Faculty of Business
C o u r s e
S e s s i o n
Course Title:
3
2 0 0 6
Corporate Finance
Course Code:
BUS704
Field of Education:
080399
Required course in program:
O u t l i n e
MBA – no
MIntBus – yes
MFinPlan – no
Contact hours per week:
Recommended study time 10 – 12 hours
Admission requirements:
No pre-requisites for courses
Mode:
External/Online/On campus
Units:
12 credit points
Enrolment restrictions:
Course Coordinator:
Room:
Phone:
Email:
Course Moderator:
Room:
Phone:
Email:
Students enrolled in MBA, MIntBus or MFinPlan
programs (and all subsidiary programs)
Gabrielle Parle
K2.44
5430 1275
[email protected]
Dr Monte Wynder
K2.03
+61 7 5430 1263
[email protected]
i
Contents
Welcome and key contacts ..................................................................................... 1
Blackboard access ........................................................................................................ 2
Contact details .............................................................................................................. 2
Other contact issues ..................................................................................................... 2
Course information .................................................................................................. 3
Course description ........................................................................................................ 3
Graduate attributes, learning objectives and assessment tasks .................................... 4
Learning/Assessment details ........................................................................................ 5
Conditions for passing the course ................................................................................. 5
Course schedule ........................................................................................................... 6
Resources .................................................................................................................... 6
Prescribed texts ............................................................................................................ 7
Recommended readings ............................................................................................... 7
WWW sites ................................................................................................................... 7
Assessment and other details .............................................................................. 10
Learning/Assessment Task 1 ...................................................................................... 10
Case Study – T.O.P. Manufacturing Pty Ltd................................................................ 10
Assessment marking criteria ....................................................................................... 11
Learning/Assessment Task 2 ...................................................................................... 12
Assessment marking criteria ....................................................................................... 14
Learning/Assessment Task 3 ...................................................................................... 15
Assessment marking criteria ....................................................................................... 15
Assessment submission instructions........................................................................... 16
Assessment conditions ......................................................................................... 18
Non-discriminatory language ...................................................................................... 18
Assignment submission and collection ........................................................................ 18
Plagiarism and copied papers ..................................................................................... 19
Variations to assessment ............................................................................................ 19
Session 3, 2006 – Planner ....................................................................................... 1
First Published: Session 1, 1999. This edition: Session 3, 2006. Edited and updated by Gabrielle Parle. .
Published by the Graduate Studies Program, Faculty of Business, University of the Sunshine Coast, Maroochydore DC,
Qld, 4558
Copyright, University of the Sunshine Coast
Copyright protects this publication. Except for purposes permitted by the Copyright Act 1968 (Cwlth) reproduction by
any process is prohibited without the prior written permission of University of the Sunshine Coast. Initial inquiries are to
be made to the Director Graduate Studies, Faculty of Business. Copyrighted materials reproduced herein are used
either under the provisions of the Copyright Act as amended, under agreement with Copyright Agency Limited, or as a
result of permission from the copyright owner.
We acknowledge, with thanks, those people who contributed of their time and knowledge to the development of this
course.
Faculty of Business
Course Outline BUS704 Corporate Finance
Welcome and key contacts
Gabrielle Parle is a PhD student and part-time Lecturer in
the Faculty of Business at the University of the Sunshine
Coast. Prior to joining USC in January 2005, Gabrielle
was teaching and studying in the Faculty of Business at
QUT, where she graduated with a Master of Business
degree in Professional Accounting in 2003 and completed
specialist research in finance in 2004.
Gabrielle has taught in the areas of corporate finance,
international finance, security analysis, financial markets
and accounting. Her research interest lies in the area of
taxation of superannuation and she was selected to work
on a research project funded by the Australian Research
Council.
Gabrielle Parle,
Course Coordinator
Room: K2.44
Tel: +61 7 5430 1275
Gabrielle has completed overseas postings in the finance
and accounting areas with a multinational firm in
Indonesia and at a university in the Republic of South
Africa. She has completed industry consultations that
include advising on financial hedging and analysing a
number of business investment opportunities. Gabrielle
also holds a Bachelor of Arts degree, with an English
major and a Diploma of Education.
Email: [email protected]
Dr Monte Wynder came to academia from the banking
industry. Prior to joining the University of the Sunshine
Coast, he taught both management and financial
accounting at the University of Southern Queensland, the
University of New South Wales, the University of
Lethbridge (Canada), and the University of Newcastle.
Monte's research has included the study of the effects of
instruction and practice on the acquisition of accounting
knowledge. His current research interests include a study
of behavioural finance and its implications for financial
consultants.
Dr Monte Wynder
Course Moderator
Room: K2.03
Tel: +61 7 5430 1263
Email: [email protected]
Graduate Studies Program
1
Faculty of Business
Course Outline BUS704 Corporate Finance
Blackboard access
The coursework in Blackboard can be accessed at: http://my.usc.edu.au/online – this link
will take you to the Web Systems Login page.
When you arrive at the Web Systems Login page, information on using Blackboard
(without actually going to Blackboard) can be found by clicking on the link Getting
Online with Blackboard and then the link Using Blackboard.
Contact details
Issue type
Contact details
IT Service Desk: If you have questions about your password
or browser configuration or other login issues please contact
the IT service desk.
[email protected]
MBA Help Desk: If you have any questions about
Blackboard or the technical aspects of your studies please
contact the MBA Help Desk.
[email protected]
Library & bibliographic help: Library Information Desk.
[email protected]
Tel: +61 7 5430 1237
Tel: +61 7 5430 1131
Fax: +61 7 5430 2855
Tel: + 61 7 5430 2803
Learning support: Current educational best practice is
based on self-directed learning on the student's part. If you
have trouble with fulfilling this requirement then please
contact Margot Reeh, who is the University’s Learning
Support Officer.
[email protected]
SOLAR (Student Online Access and Registration).
[email protected]
General issues: Coordinator, Graduate Studies.
Tel: +61 7 5459 4742
Fax: +61 7 5430 1231
Other contact issues
You are encouraged to form study groups with your classmates, or if you
prefer to find a "study buddy" please do so. You can do this by introducing
yourself via Blackboard. Go to 'Communications' in the course menu on the
left-hand side of the screen. Click on 'Discussion Boards' and you will find a
discussion forum called 'ICafe' set up. Tell your classmates something about
yourself and where you live and ask if there is anyone else living close to you
who would like to form a study group.
Graduate Studies Program
2
Faculty of Business
Course Outline BUS704 Corporate Finance
Course information
Course description
This course covers issues related to decision-making about long-term investment
strategy, raising cash for capital expenditures and managing short-term operating cash
flows. Topics discussed include: the scope of managerial finance; principles of finance:
time value of money, risk & return; investment in assets and required returns; cost of
capital, leverage and capital structure; dividend policy; liquidity and working capital
management; long-term financing and leasing; issuing capital and risk management;
corporate restructuring and distress; and international financial management.
The scope of corporate
finance
Time value of money
Risk and capital
budgeting
Short-term
finance
Graduate Studies Program
Long term
financing and
lease financing
Risk, investment and
returns
Capital structures
International
finance and
financial risk
management
Dividend policy
Corporate
restructuring and
distress
3
Faculty of Business
Course Outline BUS704 Corporate Finance
Graduate attributes, learning objectives and
assessment tasks
The Faculty of Business strives to enable its Masters coursework graduates to acquire
the following attributes:
MBA/MIntBus/MFinPlan
Graduate Attributes
To understand

demonstrate relevant and
current discipline-based
knowledge in a business
context

utilise multidisciplinary
perspectives in the analysis
of business problems and
issues
To think

analyse and evaluate
business practices using
relevant theories and
frameworks

develop and justify
arguments using relevant
information from academic
and industry-based sources

take a strategic view of
organisations and their
position in the economy
Graduate Studies Program
Learning Objectives
Assessment Tasks
On completion of this course
students should be able to:
1.
Explain the role of
financial management in
the operations of the firm
(including multinational
companies)
1.
Assignment 2 (calculation
and discussion of
outcomes) and Final
Assessment Task (Short
answer, Multiple choice)
2.
Apply calculations and
theory (for example, time
value of money and risk
and return) to business
decisions
2.
Assignment 1 (Case
Study) and Assignment 2
and Final Assessment
Task
3.
Discuss the rationale
behind corporate
restructuring and the tools
used in International
financial management
3.
Final Assessment Task.
4.
Analyse the use of
different models, tools
and finance methods in
complex short and long
term investment
alternatives
4.
Assignment 1 & 2 and
Final Assessment Task
5.
Evaluate and apply the
efficient market
hypotheses (EMH)
5.
Assignment 1 & 2 and
Final Assessment Task
6.
Select the most
appropriate capital
structure based on risk
management for a firm
6.
Assignment 1 and Final
Assessment Task
7.
Explain and calculate
dividends based on a
firm’s policy
7.
Assignment 2 and Final
Assessment Task
8.
Identify assets for
investment using
alternative required return
and cost methods
8.
Assignment 1, 2 and
Final Assessment Task
9.
Determine the optimum
investment in current
assets and how these
should be financed
9.
Assignment 1 and 2
4
Faculty of Business
Course Outline BUS704 Corporate Finance
MBA/MIntBus/MFinPlan
Graduate Attributes
Learning Objectives
To initiate
10.
Employ the principles of
modern portfolio theory
when constructing an
optimal capital structure
10.
Assignment 1, 2 and Final
Assessment Task
11.
Create and describe the
components of a financial
plan
11.
Assignment 1 and Final
Assessment Task

apply and extend existing
knowledge and frameworks

identify opportunities and
create new solutions

demonstrate creativity,
innovativeness and
entrepreneurial skills
Assessment Tasks
On completion of this course
students should be able to:
Learning/Assessment details
Learning/Assessment Tasks
Due Date
Length
Weight %
1.
Assessment Task 1 – Case
Study
Friday 17 November,
2006 – Week 4
2,000 words
20%
2.
Assessment Task 2 – Financial
Calculations
Friday 15 December,
2006 – Week 8
n/a
30%
3.
Final Assessment Task
Monday 5 February
2007 – Week 14
50%
Total
100
As part of the Blackboard submission process, you are required to make an
Assessment Task Declaration and you will not be able to submit any piece of
assessment without first making an Assessment Task Declaration.
The course coordinator may decide to check for plagiarism on a particular piece
of assessment. This will be an automatic process involved in the Assessment
Task submission to Blackboard.
Conditions for passing the course
To achieve a pass in this course students must:

achieve at least a pass level in the final assessment task

achieve at least a pass level overall

complete all items of assessment

perform satisfactorily in all items of assessment.
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
Course schedule
The details of the week-by-week timetable of course activities, e.g. lectures, tutorials
Teaching Week
Content Focus of Week
Learning/Teaching Activities
Commencing
1.
23 October 06
Module 1: The scope of corporate
finance
Module 2: Time value of money
Smart, Chapter 1
2.
30 October 06
Module 2: Time value of money
Module 3: Risk and return
Smart, Chapters 3 – 4
3.
6 November 06
Module 3: Risk and return
Module 4: Investment and required
returns
Smart, Chapters 5 – 6
4.
13 November 06
Module 4: Investment and required
returns
Module 5: Risk and capital
budgeting
Smart, Chapter 7
Assessment 1 due Friday 17
November, 2006
5.
20 November 06
Module 5: Risk and capital
budgeting
Smart, Chapter 9
6.
27 November 06
Module 6A: Capital structures
Smart, Chapters 10 – 11
Chapters 12 – 13 optional
7.
4 December 06
Module 6B: Capital structures
(cont’d)
Smart, Chapters 10 – 11
Chapters 12 – 13 optional
8.
11 December 06
Module 7: Dividend policy
Smart, Chapter 14
Assessment 2 due Friday 15
December, 2006
Module 8: Short-term finance
Smart, Chapters 22 – 23
9.
18 December 06
25 December 06 to
7 January 07
10.
8 January 07
11.
Mid-session two-week break
Module 8: Short-term finance
Smart, Chapters 22 – 23
15 January 07
Module 9: Long-term finance and
leasing
Smart, Chapters 15.1, 15.3, 16.1,
16.3, 16.6 and 17
12.
22 January 07
Module 10: International finance
and financial risk management
Smart, Chapters 20 – 21
Chapters 18 – 19 optional
13.
29 January 07
Module 11: Corporate restructuring
and distress
Smart, Chapters 24.1, 24.2, 24.4
and 25
14.
5 February 07
Final Assessment Task due Monday 5 February, 2007
Session 3 2006 ends 11 February 2007. Session 1 2007 commences 26 February.
Resources
Calculator – a good financial or business calculator is necessary during the course.
Using a Sharp EL-735 or a Casio FC-100 calculator is sufficient. Please ensure you
read the instructions and undertake the various exercises in the calculator’s instruction
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
manual and during the course, so that you enhance competency in quickly calculating
outcomes for analysis.
Prescribed texts
All students are required to purchase the following books during their enrolment in the
program to assist them in their study:
Smart, SB, Megginson, WL & Gitman, LJ 2004, Corporate Finance, Thomson, USA. A
CD accompanies the textbook. It is not required in the course.
Summers, J & Smith, B 2004, Communication Skills Handbook, John Wiley & Sons,
Brisbane, (an earlier edition is acceptable if you have already purchased this text).
Recommended readings
Students are encouraged to refer to other texts on Corporate Finance. Most texts by
the major publishers are useful. Students should consult a variety of such texts to gain
an overview of the different approaches. Some possible examples are:
Bishop, S, Faff, R, Oliver, B & Twitg, G 2004, Corporate Finance, 5th edn, Pearson
Education, Sydney
Bruce, R, McKern, B, Pollard, E & Skully, M 1997, Handbook of Australian Corporate
Finance, 5th edn, Butterworth, Sydney.
Chew, DH 2000, The new corporate finance : where theory meets practice, 3rd edn,
McGraw-Hill, New York.
Emery, DR, Finnerty, JD & Stowe, JD 2004, Corporate Financial Management, 2nd
edn, Pearson, New Jersey
Peirson, G, Brown, R, Easton, S & Howard, P 2002, Business finance, 8th edn,
McGraw Hill, Sydney
Ross, SA, Westerfield, RW & Jaffe, J 1999, Corporate finance, 5th Edn, Irwin, Chicago.
Ross, Thompson, Christensen, Westerfield, Jordan 2003, Fundamentals of Corporate
Finance, 2nd edn, Irwin McGraw-Hill, Australia.
Note: Bishop et al, Bruce et al, Peirson et al and Ross et al are very good Australian
supporting texts.
WWW sites
Government, quasi government & regulatory and professional
association sites:
http://www.treasury.gov.au/
http://www.securities.edu.au/practitioners/
http://www.securities.edu.au/
http://fido.asic.gov.au/fido/fido.nsf/HeadingPagesDisplay/Shares?OpenDocument
http://www.cpaaustralia.com.au/
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
http://www.aibf.com.au/
http://www.cch.com.au/services
http://www.icaa.org.au
http://www.cicsa.com.au
http://www.fta.asn.au
http://www.cimaglobal.com
http://www.rba.gov.au
http://www.efic.gov.au/
http://www.atradius.com
US and international sites:
http://www2.standardandpoors.com/NASApp/cs/ContentServer?pagename=sp/Page/HomePg
http://www.smartpros.com/x19268.xml
http://www.federalreserve.gov
http://www.bis.org/index.htm
Australian sites:
http://www.f2.com.au/
http://www.finance.tfp.com/pro-cgi/sub010.cgi?option=1&subcat=Superannuation%20Funds%20-%20Corporate#U
http://dir.yahoo.com/Regional/Countries/Australia/Business_and_Economy/Business_to_Busine
ss/Financial_Services/Finance_and_Receivables/Financing/Corporate_Finance/
http://www.afma.com.au
http://www.sfe.com.au
Some major financial investment companies in Australia:
http://www.abnamro.com.au/content/prodandserv/corporate.asp
http://www.pwcglobal.com/extweb/service.nsf/docid/e446471d24b3094bca256b6e0007a48a
http://www.wilsonhtm.com.au/corpgovt/home.cfm
News, journal and general information sites:
http://news.google.com/news?q=corporate+finance&hl=en&lr=&ie=UTF-8&oe=UTF8&sa=N&tab=nn
http://thestar.com.my/news/story.asp?file=/2002/9/28/latest/7681Financeel&sec=latest
http://www.sternstewart.com/
http://www.corporatefinancemag.com/
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
http://www.elsevier.nl/homepage/sae/econworld/econbase/corfin/frame.htm
http://www.seclaw.com/centers/corpfin.shtml
http://www.asialaw.com/
http://www.thelad.net/FinanceAU.asp
Bank sites:
http://www.lawyer-at-work.com/
http://www.deutschebank.com.au/
http://www.cba.com.au
http://www.national.com.au
Career sites:
http://www.careers-in-finance.com/cf.htm
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
Assessment and other details
Learning/Assessment Task 1
Case study
Due date
Friday 17 November, 2006 – Week 4.
Weighting
20%
Length
Up to 2000 words
Task
Read the T.O.P. Manufacturing Pty Ltd Case Study and answer the four
questions.
Submission
Please submit this Assessment Task electronically through Blackboard.
See Assessment Submission Instructions (How to submit your
learning/assessment tasks to Blackboard) in the Course Outline and
Assessment areas of this Blackboard course.
Case Study – T.O.P. Manufacturing Pty Ltd.
T.O.P. Manufacturing Pty Ltd is a manufacturer of plasterboard, based in West Brisbane. It has
recently merged with a concrete block manufacturer, On-Call Concrete (OCC). For some
weeks, the accountants in the two companies have been discussing investment appraisal
techniques. T.O.P. Manufacturing traditionally uses the profitability index (PI) and the Internal
Rate of Return (IRR), while OCC has used Net Present Value (NPV) and Payback (P) for a
number of years.
The discussion on appraisal techniques has now reached a crisis as a decision is required on a
proposal to invest $25 million on a new concrete block manufacturing plant in order to fill large
export orders into China. The financial details are as follows.
Outlay:
Life:
Net cash flow:
$25 million at to
6 years
Year
Cash Flows
($) Million
1
9
2
11.5
3
17
4
14
5
-6
6
18
Scrap value:
$0.8 million
The company uses straight-line depreciation and has a cost of capital of 11%. The payback
criterion is four years.
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
Required
1. What is the project’s:
a. Net Present Value (NPV)
(2 marks)
b. Internal Rate of Return (IRR)
(2 marks)
c.
(2 marks)
Payback period (P)
d. Profitability Index (PI)
(2 marks)
Show all workings
2. Describe how some of the investment methods (NPV, IRR, P and PI) yield mixed signals
about the project’s viability and explain why this happens.
(3 marks)
3. Comment critically on O.C.C.’s existing decision criteria.
(3 marks)
4. Write a report to the chairman of the merged entity, that makes a recommendation about
investing in this new plant. Include in your answer, an explanation about how you arrived at
your decision with respect to correctly identifying the cash flows, the timing of the cash flows
and the risks associated with the cash flows.
(6 marks)
Assessment marking criteria
Content
Possible Mark
The assignment requires you to engage in some degree of analysis, and will
be graded on the following criteria:






Deductions
apply
Degree of clarity
Depth of your answer and coverage of the topics
Your demonstration of an understanding of issues related to the topics
discussed
The accuracy of calculations
Ability to analyse and draw valid conclusions from material examined
Overall structure of the paper.
Page Layout




Include a cover sheet
Should not exceed 2000 words
Double-spaced Time New Roman 12pt or Arial 11pt font
Header and Footer on every page with your name, Student ID, title of the
assignment and page numbering.
This is a Case Study Report. It will therefore have an introduction, headings
and subheadings and a summary. See the text by Summers and Smith if you
need help in completing and submitting work for case study questions.
Deductions
apply
20
NB: Use the four questions as your structure of sequential headings.
TOTAL
Graduate Studies Program
20
11
Faculty of Business
Course Outline BUS704 Corporate Finance
Learning/Assessment Task 2
Short answer questions: Financial calculations
Due date
Friday 15 December, 2006 – Week 8.
Weighting
30%
Length
N/A
Task
Answer the following four questions:
1.
You plan on depositing $10,000 at the end of each year for 40 years
into a retirement account that pays 5% interest. How much could
you withdraw annually in equal beginning of year amounts starting at
the time you make your last deposit and continuing for a total of 20
years, assuming balances continue to earn 5% until withdrawn?
(3 marks)
2.
Consider two firms in the same industry that operate in frictionless
markets. Both firms, Indebt and Equitymax, have identical net
operating income of $750,000 per year. The riskiness of each
company’s assets suggests a fair weighted average cost of capital of
13 percent.
a)
What is the value of each company? (2 marks)
b)
If Indebt has borrowed $500,000 at a required rate of return of 6
percent, what is the fair required rate of return on the firm’s equity?
(3 marks)
c)
Given that the expected rate of return on an investment at the
corporate level in Equitymax is 13 percent, explain how you create
an investment identical to an equity investment in Equitymax with
only an investment in Indebt’s equity and riskless debt (that earns 6
percent). (3 marks)
d)
Suppose the actual market value of Equitymax is $6 million. Explain
how you can exploit this misspricing via arbitrage. (3 marks)
3.
Consider the following cash flows associated with a project your firm
is considering.
End of Year
0
1
2
3
4
5
6
7
8
Cash Flow ($)
$-210,000
25,000
20,000
30,000
40,000
40,000
30,000
15,000
8,000
The appropriate discount rate for this project is 9 percent.
a)
Calculate the project’s IRR. (2 marks)
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
b)
4.
Calculate the project’s NPV. (2 marks)
Your firm is considering the manufacture of a new type of ROBOTIC
drill.
It will cost $1,500,000 to launch, Other information is as follows:

The required rate of return is 18%

The tax rate is 30%

Sales are forecast to be 95 units per year

The project has a four year life

Salvage value is zero

Depreciation is straight-line

Price per unit is $40,000

Variable cost per unit is $20,500

Fixed costs are $ 460,000 per year.
Based on your experience, you think that the sales, variable cost,
and fixed cost estimates are most likely accurate within 5 per cent.
REQUIRED
1. What are the upper and lower bounds for the sales, variable cost
and fixed cost estimates? (1.5 marks)
2. What are the best-case and worst-case NPV estimates for these
projects? (4 marks)
3. What is the cash break-even for this project? (1 mark)
4. What is the accounting break-even for this project? (1.5 marks)
5. What is the degree of operating leverage at the accounting
break-even point? (2 marks)
6. Interpret and explain the results from the cash break-even and
accounting break-even points. (2 marks)
Submission
Please submit this Assessment Task electronically through Blackboard.
See Assessment Submission Instructions (How to submit your
learning/assessment tasks to Blackboard) in the Course Outline and
Assessment areas of this Blackboard course.
Graduate Studies Program
13
Faculty of Business
Course Outline BUS704 Corporate Finance
Assessment marking criteria
Content
Possible Mark
The assignment requires you to engage in some degree of analysis, and
will be graded on the following criteria:







Deductions
apply
Use the question numbers as a bold heading (eg. Question 1)
Degree of clarity
Depth of your answer and coverage of the topics
Your demonstration of an understanding of issues related to the topics
discussed
The accuracy of calculations
Ability to analyse and draw valid conclusions from material examined,
and
Presentation of the paper – spelling, grammar, clear structure
Page Layout:



Include a cover sheet
Double spaced Times New Roman 12 pt or Arial 11 pt font
Header and Footer on every page with your name, student ID, title of
the assignment and page numbering.
TOTAL
Graduate Studies Program
Deductions
apply
30
14
Faculty of Business
Course Outline BUS704 Corporate Finance
Learning/Assessment Task 3
Final Assessment Task
Due date
Monday 5 February, 2007, 5.00 pm AEST – Week 14
Weighting
50%
Length
Preliminary
information
The final assessment task will cover all modules. The assessment will
include multiple choice, calculations and short answer questions.
Submission
Please submit this Assessment Task electronically through Blackboard.
See Assessment Submission Instructions (How to submit your
learning/assessment tasks to Blackboard) in the Course Outline and
Assessment areas of this Blackboard course.
Results in
Blackboard
Results for the final assessment for this course will not be posted in
Blackboard.
Feedback/
model answers
General feedback for the final assessment for this course will be posted in
Blackboard.
Assessment marking criteria
Content
Possible Mark
The task requires you to engage in some degree of analysis, and will be
graded on the following criteria:






Deductions
apply
Degree of clarity
Depth of your answer and coverage of the topics
Your demonstration of an understanding of issues related to the topics
discussed
The accuracy of calculations
Ability to analyse and draw valid conclusions from material examined
Overall structure of the paper.
Page Layout



Include a cover sheet
Double-spaced Time New Roman 12pt or Arial 11pt font
Header and Footer on every page with your name, Student ID, title of
the assignment and page numbering.
Deductions
apply
Multiple Choice, calculation and short answer questions covering all of the
course.
50
TOTAL
50
Graduate Studies Program
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Faculty of Business
Course Outline BUS704 Corporate Finance
Assessment submission instructions
Please submit assessment tasks electronically through Blackboard.
NOTE: It is very important that you do not use the Back button when
preparing your submission.
Step 1
Prepare your assessment task file to be submitted to Blackboard, as a
single Microsoft Word (.doc) document. The Assignment Cover Sheet
is no longer required.
Make sure you name your file as detailed below. Include your name, USC
student ID number, postal address and assessment details in the headers
and footers of your assessment task document.
Step 2
Please make sure your assessment task file is named like this:
LastName_FirstName_USCStudentID_TaskX_COURSEID.doc
ie. if your name is Bill Gates and you are doing Task 3 for Managing
Organisational Behaviour, you would name your file:
Gates_Bill_1011223_Task3_MGT701.doc
Note: There must not be any spaces between words in the file name. Use an
underscore (Shift Hyphen) between words. If you name your files in this manner
you should not encounter any problems uploading them to Blackboard.
Step 3
Ensure the document page size of your completed assessment task
is A4.
To change the page size to A4:

click on File > Page Setup

click on the Paper Size tab

scroll through the paper sizes and choose A4 (210 x 297mm).
Change the page size to A4 when you are first creating your assessment task
document. Changing the page size after you have finished your assessment task
will affect the page text areas which could cause unwanted page breaks which you
will need to adjust.
Step 4
Open the Assessment area in Blackboard by clicking Assessment in the
left hand navigation menu of the Blackboard course.
Step 5
Click on Assessment overview link in the right hand side content panel.
Step 6
Click on Learning/Assessment Task X.
Step 7
Scroll down and review the Assessment Task Declaration.
You need to accept this declaration before you can proceed to the
Assessment Task submission area that will appear directly below the
declaration panel.
Step 8
Click on the >>View/Complete link at the bottom of the Submit
Assessment Task X area to open the Upload Assignment: Submit
Learning/Assessment Task X area.
Step 9
Add a comment to your Course Coordinator while you are in the Upload
Assignment: Submit Learning/Assessment Task X area.
Step 10
Browse your computer to find and attach your single document – the
assessment task only.
Step 11
Only when you have attached the document you wish to upload, click
Submit.
Step 12
You should receive the message: “The assignment has been successfully
updated”.
Step 13
Click OK.
Graduate Studies Program
16
Faculty of Business
Checking your
submission
Course Outline BUS704 Corporate Finance
You can check that you have submitted the assessment task by doing one
of two things:

click >> View/Complete and see if the message “You’ve already
completed this assignment, click on review your results” comes up.
OR

Unsuccessful
submission
click on the Tools page in the Course menu and open View Grades to
see if the assessment task has been logged in (and marked yet).
If your submission has been unsuccessful, please contact
[email protected]
The MBA Helpdesk will clear your submission attempt and will send you
an email requesting you to resubmit your assessment task through
Blackboard.
Final
assessment
grades
It is at the discretion of the Course Coordinator to display the grades for
the final assessment task.
Graduate Studies Program
17
Faculty of Business
Course Outline BUS704 Corporate Finance
Assessment conditions
Non-discriminatory language
Students are expected to use non-discriminatory language in all social and academic
contexts of our socially diverse university located in the multi-cultural community of the
Sunshine Coast of Queensland, Australia. Additionally our online courses reach
students throughout the world living in diverse cultural circumstances. Please ensure
that all assessments use non-discriminatory language such that oral, written and visual
presentations do not devalue, demean or exclude individuals or groups on the basis of
the following attributes: gender, disability, culture, race, religion, sexual preference or
age.
Assignment submission and collection
All assessment tasks are due by the time and date indicated in the Assessment
Schedule previously listed in this course outline. Students submitting assessment
tasks after the due date without extenuating circumstances may incur a penalty up to a
maximum of 20% of the assigned mark for each working day late. Applying this penalty
is solely at the discretion of the Course Coordinator or co-teacher.
Students are to prepare their assessment task file to be submitted to Blackboard, as a
single document. The Assignment Cover Sheet is no longer required. Students must
make sure they name their file as per the Submission instructions detailed before.
Students also need to include their name, USC student ID number, postal address and
assessment details in the headers and footers of their assessment task document.
As part of the Blackboard submission process, you are required to make an
Assessment Task Declaration and you will not be able to submit any piece of
assessment without first making an Assessment Task Declaration.
For students using Blackboard, assessment tasks are to be submitted to the course
coordinator or co-teacher via the Blackboard learning management system on or
before the due date specified in the Assessment Schedule by:
1. Using the view/complete link found with each assessment piece within Blackboard.
OR
2. As directed by your course coordinator or co-teacher.
Do not attempt to submit your assessment task in any other manner, as it will not be
accepted.
Students must retain a copy of all pieces of assessment, which must be
produced if requested by the course coordinator.
Assessments tasks will normally be returned no later than three (3) weeks after the due
date. Normally they will be returned through the Blackboard learning management
system. However, if the course coordinator has made other arrangements the
assessment tasks may be posted to you. Please therefore ensure that your current
postal address is in the Assessment Task document.
For quality assurance purposes the faculty may make copies of selected assessment tasks.
Graduate Studies Program
18
Faculty of Business
Course Outline BUS704 Corporate Finance
Plagiarism and copied papers
Plagiarism and copied papers are serious offences against professional standards.
Papers rejected on these grounds may receive a zero mark without any opportunity to
resubmit them. Students who copy each other’s papers are engaged in a form of
cheating and the original, as well as all copies, of the paper may be awarded a mark of
zero.
The following definition of plagiarism is taken from the Student Conduct and Discipline
Statute:
… a person plagiarises the work of another if that person presents the
thoughts or words of the other as being his or her own, and the word for
word reproduction of a written passage of more than insignificant length, or
the paraphrasing of such a passage, is evidence of plagiarism unless the
source of the material is acknowledged in the work.
Please carefully read the Student Conduct and Discipline Statute section within the
Student Policies and Rules of the Student Handbook, a copy of which can be accessed on
the university website at:
http://www.usc.edu.au/University/AbouttheUniversity/Governance/Policies/StudentRelated/Conduct.
htm
The course coordinator may decide to check for plagiarism on a particular piece of
assessment. This will be an automatic process involved in the Assessment Task
submission to Blackboard.
Variations to assessment
All initial inquiries regarding extension of due date for assessment tasks or special
consideration should be made to the Course Coordinator.
If the student’s request for extension and/or special consideration is due to confidential
circumstances, students may wish to contact Student Services who may make a
recommendation to the Faculty.
Extensions
The Faculty may agree to an extension for assessment tasks where a student
experiences illness or other significant personal matters that prevent them meeting the
due date.
A request for an extension must be made to the Course Coordinator via email before
the due date of the assessment task. Requests received on the day that the
assessment task is due are only considered in exceptional circumstances.
If your request for extension is due to illness then you should provide a medical
certificate from your doctor. In the case of severe personal circumstances such as the
death of a close relative, students may need to provide supporting documentation.
Where an extension is granted, the student is expected to submit the assessment task
item by the revised due date. A marking penalty may be applied to assessment tasks
submitted after the extension date.
Graduate Studies Program
19
Faculty of Business
Course Outline BUS704 Corporate Finance
Special consideration
A student who considers that their academic performance has been adversely affected
by illness, disability or significant personal circumstances may apply to the Course
Coordinator for special consideration. A medical certificate or documentary evidence of
personal circumstances should accompany the application.
If special consideration is granted, the Faculty will take into account the information
contained in the application when determining the student’s final grade.
Special Consideration will only apply where a student is on the pass/fail borderline.
Special Consideration will not apply for movement between pass/credit,
credit/distinction or distinction/high distinction.
Supplementary final assessment tasks
A Supplementary Final Assessment Task can be initiated only at the discretion of the
Course Coordinator where a student has marginally failed to meet the requirements of
the program course and has shown, through results obtained in other pieces of
assessment, a sufficient level of performance and/or competence to warrant setting
additional assessment. The subsequent grade of result awarded after completion of a
Supplementary Final Assessment Task cannot exceed that of “Pass.”
Grade levels
Grades shall be awarded on the following basis:
HIGH DISTINCTION
Where a student achieves an exceptionally high level of
performance and / or competence plus the production
of original work and demonstrated awareness of all
significant elements of the course.
DISTINCTION
Where a student achieves a high level of performance
and / or competence plus the production of original
work and demonstrated awareness of all significant
elements of the course.
CREDIT
Where a student achieves a level of performance and /
or competence substantially above the minimum
requirements of the course.
PASS
Where a student achieves a level of performance and /
or competence which satisfies the minimum
requirements of the course.
PASS UNGRADED
Where a student has satisfied the minimum
requirements of the course but it is not appropriate to
differentiate between levels of satisfactory performance
and / or competence.
FAIL
Where a student has not satisfied the minimum
requirements of the course.
Graduate Studies Program
20
Graduate Business Studies
Session 3, 2006 – Planner
http://www.usc.edu.au/Students/OnlineLearning/
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