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Carey Business School Johns Hopkins University Financial Management Spring 2009 Course Number: 790.

609 Section: 82 Meeting time: Tuesdays, 5:30-7:30 PM Location: DTC Instructor: Michael J. Kubik, CFA Telephone: 410-345-2532 Email: mkubik@troweprice.com (preferred method) If concepts or language used in our in-class discussions appear ambiguous, please discuss them with me. Engaging in these discussions will enrich your learning experience, provide me with feedback, and may reduce the probability for deductions on future assignments. Questions outside of normal class hours should be sent via email to the email address above. I will make every effort to reply by email or phone within 24hours.

Course Prerequisites Financial Accounting (790.611) Statistics for Business (790.616)

Course Description Financial management is designed to introduce students to the basic, yet fundamental, issues of modern finance. This is an introductory course. The goal of the course is to provide students with the basic tools needed to successfully complete more advanced finance courses. Course Objectives Upon successful completion of this course, a student should be able to: 1) Understand the basic concepts of Finance

2) Master their mathematical formulation 3) Know how to use a financial calculator These three points are interrelated and complementary. Students should know the meaning and the interpretation of the basic tools in financial managementthis is done in points 1) and 2) above and then students should be comfortable 3) using a financial calculator. Therefore, the emphasis of this course is both theory and practice. Real data analysis is an important part of this course Class Attendance The Department of Finance attendance policy is that students should not miss more than 20% of total contact hours. Missing more than 20% of contact hours will result in a grade of F. This is not an independent study course. The course covers a significant amount of material. Therefore, class attendance is not only highly recommended, but it will be beneficial for meeting the learning outcomes of the course. Regular attendance is essential for your in-class case participation assessment. Reading the assigned chapters/handouts before class will greatly assist your understanding of the lecture. After the lecture, you should study your notes and work relevant problems from the end of the chapter. You may withdraw from the course or change your registration to audit before the 9th class begins. Course Materials 1. Brigham, Eugene F., and Michael C. Ehrhardt, Financial Management, Theory and Practice, 12th Edition, Thomson South-Western, 2004, Required. 2. Financial Calculator RequiredThe finance department recommends the Texas Instruments BA II Plus. 3. Wall Street Journal (not required, but articles in this journal may be referenced from time to time) Blackboard Course Site: http://bb.carey.jhu.edu . This class uses the Blackboard webbased system. Most class documents will be uploaded to this site. Students should have an account on Blackboard to access the class web-site and to obtain class handouts. To get an account, go to Blackboard login page (see above) and follow the instructions. Course Evaluation Exams. There will be two non-cumulative evaluations. Homework Assignments. Homework assignments will not be graded. The assignments have a very important pedagogical role. They are designed to check your understanding of the material covered in class. Answers could be found on Blackboard.

Question of the Week. Every two weeks, there will be a question of the week posted online related to finance. You will have two weeks to post an initial response, plus you need to provide one feedback posting to another student. I will post a scorecard at the end of the two weeks showing the tally. Participation. Participation is needed for our in-class case discussions. You should target responding one time every three classes for a satisfactory grade. There will also be an element of your final presentation that will be evaluated by your peers assessment of your participation. Project. Midterm Exam (2/24) Final Exam (4/21) Question of the Week (5 total) In-Class Participation Project (5/5) Grade Distribution A-: 90-92 A: >93 B: 83-86 C: 73-76 F: <70 Note: the grade distribution is fixed. There will not be any additional assignments for extra credit to improve your grade. Plusses and minuses will be awarded. The plagiarizing, in any form, of the work of another is a form of academic dishonesty and will result in an automatic failing grade. By the act of submitting written work to satisfy the homework assignment, you make the claim that the work is your own. Students with documented disabilities may inquire about accommodations by calling the Office of Student Affairs at (410) 872-1210 or sending an email to staffair@jhu.edu. JHU Weather Emergency Hotline: 1-800-548-9004 or 410-516-7781 B-: 80-82 C-: 70-72 B+: 87-89 C+: 77-79 35% 35% 10% 5% 15%

Course Outlines Part One: Fundamental Concepts of Financial Management ________________________________________________________________ 1/27 Chapter 1: An Overview of Financial Management and the Financial Environment Chapter 2: Time Value of Money Chapter 3: Financial Statements, Cash Flow, and Taxes Chapter 4: Analysis of Financial Statements Exam I

2/3 2/10 2/17 2/24

Part Two: Securities and Their Valuation ________________________________________________________________ 3/3 3/10 Chapter 5: Bonds, Bond Valuation, and Interest Rates Chapter 6: Risk, Return, and the Capital Asset Pricing Model Chapter 7: Portfolio Theory and Other Asset Pricing Models 3/17 Chapter 8: Stocks, Stock Valuation, and Stock Market Equilibrium

Part Three: Projects and Their Valuation ________________________________________________________________ 3/24 Chapter 10: The Cost of Capital Chapter 11: The Basics of Capital Budgeting: Evaluating Cash Flows 3/31 Chapter 12: Managing Risk through Phased Decisions: Decision Trees

Part Four: Corporate Valuation and Governance ________________________________________________________________ 4/7 4/14 Chapter 14: Financial Planning and Forecasting Financial Statements Chapter 15: Corporate Valuation, Value-Based Management, and Corporate Governance

4/21

Final Exam

Part Four: Strategic Financing Decisions ________________________________________________________________ 4/28 5/5 Chapter 16: Capital Structure Decisions: The Basics Final Presentation Project Overview The Beige Book is a summary of commentary on current economic conditions by the Federal Reserve District. This report is published eight times per year, and is commonly used as a basis of discussion at the upcoming FOMC meeting, which is about 2 weeks after. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. Examples of cities surveyed include: San Francisco, Chicago, Boston, New York, Dallas, Kansas City. Reference: http://www.federalreserve.gov/fomc/beigebook/2009/20090114/fullreport20090114.pdf A slightly different version of the Beige Report is found in the Goldman Sachs report posted on Blackboard. Collectively, we are going to prepare our own Beige Book from an advisory perspective. In teams of 3-5 people, you will analyze two companies from the same industry. Your final deliverable will be a briefing to a sophisticated institutional investor audience telling them whether or not the industry is attractive, and whether the stock is attractive or the bond is more attractive. The investor audience is looking for a return of 15% or more by the end of 2010 and desires a company that has a beta no greater than 20% higher than the S&P 500. Use the closing stock price from April 28th When analyzing the companies, consideration should be made for: Industry structure and its impact on potential profitability Management team and stated tone of business conditions Capital usage trends and returns on capital Stock/bond valuation Risks (identify a maximum of three risks)

This project applies the concepts that comprise the financial management class to real companies. In the process, you will undoubtedly be frustrated by the limitations of real data, but many decisions are made under the same levels of uncertainty. Final Deliverables Executive Summary (3-5 pages max) Presentation: 10-minutes of input (max) 5-10 minutes of Q&A Note: Do not rehash what should be common knowledge such as company history, portfolio of consumer brand names, etc. Assessment Assessment is based on three dimensions: your Knowledge, your Reasoning, and your Communication, that is your ability to express your investment thesis. Consider your audience for both the written assignment and presentation to be investment professionals. Make sure you cite properly your data sources and list a diverse range of sources (Yahoo Finance or Wikipedia does not count). Additionally, there will be a team peer assessment element as well. At the end of your project, your peers will evaluate your contribution to the project deliverable. If ratings and comments indicate your contribution was less than average, then a deduction of up to 15% will be assessed to both of your team deliverables. I am excited to be teaching this course. Over the next 15-weeks, you will be involved in one collaborative, learning community and throughout the semester you will be building many connections. You will be connecting with unfamiliar Corporate Finance concepts. I ask that you connect with me if you have questions or feedback. You will inevitably connect with friends that may have previously taken classes with you. Lastly, I challenge you to connect with 2-3 new people throughout the semester. Best regards, Mike Kubik, CFA Due: May 2 Due: May 5

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