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Cases in Financial Management - FINA7370

6pm-9pm Thursday Spring- 00! "ni#ersity $% &$ust$n


Christine Resler Email: cresler@uh.edu website: using WebCt site U of H Office:713 7 3 7!" Cell: 713 #$% #%! Home: 713 7&" ##71 Office Hours 'm to "'m (onda) and Wednesda) C$ntacting Me I will have office hours from 4pm to 6pm on Monday and Wednesday; however, please try to make an appointment to assure that I am there. I have a very open door policy. You can call me any time and I will help you then or set-up a time. lease use my home num!er in the evenin"s. You can call me at home until #$%$$ pm and that includes weekends. You can leave me a messa"e at home as well; however, I am far !etter a!out checkin" my office and cell phone voice mail. lease feel free to use email to contact me. I will always respond to email promptly M-&, however, on the weekends I often do not check messa"es so call me at home or on my cell phone. C$urse '()ecti#es and Structure 'he course is desi"ned to "ive you a perspective of financial mana"ement from the point of view of a corporate financial e(ecutive and an investment or commercial !anker. 'he "oal is to e(pose you to the topics that are part of a &ortune #$$$ )&*s daily life. 'he class will !e a com!ination of financial analysis and review of specific financial mana"ement topics com!ined with the case method. In addition to analy+in" the specific financial issues and decisions, this class will consider how those issues relate to the strate"ic o!,ectives of the firm. 'he overall impact will "o far !eyond the financial aspects of the company to consider the strate"ic and operational impacts as well. When you finish this class you will !e a!le to perform and interpret the analysis re-uired for financial and strate"ic mana"ement. I will approach the material from a very practical approach and teach you how to do the analysis in a real world settin". 'ypically I will discuss a topic and assi"n readin"s on that topic followed the ne(t class !y cases on what we learned the previous week. It will !e ri"orous and you must come to class prepared. You must read the assi"ned readin"s and prepare the cases !efore class. If you do not understand a readin", contact me or at a minimum in class !e very forthri"ht with what was confusin" so you are prepared to participate in lively discussion each class. 'he readin" and the overview of each topic should help you to prepare the case. 'opics to !e discussed .aluation /0)&, Multiple 1nalysis2 'ools for &inancial 0ecision Makin" /3*), 4.1, W1)), 0)&, eer 1nalysis - !oth multiple analysis and financial ratio analysis, *ption 1nalysis2 reparin" ro,ections for a )ompany

Workin" )apital Mana"ement )apital 3esource 1llocation *ptimal )apital 5tructure 6evera"ed 7uyouts Mer"ers and 1c-uisitions 8y!rid securities /)onverti!le 7onds, 6Y*9s, Warrants2 7ankruptcy and 3eor"ani+ation *ptions and 5waps : Mana"in" )urrency and Interest 3ate 3isk I *s and 5pin-outs )orporate ;overnance and Investor 3elation in the <new= 7usiness world : <Mana"in" Wall 5treet=

*e+uired Te,t 'he rinciples of )orporate &inance, >th edition, 7realey and Myers : *f )ou ha+e an older edition of this boo,s it is fine- do not 'urchase the current edition. *t will be used as a reference guide. howe+er * do belie+e it is im'erati+e that )ou ha+e a co') of at least an older edition if not the current one. 3eadin" acket : *n the Co') Center at U of H. /his 'ac,et will be fairl) e0'ensi+e because it has a lot of e0cer'ts from different te0t boo,s and cases . Cases will be a+ailable through the Har+ard 1usiness 2chool 3ress Website 4lin, and instructions are on the WebCt site5 -rere+uisite .,perience You will utili+e your previous class and work e(perience in this class fre-uently. I will review the fundamentals with you, however, please !e sure you have the followin" classes?skills or you will find this class overwhelmin". roficiency in 4(cel; we will !e utili+in" it fre-uently in this class. )orporate &inance /comforta!le performin" 0iscounted )ash &low <0)&= analysis and an understandin" of Wei"hted 1vera"e )ost of )apital <W1))=2, Investments, &inancial 1ccountin" /comforta!le with the interrelationship of the income statement, !alance sheet and statement of cash flows, comforta!le readin" and interpretin" the notes of the financial statements2. It would !e helpful if you have had some financial statement analysis e(perience throu"h a class focused on financial statement analysis or have at least touched upon it in )orporate &inance or Investments. If you do not feel your skill set meets these re-uirements please see me to determine if you will !e successful in this class or if you need further course work !efore takin". I will !e teachin" this class a"ain in the &all 5emester and possi!ly the 5ummer. /rading &inal )ase% )lass articipation : Includin" "roup )hrysler case% )ase Write-ups% Final 4$@ A$@ A$@

1 final case will !e handed out prior to the last class. You will have one week to independently prepare the final case utili+in" the materials you have received throu"hout the semester. 'he case will !e handed in at the !e"innin" of the last class and we will discuss the final case after it has !een handed in. lease !rin" B copies of your final to class, one to hand in and one to retain for discussion durin" the class. Class -articipati$n You must come to class prepared and you must participate. Much of this class will !e !ased on discussion. I will randomly call on people and ask -uestions and I will also solicit voluntary answers. 'his type of class can only !e successful with participation. I am not "oin" to lecture for three hours each class. I am "oin" to encoura"e discussion that will help you learn from each other. Many of you have !een out in the workforce and have interestin" insi"hts. In many cases there will !e no ri"ht or wron" answers to these cases /not true all the time2, discussion will help to demonstrate that. I& Y*C WI66 9*' 74 I9 )6155 4M1I6 M4 *3 )166 M4 '* '466 M4 W8Y. 7e honest; I worked 6$D hours per week while workin" toward my M71, so I understand if you were told at the last minute that you can not leave the office !ecause of somethin" within your company that ,ust occurred. Case 0rite-ups% 'hrou"hout the semester there will !e case write-ups due. 'hey will often re-uire financial analysis. 'he -uestions will !e handed out ahead of time and posted on my we!site. 'hey are not included in the case packet you have purchased. You must hand them in !efore class and retain an additional copy for yourself to help you with the discussion. )ase write-ups should !e no lon"er that three pa"es of te(t and should also include any additional financial analysis you would like to attach. You can do the case write-ups in "roups of #, B or A. 9o more than A. I encoura"e you to form a "roup to discuss all cases !efore class to help you prepare. 8owever, I am not re-uirin" it !ecause I know many of you work and commute. I encoura"e "roup conference calls as a work around, !ut a"ain if you want to do case assi"nments and preparations individually it is your decision. *nce you have formed a "roup, I prefer you remain in that "roup. If there are e(tenuatin" circumstances please inform me. 9ote last semester my students who formed "roups and learned from each other durin" the semester performed !etter on the individual final case. If you cannot attend class, your paper must !e emailed to me prior to the !e"innin" of class. 5chedule
1ate Eanuary B$ *eadings and Cases 8ow to do a case study T$pics and 0rite-"ps Introduction 8ow do to a case .aluation 1pproaches /notes on class we!site2 .aluation 1pproaches )ontinued /notes on class we!site2 )ase write-up%

Eanuary B>

3eadin"s% )hapter section 4.F /p. >F-G$2 in 7realey and Myers )hapter H /p. BB$-BFB2 in 7realey and Myers<1 )hapter #H /FBA-FF$2

&e!ruary A

7erkshire 8athaway 6etter to 5hareholders, B$$#B$$A /on class we!site2 : 3ead after the case Warren 7uffet : ;4I)* 3eadin"s% <'he 4.1 &inancial Mana"ement 5ystem= in )hew )hapter #$ /skim p.BF4-BGA2 )hapter #H /p. FBB-FFH2 in 7realey and Myers <Csin" 1 .% 1 7etter 'ool for .aluin" *perations= in acket 'he 7attle for .alue% &ederal 4(press )orporation vs. Cnited arcel 5ervice of 1merica Inc.

Warren 7uffet : ;4I)* .aluation, 4.1, 1 . and W1))

)ase write-up% &ed4( vs. C 5

&e!ruary #B

3eadin"s% )hapter BH /p. G#6-G4G2 in 7realey and Myers )hapter A$ /p. GF$-G>G2 in 7realey and Myers )oke vs. epsi, B$$# 7utler 6um!er 4uroland &oods

.aluation, 4.1, 1 . and W1))

)ase write-up% )oke vs. epsi, B$$# &inancial 5tatement 1nalysis Workin" )apital Mana"ement )apital 3esource 1llocation )ase write-up /#-B pa"es2% 7utler 6um!er

&e!ruary #$

3eadin"s% <5i"nalin" with 0ividends 5tock 3epurchase, and 4-uity Issues= in packet <Who Wins in 6ar"e 5tock 7uy!acks= in )hew <'he 0ividend )ut 8eard I3ound the World= in )hew <'he 3elative 5i"nalin" ower of 0utch 1uction and &i(ed- rice 'ender *ffers and *pen Market 5hare 3epurchases= in packet )hapter #6 /p. 4AB-46B2 in 7realey and Myers &e!ruary #> Intel )orporation

5tock 7uy!acks and 0ividend olicy

3eadin"s% <Mer"ers and 1c-uisitions 7ootcamp= on we!site )hapter AA /p. HBG-H6#2 in 7realey and Myers &e!ruary B4 )onsolidated 3ail /12, /72 and /)2

)ase write-up /#-B pa"es2% Intel Mer"ers and 1c-uisitions

3eadin"s% <'he )apital 5tructure u++le= in )hew )hapter #G /p. 4GG-FB#2 in 7realey and Myers <Identifyin", Measurin", and 8ed"in" )urrency 3isk at Merck= )hapter B> /p. >F4->GA2 in 7realey and Myers )hapter BG /p. >G6-G#42 in 7realey and Myers

)ase write-up% )onsolidated 3ail

6ote if )ou need a basic refresher on o'tions see cha'ters #$7## in 1reale) and ()ers March ## Aspen Financial /eneral -r$perty Trust *ptimal )apital 5tructure?Investment decisions 8ed"in" 5trate"ies /interest rate and currency rate risk mana"ement2 )ase write-up% Aspen Financial /eneral -r$perty Trust

3eadin"s% )hapter A4 /p. H6B-H6G2 in 7realey and Myers <6evera"ed 3ecaps and the )ur!in" of )orporate *verinvestment= in )hew <'he 4volution of 7uyout ricin"= in )hew <67*s : 'he 4volution of &inancial 5tructures and 5trate"ies= in )hew <6essons from a Middle Market 67*= in )hew 9otes on 67* on we!site Will hand-out data on I45 after class

March BF

I45 5afeway 67* /1J72

3oll-up 67*

3eadin"s% <)onverti!le 7onds= in )hew <'he *ri"in of 6Y*9s= in )hew <'he Cses of 8y!rid 0e!t= in )hew )hapter BA /p. 64B-6642 in 7realey and Myers 1pril # olaroid )orporation #HH6 M)I : #HGA

)ase write-up% 5afeway

8y!rid 5ecurities /)onverts, 6Y*952

3eadin"s% <9ote on 7ankruptcy in the Cnited 5tates= in packet 1pril G 'W1% 'he 5econd 7ankruptcy 3evco

)ase write-up% M)I 7ankruptcy and 3eor"ani+ation

3eadin"s% <Initial u!lic *fferin"s= in )hew <3aisin" )apital% 'heory and 4vidence= in )hew <1 5urvey of C.5. )orporate &inancin" Innovations in )hew <5ome 9ew 4vidence that 5pinoffs )reate .alue= in )hew )hapter #F /p. 4$$-4A$2 in 7realey and Myers )hapter A4 /p. H6H-HH#2 in 7realey and Myers <WhoKs to 7lame for the 7u!!leL= in packet

)ase write-up% 3evco

1pril #F

9etfli(.com C5M )orp.

I * 5pin-off

3eadin"s% <9ote on )ross 7order .aluation in acket 8and out ;roup 9e"otiation )ase 0aimler-7en+ 1.;.?)hrysler ;roup ne"otiation for )hrysler )orporation and 0aimler-7en+ 1.;. 3eadin"s% <1 6etter to the )hief 4(ecutive= in packet <)ommunicatin" 5trate"y to &inancial 1nalysts= in packet <'akin" the Mystery *ut of Investor 7ehavior= in packet <'he 1ccountin" 'ransparency ;ap= in packet 1pril BH Investor 3elations )ase 4(amples /to !e handed out in class the prior week2

)ase write-up% C5M )orp. )ross-7order Mer"er

1pril BB

)ase write-up ;roup 9e"otiation

&inish 0aimler?)hrysler Investor 3elations and )orporate ;overnance ;uidelines for &inal )ase /due 0ecem!er G, 6pm2 )ase 1ssi"nment 0ue on Investor 3elations

May 6

&inal )ase 0ue and class MC5' !e attended

'urn in &inal )ase 0iscuss &inal )ase 4nd of 5emester

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