# The Lee Kong Chian School of Business Academic Year 2012/13 Term 1

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1 The Lee Kong Chian School of Business Academic Year 2012/13 Term 1 FNCE101 FINANCE Instructor Name : Daniel A Stone Title : Adjunct Tel : Office : TBD : COURSE DESCRIPTION This course serves as an introduction to managerial finance. The aim is to provide students with a strong foundation in finance. Students will be exposed to key financial concepts and tools commonly used by managers in making sound financial decisions, which include time value of money, risk-return analysis, asset pricing and cost of capital. The course focuses on basic financial activities undertaken by a firm to create value for its shareholders. These activities include financial planning and management, investing and financing. LEARNING OBJECTIVES By the end of this course, students will be able to: Describe important financial management decisions and forms of business organizations; explain the goal of financial management; explain agency problems; and describe the characteristics of a well-functioning securities market; Interpret balance sheets, income statements; compare and contrast cash flows from operating, investing, and financing activities; and conduct ratio analyses to analyse various aspects of a company s financial health; Calculate and interpret annual percentage rate and effective annual rate; solve time value of money problems for both single cash flow and multiple cash flow problems (Ordinary annuity, annuity due, growing annuity, and perpetuity); and understand the calculation of fixed-payment amortization; Calculate and interpret results using each of the following methods to evaluate capital projects: payback period, discounted payback period, net present value (NPV), internal rate of return (IRR) (and the potential problems with IRR), and profitability index; identify various types of costs, such as sunk costs, opportunity costs, and side effects; and forecast future cash flows with Pro Forma financial statements; State various forms of investment returns; calculate and interpret the difference of arithmetic average and geometric average returns; calculate sample and population mean and standard deviation of returns on a single asset; explain risk-return tradeoffs across asset classes based on historical evidence; Calculate mean and standard deviation of returns on portfolios; understand the correlation between assets and diversification benefit; differentiate systematic vs. unsystematic risk; explain the capital asset pricing model (CAMP), security market line (SML), and asset beta, and the effects on asset expected returns and risk tradeoff; estimate asset beta using tools such as Excel spreadsheet; explain various forms of efficient market hypotheses and their practical implications; Estimate the values of common stocks and preferred stocks, using the discount dividend models (DDM), free cash flow valuation models, and market ratio models; Contrast the theoretical irrelevance of dividend policy with how it is often relevant in practice, including high, low, and residual dividend policies; explain the basic properties stock repurchase and its relation with cash dividend; Explain contractual properties of bonds, special bond features, and bond quotations; calculate and interpret various bond yields (current yield, yield-to-maturity, and realized return); explain the steps in the bond valuation process; explain the difference between nominal and real rate and the effect of inflation; explain factors driving the bond yields; and explain the interest rate risk and the term structure of interest rate, and the effects on bond valuation; 1

4 3 6Sep Time Value of Money - Calculations 4 13Sep Time Value of Money Applications Simple Interest Compound interest Expressing Rates (e.g. PA, EIR) Present and Future Values (Single Cash flow) PV and FVs on Multiple Cashflows (Annuity, Annuity due, Perpetuity Amortization Financial calculator Payback rule NPV IRR Problems with IRR Mutually exclusive projects Un-even Cash flows CF estimates Issues about costs (Sunk cost, opportunity cost, side effect) Pro Forma financial statement Project analysis and evaluation Scenario, sensitivity, simulation (intro only) Break-even analysis (Accounting, Cash, and Financial breakeven) Chapter 5 All Sections Page 151 Self-test questions Chapter 6 All Sections Page Self-test Questions 6.1, 6.2, to class. Any kind, but ideally Texas Instruments BA II. Chapter 9 & 10 Page Page Group Project Assignments Chapter 11 5 & 6 20Sep & 27Sep Risk and Return 1 st Open-book Quiz Dollar & pctg return Capital gain vs dividend yield Arithmetic average vs Geometric average (Blume s formula) Sample average and sample volatility calculation Historical evidence on Chapter 12 & 13 Assgts TBA 4

5 7 4Oct average return/volatility across asset classes Population mean and variance calculation Normal distribution Portfolio mean and variance calculation Correlation Illustration of diversification benefit Systematic risk vs unsystematic risk Introduction of beta estimate Security Market Line and CAPM Efficient Markets Hypothesis 2 nd Open-book Quiz Mid-term Exam Covering Content through 21Sep 8 11 Oct Mid-term Break 9 18Oct Financial Asset Valuation Basic properties of bonds Bond valuation Bond yield (yield-tomaturity, current yield, realized return) Bond Pricing Interest rate risk and its determinants Term structure of interest rate Nominal vs real rate, inflation Chapter 7 Common stock valuation Discount dividend model (DDM) Constant dividend, constant growth, multi-stage growth Estimate of growth Chapter 8 5

6 rate P/E and DDM Free cash flow model Preferred stock valuation 10 25Oct Capital Cost and Budgeting Cost of equity DDM approach SML approach Cost of debt Cost of preferred stock WACC Tax and WACC Flotation cost Pure Play and MNCs Chapter Nov Capital Structure 3rd Open-book Quiz Long-term financing choice VC, IPO, SEO MM capital structure theoriesi No tax Tax subsidy of debt financing Bankruptcy costs Pecking Order Theory Chapter Nov Dividend Decision Irrelevance of dividend policy High/low payout in practice Residual dividend policy Stock repurchases Chapter Nov Options Contract Features Strategy Pay-offs and Premium Valuation boundaries and formula Inputs of option value Put-call Parity Chapter 14 and Nov Revision Week 4 th Open-book Quiz Group Project Assignments Submitted 6

7 15 27 Nov Final Exam Final Exam Common to all sessions of FNCE 101 7

### The Lee Kong Chian School of Business Academic Year 2015 /16 Term 1

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