FNAN 341: Introduction to Firm Valuation Master Syllabus
Course Instructor:
Office Number:
Office Hours:
Email:
Course Meeting Times:
Course Website: Canvas
Course Philosophy and Approach
In FNAN 341, students are treated as individuals who want to learn and develop useful tools and knowledge to promote professional success. The focus of the course is on helping students develop relevant skills valued by potential employers. A lot of time in class will be spent doing “hands-on” activities. Regular attendance and participation (in and out of class) are very helpful for success in this class and are important parts of the educational experience. The class will meet in person and regular office hours will be held through Zoom.
Clear policies about deadlines and late assessments and missed classes are laid out in this syllabus and other course documents. Given the current environment, I recognize that students may be more likely to encounter health-related issues that could interfere with their ability to attend class and submit work on time. Reasonable arrangements will be made for students dealing with such issues. However, students are expected to complete relevant work at roughly the same time as it is being taught. Therefore, special arrangements are likely to take into account the part(s) of any assessment that students should have completed before issues arose. For example, if a student falls ill shortly before an assignment is due, special arrangements may only be provided for the latter parts of that assignment.
Recordings covering material covered in class are available in Blackboard in “Videos & associated assignment problems.” Although the discussion of W.W. Grainger in these videos may not involve figures as current as the figures observed in class meetings and despite small differences between the video material and the class slides, these recordings do a very good job of presenting relevant material.
They are a valuable resource for students who are absent from class or who want to review material covered in class.
Honor Code Statement
Students are expected to know and adhere to the George Mason University Honor Code, which deals with actual and attempted acts of cheating, plagiarism, lying, and stealing. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee. More detail on the Honor Code, academic integrity expectations, and classroom behavior standards. Appendix B presents a matrix with typical sanction recommendations for non-freshman undergraduates that was approved by the School of Business faculty and that serves as our guide in this course. Appendix C includes a discussion “good” and “bad” classroom behavior, academic integrity and the Honor Code statement, the George Mason diversity statement, and the School of Business undergraduate learning goals.
In this class, students are frequently (but not always, so read the instructions for each assignment, exam, project, etc.) allowed and encouraged to work with each other to better learn and understand the material. In situations such as with assignments, where collaboration is allowed, each member of a team must actively participate and contribute to the joint effort. Students cannot simply copy or receive (or provide) answers. Students are responsible for knowing what constitutes an Honor Code violation (such as cheating or plagiarism) and are encouraged to talk with the professor if they are doing any type of collaborative work to make sure it is not a violation of the Honor Code.
It is an Honor Code violation to use unauthorized materials in any way in an assignment, exam, etc. that is submitted for credit. Unauthorized materials include any work by another person at any time or work by oneself for any other class at any other time, which includes work done in a previous semester of this course.
Make sure you understand the academic integrity and honor code expectations associated with the assignments submitted through ExPrep. A mistake caused by ignorance or a lack of awareness could have substantial consequences. See me if you have any questions.
Course Description, Objectives, and Goals
Topics covered in FNAN 341 include the analysis of financial statements, development of financial models, and application of valuation techniques. The course objectives are for students to:
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Objective 1: Understand and apply various valuation techniques to determine the value of a firm and its equity
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Objective 2: Understand the intuitive concepts of financial analysis and apply them to financial statement analysis, financial model building, and valuation
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Objective 3: Think critically about the role of financial statements and business analysis for investment decisions
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Objective 4: Apply various analysis and valuation techniques using Excel
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Objective 5: Define finance problems in a critical way such that a solution is more readily apparent, clearly identified, and presented
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Objective 6: Build a comprehensive Excel workbook that will progress through data collection, analysis, forecasting, and valuation using the concepts and tools provided in this course
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Objective 7: Strengthen their ability to communicate complex concepts and analysis orally, graphically, and in writing in a clear and meaningful way
Required and Recommended Items
Required Item (that must be purchased)
ExPrep. This is a subscription-based platform that automates the grading of Excel spreadsheets. We will be using this for assignments throughout the semester. Using ExPrep facilitates learning by enabling you to repeatedly answer questions and solve problems, receive immediate feedback, and then address incorrect responses.
Contact me if you have any issues registering or concerns about the product. ExPrep customer support at contact@excelpreparation.com may also be a good resource. Here’s information on how to set up an account:
- Go to the ExPrep portal
- Click “Create Account”
Note: If you already have an account and purchased a subscription in the past 12 months, you should be all set after clicking the link above and can ignore the remaining steps. You must be signed in when clicking the account to register for the new class.
- Fill in the missing information in the “Create an Account” box. Make sure to remember your email address and password. You may use any email address you like. You do not have to use your George Mason email address.
Since due dates will differ between sections, each of the 3 sections of this course will have their own section on ExPrep. Therefore, make sure you register for the correct one by using the relevant 8-character class code when signing up.
After the information is entered, click Create Account and you should be automatically logged into the ExPrep portal.
- Click “Buy Now” to purchase an access code to ExPrep. After purchasing, the access code will be sent to the email address associated with your payment. If you already have an access code, you can apply it.
Note: When purchasing without logging in, an email message will be sent to the contact information you provided during checkout. It may not necessarily be your ExPrep email account.
- Copy and paste the access code sent to your email. Click submit and your account will be upgraded. If you do not see an email in your inbox, try looking in your Spam/Junk folder.
- There should be an Exam tab available to the left in the portal. Click the “Exam” tab to access assignments and exams.
Notes: the dashboard is connected to a separate ExPrep product and is not relevant to this class. If you do not see an Exam tab or any assignments/projects, log out and back into your account.
Other Required Items
- Laptop that meets School of Business Minimum Computing Requirements.
The key tools and software packages that you will need are Microsoft Excel, Word, and PowerPoint and the ability to access the Internet. A functioning video camera and microphone that feed or stream audio and video in real time to or through the Internet may be needed as well. Although there are no current plans to require LockDown Browser or Respondus Monitor, there is a possibility that students may be asked to use those tools as well. Students should be able to use all relevant technology both in and out of class.
- Calculator: Although much of the work in this class will be done in Excel, a calculator can be useful as well, either to conduct analysis or to doublecheck figures. Unless noted otherwise, there are no restrictions on the type of calculator used.
- Canvas: Students must have access to Canvas, an on-line course management system that enables students to receive messages, observe grades, submit assignments, and access course material such as overheads, videos, and other relevant material.
A folder on Canvas titled “Assignments & other deliverables” may be particularly useful for tracking what’s due each week.
- George Mason University email account: Students are expected to have their George Mason email accounts activated, regularly check their inboxes, and keep adequate space available so that they can receive (and, of course, read) emails. Note that to help ensure privacy, faculty and students need to use their George Mason email accounts when corresponding with each other.
Recommended Item
- Business Valuation Demystified, Edward Nelling, McGraw-Hill Education. This short book discusses concepts in and approaches to financial analysis and valuation in a simple, straightforward way. There is no required textbook for this course.
Course Schedule
The course schedule may be changed during the semester, depending on our progress and decisions by the University or School of Business regarding the academic calendar. Any changes will be motivated by my goal of creating the best student learning experience I can. If changes are made, I will notify the class via email and a revised schedule on Canvas. The relevant schedule for the course is presented in Appendix A.
Note that all times in this class are stated in terms of the time zone for Fairfax, VA (which is in the Eastern time zone). Also, all deadlines are determined by the relevant system (Canvas, ExPrep, etc.) and students should assume that as soon as the system’s clock hits the deadline, submissions will no longer be accepted. Therefore, if an assignment is due at noon (which is also referred to as 12:00 pm), assume that submissions will not be accepted as soon as the system’s clock goes from 11:59 and 59.99 seconds to 12:00 and 0.00 seconds.
Grading
Student scores on various graded components, which are all out of 100 points, are each multiplied by the relevant weight from the following table and the resulting sum, plus any extra credit earned, is the numeric grade for the course that determines the letter grade for the course.
Note that in some weeks, students may have multiple deliverables from among ExPrep assignments, individual projects, and the group valuation project.
| Assessment Type | Assessment | Weight (in %) |
|---|---|---|
| News presentation (2%) | Presentation | 2.0 |
| ExPrep assignments (31%) | Assignment 1 | 9.0 |
| Assignment 2 | 5.0 | |
| Assignment 3, part 1 of 2 | 7.0 | |
| Assignment 4, part 2 of 2 | 5.0 | |
| Assignment 5 | 5.0 | |
| Individual projects (37%) | Financial statement analysis | 16.0 |
| Market comps analysis | 16.0 | |
| Industry analysis | 5.0 | |
| Group valuation project (30%) | Financial model | 11.0 |
| Written report & full analysis | 14.0 | |
| Presentation | 5.0 |
Letter grades for the course are determined from numeric grades for the course and the ranges described in the following table:
| Grade | Range |
|---|---|
| A+ | 98.0 or greater |
| A | 94.0 – 97.9 |
| A- | 90.0 – 93.9 |
| B+ | 87.0 – 89.9 |
| B | 83.0 – 86.9 |
| B- | 80.0 – 82.9 |
| C+ | 77.0 – 79.9 |
| C | 70.0 – 76.9 |
| D | 60.0 – 69.9 |
| F | 59.9 or less |
Numeric grades for the course are rounded up to the nearest tenth (1 decimal place) and final letter grades are based on the rounded figure. For example, 89.9001 would round up to 90.0, which would be an A-, but 89.9000 would round up to 89.9, which would be a B+. Grades for individual components are rounded up to 1 decimal place. Curves and more generous grade ranges are possible. Final semester letter grades are only changed if there is a grading or calculation error. Grades are not raised because a student is extremely close to the cutoff between two grades.
The grading policy for the course, including the relevant weights on various components, may be modified if events, conditions, etc. are determined to warrant changes.
News Presentation
Each student will be required to make one 1-minute presentation during the semester. The purpose of this activity is to help students develop their communication skills. It is also intended to help and familiarize you and your classmates with current events and developments in the business world. This course involves a lot of number crunching and spreadsheet work, and I’m hopeful that learning about ongoing developments will help you understand the types of forces that need to be considered when thinking about forecasts and models.
Students will present on their assigned day, which is based on the first letter of their last name according to the following schedule. Students are responsible for keeping track of when they are scheduled to make their presentations.
| Week | Day (Sample) | Last name starts with | Day (Sample) | Last name starts with |
|---|---|---|---|---|
| 01 | Mon, Jan 24 | None - first day of class | Wed, Jan 26 | None |
| 02 | Mon, Jan 31 | Aa through Am | Wed, Feb 2 | None |
| 03 | Mon, Feb 7 | An through Az & B | Wed, Feb 9 | None |
| 04 | Mon, Feb 14 | None | Wed, Feb 16 | None |
| 05 | Mon, Feb 21 | None | Wed, Feb 23 | None |
| 06 | Mon, Feb 28 | C | Wed, Mar 2 | D, E, or F |
| 07 | Mon, Mar 7 | G | Wed, Mar 9 | H |
| 08 | Mon, Mar 21 | K (and possible makeups) | Wed, Mar 23 | L |
| 09 | Mon, Mar 28 | None | Wed, Mar 30 | M |
| 10 | Mon, Apr 4 | O | Wed, Apr 6 | P |
| 11 | Mon, Apr 11 | S & T | Wed, Apr 13 | U & W |
| 12 | Mon, Apr 18 | X & Y | Wed, Apr 20 | Possible makeups |
| 13 | Mon, Apr 25 | Possible makeups | Wed, Apr 27 | Possible makeups |
| 14 | Mon, May 2 | Possible makeups | Wed, May 4 | Possible makeups |
For the presentation, students should simply describe a story relevant for business. Examples of good types of stories to discuss are earnings reports, company announcements, new product launches, expansions, business strategy, and government data releases. Possible sources include the Wall Street Journal, Robin Hood Snacks podcast, Business Wars Daily podcast, or pretty much any financial news outlet. A convenient resource is ABI/INFORM, which allows students access to a large number of publications. It can be accessed through the George Mason library system. Note that the nature of the topics for the second presentation may be changed to be something other than a business-related news item.
To start the term, no system is in place to prevent duplication of presentation topics. If multiple students discussing the same story becomes an issue, we my institute processes to address this issue.
For the presentations, students must have all their notes on an index card, sheet of paper, or cellphone (not on a laptop) and are limited to 25 or fewer words (handwritten or typed). The title of the article is counted in the 25-word limit, so it is not necessary to include it. This card, sheet, or phone will be shown to me at the time of the presentation. Student are allowed to use no notes if they wish.
Grades for presentations will be affected by timeliness. Any presentations that are less than 50 seconds or exceed 1:15 will incur a deduction. Students can bring up a watch or phone to help them keep track of time. Grades will also be adversely influenced by having more than 25 words on your card, sheet, or phone. Clarity of the presentation (can the audience hear and understand you) and relevance of the topic may be factored in as well
If a presentation is missed for any reason, a make-up presentation would be permitted with no deduction. This flexible policy is being implemented due to the unpredictability of COVID and is intended to reduce incentives for a sick, potentially sick, or exposed student to attend class. However, students need to discuss a possible make-up with me, so that it can be scheduled. If make-ups cannot be scheduled in class, they will take place outside of class.
ExPrep Assignments
There will be 5 ExPrep assignments due throughout the term. The following table indicates when each assignment is due for each section and what each assignment covers.
| Assignment | Due date & time (Sample) | Material covered |
|---|---|---|
| 1 | Mon, 2/14, before 10:00 am | Financial statement basics and analysis |
| 2 | Mon, 2/28, before 10:00 am | Market comps analysis |
| 3 | Mon, 4/4, before 10:00 am | Financial modeling, part 1 of 2 |
| 4 | Mon, 4/18, before 10:00 am | Financial modeling, part 2 of 2 |
| 5 | Mon, 5/9, before 10:00 am* | Discounted cash flow analysis |
* No 7-day grace period with assignment 5
Detailed instructions (including any relevant assumptions) for each assignment are posted in items corresponding to each assignment in the “assignments and projects” folder on Blackboard. These documents may be revised throughout the semester to provide additional detail and clarification. Students should refer to the document associated with a given assignment before, and if relevant, while working on each assignment.
Assignments must be submitted on-line through ExPrep. To begin an assignment, students should log into their ExPrep account, download the Excel file(s) associated with the assignment, enter answers into relevant cells (which are highlighted in yellow and possibly other colors), and then submit the same file(s) they downloaded, but now with answers, to their ExPrep account.
Each student’s downloaded Excel files have unique identifiers and uploading a submission that has a different person’s identifier than the student whose account is accepting the upload, regardless of the reason, is considered either a violation of course policies (the first time it occurs) and also cheating (for any subsequent occasions. Note that both the student whose account received the submitted file, the student whose account was the source of the submitted file, and any other students involved in any way, intentionally or unintentionally will be considered to have violated this requirement. Therefore, it is critical to start the assignment with the Excel file(s) downloaded from your own ExPrep account.
If you work with one or more classmates, make sure that the files do not get mixed up in any way at any time. Submitting a file with someone else’s identifier or having your identifier in another’s submission for any reason, including a so-called honest mistake, is considered a violation of course policy or the Honor Code.
Students who violate the course policy and are associated with a submission that has an identifier not related to the relevant account will earn a score of -50 for all affected assignments, whether an Honor Code case is filed (second or later case) or not (first case). Note that the score is negative 50, which affects the course average more adversely than a 0. If an Honor Code case is filed, the recommended sanction will include at least failure of the class.
Students can submit each assignment 999 times. Therefore, after any submission, they can download their most recent or highest-scoring attempt from ExPrep to see what was answered correctly and what was not. This opportunity for immediate feedback has been very useful in both promoting learning and enabling students to earn higher scores. It is permissible (and encouraged) to make revisions to one’s own spreadsheet and then resubmit it. The system will not flag this as cheating.
To clarify expectations for assignments even more. All work in your spreadsheets should be your own. First, the file should be yours, meaning that it was originally downloaded from your ExPrep account, so it has your unique identifier. Second, you should not cut and paste anything from another external source such as another spreadsheet (copying and pasting within the spreadsheet is fine), document, or website. Anything means anything – not just formulas, but labels, headings, titles, etc. It may seem inefficient to require you to type in everything, but I think it will help you learn.
Although you must submit your own Excel file(s) obtained from your own account, you can work together with classmates and are encouraged to do so. However, the purpose of collaboration is to enhance learning, not free riding. Therefore, each member of a group that works together must actively contribute. Cheating is not permitted and will result in an allegation of an Honor Code violation. If you do anything other than work alone, you are encouraged ask me whether your approach would be considered cheating. An obvious example (but not the only form) of cheating is when a student copies or receives answers from another person or another unauthorized source (note that this semester’s Blackboard site is an authorized source). The provider of information that would trigger a cheating allegation for the recipient is also considered to have cheated.
For all ExPrep assignments other than the last one, late submissions will be accepted without any deductions or penalty for up to 7 days (168 hours) after the assignment is due. This 7-day grace period is being made available because of the unpredictability of COVID. If you think additional special arrangements, like a further extension, may be relevant, contact me and we can discuss the situation. In general, extensions beyond the grace period are likely to be rare. If an issue isn’t raised before the grace period starts, additional special arrangements are unlikely. Students are encouraged to view the initial, pre-grace-period deadline, not the end of the grace period deadline, as the relevant deadline. Students who use the grace period do so at their own risk. Submissions will not be accepted once the grace period ends.
Students should contact me about any possible extensions on the last assignment. Because it is due at the tail end of the term, there is no automatic grace period. Once the deadline hits, no submissions will be accepted without my explicit permission, which will only be provided in certain, “excusable” cases.
Individual Projects
There will be 3 individual projects. As noted by the name, these are individual projects and therefore, you may not work together in any way on any of the individual projects. If you have questions, you can consult the course materials or talk to me. I am the only human being who you are allowed to receive assistance from. The following table indicates when each is due for each section and what it covers.
| Project | Due date & time (Sample) | Material covered |
|---|---|---|
| 1 | Mon, 2/21, before 10:00 am | Financial statement analysis |
| 2 | Mon, 3/7, before 10:00 am | Market comps analysis |
| 3 | Mon, 5/2, before 10:00 am | Industry analysis |
A document with detailed instructions, guidelines, and information for each project is presented in the relevant item for each individual project in the “assignments and projects” folder on Canvas. This document may be revised throughout the semester to provide additional detail and clarification. Students should refer to this document throughout the term. It is long, but that’s because it contains information relevant for all 3 projects (such as writing expectations), as well as information for each of the 3 individual projects.
Late submissions will be accepted without any deductions or penalty for up to 7 days (168 hours) after the project is due. This 7-day grace period is being made available because of the unpredictability of COVID. If you think additional special arrangements, like a further extension, may be relevant, contact me and we can discuss the situation. In general, extensions beyond the grace period are likely to be rare. If an issue isn’t raised before the grace period starts, additional special arrangements are unlikely. Students are encouraged to view the initial, pre-grace-period deadline, not the end of the grace period deadline, as the relevant deadline. Students who use the grace period do so at their own risk. Submissions will not be accepted once the grace period ends.
Group Valuation Project
One of the primary outputs from this class will be an evaluation of a company and its stock. I want this project to produce the type of work that you can bring to or discuss at an interview to demonstrate that you understand and can use Excel to conduct basic financial and firm valuation analysis. The project also requires a lot of following instructions, which is a very useful ability.
Students will work in teams of 2, 3, or 4 people (all from the same section). Students can choose their teams. Teams should consist of students who are aligned in their approach to getting things done and in the grade that they wish to earn. Since, under normal circumstances, all students on the team earn the same grade, it is important to make sure everyone is on the same page regarding goals, work habits, etc. Note that in certain cases, I may assign a student to a particular team, either by creating a new team or by adding a member to a team with only 2 or 3 people. In some cases, a team may have 1 person.
There will be 3 separate, graded assessments associated with the group valuation project –the financial model, written report & full analysis, and presentation and peer evaluations. One of the assessments, the financial model, involves several different submissions. The following table indicates when each assessment or relevant part is due and what it covers.
| Assessment | Due date & time (Sample) | Notes (graded unless noted otherwise) |
|---|---|---|
| Financial model, submission 1 | Mon, 2/21, before 10:00 am | Team selection – not graded, but required, since project requires a team |
| Financial model, submission 2 | Mon, 2/28, before 10:00 am | Company selection – not graded, but required, since project requires a company |
| Financial model, submission 3 | Wed, 3/23, before 10:00 am | Historical data |
| Financial model, submission 4 | Mon, 4/4, before 10:00 am | Inc stmt through operating inc, all assets except cash, and all liabilities except debt |
| Financial model, submission 5 | Mon, 4/25, before 10:00 am | Full income statement, full balance sheet, & full statement of cash flows (SCF) |
| Written report & full analysis | Wed, 5/11, before 1:00 pm | Written report & full analysis – inc stmt, bal sht, SCF, WACC, DCF, & mkt comps |
| Presentation & peer evals | Wed, 5/11, 1:30 – 4;15 pm | Presentation & peer evaluations |
Detailed instructions, guidelines, and information about what is required to earn a particular grade on each assessment associated with the group valuation project are presented in the “assignments and projects” folder on Blackboard. This document may be revised throughout the semester to provide additional detail and clarification. Students should refer to this document throughout the term.
Grading for the financial model is based on the accuracy of the various submissions, the importance of the submissions (for example, the final submission is weighted more than the historical data submission), and the amount and nature of feedback and guidance needed. It is important to address comments so that a deduction for a given issue is not repeatedly given. I know there is some ambiguity in this approach as students do not know what their score is throughout the process, but a score for the project cannot be determined until all information is in.
Because an accurate financial model is a necessary element of a sound analysis and because the entire Excel spreadsheet, including the financial model, influences scores for the written report & full analysis piece of the project, teams are encouraged to revise their financial model and seek feedback until it is correct and accurate.
Grading for the analysis part of the written report & full analysis will be based largely on the accuracy of the various spreadsheets in the Excel file. Given that this assessment is due at the end of the term, there will not be an opportunity to make modifications once submitted.
Group presentations will be given during the University-assigned final exam period for each section. After all presentations, students will complete a short peer evaluation.
Late submissions for the financial model will be accepted without any deductions or penalty for up to 7 days (168 hours) after the project is due. This 7-day grace period is being made available because of the unpredictability of COVID. If you think additional special arrangements, like a further extension, may be relevant, contact me and we can discuss the situation. In general, extensions beyond the grace period are likely to be rare. If an issue isn’t raised before the grace period starts, additional special arrangements are unlikely. Students are encouraged to view the initial, pre-grace-period deadline, not the end of the grace period deadline, as the relevant deadline. Students who use the grace period do so at their own risk. No submissions for the financial model will not be accepted once the grace period ends.
Late submissions for the written report & full analysis will be accepted for up to 5 days after it is due. There is no grace period. A deduction of 10 percentage points will be applied for every 12-hour period (or fraction) that a submission is late. If a student makes a late submission, they should notify me, so I’m alerted to the fact that a late submission has been made. If a student fails to notify me by email within 6 days after the original deadline (or 1 day after the late submission window closes), the student’s submission may not be graded or may receive an additional deduction.
Due to their nature and because presentations will be made during the University-assigned final exam period, late presentations are not accepted. If a student or team does not make their presentation when scheduled, alternative arrangements (possibly with a deduction) may be possible, depending on the circumstances.
Students are encouraged to seek assistance from me with the various parts of the project before due dates. Unless I explicitly indicate that this help would influence grades (and you’d get to make a choice about it), so-called “pre-help” would not be considered the type of feedback and guidance that would influence grades. However, the closer that requests for help are made relative to the due date, the less useful or timely that help is likely to be. In other words, if you’re interested in getting guidance, do not wait until just before a piece is due to work on it. Also, help is intended to provide guidance, it is not me doing the work or telling you exactly what to do, and it is not a pre-check to confirm that everything is correct.
Exams
There are no exams scheduled for the course. However, this could change, especially if the term is disrupted by changes in the academic calendar and/or a move to remote instruction. In which case, one or more exams, including a possible final exam, could be added to the course, which would result in changes to the relative weights of the various elements of the class.
Extra Credit
There are no plans for extra credit opportunities, but they may be offered during the semester.
Office of Disability Services
If a student has a disability or situation for which the professor needs to be made aware, they should schedule a time to discuss this with me in a timely manner. All academic accommodations, including those relayed to COVID-19, must be arranged through the Office of Disability Services (ODS), which implements and coordinates reasonable accommodations and disability-related services that afford equal access to university programs and activities. ODS is in the Student Union Building 1, Room 222. Its phone number is (703) 993-2474.
Incompletes
A grade of incomplete may be given to students who are passing the course (with a C or higher) but who may be unable to complete scheduled coursework for a cause beyond reasonable control. An incomplete can only be given if a student has completed at least half the work for the semester, is passing the course, and has a documented excusable reason such as a serious illness or unanticipated family emergency for being unable to complete the remainder of the work as scheduled. Poor time management or failure to deal with a situation earlier in the semester would not be accepted as a reason for an incomplete.
Health and Safety
Students are required to follow the university’s public health and safety precautions and procedures outlined on the university Safe Return to Campus webpage.
In order to be able to attend class, you must complete the daily George Mason COVID Health Check for that day and receive a “green” email response, which indicates you are permitted to attend courses with a face-toface component. I may ask you to show me that you have received a “green” email. If you cannot attend face-to-face class due to a “red” or “yellow” email response, that absence would be treated as excused and an opportunity to make up points would be provided.
Students will be asked to adhere to specific safety requirements, which may change over the course of the semester. Possible examples include distancing and properly wearing masks. For example, as of the start of the fall 2021 semester, masks must be worn per university guidelines inside classrooms. Students who fail to adhere to such requirements may be asked to leave the classroom and may receive low participation scores, which can be negative, potentially with a very high magnitude. The safety of everyone in the classroom is a priority.
Campus Closure
If the campus closes or class is canceled due to weather or other concern, students should check Canvas, email, or other instructions as appropriate for updates on how to continue learning and information about any changes to assignments, projects, due dates, etc.
Course Materials and Student Privacy
Video recordings of class meetings that are shared only with the instructors and students officially enrolled in a class do not violate FERPA or any other privacy expectation.
All course materials posted to Canvas or other course site are private; by federal law, any materials that identify specific students (via their name, voice, or image) must not be shared with anyone not enrolled in this class. Video recordings of class meetings that include audio or visual information from other students are private and must not be shared. Live Video Conference Meetings (e.g., Collaborate or Zoom) that include audio or visual information from other students must be viewed privately and not shared with others in your household.
At least some of the synchronous meetings in this class may be recorded to provide necessary information for students in this class. Recordings will be stored on Canvas and any that include students will only be accessible to students taking this course during this semester.
Appendix A
Course Schedule (page 1 of 3, all times are Fairfax times, EST or EDT) (Sample)
| Week | Dates (Sample) | Material covered & relevant resources & relevant ExPrep assignment problems to solve & ExPrep assignments due & individual projects due & group valuation project assessments/pieces due |
|---|---|---|
| 01 | 1/24-1/30 |
Financial statement basics and analysis (1 of 3) Nelling: Chapter 2, An Overview of Financial Statements ExPrep assignment 1, financial statement basics & analysis: A1, Q1, Q2, Q3, Q4, Q8 |
| 02 | 1/31-2/6 |
Financial statement basics and analysis (2 of 3) Nelling: Chapter 2, An Overview of Financial Statements ExPrep assignment 1, financial statement basics & analysis: Q5, Q6, Q7, Q9 |
| 03 | 2/7-2/13 |
Financial statement basics and analysis (3 of 3) Nelling: Chapter 2, An Overview of Financial Statements ExPrep assignment 1, financial statement basics & analysis: X1, X2, X3 |
| 04 | 2/14 – 2/20 |
Market comparables (1 of 2) Nelling: Chapter 6, Price Multiple Valuation ExPrep assignment 2, market comps: A1, Q1, Q2, Q3, Q4 ExPrep assignment 1, financial statement basics & analysis, due 2/14, before 10:00 am |
| 05 | 2/21 – 2/27 |
Market comparables (2 of 2) Nelling: Chapter 6, Price Multiple Valuation ExPrep assignment 2, market comps: Q5, Q6 Individual project: Financial statement analysis, due 2/21 before 10:00 am Group project: Financial model – team formation, due 2/21, before 10:00 am (not graded, but required) |
| 06 | 2/28 – 3/6 |
Financial modeling (1 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 2, market comps, due 2/28, before 10:00 am Group project: Financial model – company selection, due 2/28, 10:00 am (not graded, but required) |
| 07 | 3/7 – 3/13 |
Financial modeling (2 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 3, financial modeling, part 1 of 2: A1, Q1, Q2, Q3, Q4, Q5 Individual project: Market comps analysis, due 3/7, before 10:00 am |
| 08 | 3/21 – 3/27 |
Financial modeling (3 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 3, financial modeling, part 1 of 2: X1, X2, X3, X4, X5 Group project: Financial model – historical data, due 3/23, before 10:00 am |
| 09 | 3/28 – 4/3 |
Financial modeling (4 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 3, financial modeling, part 1 of 2: B1, B2, B3, B4, B5 |
| 10 | 4/4 – 4/10 |
Financial modeling (5 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 4, financial modeling, part 2 of 2: A1, C1, C2, C3, C4, C5, C6 ExPrep assignment 3, financial modeling, part 1 of 2, due 4/4 before 10:00 am Group project: Financial model – income statement through operating income, all assets except cash, and all liabilities except debt, due 4/4, before 10:00 am |
| 11 | 4/11 – 4/17 |
Financial modeling (6 of 6) Nelling: Chapter 4, Forecasting Future Performance ExPrep assignment 4, financial modeling, part 2 of 2: D1, D2, D3, D4, D5 |
| 12 | 4/18 – 4/24 |
DCF (1 of 3), basics & WACC Nelling: Chapter 7, Valuation and the Cost of Capital ExPrep assignment 5: A1, Q1, Q2, Q3 ExPrep assignment 4, financial modeling, part 2 of 2, due 4/18, before 10:00 am |
| 13 | 4/25 – 5/1 |
DCF (2 of 3), through terminal value as a perpetuity Nelling: Chapter 7, Valuation and the Cost of Capital ExPrep assignment 5, DCF: Q4, Q5, Q6 Group project: Financial model, full income statement, full balance sheet, and full statement of cash flows, due 4/25, before 10:00 am |
| 14 | 5/2 – 5/8 |
DCF (3 of 3), terminal value from a multiple, sensitivity analysis, & decision-making Nelling: Chapter 7, Valuation and the Cost of Capital ExPrep assignment 5, DCF: Q7, Q8 Individual project: Industry analysis, due 5/2, before 10:00 am |
| Exam period | 5/9 | ExPrep assignment 5, DCF, due 5/9, before 10::00 am |
| Final day/time | 5/11 |
Group project: written report & full analysis, due 5/11, before 1:00 pm Group project: presentation & peer evaluations, presentation given during the University-assigned day & time for the final exam (Wed, 5/11, 1:30 pm – 4:15 pm) and peer evaluations due by Wed, 5/11, 11:59 pm |
Appendix B
School of Business Recommendations for Honor Code Violations
Approved May 2016
| UG-Non Freshman Students (including transfer students) | ||
| Type of Violation | First Offense | Second Offense |
|
Plagiarism
|
An F in the class; referral to Writing Center; and Academic Integrity Seminar completion | An F in the class; referral to the Writing Center; Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
|
Cheating
|
An F in the class; and Academic Integrity Seminar completion An F in the class; and Academic Integrity Seminar completion, and at least one semester suspension |
An F in the class, Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
| Lying (e.g., providing fraudulent excuse documents, falsifying data) | An F in the class; and Academic Integrity Seminar completion, and at least one semester suspension | An F in the class; Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
| Egregious Violation (e.g., stealing an exam; submitting coursework from another class as original work across multiple courses; lying to an employer about academic performance, false identification or posing as another, in person or online) | An F in the class, Academic Integrity Seminar completion; termination from the School of Business; and at least one year suspension | An F in the class; Academic Integrity Seminar completion; termination from the School of Business; and expulsion |
Note: The Academic Integrity Seminar used by the Office of Academic Integrity cost $100 as of May 2016.
Appendix C
“Good” and “Bad” Classroom Behavior, Academic Integrity and Honor Code Statement, George Mason University Diversity Statement, and School of Business undergraduate learning goals
“Good” and “Bad” Classroom Behavior
Some important reminders for “good” behavior include coming to class on time; bringing your laptop to work through problems; reading the syllabus and becoming familiar with the course outline, resources, key dates, policies, etc.; asking questions about material and concepts that are not well understood by raising a hand to be called on; minimizing the distraction of a late arrival by entering quietly and not disrupting fellow students; reading all emails sent out by an instructor; reporting knowledge of any possible or potential Honor Code violations; and adhering to the School of Business Standards of Behavior as described as follows:
The mission of the School of Business at George Mason University is to create and deliver high quality educational programs and research. Students, faculty, staff, and alumni that participate in these educational programs contribute to the well-being of society. High quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the School of Business community. In doing so, they agree to abide by the following Community Standards of Behavior:
- Respect for the rights, differences, and dignity of others
- Honesty and integrity in dealing with all members of the community
- Accountability for personal behavior
Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment and ensure every member the opportunity to pursue excellence.
The School of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the School of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential.
Some important reminders for “bad” behavior include using any phone, laptop, tablet, etc. during class to engage in any activity that is not directly related to the ongoing class; talking with neighbors about anything unrelated to class; leaving early or taking an unnecessary break in the middle of class; and packing up belongings before class is over and the professor has finished.
Students may only use devices for ongoing class-related activities. Students who use a device inappropriately by surfing the Internet, doing homework for any class, etc. may receive a deduction from their course grade.
Students should not cheat or engage in any form of academic dishonesty. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee.
Academic Integrity and Honor Code Statement
Students are expected to know and adhere to the George Mason University Honor Code, which deals with cheating and attempted cheating, plagiarism, lying, and stealing. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee.
Violations of the Honor Code include, but are not limited to, submitting work completed by another person and representing it as one’s own; communicating about an exam with another person other than a proctor during the exam; having or using an impermissible aid such as unauthorized notes or stored information in a calculator on an exam; looking at or copying another student’s exam work or answers; providing another student with assistance with exam questions during an exam; impersonating a student in the class in order to get credit for that student; asking another person for an impersonation of oneself in order to get credit for oneself; removing an exam from the classroom; obtaining or providing access to all or part of an exam prior to the exam time, and sharing information about exams with others, especially students that have not yet taken the exam, before given permission.
On assessments that only allow the use of a calculator, the following calculator-related behaviors and actions are among those considered violations of the Honor Code: using programs in a programmable calculator that have not been reviewed or used in class without the knowledge and consent of the professor; using a programmable calculator to store any information related to an exam for one’s own or another’s benefit; and failing to clear the calculator of all displayed and stored information when a calculator is shared with a student in another exam section.
Students should read this entire syllabus to make sure that they understand course policies with regard to the Honor Code. Students are reminded that they are responsible for understanding the provisions of the Honor Code and that they are encouraged to report any violations they observe.
George Mason University Diversity Statement
George Mason University promotes a living and learning environment for outstanding growth and productivity among its students, faculty and staff. Through its curriculum, programs, policies, procedures, services and resources, George Mason strives to maintain a quality environment for work, study and personal growth.
An emphasis upon diversity and inclusion throughout the campus community is essential to achieve these goals. Diversity is broadly defined to include such characteristics as, but not limited to, race, ethnicity, gender, religion, age, disability, and sexual orientation. Diversity also entails different viewpoints, philosophies, and perspectives. Attention to these aspects of diversity will help promote a culture of inclusion and belonging, and an environment where diverse opinions, backgrounds and practices have the opportunity to be voiced, heard and respected.
The reflection of George Mason’s commitment to diversity and inclusion goes beyond policies and procedures to focus on behavior at the individual, group and organizational level. The implementation of this commitment to diversity and inclusion is found in all settings, including individual work units and groups, student organizations and groups, and classroom settings; it is also found with the delivery of services and activities, including, but not limited to, curriculum, teaching, events, advising, research, service, and community outreach.
Acknowledging that the attainment of diversity and inclusion are dynamic and continuous processes, and that the larger societal setting has an evolving socio-cultural understanding of diversity and inclusion, Mason seeks to continuously improve its environment. To this end, the University promotes continuous monitoring and self-assessment regarding diversity. The aim is to incorporate diversity and inclusion within the philosophies and actions of the individual, group and organization, and to make improvements as needed.
School of Business Undergraduate Learning Goals
Goal 1: Our students will demonstrate an understanding of the social, global, ethical, and legal contexts of business and will be able to reflect on the role of the individual in business.
Goal 2: Our students will demonstrate an understanding of and the ability to apply knowledge of professional skills necessary for success in business including effective business writing.
Goal 3: Our students will demonstrate technical and analytic skills appropriate for success in business.
Goal 4: Our students will demonstrate an understanding of and the ability to apply knowledge of core business disciplines including accounting, finance, information systems, management, marketing, and operations management.
Goal 5: Our students will demonstrate knowledge and skills appropriate for specialization in their majors.
Goal 6: Our students will demonstrate an understanding of how research in the business disciplines contributes to knowledge and how such research is conducted.
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