FIN 780 Advanced Financial Management

Missouri State University Summer 2017

Professor: Dr. K. Stephen Haggard Office: None Glass Hall closed Summer 2017
E-mail: SHaggard@MissouriState.edu Phone: 417-836-5567
Class: Online Office hours: By appointment via Skype
Skype Name: prof.k.stephen.haggard

Course Description
An advanced study of the theory and practice of corporate financial management, including financial analysis and
forecasting, working capital, capital budgeting, cost-of-capital, capital structure, mergers and acquisitions, and valuation. The course
utilizes cases to emphasize both theory and technology in supporting sound financial decision-making.

Prerequisites
Prerequisite: ACC 711 (formerly 611) or equivalent and a grade of B- or better in FIN 600 (formerly 500) or equivalent.

Required Online Homework System plus E-book

Connect Plus for Corporate Finance: Core Principles & Applications, 4th Edition. Stephen A. Ross, Randolph W. Westerfield, Jeffrey
F. Jaffe and Bradford D. Jordan. McGraw-Hill. 2013

Required Calculator
Texas Instruments BAII PLUS, HP10bII, or HP12c Financial Calculator. WARNING: All in-class examples will be worked on the TI
BAII PLUS and it is the only calculator for which the professor will provide support. Therefore, selecting a calculator other than the
TI BAII PLUS potentially places the student at a disadvantage. No calculator aside from those listed here will be allowed for use
during quizzes and examinations.

Computer Requirements
This is an entirely online course. I will be using an online homework management system, online video lectures, online exam
proctoring, and videoconferencing throughout the course. Therefore, you will need access to a modern, reliable computer with a high-
speed internet connection able to access U.S. internet addresses. Dial-up internet connections will not work. You need download
speeds of at least 2 Mbps. You can test the speed of your connection by going to http://www.speedtest.net/ and selecting Begin Test.
If your download speed is less than 2 Mbps, either upgrade your internet service or drop the class. You will take all of your exams via
Respondus Monitor using Blackboard and the Respondus Lockdown Browser. You can learn more about this software at
http://www.respondus.com/downloads/RLDB-Quick-Start-Guide-Bb-Student.pdf. You must have a USB webcam that is not
integrated into your computer to facilitate the required inspection of your exam area before starting a test. Such webcams can
be obtained for less than $10. Make sure you get one with a built-in microphone. It is the students responsibility to determine whether
they have the proper equipment and internet access. If not, it is the students responsibility to drop the class. Your professor will not
be making accommodations for students who do not have the proper equipment or internet connectivity.

I will answer simple questions via email. However, if you need help with a complicated problem, wish to lodge a complaint or want
to discuss your grade, we will have the conversation via videoconference or face-to-face in my office. You will need to have your ID
ready so I can verify your identity before we discuss your grade due to FERPA requirements. You must have a Skype account (free)
and access to a computer with a webcam that allows videoconferencing (also required for online proctoring). Verify that your
microphone, speakers and camera works with Skype by going to Tools>Options>Audio Settings and Tools>Options>Video Settings
within the Skype utility. After you get your Skype account set up, select Add a Contact and enter prof.k.stephen.haggard (do
not enter the quote marks) into the box labeled Skype Name. Send the request for me to add you as a contact (note FIN 780 in your
request). After that, we will be able to have conversations via Skype which will cost you nothing. You may initiate calls to me by
requesting an appointment via email. Occasionally, due to industrial hearing loss, I fail to hear Skype ring, so feel free to email me at
the appointed time and I will Skype call you. Your camera must be on for all Skype calls. If you have objections to showing your face
on a webcam, drop the class now.

Blackboard
I record all scores except Homework on Blackboard. (http://blackboard.missouristate.edu/) Please change your e-mail address on
Blackboard to the one you actually use. You must check Blackboard and your email daily for new announcements. Homework scores
are posted on Connect. A 10 point penalty will be assessed if your name does not match in Connect and Blackboard.

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Discussion board
Periodically (see schedule at end of this syllabus), I will post an article, most likely from the Wall Street Journal, which you will read
and then attempt to write a thoughtful comment about, displaying your critical thinking ability and understanding of the finance
materials involved. Your classmates will rate your comment on a scale from one to five stars, based not on their agreement with your
perspective but based on how well you have constructed your argument. Each posting is worth ten points (two points per star) and
your score on a posting will be based on the average rating assigned to your comment by your classmates. Any student posting items
not related to the declared topic will receive a zero. All postings of less than fifty (50) words will receive a zero. All postings not
receiving any ratings will receive a zero, so post your discussion with plenty of time left before the due date to give others the chance
to rate your discussion. Your top ten (10) postings will be used to determine your score. Since your lowest scores are, therefore, not
considered in calculation of your grade, there will be no make-up opportunities to post comments. 100 points total. On Blackboard.

Examinations
Four (4) exams will be administered over the course of the semester, with three being mid-term exams (1.25 hours, 3 day window)
over the material covered since the previous exam (or since the start of class for the first exam) and one being a comprehensive
(cumulative) final examination (1.25 hours, 5 day window) administered during the final exam period. Exam windows start at 12:01
a.m. on the first day of the window and end at 11:59 p.m. on the last day of the window. All exam windows contain at least one
weekend day to allow people with full-time commitments during the week to take exams. For each exam, you will be allowed one
note sheet (single page, hand-written on both sides, 8.5 X 11 or A4). Only pencil, eraser, two pieces of blank scratch paper, an
approved financial calculator, and the aforementioned notesheet are allowed for use during exam. All times mentioned in this syllabus
are Springfield, MO, USA, times. It is your responsibility to learn the difference between your time zone and Springfields. Please
visit http://www.timeanddate.com/worldclock/city.html?n=895 to verify Springfield time. See the schedule at end of this document for
dates of all exam windows. All exams have 200 points possible and will be administered via Blackboard. Exams will be proctored
using Respondus Monitor, which is free to MSU students. If you cannot get these proctoring arrangements to work for you for any
reason, you need to drop the class.

If you miss an exam for any reason, including technical difficulties, your score on the final exam will also count for the missed
exam. After the completion of the mid-term exams, students who have taken all three mid-term exams have the option to skip the final
exam and accept the same score for their final exam score as they achieved on average for the mid-term exams. If such a student
desires, they can choose to take a comprehensive final exam during the regular final exam window in an effort to improve their grade.
If you choose to take the final exam and get a lower score than you did on your mid-term exams on average, your grade will reflect the
new lower score. Thus, taking the optional final has the ability to help or hurt your grade. If you miss at least one mid-term exam for
any reason, you must take the final exam and your score on the final exam will also count for the missed exam(s). No other makeup
exams will be administered, and no exam will be administered early or late except in extraordinary circumstances with exceptional
documentation. Your professor will decide whether your request meets these criteria. In the unlikely event that a make-up exam other
than the comprehensive final exam is granted, the format and time of the make-up will be at the discretion of the professor. The final
exam score will not replace a low score due to poor performance. Those scores are yours to keep. If you miss taking the final exam
and you do not have prior permission, you will receive a zero, which will also fill in for any missed mid-term exams. The only
exceptions: If you develop a sudden, critical medical situation which could not be foreseen and is beyond your control, or if you are
otherwise unavoidably detained for reasons beyond your control. In the first case, I will need solid documentation from your doctor. In
the second case, I will need solid documentation such as a police report or an article from a major recognized newspaper detailing the
incident. I reserve the right to be skeptical about all such claims. Permission to miss the final exam will only be granted in the most
extreme cases. Do not request such permission unless absolutely necessary. Your personal travel plans do not represent an acceptable
reason to miss the final exam at its officially scheduled time. Any appeal of an examination score must be filed in person in writing
within one week of the examination score being posted on Blackboard.

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Homework and Quizzes
I will assign homework and administer quizzes throughout the semester. Unless otherwise notified, homework will be posted by me
and submitted by you through Connect. Instructions for registering for Connect are posted on the course Blackboard site. Homework
is due before 11:59 p.m. on the due date. No late homework will be accepted. Connect will stop accepting submissions at the deadline,
so plan to have your homework submitted well before the deadline in case technical difficulties should arise for either you or the
Connect server. It is the students responsibility to obtain and retain proof that a homework assignment has been submitted. Quizzes
will be administered throughout the semester and will carry the same grade weight as a homework assignment. Quizzes will be posted
on Blackboard, but are not scheduled in advance. Students will be notified of quizzes via Blackboard and e-mail. Students will have a
set window within which to take the quiz, and a strict time limit once the quiz is started. When your time is up, the quiz will be
submitted as is. Any appeal of a quiz or homework score must be filed in person in writing within one week of the quiz or homework
score being posted on Blackboard or Connect. Each homework and quiz has 10 points possible. I will only count the top seven
homework and top three quiz scores toward your final grade. If you miss a homework or quiz for any reason, the missed homework or
quiz will count as a zero and will be one of your low scores to drop (provided you have at least seven higher homework scores in the
case of missed homework assignments or three higher quiz scores in the case of missed quizzes.) Therefore, no makeup homework
assignments or quizzes will be administered.

Grade determination
Exams are worth a total of 800 points. Your homework and quizzes are worth 100 points total. The discussion board assignments are
worth 100 points total. Therefore, there are 1000 points possible in this class. No opportunities for bonus points exist in this class. Do
not request opportunities for bonus points. Instead, put your time and effort into your homework and preparing effectively for the
exams and quizzes. I do not give grades. You earn grades. I merely record the results of your efforts. Remember that I give
objective homework assignments, quizzes and exams, and grade them objectively. I cannot and will not "bump" a student's grade up
or down simply because he or she is graduating or because he or she performed poorly on the final exam your performance on the
exams, discussions, homework assignments and quizzes dictates your course grade. E-mail requests for grade bumps will not receive a
response, as my policy on this point is quite clear. ALL discussions of your grade will occur IN PERSON, IN MY OFFICE (or via
Skype with your webcam ON), BY APPOINTMENT ONLY. I will not discuss your grade via e-mail or telephone. If you find
yourself a few points short of achieving your desired grade and request a bump in your grade, I will deduct 25 points from your
course total, thus alleviating the angst created by being only a few points short. Incomplete grades are given only in extremely unusual
circumstances when most course requirements were completed. They are given only at the instructors discretion, and are very rare.
Notify your instructor of serious issues that might affect your academic progress.
Please note that I do not use the plus/minus grading system for this class.

The following criteria will be used in the recording of grades:

A total points 900
B 800 total points < 900
C 700 total points < 800
D 600 total points < 700
F total points < 600

Nondiscrimination
Missouri State University is an equal opportunity/affirmative action institution, and maintains a grievance procedure available to any
person who believes he or she has been discriminated against. At all times, it is your right to address inquiries or concerns about
possible discrimination to the Office for Institutional Equity and Compliance, Park Central Office Building, 117 Park Central Square,
Suite 111, 417-836-4252. Other types of concerns (i.e., concerns of an academic nature) should be discussed directly with your
instructor and can also be brought to the attention of your instructors Department Head. Please visit the OED website at
www.missouristate.edu/equity/.

Disability accommodation
To request academic accommodations for a disability, contact the Director of the Disability Resource Center, Plaster Student Union,
Suite 405, 417-836-4192 or 417-836-6792 (TTY), www.missouristate.edu/disability. Students are required to provide documentation
of disability to the Disability Resource Center prior to receiving accommodations. The Disability Resource Center refers some types
of accommodation requests to the Learning Diagnostic Clinic, which also provides diagnostic testing for learning and psychological
disabilities. For information about testing, contact the Director of the Learning Diagnostic Clinic, 417-836-4787,
http://psychology.missouristate.edu/ldc. All accommodation requests must be received at least one week in advance of the event
for which an accommodation is requested, and no accommodations will be provided retroactively (after the fact).

Emergency Response
Students with disabilities impacting mobility should discuss the approved accommodations for emergency situations and additional
options when applicable with the instructor. For more information go to http://www.missouristate.edu/safetran/51597.htm and
http://www.missouristate.edu/safetran/erp.htm. (This does not apply to online classes, but MSU requires it be on the syllabus.)

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Academic dishonesty
Missouri State University is a community of scholars committed to developing educated persons who accept the responsibility to
practice personal and academic integrity. You are responsible for knowing and following the universitys Student Academic Integrity
Policies and Procedures, available at http://www.missouristate.edu/assets/policy/Op3_01_Academic-Integrity-Policies-and-
Procedures-07-28-2014.pdf. You are also responsible for understanding and following any additional academic integrity policies
specific to this class (as outlined by the instructor). Any student participating in any form of academic dishonesty will be
assigned an XF grade for the course. Using any unauthorized aids during exams is academic dishonesty. If you are accused of
violating this policy and are in the appeals process, you should continue participating in the class. Please note that a student assigned a
grade of XF while studying toward completion of the MBA Program will be immediately removed from the program.
http://mba.missouristate.edu/AdmissionRequirements.htm

Attendance policy
The University requires that I include an Attendance Policy even though this is an online class and attendance is not physically
possible. The policy for this class is that attendance does not impact your grade. I will not drop you from the class for non-attendance.
However, please note that you are required to check Blackboard and your e-mail daily for announcements. Do NOT visit me in
person to inform me that you have an illness. Doing so will cost you 20 points (2% of total). Send an email instead.

Dropping a class
It is your responsibility to understand the Universitys procedure for dropping a class. If you stop participating in this class but do not
follow proper procedure for dropping the class, you will receive a failing grade and will also be financially obligated to pay for the
class. For information about dropping a class or withdrawing from the university, contact the Office of the Registrar at 836-5520. You
should verify that a course you have attempted to drop electronically has been immediately removed from your schedule (otherwise,
the class has not been dropped). If the drop is not reflected on your class schedule, then you should immediately notify the instructor
and seek assistance from the Office of the Registrar to see if the class can be dropped. You should also retain verification of the drop
once it has been reflected on your class schedule. W grades will NOT be assigned if a class is not properly dropped by the last date
to drop a class. The last date to drop the course and to receive a W grade is July 20, 2017.

Mobile phone policy

If your phone rings or vibrates during an exam, I will automatically deduct ten (10) percent of the total points possible on the exam
from your score. I also recommend that you turn mobile phones and other instant messaging devices OFF while you study or do
homework. This is especially important when you are taking quizzes online, as these instruments are timed and cannot be paused to
take a call from or text message with your friends.

No rescheduling of final examination

Note that I have provided a five-day window in which you may take your final exam. One of these days is a weekend day and four are
weekdays. If you will not be available to take the final exam on any of those five days, please drop the class immediately.

Recommendations/reference letters/LinkedIn
I provide recommendations and references for worthy students. I only provide recommendations for people I would hire to work for
me personally, and I am a picky employer. Do not request a recommendation or reference letter. Toward the end of the semester, I will
notify you if I would be willing to write a recommendation letter or provide a reference for you. Typically, I do not write
recommendations/reference letters for online students because I do not interact with them in person enough to develop a complete
sense of them as a person. If a recommendation/reference letter is important to you, drop the online class and join a seated section of
the class. Also, I do NOT connect with students on LinkedIn. Once you have graduated and are in a professional position, please feel
free to send me an invitation to connect and I will consider it.

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Class Schedule

Date Day Event Homework Chapter Coverage

12-Jun Monday Class Starts
14-Jun Wednesday Homework 1 and Discussion 1 Due Chapter 1
17-Jun Saturday Homework 2 and Discussion 2 Due Chapter 2 (FIN 380/600 review)
21-Jun Wednesday Homework 3 and Discussion 3 Due Chapter 3
22-Jun Thursday
23-Jun Friday Exam 1 Chapter 1-4 (includes 380/600 review)
24-Jun Saturday
27-Jun Tuesday Homework 4 and Discussion 4 Due Chapter 10
30-Jun Friday Homework 5 and Discussion 5 Due Chapter 11
4-Jul Tuesday Homework 6 and Discussion 6 Due Chapter 5
8-Jul Saturday Homework 7 and Discussion 7 Due Chapter 6
9-Jul Sunday
10-Jul Monday Exam 2 Chapters 10-11 and 5-6
11-Jul Tuesday
12-Jul Wednesday Homework 8 and Discussion 8 Due Chapter 12
14-Jul Friday Homework 9 and Discussion 9 Due Chapter 7
18-Jul Tuesday Homework 10 and Discussion 10 Due Chapter 8
22-Jul Saturday Homework 11 and Discussion 11 Due Chapter 21
26-Jul Wednesday Homework 12 and Discussion 12 Due Chapter 17
27-Jul Thursday
28-Jul Friday Exam 3 Chapters 12, 7-8, 21, and 17.
29-Jul Saturday
30-Jul Sunday
31-Jul Monday
1-Aug Tuesday Optional* Comprehensive Final Exam All Chapters Previously Covered
2-Aug Wednesday
3-Aug Thursday

Exam, discussion, and homework assignment due dates are firm. I will cover the following Chapters in this order: 1-4, 10-11, 5-6, 12,
7-8, 21, (web only: http://highered.mheducation.com/sites/dl/free/0077465253/869365/Chapter_21_Mergers_and_Acquisitions.pdf)
and 17. Chapters 2 and 4 are review from FIN 380/600. Video lectures for these topics will be posted and homework/practice will be
assigned to assure that you are proficient in these basic topics. You are responsible for reading all assigned material before watching
the video lecture on that material. You are responsible for watching all associated video lectures before attempting homework on a
topic. Homework is posted on Connect. No late homework will be accepted. Quizzes will be posted on Blackboard, but are not
scheduled in advance. Students will be notified of quizzes posted on Blackboard via Blackboard and email. Students will have a set
window within which to take the quiz, and a strict time limit once the quiz is started. Mark your calendars now to avoid scheduling
conflicting appointments or events. Do NOT order travel tickets or other important life events that conflict with the dates of the
exams. You will NOT receive any sympathy or accommodation from the professor if you do.

* please see section on Examinations for explanation of optionality.