This course focuses on tools and techniques used in modern financial management. Material in the course has an applied focus and is designed to provide students with the knowledge and skills required for understanding, exploring and analysing financial management issues. The course draws upon topical material in order to contextualise theoretical discussion, and present students with examples in practice.

Specific topics to be covered include: financial mathematics, security valuation, techniques for capital investment decisions, financial decision making, corporate capital structure, cost of capital, dividend decision and policy, leasing decision and the analysis of mergers and acquisitions.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Explain the key issues facing financial managers;
2. Perform asset valuation and project evaluation; and,
3. Explain the finance theory underlying financial management.

Research-Led Teaching

While students are not directly engaged in the research as part of the learning process, the course will cover materials that reflect the cutting-edge research around Corporate Finance. My aim is to integrate and emphasize how academic research can influence industry practice and corporate policy, through which students would be encouraged to think outside of the box. The course will also include parts which involve students in critical analysis of industry-based problems in valuation, capital budgeting and risk assessments. 

Additional Course Costs

The course may involve the use of a computer, which is available at ANU Computer labs free of charge.

Examination Material or equipment

Non-programmable scientific calculator

Required Resources

Corporate Finance (Global Edition) by Jonathan Berk and Peter DeMarzo, Pearson; 4th or 5th edition is preferable. The e-book copy of the textbook is available via https://library.anu.edu.au/record=b6742055. A small number of hard copies are also available for 2-hour loan in the reserve loan section of the Chifley Library. Additional reading materials including journal articles, newspaper articles will be available on WATTLE.

Staff Feedback

Students will be given feedback in the following forms in this course:

• Interactions with lecturer and tutor(s) in lectures/tutorials and consultations.

• Through assessments where the lecturer and tutors will provide specific feedback.

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle) and weekly tutorials, delivered in hybrid format (on campus, live through scheduled Zoom sessions and as pre-recorded videos). Weekly consultations with the lecturer and the tutor(s) will be conducted over Zoom.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Topic: Introduction and revision of assumed knowledge Activity: Lecture (Notes 1)
2	Topic: Investment decision rules Activity: Lecture (Notes 2); Tutorial (Tutorial 1 questions)
3	Topic: Capital budgeting: Fundamentals Activity: Lecture (Notes 3); Tutorial (Tutorial 2 questions)
4	Topic: Equity and debt financing Activity: Lecture (Notes 4); Tutorial (Tutorial 3 questions)	Practice Quiz 1 (0% of grade)
5	Topic: Cost of capital Activity: Lecture (Notes 5); Tutorial (Tutorial 4 questions)	Report 1 (15% of grade)
6	Topic: Capital Structure I: MM Theory and Taxes Activity: Lecture (Notes 6); Tutorial (Tutorial 5 questions)
7	Topic: Capital Structure II: Financial Distress and Agency Cost Activity: Lecture (Notes 7); Tutorial (Tutorial 6 questions)
8	Topic: Capital Structure III: Trade-off Theory and Information Activity: Lecture (Notes 8); Tutorial (Tutorial 7 questions)
9	Topic: Payout Policy Activity: Lecture (Notes 9); Tutorial (Tutorial 8 questions)
10	Topic: Leasing Activity: Lecture (Notes 10); Tutorial (Tutorial 9 questions)	Report 2 (25% of grade)
11	Topic: Mergers and Acquisitions Activity: Lecture (Notes 11); Tutorial (Tutorial 10 questions)	Practice Quiz 2 (0% of grade)
12	Topic: Corporate governance; Review Activity: Lecture (Notes 12); Tutorial (Tutorial 11 questions)

Tutorial Registration

Tutorials will be available on campus, live through scheduled Zoom sessions and as pre-recorded videos. Students should enrol in their tutorial using MyTimetable. 

"ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage (https://www.anu.edu.au/students/program-administration/timetabling)".

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Practice Quizzes	0 %	17/03/2023	26/05/2023	1,2,3
Report 1	15 %	31/03/2023	14/04/2023	1,2,3
Report 2	25 %	19/05/2023	02/06/2023	1,2,3
Final Examination	60 %	01/06/2023	29/06/2023	1,2,3

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Guideline and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle) and weekly tutorials, delivered in hybrid format (on campus, live through scheduled Zoom sessions and as pre-recorded videos). Weekly consultations with the lecturer and the tutor(s) will be conducted over Zoom.

Examination(s)

Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Practice Quizzes

Two practice quizzes will be released throughout the semester to enable students to receive feedback on their learning and understanding of the material. This quizzes will not count towards the assessment for the course, but will rather assist students in assessing their learning and understanding of the material covered. The practice quizzes will be released as per the schedule in the class overview. Please note the quiz will be released at the beginning of the week via Wattle, with solutions posted on Wattle by the end of the week. Solutions will also be discussed in either the lecture or tutorial.

Assessment Task 2

Report 1

From a list of the S&P/ASX 300 index member companies (Excel spreadsheet will be provided), pick a company (your company), provide and analyse corporate information. Detailed instructions will be provided on Wattle by Week 5. The report will be returned after the due date with feedback. All reports are individual assignments, not a group project. Submission using Turnitin in Wattle. This report is worth 15% of the overall course grade.

Assessment Task 3

Report 2

Following Report 1, your task is to estimate the cost of capital and other corporate policies in the real world environment. Detailed instructions will be provided on Wattle by week 10. The report will be returned after the due date with feedback. All reports are individual assignments, not group projects. Submission using Turnitin. This report is worth 25% of the overall course grade.

Assessment Task 4

Final Examination

The final examination will be based on all the work covered throughout the duration of the semester. The final examination is worth 60% of the overall course grade and is to be completed individually. The exam will include a mixture of theoretical and numerical questions. Students will be provided with further details regarding the final examination by the end of week 10. 

• The final examination will cover content contained in Lectures 1 through 12 inclusive.

• The final examination is to be completed individually.

• The final examination will be available through Wattle.

• The final examination will have a length of 180 minutes, including reading time. The exam will be open book with no on-line invigilation.

• Details of the final examination will be provided by the end of Week 10 with all information also provided via Wattle.

• Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

There is no hardcopy submission in the course.

Late Submission

No late submission of assessment tasks will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Access and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students