FINANCE 3770.004 3 CREDIT HOURS Introduction …...1 FINANCE 3770.004 3 CREDIT HOURS Introduction to Finance and Financial Mathematics Spring 2017 Professor Contact Information Dr.

1

FINANCE 3770.004 3 CREDIT HOURS Introduction to Finance and Financial Mathematics Spring 2017 Professor Contact Information Dr. James Conover, Professor of Finance Telephone: 940-565-3061 (office with voicemail) Telephone: 940-565-3050 (Receptionist’s Line) Internet course site: UNT’s Blackboard Learn (introductions, calendar, grades, homework answers, course materials, email to professor about course information, discussion boards) E-mail: [email protected] or via UNT’s Blackboard Learn for course information. OFFICE CONFERENCE HOURS AND CLASSROOM INTERACTIONS As my students, you are my highest priority so please contact me at any time. In addition to electronic communication methods, I expect you to use office hours in person to ask questions. Asking questions in class is a great way to have good conversations about this course’s material. OFFICE CONFERENCE HOURS: • Monday: 6-6:30p; 9:30-10:30p in BLB 015 (classroom) • Wednesday: 6-6:30p; 9:30-10:30p in BLB 270 (classroom) • AND by appointment at times that fit your schedule and mine. Location: BLB 329P (office). FINANCE TUTOR LAB HOMEWORK ASSISTANCE The Finance Academic Assistance Lab has hours during the week and offers email access. It is a great place to go to learn finance. Please plan to drop by the Finance Tutor Lab regularly to check your homework in a place where you can ask fellow students some questions. The lab (BLB 006) is located on the bottom floor in the Business Leadership Building. You can find out more information at http://www.cob.unt.edu/lab/tutor.php. ABOUT THE PROFESSOR I am a professor of finance who has been at UNT since 1989. I have a Ph.D. in Business (Finance) from Texas A&M University (1989), an M.S. degree from TAMU (1986) and a B.S. degree from Cornell University (1983). I have taught finance courses on topics ranging from corporate finance to derivatives, international, financial institutions, financial markets, financial instruments, and financial institutions management as well as introductory finance courses and personal finance. You can find out more information about me at http://www.coba.unt.edu/firel/conoverj/ and on my introduction posted on our Blackboard Learn “Introductions” Discussion Forum. ELECTRONIC INTERACTIONS FOR CLASSROOM RELATED ITEMS I prefer that we use Blackboard Learn Discussion Board Forums for items of interest to more than just one person in the class. I have set up a variety of forum topics and will add more as they are requested by students. I will respond within 24 hours to postings on Blackboard Learn Discussion Board Forums, or to email at either my Blackboard Learn account (classroom items) or my regular UNT email account. Please call me if I haven’t responded.

2

CLASSROOM AND EXAM LOCATIONS AND TIMES: FALL 2017: Classroom:

FINA 3770.004 Monday: 6:30 pm – 9:20 p.m. in BLB 015 Homework:

Homework is due at the beginning of the next class period after we finish covering the chapter in class (1/8th of the course grade). Bring all of your completed homework to class. One answer to a randomly selected homework problem will be collected to be graded.

Midterm exams: Monday, Feb 20, 6:30 pm. Exam 1, Chapters 2, 3, 4 (2/8th of the course grade) (80 min) Monday, Apr 3, 6:30 pm. Exam 2, Chapters 5, 6, 7, 8 (2/8th of the course grade) (80 min)

Final exam: Thursday, May 11 at 4-6 p.m. (3/8th of the course grade) (120 min) The final exam is a two-hour test at a departmentally determined time and date. This time/date cannot be moved as it is set by the department to have final exams given to all sections of Finance 3770 at that time and date. The room location is decided at the end of the semester and will be communicated in class and on Blackboard.

Please bring your UNT ID to each exam. The proctor and I will check your IDs.

COURSE CATALOG DESCRIPTION AND PREREQUISITES FINA 3770 – Finance. 3 hours. Overview of money and the banking system; interest and present value calculations; financial information; analysis and financial decision making; security markets. Prerequisite(s): Completion of pre-business requirements, including ACCT 2010 and ACCT 2020 or equivalent with grades of C or better, or consent of department. The FIREL Department requires completing all prerequisites prior to taking FINA 3770. The FINA 3770 syllabus and the finance textbook are designed around the assumption that students possess the equivalent knowledge of a student that has successfully completed all of its prerequisites. FINA 3770 cannot replace the knowledge, skills, and mindset developed in these courses so students without the prerequisite courses have, in the past, had difficulty in completing the course requirements of FINA 3770 successfully. COURSE LEARNING OBJECTIVES AND RATIONALE FOR TOPICS CHOSEN The course is intended to develop financial problem solving skills in all undergraduate business students. At the end of the course, successful students will be able to demonstrate their mastery of basic concepts and principles of finance, with particular emphasis on rates of return, risk, valuation and financial analysis, by solving representative business finance problems quickly and accurately. Since this course is required of all business major and minor students, and not just finance majors, a great deal of material will be covered. Mastering each of the assigned homework problems is very important for focusing your attention on the important material. MATERIALS – TEXT, READINGS, SUPPLEMENTARY READINGS REQUIRED TEXTBOOK AND FINANCIAL CALCULATOR: The book is a great finance textbook written by Berk, DeMarzo and Harford, titled "Fundamentals of Corporate Finance,” 3rd Edition, 2015, and published by Pearson Education, Inc. Details are below on several text formats, including a choice that bundles the electronic textbook with myfinancelab [with myfinancelab costs $120, and without myfinancelab costs $130 or $10 more(?)]. The electronic version has an “upgrade to paper” option (looseleaf) for an additional charge. You can buy the book directly from the Pearson web site in several formats at http://www.mypearsonstore.com/bookstore/fundamentals-of-corporate-finance-plus-new-myfinancelab-9780133576870?xid=PSED or buy the book from a bookstore (UNT or online). There are options to rent for a period of time or to outright purchase the physical book – both with and without access to the

3

myfinancelab site. All of these versions will work for this class. I also require a financial calculator (the TI BAII Plus or better or the HP 10B or better). We will start using the calculator’s financial during the second week of class. I will use the TI BAII Plus in the classroom for illustrations. Financial calculators are less expensive at discount stores – shop around, please. The text does come with a “free” phone app for the financial calculator but you can’t use a phone for a test. SUPPLEMENTARY READINGS AND SUPPLEMENTARY TEXTBOOK MATERIALS: Daily or weekly business periodical: Reading The Wall Street Journal or a good weekly business periodical such as Bloomberg Business Week is recommended. You should become familiar with current, common business terms and practices. We will be discussing significant financial events as they occur. You should be able to read, understand and explain articles published in these specialty business publications by the end of your business curriculum. I recommend that you subscribe or get into the habit of reading a business daily or a business weekly publication regularly. One of the hurdles in learning finance is understanding the business terminology and becoming comfortable with the jargon. Repeated exposure helps alleviate this problem. If you want to have a career in finance, recognize that finance professionals read The Wall Street Journal daily and expect you to be up-to-date on current issues. Electronic textbook supplementary website with new algorithmically generated homework problems: myfinancelab.com is a premium website with additional homework problems that you may wish to use. I have set up a class page. More details will be posted on our class’s Blackboard site as the semester progresses. Grade Components Classroom collected homework exercises (best 10) 150 points Midterm Exam 1 (chapters completed) 300 points Midterm Exam 2 (chapters completed since midterm 1) 300 points

Final Exam (comprehensive, departmental time) 450 points 1,200 points COURSE GRADING SCALE The range of course points to guarantee a specific course letter grade are:

• 90% or greater (>= 1080 points) A • 80%-89% (960 --1079 points) B • 70%--79% (840--959 points) C • 60%-69% (720--839 points) D • 59% or below (< 720 points) F

At the end of the course, at my discretion, I may lower the total points required for a specific letter grade from these guarantees. All students will be treated fairly, equitably, and equally. In addition, I will comply with University policy in awarding a grade of incomplete (I). Please see Grading System in the catalog. Due to the sensitive nature of grade information, course grades will be distributed through normal university channels with no exceptions. The Blackboard web site will be updated with grade information as we proceed through the semester. CLASSROOM COLLECTED HOMEWORK ASSIGNMENTS

• To get full credit for a homework assignment (15 points) o Turn in the homework assignment at the start of the following class period after we finish

a chapter. o They are due 5 minutes after the start of class.

4

o One answer to one problem from the assigned homework for the chapter completed in the previous class period by random selection will be graded

o Put your name on the assignment! o Each assignment is worth 15 points. The best 10 are used. There are 13 chapters

covered this semester. Homework is important! However, homework problems turned in to me need a reasonable attempt, in your handwriting, to get full credit.

• Attendance only participation on homework (indicated by turning in the solutions manual answers for the end of chapter problems or just your name on a blank sheet of paper) will be worth 8/15 points.

• Reasonable attempts that indicate that you attempted to solve the homework problems will be worth 15/15 points.

• Missing homework assignments or late assignments will earn zero percent. The excused absence policy is later in the syllabus.

• Grade appeals for returned homework must be filed within one week of returning the graded homework.

• I will post answers to all end of chapter questions and problems on Blackboard. MIDTERM EXAMS

• Major focus on chapter concepts, homework problems and analytical solutions. • Each midterm exam is 1/3rd textual material and 2/3rds analytical material (numbers oriented). • Each midterm exam is worth 300 points and is specific for the chapters covered since the

previous exam. They are each in-class, closed-book, closed-note exams designed to be completed in an hour.

o Midterm Exam 1 is on material in Chapters 2, 3, and 4. o Midterm Exam 2 is on material in Chapters 5, 6, 7, and 8.

• Students may use one 8½X11 reference sheet (both sides) for help in solving the exams. It is intended that this reference sheet be a study enhancement; therefore, each student must prepare his/her own reference sheet for each exam. Copies of other’s reference sheets are not allowed.

• For each test, bring your UNT ID so the exam proctors can verify your identity

FINAL EXAM • Major focus on chapter concepts, homework problems and analytical solutions. • The final is 1/3rd textual material and 2/3rds analytical material (numbers oriented). • The final is comprehensive. It is an in-class, closed-book, closed-note exam designed to be

completed in two hours. o One-half of the final is on new material: Chapters 9, 10, 11, 12, 13, and 18. o One-fourth of the final is on material for the first midterm (Chapters 2, 3, and 4). o One-fourth of the final is on material for the second midterm (Chapters 5, 6, 7, and 8).

• The final exam is worth 450 points and is comprehensive for the course. It is a closed-book, closed-note exam on Thursday, May 11, 2016 from 4 pm to 6 pm.

• Students may use one 8½X11 reference sheet (both sides) for help in solving the final exam. It is intended that this reference sheet be a study enhancement; therefore, each student must prepare his/her own reference sheet for the final exam. Copies of reference sheets are not allowed.

• The final exam is scheduled at a departmental exam time and date instead of during the time normally scheduled for exams for Monday 6:30 pm classes. Moving the final exam date and time is not possible so make your finals week schedule plan with this in mind. If you cannot make the final exam date and time, please drop the course now to get a full refund.

• A missing final exam score will earn zero percent for the final exam. • Bring your UNT ID so the exam proctors can verify your identity at the final • See the courses policies and procedures later in the syllabus.

TEAMWORK: YOUR SKILLS AND BACKGROUND DIFFER

• As faculty, we assume adequate knowledge of accounting, algebra, calculus and spreadsheet and word processing computer skills will exist in all business graduates so we will develop some

5

of your skills in this class. • While everything that you need to remember from other courses is covered briefly, in the

appropriate section of this course, you may need to refer to other textbooks, the resources available in the library, and your fellow classmates to be able to master every concept in this course.

• I strongly recommend that you work together in study teams. LEVELS OF EXPECTATIONS TO ACHIEVE YOUR GRADE GOALS I expect you to skim each chapter, attend every class, take notes, and participate in the in-class exercises, read the chapters thoroughly, then complete the homework (details below). Minimum expectation (passing expectation)

• You will spend about two (2) hours of work outside of class for every hour spent inside the classroom. Expect to spend one-half hour to read the text and one and a half hours on homework for each lecture hour.

Better than passing expectation • If you spend one additional hour (beyond two) outside of class for every hour spent in class doing

additional homework problems with a myfinancelab.com account for our class or discussing your solutions with or teaching your solutions to a colleague, I think you will improve your course grade by a letter grade.

B to an A- expectation • If you spend two additional hours (beyond two) outside of class for every hour spent in class

doing additional homework problems with a myfinancelab.com account for our class or discussing your solutions with or teaching your solutions to a colleague, I think you will be able to improve your course grade about one and a half to two letter grades.

CALCULATOR/SPREADSHEETS A financial calculator is required for in-class use, for midterms and for the final exam. Your calculator should be able to solve for internal rates of return using uneven cash flows, such as the TI BAII Plus and the Hewlett Packard 10BII calculators. However, no programmable information is allowed in the calculator that you use for any in-class exam. Spreadsheet information is presented in our text as we cover the information. Spreadsheets were originally developed to manage MBA course material and scenario analysis. Spreadsheets are VERY helpful for some homework problems to help you organize the material. I will not test spreadsheet knowledge on the midterm or final exams. You will have an Excel exercise to turn in as homework for Chapter 8. LECTURE PERIOD GOAL Each week, I have assigned textbook chapters, some concept questions, and some homework problems that should be mastered by you during the semester. During the lecture period, I plan on covering 70% to 80% of the material with a combination of lectures, discussion, and class assignments. My goal is to teach you a foundation of skills that will enable you to learn and master each financial theory and each financial skill to successfully solve problems commonly encountered by business managers. TEXTBOOK AS A REFERENCE AND LEARNING TOOL The textbook is the primary information source for this course and is an excellent reference resource for your business career. It is designed with many appendices with extra material for a financial calculator and is designed so that the material on homework is directly related to material in the chapter. At the end of each section of the book, there are “concept check” questions to give you a “reality check” on whether or not you understood that section. I recommend answering (on paper with a pencil!) each of the concept check problems at the end of chapter subsections as you read the chapter to ensure that you can understand the previous subsection. Further explanations are contained in the optional myfinancelab web site that is designed to give students additional practice with the material for this class. The Pearson eText in MyFinanceLab incorporates author solution videos of every in-text example, animations and other tools into the chapters.

6

Finance is filled with jargon, which is simply short-cut language for people that already understand the language. Since we are just learning it for the first time in this class, some of the jargon will sound odd until you learn it, just like learning a new alphabet when learning a foreign language. The textbook has common symbols and notations bound into the front of the book to give a handy reference guide. I recommend skimming the chapter “learning objectives” at the start of each chapter, the chapter overview, and the end of the chapter “Key Points and Equations” and “Key Terms” at the back of each chapter before coming to class. Learning Finance is a like a “full-contact sport” of solving homework problems. Skimming these chapter parts before class, attending class to take detailed notes and participate in classroom exercise, reading the chapter after class and solving the homework problems are the key to succeeding in this “sport.” In addition, the skills that you learn will allow you to run your own business better or get paid more money to run someone else’s business better. SUCCEED AT UNT UNT endeavors to offer you a high quality education and to provide a supportive environment to help you lean and grow. And, as a faculty member, I am committed to helping you be successful as a student. Here’s how to succeed at UNT: Show up. Find support. Get advised. Be prepared. Get involved. Stay focused. To learn more about campus resources and information on how you can achieve success, go to http://succeed.unt.edu. As an example of what you can find at the web site, here is a quote for the “Show up” link:

“You can’t learn if you don’t go to class. Once you’re there, ask questions, participate in discussions and take detailed notes. Get to know your professors because they can’t help you if they don’t know you. Being actively involved in your classes and on campus allows you to make the most of the college experience.”

The highlighted link is for ‘Learning Center’ free classes on “note taking tips,” “test taking tips” and “time management” (it is all very useful advice for your college career – their workshops start Jan 31 and continue for most of the semester). IMPORTANT WITHDRAWAL DATES https://deanofstudents.unt.edu/withdrawals According to the Dean of Students, the last day for a student to drop a course with the consent of the instructor is April 4, 2017. However, please be aware that there are potentially negative consequences for withdrawing that affect financial aid awards, full-time status, and other requirements placed on UNT and you by the state of Texas and the federal government. I strongly recommend seeing an advisor before withdrawing from a class. However, if you do wish to drop this course, please contact the FIREL office before the last withdrawal date. TENTATIVE LECTURE TOPICS AND SUGGESTED HOMEWORK PROBLEMS The purpose of my lectures is to enable you to succeed in your quest to learn and master the essential elements of finance needed for business managers in today’s workforce. The elements of finance are covered in each chapter so I require reading the chapters and mastering some suggested homework concept questions and homework problems. The purpose of mastering the suggested homework concept questions and problems is to ensure that you understand the chapter information. Below, I list the planned chapter coverage that I plan during lectures for each day of the semester. While I do not anticipate changing this scheduled plan, weather and other events such as topical information may happen during the semester that may modify the schedule. All schedule modifications will be announced in class and posted on Blackboard. For each lecture date, I list planned chapters to read as well as end of chapter concept questions and homework problems. CT and P refer to the organization of the questions: end of chapter concept questions are denoted as beginning with the letters CT and end of chapter problem questions are denoted beginning with the letter P. I first list the minimum set of suggested homework problems that I believe need to be mastered to earn passing scores on the midterms and the final exam. Next, I list the optional list of additional homework problems to be mastered by those students that wish to earn higher grades than passing scores on the midterms and the final exam. The optional questions are given in two

7

forms: for those students that choose to subscribe to the optional myfinancelab.com and those students that choose to only use the back of the chapter problems. Details are also on Blackboard.

Tentative Chapter and Exam Coverage (Read the chapter before lecture – skim at least). For an exam, if I have not finished the lecture, the chapter will be covered on the next exam. I have chosen to use two midterms so the second half of the three-hour class period, after the

midterm exam, will have a lecture. Bring the financial calculator to each class. Titles and topics for each chapter are listed on the next table.

Week Class Date Planned Chapter Lectures Per Class Period 1 1/23 Syllabus, Ch. 2 2 1/30 Ch. 2, 3 3 2/6 Ch. 3, 4 4 2/13 Ch. 4, 5

5

2/20 Exam 1 (80 minutes)

Exam 1 Coverage: [Ch. 2, 3, 4] Ch. 5, 6

6 2/27 Ch. 6, 7 7 3/6 Ch. 7 8 3/13 Spring Break (no class) 9 3/20 Ch. 8 10 3/27 Ch. 8, 9

11

4/3 Exam 2 (80 minutes)

Exam 2 Coverage [Ch. 5, 6, 7, 8] Ch. 9, 10

12 4/10 Ch. 10, 11 13 4/17 Ch. 11, 12 14 4/24 Ch. 12, 13 15 5/1 Ch. 18

16

5/11

Final Exam 4pm-6pm (120 minutes)

Room TBA Coverage of questions on the final

¼ [Ch. 2, 3, 4] ¼ [Ch. 5, 6, 7, 8]

½ [Ch. 9, 10, 11, 12, 13, 18]

8

TEACHING PHILOSOPHY My teaching philosophy is formed around creating three observable behaviors of an educated and effective student of finance. First, (s)he can explain complex ideas simply and accurately. Second, (s)he can think critically. And, third, (s)he treats others with respect in conversations and in actions. I want you to be able to effectively explain finance concepts and solutions to financial mathematics problems to your coworkers, superiors and clients in your future working career. Developing your ability to be an effective communicator in this course will help you remember the concepts as well as improve your marketability as a valued coworker.

Suggested Homework for Each Chapter

Chapter and Topics

Minimum (6 hours per week) For each chapter, one

homework question will be randomly selected to be

collected for grading. The homework is due the class period after the lecture has

finished on that chapter.

Additional (3 to 6 hours per week more)

2 Introduction to Financial

Statement Analysis

CT #1-11, odd P #1-36, even, skip 14, 28, 30,

32, 36

MFL 2.3, 2.4, 2.5, 2.6 or P #1-36, odd, skip #9, 11, 29, 35

3 Time Value of Money: An

Introduction

CT #1-10 P #1-26, even

MFL 3.4 or P #15-25, odd

4 Time Value of Money: Valuing

Cash Flow Streams

CT #1-8, even P #1-43, even

MFL 4.3, 4.5 or P #11-31, odd

5 Interest Rates

CT #1-9, odd P #1-17, odd and P #24-37, odd

MFL 5.1, 5.2 or P #1-8, even and P #9-20, even,

#30, 32

6 Bonds

CT #1–8, odd P #1-30, odd, skip #23

MFL 6.2, 6.3 or P #9, 11, 13 and P 15-24, even,

skip #22 7

Stock Valuation CT #1-7, even P #1-26, even

MFL 7.3, 7.4 or P #4–20, odd

8 Investment Decision Rules

CT #1-10, even P #1-36, odd

MFL 8.1, 8.2, 8.3 or P #1-8, even and #18, 20, 22,

24, 30, 36 9

Fundamentals of Capital Budgeting

CT #1-8, even P# 1, 2, 7, 8, 14, 20, 21, 30, 31

MFL 9.1, 9.3, 9.4 or P #3, 4, 5, 18, 19, 22

10 Stock Valuation: A Second Look

CT #1-9, even P #1-24, odd, skip #13

MFL 10.1, 10.2 or P #1-20, even, skip #12

11 Risk and Return in Capital

Markets

CT #1-13, odd P #1-22, odd

MFL 11.2, 11.5 or P #1-22, even, skip #10

12 Systematic Risk and the Equity

Risk Premium

CT #1-6, even P #1-22, odd and #25-34, odd

MFL 12.2, 12.4 or P #1-22 even and P #25-34,

even 13

The Cost of Capital CT #1-10, odd P #1-25, even

MFL 13.2, 13.3 or P #5-17, odd

18 Financial Modeling and Pro

Forma Analysis

CT #1-5 P #1-7, 16, 18, 19

MFL 18.2 18.4 or P #8-11, 17

9

However, to be successful, you should (1) attend class; (2) ask questions when you don’t understand the material; (3) treat the small group in-class exercises as a learning experience; and (4) jointly work on the homework and classroom assignments. These latter two ideas are especially important to mastering the material because they pinpoint what you know and what you must study again. All of you can succeed, but you must be willing to work. LECTURE STRUCTURE I have designed the lecture periods using active learning techniques and cooperative learning groups to enhance your ability to master the course’s objectives. The comprehensive source of information about finance is our textbook. My teaching goal in my lectures is to ensure that you learn enough during lecture to be able to master the chapter reading, the self-test problems, and the homework problems, but not to replace the textbook as a comprehensive source of knowledge. During the class lectures, I cover about 70% to 80% of the course objectives. You should master 20% to 30% of the objectives based on your reading and comprehension of the textbook material and homework problems, using the foundation of knowledge that you acquire during the lectures. Attending class is very important to develop your understanding of finance, your mastery of the chapter material, and the success of your cooperative learning groups. I want you to recall and explain the information learned in this class long after the course is over. Active learning in the classroom to attain the meaningful and integrative levels of learning is required to attain this course objective. ACTIVE LEARNING CLASSROOM EXERCISES The textbook, my lectures, listening to or explaining to your study partners and the class assignments all deliver rote information or knowledge in written or oral form. Learning new information, understanding new information by rephrasing it or rewording it, and linking this new information to your old information is all happening at the same time during lecture. Actively listening is hard work that pays off in reduced memorization time and improved recall ability. Cooperative group exercises, or active learning exercises, ensure that you understand the material at the time of the lecture. It is impossible to recall something if you didn’t really learn it. The cooperative group learning techniques used during lectures are designed to see if you understood the information as well as develop this level of knowledge by having you rephrase the material to the individuals in your group. It is vital for you to both explain (in your words) and listen (to your study partner) for cooperative group learning to work. You will both benefit: explainer and listener(s), from participating in the classroom exercises. HOMEWORK AND IN-CLASS ASSIGNMENTS I have assigned homework problems that are given at the end of each chapter. Although I grade only one of your homework problem answers for each chapter, I expect you to do all of the minimum assigned problems to master the chapter objectives. I expect you to work out your own solutions rather than reading over the textbook solutions. Please discuss your answers with another student in the class, especially if you disagree with the textbook’s answer! STRATEGY FOR MASTERING CHAPTER OBJECTIVES AND HOMEWORK PROBLEMS Read each chapter before the lecture (skim headings and terms, at least!). After each lecture, rephrase your notes, filling in from the chapter reading, and then attempt the chapter’s homework problems. Use the answer keys, a member of your study group, or visit me in my office hours to master the more difficult problems. After you master a problem, make up different numbers or set up and use the myfinancelab.com to generate new numbers, and trade your problems with your study group members. Further, use the unassigned homework problems to get more problems to solve if you feel uncomfortable with your ability to find the answer. Your goal is to solve each piece of a homework problem in less than 10 minutes. MODIFICATIONS DURING THE SEMESTER Although I do not intend to vary substantially from this syllabus, I may change particular policies and

10

assignments listed on this syllabus during the semester to better enhance learning in this class or to correct my errors. All of these changes will be announced in class and posted on Blackboard. Please ensure that you find out if any policies or due dates for assignments have been changed or added. CALCULATOR INFORMATION You will need to purchase a financial calculator (the HP 10BII or better or the TI BAII Plus or better). Shop around for your calculator as these can be found at many discount stores). A standard scientific calculator does not work well in this abbreviated course. Some students have had success with their TI 83 Plus financial functions, but they looked up the financial functions on the internet on their own. Bring your financial calculator to class every day! I will use the TI BA II Plus emulator software in class. Many business students like to have a financial calculator emulator for their smart phone (found in the Apple app store, the Android app store, or the Windows Phone app store) as a backup financial calculator. Smart phone use on an exam is not allowed in this course so please don’t plan on relying on your phone-based financial calculator emulator. If you do find a good emulator, please post a link or a screenshot on the Blackboard Learn bulletin board. TEXTBOOK PRENTICE-HALL (PEARSON) MYFINANCELAB.COM ORDERING /SIGN-UP INFORMATION There is good information under the tours and training tab at www.myfinancelab.com to get started. For our class, I recommend that you use the “Study Plan” for both sample homework and sample quizzes and tests. I am not going to grade any of the information. It is solely for your practice. (The next page includes information from the email from Pearson.)

11

12

Course Policies and Procedures EXAM-RELATED POLICIES (CPP 1) EXAMS We will have two midterm exams and one comprehensive final exam (proctored in a classroom on campus, on paper, closed-book, closed-note). Students may use one 8½X11 reference sheet (both sides) for help in solving the exams. It is intended that this reference sheet be a study enhancement; therefore, each student must prepare his/her own reference sheet for each exam. Copies of reference sheets are not allowed, nor are any attachments to the reference sheet. I will ask you to remove excess sheets prior to the start of the exams. A financial calculator with all programmable text cleared is required for each exam. No other information can be used on the midterms or final exam, unless previously authorized by Dr. Conover during class. See CPP 16 for details on how academic dishonesty is treated in this course. All cell phones, pagers, two-way communications devices, etc. must be turned off during the exams. Hats with brims must be reversed or removed or earphones/earbuds cannot be used during the exam. Ear plugs for folks that wish to concentrate are fine with me, though. Please attend to your bodily needs prior to entering the examination room. Rest room trips are to be minimized (if it is an emergency only) as they use your exam time and distract your classmates. You are not allowed to collaborate on any midterm exam or on the final exam. Unauthorized collaboration is treated as academic dishonesty. See CPP 16 for details. For each test, bring your UNT ID so the exam proctor can verify your identity MIDTERM EXAM GRADE APPEALS The regular scheduled midterm exams will be graded and available for your review one week after they are given. I keep the original exam, after you review. Grade appeals must be submitted to me within one week from the date that the exam is returned to you. If you have a grade appeal for a question on your exam, you must write your appeal as a memorandum detailing why you believe that your question should be graded again (an email to me is fine). Upon receiving a grade appeal, I will review and re-grade your entire exam within one week. Arithmetic (addition or subtraction) errors: I will correct my arithmetic or addition errors without regrading the entire exam, but I will still need a written message to explain the problem. The message may be written on the top of the first page of the exam instead of as a memorandum so that I am aware that I need to look at your exam. (CPP 2) OFFICE HOURS EXAM MATERIAL EMBARGO BEFORE AN EXAM You are welcome to discuss class issues with me at any time in my office hours with the following exception: After noon on the day before the exam and on the day of the exam, I will not answer questions about that exam’s material, but will answer any other questions that you have regarding the course. Keep in mind CPP 4 below. (CPP 3) EXCUSED ABSENCE MIDTERM EXAM OR HOMEWORK Please notify me prior to missing a midterm exam or as soon as possible after missing a midterm exam. It is impossible to give a make-up exam that is fair to both you and the rest of the students in the class so I will automatically assign the weight for an excused midterm exam to the final exam score with CPP 4. Unexcused absences receive a grade of zero percent, but see CPP 4. If you have an excused absence for missing a homework exercise, notify me prior to missing the class or as soon as possible after missing the class. I will automatically assign the weight for excused homework

13

absences, in excess of three, to the final exam score. For the purpose of this policy, excused absences count as the lowest score for missing assignments before unexcused absences. (CPP 4) LOW MIDTERM EXAM SCORE POLICY If your final exam score is higher than your lowest midterm exam score, I will substitute your final exam percentage score for your lowest midterm exam score. For the purpose of this policy, an excused absence counts as the lowest score for the midterm exam. (CPP 5) STUDENT PERCEPTIONS OF TEACHING (SPOT) Student feedback is important and an essential part of participation in this course. The student evaluation of instruction is a requirement for all organized classes at UNT. The survey will be made available during weeks 13 and 14 of the long semesters to provide students with an opportunity to evaluate how this course is taught. Students will receive an email from "UNT SPOT Course Evaluations via IASystem Notification" ([email protected]) with the survey link. Students should look for the email in their UNT email inbox. Simply click on the link and complete the survey. Once students complete the survey they will receive a confirmation email that the survey has been submitted. For additional information, please visit the SPOT website at www.spot.unt.edu or email [email protected]. I am very interested in the feedback that I get from students, as I work to continually improve my teaching so please participate. SPOT PARTICIPATION REWARD FOR THE CLASS The participation reward for the class is early release of the information about final exam scores and course grades on Blackboard. If we get 50% or higher participation on SPOT, I will release the information on Blackboard as soon as the exams are graded and course grades are set. Otherwise, I will wait to release this information via Blackboard or email messages until after the university posts the course grades (generally on Tuesday afternoon after final exam week). I will keep you updated on SPOT participation in our class by you and your classmates. Of course, I can’t see any information, except a participation percentage, until after the semester is over. (CPP 6) EMERGENCY NOTIFICATION & PROCEDURES UNT uses a system called Eagle Alert to quickly notify students with critical information in the event of an emergency (i.e., severe weather, campus closing, and health and public safety emergencies like chemical spills, fires, or violence). In the event of a university closure, please refer to Blackboard for contingency plans for covering course materials. (CPP 7) ADA STATEMENT UNT makes reasonable academic accommodation for students with disabilities. Students seeking accommodation must first register with the Office of Disability Accommodation (ODA) to verify their eligibility. If a disability is verified, the ODA will provide a student with an accommodation letter to be delivered to faculty to begin a private discussion regarding one’s specific course needs. Students may request accommodations at any time, however, ODA notices of accommodation should be provided as early as possible in the semester to avoid any delay in implementation. Note that students must obtain a new letter of accommodation for every semester and must meet with each faculty member prior to implementation in each class. For additional information see the ODA website at http://disability.unt.edu. (CPP 8) IMPORTANCE OF ATTENDANCE FOR THIS COURSE I strongly urge you to attend class. Otherwise you will miss the small group exercises that are essential to learning finance.) I strongly urge you to get the most out of the class by reading the information in the text, practicing the homework, and participating in the classroom assignments. If you don’t do this, you will miss the essential practice that doing homework problems and discussing the weekly material that is the essence of learning about finance.

14

(CPP 9) ACCEPTABLE STUDENT BEHAVIOR Student behavior that interferes with an instructor’s ability to conduct a class or other students' opportunity to learn is unacceptable and disruptive and will not be tolerated in any instructional forum at UNT. Students engaging in unacceptable behavior will be directed to leave the classroom and the instructor may refer the student to the Dean of Students to consider whether the student's conduct violated the Code of Student Conduct. The University's expectations for student conduct apply to all instructional forums, including University and electronic classroom, labs, discussion groups, field trips, etc. The Code of Student Conduct can be found at http://deanofstudents.unt.edu/conduct. CLASSROOM PROFESSIONAL BEHAVIOR GUIDELINES Tardiness: Please try to arrive on time. If you are later than five minutes after the start of class, please enter quietly. Be aware that entering the room disturbs the concentration of your classmates that are actively learning the material. Side Conversations: Side conversations make it difficult for your classmates to actively listen and learn. Sleeping: Get a good night’s rest before coming to class. Falling asleep in class is not considered professional behavior. Cell phones: Cell phones should be placed on silent. Please restrict conversations to outside the classroom (this includes text messaging). Laptop use in class: Please make sure that it is not distracting to you, your classmates or your professor. Distracting your classmates makes it difficult for them to actively listen and learn. Distracting you or your professor makes it difficult to you to actively listen and learn. Laptop computers may be used in my class only for the purpose of taking lecture notes (this excludes the use of wi-fi during the class.) While in class, please focus on and actively listen to the material being presented in class. Avoid being involved with material unrelated to the current lecture. (CPP 10) EXTRA CREDIT AT THE END OF THE COURSE I do not give additional projects to increase one’s grade before or after the final exam. I do give extra credit as we go through the course. All such items will be announced in class. (CPP 11) EARLY NOTIFICATION ABOUT COURSE GRADES: I will not give out information about course grades on the telephone. If you wish your course grade early, I will release it to you via Blackboard, according to the university’s procedures. See the SPOT participation policy in CPP 5. (CPP 12) AUDIOTAPING, VIDEOTAPING AND COPYRIGHT You may record my lecture only for your exclusive use in this course. I record my lectures and retain the copyright to those lectures and my lecture notes. (CPP 13) IN-CLASS GROUP STRUCTURES Explainer: talks about 70% of time Listener: seeks clarification, disagrees or gives hints 4-person Nominal Group Method (Leader, Reporter, Process Monitor, Recorder)

• Quiet Phase (10%) • Round Robin (30%) speaking time = time/n, n = number of members • Discuss (40%) • Wrap-up

15

2-person TAPPS (Thinking Aloud Paired Problem Solving)

• Uses Explainer and Listener (Polite Questioner) • Quiet Phase (40%) • Explainer and Listener (40%) • Wrap-up

(CPP 14) FIREL SECTION ATTENDANCE POLICY You must attend, participate in classroom exercise, and take exams in the section of this course for which you are registered. No partial or full credit for any work completed in any other section of this course, or any other course, will be used in determining your grade for this class. (CPP 15) ACCESS TO UNT INFORMATION – EAGLE CONNECT Your access point for business and academic services at UNT occurs within the http://www.my.unt.edu website. All official communication from the university will be delivered to your Eagle Connect account. For more information, please visit the website that explains Eagle Connect and how to forward your e-mail: http://eagleconnect.unt.edu/ .

(CPP 16) ACADEMIC INTEGRITY STANDARDS AND SANCTIONS FOR VIOLATION Although I do not expect academic dishonesty in my classroom, here is my policy. According to UNT Policy 18.1.16, Student Academic Integrity, academic dishonesty occurs when students engage in behaviors including, but not limited to cheating, fabrication, facilitating academic dishonesty, forgery, plagiarism, and sabotage. A finding of academic dishonesty may result in a range of academic penalties or sanctions ranging from admonition to expulsion from the University. Although I do not expect academic dishonesty, if I suspect that you have engaged in academic dishonesty, I will deal with the situation as outlined in the University policy and procedures. You will find the UNT Policy 18.1.16 and its procedures at http://policy.unt.edu/sites/default/files/untpolicy/pdf/7-Student_Affairs-Academic_Integrity.pdf. In my course, students engaged in academic dishonesty will receive a "0" for that particular assignment or exam. Additionally, the incident will be reported to the Dean of Students, following the UNT Policy. Please do not get into academic dishonesty situations with this course. (CPP 17) RETENTION OF STUDENT RECORDS Student records pertaining to this course are maintained in a secure location by the instructor of record. All records such as exams, answer sheets (with keys), and written papers submitted during the duration of the course are kept for at least one calendar year after course completion. Course work completed via the Blackboard online system, including grading information and comments, is also stored in a safe electronic environment for one year. Students have the right to view their individual record; however, information about student records will not be divulged to other individuals without proper written consent. Students are encouraged to review the Public Information Policy and the Family Educational Rights and Privacy Act (FERPA) laws and the University’s policy. (CPP 18) TWO-MINUTE PAPERS (FEEDBACK PAPERS) At the end of some classes, I will ask you to write a two-minute paper based on one of the following questions:

• What was the most important point I made in class? • What is the one idea you still do not understand? • How is today’s material related to previous subject matter? • What changes would you have made in my presentations?

These questions are intended to help me improve the in-class experience for you --- rather than waiting until after the course and reading your end of course evaluations. The end of course evaluations are very important and I want you to take them seriously, but they are given after the course is over so I can’t use them to help this class.

16

(CPP 19) ACKNOWLEDGMENTS Many of my teaching methods, small group policies, and the wording of sections of my syllabus are drawn from Dr. Harvey J. Brightman’s syllabus for decision sciences at Georgia State University (http://dsc.gsu.edu/, click on Master Teacher Program). Some sections of my syllabus come from discussions and sharing of syllabi of colleagues in the FIREL Department, from the UNT Policy Manual, from FIREL and College of Business policies, from the Faculty Success section of the UNT Provost’s web site and from the UNT CLEAR Online Course Syllabus Template for Blackboard Learn 9.1. (CPP 20) UNT COLLEGE OF BUSINESS STUDENT ETHICS STATEMENT As a student of the UNT College of Business, I will abide by all applicable policies of the University of North Texas, including the Student Standards of Academic Integrity, the Code of Student Conduct and Discipline and the Computer Use Policy. I understand that I am responsible reviewing the policies as provided by link below before participating in this course. I understand that I may be sanctioned for violations of any of these policies in accordance with procedures as defined in each policy. I will not engage in any acts of academic dishonesty as defined in the Student Standards of Academic Integrity, including but not limited to using another’s thoughts or words without proper attribution (plagiarism) or using works in violation of copyright laws. I agree that all assignments I submit to the instructor and all tests I take shall be performed solely by me, except where my instructor requires participation in a group project in which case I will abide by the specific directives of the instructor regarding group participation. While engaged in on-line coursework, I will respect the privacy of other students taking online courses and the integrity of the computer systems and other users’ data. I will comply with the copyright protection of licensed computer software. I will not intentionally obstruct, disrupt, or interfere with the teaching and learning that occurs on the website dedicated to this course through computer “hacking” or in any other manner. I will not use the university information technology system in any manner that violates the UNT nondiscrimination and anti-sexual harassment policies. Further, I will not use the university information technology system to engage in verbal abuse, make threats, intimidate, harass, coerce, stalk or in any other manner which threatens or endangers the health, safety or welfare of any person. Speech protected by the First Amendment of the U.S. Constitution is not a violation of this provision, though fighting words and statements that reasonably threaten or endanger the health and safety of any person are not protected speech. Student Standards of Academic Integrity (UNT Policy 18.1.16) http://policy.unt.edu/sites/default/files/untpolicy/pdf/7-Student_Affairs-Academic_Integrity.pdf Code of Student Conduct and Discipline (UNT Policy 18.1.11) http://conduct.unt.edu/sites/default/files/pdf/code_of_student_conduct.pdf Computer Use Policy (UNT Policy 3,10) http://policy.unt.edu/sites/default/files/untpolicy/3.10_ComputerUsePolicy_Nov05_0.pdf