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Course Syllabus (2017 Fall)

FIN 3010: Business Finance

Instructor Dr. Lee Sarver Website www.mtsu.edu/~fsarver Class Time/Location Section 004 (82885): TR 02:40–04:05, BAS S128 Office Location Office Hours

Business and Aerospace Building (BAS) N313 TR 12:45–02:40, 05:45–06:20 and by appointment

Phone; Fax voice 615-898-5919; fax 615-898-5596 (in department office) Email [email protected]

Mission of the Jones College of Business The mission of the Jones College of Business is to:

• Foster student success in a large business school with a small school feeling created by caring, professional faculty and staff interacting with students as individuals, in small classes, through proactive student organizations, and in a broad range of other settings, with students’ needs constantly of prime consideration;

• Provide career opportunities to our students by capitalizing on our extensive alumni network—82 percent of Jones College graduates live and work in Middle Tennessee; and

• Cultivate an international perspective among students that enables them to contribute to and succeed in the global marketplace.

We will produce graduates from our bachelor, master, doctoral, and executive and continuing education programs who are prepared for challenges and advancements in their chosen careers.

Hope (Lottery) Scholarship To remain eligible for the Tennessee Education Lottery Scholarship, you must earn a cumulative TELS GPA of 2.75 after 24 and 48 attempted hours and a cumulative TELS GPA of 3.0 thereafter. A grade of below B or I in this class may negatively impact eligibility. If you drop this class, withdraw or if you stop attending, you may lose eligibility and may not be able to regain it later. For additional Lottery rules, please refer to your Lottery Statement of Understanding form (www.mtsu.edu/financial-aid/forms/ LOTFOD.pdf) or contact your MT One Stop Enrollment Coordinator (www.mtsu.edu/one-stop/counselor.php).

Accommodations for Students with Disabilities Any student requiring reasonable accommodations should consult the Disability & Access Center (DAC) at: www.mtsu.edu/dac, 615-898-2783 or [email protected]. ADA accommodation requests (temporary or permanent) are determined only by the DAC. Students are responsible for contacting the DAC and for providing the instructor with the Accommodation Letter from the DAC.

Course Description and Learning Outcomes “Theory of corporate finance, emphasizing wealth creation, valuation, risk, capital budgeting, and cost of capital.” (2017–2018 Undergraduate Catalog) Prerequisite: Junior standing

This course introduces the concepts and methods involved in the valuation of cash flows, paid or received at some future time(s). You will learn how to value these cash flows to reflect differences in their size, timing, and risk. The same basic approach can be applied either to claims on these streams or to the assets which generate them. Therefore, the course will focus on applications of time- and risk-adjustment in the areas of corporate financing (security valuation) and corporate investment (capital budgeting, cost of capital). Some of these topics will also be useful in your personal lives.

Textbooks and Supplementary Materials Text: Ross, Westerfield and Jordan, Corporate Finance Principles, 9/e, ISBN: 978-1-308-86421-1

(Required) Includes license for Connect (Required) Online: Connect homework (Required)

A license is bundled with the text. Registration details are on the course website. Section-specific Connect web address: Section 003: http://connect.mheducation.com/class/sarver-2017-fall-3010-004

Other: Supplements, as assigned. (Online, free) MTSU e-mail account; Internet access and .pdf reader. (Required, free)

Calculator: A financial calculator, such as the HP 10B(II)(+) or TI Business Analyst II Plus (Professional). (Required) Programmable calculators such as the TI-83 are not permitted on the Final Exam.

Course Grading • Grades are based on the weighted average of scores on four 50-minute in-class exams (15%

each), a comprehensive departmental final exam (25%) and online homework (15%). A 20-point “curve” is employed for exams (± scale online). There is no “extra credit”; an Incomplete (I) will not be used in lieu of a poor grade (Catalog). Grades are accessible through Pipeline or D2L, never by phone or e-mail.

• Exams are multiple choice. (Bring scan form #19641 to all exams.) You may bring one 8½×11 page of hand-written/typed notes (both sides) to in-class exams (but not to the Final). In-class exams are not comprehensive; the Final is. If your scan form cannot be read by the scanner, you will receive a zero for the exam.

• Exams must be taken as scheduled. There are no make-ups. For one absence (for any reason), the score of the missed in-class exam may be replaced by that on the Final (which is mandatory). To take advantage of this, you must notify the instructor by e-mail (in advance, when feasible). If you miss two exams, you must drop the course (or receive an F).

• Use or attempted use of cell phones, tablets, notebooks, iPods or similar devices during an exam will be construed as cheating. Turn them off and put them away.

• The drop deadlines are September 10 (without a grade) and November 1 (with a W).

Comprehensive Final Exam • The comprehensive departmental Final Exam will be given on Friday December 8,

06:00–09:00 PM, in LRC 221. • If you have a conflict due to religious observance, DAC-recognized disability, university-

sponsored activity or military service, you must notify the instructor immediately. No other conflict (e.g., work or vacation) constitutes an acceptable excuse. Plan accordingly.

• In order for your exam score to count, you must agree in writing to the Guidelines (posted on the departmental website and linked here and on the course website) by signing and submitting the tear-off portion before the exam date. Otherwise, you will fail the course.

• The following are prohibited on the Final Exam: crib-sheets, notes, books and any device capable of communication, photography or storing text or formulas (e.g., TI-83 calculators, cell phones, tablets, iPods). The only calculators permitted are the HP 10B and TI BA II families.

• Details pertaining to the composition of the Final Exam will be circulated at a later date.

Online Homework Access codes should be packaged with new textbooks. Licenses can also be purchased online at your section’s Connect web address (above). If you purchase Connect online, you will have the option of purchasing Connect or Connect Plus—which includes an interactive eBook version of the

The instructor reserves the right to amend this document; sufficient notice will be given. Page 2

textbook—as well as a looseleaf text. You can register and have access without a code for a limited time period. To register, visit your section’s Connect web address and click Register Now.

All online homework assignments are available from the start of the term. Each is due the night before the relevant exam. Because glitches are always possible, do not to wait until the last moment to complete assignments. (It is not possible to re-open closed assignments, which go into “Study Mode.”) If you have problems while registering or using Connect, contact McGraw-Hill’s Customer Experience team at www.mhhe.com/support or (800) 331-5094. Please review the “Connect Student Quick Tips” (posted online) for further support.

Finance Tutoring Lab Additional help may be available. See the course website for times and contact information.

Attendance Students are expected to attend all regularly scheduled classes, to be prepared and to participate respectfully in discussions. Attendance, preparation and participation are important not only to learning, but also for a satisfactory grade. If you miss class, get the material covered from a classmate; I will not repeat lectures or exercises. You are absent if you arrive very late or leave very early. Disruptive or chronically absent students may be dropped. • The responsibility for learning is yours. Keep up with the material (or it will “snowball.”)

Attend regularly. Do assignments before class and come prepared to discuss them. You cannot learn this material in class alone: allow sufficient study time outside of class. If a point is unclear, ask. Use the office hours.

• You are responsible for any information posted on the course website or sent directly to you at your university e-mail account. Check them regularly.

• Supplementary course materials—e.g., lecture notes—are available only on the course website (not the S: drive or D2L). A password is required.

• Use of cell phones and digital media players during class is prohibited; turn them o f f and put them aw ay .

• The material presented in this course is the intellectual property of the instructor and/or others. Its recording or reproduction— without express written permission—is prohibited.

Academic Misconduct Middle Tennessee State University takes a strong stance against academic misconduct. Academic misconduct includes, but is not limited to, plagiarism, cheating, and fabrication. • Plagiarism. The adoption or reproduction of ideas, words, statements, images, or works of

another person as one’s own without proper attribution. This includes self-plagiarism, which occurs when an author submits material or research from a previous academic exercise to satisfy the requirements of another exercise and uses it without proper citation of its reuse.

• Cheating. Using or attempting to use unauthorized materials, information, or aids in any academic exercise or test/examination.

• Fabrication. Unauthorized falsification or invention of any information or citation in an academic exercise.

Note that the University defines misconduct broadly, to include “text messaging, and the continued use of any electronic or other noise or light emitting device which disturbs others (e.g., disturbing noises from beepers, cell phones, palm pilots, laptop computers, games, etc.).”

“Students guilty of academic misconduct, either directly or indirectly, through participation or assistance, are immediately responsible to the instructor of the class. . . . [who] has the authority to assign an appropriate grade for the exercise or examination, or to assign an F or FA in the course, as is proportional to the nature and extent of academic misconduct” (Catalog).

The instructor reserves the right to amend this document; sufficient notice will be given. Page 3

Class Schedule

Practice is all-important. After reading each chapter, try the end-of-chapter Concept Reviews (“Concepts”) and Questions & Problems (“Q&P”) suggested below. Selected answers are in Appendix C. If you have difficulty, ask.

Note: Below, readings are denoted as chapter.section and HW denotes a summary homework (available on the course website—not on Connect), which should be attempted before class). Chapter 12 of the previous text (8/e) is also available there.

Class Topic Chapter Concepts Q&P HW

T 08/29 Overview of Course R 08/31 Introduction to Finance 1 1, 3, 5, 6, 12 T 09/05 Financial Statements, Cash Flow and Taxes 2 2, 4–7, 9 1–12 R 09/07 contd T 09/12 Analysis of Financial Statements 3 1, 4, 7 1–8, 10, 18, 19, 23, 25 R 09/14 Time Value of Money 4 2, 3, 5–9 1–15, 17, 19, 20 H1 T 09/19 contd 5 1–4, 7, 8 1–6, 10–13, 16–21, 24, 27

R 09/21 Exam 1: Bring scan form #19641 1–5 Discuss Exam 1

T 09/26 Financial Markets 1.6 Valuation: General

R 09/28 Bond Valuation 6.1–6.5 1, 2, 5, 6, 8, 9, 12, 15 1–7, 15, 18, 22, 34 T 10/03 contd

R 10/05 Interest Rates 6.6–6.7 9–12 H1

T 10/10 contd R 10/12 Exam 2: Bring scan form #19641 1.6, 6

Discuss Exam 2 T 10/17 No class: Fall Break R 10/19 Stock Valuation 7 1–7, 9–12 1–5, 7, 8, 10–12 T 10/24 contd R 10/26 Capital Budgeting: Basics 8 3, 5, 6, 11, 12 1, 5–10, 12, 16, 18, 20, 22 T 10/31 contd

R 11/02 Exam 3: Bring scan form #19641 7, 8 Discuss Exam 3

T 11/07 Risk and Return 10 4, 5, 7, 8 1, 2, 7, 9–16 R 11/09 contd 11 1–3, 5, 7, 10 1–3, 6, 7, 11, 13, 19, 24 H1 T 11/14 contd H3 R 11/16 contd

Market Efficiency 10.6 10 T 11/21 Cost of Capital 12 1, 2, 4–7, 9, 10 1–3, 5, 7, 9, 10, 12, 16, 17 H1 R 11/23 No class: Thanksgiving T 11/28 Cost of Capital (contd) R 11/30 Exam 4: Bring scan form #19641 10–12

Discuss Exam 4 T 12/05 Review for Final Exam: Q&A Bring questions! F 12/08 Departmental Comprehensive Final Exam 1–8, 10–12 6:00–8:00 PM; LRC 221.

See memo online for coverage.

The instructor reserves the right to amend this document; sufficient notice will be given. Page 4