Master Writing Service: KMBA 623 Corporate Finance

Week 1 Assessments

This week you submit:

Academic Honesty Declaration (Day 1, Thursday)

Personal introduction to the Collaboration Forum (Day 1, Thursday)

Collaboration initial response to the Collaboration Forum (Sunday, Day 4)

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Module Project (Wednesday, Day 7)

Collaboration: Corporate objective

This week lays the foundation of business finance as it introduces the corporate objectives, the conflicts posed by agency costs and ways of dealing with them through corporate governance. It also examines the modern criticism of the corporate objectives and then ends with an overview of what corporate finance is all about. The Collaboration this week centres on these areas.

In working out your responses to the Collaboration, you should make references to relevant articles from good academic journals and support these with your own professional working experience. Credit will also be given for references you make to relevant examples from real-life companies. Please make sure that you cite and reference all of your outside sources properly, as per the Harvard Referencing guide.

Note: Be sure to read over your post before submitting it to make sure the spelling and grammar for your post are correct and the language you are using is appropriate for academic writing.

To prepare for this Collaboration:

Consider shareholder maximisation theory and its relationship to the corporate objective.

Consider the role of corporate governance.

Consider this statement: Managers should concentrate on maximising profits over the long run. If they do this effectively, they will have to take other stakeholders into account.

To complete this Collaboration:

By Sunday (Day 4)

For your Initial Response, in 750-1,000 words:

Critically examine the statement that you read in preparation within the context of a contemporary view of what the corporate objective should be.

Briefly evaluate whether corporate governance has any role in making sure that a broad, long-term focus is achieved.

Remember to cite and reference examples from the Learning Resources for this week. Submit your initial response through the Turnitin submission link provided and post to the Collaboration Forum.

By Wednesday (Day 7)

Participate in the Collaboration Forum by posting 3 to 5 responses to your colleagues in which you:

Offer contributions based upon your prior experience.

Extend the discussion into new but relevant areas.

Model or promote critical reflection from what you have learned.

You should aim to participate with follow-on postings to your colleagues’ responses, making 3–5 significant follow-up postings. Aim to spread your total collaboration discussions across 3 separate days of each week.

Please note that a Summative Collaboration Participation grade will be awarded in Week 3 covering Participation posts for Weeks 1, 2 and 3 together.

To access the Collaboration Forum, click on the "Week 1 Collaboration Forum" link.

To submit your initial response to Turnitin, click on the "View/Complete" link for Week 01 Collaboration Initial Response -- Turnitin.

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Module Project: Finance Manager

You must complete a Module Project that will apply tools and techniques in analysing the role of a finance manager, how he/she affects financial function and outcomes and how these outcomes are recorded in financial statements. The final project of approximately 5,000 words will contain five chapters covering the following topics:

Chapter 1: Introduction

Explain the corporate history, background and corporate objectives of the organisation.

Identify the ownership structure and provide a shareholder analysis (distribution of shares as held by individuals, pension funds, marginal investors and large domestic or foreign investors).

Identify and discuss sources of finance (not capital structure).

Discuss corporate control, agency problems and corporate governance mechanisms.

Chapter 2: Risks, cost of capital and return

Examine the major risks (both systematic and unsystematic risks) that have been facing the organisation and discuss how these may have been dealt with or managed over the years.

Based on the various sources of capital employed, estimate the company’s cost of capital (component costs and WACC) and determine the percentage return on capital employed (accounting ROCE).

Comment on whether the risks you identified have had an impact on the return.

Explain how the return compares with the cost of capital.

Make a constructive comparison of your findings with similar companies within the same industry.

Chapter 3: Capital structure and dividend policy

Critically evaluate the capital structure policy of the company and compare with similar companies within the same industry.

Critically appraise the dividend policy of the company and compare this with similar companies within the same industry.

Chapter 4: Working capital management and liquidity

Critically evaluate the effectiveness of the working capital management policy of the company and compare with similar companies within the same industry.

Based on the issues covered in this chapter and previous chapters, assess the liquidity position of the company and whether there are any ongoing concerns that may make it a target for acquisition.

Chapter 5: Summary and conclusions

Relate your findings to relevant theories and summarise and draw conclusions as well as recommendations. This should include an estimate of the value of the company.

Each chapter will be 750-1,000 words.

Include a title page with the title of the project, the company that you are writing about, and your name. Also ensure you include a comprehensive index, separate indices of tables and figures, appropriate references and a one-page executive summary (or abstract) at the start of your project paper.

This week, you should choose the firm that you propose to use as the subject of your project. In addition, you should provide a brief explanation of the firm’s activities and an outline of the sources from which data will be obtained, plus details of what access you will have to these sources.

In Week 3, you will submit completed Chapters 1 and 2 of your project, and in Week 5, you will submit Chapter 3, together with the revised drafts of Chapters 1 and 2 based on feedback received about them in Week 3. The Final Module Project, which will include all five chapters as described, with revisions made for Chapters 1 to 3 based on feedback in previous weeks, will be due in Week 7.

You should not engage in the collection of data from human participants: this includes undertaking interviews of any sort. This would contravene the University of Liverpool’s ‘Policy on Ethical Approval for Research Involving Human Participants, Tissues or Personal Data’, and its ‘Policy on the Research Ethics Review of Undergraduate and Taught Postgraduate Projects’.

To complete this Module Project submission:

By Wednesday (Day 7)

Post to the Collaboration Forum a brief statement (approximately 100 words) naming your chosen company for approval by your Instructor as well as a brief explanation of the firm’s activities and an outline of the sources from which data will be obtained, including details of what access you will have to these sources.

Submit your Assignment to the Turnitin link provided.

This assignment is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to learn from your Instructor’s feedback – give the assignment your full effort and ask for clarification on any feedback you do not understand.

To submit your Module Project to Turnitin, click on Module Project in the module menu

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Week 2 Assessments

This week you submit:

Collaboration initial response to the Collaboration Forum (Sunday, Day 4)

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Personal Development Plan (Wednesday, Day 7)

Sources of finance, part 1 (2-week activity)

This week, you examine various sources of finance for both SMEs and larger corporations and critically assess the use of asset pricing models for capital budgeting.

In working out your responses to the Collaboration, you should make references to relevant articles from good academic journals and support these with your own professional working experience. Credit will be given for references you make to relevant examples from real-life companies. Please make sure that you cite and reference all of your outside sources properly, as per the Harvard Referencing guide.

To prepare for this Collaboration:

Read this statement: It is common knowledge that SMEs are at considerable disadvantage compared to corporations when it comes to raising sources of long-term finance, whether as debt or equity, and that, when available, they come at relatively unfavourable terms.

To complete this Collaboration:

By Sunday (Day 4)

For your Initial Response, in 750-1,000 words, address the following questions:

What are the various sources of long-term finance available to both SMEs and listed companies in your country, and which of these sources are mostly used by them?

What are the consequences of the difficulties that SMEs face in gaining finance, and what methods can be used by these firms to overcome these disadvantages?

Base your answer upon your reading, further research and your own experiences. Please remember to correctly cite all references.

Post your response to the Collaboration Forum and also to the Turnitin link provided.

You will continue this Collaboration by completing the second part below.

By Wednesday (Day 7)

Participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Constructively critique their examination of SMEs’ disadvantages. Remember to provide a rationale for each of your comments.

Identify additional ways of approaching the issue of long-term finance. How could these approaches affect interpretation of long-term finance issues.

Please note that a Summative Collaboration Participation grade will be awarded in Week 3 covering Participation posts for Weeks 1, 2 and 3 together.

To access the Collaboration Forum, click on the "Week 2 Collaboration Forum" link.

To submit your initial response to Turnitin, click on the "View/Complete" link for Week 02 Collaboration Initial Response -- Turnitin.

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Personal Development Plan: Preparation

This week you will start writing your Personal Development Plan (PDP). The purpose and focus of the PDP is to develop a plan for how you will succeed in achieving your goals for this module and, consequently, for your program as a whole.

When completing the PDP, begin by identifying the key insights gained through a review of the goals and objectives of the module to date, as well as the activities carried out in the module so far. Reflect on the emerging themes from the discussions within the Collaboration area, as well as your Learning Resources and conversations with others within your group. In addition, consider how the concepts, theory and processes introduced in this module so far fit in with previous modules you have completed.

Identify and briefly summarise two topics discussed in the Collaborations that have provided new insights regarding business finance and the topics covered so far.

Then, develop an outline of the main areas of your PDP as it relates to your goals for this module as well as for your program. Having a set of clearly articulated goals and a plan for reaching them, as well as knowledge of where to turn for help, will allow you to keep focused on those goals and ensure you have the support necessary to achieve them.

Are there topics discussed that could have professional or personal application for you?

You can develop the outline as you deem appropriate, choosing the areas in which you wish to develop your expertise. Include areas in which you may already have expertise. Consider the PDP, which is only seen by you and the Instructor, as an opportunity to also let your Instructor know about areas you may be having difficulty with.

Your final PDP submission in Week 8 should be approximately 1,500-2,000 words.

To complete this PDP:

By Wednesday (Day 7)

Submit an approximately 250-word response addressing the noted areas and also laying the groundwork for the Week 8 PDP.

Week 2: PDP Forward Thinking

As you start to think about your PDP this week, you may find it helpful to consider what you are working towards for Week 8. With this in mind, the Final Submission requirements are posted for you here:

Personal Development Plan: Final submission (Week 8)

To complete this PDP:

The final PDP assignment will be a private submission to the Instructor and will challenge you to demonstrate your ability to reflect on the learning outcomes of the module as well as the following subject areas:

Your strategic awareness

Questions of ethics

Other disciplines already studied and how they relate to the content and concepts of this module (link to previous classes)

Your cultural awareness

Your career/role

You should look back at the entire module and prepare a paper that synthesises the activities of the class and your knowledge gained for the whole 8-week period. Do not just rehash the textbook and Weekly Notes.

Submit your PDP to the Turnitin link provided on the last day of the week (Wednesday midnight, your time). Your PDP should be approximately 1,500-2,000 words.

The subject matter of your summary is explained for you here. Please follow this outline, including using the prescribed headings. You may not combine or eliminate any category from your paper. References are not compulsory. This is an exercise in critical thinking and integration – its design is to encourage you to think about the contents of these preceding eight weeks of study from a big-picture perspective. Again, this is not a research document – it is an assignment to encourage you to integrate the concepts of the module and previous educational periods into your own situation and work environment.

Please address the following in your response:

How important do you now view business finance to be in relation to strategic decision-making? Has the module changed your opinions in this regard? Has the module led to greater insight about your workplace and its functioning?

How can you link what you have learned in this module with knowledge gained in previous modules?

Do you feel that you have improved your key skills (report writing, time management, etc.) as a result of your experiences with this module?

How did the overall module materials help you in your personal or professional life? (This question is particularly important.)

What ethical and cultural issues have you considered to be important in this module, and how have they influenced your views of global business?

What did you like/dislike about the overall module? Are there ways in which you feel that your educational experience could have been improved?

What progress has taken place in achieving the goals identified for this module in your Week 4 PDP?

What challenges did you face, and what insights did you gain from the Module Project?

As you may know, at the end of your programme, you will be writing a dissertation based on a research topic you develop. Sometimes students reach the end of the programme without thinking about a research topic and then have difficulty finding a topic. The modules in the programme present opportunities for identifying possible topics that may be of interest for you to research for your dissertation. The research articles you review and write about also are sources of ideas. So it is a good idea to start listing possible research topics, if any, in your PDPs so that you can refer to them and have a selection to choose from later. It can save you a great deal of time and effort and lead to a much better research experience if you have developed ideas to follow up for research. Did you find any ideas in this module that interest you? If so, please list and provide a brief summary of your topic idea(s). Also be aware that there will be a specific section in your dissertation based upon your PDPs.

By Wednesday (Day 7)

Submit your final PDP of 1,500-2,000 words in a single Microsoft Word document.

This assignment should be prepared and submitted to Turnitin using the Word.

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Week 3 Assessments

This week you submit:

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Collaboration Group Case Study response to Turnitin (Wednesday, Day 7)

Module Project (Wednesday, Day 7)

Collaboration: Cost of capital, risks and returns, plus options

This week, you continue last week’s Collaboration by answering another part of the prompt.

To complete this Collaboration:

N.B. In Week 3, you are NOT required to submit an Initial Collaboration post. You will, however, find that your Instructor has posted some initial questions in the Discussion Board Week 3 Collaboration Thread to help stimulate your subsequent debates.

· Critically examine this statement: ‘The CFO of Algo Plc left the venue of a seminar on cost of capital which he recently attended with the conclusion that “the cost of capital is a function of the various sources of finance of a firm and, as such, is influenced by each investor's expected return, which in turn is dictated by risk perception”’.

· Consider capital budgeting as you justify why cost of capital tends to be higher for developing countries when compared to developed countries or for smaller firms compared to larger corporations.

By Wednesday (Day 7)

Continue to participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Offer contributions based upon your prior experience.

Extend the discussion into new but relevant areas.

Model or promote critical reflection from what you have read.

A Summative Participation Grade and Feedback is to be provided this week covering Weeks 1-3 together.

To access the Collaboration Forum, click on the "Weeks 2–3 Collaboration Forum" link.

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Module Project: Finance manager

This week, you will submit Chapters 1 and 2 of your project for feedback from your Instructor and a summative grade. As indicated in Week 1, each chapter will cover the following topics:

Chapter 1: Introduction

Explain the corporate history, background and corporate objectives of the organisation.

Identify the ownership structure and provide a shareholder analysis (distribution of shares as held by individuals, pension funds, marginal investors and large domestic or foreign investors).

Identify and discuss sources of finance (not capital structure).

Discuss corporate control, agency problems and corporate governance mechanisms.

Chapter 2: Risks, cost of capital and return

Examine the major risks (both systematic and unsystematic risks) that have been facing the organisation and discuss how these may have been dealt with or managed over the years.

Based on the various sources of capital employed, estimate the company’s cost of capital (component costs and WACC) and determine the percentage return on capital employed (accounting ROCE).

Comment on whether the risks you identified have had an impact on the return.

Explain how the return compares with the cost of capital.

Make a constructive comparison of your findings with similar companies within the same industry.

Chapter 3: Capital structure and dividend policy

Critically evaluate the capital structure policy of the company and compare with similar companies within the same industry.

Critically appraise the dividend policy of the company and compare this with similar companies within the same industry.

Chapter 4: Working capital management and liquidity

Critically evaluate the effectiveness of the working capital management policy of the company and compare with similar companies within the same industry.

Based on the issues covered in this chapter and previous chapters, assess the liquidity position of the company and whether there are any ongoing concerns that may make it a target for acquisition.

Chapter 5: Summary and conclusions

Relate your findings to relevant theories and summarise and draw conclusions as well as recommendations. This should include an estimate of the value of the company.

Your submissions should demonstrate critical analysis of the topic and a coherent application of related concepts and theories from the Module Learning Resources.

To complete this Module Project Submission:

By Wednesday (Day 7):

In 750-1,000 words per chapter, submit Chapters 1 and 2 of your project.

This assignment should be prepared and submitted to Turnitin using the Word (.doc or .docx) format no later than midnight your local time.

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Week 4 Assessments

This week you submit:

Collaboration initial response to the Collaboration Forum (Sunday, Day 4)

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Personal Development Plan (Wednesday, Day 7)

CAPM and cost of equity

To complete this Collaboration:

By Sunday (Day 4)

For your Initial Response, in 750-1,000 words:

Critically assess the use of asset pricing models in the capital budgeting process.

In particular, your response should consider the criticism of the static nature of the CAPM theory.

Base your answer on research, your readings and your own experiences. Please cite all references and turn in by Sunday (Day 4).

Post your response to the Collaboration Forum and also to the Turnitin link provided.

You will continue this Collaboration by completing the second part below.

By Wednesday (Day 7)

Participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Constructively critique their assessment of CAPM’s uses in capital budgeting.

Identify additional uses for CAPM and offer them as suggestions.

Please note that a Summative Collaboration Participation grade will be awarded in Week 5 covering Participation posts for Weeks 4 and 5 together.

To access the Collaboration Forum, click on the "Weeks 4–5 Collaboration Forum" link.

To submit your initial response to Turnitin, click on the "View/Complete" link for Week 04 Collaboration Initial Response -- Turnitin.

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Personal Development Plan

This week, the PDP assignment, started in Week 2, is to be continued.

To complete this PDP:

By Wednesday (Day 7)

Submit an approximately 750-word narrative addressing the following:

Identify the key insights gained through a review of the goals and objectives of the module to date, as well as the activities carried out in the module so far.

Reflect on the emerging themes from the discussions within the Collaboration area, as well as your Learning Resources and conversations with others within your group.

Identify and briefly explain two insights gained from the discussions in the Collaboration threads in the past two weeks.

Explain specific ideas and concepts covered so far (such as corporate governance, risk, the cost of capital and sources of financing) that have personal and professional implications for you.

Describe your personal attitude toward risk. How is it reflected in the choices you make professionally and personally?

Explain how the concepts, theory and processes covered in this module so far fit in with previous modules you have completed.

Develop an outline of the main areas of your PDP as it relates to your goals for this module as well as for the programme. Having a set of clearly articulated goals and a plan for reaching them, as well as knowledge of where to turn for help, will allow you to keep focused on those goals and ensure you have the support necessary to achieve them.

To submit your Personal Development Plan to Turnitin, click the "View/Complete" link for Week 04 Personal Development Plan -- Turnitin.

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Week 5 Assessments

This week you submit:

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Collaboration Group Case Study response to Turnitin (Wednesday, Day 7)

Module Project (Wednesday, Day 7)

Capital structure, market efficiency and dividend policy

This week, you continue last week’s Collaboration by discussing capital structure and dividend policy.

To prepare for this Collaboration:

N.B. In Week 5, you are NOT required to submit an Initial Collaboration post. You will, however, find that your Instructor has posted some initial questions in the Discussion Board Week 3 Collaboration Thread to help stimulate your subsequent debates.

Critically examine the statement about optimum capital structure and address one of the points below.

● Present a reasoned argument as to whether you agree with the statement, within the context of capital structure theories that you have studied. Draw upon evidence from practical realities that firms take into consideration when formulating capital structure policy.

● Drawing from dividend theories that you are familiar with, justify whether a company should or should not pay dividends.

Suggested Answer

By Wednesday (Day 7)

Continue to participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Evaluate their arguments and evidence.

Explain your agreement or disagreement with their justification of whether a company should pay dividends.

A Summative Collaboration Participation Grade and Feedback is to be provided this week covering Weeks 4 and 5 together.

To access the Collaboration Forum, click on the "Weeks 4–5 Collaboration Forum" link.

Module Project: Finance Manager

By Wednesday (Day 7)

Submit Chapter 3 of your project as well as Chapters 1 and 2 revised on the basis of feedback received in Week 3. As indicated in Week 1, each chapter should cover the below topics. The complete project, including Chapters 4 and 5, will be due in Week 7.

Chapter 1: Introduction

Explain the corporate history, background and corporate objectives of the organisation.

Identify the ownership structure and provide a shareholder analysis (distribution of shares as held by individuals, pension funds, marginal investors and large domestic or foreign investors).

Identify and discuss sources of finance (not capital structure).

Discuss corporate control, agency problems and corporate governance mechanisms.

Chapter 2: Risks, cost of capital and return

Examine the major risks (both systematic and unsystematic risks) that have been facing the organisation and discuss how these may have been dealt with or managed over the years.

Based on the various sources of capital employed, estimate the company’s cost of capital (component costs and WACC) and determine the percentage return on capital employed (accounting ROCE).

Comment on whether the risks you identified have had an impact on the return.

Explain how the return compares with the cost of capital.

Make a constructive comparison of your findings with similar companies within the same industry.

Chapter 3: Capital structure and dividend policy

Critically evaluate the capital structure policy of the company and compare with similar companies within the same industry.

Critically appraise the dividend policy of the company and compare this with similar companies within the same industry.

Chapter 4: Working capital management and liquidity

Critically evaluate the effectiveness of the working capital management policy of the company and compare with similar companies within the same industry.

Based on the issues covered in this chapter and previous chapters, assess the liquidity position of the company and whether there are any ongoing concerns that may make it a target for acquisition.

Chapter 5: Summary and conclusions

Relate your findings to relevant theories and summarise and draw conclusions as well as recommendations. This should include an estimate of the value of the company.

Your submission should demonstrate critical analysis of the topic and a coherent application of related concepts and theories from the Module Learning Resources.

To submit Chapters 1, 2 and 3 of your Module Project to Turnitin, click on Module Project in the module menu, and click the "View/Complete" link for Week 5 Module Project - FF -- Turnitin.

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Week 6 Assessments

This week you submit:

Collaboration initial response to the Collaboration Forum (Sunday, Day 4)

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Personal Development Plan (Wednesday, Day 7)

Working capital management and short-term finance

To prepare for this Collaboration:

Read this statement: Deloof, (2003, p. 573) is of the opinion that ‘the way in which working capital is managed will have a significant impact on the profitability of firms . . . Firms (therefore) may have an optimal level of working capital that maximizes their value’.

To complete this Collaboration:

By Sunday (Day 4)

For your Initial Response, in 750-1,000 words:

Critically examine the Deloof statement.

Evaluate both whether there are particular problems associated with managing the working capital of SMEs and whether the state of development of a country’s money market enhances access to working capital by businesses generally.

Post your response to the Collaboration Forum and also to the Turnitin link provided.

You will continue this Collaboration by completing the second part below.

By Wednesday (Day 7)

Participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Constructively critique their response.

Offer contributions based upon your prior experience.

Model or promote critical reflection from what you have read.

Please note that a Summative Collaboration Participation grade will be awarded in Week 8 covering Participation posts for Weeks 6, 7 and 8 together.

To access the Collaboration Forum, click on the "Weeks 6–7 Collaboration Forum" link.

To submit your initial response to Turnitin, click on the "View/Complete" link for Week 06 Collaboration Initial Response -- Turnitin.

Suggested Answer

Personal Development Plan

Here you will create a further submission of a reflective statement relating to your module work to date. This activity is designed to help you reflect in more depth on your personal development and should feed in to your (graded) Final PDP submission for Week 8.

To complete this PDP:

By Wednesday (Day 7)

Submit an approximately 1,000-word post describing areas of your ongoing personal development related to this module.

Build upon the material from your Week 4 reflective paper. Please reflect upon the questions and feedback from your Week 4 PDP. You may wish to reflect upon the following:

Discuss those areas of business finance that have most resonated with you so far.

How do you see the concepts that you have studied applying to your professional experience, as well as your personal finances?

What steps might you now take to aid you in the transition of applying the coursework to your workplace?

Submit your post to the Turnitin link provided.

This assignment is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to gain from your Instructor’s formative feedback. Give the assignment your full effort and ask for clarification on any feedback you do not understand.

To access the Collaboration Forum, click on the "Week 6 Collaboration Forum" link.

To submit your Personal Development Plan to Turnitin

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Week 7 Assessments

This week you submit:

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Module Project (Wednesday, Day 7)

Presentation Skills: Optional Activity

Mergers and acquisitions, plus business valuation

To complete this Collaboration:

N.B. In Week 7, you are NOT required to submit an Initial Collaboration post. You will, however, find that your Instructor has posted some initial questions in the Discussion Board Week 3 Collaboration Thread to help stimulate your subsequent debates.

Welcome again to Week 7.

As you'll have seen, you are NOT required to submit an Initial Collaboration post this week. However, below are some reflections and questions just to get our discussions going.

In order to help start our debates this week, please consider the following:

Read this statement: The Chief Financial Officer (CFO) of Mandelson Plc, a company quoted on the London Stock Exchange, confidently walked into the boardroom where the directors of the company were seated to deliberate upon what the CFO believes is a high-wealth accretion, strategically important, plus low-risk M&A deal, involving an American corporation as the target company. A short time later, he was disappointed to be informed that the board is of the opinion that the deal may not favour shareholders.

Consider the above statement and address one of the following points:

Critically examine why corporations undertake mergers and acquisitions and consider to what extent the objectives are achieved post-merger.

Address this question: When are shareholders said to be favoured in an M&A transaction?

You can start responding as soon as you like to the above.

By Wednesday (Day 7)

Continue to participate by engaging in a discussion with your colleagues, replying to each other’s posts:

Ask a thoughtful question about their posts.

Offer contributions based upon your prior experience.

Extend the discussion into new but relevant areas.

Model or promote critical reflection from what you have read.

Formative feedback is to be provided. Please note that a Summative Collaboration Participation grade will be awarded in Week 8 covering Participation posts for Weeks 6, 7 and 8 together.

To access the Collaboration Forum, click on the "Weeks 6–7 Collaboration Forum" link.

Suggested Answer

Module Project: Finance Manager

Final Submission

This week, you will complete your Module Project based on the organisation you selected in Week 1. The project requires you to undertake a detailed study of the corporate finance practices of your chosen organisation, with particular emphasis on the critical and subjective areas of corporate finance decision processes and issues around this.

The suggested indicative content for each chapter of your project is as follows:

Chapter 1: Introduction

Explain the corporate history, background and corporate objectives of the organisation.

Identify the ownership structure and provide a shareholder analysis (distribution of shares as held by individuals, pension funds, marginal investors and large domestic or foreign investors).

Identify and discuss sources of finance (not capital structure).

Discuss corporate control, agency problems and corporate governance mechanisms.

Chapter 2: Risks, cost of capital and return

Examine the major risks (both systematic and unsystematic risks) that have been facing the organisation and discuss how these may have been dealt with or managed over the years.

Based on the various sources of capital employed, estimate the company’s cost of capital (component costs and WACC) and determine the percentage return on capital employed (accounting ROCE).

Comment on whether the risks you identified have had an impact on the return.

Explain how the return compares with the cost of capital.

Make a constructive comparison of your findings with similar companies within the same industry.

Chapter 3: Capital structure and dividend policy

Critically evaluate the capital structure policy of the company and compare with similar companies within the same industry.

Critically appraise the dividend policy of the company and compare this with similar companies within the same industry.

Chapter 4: Working capital management and liquidity

Critically evaluate the effectiveness of the working capital management policy of the company and compare with similar companies within the same industry.

Based on the issues covered in this chapter and previous chapters, assess the liquidity position of the company and whether there are any ongoing concerns that may make it a target for acquisition.

Chapter 5: Summary and conclusions

Relate your findings to relevant theories and summarise and draw conclusions as well as recommendations. This should include an estimate of the value of the company.

The final Module Project should be approximately 5,000 words.

This week, you are required to submit the final Module Project.

Remember to support your points with suitable article references from relevant academic journals using the appropriate Harvard referencing style. You should have a title page, an index page and numbered paragraphs and sub-paragraphs. You should also refer to the Module Project guidance that was issued with your Weeks 1 and 6 materials.

By Wednesday (Day 7)

Submit your Module Project of approximately 5,000 words to the Turnitin link provided. This target length excludes your front page, executive summary, indices, any appendices and your end references list.

This assignment should be prepared and submitted to Turnitin using the Word (.doc or .docx) format no later than midnight your local time.

To submit your Module Project to Turnitin, click on Module Project in the module menu, and click the "View/Complete" link for Week 07 Module Project -- Turnitin.

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Week 8 Assessments

This week you submit:

Collaboration initial response to the Collaboration Forum (Sunday, Day 4)

Collaboration responses to the Collaboration Forum (Wednesday, Day 7)

Personal Development Plan (Wednesday, Day 7)

Mergers and acquisitions, plus business valuation

To prepare for this Collaboration:

Select one of the following three articles, review its contents:

Article 1
Alba, J.D, Park, D. & Wang, P. (2009), ‘Corporate governance and merger and acquisition (M&A) FDI: firm-level evidence from Japanese FDI into the US’, Journal of Multinational Financial Management, 19 (1), pp. 1-11.

Article 2
Jiraporn, P., Kim, Y.S. & Davidson, W.N. & Singh, M. (2006), ‘Corporate governance, shareholder rights and firm diversification: an empirical analysis’, Journal of Banking & Finance, 30 (3), pp. 947-963.

Article 3
Jiraporn, P., Kim, J.-C., Kim, Y.S. & Kitsabunnarat, P. (2012), ‘Capital structure and corporate governance quality: evidence from the Institutional Shareholder Services (ISS)’, International Review of Economics and Finance, 22 (1), pp. 208-221.

To complete this Collaboration:

By Sunday (Day 4)

For your Initial Response, in 750-1,000 words:

Drawing upon your responses from Weeks 6 and 7, provide an overview of the article, the research questions posed, methodology, data and conclusions. Do you agree with the authors’ opinion? Use of practical examples, plus pertinent additional references to support your position, is required.

Post your response to the Collaboration Forum and also to the Turnitin link provided.

By Wednesday (Day 7)

Participate in the Collaboration Forum by posting 3 to 5 responses to your colleagues in which you:

Evaluate their examples and references for relevance and strength of support for their article’s topic.

Choose a colleague who wrote about the same article (if possible) and comment on his or her reasoning.

A Summative Participation Grade and Feedback is to be provided this week covering Weeks 6, 7 and 8 together.

To access the Collaboration Forum, click on the "Week 8 Collaboration Forum" link.

To submit your initial response to Turnitin, click on the "View/Complete" link for Week 08 Collaboration Initial Response -- Turnitin.

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Personal Development Plan

To complete this PDP:

The final PDP assignment will be a private submission to the Instructor and will challenge you to demonstrate your ability to reflect on the learning outcomes from the module as well as the following subject areas:

Your strategic awareness

Questions of ethics

Other disciplines already studied and how they relate to the content and concepts of this module (link to previous classes)

Your cultural awareness

Your career/role

Submit your PDP to the Turnitin link provided on the last day of the week (Wednesday midnight, your time). Your PDP should be approximately 1,500-2,000 words.

The subject matter of your summary is explained for you here. Please follow this outline, including using the prescribed headings. You cannot combine or eliminate any category from your paper. References are not compulsory. This is an exercise in critical thinking and integration – its design is to encourage you to think about the contents of these preceding eight weeks of study from a big-picture perspective. Again, this is not a research document – it is an assignment to encourage you to integrate the concepts of the module and previous educational periods into your own situation and work environment.

Please address the following in your response:

How can you link what you have learned in this module with knowledge gained in previous modules?

Do you feel that you have improved your key skills (report writing, time management, etc.) as a result of your experiences with this module?

How did the overall module materials help you in your personal or professional life? (This question is particularly important.)

What ethical and cultural issues have you considered to be important in this module, and how have they influenced your views of global business?

What did you like/dislike about the overall module? Are there ways in which you feel that your educational experience could have been improved?

What progress has taken place in achieving the goals identified for this module in your Week 4 PDP?

What challenges did you face, and what insights did you gain from the Module Project?

By Wednesday (Day 7)

Submit your final PDP of 1,500-2,000 words in a single Microsoft Word document.

To submit your Personal Development Plan to Turnitin, click the "View/Complete" link for Week 08 Personal Development Plan -- Turnitin.

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