Managerial Finance [Fin 3403-2856 & 0953]
Blended & Online Instruction
Spring 2014
Professor R. Daniel Pace, PhD, University of West Florida
M
January
Week Topics
T W Th F
8*
1
Intro, C5
*
15
2
C1, C5
22
3
C5, C2
*
29
31
4
Exam 1
February
5*
5
C3, C4
12
6
C4, C6
19
7
C7, C8
26
8
C8
March
5
7
9
Exam 2
12*
Spring Break
19
10 C9
26
11 C10
April
2
12 C11
9
13 C12
16
14 C15
23
15 Review
30
2
16 Final 6:00 PM
Chapters
1
2
3
4
5
6
7
8
9
10
11
12
15
An Overview of Financial Management.
Financial Markets and Institutions.
Financial Statements, Cash Flow, and Taxes.
Analysis of Financial Statements.
Time Value of Money.
Interest Rates.
Bonds and Their Valuation.
Risk and Rates of Return.
Stocks and Their Valuation.
The Cost of Capital.
The Basics of Capital Budgeting.
Cash Flow Estimation and Risk Analysis.
Distributions to Shareholders: Dividends
and Share Repurchases.
Test Dates (Live classes--online see syllabus)
29 January Exam 1
5 March Exam 2
00 April Exam 3
No Live Classes
*
No live classes on these dates (UWF assighment)
Contacting Professor Pace
Email dpace@uwf.edu
Cell 516-4999
Office Hours
Wednesdays 2-4 pm and by appointment
Grading
10 point scale, +/Exam 1 10%, Exam 2 30%, Exam 3 30%, Aplia 30%
Text and Technology
Fundamentals of Financial Management 12th, Brigham and Houston, See Textbook Options
An approved financial calculator, access to computer and internet, Excel
Online Students
Online Students are welcome to attend live lectures
Wednesdays 6:00 PM-8:45 PM
Exams for Online Students
All exams must be proctored, see syllabus for options
Managerial Finance [FIN 3403-2856 & 0953]
Spring 2014
University of West Florida
R. Daniel Pace, PhD
Course Objectives
This is a survey course designed to introduce the student to the fundamentals of
financial management. The student will be introduced to important financial
concepts and analytical techniques commonly employed in the financial decisionmaking process.
Prerequisites
Business Majors: ECO 2013, ECO 2023, STA 2023, ACG 2071, MAC 2233;
Non-Business Majors: MAC 1105, STA 2023, ECO 3003. If you have questions
about the prerequisite(s) for this course, contact the department of
ACCOUNTING/FINANCE at (850) 474-2717.
Student Learning Outcomes [Exams focus on SLOs]
After completing this course, students will have demonstrated competencies in:
1.
The goal of financial management in the firm (attained throughout
the class);
2.
Time value of money concepts and calculations (used throughout
class, extensive Aplia coverage, dominating concept of Exam 1);
3.
The concepts of risk and return (dominating concept of Exam 2);
4.
The use of capital budgeting tools in the estimation of cash flows
and the analysis of long-term investment decisions (dominating
concept of Exam 3).
5.
Use of financial Statements (covered in 4 quizzes in Aplia and
throughout the last third of the term).
Important Note for Accounting and Finance Majors
For all Accounting and Finance majors, the department recommends a grade of
A or B in FIN 3403 before attempting more advanced classes in these areas. If
you do not earn at least an A or B in FIN 3403, you are not likely to be successful
in passing upper-level accounting and finance classes. The department has
made this recommendation to promote better preparation for success in our
accounting and finance majors. Students are strongly encouraged to make the
commitment of time and energy necessary to excel in this class.
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Prof. Pace, UWF, Spring 2014, Finance 3403
Text
Fundamentals of Financial Management, 13th edition by Eugene Brigham and
Joel Houston
UWF Aplia Bundle ISBN: 9781285121253
This bundle includes Aplia access, digital text access, and a loose-leaf hard
copy.
Contact Information
Office
Building 76, Room 225
Phone
516-4999 (Cell phone—call or text)1
474-3201 (Office)
474-2717 (Departmental office)
E-mail
dpace@uwf.edu
Office Hours
2:00 PM to 4:00 PM and by appointment
Grades
Calculation
Test 1
Test 2
Test 3
Aplia
10%
30%
30%
30%
Aplia grade calculation
The grading is complex but designed for success and learning:
1.
Aplia homework (20% of course grade)
You will find both practice and graded components. The practice
“teaching” assignments do not count towards your grade and
provide immediate feedback. The graded assignments are set up
allowing students immediate feedback (‘grade it now”). Students
who miss the question have a total of three opportunities to
correctly answer the question. Note that the questions reset with
different data for each opportunity. The highest score of each
question counts to the Aplia grade (score set to “keep the highest”).
Students have the opportunity to earn bonus points.
Note that there are calculator quizzes for the TI and the HP—you
only need to do the quiz that matches your calculator. Your lowest
1
Please use your common sense and courtesy. If the evil Florida Gators are, by some quirk of fate,
unfairly ahead of Florida State during a sporting event, I do not need a call to confirm this travesty—bad
evil gators.
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Prof. Pace, UWF, Spring 2014, Finance 3403
Aplia assignment is dropped and the grade is calculated by (total
points correct)/total points.
2.
Undroppables (10% of course grade)
The second component is a “quiz” and these have but one attempt
and are graded at the deadline. Students may change answers up
to the deadline. There are review assignments that provide
immediate feedback but are not graded. Quizzes are averaged for
this portion of the Aplia.
Scale
Class
Letter
Average Grade
≥ 92
A
90 ≥ 92
A87 ≥ 90
B+
82 ≥ 87
80 ≥ 82
77 ≥ 80
70 ≥ 77
60 ≥ 70
≤ 60
B
BC+
C
D
F
Comment
You should be a finance major
You should be a finance major
You should be a finance major
Expected grade for finance or accounting
majors
Borderline for finance or accounting majors
Business students repeat the class
Repeat the class
Online Testing—offerings, deadlines, policies
Exams must be taken in a proctored environment. The following are
acceptable options:
1.
Take the exams on campus during any one of the free time slots:
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Test 1
TBA
Test 2
TBA
Test 3
TBA
Prof. Pace, UWF, Spring 2014, Finance 3403
2.
A university testing center. UWF’s testing center information can be found
at http://uwf.edu/testing/. There is normally a fee involved. Most
universities and colleges have testing centers. Students must make
arrangements for remote testing centers to contact Professor Pace by
email for approval and to receive exams.
3.
For those either in the military or attached to military service there is
normally an educational officer who may act as a proctor (yes we have
been able to send exams both around the world and at sea). Have
potential proctors email Professor Pace for approval and to receive
exams.
4.
The Fort Walton Beach UWF campus can arrange proctoring—contact
Professor Pace for information.
The above will cover most if not all student needs, if there are any questions
please contact Professor Pace.
Deadlines for exams are:
Test1 Friday 29 January
Test 2 Friday 7 March
Test 3 Friday 2 May
Exams may be taken up to and including the deadlines. To be clear, you may
take this class at an accelerated pace and finish as quickly as you are able. If
you are unable to make a testing deadline, please make arraignments to
take the test before the deadline.
UWF online testing proctoring policies are available on Aplia.
Calculators and cell phones
Following the lead of the CFA Institute I have largely adopted their positions
concerning cell phones and calculators:
CFA Institute is concerned not only for the distraction posed by ringing
telephones, but also for the potential for cheating. With camera and text
messaging capabilities, cell phones are actively being used by students
around the world to take an unfair advantage. Therefore, to ensure a fair
and equitable opportunity for all candidates, cell phones are not allowed.
…
You should practice and become proficient at using any of the
specific calculator features needed to address the learning outcome
statements (LOS) in the curriculum (emphasis added). Examples
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Prof. Pace, UWF, Spring 2014, Finance 3403
include, but are not limited to, present and future values, annuity
payments, square roots, and exponents. You should also know how to use
general features of your chosen calculator, such as changing the number
of decimal places displayed.
…
Many calculators have text-storing capabilities. Students could bring text
stored in the calculator into the testing room, creating an unfair situation.
Both of the models approved for use are available for sale worldwide and
are relatively inexpensive. The policy was developed to create a level
playing field for all students.
During an exam, the CFA considers possession of a cell phone as cheating.
During class or exams my requirement is that cell phones are turned off
(not merely silenced).
Two calculators are approved for 3403 and students are required one of these for
classes, homework and tests.
The approved calculators are:
Texas Instruments BAII Plus
Hewlett Packard 10BII (and the 10BII plus)
Calculator covers are permitted in the testing room. The Texas Instruments BAII
Plus cover contains a keystroke card; Students may refer to these keystroke
instructions; however, you may not write notes or formulas on the calculator
covers. The HP calculator is intuitive and does not require a keystroke card—
note that the new HP 10BII plus does not have the dedicated Aplia training
tutorials but it is close enough for most students to follow.
The Aplia homework sets include modules tailored to teach students how to use
either the TI or the HP. You are should use the appropriate module for your
calculator. Finally, requiring a financial calculator teaches students an important
tool and allows more complex and practical financial problems.
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Prof. Pace, UWF, Spring 2014, Finance 3403
Aplia Website
How to access your Aplia course
Instructor: Daniel Pace
Start Date: 01/06/2014
Course Key: FAAS-USVH-EYV5
Registration
Aplia is part of CengageBrain, which allows you to sign in to a single site to
access your Cengage materials and courses.
1.
2.
Connect to http://login.cengagebrain.com/
If you already have an account, sign in. From your Dashboard,
enter your course key (FAAS-USVH-EYV5) in the box provided,
and click the Register button.
If you don't have an account, click the Create a New Account
button, and enter your course key when prompted: FAAS-USVHEYV5. Continue to follow the on-screen instructions.
Payment
Online:
After registering, you can buy access to Aplia from
myhome.cengagebrain.com.
Bookstore: Purchase access to Aplia from your bookstore. Check with
the bookstore to find out what they offer for your course.
If you choose to pay later, you can use Aplia without paying until
11:59 PM on 01/26/2014. After paying, you will have the option to
purchase a physical book at a discounted price.
For more information on registering for Aplia, please visit
http://www.cengagebrain.com/aplia/.
Student benefits: By completing regular work in association with the
lectures, you will better prepare yourself for the lectures and exams in the
course. Cramming is not an effective method of learning. Think of the
regular assignments on Aplia as a weekly workout. Practicing and
applying what you are learning from Aplia and lecture will better prepare
you for class.
Aplia assignments: Many assignments come in pairs of practice and
graded problem sets. The practice sets give you immediate feedback
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Prof. Pace, UWF, Spring 2014, Finance 3403
about whether your answer is right or wrong and an explanation of the
correct answer. They are not counted as part of your homework grade.
Use them to check your understanding of the material. If you are
confident, you can go directly to the graded problem set, and refer back to
the practice set only if you want some additional help.
The graded problem sets have a firm due date. You can change your
answers as many times as you like before the due date has passed. Once
the due date has passed, the grade will be recorded and it will not be
possible to change your answers or complete the assignment at this point.
In other words, Aplia assignments must be completed by the due date.
The software does not care whether you have an excuse or not. These
assignments are posted weeks in advance. Do them early to avoid any
emergencies preventing your completion before the due date. After the
due date, you will be able to see the correct answers and the explanations
for graded problems. The only accepted reasons for extensions are the
same as a withdrawal:
1.
2.
3.
4.
A death in the immediate family.
Serious illness of the student or an immediate family
member.
A situation deemed similar to categories 1 and 2 by all in the
approval process.
Withdrawal due to Military Service.
Disclaimer: I am not financially affiliated with Aplia and receive no
monetary benefit from requiring this material.
Email Protocol and Etiquette
Identify your class (Finance 3403) and actual subject in subject line. Do not mix
subjects by replying to a previous email with a new subject. This is standard
business practice. Your name should be obvious as the sender (“student” or
“Rock” are examples of obscure identification—unless of course your given name
happens to be student or Rock).
An automatic F
Will be awarded to a student that creates an email such as the following—this is
a real example, name redacted to protect the guilty, language redacted for the
sensitive
Latest Case Update:
Hello Professor Pace,
Thanks for contacting Cengage Learning Technical Support.
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Prof. Pace, UWF, Spring 2014, Finance 3403
A student - James Tubbs - has contacted us with a content issue
complaint. He is in - Finance 3403-5483 & 5484 Summer 2013. These are
his exact words:
"This is the second time I have had an issue with the content in this
class. The first time I just let it go, but it is really pissing me off and
wasting my time, not to mention making it harder to learn and
hurting my grade.
[student sets up with sarcasm what he thinks is the error]... THIS
MAKES A BIG FUCKING DIFFERENCE!!!! And since there are
several parts of this section in which the calculation relies on this
somewhat important piece of information, I missed a lot of points
the first time, and wasted a _LOT_ of time trying to solve the
problem as it is actually set up, since doing it as you set it up is a lot
more complicated. Also on this problem, if you say in the first part
that the bond was valued at $100.10, I can only assume that this
means par value was $100... So imagine my surprise when I miss a
problem by a factor of 10 in a later section where the value is
>$960! WTF!?
Could you please hire a proofreader or something, and MAYBE
give me the points back that I lost as a result of YOUR failure?"
Are you able to confirm that this is in fact a content issue?
We will be more than happy to have this addressed by our development
team from Aplia, if it is in fact incorrect.
Thanks for your insight,
Brian
Cengage Learning Technical Support
Errors in severity:
1.
2.
3.
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Inappropriate language reflects poorly on the student, his
classmates, the university, his professor.
To ensure that the profanity is noted, he elected to SHOUT in
email, SHOUTING should only to be used sparingly if at all.
Emphasis can be created by bolding or using italics.
When addressing a complaint, sarcasm is rarely the road to a
positive solution.
Prof. Pace, UWF, Spring 2014, Finance 3403
4.
The student was indeed, incorrect in his assertions.
To review, he profanely, shouted his stupidity in a format forever reflecting
on me, my students, my university and such behavior will result in failing
this course.
Hurricane Policy
Unlike the university, if either Pensacola or Fort Walton Beach falls under a
hurricane watch2, class is canceled (and deadlines will be moved).
Expectations for Academic Conduct
As members of the University of West Florida academic community, we commit
ourselves to honesty. As we strive for excellence in performance, integrity--both
personal and institutional--is our most precious asset. Honesty in our academic
work is vital, and we will not knowingly act in ways which erode that integrity.
Accordingly, we pledge not to cheat, nor to tolerate cheating, nor to plagiarize the
work of others. We pledge to share community resources in ways that are
responsible and that comply with established policies of fairness. Cooperation
and competition are means to high achievement and are encouraged. Indeed,
cooperation is expected unless our directive is to individual performance. We will
compete constructively and professionally for the purpose of stimulating high
performance and standards. Finally, we accept adherence to this set of
expectations for academic conduct as a condition of membership in the UWF
academic community.
Professor Pace’s short version,
“I do not cheat or tolerate those who do.”
If you are unsure as to what is appropriate help on an assignment, contact
Professor Pace.
The Student Code of Conduct
The Student Code of Conduct sets forth the rules, regulations and expected
behavior of students enrolled at the University of West Florida. Violations of any
rules, regulations, or behavioral expectations may result in a charge of violating
the Student Code of Conduct. It is the student's responsibility to read the Student
Code of Conduct and conduct themselves accordingly. You may access the
current Student Code of Conduct at http://www.uwf.edu/judicialaffairs.
Special Needs Assistance
2
Hurricane watch and warning defined: Watch; hurricane conditions are possible in the specified area of
the watch, usually within 36 hours; Warning; hurricane conditions are expected in the specified area of
the warning, usually within 24 hours.
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Prof. Pace, UWF, Spring 2014, Finance 3403
Students with special needs must inform the instructor within the first week of the
course term of any personal circumstances that may require special
consideration in meeting course requirements or adhering to course
policies. Students with special needs who require specific examination-related or
other course-related accommodations should contact Barbara Fitzpatrick,
Director of Student Disability Resource Center, SDRC@uwf.edu, (850) 4742387. Student Disability Resource Center will provide the student with a letter for
the instructor that will specify any recommended accommodations.
Accessibility Strategies to Use with Aplia
While Aplia continues to improve the accessibility of its online experience,
there are some strategies that can help students with low vision and
mobility issues right now. See below for information on zooming, screen
magnification, printing, screen readers, e-book use, videos, and other
resources. Please see
http://courses.aplia.com/downloads/Aplia_Accessibility_Solutions.pdf .
Withdraw Deadline (See UWF catalog for dates)
Please refer to your academic calendar for withdraw deadlines. Please discuss
any academic concerns with me prior to withdrawing. Withdraws after the
deadline will not be approved except for:
1.
A death in the immediate family.
2.
Serious illness of the student or an immediate family member.
3.
A situation deemed similar to categories 1 and 2 by all in the
approval process.
4.
Withdrawal due to Military Service (Florida Statute 1004.07) 5.
National Guard Troops Ordered into Active Service (Florida Statute
250.482) Students who do not officially withdraw will be assigned a
standard letter grade. Late withdraws must be approved by the
students advisor, instructor of the course, department chairperson,
and finally, the University Academic Appeals Committee. Students
who withdraw are not enrolled as of the date the withdrawal is
processed.
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Prof. Pace, UWF, Spring 2014, Finance 3403