School of Accounting and Finance

AFM 373/476: Cases and

Applications in Corporate
Finance
Fall 2021
Course Course Syllabus – Online Version
Instructors:
Name: Alan V. S. Douglas
Office Location: Zoom or Webex
Telephone: N/A
Email: adouglas@uwaterloo.ca
Office Hours: Flexible -- email to make an appointment.

Name: J. A. (John) D’Amato

Office Location: Zoom or Webex
Telephone: N/A
Email: jdamato@uwaterloo.ca
Office Hours: Flexible -- email to make an appointment.

Teaching Assistants/Course Administrator:

Names: Lead: Damir Baizhiyenov; Piazza: Benjamin Loewen

Office Location: Bongo/Piazza
Telephone: N/A
Emails: damirbaizhiyenov1@gmail.com; b2loewen@uwaterloo.ca
Office Hours: Flexible -- email to make an appointment.

Important Information Related to Online Delivery Format:

 All course‐related questions should be posed via Piazza, enabling students to discuss,
professor to clarify, all students to share.
 All individual technical issues (mostly Bongo/Learn/examination issues) please
email Damir (Lead TA): damirbaizhiyenov1@gmail.com
 Email the professors directly only for personal issues that cannot
be shared in the public domain.
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Course Description:
This course covers various topics in Corporate Finance, building on the theory of financial
management developed in your earlier courses (AFM 273/274 or AFM 272/372). The objective is
to broaden, deepen, and integrate your understanding of the real decisions facing financial
managers and investors. The course is grounded in corporate finance theory, providing cases and
applications to develop your analytical and practical skills, business acumen, ability to
communicate your understanding orally and in writing, and converse in mainstream issues relating
to corporate finance in business and society.

The classes encompass both case analysis and discussion of articles from practice-oriented
academic journals. The material leads to a practical, in-depth application of many corporate
finance competencies for decision-making purposes, including forecasting financing needs, the cost
of capital, corporate performance measurement, capital budgeting, capital structure policy,
securities issuance, dividend policy, valuation, mergers and acquisitions, and restructurings. The
analysis incorporates a number of general themes in corporate finance, including managerial
objectives, corporate governance and value creation.

Prerequisite: AFM 274 or AFM 372/ACTSC 391; Accounting and Financial Management, Math-
CPA, Biology-CPA, or Computing and Financial Management students only

Course Schedule:
As there are no physical in-class lectures, you will be provided with course resources such as
required readings, lecture decks, recorded video lectures, etc. to guide your learning. The purchase
of a course-pack containing the cases is required (see link below). The absence of in-class lectures
means that the recorded videos under the ‘Course Schedule, Material and Videos’ link on the Learn
site will largely replace in-class lectures, with Piazza discussion boards as your primary support
(you will receive an invitation to AFM373 Piazza via email).
You will be charged with setting your own pace for study and review of the materials, however
guidance will be given in the course schedule appended to this syllabus and posted on Learn
outlining the expected amount of study time that should be spent on each module/case.
Nonetheless, it is of utmost importance that you keep up with the schedule.
The time slot listed below is reserved for live sessions, which will include optional (for students)
live classes that will recap the recorded material posted on Learn (i.e., the recorded debriefs for
each case), tutorials and review sessions for exam purposes.

Section Day of the week Time Instructor

001-006 Tuesday 11:30 AM – 1:00 PM Douglas/
D’Amato

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Course Resources:

• The course readings package (required cases) is available from the bookstore. The link is
provided on Learn (and again below). Should you have any difficulty obtaining the casepack, be
sure to email Damir ASAP: damirbaizhiyenov1@gmail.com

COURSEPACK LINK:
https://www.campusebookstore.com/integration/AccessCodes/default.aspx?
bookseller_id=22&Course=AFM+373+
%26+476+FALL+2021+CASE+READINGS&frame=YES&t=permalink

• Additional materials: articles, applications, excel spreadsheets, exhibits, student slides containing
guidance for each case, posted on the LEARN course website under Course Content tab – “Course
Schedule, Materials and Videos”. The materials include advance study questions, and indicate
areas of focus for each case. They are an essential aid for student preparation.

Supplementary reading: The finance text used in AFM 273/4 or AFM 272/372 (Corporate Finance,
Fourth Canadian Edition, Berk, DeMarzo, Stangeland) should serve as supplemental/review
readings for most of the topics covered in the course.

Students are also encouraged to follow the popular press online (e.g. the Globe & Mail, New York
Times, Business News Network BNN, the Financial Post, Report on Business, Wall Street Journal,
etc).

Course Evaluation:
Assessment Method Date Percent of Total
Case Synopses, Case Refer to course schedule Grade
(4 x 10%) = 40%
Videos, Peer Feedbacks
(4
Midterm Exam Tuesday, Oct.19 – 9:00am 30%
Final Exam Set by the R.O. - TBA 30%
Total 100%

Important University of Waterloo Administrative Dates:

Classes begin - Wednesday September 8
Last day for students to add a class - Tuesday September 28 (please refer all requests to the
SAFadvisor@uwaterloo.ca)
Last day to withdraw and receive 100% tuition back - Tuesday September 28
Thanksgiving Day - Monday October 11 - classes are cancelled
Reading Week - Tuesday October 12 - Friday October 15 - classes are cancelled
Classes end - Tuesday December 7
Final Assessments period (exams) - December 9 - 23 (note: due to COVID-19, exams may be
scheduled on Sunday December 12)
Case Synopses, Case Videos, Group Feedbacks (40%)
Team Assignments:
Each student will be assigned to a new, random partner for each assignment. Each group of 2 is
responsible for completing a brief (maximum 2 pages + exhibits) synopsis of the specified cases as
indicated on the ‘Course Schedule, Materials and Videos’ page on Learn, including a specific
hand-in requirement listed at the beginning of the relevant student slide deck, and the video
submission discussed further below.
The synopses must be submitted on Bongo before 7:00PM EST on the due date. Since we will
release our case brief soon after, late submissions will not be accepted. You should allow time for
contingencies such as slow internet connections.
Your submitted synopsis must represent your group’s own work. You are not permitted to
discuss with students who have previously been exposed to the case/course, nor to obtain
notes/solutions from them, or from other sources.
To ensure all students have the same opportunity, and to encourage efficient clear written
communication, each synopsis must conform to the following typesetting specifications:
 Each submission should be a single file (i.e., a PDF/Word file that integrates any
exhibits you wish to include).
 Synopsis 2 pages maximum, plus any excel exhibits in an appendix integrated into
the PDF/Word report.
 The 2 page limit does not include any appendices that contain relevant quantitative (Excel)
calculations. They should be referenced and analyzed in the main report 2 pages (i.e., if you
put verbal analysis in the appendix it will not be marked).
 8.5 x 11 inches document, typed
 Single spaced
 1 inch margins (top, bottom, right and left)
 Minimum 12‐point font, Times New Roman
Any deviation from these typesetting standards above will result in a mark deduction.

Students should choose a format appropriate for each case, and follow these general guidelines:
1) Read the case and the advance slides posted by the professors (on Learn).
2) Frame the Key Issue(s) and Decision(s) in the Case. Why are they important?
3) Attempt any relevant Qualitative and Quantitative Analysis to compare alternatives (attach any
relevant spreadsheet analysis as an appendix in your pdf/word file).
4) Make a Reasoned Recommendation - stating which alternative is preferable, based on your
analysis. What are the key sources of risk and uncertainty associated with your recommendation?
5) The posted student slides will identify additional specific requirements for each case.

Each group of 2 will also compose a 5-7 minute video presentation to discuss the key points of
their case synopsis to create a compelling oral-visual argument for the proposed
recommendations. You should imagine that you are being paid as an analyst and this presentation
is for your client. Even if your analysis is great, if you can’t present in a compelling way, your
client may not be satisfied.

Team Peer Evaluations:

After the submission deadline, each student will be assigned to observe, rank, and comment on
three videos from their colleagues. This feedback will be anonymous. Give meaningful and
positive feedback on what went well in their presentation and what could be improved for next
time. This gives you a chance to learn and reflect on how others have approached the case. It
provides valuable feedback to those groups on how others (you) perceive their work. Conversely,
you will reflect and learn from the comments given by others on your video. If you fail to complete
your online feedbacks by the published deadline (which will be 4 days after the main submission
deadline for each assignment) you will lose 1 of the 10 marks allocated to the case for each
feedback not completed (thus, the maximum assignment grade you can receive is 7 out of 10 if you
do not provide any feedback to others). Completion requires at least one thing done well and one
thing that could be improved for each video. The feedback you receive from others does not
affect your grade, however the feedback gives you some idea how your communication is
interpreted by others.

Midterm (30%) and Final (30%) Examinations:

The exams are based mainly on the material focussed on in the instructor videos and recorded
lectures. Financial calculators (as specified by the School of Accounting and Finance) are
permitted.
Mid-term grades may be appealed in writing only, within 7 days of papers having been
made available on Crowdmark. Appealed grades may go up or down.

COURSE POLICIES:
Late Submission Policy
The case assignments must be submitted to the Learn drop box before end of the submission
deadline. Due to the connection to class preparation, late submissions will not be accepted.

Important Note on Group Work and Academic Integrity:

All group members must contribute their fair share to each case assignment/presentation. Each
group report/presentation is assigned one mark.
Using case material, as conveyed by other students and their groups, is NOT acceptable. Using
conveyed material in an attempt to inflate your case submission grade is a form of cheating, with
adverse consequences for all parties involved. Marking TA’s will inform the professors of any
clear indications of plagiarism. School and University policies on academic dishonesty are
referenced on the SAF site. If you are unclear whether your actions might violate those policies,
ask.

SCHOOL OF ACCOUNTING & FINANCE POLICIES:

Accommodations for Missed Assessments:
Students are expected to complete all course assessments and write examinations as scheduled; however,
there may be circumstances where accommodating a missed assessment is approved. Accommodation is not
automatic upon the presentation of documentation. Instructors will use the documentation along with all
information available to them, when determining whether accommodation is warranted. See your course
syllabus for specific accommodation policies that apply to your course. If an accommodation for a
missed course assessment is approved the instructor will determine the appropriate accommodation. If an
accommodation is approved regarding a missed final exam, you will typically be required to write the exam
the next time the course is offered. At the end of the current term you will receive an INC course grade.
When you have written the final exam, a grade revision will be submitted based on the results of the final
exam and your other course work. Failure to write the final exam the next time the course is offered will
result in a course grade based on the elements of the course that you completed. UW’s policy regarding
requests for accommodation can be found at http://ugradcalendar.uwaterloo.ca/page/Acad-Regs-
Accommodations.
NEW: Accommodations for COVID-19 permit you to self-declare your illness at the UW COVID hotline –
1-833-UW COV19 (1-833-892-6819). Nursing staff will help you to coordinate next steps. Hours of
operation 8:30am-4:30pm Monday – Friday. On weekends, please go to UW Health Services website for
guidance.

SAF Process for Requesting Accommodation for Missed Assessments:

UW’s policy regarding requests for accommodation can be found at
http://ugradcalendar.uwaterloo.ca/page/Acad-Regs-Accommodations. To be considered for an academic
accommodation, SAF students must complete and submit the Request for Academic Accommodation online
web form to the SAF Administrative Coordinator and Advisor, within 2 working days of the missed
assessment. The web form can be found at: https://uwaterloo.ca/school-of-accounting-and-finance/request-
academic-accommodation-saf. Students must login to the on-line form using their WatIAM ID and
password.

Required supporting documentation is uploaded within the Request for Academic Accommodation web
form. Submissions must be complete and accurate. Please refer to the web form for links and additional
information regarding the illness documentation requirements and process. The web form is regularly
updated to guide students in making requests for accommodation as processes change (e.g. COVID-19
documentation requirements). For other requests for accommodations, such as death of a family member,
appropriate documentation should be provided within a reasonable time period.
The SAF Administrative Coordinator and Advisor will co-ordinate the review of all accommodation
requests and will maintain a record of missed exams by student (name, ID #), so that unusual situations can
be identified and addressed. The SAF Administrative Coordinator and Advisor will communicate the
instructor(s) decision, regarding the request for academic accommodation, to the student by e-mail.  Any
questions regarding this process can be directed to the SAF Administrative Coordinator and Advisor at
safadvisor@uwaterloo.ca.

If you believe you have extenuating circumstances or have been adversely impacted by COVID-19, which
has affected your academic record, you may wish to speak with your academic advisor.

The University of Waterloo INC grade process will be followed, where all course requirements are not
completed during the term. Note: Please check the uWaterloo website for:
https://uwaterloo.ca/coronavirus/academic-information for up-to-date information regarding the INC rules.

Recording of Lectures
A majority of Fall 2021 courses will be delivered as remote teaching. Most, if not all, courses will record
lectures. The use of all course recordings is strictly limited to the purpose of private/personal study and for
no other reason (e.g., loaning the recording or reproducing a copy for another student, contesting grading,
posting in whole or part online, etc.). Any failure to abide by these requirements is a violation of the
university's academic integrity requirements and is subject to proceedings under Policy 71, Student
Discipline.

Textbooks and Intellectual Property Rights

The content in textbooks and other course materials is subject to copyright protection, regardless of the
format (i.e. hardcopy, binder version or e-text). Printing a copy of a text or creating a pdf copy of a text may
infringe the legal rights of the copyright owner and could result in penalties determined in a court of law. It
is important that as a user of copyright material you follow University guidelines for copying for situations
where copying is acceptable (see https://uwaterloo.ca/copyright-guidelines/). For further details, refer to the
preamble of Policy 73 Intellectual Property Rights for affirmation of the University’s recognition of
intellectual property rights.  Consult your professor if you have any questions in this regard.

Attendance at the Registered Section

Although Fall 2021 courses will be delivered as remote teaching, you are assigned to a specific section for
instructor grading and office hours.

UNIVERSITY POLICIES:

Academic Integrity
In order to maintain a culture of academic integrity, members of the University of Waterloo are expected to
promote honesty, trust, fairness, respect and responsibility. Check the Office of Academic Integrity website
for more information.
Grievance
A student who believes that a decision affecting some aspect of his/her university life has been unfair or
unreasonable may have grounds for initiating a grievance. Read Policy 70, Student Petitions and
Grievances, Section 4. When in doubt, please be certain to contact the department’s administrative assistant
who will provide further assistance.

Discipline
A student is expected to know what constitutes academic integrity to avoid committing an academic
offence, and to take responsibility for his/her actions. [Check the Office of Academic Integrity for more
information.] A student who is unsure whether an action constitutes an offence, or who needs help in
learning how to avoid offences (e.g., plagiarism, cheating) or about “rules” for group work/collaboration
should seek guidance from the course instructor, academic advisor, or the undergraduate associate dean. For
information on categories of offences and types of penalties, students should refer to Policy 71, Student
Discipline. For typical penalties, check Guidelines for the Assessment of Penalties.

Appeals
A decision made or penalty imposed under Policy 70, Student Petitions and Grievances (other than a
petition) or Policy 71, Student Discipline may be appealed if there is a ground. A student who believes
he/she has a ground for an appeal should refer to Policy 72, Student Appeals.

Academic Offenses and Implications

Students majoring in accounting and finance programs at UWaterloo should be aware that, due to the highly
structured nature of the study plans and the fact that many AFM courses are offered on a limited basis, a
penalty imposed as a result of an academic offence could result in a significant delay of the student’s degree
completion and convocation dates - particularly if the penalty involves a suspension.

Accommodation for Students with Disabilities

Note for students with disabilities: AccessAbility Services, located in Needles Hall, Room 1401,
collaborates with all academic departments to arrange appropriate accommodations for students with
disabilities without compromising the academic integrity of the curriculum. If you require academic
accommodations to lessen the impact of your disability, please register with AccessAbility Services at the
beginning of each academic term.

I-clickers
It is considered an academic offence for any individual to allow someone else to use their I-clicker and both
the individual who has allowed their I-clicker to be used by another and the individual using it will be
considered to have engaged in an academic offence. The potential penalties for an offense in this regard
will normally include academic suspension.

Mental Health Support

All of us need a support system. The faculty and staff in Arts encourage students to seek out mental health
support if they are needed.

On Campus
Due to COVID-19 and campus closures, services are available only online or by phone.
  Counselling Services: counselling.services@uwaterloo.ca / 519-888-4567 ext. 32655
 MATES: one-to-one peer support program offered by the Waterloo Undergraduate Student
Association (WUSA) and Counselling Services

Off campus, 24/7

 Good2Talk: Free confidential help line for post-secondary students. Phone: 1-866-925-5454
 Grand River Hospital: Emergency care for mental health crisis. Phone: 519-749-4300 ext. 6880
 Here 24/7: Mental Health and Crisis Service Team. Phone: 1-844-437-3247
 OK2BME: set of support services for lesbian, gay, bisexual, transgender or questioning teens in
Waterloo. Phone: 519-884-0000 extension 213

Full details can be found online on the Faculty of Arts website

Download UWaterloo and regional mental health resources (PDF)
Download the WatSafe app to your phone to quickly access mental health support information

Territorial Acknowledgement
We acknowledge that we are living and working on the traditional territory of the Attawandaron (also
known as Neutral), Anishinaabe and Haudenosaunee peoples. The University of Waterloo is situated on the
Haldimand Tract, the land promised to the Six Nations that includes ten kilometres on each side of the
Grand River.

For more information about the purpose of territorial acknowledgements, please see the CAUT Guide to
Acknowledging Traditional Territory (PDF).

Chosen/Preferred First Name

Do you want professors and interviewers to call you by a different first name? Take a minute now to verify
or tell us your chosen/preferred first name by logging into WatIAM.

Why? Starting in Winter 2020, your chosen/preferred first name listed in WatIAM will be used broadly
across campus (e.g., LEARN, Quest, WaterlooWorks, WatCard, etc). Note: Your legal first name will
always be used on certain official documents. For more details, visit Updating Personal Information.

Important notes
 If you included a preferred name on your OUAC application, it will be used as your
chosen/preferred name unless you make a change now.
 If you don’t provide a chosen/preferred name, your legal first name will continue to be used.

A Detailed Course Schedule is posted on Learn