School of Business and Leadership

University of Puget Sound School of Business and Leadership

Principles of Financial Management Professor Alva Wright Butcher BUS 315A McIntyre 107 Tue-Thurs 11:00-12:20 BUS 315B McIntyre 107 Tue-Thurs 9:30-10:50 Fall Semester 2013

Office: McIntyre 111 I Phone: 253-879-3349 FAX: 253-879-3156

Office Hours: Tues & Thurs 1:30 -2:30 Wed 10:30-11:30 And by appointment

Note that I am always willing to schedule additional office hours by appointment. I check email frequently, so that is the best way to communicate.

Email: [email protected]

Required Course Materials: 1. Ross, Westerfield, and Jordan, Essentials of Corporate Finance, Seventh Edition, McGraw-Hill Irwin, 2011 2. A financial calculator. The calculator must have functions for bond valuation, net present valuation (NPV), internal rate of return (IRR), present value (PV), and future value (FV). One suitable calculator is the HP10-B. It is available in the bookstore for around $30. You may also be able to purchase it at stores such as Office Depot. 3. Harvard Business School Cases : to be assigned during the semester. You can obtain discounted student pricing for the case, Flash Memory, Inc., as well as a free student spreadsheet that contains the exhibits in the case. The spreadsheet can be used as a basis for your Excel calculations and your financial forecasts. The URL is https://cb.hbsp.harvard.edu/cbmp/access/21199293

Recommended: Subscription to the Wall Street Journal We will be working with the Wall Street Journal during several class sessions. As a business student, you should read this publication regularly. You can subscribe for only $1 per week for 15 weeks. Go to: wsj.com/2013fall

References and Support Materials: 1. Self-test problems and solutions at the end of each chapter provide excellent review material. Note that in general, solutions to odd numbered end-of-chapter problems are available in the back of the textbook. 2. Website supported by the publisher. www.mhhe.com/rwj Select the text and then select Student Edition under Learning Center The site provides access to many sources of financial information as well as material specific to each chapter in the text. This includes:  online multiple choice quizzes for each chapter,  Excel templates for selected problems at the end of the chapter,

BUS 315 Professor Alva Butcher 1  Excel Master – tutorials on how to master various excel functions,  Video clips,  Power Point presentations on financial industry topics. 4. Please contact me for sources that provide other explanations of the material.

Moodle and Email Communication Moodle We will use Moodle as a vehicle for communication. The link is http://moodle.pugetsound.edu

You are automatically enrolled on the Moodle site for this course. The syllabus and instructions for the stock project are posted under the News Forum in the weekly outline on Moodle. Since these documents will be utilized throughout the semester, they are not included in the weekly boxes. Moodle will be used to post assignment instructions, other course documents, articles, etc. for the relevant week. At times I may need to modify assignments as listed on the syllabus in order to reflect the pace at which we are covering the material. If so those changes will be posted on Moodle for the relevant weeks. Please check Moodle frequently.

You will be uploading Excel files to Moodle for several of your assignments. Sometimes students submit an assignment and then wish to submit a revised assignment. This will be allowed on Moodle as long as it is submitted before the deadline. After that, Moodle will not allow a submission.

Email There may be times that I send mass emails to the entire class. These will be directed to your Cascade email address. You are responsible for checking your Puget Sound email account at least once per day.

I will respond to all emails that you send to me. If you do not receive a response, it means that I did not receive your email.

Course Objectives: The key objective of this course is to develop a conceptual and pragmatic understanding of corporate finance. The topics and assignments are designed to prepare you to apply both theory and techniques in the “real world” of corporate finance. Note that some of these topics, such as the time value of money, are ones that you will also find invaluable in handling your own personal finance. Assignments include end of chapter questions and case analyses. You will create spreadsheets to model financial problems and will prepare professional reports of your analyses.

The course builds upon concepts covered in Applied Statistics (Math 160 or 260) and in Principles of Financial and Managerial Accounting (BUS 205). It is assumed that you are proficient in the use of financial data as reported in financial statements. If you are not comfortable with these concepts, please see me for some review problems. Since the application of financial concepts also requires proficiency in basic algebra and geometry, we will frequently address basic mathematical concepts and techniques.

From time to time throughout the semester we will pause to look at the “big picture” in financial markets. The highlights of the financial crisis of 2008 are so extraordinary that they are stranger than fiction. Rumors about the investment bank, Bear Stearns, hit the market on Monday, March 10th, 2008. At the time the firm had cash reserves of $18 billion. The stock had been trading as high as $171 per share, but had recently dropped to around $60 per share. Within a week, Bear

BUS 315 Professor Alva Butcher 2 Sterns had failed. J.P. Morgan Chase not only purchased Bear’s stock for the princely price of $2 per share but was also awarded a $30 billion government loan against Bear’s toxic securities. Fannie Mae and Freddie Mac, two of the most powerful financial firms with five trillion dollars in mortgages lost sixty percent of their stock value within a two week period. On September 6, 2008, these two firms were nationalized. One day later, the crisis spread to Lehman Brothers. Within eight days, Lehman Brothers filed for bankruptcy. The failure of Lehman Brothers sent huge ripples throughout world markets. Lehman was interconnected across national and international financial markets. Markets crashed and the credit markets froze. Even the most credit worthy could not get short term loans. The biggest insurance company in the country, AIG, was the next victim. On Tuesday, September 16th, the U.S. government decided that AIG was too big to fail, lent AIG $85 billion, and took an eighty percent ownership position in AIG. On September 18, 2008, Bernanke and Paulson delivered a chilling message to Congress. Unless the government was prepared for a full scale bailout of the nation’s financial system, the system would melt down in a matter of days. Their proposal of less than four pages requested government funding of $700 billion. As the House and Senate debated the bill, Washington Mutual was seized by federal regulators on September 25, 2008 and sold to J.P. Morgan Chase for $1.9 billion. On September 29th, the emergency legislative bill failed in the house. The reaction of the market was enormous. The market dropped about 700 points, the greatest point loss in one day on history. The financial plan was finally approved on October 4, 2008. The enormity of this financial crisis, all within less than a thirty day period, is incredible. Over nine million in jobs had been lost. The crisis was global. In other nations, banks were being bailed out by governments. It seemed inconceivable that a nation could go bankrupt, but in these strange times, the country of Iceland was bankrupt. It is important that you have a basic understanding of this financial crisis. It will be a dominant force in the markets and in government actions for years to come. Throughout the semester we will utilize several audio visual sources to review the crisis. Each has a slightly different twist on the financial crisis. You will be required to share current articles on financial markets. The process of reflecting upon and discussing the causes and implications of the events during the financial crisis of 2008 will enrich your understanding of current financial market conditions.

After you have successfully completed this course, you will be able to:  Work with financial statements to evaluate financial ratios and their implications regarding the financial strengths of weakness of a firm.

 Use historical financial statements and assumptions about future growth to prepare pro-forma financial statements and estimate additional financing needed to support that growth.

 Determine the value today of cash flows to be received later.

 Evaluate the cost-benefit trade-off of costs incurred today with cash inflows expected in the future.

 Understand the effect of compounding periods on interest rates. (What interest rate are you really paying on that loan?)

 Understand the basic features of bonds and how they are priced.

 Estimate the fundamental price of a common stock, using the two-stage discount model.

BUS 315 Professor Alva Butcher 3  Identify the relevant cash flows for a proposed investment, and evaluate a complex proposed investment using Net Present Value, Internal Rate of Return, and Payback Period.

 Recognize the impact of diversification and use the Capital Asset Pricing Model to quantify the risk-return tradeoff.

 Use financial information to estimate the required rate of return on a proposed investment. This is known as the firm’s weighted average cost of capital.

 Have a basic understanding of the Efficient Market Hypothesis and its implications when you are presented with a “hot tip”.

 Have a basic understanding of the financial crisis that rocked financial markets around the world in 2008 and its implications for current conditions in financial markets.

 Use an essential tool in real world business finance – the application of computer models in financial analysis.

 Read financial data as reported in the Wall Street Journal and have a basic understanding of primary versus secondary markets.

 Evaluate your “stock pick” and reflect on your “virtual” gains or losses.

Class Preparation and Participation: Preparation for class is extremely important. Prior to class, you are expected to have read the assigned reading material. You are also expected to have analyzed any assigned discussion problems and to be prepared to participate in the class discussion. Discussion questions do not need to be handed in. If for some reason you are not prepared to participate in the discussion please let me know prior to class.

Your presence and contribution to class discussion are important. There are three categories: present, absent with leave, and AWOL.

Homework: Some homework assignments are listed on the course outline. Others will be assigned in class. Please note that at times I will need to modify homework assignments in order to reflect the pace at which we are covering the material. These changes will be announced at the end of the class period. I will always follow up with an email message for assignments announced in class.

Assignments are designed to reinforce your familiarity with the material, to train you in the use of your financial calculator and computer spreadsheets, to identify areas in which you may be having difficulty, and to serve as a basis for classroom discussion. Written homework assignments are due at the beginning of class on the date indicated on the outline or in the email message. A subset of these problems will be selected on a random basis for grading. Discussion questions do not need to be handed in. I will periodically post solutions to homework assignments on Moodle.

BUS 315 Professor Alva Butcher 4 The end of each chapter includes Critical Thinking and Concepts Review and Questions and Problems. Most homework questions are from the end-of-chapter Questions and Problems. A critical thinking question will have the notation CT3, i.e. question 3 under Critical Thinking and Concepts Review Homework assignments are due at the beginning of the class period. To receive credit you must clearly show the logic behind your solution. Late homework assignments will not receive full credit.

Case Analyses and Projects: Several case studies and projects will be assigned during the term. These are utilized to enable you to: 1) practice effective communication techniques, both written and oral; 2) engage in an active learning situation; 3) perform data interpretation and analysis; 4) gain experience in decision making under uncertainty. They are also designed to give you an opportunity to use an essential tool in real world business finance - the application of computer models in financial analyses.

Each project will require a written report and/or an Excel spreadsheet. Some of these reports will be short memos; others will require more lengthy exposition. Reports must be typed, with exhibits inserted in the narrative where appropriate, or at the end of the report. Additional details will be provided to you throughout the semester.

Please submit a printed copy of your written report and your Excel spreadsheet at the beginning of class. An online version of your Excel spreadsheet must be submitted prior to the beginning of the class period on Moodle. Submissions after the deadline will not be accepted by Moodle.

The cases will be discussed in detail during a regular class session. You should be prepared to actively contribute to this discussion. Grades for both written reports and class discussions will be based on content, exposition, and clarity. Late written reports and Excel spreadsheets will not be accepted. These are due at the beginning of the class period. Please make an extra copy for your use during the class discussion or have it available on your laptop.

Academic Integrity Please carefully read the University policy on academic honesty in The Logger. The following is a quote from The Logger. “The University of Puget Sound is a community of faculty, students, and staff engaged in the exchange of ideas contributing to intellectual growth and development. Essential to the mission of the academic community is a shared commitment to scholarly values, intellectual integrity, and respect for the ideas and work of others. At Puget Sound, we share an assumption of academic integrity at all levels. Violations of academic integrity are a serious matter because they threaten the atmosphere of trust, fairness, and respect essential to learning and the dissemination of knowledge.”

An interactive online tutorial on Academic Integrity@ Puget Sound is also available on the Collins Library webpage.

Classroom Emergency Response Guidance Please review university emergency preparedness and response procedures posted at www.pugetsound.edu/emergency/. There is a link on the university home page. Familiarize yourself with hall exit doors and the designated gathering area for your class and laboratory buildings.

BUS 315 Professor Alva Butcher 5 If building evacuation becomes necessary (e.g. earthquake), meet your instructor at the designated gathering area so she/he can account for your presence. Then wait for further instructions. Do not return to the building or classroom until advised by a university emergency response representative.

If confronted by an act of violence, be prepared to make quick decisions to protect your safety. Flee the area by running away from the source of danger if you can safely do so. If this is not possible, shelter in place by securing classroom or lab doors and windows, closing blinds, and turning off room lights. Stay low, away from doors and windows, and as close to the interior hallway walls as possible. Wait for further instructions.

Exams: There will be three midterm exams and a comprehensive final. Exams will be problem oriented, but will also include short essay questions. Exams are closed book, but you may use one side of an 8 by 11 paper for notes and formulae. As a general policy, makeup exams will not be given.

Extra Credit Quizzes: During the term, there will be unannounced pop quizzes. These will consist of a few multiple choice or true false questions, and will cover material presented in the prior one or two class sessions. As with homework problems, these are designed to reinforce the material, and to identify problem areas. By keeping current with the material, these quizzes also provide you with a means of earning extra credit points.

Grades: Grades will be based on the following weights:

Three Midterm Exams 45%

Comprehensive Final Exam 21%

Projects and Case Analyses 22% Stock Project (10%)

Financial Forecasting Case (6%)

Capital Budgeting Case (6%)

Homework and Class Discussion 12%

Total 100%

Unannounced Quizzes 5% (extra credit)

BUS 315 Professor Alva Butcher 6 Course Outline Part 1: Understanding Financial Statements, Calculating and Interpreting Financial Ratios, and Financial Forecasting

For the first few class sessions we will be reviewing financial statements and financial ratios. You should be familiar with this material from your accounting class, BUS 205. If you are experiencing difficulties with this material, please see me ASAP.

Tues 9/3 Introduction to the Course Establishment of the Dartboard Portfolio Reading Chapter 2: Financial Statements, Taxes, and Cash Flow (Skip section 2.4) Homework Discussion Questions 1. What is the difference between equity book value and market value of equity? 2. What are some ways in which the book value of equity changes? 3. Consider the Balance Sheet for U.S. Corporation, Table 2.1. Explain how the book value of Owners’ Equity increased from 2009-2010. 4. Why does the market value of equity change? 5. What is a common sized balance sheet, income statement? Why are common sized financial statements used?

Thurs 9/5 Excel tutorial in Library 018 During the last 40 minutes of the class period.

Note: From now on please bring your financial calculator to class

Readings Review Chapter 2 again. Chapter 3: Working with Financial Statements (Skip section 3.4) Chapter 3 covers a number of financial ratios. Please focus your attention on the following subset of those ratios. You are expected to be proficient with the following ratios. Be prepared to share with the class what information these ratios convey and how they are calculated:  Current Ratio  Quick Ratio  Total Asset Turnover  Inventory Turnover  Days Cost of Goods Sold in Inventory  Receivables Turnover  Days Sales in Accounts Receivable  Accounts Payable Turnover  Days Cost of Goods Sold in Accounts Payable  Total Debt Ratio  Times Interest Earned  Profit Margin on Sales  Return on Assets  Return on Equity  The Dupont Identity

BUS 315 Professor Alva Butcher 7  Earnings per Share  Price Earnings Ratio  Book Value per Share  Market to Book Ratio Homework Discussion Questions Chapter 2: Problems 1, 2, 3 Chapter 3: Problems 34 and 36. For 2010 calculate the subset of ratios noted above. Written Homework 1. Stock Project Submit names of 3 potential firms for your stock project. Please list firms in order of preference. You are encouraged to pick a company in which you have some interest. This could be a firm that employs someone in your family, one in which you would like to own stock, one with products or services you admire or use often. The firm must be publicly traded and in an identifiable industry. Financial institutions, such as banks, are not allowed.

Tues 9/10 Excel tutorial in Library 018 During the last 20 minutes of the class period. Reading Chapter 3: Working with Financial Statements continued Homework Discussion Questions Chapter 3: Problems 1, 2, 4, 6 Reading: The Harvard Business School Case, Flash Memory, Inc.. Focus on pages 1 – 3 of the case and the exhibits. You need to download this case and the free student spreadsheet. The spreadsheet contains the data based exhibits in the case.

The URL is https://cb.hbsp.harvard.edu/cbmp/access/21199293 Bring the case to class as we will be discussing some details of your financial forecast. Homework Initial Discussion Questions – Flash Memory, Inc. Questions are posted on Moodle.

Thurs 9/12 Flash Memory, Inc. Financial Forecast Case Part 1 Instructions are posted on Moodle. 1. Calculation of Financial Ratios for 2007, 2008, and 2009 Note: A hard copy of your Excel file is due at the beginning of the class period. Please make an extra copy for your use during the class discussion or have it available on your laptop. Also please submit a digital copy of your Excel file to me via Moodle prior to the beginning of class. 2. Financial Forecast of Income Statement and Balance Sheet 2010 3. Questions for Class Discussion

Tues 9/17 Flash Memory, Inc. Financial Forecast Case Part 2: Instructions are posted on Moodle 1. Financial Forecast of Income Statement and Balance Sheet 2011 2. Determine additional financial needed to balance the balance sheet 3. Calculation of ratios

BUS 315 Professor Alva Butcher 8 4. Questions for class discussion. Note: The hard copy of your Excel file must be submitted to me at the beginning of the class period. Please make an extra copy for your use during the class discussion or have it available on your laptop. A digital copy of your Excel file must be submitted to me via Moodle. It must be submitted prior to the beginning of class. A file with a virus will not be accepted, and the grade for this project will be discounted depending on the length of the delay. A late submission will not be accepted by Moodle.

Classroom Discussion on the Financial Crisis We will watch our first video on the financial crisis and will discuss its implications.

Thurs 9/19 Class will not meet However the following written assignment should be delivered to Tami Hulbert in McIntyre 111 before 4:00 p.m. Written Homework Written Report: Stock Project: Part One -A Profile of Your Firm You will purchase your stock using the closing price as of Thursday September 12, 2013. See Part 1 of the Stock Project for additional details.

Assignment Outside of Class Video on the Financial Crisis: Inside Job, Academy Award Winning Video on the Financial Crisis. You are required to watch the video outside of class. The video is available on reserve in the library and is also available on Moodle. Discussion questions will be posted on Moodle. As you watch the video, reflect on the discussion questions. Be prepared for a recap and discussion of the video in our next class. You will be asked to write a brief memo on the video during the next class period.

Extra Credit Opportunity The Washington State Supreme Court will be holding hearings in Schneebeck Concert Hall. From 9 a.m. to 11:45 a.m. the Court will hear oral arguments in two cases: one involving privacy rights and the other dealing with mental competency. Even though you may not be able to attend the entire hearing, our class period overlaps with the hearing period. This is a unique opportunity for Puget Sound students. Attendance is free and no tickets are required.

Extra Credit Assignment: Prepare a one to two page typed memo in which you identify a key issue in the case. Briefly describe arguments that you thought were especially relevant to the key issue. Discuss some of the questions asked by the Court that were related to this key issue. Explain why you found the arguments and the questions to be relevant.

Part 2 The Time Value of Money and Interest Rates and Bond Valuation (Chapters 4, 5, and 6)

Tues. 9/24 Readings Chapter 4: Introduction to Valuation: The Time Value of Money

BUS 315 Professor Alva Butcher 9 Note: We will be working with the time value of money functions on your calculator. If you are not using an HP 10-B please bring the instructions for your calculator to class.

Discussion Questions 1) Recap of the video 2) Chapter 4: 1,2,3,4 Note that problems 2, 3, and 4 each have four parts. You only need to be prepared to discuss the first part.. Written Homework 1) BLP Student Assignment: Interview #1 with your BLP mentor is due. Note that this only applies to BLP students. 2) In class written assignment: one page reflection on Inside Job

Integration and review

Thurs. 9/26 Exam 1: Chapters 2, 3, Financial Forecasting

Tues. 10/1 Readings Chapter 4: Introduction to Valuation: The Time Value of Money continued Chapter 5: Discounted Cash Flow Valuation Discussion Questions Chapter 4: 13, 17, 18, 24 Chapter 5: 1, 4, 5, 12, 17 Written Homework Chapter 4: 6, 11, 19

Thurs 10/3 Readings Chapter 5: Discounted Cash Flow Valuation continued Discussion Questions Chapter 5: 24, 25, 35, 53 Written Homework Chapter 5: 2, 6, 8, 14

Tues 10/8 Readings Chapter 5: Discounted Cash Flow Valuation continued Written Homework Chapter 5: 16, 18, 20, 55

Thurs 10/10 Readings Chapter 6: Interest Rates and Bond Valuation Discussion Questions Chapter 6: 2, 3 What are some differences between bonds and stocks?

Tues 10/15 Readings 1) Chapter 6: Interest Rates and Bond Valuation continued We will be working with the Wall Street Journal I will provide copies of financial information from the Wall Street Journal. Discussion Questions Chapter 6: CT 6.15(a,b)

BUS 315 Professor Alva Butcher 10 Chapter 6: Problems 19, 25 ( For #25 assume that it is currently May 2010.) Written Homework Chapter 6: 6, 7, 8

Part 3: Stock Valuation, Net Present Value and Other Investment Criteria, Evaluating a Capital Budget Decision

Thurs 10/17 Valuation of a Social Media Stock  Do you use social media? How?  How important is social media in the market?  How should the stocks of social media firms be valued? What are the important factors in pricing?  Do some research on a social media firm that has recently gone public. (e.g. Facebook FB, Zynga ZNGA, LinkedIn LNKD) Be prepared to discuss the price trends since the IPO. How would you explain these trends? Readings Chapter 7: Equity Markets and Stock Valuation

We will be working with the Wall Street Journal. I will provide some copies. If you have a subscription, please bring your copy of the Wednesday, October 16th paper. Questions for Class Discussion Can you explain the terms noted under Stock Market Reporting, p 220? Chapter 7: CT1, CT2, CT3 Chapter 7: Problems 4, 5 Written Homework Stock Project: Part 2- Examine Historical Daily Returns You must create an Excel file that contains the daily closing stock prices for your firm and for a market index over the annual period September 1, 2012 through September 1, 2013. See Part 2 of the Stock Project for additional details.

Tues 10/22 Fall Break Day

Thurs 10/24 Readings Chapter 7: Stock Valuation continued Discussion Questions Chapter 7: 15, 16 Written Homework 1) Chapter 7: 7, 12

Catch up and review

Tues 10/29 Exam 2: Time Value of Money, Interest Rates and Bond Valuation (Chapters 4, 5, and 6)

Thurs. 10/31 Readings Chapter 8: Net Present Value and Other Investment Criteria (Skip sections 8.3 and 8.5) Discussion Questions 1) Chapter 8: CT5, CT6

BUS 315 Professor Alva Butcher 11 Tues. 11/5 Readings Chapter 8: Net Present Value and Other Investment Criteria continued Chapter 9: Making Capital Investment Decisions Written Homework 1). Chapter 8: 10 (a,b), 21 ( For #21, also calculate the IRR for each project) 2). BLP Student Assignment: Interview #2 with BLP mentor is due

Thurs 11/7 Readings Chapter 9: Making Capital Investment Decisions continued We will be working with some more complicated examples of capital budgeting. Written Homework Chapter 9: 5, 6, 20

Tues. 11/12 Capital Budgeting Case : Flash Memory, Inc. We will return to Flash Memory, Inc. to evaluate an investment opportunity. You have been assigned the task of evaluating this project via the net present value, payback and internal rate of return criteria. Details will be posted on Moodle.

Excel File You are required to submit a hard copy and a digital copy of your Excel file. The hard copy must be submitted to me at the beginning of the class period. Please make an extra copy for your use during the class discussion or have it available on your laptop.

A digital copy of your Excel file must be submitted to me via Moodle. Please submit your Excel file for this case on Moodle prior to the beginning of the class period. Files with a virus will not be accepted; the grade for this project will be discounted depending on the length of the delay. Moodle will not accept submissions after the deadline. Written Report Your written report is due at the beginning of the class period.

Thurs. 11/14 Guest Speaker

Tues. 11/19 Exam 3: Chapters 7, 8, 9 Stock Valuation, NPV, IRR, Payback and Capital Budgeting

Part 4: Risk and Return and the Cost of Capital Thurs. 11/21 Readings Chapter 10: Some Lessons from Capital Market History Efficient Market Hypothesis Math Concept: Sample Mean and Standard Deviation Chapter 11: Risk and Return LINEST Example Discussion Questions Chapter 10: 1, 2, 7 Chapter 11: CT3 Written Homework

BUS 315 Professor Alva Butcher 12 Risk tolerance survey

Tues. 11/26 Readings Chapter 11: Risk and Return (Focus on Sections 11.4-11-8, pp350-367) Math Concept: Linear Regression and Basic Inferential Statistics Classroom Discussion Exercises Chapter 10: 9, 15 Written Homework Stock Project: Part 3 – How Risky is Your Firm? See Part 3 of the Stock Project for details.

Thurs. 11/28 Thanksgiving Holiday

Tues 12/3 Readings Chapter 12: Cost of Capital Discussion Questions Chapter 12: 3, 6, 15 Written Homework Chapter 11: 16, 19(Assume that CAPM is true), 24

Thurs 12/5 Cost of Capital continued (First half of class)

Thurs 12/5 and Tues 12/10 Bulls and Bears Ball Stock Project: Report 4 – Present Your Virtual Profit or Loss You must sell all of the stocks in your portfolio at the closing prices on Thursday, November 21, 2013. See Part 4 of the Stock Project for additional details. Your written report will be due on the day that you present.

Integration and Review

Comprehensive Final Exam: As scheduled by the University

BUS 315 B, Tuesday, December 17, 12:00-2:00 BUS 315A, Thursday, December 19, 8:00-10:00

BUS 315 Professor Alva Butcher 13