Investment Research Challenge FIN3IRA & FIN5IRA Subject Learning Guide “The Challenge enhanced my ability in so many ways to get ready to work in the real market. I have developed my critical thinking ability ... I came to understand the real market, the real process of analysis and what is the core of a good report and presentation. …. I came to know myself in trying to overcome my shortcomings, and trying to benefit others in our team. The team wins. I win. The team loses. I lose more.” [Tong Wang, MFA (La Trobe)] Semester 1, 2012 Bundoora Campus Greg Jamieson Content Content 1.0 Subject information at a glance 2.0 Challenge honour board 2.1 2.2 La Trobe Investment Research Challenge – Winning Teams 4 La Trobe Teams – CFA Investment Research Challenge (Melbourne Final) 4 3.0 What the challengers said … 4.0 Subject description 5.0 Learning Summary 5.1 5.2 Learning outcomes Learning outcomes, activities, assessment and assessment criteria 6.0 Teaching arrangements 6.1 6.2 Teaching Arrangement Schedule Seminar Topics and Associated Readings 7.0 Pizza Bake-Off 8.1 Assessment requirements 8.2 Multiple-choice Quiz (10%) 8.3 Group Research Report (40%) 8.4 Group Presentation (20%) 8.5 Group Q&A (20%) 8.6 Peer Evaluation (10%) 8.7 Special Circumstances Processes 8.7.1 Submission of Work after Due Date 8.7.2 FBEL Policy on Review and Re-Marking of Academic Work 8.7.3 Special Consideration 8.7.4 What is Academic Plagiarism? 8.7.5 Academic Language and Learning (ALL) Unit 8.7.6 Student Feedback on Subjects Survey 9.0 Learning resources 10 10 11 13 13 13 13 14 14 14 16 16 16 16 18 18 19 20 Prescribed text Additional Readings The Learning Management System (LMS) Library Challenge Rules The Mentors and Judges The Teams The Company Page 2 of 26 6 7 12 8.0 Assessment and Feedback 10.0 10.0 11.0 12.0 5 6 6 12 Jamie’s Pizza Dough 9.1 9.2 9.3 9.4 2 3 4 20 20 20 20 21 24 25 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 1.0 Subject information at a glance Subject coordinator: Consultation: Mr Greg Jamieson g.jamieson@latrobe.edu.au (DWB 403) 9479 1514 Tuesdays 10:00 – 12:00 (DWB403) Enrolment requirements: Enrolment is by invitation only, based on the students performance in the previous semester. Credit points: 15 Census Date: 29th March, 2012 Assumed entry skills and knowledge: • Students should be able to describe the characteristics of equity securities. • Students should be able to open, save and navigate around an Ms Excel spreadsheet, as well as enter and format data and simple formulas. Delivery mode and location: This subject is a practicum subject offered at the Bundoora campus. The timing and location of the seminars and workshops is set out on page 10. Assessments: • Multiple-choice Quiz: • Peer Assessment of Teamwork: • Group Research Report: • Group Presentation: • Group Q&A: 10 questions 10 pages 10 minutes 10 minutes 15th March 31st May 31st May 2nd July 2nd July 10% 10% 40% 20% 20% Recommended texts: • Valentine, James J. (2011) Best Practices for Equity Research Analysts. McGraw Hill. NY. • Koller, Tim, Marc Goedhart and David Wessels. (2010) Valuation: Measuring and Managing the Value of Companies. (fifth edition) John Wiley & Sons. NJ. • Hooke, Jeffrey C. (2010) Security Analysis and Business Valuation on Wall Street. (second edition) John Wiley & Sons. NJ. • Pinto, Jerald E., Elaine Henry, Thomas Robinson and John Stowe. (2010) Equity Asset Valuation. (second edition) John Wiley & Sons. NJ. • CFA Institute (2010) Standards of Practice Handbook. (tenth edition) Special study requirements: Students with special needs whose participation in this subject might be limited by any study requirements are encouraged to consult the Equality and Diversity Centre (EDC). Further information and contact details for the EDC are available at http://www.latrobe.edu.au/equality FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 3 of 26 2.0 Challenge honour board 2.1 La Trobe Investment Research Challenge – Winning Teams 2009 Ms Susmita Dhyani Mr Vikrant Gupta 2010 Mr Byoung Jin Kang Mr Kaveh Kia Mr Hani Koshaji Mr Tong Wang 2011 Mr. Anh Cuong (Vincent) Nguyen Ms. Hong Ngan Nguyen Ms. Thi Mong Trang (Bell) Nguyen Ms. Lily Jade Chung Kim Yuen 2.2 La Trobe Teams – CFA Investment Research Challenge (Melbourne Final) 2009 Second place Ms Susmita Dhyani Mr Vikrant Gupta Mr Waqas Iqbal Ms Nga Nguyen 2010 First place. Ms Jennifer Hua Mr Byoung Jin Kang Mr Hani Koshaji Ms Anh Le Ngoc Nguyen Mr Tong Wang 2011 Finalist. Mr. Luke Kennelly Ms. Hong Ngan Nguyen Mr. Anh Cuong Nguyen Ms. Lily Jade Chung Kim Yuen Page 4 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 3.0 What the challengers said … “… participating in the 2009 La Trobe Investment Challenge is the wisest decision that I have ever made … Two months after entering myself in the Challenge and putting lots of thought and effort into it … I find myself a different person with significant changes in attitude … and methods of study, as well as having a clearer mind of who I want to be in the future.” Nguyen Nga Member of the 2009 La Trobe team “ ... by participating in the research challenge, I believe I have gained much more than what I could have learnt from the class room, such as, practical experience of analysing a company’s equity or building up my confidence in making speech in public. ...The research challenge has not only improved our knowledge and skills in financial analysis, but also given us the confidence that we can actually become a financial analyst.” Byoung Jin Kang Member of the 2010 La Trobe team “The Challenge has brought to me so many valuable experiences. Through the challenge, I learnt to apply the theories on many subjects into practice. As for me, this is the best way to learn as it requires broad knowledge on several aspects such as marketing, management, macro and micro economics and also deep knowledge on financial analysis and valuation. Also, through the challenge, I learnt of team work. It was the team spirit that gave me the energy and the perseverance to work on the project. I have to admit that there was tough time of arguments and conflicts. But this was the time for each of us to learn about the way to deliver our ideas and to realize that despite all the opposite arguments, deep down we all have one goal: to make a perfect report” “One of my favourite quotes is: “Shoot for the moon. Even if you missed, you’ll land among the stars”. This was why I decided to enter the Challenge. To undergraduate students who are thinking of entering the Challenge next year, believe in yourself and your ability to learn. And once you decided to join the Challenge, live with it, go with it till the end. You will realize that it would worth all the time and effort.” Hua Chau Member of the 2010 La Trobe team “The first thing I would like to say is that if you want to do, do it; if you want to win, win it. Also, even though the Challenge will take a lot of time, it only makes you become more ... For me, from 9am to 5pm, I contributed all my time to my lectures, tutorials and doing all my study; and after 5pm it was time for the Challenge. I believe entering the Challenge was the most valuable learning experience ...” Nguyen Ngoc Anh Le Member of the 2010 La Trobe team FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 5 of 26 4.0 Subject description This subject provides the students with hands-on experience in undertaking and communicating investment research. The students, working in teams, produce "sellside" investment research on a stock listed on the ASX. The teams compete to convince a "buy-side" panel of professional fund managers of the merit of their investment advice as set out in a 10-page report on their research, valuation and recommendation; a 10-minute verbal summary of their recommendation; followed by a further 10 minutes of Q&A with the panel. In undertaking this project, students have the opportunity to be mentored by an experienced investment professional. 5.0 Learning Summary 5.1 Intended Learning Outcomes (ILOs) At the completion of this subject, students will be able to: 1. Analyse and resolve ethical dilemmas associated with investment research and the provision of investment advice. 2. Engage in a number of roles, facilitate discussion, collaborate and effectively resolve conflicts, within an investment research team. 3. Locate, manipulate, evaluate and interpret economic, industry, financial and other data as required to estimate the intrinsic value of a listed stock. 4. Define an original, logical, analytical argument as to the intrinsic value of the stock, by applying theoretical concepts to the data and by stress testing the argument through sensitivity and scenario analysis. 5. Define a logical and coherent investment strategy, based on an appraisal of the range of valuations and risks associated with the stock, in the context of current market conditions. 6. Write a clear, concise and well-structured report, presenting the argument as to the intrinsic value of the stock and the investment advice relevant to that stock. 7. Deliver an engaging, persuasive, oral presentation of your investment advice in relation to the stock to a panel of investment professionals. 8. Evaluate and respond to impromptu questions and counter arguments in respect of the intrinsic value of the stock and investment advice from a panel of investment professionals. Page 6 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 5.2 ILOs, learning activities, assessment and assessment criteria This subject is designed to assess the extent to which the student has achieved the stated learning objectives, by measuring, through the relevant assessments, the extent to which the student demonstrates the learning outcomes associated with each learning objective: ILOs Graduate Capabilities Learning Activities Assessment Tasks Analyse and resolve ethical dilemmas associated with Ethical investment research and the Awareness provision of investment advice Participation in two workshops A 10-question on searching for multiple-choice information. quiz. Interaction with industry mentors. Engage in a number of roles, facilitate discussion, collaborate and effectively resolve conflicts, within an investment research team Participation in a teamwork workshop. Working as a team to complete Peer Evaluation the required Tool. assessment tasks. (pages 14 – 15) Ongoing discussion and feedback on team effectiveness. Team Work Locate, manipulate, evaluate and interpret economic, industry, financial Enquiry & Research and other data as required to estimate the intrinsic value of a listed stock. Participation in two workshops on searching for information. Interaction with industry mentors. A 10-page research report, graded by a panel of industry experts. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Assessment Criteria 50 – 64% 65 – 79% 80 – 100% Your performance in the quiz demonstrates that you can identify ethical dilemmas associated with investment research and the provision of investment advice. A mark in excess of 50% in the quiz, with 80% of your correct answers in the quiz related to questions associated with identification. Your performance in the quiz demonstrates that you can identify and analyse ethical dilemmas associated with investment research and the provision of investment advice. A mark in excess of 60% in the quiz, with 30% of your correct answers in the quiz related to questions associated with analysis. Your performance in the quiz demonstrates that you can identify analyse and resolve ethical dilemmas associated with investment research and the provision of investment advice. A mark in excess of 70% in the quiz, with 30% of your correct answers in the quiz related to questions associated with resolution. The attitudes and behaviours you demonstrated, through your contribution to the team, modelled those expected of an effective team member. An average rating of 3 on a 5 point Likert scale in the peer evaluation. The attitudes and behaviours you demonstrated, through your contribution to the team, modelled and encouraged those expected of an effective team member. An average rating of 4 on a 5 point Likert scale in the peer evaluation. The attitudes and behaviours you demonstrated, through your contribution to the team, modelled, encouraged and taught the attitudes and behaviours expected of an effective team member. An average rating of 5 on a 5 point Likert scale in the peer evaluation. The report identifies the stock’s major economic, competitive, financial and other drivers and presents a description as to the future trends of these drivers. The report identifies, with the use of some statistics and econometrics, the stock’s major economic competitive, financial and other drivers and presents a compelling argument as to the future trends of these drivers. The report identifies, through a novel application of statistics and econometrics, the stock’s major economic competitive, financial and other drivers and presents a compelling argument as to the future trends and future effect of these drivers on the stock, which explicitly justifies assumptions used in the valuation and risk models. Page 7 of 26 Learning Outcomes Graduate Capabilities Learning Activities Assessment Tasks Assessment Criteria 50 – 59% Define an original, logical, analytical argument as to the intrinsic value of the stock, by applying theoretical concepts to the data and by stress testing the argument through sensitivity and scenario analysis. Participation in four workshops on critical thinking and Critical thinking & analysis in respect of a analysis company’s performance. Interaction with industry mentors. Participation in four workshops Define a logical and on valuing a coherent investment company’s strategy, based on an Creative problem shares, including appraisal of the range of several solving & valuations and risks presented by synthesis associated with the stock, in industry the context of current market professionals. conditions. Interaction with industry mentors. Page 8 of 26 A 10-page research report. A 10-minute presentation. A 10-page research report. A 10-minute presentation. 60 – 79% The report/presentation defines an argument, which demonstrates an understanding of a range of The report/presentation defines an valuation methods AND of argument, which demonstrates an understanding of a range of economic, industry, financial and valuation methods AND identifies other source material AND the major risks to the stock’s value identifies, using statistics and AND presents some analysis as to econometrics, the major risks to the their likely effect using scenario and stock’s value AND presents a some sensitivity analysis. analysis as to their likely effect using scenario and sensitivity analysis. The report/presentation clearly identifies the investment advice recommended, taking into account a range of valuations for the stock. 80 – 100% The report/presentation defines an original, persuasive, evidencedbased argument in the form of a story, which demonstrates a deep understanding of a range of valuation methods AND a coherent and imaginative use of economic, industry, financial and other source material to justify input assumptions AND identifies and quantifies, through an novel application of statistics and econometrics, the major risks to the stock’s value AND presents a compelling argument as to their probability and likely effect using scenario and sensitivity analysis. The report/presentation defines a logical and coherent investment strategy which clearly identifies the action recommended, taking into The report/presentation defines a account a range of valuations using different methods, risks to those logical and coherent investment strategy which clearly identifies the valuations, current market action recommended, taking into conditions, different market and account a range of valuations AND economic scenarios and different counter arguments concerning investment alternatives. The future trends in the drivers of stock report/presentation also presents a value, the value of the stock and the logical and convincing evaluation as case for and against the investment to the relative strength of counter arguments concerning future trends merits of the stock.. in the drivers of stock value, the value of the stock and the case for and against the investment merits of the stock. FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University Learning Outcomes Graduate Capabilities Learning Activities Assessment Tasks Assessment Criteria 50 – 59% Write a clear, concise and well-structured report, presenting the argument as Writing to the intrinsic value of the stock and the investment advice relevant to that stock. Participation in a writing workshop. Writing a report, through a process of writereview-revise A 10-page involving two research report. draft editions being submitted for feedback prior to the final submission to industry experts for grading. Deliver an engaging, persuasive, oral presentation of your Speaking investment advice in relation to the stock to a panel of investment professionals. Participation in a presentation workshop. Delivering a presentation to a panel of industry experts. Evaluate and respond to impromptu questions and counter arguments in respect of the intrinsic value of the stock and investment advice from a panel of investment professionals. Participation in four Q&A workshops. A 10-minute Engaging in Q&A Q&A. with a panel of industry experts. Speaking A 10-minute presentation. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University 60 – 79% 80 – 100% The report is structured so as to be readily comprehended. The language is generally sound throughout, though at times confused and lacking precision and clarity. Presentation and writing style lack consistency. Graphs, tables and diagrams are used. Sources and data are not all correctly acknowledged. The report is uses a sequenced and focused professional structure with The report is logically structured and headings and sub-headings which lead one through the main points of employs a competent discipline the argument and help integrate the based vocabulary relevant to the context and adheres to grammatical argument and evidence. conventions. Vocabulary and grammatical Presentation and writing style is conventions appropriate for the generally consistent. professional context are employed. Presentation and writing style is Graphs, tables and diagrams are consistent throughout. used appropriately to summarise, highlight and present the data more Graphs, tables and diagrams are effectively than text. Sources and used appropriately to summarise, data are all correctly acknowledged. highlight and present the data more effectively than text. Sources and data are all correctly acknowledged. The presentation is delivered in a fluent and articulate manner using slides, which are a logically sequenced summary of the key points. The presentation is delivered in an engaging, articulate and persuasive manner, which is fluent, yet The presentation is delivered in a naturally paced and conveys both fluent and articulate manner. authenticity and the team’s It is structured so as to grab and personality. It is structured so as to hold the attention of the audience grab and hold the attention of the from the outset. audience from the outset. Slides are logically sequenced, build Slides give a visually compelling one-point-at-a-time and representation of the investment imaginatively use space, colour, story, are logically sequenced, build style, graphs, images and fonts to one point at a time and simplify the data. imaginatively use space, colour, style, graphs, images and fonts to simplify the data. Individuals provide a relevant, logical, explanation in reply to most questions, though largely reiterating material from the presentation, which is comprehendible but not delivered confidently. Individuals provide a relevant, logical, explanation in reply to each question, articulately delivered with poise. Individuals worked as a team to deconstruct each question and provide a persuasive, logical, wellevidenced, multi-layered argument or explanation in reply, articulately delivered with poise. Page 9 of 26 6.0 Teaching arrangements 6.1 Teaching Arrangement Schedule Students are required to attend and actively participate in ALL learning activities. LA No. Date Learning Objectives Time Room Learning Activity (LA) 1-Mar 6 - 8pm SS429 Launch by an industry professional 1 4-Mar 10am - 5pm SS429 Seminars by a professional 1 2 6-Mar 4 – 5:30pm see below Bloomberg workshop 3 3 8-Mar 5 - 6pm Library 1.01 Library workshop 3 4 15-Mar 5 - 7pm SS429 Seminar 4 15-Mar 7 - 8pm SS429 Multiple-choice Quiz 1 5 16-Mar 11am – 3pm Agora Pizza Bake-Off 2 5 16-Mar 5 – 7pm SS429 Teamwork workshop 2 6 22-Mar 5 - 7pm SS429 Presentation by COO 3 7 29-Mar 5 - 7pm SS429 Seminar 4 8 29-Mar 7 - 8pm SS429 Q&A workshop 2&4 9 2-Apr 6 - 7pm SS429 Seminar by a professional 4&5 2-Apr midnight Submission of draft report 2-Apr midnight Submission of interim peer evaluation 5-Apr appointments DWB403 Team feedback and discussion 5-Apr 1 – 2pm DWB403 QC meeting of team leaders 10 11-Apr 10 - 12am SS429 Seminar 4 11 11-Apr 12:30 - 2:30pm SS429 Seminar 4 12 11-Apr 3 - 5pm SS429 Q&A workshop 13 12-Apr 10 - 12am SS429 Seminar 5 14 12-Apr 12:30 - 2:30pm SS429 Seminar 5 15 12-Apr 3 - 5pm SS429 Q&A workshop 16 13-Apr 10 - 12am SS429 Seminar 17 13-Apr 12:30 - 2:30pm SS429 Writing and Presentation workshop 1&2 18 13-Apr 3 - 5pm SS429 Q&A workshop 2&4 19 17-Apr TBA TBA 10-May midnight Submission of draft report 17-May midnight Feedback on draft report 31-May midnight Submission of report 31-May midnight Submission of peer evaluation 2 2-Jul 5 - 8pm SS429 Presentations and Q&A (semi-final) 7 5-Jul 6 - 8pm SS429 Presentations and Q&A (final) Q&A session with COO 2&4 2&4 5 3 3-6 LA2: This will be held in the Training Room at Bloomberg, Level 20, 101 Collins St Melbourne. Two members of each team should meet in the foyer of 101 near the Collins St entrance, at 3:45pm. Please dress in business attire. Page 10 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 6.2 Seminar Topics and Associated Readings LA No. Date Learning Activity (LA) Readings 1-Mar Launch 1 4-Mar Thinking Ethically 2 6-Mar Searching for Information: Bloomberg 3 8-Mar Searching for Information: Other library resources 4 15-Mar Analysing Value Creation 5 16-Mar Performing as a Team 6 22-Mar Company Presentation 7 29-Mar Analysing ROIC and Competition in the Industry 8 29-Mar Q&A: Company 9 2-Apr Valuing a Stock 10 11-Apr Analysing Growth and Economics of the Industry Koller et al (2010) Ch. 5. 11 11-Apr Analysing Performance Koller et al (2010) Ch. 8. 12 11-Apr Q&A: Business Model 13 12-Apr Forecasting Performance Koller et al (2010) Ch. 9. 14 12-Apr Valuing Optionality Koller et al (2010) Ch. 32. 15 12-Apr Q&A: Performance 16 13-Apr Valuing Growth Companies Koller et al (2010) Ch. 34. 17 13-Apr Writing and Presenting the Story Koller et al (2010) Ch. 34. 18 13-Apr Q&A: Valuation 19 17-Apr Company Q&A FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University CFA Institute (2010) Koller et al (2010) Ch. 2. Koller et al (2010) Ch. 4. Page 11 of 26 7.0 Pizza Bake-Off Teams will engage in a Pizza Bake-Off as a team-building exercise, which will be followed by a workshop on team-building. The challenge will be to design, prepare and assemble the pizza dough, base and topping for 10 pizzas per team within a cost and time budget of $40 and 90 minutes. th Teams will be given their budget of $40 at the seminar on 15 March. It is the team’s responsibility to purchase all ingredients and to submit receipts against all ingredients to confirm that they meet budget. The coordinator will supply each team with a preparation table and all teams will share the oven and baker. Teams will be responsible for bringing all ingredients and utensils. Teams do not need to follow Jamie’s recipe set out below, but must each decide on a single pizza recipe and style to serve. The only limit on the style is the budget. All preparation must be done between 11:00am and 12:30pm in the Agora, though no pizza will be baked prior to 12:30pm and then they will be baked one pizza at a time from each team in turn, subject to the team delivering the pizza on time, ready to bake. The pizzas will be baked in a wood fired oven by a professional baker and each team will then serve out portions to students and staff in the Agora, who will be asked to vote for their favourite pizza. The winning team will be the team which gains the most votes between 12:30 and 1:30pm, or until the pizza slices run out, if prior to 1:30pm. Jamie’s Pizza Dough “This is a fantastic, reliable, everyday pizza dough, which can also be used to make bread. It’s best made with Italian Tipo ‘00’ flour, which is finer ground than normal flour, and it will give your dough an incredible super-smooth texture. Look for it in Italian delis and good supermarkets. If using white bread flour instead, make sure it’s a strong one that’s high in gluten, as this will transform into a lovely, elastic dough, which is what you want. Mix in some semolina flour for a bit of colour and flavour if you like. • 1kg strong white bread flour or Tipo ‘00’ flour or 800g strong white bread flour or Tipo ‘00’ flour, plus 200g finely ground semolina flour • 1 level tablespoon fine sea salt • 2 x 7g sachets of dried yeast • 1 tablespoon golden caster sugar • 4 tablespoons extra virgin olive oil • 650ml lukewarm water Sieve the flour/s and salt on to a clean work surface and make a well in the middle. In a jug, mix the yeast, sugar and olive oil into the water and leave for a few minutes, then pour into the well. Using a fork, bring the flour in gradually from the sides and swirl it into the liquid. Keep mixing, drawing larger amounts of flour in, and when it all starts to come together, work the rest of the flour in with your clean, flour-dusted hands. Knead until you have a smooth, springy dough. Place the ball of dough in a large flour-dusted bowl and flour the top of it. Cover the bowl with a damp cloth and place in a warm room for about an hour until the dough has doubled in size. Now remove the dough to a flour-dusted surface and knead it around a bit to push the air out with your hands – this is called knocking back the dough. You can either use it immediately, or keep it, wrapped in cling film, in the fridge (or freezer) until required. If using straight away, divide the dough up into as many little balls as you want to make pizzas – this amount of dough is enough to make about six to eight medium pizzas. Timing-wise, it’s a good idea to roll the pizzas out about 15 to 20 minutes before you want to cook them. Don’t roll them out and leave them hanging around for a few hours, though – if you are working in advance like this it’s better to leave your dough, covered with cling film, in the fridge. However, if you want to get them rolled out so there’s one less thing to do when your guests are round, simply roll the dough out into rough circles, about 0.5cm thick, and place them on slightly larger pieces of oliveoil-rubbed and flour-dusted tinfoil. You can then stack the pizzas, cover them with cling film, and pop them into the fridge.” (from Jamie at Home) Page 12 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 8.0 Assessment and Feedback 8.1 Assessment requirements In order to pass this subject, students must achieve a minimum aggregate mark of 50% for the subject. Failure to meet these required standards will result in a fail in this subject. The final grades in the subject and in each of the assessment tasks will be allocated according to the following scale: A 80 – 100% B 70 – 79% C 60 – 69% D 50 – 59% N 49% or less The assessment tasks for this subject are as follows: Assessment task Duration Due Date Allocation Submission Multiple-choice Quiz 10 questions 15 March (7 – 8pm) 10% SS429 Peer Evaluation 7 questions 31 May (midnight) st 10% Email co-ordinator 10-pages 31 May (midnight) st 40% Email co-ordinator Group Presentation 10-minutes 2 July (6 – 8pm) nd 20% SS429 Group Q&A 10-minutes 2 July (6 – 8pm) nd 20% SS429 Group Research Report th Note that the assessment for the subject differs slightly from the assessment for the Challenge. Assessment for the subject comprises ALL five tasks, whereas assessment for the Challenge comprises the three Group tasks only. Note also that for the subject the Group Presentation and the Group Q&A are assessed based on the nd performance of ALL Teams in the semi-final on July 2 , whereas for the Challenge the Group th Presentation and the Group Q&A are assessed based on the performance in the final on July 5 , of the three Teams selected for the final. 8.2 Multiple-choice Quiz (10%) Each student must complete a 10-question multiple-choice quiz, which seeks to assess their ethical awareness in respect of issues arising from the investment research and advisory process. The quiz will be based on the material presented in the CFA Institute (2010) Standards of Practice th Handbook. (tenth edition) and the seminars on 4 March entitled “Thinking Ethically (LA2). The quiz will be a closed book individual assessment, completed in 30 minutes. One mark shall be given for the most correct answer. No marks shall be given for no answer; OR several answers; OR an indecipherable answer; OR an answer other than the most accurate answer. 8.3 Group Research Report (40%) Each team of four students must write and submit a 10-page Group Research Report, which presents the research, valuation and investment advice of the team on the selected ASX-listed stock. It must be researched, written and presented in accordance with the Challenge Rules set out in section 9.0. The Report must be saved in pdf format. The Report and a signed Coversheet/Statement of Authorship must be emailed to the co-ordinator at g.jamieson@latrobe.edu.au. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 13 of 26 A Coversheet/Statement of Authorship needs to be completed and stapled to the front of each Report submitted. This can be found on the Faculty of Business, Economics & Law Student Portal. http://www.latrobe.edu.au/students/fbel/faculty%20resources/forms.html It is your responsibility to read the Statement of Authorship (see: http://www.latrobe.edu.au/plagiarism/authorship.html) before attaching this document to your assignment. Attachment of a signed Statement of Authorship form will be taken as confirmation that you have read this statement and agree with it. Where another student’s work has been copied, it will be assumed that both parties cheated and results for both assignments will be cancelled. If you allow, deliberately or negligently, another student to cheat by giving access to accounts or computers containing work which is subsequently copied from your files by that student, it will be assumed that you assisted in that cheating. It is your responsibility to keep that work secure. Please retain a copy of your assignment. The Report will be graded, in the first instance, by a faculty panel according to the criteria established for each learning outcome. 8.4 Group Presentation (20%) Each team of four students must write and deliver a 10-minute Group Presentation, which makes the case for the investment advice of the team on the selected stock. It must be presented in accordance with the Challenge Rules set out in section 9.0. The Presentation will be made, in the first instance to a faculty panel, who will grade the presentation according to the criteria established for each learning outcome. 8.5 Group Q&A (20%) Each team of four students must participate in a10-minute Q&A session, in which they are called on to defend their analysis and investment advice. It must be conducted in accordance with the Challenge Rules set out in section 9.0. The Q&A session will follow immediately on from the team’s Presentation and will be made, in the first instance to a faculty panel, who will grade the Q&A according to the criteria established for each learning outcome. 8.6 Peer Evaluation (10%) Each student must complete an evaluation of all members of their team. Students will be asked to rate each team member of their team according to the seven criteria listed on the next page. They will do so by noting on a Likert scale the extent to which they believe the statement which defines each criteria describes the attitudes, conduct and performance of each team member in turn. Page 14 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University Criteria Statement Weight Commitment to team goals This team member was committed to the team and to motivating the team to achieve its goals. S/he had a positive attitude and encouraged others to approach challenges in a positive frame of mind. S/he clearly enjoyed working with the team, brought a sense of fun to teamwork and developed friendships with team members. 10% Task preparation This team member attended most seminars, workshops and team meetings punctually. S/he usually came prepared to help the group achieve its goals, having read the required material, completed the on-line quizzes and having completed any specific tasks s/he had been assigned. S/he usually attended having thought about the required material in relation to the learning objectives, having summarized his/her understanding of the material and having prepared a set of questions which defined areas in which further understanding or consolidation was required. S/he was usually on top of the administrative requirements of the course such as the time and place of seminars, workshops and team meetings, and the topics, reading requirements and learning objectives for each. 10% Task understanding This team member developed a good understanding of the concepts. S/he was able to contribute to enhancing the understanding of other team members from time to time through the explanations s/he was able to give other members of the team in answering their questions. S/he was also able to contribute to applying these concepts to solving problems raised by the task at hand. 10% Fulfilment of roles within the team This team member demonstrated a willingness to assume the responsibilities of a range of roles within the team as required. S/he was prepared to initiate tasks and define a series of steps to achieving the team’s goals. In so doing, this member was effective in being able to focus the team on completing the task, without being domineering. Similarly, this member was an equally strong supporter of the efforts of other team members in leading the team at times in the completion of other tasks or the achievement of other team goals. 10% Communications in completing the task This team member shared knowledge and information, ideas and opinions, yet was equally open to hearing and considering other points of view. S/he was responsive to others in person or via text, email or phone. She asked questions and provided answers when required. S/he was able to define strengths and weaknesses in the position of others and was also able to recognize the same in his/her own position. 20% Collaboration in completing the task This team member actively participated in assisting other team members understand the concepts and apply them to solving the problems set for the team. S/he was prepared and willing to take the time to explain a concept or solution and to contribute to negotiating a team position or solution to a problem. Moreover, s/he was willing to search for and consider alternative explanations when required. S/he was also willing to encourage other team mates with friendly support when required, and praise when it was due. 20% Resolving conflict within the team This team member played a role in reducing the potential of conflict occurring within the team and resolving those conflicts or differences of opinion which arose from time to time. S/he demonstrated an ability to put people at ease and encouraged an atmosphere in which team members were prepared to actively listen to each other and explore different viewpoints so as to enhance their level of understanding. S/he worked at identifying areas of agreement and suggesting ways to resolve areas of disagreement so as to define a solution or position acceptable to all team members. 20% FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 15 of 26 8.7 Special Circumstances Processes 8.7.1 Submission of Work after Due Date Unless an extension is specifically granted via the Application for Extension/Re-weighting of Assessment form (available from http://www.latrobe.edu.au/students/fbel/assets/downloads/2010%20Downloads/2010-flm-application-forextension.pdf ), late work will not be accepted. The form must include all circumstances pertaining to the requirement for additional time and supporting documentation (e.g. medical certificates) should be attached. Upon completion the form should be submitted directly to the subject coordinator. The subject coordinator will review the application within 24 hours of submission and inform the student of the outcome by completing the second part of the form. Where extended time is granted, a copy of the form should be attached to the assignment upon submission. All appeals against a decision regarding an extension of time should be made in writing to the Head of School, within 24 hours of that decision. 8.7.2 FBEL Policy on Review and Re-Marking of Academic Work Information regarding the process can be found at the link below: http://www.latrobe.edu.au/lawman/currentstudents/faculty/administration/re-marking-policy.html 8.7.3 Special Consideration Special Consideration is an equity measure to ensure that the assessment of students takes account of temporary adverse circumstances that impact negatively on individual students’ ability to demonstrate their learning achievements in an assessed task. Students who consider that their performance in an assessed task was adversely affected by compelling or compassionate circumstances may apply to the University for Special Consideration. It is not a substitute for knowledge or skills you should have learned and because of this you will not be granted special consideration for your performance throughout a semester. IMPORTANT NOTE • An application for special consideration does not guarantee that you will be granted a special examination or an adjustment to your results. The Committee reviews each application on an individual basis. • In most cases, you will NOT be given a second opportunity to sit an examination as a result of an application for special consideration. The Committee only approves second examinations in extraordinary cases. • If you do not submit your application on the Faculty of Business, Economics and Law’s Application for Special Consideration form then your application will not be considered. • If your application does not contain all of the information requested and the required supporting documentation then your application will not be considered. • If your application is not submitted within the required time frame after the due date of the assessed task then your application will not be considered. Applications for special consideration will be considered by a Faculty Committee comprised of academic staff members. Once the Committee has assessed your application, your subject co-ordinator will be notified of the results of the application. The decisions of the Special Consideration Committee are final and cannot be changed by Subject Co-ordinators. Please do not contact Subject Co-ordinators regarding the outcome of special consideration applications. If you have queries about the Committee’s decisions, you should submit those queries in writing to the Committee’s email address: FBEL@latrobe.edu.au. All inquiries should be submitted not later than 14 days after the release of final results. Page 16 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University Who should apply for special consideration? • A student who is unable to sit an examination due to illness or other cause. • A student who considers that his or her performance in an assessed task has been adversely affected by illness or other cause immediately prior to the due date of the assessed task. • Requests for special consideration must be for serious circumstances beyond the control of the student and will usually fall within the following causes: - Serious illness or psychological condition – e.g. hospital admission, serious injury, severe illness, severe anxiety, or depression (not on-going conditions) - Loss or bereavement – e.g. death of a close family member - Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, family relationship breakdown, severe disruption to domestic arrangements. When should you apply for special consideration? Applications should be submitted to the local Student Administration Office of the University not later than seventy-two hours after the due date of the assessed task. What outcomes are possible? Applications will be assessed and will be assigned one of the following outcomes: • reschedule an Assessment Task; or • set a substitute Assessment Task; or • allow extra time to complete an Assessment Task; or • award a reasonable adjustment of mark for the Assessment Task or subject for which special consideration is sought; or • recommend that the Chief Examiners offer a formal Special Examination; or • decide that there are insufficient grounds for the award of special consideration. How should you make application for special consideration? You must obtain a copy of the official Faculty of Business, Economics & Law Application for Special Consideration form from the following website: http://www.latrobe.edu.au/students/exams/documents/Application-for-Special-Consideration-FLM.pdf • All of the information requested on the form must be filled out. • You must supply evidence of the reason you are applying for special consideration. For example, if it is medically related you must have a registered medical practitioner fill out the section in the Application Form and sign it. Medical certificates must be completed by a registered medical practitioner. The best way to ensure that this is the case is to ensure the certificate includes a Medicare Provider Number. (This is normally a 5 or 6-digit number followed by 2 letters). Certificates that do not include a Provider Number will not be accepted. The medical certificate must state that in the medical practitioner’s opinion you were or will be unfit to attend an assessment task or have been or will be adversely affected by illness. Medical certificates in which the medical practitioner reports that you claim to be unwell will not be accepted. The medical certificate must cover the date on which the assessment is held. • If you are unable to complete an assessment component or your study is adversely affected due to a non-medical reason, you are encouraged to provide as much documentary evidence as you can to support your application. This should be objective evidence from an independent source. Documentation may include a death notice or certificate, a police report, a letter from an employer, a current letter from La Trobe Counselling Services or La Trobe Equality and Diversity Centre. If you have questions or concerns about documentation, see Student Administration on your campus for advice. Students can contact the Committee: FBEL@latrobe.edu.au with queries about documentation. • You must lodge the special consideration form and the supporting documentation to Student Administration at your campus. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 17 of 26 How will you know the outcome of your application? The Committee’s decisions are emailed to your University email address. Please check your email for outcomes. The following circumstances are not normally matters covered by special consideration: • If you need support because of a disability, mental health issue, or ongoing medical condition, this is not normally a matter for special consideration. For this type of long-term assistance, contact the Equality and Diversity Centre on your campus as soon as you become aware of the need for assistance and as early in the semester as possible. • If you have timetable clashes, exams scheduled close together, or more than the usual number of exams because you have been allowed to overload your enrolment, you will not be eligible for special consideration. • Special consideration will not be granted to accommodate travel plans, attendance at social events such as weddings, visits with relatives/friends or any discretionary activities. • Special consideration will not be granted because of avoidable issues related to visa requirements. • Special consideration will not be granted for extensions. You should use the Application for Extension/Reweight of Assessment form available from Student Services Office. http://www.latrobe.edu.au/lawman/currentstudents/faculty/administration/special-consideration.html 8.7.4 What is Academic Plagiarism? The following warning is issued by the University (Undergraduate Course Handbook: 2012. You can access the Handbook at:http://www.latrobe.edu.au/handbook/index.htm “One form of academic cheating is plagiarism: the reproduction of someone else’s words, ideas or findings and presenting them as one’s own without proper acknowledgment. There are many forms of plagiarism, including the following: direct copying of sentences, paragraphs or other extracts from someone else’s published work (including on the Internet and in software) without acknowledging the source paraphrasing someone else’s words without acknowledging the source using facts and information derived from a source without acknowledging it using ideas directly derived from an identifiable author without acknowledging the source producing assignments which should be the student’s own, independent work in collaboration with and/or using the work of other people (e.g. a student or tutor).” Plagiarism and copying the work of other students are forms of cheating and will be treated accordingly. Students found guilty of academic misconduct may receive penalties ranging from a requirement to participate in academic counselling or a reduction in marks for an individual piece of assessment for minor cases, through to suspension from your course in serious cases or repeat offences. To ensure that you are not guilty of plagiarism you must, in all your written assignments, declare all sources from which you have obtained materials or ideas. STUDENTS ARE ADVISED TO FAMILIARISE THEMSELVES WITH THE RULES CONCERNING ACADEMIC MISCONDUCT Further explanations for ‘academic misconduct’ and for ‘plagiarism’ are available at: http://www.latrobe.edu.au/learning/integrity.html. 8.7.5 Academic Language and Learning (ALL) Unit The Academic Language and Learning (ALL) unit works closely with teaching staff in all Faculties and campuses to ensure that all La Trobe students – including those from non-English-speaking backgrounds – develop high-level academic speaking, writing, reading, and numeracy skills required for successful learning in their courses. To achieve those ends, the ALL Unit staff: collaborate on course and subject design; advise on teaching and learning strategies; teach/co-teach special undergraduate and postgraduate subjects, tutorials and workshops; and provide professional development for staff. Page 18 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University If you would like help with writing and research skills and your assignments please contact the Faculty Academic Language and Learning team at the following email address allu.fbel@latrobe.edu.au. 8.7.6 Student Feedback on Subjects Survey The Student Feedback on Subjects Survey is part of the quality assurance process that occurs across the university. In this survey you are invited to tell us about your learning experiences in this subject. We want you to tell us of your experience in this subject. Your views will be taken seriously and will assist us to enhance this subject for the next group of students. Your feedback will also contribute to the text for ‘Summary of Previous Student Feedback’ in the ‘Subject at a Glance’ section above so please take the time to tell us your views. The surveys are anonymous and will be distributed 1‐3 weeks prior to the end of the teaching period. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 19 of 26 9.0 Learning resources 9.1 Prescribed text • Koller, Tim, Marc Goedhart and David Wessels. (2010) Valuation: Measuring and Managing the Value of Companies. (fifth edition) John Wiley & Sons. NJ. 9.2 Additional Readings • Valentine, James J. (2011) Best Practices for Equity Research Analysts. McGraw Hill. NY. • Hooke, Jeffrey C. (2010) Security Analysis and Business Valuation on Wall Street. (second edition) John Wiley & Sons. NJ. • Pinto, Jerald E., Elaine Henry, Thomas Robinson and John Stowe. (2010) Equity Asset Valuation. (second edition) John Wiley & Sons. NJ. • CFA Institute (2010) Standards of Practice Handbook. (tenth edition) Other readings for this subject will be made available through the La Trobe University Library’s electronic reserve: 9.3 The Learning Management System (LMS) This subject has a LMS site. The LMS can be accessed at: https://www.latrobe.edu.au/lms/login/ by using your Username and Password provided to you on your Statement of Account. If you are having trouble accessing the LMS or want to find out more about LMS, please see the website at: http://www.latrobe.edu.au/studentlmsinfo/moodle/index.html 9.4 Library The Library has many valuable physical and online learning resources that can help you with your study. On campus students should get to know the physical Library environment by going on a Library Tour. All students should get familiar with the Library website where online resources include: • LibGuides [http://latrobe.libguides.com/index.php] – providing specific discipline and subject guides; • LibSkills [http://latrobe.libguides.com/libskills] – to teach you library research and information literacy skills; • LibChat [http://www.lib.latrobe.edu.au/] ‐ a library discussion forum allowing you to chat with a Librarian; • Academic Referencing Modules [http://latrobe.libguides.com/referencingmodules] – to assist you to understand specific referencing styles; • Academic Referencing Tool [http://www.lib.latrobe.edu.au/referencingtool/non‐flash/index.php] – providing detailed referencing examples; and, • Assignment Calculator [http://www.lib.latrobe.edu.au/calculator/index.php] – to assist you in time managing your assignments and submitting on time. Page 20 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 10.0 Challenge Rules 10.1 Acknowledgement: 10.1.1 The La Trobe Investment Research Challenge is based on the CFA Investment Research Challenge, which is itself based on the Investment Research Challenge originally developed by the New York Society of Security Analysts. 10.2 Entrants: 10.2.1 The Challenge is open to students (“Entrants”) enrolled in an undergraduate or postgraduate course at La Trobe University for the first semester of 2011, either on a full-time or part-time basis. 10.2.2 Entrants will be allocated into teams of four at the discretion of the Co-ordinator. 10.2.3 Each team will be provided with a professional industry. 10.3 Research Process: 10.3.1 The Reports and Presentations should be prepared from the perspective of a sell-side or independent research analyst. 10.3.2 Entrants will be provided with the name of the subject company, (“the Company”) to be valued at the launch of the Challenge. 10.3.3 The COO of the Company will make a presentation to students for the purposes of this educational exercise and participate in a Q&A session following the presentation. 10.3.4 The COO of the Company will also be available for a follow-up Q&A session on a date to be advised. 10.3.5 Entrants' direct contact with the Company must be limited to these two meetings only. 10.3.6 Any Entrants found to have contacted the Company with the purpose of seeking information in relation to this Challenge, other than at these two arranged meetings, will be automatically barred from any further participation in this Challenge. 10.3.7 The Company will not present any information to Entrants not within the public domain. 10.3.8 Entrants are bound by the CFA Institute Code of Ethics when conducting research. 10.3.9 Entrants may use only publicly available information to conduct their research, and must confine the information in their Reports and Presentations to such information. 10.3.10 Entrants may contact the Company’s customers, competitors and suppliers. They must confine their conversations to corporate officers who normally interact with investors, such as IR officers, CEO’s or CFO’s. Any other entity must be approved by the Challenge Coordinator. 10.3.11 When conducting primary research, Entrants must identify themselves as students and disclose their involvement in the La Trobe Investment Research Challenge. 10.3.12 Entrants can read existing research on the company, but all analysis must be their own. They may not cut and paste analysis from another source into their Reports or Presentations. 10.3.13 The data sources for all content included in but not limited to tables, graphs, and lists must be cited within the Reports and Presentations. 10.4 Reports: 10.4.1 Reports must conform to the format of the Investment Research Challenge Template, and be reproduced on standard-sized paper. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 21 of 26 10.4.2 Reports must not exceed 10 pages, including an investment summary. Any additional charts and/or graphs will be included in the appendix. There is a two page limit to the appendix, which also must include the required disclosure/disclaimer statement. 10.4.3 Reports must represent the original work of the entrants, and may not be copied from another source. 10.4.4 The written Report must be submitted in electronic and print format, on or before midnight, 31 May, 2012. Late submissions will not be accepted. st 10.4.5 The name of the Entrants must not be included in the Report, instead each Report must be titled “LTUIRC 2012 [Group Number]”, where the brackets are replaced by the number allotted each group on entry. This number should also appear in the footer of each page of the Report. 10.4.6 All Reports will be loaded up onto TurnItIn for the purpose of assessing their originality. 10.4.7 Entrants must disclose any ownership position in the securities of the Company. 10.4.8 Entrants must confirm that their participation in the Challenge does not represent a conflict of interest. 10.4.9 Reports are for educational purposes only and not intended to be the basis of any investment decisions by any person or entity; a disclaimer to this effect will be included in the Report. 10.5 Report Graders: 10.5.1 Graders will be faculty within the Business School and/or professionals working in the finance industry selected by the Challenge Coordinator. 10.5.2 Graders must disclose any ownership position in the securities of the Company. 10.5.3 Graders will be asked to provide short comments to serve as constructive feedback for the students. 10.5.4 Reports are for educational purposes only, and the information contained in them may not be used by Graders to make recommendations to clients or to the public at large. 10.6 Presentations: 10.6.1 In the first instance, each Team will make a presentation to a Panel of Faculty members selected by the Challenge Coordinator. This constitutes a semi-final from which the three teams who achieve the highest combined grade for the Presentation and Q&A, will be chosen as finalists. 10.6.2 Each of the three finalists will make a second presentation to a Panel of Experts three days later. 10.6.3 Each presentation will last 10 minutes with 10 additional minutes of panelist Q&A. 10.6.4 The presentations and Q&A will be timed, and Teams may not exceed the time allotted. 10.7 Panel of Experts: 10.7.1 The panel will include professionals of good standing. 10.7.2 Panelists must disclose any ownership position in the securities of the Company. 10.7.3 Panelists may be provided with copies of the Reports prior to the panel presentations for reference. However, panelists will base their scores on the Presentation only. 10.7.4 Reports are for educational purposes only, and the information contained in them may not be used by panelists to make recommendations to clients or to the public at large. Page 22 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 10.8 Assessment: 10.8.1 Assessment for the Challenge (as distinct from the subject) will be based on the Report and the Presentation (including Q&A) of the three Teams selected for the final. Both will be judged according to the criteria set out above (see section 7.3 – 7.5). 10.8.1 Report grading will consist of a blind process in which the identity of the Entrants is not known to the Graders (as distinct from the Panel of Experts). 10.8.2 A winner will be selected from amongst the Teams based on the combined scores received for the Reports and the Presentations in the final. The scores will be weighted 50% for the Report and 50% for the Presentation. 10.8.3 In the event of a tie, the Team receiving the highest score on the Presentation will be declared the winner. 10.8.4 The decision of the Graders and the Panel of Experts will be final. 10.9 Assessment criteria: 10.9.1 The Report and Presentation will be graded according to the assessment criteria set out in sections 7.3 – 7.5. 10.10Mentors: 10.10.1 The professional mentors will be professionals of good standing. 10.10.2 Entrants must appreciate that the mentors volunteer their time, despite a heavy schedule associated with their professional commitments. 10.10.3 Each mentor has agreed to provide up to 8 hours to assist the team they are mentoring. However, they will only provide their input at the initiation of the team. As a guide as to how you might use the mentor you might consider the following: • An initial meeting to discuss with the team, possible risk and value drivers and research ideas in respect of the stock. (1 hour) • Mentor time reviewing some initial research and financial analysis (1 hour) • A second meeting to discuss the feedback to the initial research and financial analysis (1 hour) • Mentor time reviewing of a draft report. (2 hours) • A third meeting or phone hook-up to provide feedback on the draft reports (0.5 hours) • One review of the presentation slides (0.5 hours) • A meeting to discuss possible questions from the judging panel (1 hour) • A rehearsal of the presentation (1 hour) 10.11CFA Investment Research Challenge: 10.11.1 Each member of the winning team of the La Trobe Investment Research Challenge who has the support of the other three team members AND who complies with the entrance requirements of the CFA Investment Research Challenge, will automatically be selected as a member of the team to represent La Trobe in the CFA Investment Research Challenge. 10.11.2 The Co-ordinator shall hold the right to replace any team member who does not hold the support of all three other team members or does not comply with the entrance requirements of the CFA Investment Research Challenge. 10.11.3 The Co-ordinator shall also hold the right to add a fifth member to the team, or to fill any vacancies, entirely at his discretion, so as to enhance the skills and resources of the team. FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 23 of 26 10.0 The Mentors and Judges On behalf of La Trobe University and the students taking part in this Challenge, I would like to express our sincere appreciation to Domino’s Pizza Enterprises Ltd for agreeing to provide senior management to brief the student teams. I would also like to thank Bloomberg LP for agreeing to provide students access to the Bloomberg information service used by professional analysts around the world. Finally, I would like to thank the following individuals for the time and attention they have kindly volunteered. Without the significant input Domino’s, Bloomberg’s and these individuals the Challenge simply would not exist. Greg Jamieson (Challenge Coordinator) Presenters: Mr George Batsakis Managing Director, Global Investment Research, Goldman Sachs Australia Pty Ltd Ms Wendy Fergie CFA Executive Director CFA Society of Melbourne Mr Andrew Rennie Chief Operating Officer, Domino’s Pizza Enterprises Ltd Ms Nicole Sackers Faculty Librarian La Trobe University Mr Rion van Zyl Smit CFA Senior Analyst Department of Treasury and Finance (Victoria) Panel of Experts: Mr Pranay Lodhiya Chief Financial Officer La Trobe University Mr Naheed Rahman CFA Fund Manager Contango Asset Management Mr Ian Taylor Portfolio Manager The Myer Family Company Ltd Mr Beau Tin Client Adviser Macquarie Bank Alumni Mentors: Mr Vikrant Gupta CFA Consulting Analyst Russell Investments Mr Damien Damiano Performance Analyst Legge Mason Mr Tim Gregson Analyst – Corporate Finance Deloitte Touche Tohmatsu Ms Olivia Allen Associate Advisor Oak Financial Partners Ms Jennie Ma Reporting Analyst AXA Mr Hani Koshaji Business Operations Technical Expert Telstra Page 24 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University 11.0 The Teams Team Student Course Subject Red Man Nhi Mai MFA FIN5IRA Red Hubert Schlink BEc FIN3IRA Red Wayne Dodsworth BBus FIN3IRA Red KatieMay Tippett BFin FIN3IRA White Katie Trang Nguyen BAcc FIN3IRA White Oscar Veermets MFA FIN5IRA White Derek Hamill MFA/MPA FIN5IRA White Benenita Mae May Lim MFA FIN5IRA Blue Thomas Jiang MFA FIN5IRA Blue Thong (Tom) Tao MFA FIN5IRA Blue Jessica Mansour BAcc/BFin FIN3IRA Blue Dany Abou-Chaya BAcc/BFin FIN3IRA Yellow Suo Yanqing BAcc FIN3IRA Yellow Anirag Bansal BBus FIN3IRA Yellow Salvatore Pizzuto MFA FIN5IRA Yellow Su Xia Xu MFA FIN5IRA Green Bo Cao MFA/MPA FIN5IRA Green Daniel Savic BAcc FIN3IRA Green Lei Chen BFin FIN3IRA Green Sawaphu Munpattanasunthon MFA/MPA FIN5IRA FIN3IRA & FIN5IRA Investment Research Challenge Faculty of Business, Economics & Law, La Trobe University Page 25 of 26 12.0 The Company Domino’s Pizza Enterprises Ltd [DMP]: • Holds the exclusive master franchise rights for the Domino’s brand and system in Australia, New Zealand, France, Belgium, The Netherlands and the Principality of Monaco • Includes more than 800 stores across five countries, including over 520 in Australia and New Zealand • Employs over 16,500 full-time and casual staff across five countries, including 14,000 in Australia and New Zealand • Serves in excess of 700,000 pizzas every week to over 5% of Australian homes http://www.dominos.com.au/ Page 26 of 26 FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus Faculty of Business, Economics & Law, La Trobe University