FIN240 Syllabus
CHAMPLAIN COLLEGE
Financial Management I
FIN 240
Fall 2023
Instructor:
E-mail:
Office:
Phone:
Office hours:
Sessions:
Credits:
Fritz Burkhardt
fburkhardt@champlain.edu
Ireland 215D
802-865-6498 (Office), 312-952-8148 (Mobile)
Tuesdays 11:00am – Noon; Fridays 10:00am – 11:15am; Other Times by Appt
Mondays & Thursdays 10:00am – 11:15am, Joyce 305
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Course Outline
This is a first course in corporate finance. The course is designed to introduce students to the
concepts and techniques necessary to analyze and implement optimal investment decisions. The
course covers the effect of time and uncertainty on decision making. Topics include discounting
techniques and applications, stock and bond valuation, diversification and portfolio choice, and
capital budgeting. If time permits, additional topics may be introduced.
Prerequisites
The prerequisites for the course are ACC 135 and an understanding of basic statistics.
Readings
The textbook for the course is the Fundamentals of Corporate Finance, 13th edition by Ross,
Westerfield and Jordan (ISBN 9781260772395) (hereafter RWJ). It covers approximately the
same material that will be covered in class (for more details see the course outline). The text
contains useful examples. McGraw Hill’s Website for the book is one place where you can rent
or purchase this book: https://www.mheducation.com/highered/product/126077239X.html.
Additional readings for the course are in A Random Walk Down Wall Street (13th edition) by
Burton Malkiel (ISBN paperback 9781324051138). This book is required and readings for
homework are in this book.
Required Materials
In addition to A Random Walk Down Wall Street (13th edition), students are required to have
access to Excel style spreadsheet software (Microsoft Excel is strongly recommended) and/or a
financial calculator. Excel through Office 365 is available for free with your Champlain e-mail
address at https://www.microsoft.com/en-us/education/products/office
Class Sessions
Students are expected to attend all their classes. Students are encouraged to participate and ask
questions during class. We have limited time together and we will work to maximize this time. I
will provide printouts of handouts to students.
Homework Sets
Working problems is essential to an understanding of the analytical type material covered in this
course. The assigned problems are to be solved in groups and handed in at the beginning of the
class on their due dates. Students are strongly encouraged to work in groups of up to 4 people.
Each group submits one write-up in electronic copy on Canvas. These homework sets will be
graded and returned along with answers provided on Canvas. There will be ten homework sets
which will be worth a total of 25% of your grade.
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FIN240 Syllabus
Canvas Building Block Questions
Together with the Homework Sets, I will provide related questions on Canvas. These Building
Block Questions will provide additional practice on the key building blocks related to the
homework questions. Students can work in groups on the Building Block Questions but you
must submit your answers individually to Canvas. Building Block Questions are worth at least
5% of your final grade.
Midterm Exam
The midterm exam is scheduled in class on Thursday, October 12th (date subject to change – the
exam may be moved to October 5th or October 16th). The midterm is closed-book. You may use a
financial calculator or Microsoft Excel and you may bring in one sheet of notes.
Final Exam
The final exam (comprehensive) is yet to be scheduled. The exam is closed book. You may use a
financial calculator or Microsoft Excel and you may bring in two sheets of notes.
If, for a valid reason, you are unable to take the Midterm or Final Exam on the regularly
scheduled dates, please contact me as soon as possible and we will discuss.
Grades
The course grade will be based on homework sets, building block questions, midterm exam, and
final exam. The grade will be determined by the higher of the following weighted averages:
(1) 25% Homework sets, 5% Canvas Building Block Questions; 10% class participation,
20% midterm exam, and 40% final exam; and
(2) 25% Homework sets, 10% Canvas Building Block Questions; 10% class participation,
15% midterm exam, and 40% final exam; and
(3) 25% Homework sets, 10% Canvas Building Block Questions; 10% class participation,
10% midterm exam and 45% final exam.
Course Website
I will use the Canvas web site to post announcements, homework sets, solutions, and other
course materials. Canvas will also provide a discussion forum for students who want to openly
exchange ideas on topics covered in the course or other course-related issues. To access Canvas,
log-in to http://my.champlain.edu and select Canvas from the Dashboard.
Use of Electronic Devices
Unauthorized use of electronic devices (such as mobile phones) and inappropriate use of
computers is not permitted and will adversely affect your grade. Remedies for unauthorized or
inappropriate use of electronic devices include confiscation for the duration of the class period.
Learning Outcomes
The goal of the course is to develop an understanding of the basic principles of finance and how
to approach various financial decisions.
Students should be able to:
 Comprehend and calculate time value of money problems;
 Calculate and interpret the net present value and internal rate of return of investments or
capital projects;
 Describe the portfolio approach to investing and comprehend different types of risk;
 Calculate the cost of capital for a project or company; and
 Calculate the value of bond and equity securities using net present value techniques.
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FIN240 Syllabus
Course Outline
This is a tentative schedule of topics to be covered.
Sessions 1-4, August 28, 31, September 4, 7: Introduction to Finance and Net Present Value
Topics: Corporations; Capital Markets; Present Value Techniques; Arbitrage, Use of Excel.
Readings: RWJ Chapters 1, 5, 6.1, 6.2
Problem set #1 due September 7
Session 5-6, September 11, 14: More Net Present Value (NPV)
Topics: Compound Interest Rates; Inflation: Nominal vs. Real Interest Rates.
Readings: RWJ Chapters 6, 7.6
Problem set #2 due September 14
Sessions 7-8, September 18, 21: Capital Budgeting
Topics: Capital Budgeting Under Certainty; Alternatives to NPV.
Readings: RWJ Chapters 9, 10, Skim Chapters 2, 3
Problem set #3 due September 21
Sessions 9-12, September 25, 28, October 2, 5: Security Valuation
Topics: Bond Valuation; Yield to Maturity; Term Structure of Interest Rates; Forward Rates;
Duration; Equity Valuation; Gordon Growth Model; Present Value of Growth Opportunities.
Readings: RWJ 7, 8, Appendix 7.1 (RWJ pp. 247-258), Skim Chapter 4
Problem set #4 due September 28
Problem set #5 due October 5
Midterm Exam, October 12
Sessions 13-17, October 16, 19, 23, 26, 30: Risk and Return
Topics: Defining Risk; Measuring Risk; Diversification; Price of Risk; Capital Asset Pricing
Model (CAPM).
Readings: RWJ Chapters 12, 13, 14
Problem set #6 due October 23
Problem set #7 due October 30
Sessions 18-22, November 2, 6, 9, 13, 16: Capital Budgeting under Uncertainty
Topics: Estimating Project Betas; Leverage, Dealing with Taxes.
Readings: RWJ Chapter 16
Problem set #8 due November 6
Problem set #9 due November 13
Sessions 23-25, November 27, 30, December 4: Other Topics
Topics: Cash Management, Options, Dividend Policy
Readings: RWJ 17, Provided Readings
Problem set #10 due December 4
Session 26, December 7: Review for the Final Exam
Final Exam, Date to be Determined
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FIN240 Syllabus
Other Administrative Issues
The class notes, readings, homework assignments, and answers are the intellectual property of
the professor. You may not distribute class notes, homework assignments, solutions, recordings
or other elements of the course electronically or in any form to anyone outside the class or
outside Champlain College without my written consent.
Academic Honesty
Introduction
In addition to skills and knowledge, Champlain College aims to teach students appropriate
ethical and professional standards of conduct. The Academic Honesty Policy exists to inform
students and faculty of their obligations in upholding the highest standards of professional and
ethical integrity. All student academic work is subject to the Academic Honesty Policy. It is the
student’s responsibility to understand and comply with College-wide policy as well as any
assigned work-including examinations, tests, quizzes, term papers, reports, themes and other
exercises-every student shall conform to a strict standard of academic honesty. Any attempt to
deceive a faculty member or to help another student to do so will be considered a violation of
this standard.
Instructor's Intended Purpose
The student's work must match the instructor's intended purpose for an assignment. While the
instructor will establish the intent of an assignment, each student must clarify outstanding
questions of that intent for a given assignment.
Unauthorized Assistance
The student may not give or get any unauthorized assistance in the preparation of any work.
Authorship
The student must clearly establish authorship of a work. Referenced work must be clearly
documented, cited, and attributed, regardless of media or distribution. Adequate documentation
must articulate the resources, and even sources of inspiration, directly employed in the creation
of a work.
Declaration
Online submission of, or placing one’s name on, an exam, assignment, or any course document
is a statement of academic honor that the student has not received or given inappropriate
assistance in completing it and that the student has complied with the Academic Honesty Policy
in that work. Contributing to or obtaining material from an online assignment repository is
considered a violation of academic honesty that can result in disciplinary action.
Consequences
An instructor may impose a sanction on the student that varies depending upon the instructor's
evaluation of the nature and gravity of the offense. Possible sanctions include but are not limited
to, the following: (1) Require the student to redo the assignment; (2) Require the student to
complete another assignment; (3) Assign a grade of zero to the assignment; (4) Assign a final
grade of "F" for the course. A student may appeal these decisions according to the Academic
Grievance Procedure. (See the relevant section in the Student Handbook.) Multiple violations of
this policy will result in a referral to the Conduct Review Board for possible additional sanctions.
The full text of the Academic Honesty Policy is in the College Catalog.
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FIN240 Syllabus
Students Requiring Accommodations
If you believe that you require accommodations in this class, please contact Counseling and
Accommodation Services as soon as possible. You will be able to schedule a meeting with an
Accommodations Specialist and have your documentation reviewed. If found eligible for
academic accommodations, your Specialist will provide you and your instructors with a form
detailing your substantiated accommodations. It is your responsibility as a student to seek and
secure accommodations.
Contact: Office of Accessibility
Office: Skiff Hall 112
Phone: 802-865-5764
Email: accessibility@champlain.edu
Business Continuity: Class during an Extended Campus Closure
Champlain College is taking precautionary measures to ensure that this class can continue in a
"virtual environment" even during an extended emergency such as severe weather, contagious
disease, physical infrastructure failure, campus closure, or similar incident. This course will
continue either online through a college-provided learning management system (Canvas), or
through some other process unless cancelled.
In the event of such an emergency, students are expected to continue instructor-designated class
activities, as directed by the instructor. Due to the nature of the "virtual environment" learning
activities may differ slightly from the on-campus course. In order for this emergency
preparedness plan to be effective, you are asked to do the following:
Immediately:
 Ensure that you will have a computer and broadband Internet access at the location (home
or other) in which you will reside during an extended campus closure.
 Prepare yourself with the basic skills of logging into Canvas via the dashboard, finding
your course(s) and entering them.
 Participate in a "warm up" online activity in the "virtual environment" when directed to
do so by your instructor.
During an Emergency:
 Test your broadband Internet access immediately upon arriving at your chosen residence
during the campus closure.
 Log into Canvas and enter your courses.
 Check for emergency information on Champlain College main website
(www.champlain.edu) which will indicate the semester week and day on which college
classes will resume online.
 Enter your class and go to the appropriate week of class where you will receive directions
from your instructor.
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FIN240 Syllabus
Diversity, Equity, and Inclusion
As a learning community, we should be working together to create an effective and respectful
space; an environment that is safe and accepting, where everyone feels like they can bring their
whole self to the table; a classroom that supports the ever changing and diverse learning needs
and complexities of Champlain College students; a space that maximizes learning for everyone.
Differences of opinion are encouraged and should be nurtured. Discussions themselves are
collaborative learning ventures, and it is often through dialogue that we come to understand our
own thoughts and positions.
We all co-create this positive, inclusive learning environment. The following are guiding
principles for how this can be achieved:
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Appreciate that everyone is in a different “space” of learning: how they learn, different
skill level, and the unique personal context they bring to the classroom. Each of us in this
class will know more in some areas and less in others.
Try not to make assumptions; ask questions to learn more about other perspectives,
especially those that are different from your own.
Lead with “generosity” when you listen to others’ perspectives and prioritize kindness
over proving the other wrong. Listen to learn first, rather than to immediately judge or
“win.”
Respect others’ perspectives and recognize your own biases and the limits of your own
knowledge.
Show respect for others as individuals by learning and using their preferred names and
affirming pronouns.
Share your knowledge and skills with tact.
Applaud each other’s efforts and offer constructive feedback when possible.
Respect the speaker, even when you do not agree with or support the point the speaker is
making.
Do not monopolize the conversation, rather, give others a chance to contribute.
Realize that no opinion or position is out of bounds (bar hate speech), but all opinions
should be articulated with thoughtfulness and humility.
Take into consideration the impact of your words on others.
Racial, ethnic, gender or other identity-based slurs are nothing other than hurtful and will
not be tolerated.
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