UNIVERSITY OF MASSACHUSETTS, AMHERST
ISENBERG SCHOOL OF MANAGEMENT
FIN 402: ADVANCED CORPORATE FINANCE
Fall 2023
Faculty: Wenting Ma
Email: wma@isenberg.umass.edu
Class Hours: 10:00 am-11:15 am, Tuesdays/Thursdays
Classroom: N135
Zoom Office Hours: 1 pm -3 pm Tuesdays. An appointment is required at least 24 hours in
advance. Please make appointments here using your UMASS account.
Zoom Office Hours ID: 925 7074 6535
1. Course Descriptions:
This course aims to develop a framework for analyzing a firm's investment and financing decisions.
We will examine critical aspects of applied corporate finance by focusing on valuation, real
options, risk, capital structure, dividends, financing, and restructuring. This course also aims to
help you think critically and build an intuitive understanding of how corporate finance works in
the real world. To accomplish this goal, we will rely heavily on applications and examples from
various career fields. A substantial part of the course will be focused on case study discussions.
2. Required Materials:
•
•
•
•
Textbook: Ross, Westerfield, Jaffe, and Jordan (RWJJ), Corporate Finance, 12th Edition
HBS Cases: Students need to purchase the required cases here.
Canvas: This online platform provides the syllabus, course calendar, slides, assignments, and
student performance activities. Do not distribute course materials without my permission!
Course Calendar: This shared Google sheet allows you to track the contents that will be
covered in each lecture and assignment deadline. You are responsible for checking the
calendar frequently, keeping assignments on track, and delivering your work on time!
3. Grading and Requirements:
The weight attached to each component of the course in determining the final grade is:
1 group presentation or discussion
20%
1 group case report
20%
4 homework assignments
20%
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1 in-class quiz
5%
1 final case report
20%
3 peer evaluations and class participation 15%
Group: By 9:59 am, September 19, students are expected to form groups of 3 or 4 people based
on their preferences. Please check the instruction described under Canvas/Assignments/Case
Study Group to enroll in a group.
Once you have formalized your group, each group should sign up here for two cases, one for
in-class presentation/discussion and one for case report, based on your preference by 9:59
am, September 19. Assignments will be based on first come, first served. If you don't sign up for
a case by the deadline, I will assume you are willing to present any cases, and I will assign cases
to you based on availability.
Group Case Report (20%): Each group will prepare a written report for 1 case study. The report should
be LESS than (< or =) five pages (including one cover page), double-spaced, and should contain
the group's answers to the case questions. The first page should include the title of the case and
member names. The report will begin with a one-paragraph summary of the main issue related to
the case and recommend a course of action to address the issue. The summary should be followed
by answers to the assigned case questions. The answers should be rigorous, concise, and nonrepetitive. As a reader, I would also appreciate good writing skills. All spreadsheet printouts should
be in the appendix, but graphs and tables can be part of the case write-up. Group case reports should
be submitted to Canvas by the deadlines listed on the course calendar.
Group Presentation/Discussion (20%): Each group will be assigned to 1 case presentation OR
1 case discussion. Class presentation days will start with two case presentations by two
presentation groups. Each presentation group will have 10-15 minutes to summarize the case
background and describe their solutions to case questions. Afterward, the discussion group will
have 15-20 minutes to present their critiques, assessments of two presentations, and alternative
solutions. The discussant group should pick their favorite presentation and explain why (e.g.,
easy to work with, comprehensive analysis, etc.). The selected presentation group will get one
extra point added to each team member's final score directly.
Note that all presentations and discussions are expected to be presented along with slides.
Please submit your slides to CANVAS by the deadlines listed on the course calendar. Note that
the presentation groups are responsible for sharing their slides and other supplementary
materials (e.g., excel sheets or write-ups) with the corresponding discussant group at least
one week before the presentation. To prepare for the discussion, the discussion group should feel
free to reach out to and communicate with the presentation groups actively.
The presentation group will get a good grade if
• They are well prepared and have developed proper analysis;
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•
•
•
They can take theory and apply it to a problem;
They can provide thorough answers to other students' questions;
They have excellent presentation skills.
The discussant group will get a good grade if
• They have taken the time to understand the presentation groups' contributions, their
strengths and weaknesses, and their most salient points that need to be conveyed to the
audience;
• They can provide critical and in-depth analysis on how to address the weaknesses of the
presentation group's solutions;
• They can generate alternative solutions to problems if needed and argue for them;
• They have excellent presentation skills.
Because the discussions are more challenging than presentations, discussant groups will get
0.5 extra points added to each team member's final score directly.
Note that all class members are expected to participate in the case discussions. The audience
can ask questions anytime during the presentation. I may cold call students to provide executive
summaries or describe the takeaways from case studies. Your performance will affect your
participation grade.
The audience will get a good participation grade if
• They ask good questions during or/and after the presentations;
• They are actively involved in case discussions.
• They can challenge the presenters' solutions, generate alternative solutions if needed, argue
for them, or provide suggestions to help presenters to improve their future presentations.
Individual Homework Assignments (5% each): Assignments will be posted on Canvas one
week before the due date. Please submit your answers to Canvas by the deadlines listed on the
course calendar. I will grade the assignments based on your efforts but not the accuracy of
your answers. Specifically, you are expected to describe steps clearly. I will deduct points if
questions are left blank or filled with irrelevant things. For short essay questions, I will not give
full credit if you only put a number or one word (e.g., Yes/No) there. Besides, you will only get
50% of your score if you submit an assignment after the deadline. Lastly, all breaches of
academic honesty will result in an F in the course.
In-class Quiz (5%): This is a 30-minute open-book and open-notes quiz. It will test the
materials covered before the quiz. Please bring your notes, book, and a calculator. The quiz is
scheduled on September 26. I will not grant exceptions to the timing of the quiz to accommodate
travel schedules, interviews, etc. The only exception is a documented medical emergency. Students,
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who have received my authorization to take the make-up quiz, will be required to do so on
September 28.
Take-home Final Exam (20%): Each group will prepare a written case report. The case and
related questions will be distributed on November 28. Each group will submit its report to
Canvas by 09:59 am ET, December 15. After the deadline, you will only get 50% of your score.
Please refer to the Case Report section for requirements.
Peer Evaluation and Class Participation (15%): Each student will self-evaluate and evaluate
every other group member individually after each group assignment. Please fill out the peer
evaluation sheet (saved under Canvas/Assignments) objectively based on participation and
attendance in group meetings, contribution to group assignments, and the overall rating as a team
player. Please submit your evaluation sheet to Canvas by the deadline for each group
assignment. Every student should treat every group project seriously and pull a fair weight. The
evaluation outcomes from your group members can have a significant impact on your final
grade.
Regular attendance is required unless reasonable excuses are provided in advance. The
quality of participation is measured based on your attendance, the frequency of asking and
answering questions during classes, office hours, and your participation in case discussions.
Extra Credits (up to 1.5 points): Each student can earn up to 1.5 extra points throughout the
semester. As described in the Group Presentation/Discussion section, the best presenters, i.e., team
members in the winner group, will earn 1 extra point. Every discussant group will get 0.5 extra
points. In addition, please complete the evaluation here by December 18. All students will
earn 0.5 extra points IF the response rate of the final teaching evaluation is above (>) 90%.
Grading Scale (as a percentage of total points):
A
AB+
B
BC+
= 94-100
= 90-93.99
= 87-89.99
= 83-86.99
= 80-82.99
= 77-79.99
C
CD+
D
F
= 73-76.99
= 70-72.99
= 67-69.99
= 60-66.99
< 60
Letter grades are computed from the total points earned during the semester and assigned based
on the scale given above. There is no maximum number of A's or B's awarded. However, in
previous courses, 30-40% of my students have earned in the A range, and 40% -50% have earned
in the B range. Although the grade distribution may change this semester, the past scores should
give you a sense of my grading standards.
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4. Student Feedback:
Your suggestions are valuable and always welcome (I mean it)! Throughout the semester, please
feel free to share any concerns or suggestions via email or in person. I will take them seriously!
At the end of the semester, please complete the teaching evaluation here. Thank you in advance
for your comments or suggestions!
5. Copyright
My lectures and course materials, including PowerPoint presentations, videos, assignments, tests,
outlines, and similar materials, and all course recordings, are protected by U.S. copyright laws and
by university policy. I am the exclusive owner of the copyright in materials I create.
You may take notes and make copies of course materials for your own use in this class. You may
also share those materials with another student who is registered and enrolled in this course.
You may NOT reproduce, distribute, upload, or display any lecture notes, recordings, or other
course materials— whether or not a fee is charged — without my express written consent. You
may be subject to disciplinary action under the UMass Code of Student Conduct if you do so.
Similarly, you own the copyright to your original papers and exam essays. If I am interested in
posting your answers or papers on the course website, I will ask for your written permission.
6. Academic Honesty:
Since the integrity of the academic enterprise of any institution of higher education requires
honesty in scholarship and research, academic honesty is required of all students at the University
of Massachusetts Amherst. Academic dishonesty is prohibited in all programs of the
University. Academic dishonesty includes but is not limited to: cheating, fabrication, plagiarism,
and facilitating dishonesty. Appropriate sanctions may be imposed on any student who has
committed an act of academic dishonesty. Instructors should take reasonable steps to address
academic misconduct. Any person who has reason to believe that a student has committed
academic dishonesty should bring such information to the attention of the appropriate course
instructor as soon as possible. Instances of academic dishonesty not related to a specific course
should be brought to the attention of the appropriate department Head or Chair. Since students are
expected to be familiar with this policy and the commonly accepted standards of academic integrity,
ignorance of such standards is not normally sufficient evidence of lack of intent.
The honesty policy applies to case presentations and homework assignments: Students are
not allowed to use solutions prepared by current or former students. If you use information
from outside sources in your case presentation, you must properly cite those sources. This
course has a zero-tolerance policy for academic dishonesty. I am unwilling to discuss the
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rationale or circumstances for lapses. All breaches of academic honesty will result in the
same penalty: an F in the course!
7. Accommodations:
The University of Massachusetts Amherst is committed to providing an equal educational
opportunity for all students. If you have a documented physical, psychological, or learning
disability on file with Disability Services (DS), you may be eligible for reasonable academic
accommodations to help you succeed in this course. If you have a documented disability that
requires accommodation, please notify me within the first two weeks of the semester so we can
make appropriate arrangements. For further information, please visit Disability Services.
8. Title IX Statement
In accordance with Title IX of the Education Amendments of 1972 that prohibits gender-based
discrimination in educational settings that receive federal funds, the University of Massachusetts
Amherst is committed to providing a safe learning environment for all students, free from all forms
of discrimination, including sexual assault, sexual harassment, domestic violence, dating violence,
stalking, and retaliation. This includes interactions in person or online through digital platforms
and social media. Title IX also protects against discrimination on the basis of pregnancy, childbirth,
false pregnancy, miscarriage, abortion, or related conditions, including recovery. There are
resources here on campus to support you. A summary of the available Title IX resources
(confidential
and
non-confidential)
can
be
found
at
the
following
link: https://www.umass.edu/titleix/resources. You do not need to make a formal report to access
them. If you need immediate support, you are not alone. Free and confidential support is available
24 hours a day / 7 days a week / 365 days a year at the SASA Hotline 413-545-0800.
* The syllabus is tentative. The instructor reserves the right to make changes if necessary.
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