Office hours: Flexible. Use the Discussion feature in UM Learn for general questions and email for more direct/personal questions regarding the course. There are no scheduled face-to-face office hours for this course, however, when I am on campus I will be available by appointment if needed – please email me to set up a consultation time.
4. Timelines for returning calls/emails: I will try to return your calls and emails (sent through the course website) within 48 hours, during business hours (Monday through Friday, 9:00am to 5:00pm). It is best to email rather than leave a phone message because when I am away (which occurs frequently) I will not be able to retrieve my voice messages.
Assignments and Late assignment policy MyLab Finance Homework assignments will be provided regularly throughout the course using the MyLab Finance software. These assignments are meant to prepare students for examinations. Students must pay attention to the dates and times that assignments are available and assignment due dates. If you have an issue that prevents you from finishing the assignment on time, please email me so as to request an extension (with an explanation of your circumstances that would justify an extension). I’m quite flexible about granting an extension, but become less flexible if you ask for too many extensions. Instructions on how to register for MyLab Finance are provided in the course’s UM Learn Content Browser under the Course Information tab. Make sure you use a MyLab Finance access code for the 4th Canadian Edition of the textbook as this is the text assigned to this course. If there are problems, Pearson’s
188D Extended Education Complex
Winnipeg, Manitoba Canada R3T 2N2
Telephone (204) 474-8012 Toll Free in Canada
1-888-216-7011 ext 8012 Fax (204) 474-7661
help desk can likely fix your issue; otherwise email me and I will contact the publisher representative to find a solution.
The MyLab Finance Course Name is FIN 2200 2019 05 Summer Online, and the ID number for this term is stangeland15973
When creating a login name, make your username so it clearly identifies your last name (family name) followed by your first name. Note, special characters not used in the Canadian alphabet won’t be recognized by the system, so, for example, replace the letter Ł with L for the system to work. Students experiencing difficulties with assignments are further encouraged, after thoroughly reading the text and reviewing class notes, to contact me for assistance. Course Schedule Dates: Please see the Course Schedule on UM Learn under the Course Information tab for dates relating to:
- MyFinanceLab Homework assignments - Midterm Examination - Final Examination - Real-time Web Conferencing sessions administered through Adobe Connect
Additional information about an opportunity to participate in a Behavioural Finance Research Subject Pool or to do an alternate assignment will be posted on the course UM Learn as the term progresses. I am looking forward to working with you and hope you enjoy the course and that the knowledge and skills that you gain will be useful to you. I welcome you to a new term and look forward to our time together. Sincerely, David Stangeland, PhD, CPA, CMA, B Comm Professor of Finance Associate Dean – Asper School of Business
FIN 2200 D01 (3 CH) CORPORATE FINANCE
SUMMER 2019 ONLINE
CONTENTS CONTENTS ............................................................. 1
INSTRUCTOR ......................................................... 1
COURSE DESCRIPTION........................................... 1
COURSE OBJECTIVES ............................................. 2
COURSE MATERIALS .............................................. 2
COURSE FORMAT .................................................. 5
ASSESSMENT OF LEARNING .................................. 6
MISSED EXAM AND LATE SUBMISSION POLICY .... 8
ATTENDANCE POLICY ............................................ 8
ELECTRONIC DEVICE POLICY ................................. 8
OUT-OF-CLASS COMMUNICATION ....................... 8
CLASS SCHEDULE ................................................... 9
IMPORTANT DATES ............................................... 9
INTENDED LEARNING OUTCOMES ...................... 10
ACADEMIC INTEGRITY POLICY ............................ 11
STUDENT SERVICES AND SUPPORTS ................... 13
ABOUT THE INSTRUCTOR .................................... 14
INSTRUCTOR Name: Professor & Associate Dean David Stangeland, PhD, CPA, CMA, BComm (distinction) Office: 320 Drake Centre Phone: 204-474-6477 Email: [email protected] Office hours: By appointment (see the Instructor Welcome Letter) COURSE DESCRIPTION An introduction to corporate finance regarding the allocation & acquisition of funds. Topics include: discounted cash flows, capital budgeting, financial instruments, cost of capital, risk-return trade-offs, market efficiency, capital structure and the use of derivatives. Prerequisite: [ACC 1100 (or 009.110) (D)] and [MATH 1500 or MATH 1520 (C)] and [STAT 1000 or STAT 1001 (C)] and [ECON 1010 (C) and ECON 1020 (C) or the former ECON 1200 (or 018.120) (C)].
This course introduces students to the fundamentals of finance and presents theories and tools to be used in addressing corporate finance problems and issues. Whether you work for a corporation, are a financial manager of a firm, or are an outside investor, you will need to make decisions that will have a financial impact. In order to make optimal financial decisions, you will need to generate information about opportunities and choose the ones that generate the greatest benefits in comparison to the costs. These are the fundamental concepts underlying much of the course, "Corporate Finance".
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Knowledge of algebra is assumed and required for FIN 2200. Non-Commerce students who do not have this background are encouraged to consult with the professor as needed when concepts from these subjects are used in class.
COURSE OBJECTIVES Upon completion of this course you should be able to:
• Comprehend financial markets & securities and their importance to economic well-being • Apply time value of money concepts • Analyze capital budgeting problems • Synthesize debt & equity valuation with market efficiency and the law of one price • Apply risk and return relationships • Evaluate capital structure • Apply options, futures, and forwards
COURSE MATERIALS The following required materials are available for purchase from the University of Manitoba. Please order your materials immediately, if you have not already done so. See your Distance and Online Education Student Handbook for instructions on how to order your materials.
• Berk, Demarzo, Stangeland. 2019. Corporate Finance, Fourth Canadian Edition. Pearson Canada.
Please respect copyright laws. Photocopying textbooks or other reading material is a violation of copyright laws and is illegal and unethical unless permission to copy has been obtained from the
publisher.
• Financial calculator. I use and provide some support for the Hewlett Packard HP10bII model. This calculator will also be used when covering the basics of using a financial calculator in the class notes and solutions. Alternate financial calculators are acceptable (e.g. Texas Instruments BAII Plus) as long as they include all of the following functions: IRR, NPV, keys for individual cash-flow entry and multiple cash-flow entry, and PV, PMT & FV keys for annuities and bonds. You should be capable of displaying at least 8 decimal places for any calculation and you should set your calculator so it always displays all decimal places. For example, the Texas Instruments BAII Plus is an acceptable alternative calculator. Keep in mind that I do not provide calculator support for models other than the HP10bII.
New textbooks and calculators are available through the University of Manitoba Bookstore. The option to instead purchase a Pearson e-text is also available through the textbook website at www.pearson.com/mylab. Students will need to enter the Course ID number provided in the Instructor Welcome Letter found on the course’s UM Learn site’s Content Browser in the Course Information tab (this is where most of the startup information to the course highlighted in green is found). An access code will be required to register for the portion of the course which uses the textbook's companion website, MyLab Finance. An access code is included with the purchase of a new textbook (hardcopy or Pearson eText).
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NOTE: Please see the MyLab Student Registration Guide.pdf document for explicit instructions on how to register for MyLab Finance. Students using used textbooks (which might not come with an unused code) need to purchase a MyLab Finance code separately on the internet by completing the following steps:
1. Go to www.pearson.com/mylab 2. Click on Student in the 'Register Now' section of the website. 3. Click on OK! Register now. 4. Enter the Course ID (provided in the Instructor Welcome Letter) in the space provided and click
Continue. 5. Follow the steps and either Sign in (if you already have an account) or Create a Pearson Account
(if you have never done this before). You will eventually be prompted to buy the code, and you will be on your way to successfully registering for MyLab Finance.
Note: Details about the MyLab Finance Homework assignments are found in the Instructor Welcome Letter and the Course Schedule. You will also require the following, which are available on the course site:
• Class Notes mainly consist of Microsoft PowerPoint slides that will help guide students through some of the main concepts covered throughout the course.
• Detailed solutions will be provided for most problems presented in the notes. Detailed solutions to some problems presented in the Class Notes will be available through illustrative pre-recorded videos, including step-by-step layout, explanation, and solving of the problems.
• Lab problems and solutions files will also be available. You require the following items for your computer for this course:
• Internet connection: Cable/DSL, T1, or other high-speed for multimedia content; 56k modem (minimum) for tutorials, homework, and testing.
• Memory: 64 MB RAM minimum • Monitor resolution: 1024x768 • Headset with microphone (for Cisco WebEx Lab Web Conferences – Real-time Lab Sessions)
Students who live outside of Winnipeg and will be writing the midterm online will need the following:
• a printer • webcam • digital scanner • the ability and knowledge to scan a multi-page document, save it to their computer, and
upload it to the course website. You need certain plug-ins and players from the MyLab Finance 'Installation Wizard/ Browser Check' link, which can be found at http://www.pearsonmylabandmastering.com/northamerica/MyLab Finance/students/support/system-requirements/index.html. I strongly recommend that you install and test all required software immediately. If you encounter difficulties installing your software contact [email protected].
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COURSE FORMAT This is an online course. Check the Course Schedule to see when you should be doing each activity and plan your time accordingly by blocking off time for each item in your calendar. You will learn by reading the assigned textbook chapters and working through examples in the textbook. You need to review the PowerPoint slides provided on UM Learn for each chapter; it is best if you download these from the course UM Learn site’s Content Browser as they are clearer to read within PowerPoint rather than via the web interface. In addition, there are pre-recorded labs on UM Learn that will show you how to approach many different problems. We also have three live Cisco WebEx web conferences that you should attend – see the Course Schedule and mark the dates in your calendar now for these real-time labs. I host these three real-time labs, show you pointers on how to approach questions, and give you tips on how to avoid mistakes. In addition, the real-time web conferences give you a great opportunity to ask questions and seek clarification. You can practice all the textbook end-of-chapter questions online on MyLab Finance via its Study Plan – from there you can review detailed solutions too. You will need to do all your assignments on MyLab Finance – see the Course Schedule and mark the due dates in your calendar now for each assignment. There will be a behavioural finance component in the latter part of the course (details will be provided on UM Learn as the course progresses). In addition to all that, you will need to block time to study for the midterm and final exams – you should not be reading anything for the first time, your studying should be a review of what you’ve already read and all the additional notes you made for yourself along the way. Finance is always more fun when you can apply what you learn to the real world. I recommend paying attention to business news and thinking about what you’ve learned in the context of the business stories you discover. Some good news sources are as follows:
• https://www.cbc.ca/news/business • https://www.bloomberg.com/canada • https://www.ctvnews.ca/business • https://www.bbc.com/news/business
Being aware of business and more general news is a very useful asset when you are meeting new people especially business people from whom you would like an offer of employment. Also try to use what you learn in the course for personal finances too. You’ll be a better negotiator for a car loan or mortgage when you understand how loans and interest rates work. You can save for the future (perhaps to buy a nice car) by investing in your TFSA. You can advise your parents on the importance of saving and diversification. You are going to have more finance knowledge after this one course is done than what the majority of the people in Canada have – so use it wisely to help others in addition to yourself.
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ASSESSMENT OF LEARNING You have several opportunities to learn during the course and to earn points toward your final grade. The following table gives the weights applicable to each learning opportunity.
Evaluation Weight
MyLab Finance Homework assignments 23%
Behavioural Finance Assignment/Research Subject Pool 2%
Midterm Exam (See Course Schedule for Date and Time) 35%
Final Exam (See Course Schedule for Date and Time) 40%
Based on the scores in each of the evaluation opportunities and the above weightings your overall weighted average percentage will be calculated and your grade will be determined as shown below.
Letter grade* Percentage range Description
A+ A
B+ B
C+ C D F
90 – 100 % 80 – 89.9 % 75 – 79.9 % 70 – 74.9 % 65 – 69.9 % 60 – 64.9 % 50 – 59.9 % 0 – 49.9 %
Exceptional Excellent
Very good Good
Satisfactory Adequate Marginal Failure
*Note that all final grades are subject to departmental review and approval. Final grades are based on the student's weighted mark and performance relative to other students; if necessary, scaling of grades may be implemented. MyLab Finance Homework Assignments – will be provided regularly throughout the course using the MyLab Finance software. These assignments are meant to help reinforce financial concepts as well as prepare students for examinations. Students must pay attention to the dates and times that assignments are available and assignment due dates. Late assignments will not be accepted without a valid excuse. Check for course announcements regularly in UM Learn. Students experiencing difficulties with assignments are further encouraged, after thoroughly reading the text and reviewing class notes, to use an assignment question’s “ask your instructor” link for assistance. Behavioural Finance Assignment/Research Subject Pool – students will have the opportunity to participate in a Behavioural Finance Research Subject Pool or to do an Alternate Assignment on MyLab Finance. Details will be provided during the term and will be posted in the course UM Learn site.
Exams – there are two exams in this course: the midterm and the final. For Students who live outside of Winnipeg, the midterm will be written online, invigilated by an online proctor. You will have 2 hours to complete the midterm. If you live in Winnipeg, you are required to write the midterm at the Fort Garry Campus. The final exam will be written at the University of Manitoba (UM), Fort Garry campus or at an approved off-campus location. Students needing to write at an off-campus location must declare a location by the specified deadline date (see off-campus declaration and policy under Student Resources on the course UM Learn homepage). Students writing at the UM Fort Garry campus do not need to declare an exam location. The Registrar’s Office is responsible for the final exam schedule which is
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available approximately one month after the start of the course. You will have 3 hours to complete the final exam.
Exams will test students' understanding of the concepts covered in PowerPoint slides, textbook readings assigned homework, pre-recorded labs and real-time web conferences. Students will also be tested on their ability to apply these concepts to new situations. Typical examinations may include numeric questions, long-answer theory questions and multiple-choice questions (which may be numeric or theoretical in nature).
Students MUST NOT have in their possession at the time of writing any examination in this course: textbooks, dictionaries, translators, cell phones, PDA's, additional notes, or other extraneous material (except the formula sheet(s) as noted below) designed to supplement their own knowledge of course material. Each student will be allowed to bring calculators, pens and pencils. Students in violation of these requirements will be charged with academic dishonesty.
Formula sheets will not be provided for the examinations. Instead, students are permitted to use one 8.5 by 11 inch sheet of paper on which they may have written anything (EXCEPT EXAMPLES) on both sides. For the final examination, each student may bring in an additional sheet of paper (8.5 x 11 inches) on which they can write anything except examples. (Thus, for the final, you may bring in a total of two sheets of paper.) You should begin preparing your "formula" sheet immediately. Formula sheets must be hand written (both sides permitted). NO word-processed or photocopied material is allowed on your formula sheet. Improper formula sheets will be confiscated; offending students will be allowed to complete the exam without any formula sheet. After the exam, offending students will be referred to the Dean's office on a violation of academic integrity. Students must submit their formula sheets and all exam material to the instructor or invigilator at the end of the exam – formula sheets should contain the students full name and student ID number in the top right corner. Plagiarism, cheating, and examination impersonation – you should acquaint yourself with the University’s policy on plagiarism, cheating, and examination impersonation as detailed in the General Academic Regulations and Policy section of the University of Manitoba Undergraduate Calendar. Note: These policies are also located in your Distance and Online Education Student Handbook or you may refer to Student Affairs at http://www.umanitoba.ca/student
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MISSED EXAM AND LATE SUBMISSION POLICY Students who miss the midterm examination for legitimate reasons i.e. medical, compassionate, academic conflict or university sports team travel, can apply (to the instructor) to have the midterm examination weight added to the final examination weight. There will be no make-up exams. Conflicts with employers do not qualify as legitimate reasons to miss examinations. In all cases of absence on the midterm examination date, the instructor must be advised within 5 working days of the examination date and receive suitable documentation. Late submission of supporting documentation will result in a score of zero for the midterm examination. Documentation must be either scanned or photographed, and then emailed directly to the instructor's email address. Students who miss the final examination must apply to the Undergraduate Program Office in their faculty for possible deferred examination privileges. Instructors are not permitted to arrange make-up final exams on their own.
Late assignments will not be accepted without a valid excuse. If you expect to be late in completing an assignment, please contact your instructor. Unexcused late assignments will receive a grade of 0% on incomplete parts. If a valid excuse is provided your instructor may consider an extension – such extensions will normally only be granted up to two times during the course. ATTENDANCE POLICY This is an online course – you will get out of it what you put into it! I encourage you to ‘attend’ and participate in the real-time web conferences hosted on Cisco WebEx; however, if you cannot, then you can watch a recording of the web conference at another time. By attending and participating, you have the opportunity to work through examples and question your instructor when you experience difficulties; this would be a better learning experience than passively watching the video afterwards. ELECTRONIC DEVICE POLICY Students MUST NOT have in their possession at the time of writing any examination in this course: hard copy or electronic devices that act as textbooks, dictionaries, translators, cell phones, PDA's, additional notes, or other extraneous material (except the hard-copy formula sheet(s) as noted earlier). Each student will be allowed to bring calculators, pens and pencils. Students in violation of these requirements will be charged with academic dishonesty. OUT-OF-CLASS COMMUNICATION UM Learn is the primary way for accessing and distributing course material. In addition, MyLab Finance is required to access and complete assignments; it also offers students the opportunity to do additional questions (all end-of-chapter questions) and access detailed answers to these questions
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CLASS SCHEDULE See the detailed Course Schedule link on the course’s UM Learn site. The following topics will be covered in the order listed below over the duration of the course.
Chapter 1 The Corporation
Chapter 2 Introduction to Financial Statement Analysis
Chapter 3 Arbitrage and Financial Decision Making
Chapter 3A Web Appendix (accessed via MyLab Finance) The Math Behind Solving For The Price Of A Risky Security
Chapter 4 Time Value of Money
Chapter 4A Appendix: Using a Financial Calculator
Chapter 5 Interest Rates (omit the appendix)
Chapter 6 Valuing Bonds
Chapter 6A Forward Interest Rates and Theories of The Term Structure of Interest Rates
Chapter 24 Debt Financing
Chapter 7 Valuing Stocks
Chapter 8 Investment Decision Rules
Chapter 9 Fundamentals of Capital Budgeting (omit Section 9.5 and omit the appendix)
Chapter 10 Capital Markets and the Pricing of Risk
Chapter 11 Optimal Portfolio Choice and the Capital Asset Pricing Model (omit the appendix)
Chapter 12 Estimating the Cost of Capital (omit the appendix)
Chapter 14 Financial Options (omit ‘Returns for holding an option to expiration’ from 14.2, also omit 14.5)
Chapter 17 Capital Structure in a Perfect Market
Chapter 18 Debt and Taxes
Chapter 19 Financial Distress, Managerial Incentives, and Information
Chapter 30 Risk Management (only read Sections 30.1 and 30.2)
IMPORTANT DATES See the detailed Course Schedule link on the course’s UM Learn site.
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INTENDED LEARNING OUTCOMES
AACSB Assurance of Learning Goals and Objectives The Asper School of Business is proudly accredited by the AACSB. Accreditation requires a process of continuous improvement of the School and our students. Part of “student improvement” is ensuring that students graduate with the knowledge and skills they need to succeed in their careers. To do so, the Asper School has set the learning goals and objectives listed below for the Undergraduate Program. The checked goal(s) and objective(s) will be addressed in this course and done so by means of the items listed next to the checkmark.
Goals and Objectives in the Undergraduate Program
Goals and Objectives
Addressed in this Course
Course Item(s) Relevant to these
Goals and Objectives
1 Quantitative Reasoning
A. Determine which quantitative analysis technique is
appropriate for solving a specific problem. Entire course
B. Use the appropriate quantitative method in a technically
correct way to solve a business problem. Entire course
C. Analyze quantitative output and arrive at a conclusion. Entire course
2 Written Communication
A. Use correct English grammar and mechanics in their
written work.
B. Communicate in a coherent and logical manner
C. Present ideas in a clear and organized fashion.
3 Ethical Thinking
A. Identify ethical issues in a problem or case situation
Chapter 1: Principal-Agent Problem,
Shareholder Wealth Maximization,
Stakeholder Satisfaction Assignment question on Stealth Disposal project.
B. Identify the stakeholders in the situation. Same as above
C. Analyze the consequences of alternatives from an ethical
standpoint.
D. Discuss the ethical implications of the decision.
4 Core Business Knowledge Entire course
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ACADEMIC INTEGRITY POLICY It is critical to the reputation of the Asper School of Business and of our degrees that everyone associated with our faculty behave with the highest academic integrity. As the faculty that helps create business and government leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The University of Manitoba General Calendar addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty include, but are not limited to:
using the exact words of a published or unpublished author without quotation marks and without referencing the source of these words
duplicating a table, graph or diagram, in whole or in part, without referencing the source paraphrasing the conceptual framework, research design, interpretation, or any other ideas of
another person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without referencing the source
copying the answers of another student in any test, examination, or take-home assignment providing answers to another student in any test, examination, or take-home assignment taking any unauthorized materials into an examination or term test (crib notes) impersonating another student or allowing another person to impersonate oneself for the purpose
of submitting academic work or writing any test or examination stealing or mutilating library materials accessing test prior to the time and date of the sitting changing name or answer(s) on a test after that test has been graded and returned submitting the same paper or portions thereof for more than one assignment, without discussions
with the instructors involved Group Projects and Group Work
Many courses in the Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic integrity. All group members should exercise special care to ensure that the group project does not violate the policy on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be attributed to specific individuals. Some courses, while not requiring group projects, encourage students to work together in groups before submitting individual assignments. If it’s unclear whether it is allowed, students are encouraged to seek clarification from the instructor to avoid violating the academic integrity policy. In the Asper School of Business, all suspected cases of academic dishonesty in undergraduate courses are reported to the Dean's office and follow the approved disciplinary process. See following table for typical penalties for academic dishonesty in the Asper School.
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Typical Penalties for Academic Dishonesty in the Asper School
If the student is from another Faculty and the academic dishonesty is committed in an Asper course, the student’s Faculty could match or add penalties beyond the Asper School’s. F-DISC on transcript indicates the F is for disciplinary reasons.
ACADEMIC DISHONESTY PENALTY
Cheating on exam (copying from or providing answers to another student)
F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Sharing exam questions electronically during exam
F-DISC in course Suspension from taking Asper courses for 2 years Notation of academic dishonesty in transcript
Possession of unauthorized material during exam (e.g., cheat notes)
F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Altering answer on returned exam and asking for re-grading
F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Plagiarism on assignment F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Submitting paper bought online F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Inappropriate Collaboration (collaborating with individuals not explicitly authorized by instructor)
F-DISC in course Suspension from taking Asper courses for 1 year Notation of academic dishonesty in transcript
Group member had knowledge of inappropriate collaboration or plagiarism and played along
F-DISC in course Notation of academic dishonesty in transcript
Signing Attendance Sheet for classmate
F-DISC in course Notation of academic dishonesty in transcript
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STUDENT SERVICES AND SUPPORTS The University of Manitoba provides many different services that can enhance learning and provide support for a variety of academic and personal concerns. You are encouraged to visit the below websites to learn more about these services and supports. If you have any questions or concerns, please do not hesitate to contact your instructor or the Undergraduate Program Office.
For Information on… …follow this link
Admission, Registration, Tuition Fees, Important Dates, Final Exams, Graduation, and Transcripts
Registrar’s Office
Academic policies & procedures, regulations, Faculty-specific information, degree and major requirements
Academic Calendar
Help with research needs such as books, journals, sources of data, how to cite, and writing
Library Resources
Tutors, workshops, and resources to help you improve your learning, writing, time management, and test-taking skills
Writing and Learning Support
Support and advocacy for students with disabilities to help them in their academic work and progress
Student Accessibility Services
Copyright-related questions and resources to help you avoid plagiarism or intellectual property violations
Copyright Office
Student discipline bylaws, policies and procedures on academic integrity and misconduct, appeal procedures
Academic Integrity
Policies & procedures with respect to student discipline or misconduct, including academic integrity violations
Student Discipline
Students’ rights & responsibilities, policies & procedures, and support services for academic or discipline concerns
Student Advocacy
Your rights and responsibilities as a student, in both academic and non-academic contexts
Your rights and responsibilities
Full range of medical services for any physical or mental health issues
University Health Service
Information on health topics, including physical/mental health, alcohol/substance use harms, and sexual assault
Health and Wellness
Any aspect of mental health, including anxiety, stress, depression, help with relationships or other life concerns, crisis services, and counselling.
Student Counselling Centre
Support services available for help regarding any aspect of student and campus life, especially safety issues
Student Support Case Management
Resources available on campus, for environmental, mental, physical, socio-cultural, and spiritual well-being
Live Well @ UofM
Help with any concerns of harassment, discrimination, or sexual assault
Respectful Work and Learning Environment
Concerns involving violence or threats, protocols for reporting, and how the university addresses them
Violent or Threatening Behaviour
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ABOUT THE INSTRUCTOR See the Instructor Welcome Letter on the course’s UM Learn site.
Acknowledgements
Content specialist: Professor David A. Stangeland, PhD, B Comm, CPA, CMA
Department of Accounting & Finance Asper School of Business The University of Manitoba
Professor Stangeland is well published in the field of corporate finance and has taught at the undergraduate, MBA, and PhD levels over his career at the University of Manitoba. He regularly teaches in the Canadian Executive MBA program in Warsaw Poland each summer. In addition to his research and teaching, Professor Stangeland is Associate Dean for Professional Programs (MBA, Master of Finance, Executive Education) at the Asper School of Business and he is involved in pension governance with the University of Manitoba Pension Plans and the Teachers’ Retirement Allowances Plan of Manitoba. Content specialist: Jerrod Falk, CMA
Department of Accounting & Finance Asper School of Business The University of Manitoba
Jerrod Falk is a former instructor at the Asper School of Business, University of Manitoba. Over the past years he has taught undergraduate students in courses such as Financial Accounting, Corporate Finance, Corporate Finance Theory & Practice, Small Business Finance, and Management Accounting. He was also a moderator in the Executive Education program at the Asper School of Business. In addition to teaching, he has worked as a consultant and volunteer for CMA Canada and is now Regional VP at Value Partners Investments. Instructional designer: Sophia Palahicky, MDE
Extended Education, Distance and Online Education The University of Manitoba
Media specialist: Chris Cabildo BFA Distance and Online Education The University of Manitoba
In your course website there are links for the following:
Contacting Distance and Online Education Staff Distance and Online Student Handbook Distance and Online Education Website
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All rights reserved. No part of the material protected by this copyright may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or otherwise without the prior written permission from the copyright owner.
The University of Manitoba, Distance and Online Education
FIN2200COURSESCHEDULE–Summer2019–Prof.DavidA.Stangeland: Youwillfindthatthecoursestartswiththebasicsbutprogressesveryquickly.Thematerialcoveredbuildsonearliermaterial.Itisimportanttostaycurrentinyourstudies;otherwise,youwillnotunderstandthenewmaterial.YoumustreadthetextchaptersinadvanceoftheonlinechapternotesandLabsandMyLabFinance(MLF)assignments;thiswillallowyoutohaveamuchbetterchanceofunderstandingthematerialasitistaught.
Dates Topic ChaptersMay6-9 Introduction,typesoffirms,thecorporation,the
Principal-AgentProblem,StockMarkets,bid-askspread,marketorders,limitorders.(StudentsmustreadChapter2ontheirown.Thisbackgroundknowledgeisassumed;itwillnotbecoveredinonlinenotes.)DoQuestions1-5ofLab1onUMLearn
1(note,theonlineAppendixforchapter1isveryusefulforyourtaxes,butisoptionalforyoutoread),2
May9-14 FinancialMarkets,PresentValue,theLawofOnePrice,thePriceofRisk.Note,Chapter3isaveryimportantchapterandyoushouldspendsignificanttimeonitanditsonlineappendix.FinishLab1onUMLearn
3,3A(note,itismandatorythatyoureadtheonlineappendixforchapter3especiallysection3A.2)
WednesdayMay15MFLAssig.Due
MFL Assignment 1 Due at 11:59 pm. 1,2,3,3A
May16-25 TimeValueofMoneyPresentValues,FutureValues;Annuities,Perpetuities;RegularandGrowingDoQuestions1-5ofLab2onUMLearn
4,4A(note,theappendixonusingafinancialcalculatorisveryimportant)
SundayMay26MFLAssig.Due
MFLAssignment2Dueat11:59pm. 4,4A
May27-June2 InterestRates:ConversionsandDeterminantsFinishLab2onUMLearn
5(note,theappendixisinterestingbutnotrequiredreading)
MondayJune3Real-timeLab
Real-timewebconferencinglabsessionadministeredthroughCiscoWebExundertheCommunicationspull-downmenuonUMLearn,10amtoNoon.(Real-timeLab1:QuestionspostedonUMLearn)
3,4,5
TuesdayJune4MFLAssig.Due
MFLAssignment3Dueat11:59pm. 4,4A,5
June5-10 ValuingBondsandStocks;MarketEfficiencyReadChapter24andtheUMLearnonlinematerialforChapter24nowasitrelatestoBonds.Thematerialwillbetestedonthemidterm.DoLab3onUMLearn
6,6A(theappendixismandatoryandveryimportantreading),724(note,thereisnoPowerPointforCh.24onUMLearn)
TuesdayJune11MFLAssig.Due
MFLAssignment4Dueat11:59pm. 6,6A,7,24
June12-17 CapitalBudgeting:CriteriaforChoosingInvestmentProjects,RelevantCashFlowsandDeterminingFreeCashFlowsDoLab4onUMLearn
8,9(excludesection9.5andexcludetheappendixtoCh.9)
TuesdayJune18MFLAssig.Due
MFLAssignment5Dueat11:59pm.Note,thisisdueontheSundayatthebeginningofReadingWeek–youshouldtrytofinishitbythepriorFridayitdoesn’taffectyourReadingWeek.
8,9
June19-July21 ReviewTextbook,PowerPoint,Pre-recordedlabs,MyFinanceLab,etc.forMidterm
1,3,3A,4,4A5,6,6A7,8,9,24
ThursdayJune20Real-timeLab
StudyforthemidtermandtryallthelabquestionspriortotheReal-timeLab.Real-timewebconferencinglabsessionadministeredthroughCiscoWebExundertheCommunicationspull-downmenuonUMLearn,Noonto2pm.(Real-timeLab2:QuestionspostedonUMLearn)
1,3,3A,4,4A,5,6,6A7,8,9,24
SaturdayJune22MidtermExam
MidtermExam–1p.m.to3p.m.inRoom343DrakeCentre.Testablematerials:alltopicsuptoandincludingCapitalBudgeting.*Studentswritingthemidtermonline:exactdateandtimewillbeTBA,butwillbeveryclosetothetimeofstudentswritingoncampus.
1,3,3A,4,4A,5,6,6A,7,8,9,24
June23-30 CapitalMarkets:ThePricingofRiskandOptimalPortfolioChoice;TheCapitalAssetPricingModel(CAPM)DoLab5onUMLearn
10,11(excludingappendix)
July1-6 TheCostofCapitalNote:Lab6coverssomeoftheWeightedAverageCostofCapitalmaterial
12(omittheappendix)
SundayJuly7MFLAssig.Due
MFLAssignment6Dueat11:59pm. 10,11,12
July8-15 Options–thischaptertakesalotoftime,besuretoreaditthoroughlyinadditiontotheUMLearnnotes.DoLab6onUMLearn
14(omit‘Returnsforholdinganoptiontoexpiration’from14.2,alsoomit14.5)
TuesdayJuly16MFLAssig.Due
MFLAssignment7Dueat11:59pm. 14
July17-23
CapitalStructureDoLab7onUMLearn
17,18,19
WednesdayJuly24MFLAssig.Due
MFLAssignment8Dueat11:59pm.(Note,youmaywanttodotheAssignmentearlyifyoucelebrateEaster.)
17,18,19
July25-30 RiskManagement–thisisalwaysonthefinalexam;readcarefullyandunderstand!
30.1and30.2
WednesdayJuly31MFLAssig.Due
MFLAssignment9Dueat11:59pm.Note,thisisdueonaWednesdaynight.
14,30.1and30.2
ThursdayAugust1Real-timeLab
Real-timewebconferencinglabsessionadministeredthroughAdobeConnect,4:00pmto6:00pm.(Real-timeLab3:QuestionspostedonUMLearn)
10,11,12,14,17,18,19,30.1,30.2
SaturdayAugust10FinalExam
FinalExam:August10,2019,9a.m.toNooninRoom343DrakeCentre
Cumulative:coverstheentirecourse
Notetostudents:itisimperativethatyoudotheMFLassignmentsasthesewillhelpyoupreparefortheexams.Ifforsomereasonyoudonotcompletethemontimeandhavealegitimateexcuse,pleaseemailme([email protected])andIwillevaluateyourreasontodeterminewhetheranextensioncanbegranted.
