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Clark University Department of Finance Graduate School of Management Spring 2009 FIN 5201 Case Studies in Corporate Finance

ednesday! 6:00pm 9:00pm Location: Carlson Hall 128 end! "# $e%%us "ffice #ours: a%ter class and &! appointment $hone: 21'(9)'(12** %mail: +e%%us,&c#edu

GSOM Mission:1 Clar- .ni/ersit!0s 1raduate Sc2ool o% "ana3ement 41S5"6 is a di/erse communit! o% learners7 researc2ers7 and &usiness pro%essionals t2at prepares %uture leaders to t2in- criticall!7 mana3e colla&orati/el! and contri&ute to t2eir or3ani8ations and societ!# Guiding principles support our mission: e pro/ide students 9it2 a 2i32 :ualit! education &! 16 &uildin3 a solid %oundation o% t2eoretical -no9led3e and contemporar! mana3ement practices 26 encoura3in3 critical t2in-in37 creati/it!7 colla&oration and communication and )6 %eaturin3 a %acult! t2at is academicall! and pro%essionall! :uali%ied7 acti/el! in/ol/ed in researc2 in t2eir %ields7 and en3a3ed in ser/ice to t2eir communities and pro%ession# e ac-no9led3e t2e comple; nature o% or3ani8ations and t2eir en/ironments &! 16 re%lectin3 on t2e lar3er societal conte;t in 92ic2 &usinesses %unction 26 instillin3 social a9areness and /aluin3 s-ills and )6 -eepin3 a&reast o% emer3in3 mana3ement issues and maintainin3 colla&orati/e lin-s to t2e &usiness communit!# e support mana3ement practice t2rou32 &asic researc27 peda3o3ical researc2 and contri&utions to practice# <rimar! emp2asis is placed on sc2olarl! contri&utions in +ournals or &oo-s t2at contri&ute ne9 -no9led3e# e are committed to continuous impro/ement &! 16 esta&lis2in3 learnin3 3oals and monitorin3 learnin3 outcomes across t2e curriculum 26 assessin3 intellectual contri&utions o% %acult! )6 see-in3 input %rom sta-e2olders7 includin3 students7 %acult!7 alumni and t2e communit! at

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lar3e and '6 monitorin3 t2e direction o% t2e sc2ool7 periodicall! re/ie9in3 its per%ormance7 and acti/el! en3a3in3 in strate3ic plannin3# Course Description:2 >2is course e;tends t2e discussion %rom FIN'200 o% t2e t2eoretical %inancial issues %acin3 t2e corporation# >2e student is e;posed to a more in(dept2 presentation o% t2e underl!in3 %inancial t2eories and 3ains practice appl!in3 t2ese t2eories to actual pro&lems eit2er t2rou32 case anal!ses or additional readin3s# Course Objectives: >2is course lin-s mana3erial decisions to capital mar-ets and t2e e;pectations o% in/estors# >2e %ocus is on current corporate %inance t2eor! and some o% t2e pro&lems associated 9it2 implementation o% t2is t2eor!# ?t t2e core o% almost all o% t2e cases is a /aluation tas- t2at re:uires students to loo- to %inancial mar-ets %or 3uidance in resol/in3 t2e case pro&lem# >2e %ocus on /alue 2elps mana3ers understand t2e impact o% t2e %irm on t2e 9orld around it# >2e course 9ill &e conducted t2rou32 lectures7 discussion7 and case anal!sis# Solutions to selected cases=pro&lems 9ill &e discussed in class# Textbooks & Recommended Readin : 1# Case Studies in Finance 45t2 edition6 &! @o&ert F# Aruner 2# $e%%us Course <ac-et a/aila&le at: 999#9end!+e%%us#com )# @e3ular readin3 o% t2e Wall Street Journal, and t2e Financial Times# '# Strongly Recommended: Corporate Finance 48t2 edition6 &! @oss= ester%ield=$a%%e 4or anot2er corporate %inance te;t6 5# Recommended: Au%%ett: >2e "a-in3 o% an ?merican Capitalist &! @o3er Lo9enstein Session 1 Date 1=1' &opics' (eadings' ) *ssignments Introduction7 5/er/ie9 o% Corporate Finance B t2e Financial Cn/ironment DHo9 to Stud! and Eiscuss a CaseF ?ssessment C;ample arren Au%%ett: >o >2in- Li-e an In/estor Galue Creation B 1o/ernance +effus: DFree Cas2 Flo9 CalculationF Case: Aen B $err!Hs Homemade

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>ime Galue o% "one! B Capital ?sset <ricin3 "odel C2apter 12 +effus: D>ime Galue o% "one!F Case: Ni-e7 Inc# Cost o% Capital B Cconomic Galue ?dded 4CG?>"6 +effus: D ?CC CalculationF Case: Co-e /ersus <epsi Financial Statements7 Cas2 Flo9s7 and >a;es B ?nal!sis o% Financial Statements +effus: DFinancial Statements and @atiosF Case: Krisp! Kreme Eou32nuts Financial <lannin3 B "ana3in3 1ro9t2 +effus: DFinancial Forecastin3 B "ana3in3 1ro9t2F Case: Aod! S2op International: ?n Introduction to Financial "odelin3 Case *ssessment $resentations "idterm @e/ie9 Sprin !reak M,D&%(M %-*M 4in class6 Capital Aud3etin3 B @esource ?llocation +effus: DCapital Aud3etin3F B D or-in3 Capital "ana3ement Cas2 Con/ersion C!cleF Case: C2r!sler Corporation: Ne3otiations Aet9een Eaimler B C2r!sler 4*ll &eams Stage ,6 I<5 Galuation B Financin3 t2e Carl!(Sta3e Firm Case: $etAlue ?ir9a!s Capital Structure Eecisions B C/aluatin3 a Lease Financin3 <roposal +effus: DLease /s# Au!F C2apter 28 Case: @osario ?cero S#?# Case: National @ailroad <assen3er Corporation 4D?mtra-F6 Cross(Aorder "er3ers B ?c:uisitions Case: C2r!sler Corporation: Ne3otiations Aet9een Eaimler B C2r!sler 4*ll &eams Stage ,,6 Case *ssessment $resentations D>2e Aottom LineF Final C;am @e/ie9
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"xaminations# $apers# & Gradin : >2ere 9ill &e t9o e;ams7 and %our case assi3nments# Some o% !our assi3nments 9ill &e assessed &! &ot2 t2e pro%essor and !our classmates# 5ccasional participation assi3nments are optional and 9ill count to9ards !our class discussion=participation 3rade# Home9or- pro&lems 9ill also count to9ard !our participation 3rade and 9ill 2elp !ou prepare %or t2e in(class e;ams# Case ?ssi3nments 4Cate3or! ? ( C6 >eam Case ?ssi3nment 4C2r!sler6 >eam ?ssessments 426 "id(term C;am Final C;am Class Eiscussion = <articipation )0L 20L 10L 15L 15L 10L

$apers and Gradin $o%ic&: C/er! student is e;pected to come prepared %or discussion o% t2e readin3 material and cases %or all classes# C/er! student is e;pected to pro/ide a 9rite up o% %our casesMone %rom eac2 cate3or!# Cac2 9rite up is due t2e da! 9e discuss t2e case# Nour 9rite up s2ould &e anal!tical rat2er t2an descripti/e o% contents o% t2e case# Late su&mission o% an! assi3nment or assessment 9ill result in a 3rade reduction# Cate3or! ?7 A7 B C cases are to &e su&mitted indi/iduall!7 !ou 2a/e t2e option o% su&mittin3 Cate3or! E in teams o% )(' students# Category * Aen B $err!Hs Ni-e7 Inc# Category 0 Co-e /s# <epsi Krisp! Kreme Aod! S2op Intl# Category C $etAlue @osario ?cero S#?# 4D?mtra-F6 Category D C2r!sler Corp#

"xams >2e midterm and %inal e;ams 9ill &e Oclosed(&oo-#O >2ere are N5 ma-eup e;ams# >2ose students 92o 9ill &e out o% to9n or 92o are una&le to ta-e t2e
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%inal e;am on t2e date speci%ied7 must discuss t2is matter 9it2 me 9ell in ad/ance o% t2e e;amination date# Students 9ill &e permitted to use a Dstud! s2eetF %or t2eir in(class e;aminations# >2e Dstud! s2eetF 9ill &e 1 pa3e and ma! &e 9ritten on A5>H sides# 'ssessments >eams o% t9o(%our students 9ill &e selected to anal!8e t9o assi3ned cases# Students 9ill &e e;pected to appl! t2e t2eories discussed in class to t2e assi3ned companies dealin3 9it2 similar issues# Cac2 team 9ill &e e;pected to present eac2 case report# In addition to !our case assi3nments7 !our team 9ill &e criti:uin3 ot2er case presentations# In t2e Dassessment7F !ou 2a/e t2e opportunit! to c2allen3e t2e conclusions o% !our classmates7 92ile see-in3 to appl! ne9 course material to t2e anal!sis# $articipation Students are e;pected to earn participation points t2rou32 class attendance7 class discussion7 in class :ui88es7 optional 2ome9or- assi3nments and=or participation opportunities# Sprin 2(() 'cademic Ca%endar
$anuar! 12 ?pril 25
Dec. 29 Jan. 2 Jan. 7 9 Jan. 6 - 9 Jan. 12 eb. 1! eb. 26 &arc$ ) &arc$ 2-6 &arc$ 9 &arc$ 27 'pril 1, 'pril 2! 'pril 2. 'pril !, Web registration for all current students Orientation for new full-time students Web registration for new full-time and part-time students

First day of classes (Full Semester and Module A) "ast da# to wit$draw from class wit$ a grade of W %&odule '( "ast da# of classes %&odule '( inal grades due from facult# for &odule ' *pring brea+

First day of classes (Module B) "ast da# to wit$draw wit$ a grade of W % ull *emester( "ast da# to wit$draw wit$ a grade of W %&odule -( "ast da# of classes % ull *emester and &odule -( &a+e-up da# for missed classes inal grades due from facult# for &odule - and ull *emester

&a# 17

/ommencement

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