Group Assignment This item of assessment is Compulsory. You are a Graduate Trainee Analyst at a renowned financial institution. After six (6) months of joining the company, you are asked by your superior to produce a comprehensive business analysis and valuation on a company which has had a major restructuring or has made a major impact on the the area of company analysis and valuation recently. You are to choose a case from 12 cases as listed in the 'Groups' of MyWeb(Harnischfeger Corporation). You are strongly advised to use the Financial Statement Analysis Package (FSAP) Version 7.0 Excel template in performing your analysis and valuation. This assignment is purposedly designed to access your level of critical thinking and competency of analysis and valuation. The intended audiences for your report are Chief Financial Officer (CFO) and senior managers of your company. Your report should be at least 2,000 words. As a guide, your report should comprise at least the followings:Executive Summary 1. Executive Summary 2. Introduction - Purpose and Objectives 3. General Company Description – Shareholders and Management Team 4. Issues and problems of the case 5. Company Analysis 6. Company Valuation 7. Suggested solutions 8. Conclusions and Recommendations 9. Appendices 10. References Hints: 1. Limit the executive summary to one page, in point form of between 8 and 10 points only. It summarizes the whole report for a busy reader who only wants to know the salient points of your report. 2. Be specific on the purpose of your report. Provide some objectives that you think are very relevant and important. A good report will also include scope and limitations. 3. On the company’s description, be resourceful by including major shareholder changes, director changes, or corporate moves that are pertinent to the company. 4. Highlight the main problems and secondary problems of the company as presented in the case. 5. Perform a financial ratio analysis covering liquidity, operating, leverage, and profitability. 6. Use the Financial Statement Analysis Package (FSAP) Version 7.0 Excel template to derive fair valuation of the company. 7. Elaborate your suggested solutions to the main problems and secondary problems as you highlighted in point (4) above. 8. Summarize your analyses in the conclusions and provide your recommendations. 9. Include important articles or write-up that you quote in the appendices. If you have many of them, prepare a table of appendices. PAPER OUTLINE Paper Title: Business Analysis and Valuation Paper Code: FINA305­14B (HAM) School: Waikato Management School Department: Finance Location: Main Campus, Hillcrest Road, Hamilton Convenor: Sazali Abidin (Dr) ph. ext: 4513 room : MSB.3.38H Email:sazali@waikato.ac.nz Table of Contents Staffing Timetable Details Purpose Statement Learning Outcomes Activities Topics Assessment Resources Schedule Research Review and Evaluation Linkages Other Information STAFF Tutor: Sanjeev Acharya ph. ext: 8183 room : OP30.G.04 Email:sa205@students.waikato.ac.nz Administrator: Denise Martin (Miss) ph. ext: 4448 room : MSB.3.38B Office Hours: 12.30­5 Email:dmmartin@waikato.ac.nz Student Representative(s) Aaron Kumar ak220@students.waikato.ac.nz TIMETABLE DETAILS: Lectures Lecture Name Lecture Time Room LEC 01 Thu 1pm – 3pm S.G.02 Tutorials The tutorial groups are now closed (since 31/07/2014 at 12 midnight) Group No. Room Time Max. No. 2 MSB.0.20 MON at 4 pm for 1hr. 29 29 MSB.0.20 Wed at 10 am for 1hr. 25 15 Full 3 Projects The project groups are now closed (since 31/07/2014 at 12 midnight) Group No. Room Time Max. No. 1 Full ­ ­ 3 3 Harnischfeger Corporation 2 Full ­ ­ 3 3 Amazon.com in the Year 2000 3 ­ ­ 3 2 Schneider and Square D 4 ­ ­ 3 1 Financial Reporting Problems at Molex, Inc. (A) 5 Full ­ ­ 3 3 America Online, Inc 6 Full ­ ­ 3 3 Boston Chicken, Inc 7 Full ­ ­ 3 3 Hewlett­Packard­Compaq: The Merger Decision 8 Full ­ ­ 3 3 The Home Depot, Inc 9 ­ ­ 3 1 Pre­Paid Legal Services, Inc 10 ­ ­ 3 1 Leasing Decision at Magnet Beauty Products, Inc 11 ­ ­ 3 2 Sidoti & Company: Launching a Micro­Cap Product ­ ­ 3 3 Corruption at Siemens (A) 13 ­ ­ 3 0 B Harnischfeger Corporation 14 ­ ­ 3 2 B Amazon.com in the Year 2000 15 ­ ­ 1 0 B Schneider and Square D ­ ­ 3 3 B Financial Reporting Problems at Molex, Inc. (A) ­ ­ 3 0 B America Online, Inc 12 16 17 Full Full 18 ­ ­ 3 2 B Boston Chicken, Inc. 19 Full ­ ­ 3 3 B Hewlett­Packard­Compaq: The Merger Decision 20 Full ­ ­ 3 3 B The Home Depot, Inc. 21 ­ ­ 3 0 B Pre­Paid Legal Services, Inc 22 ­ ­ 3 0 B Leasing Decision at Magnet Beauty Products, Inc 23 ­ ­ 3 0 B Sidoti & Company: Launching a Micro­Cap Product ­ ­ 3 3 B Corruption at Siemens (A) 24 Full Note: Provisional enrolments in groups are denoted by *. Group Information PURPOSE STATEMENT This paper provides a comprehensive treatment of business analysis and valuation. It develops a quantitative approach to the analysis of financial information. The paper integrates commercial understanding, financial information and capital market theory to investigate the monetary value of businesses. LEARNING OUTCOMES By the end of this paper, students are expected to be able to: 1 : Demonstrate a systematic economic understanding of how the financial and strategic position of a business is reflected in the company’s financial statements. 2 : Learn how to find, select and organise relevant corporate data for a given company. 3 : Understand the concept and calculation of 'free cash flow' and its application to valuation of companies. 4 : Understand a comprehensive range of valuation techniques for equity valuation. 5 : Evaluate the relative merits and limitations of different valuation tools in a given business context. 6 : Able to make informed pragmatic judgements about the quality of the resulting value estimates. 7 : Convey complex financial information in a concise format that effectively communicates key findings to investors. 8 : Analyze the relationship between theory and contemporary practice. ACTIVITIES 1 : 40 Hours .... Attend classes 2 : 70 Hours .... Complete Group Assignment 3 : 50 Hours .... Prepare for and attend Quizzes 4 : 30 Hours .... Complete the Fund Management Simulation Project 5 : 10 Hours .... Study and sit for the Examination TOPICS This paper will cover the following topics: • A Framework for Business Analysis and Valuation Using Financial Statements • Strategy Analysis • Overview of Accounting Analysis • Implementing Accounting Analysis • Financial Analysis • Prospective Analysis: Forecasting • Prospective Analysis: Valuation Theory and Concepts • Prospective Analysis: Valuation Implementation • Equity Security Analysis • Credit Analysis and Distress Prediction • Mergers and Acquisitions • Communication and Governance ASSESSMENT Internal Assessment/Final Examination 1:1 Internally Assessed Components Component Details Submission Details Component Due Date Company Analysis and Valuation Project ­ Report 1 Company Analysis and Valuation Project ­ Report 2 Company Analysis and Valuation Project ­ Report 3 Company Analysis and Valuation Project ­ Report 4 Company Analysis and Valuation Project ­ Report 5 8/08/2014 at 6:00 pm 15/08/2014 at 6:00 pm 12/09/2014 at 6:00 pm 26/09/2014 at 6:00 pm 10/10/2014 at 6:00 pm Quizzes, Best 4 of 5 5/08/2014 at 6:00 pm 19/08/2014 at 6:00 pm 9/09/2014 at 6:00 pm 23/09/2014 at 6:00 pm 7/10/2014 at 6:00 pm Quiz 1 Quiz 2 Quiz 3 Quiz 4 Quiz 5 Tutorial Completions, Best 4 of 5 Tutorial Completion 1 Tutorial Completion 2 Tutorial Completion 3 Tutorial Completion 4 Tutorial Completion 5 Group Assignment BBA Test BBA Portfolio Total Notes Weighting Comp­ ulsory Where How 2.40% Online Web Submit 2.40% Online Web Submit 2.40% Online Web Submit 2.40% Online Web Submit 2.40% Online Web Submit 60.00% Other Other ­ Online ­ ­ ­ ­ 8.00% 22/07/2014 ­ at 6:00 pm 5/08/2014 ­ at 6:00 pm 19/08/2014 ­ at 6:00 pm 16/09/2014 ­ at 6:00 pm 30/09/2014 ­ at 6:00 pm 17/10/2014 20.00% at 6:00 pm Web Submit FINA Tutorial Quiz Web Submit Online FINA Tutorial Quiz Web Submit Online FINA Tutorial Quiz Web Submit Online FINA Tutorial Quiz Web Submit Online FINA Tutorial Quiz Other Other Online Web Submit Online Web Submit Online Web Submit Online Web Submit Online Web Submit MSC Web Submit TBA 0.00% Online Web Submit 17/10/2014 0.00% Online Web Submit Status Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only Information Only 100% The above Internally assessed components make up 50.00% of the total assessment. The Final Examination makes up the remaining 50.00% You are required to complete the Assessments marked as "Compulsory". YOU MUST do the Compulsory Assessment otherwise you will not pass the Paper. Examination Examination Exam Starts Ends Weighting Not Available Ends: 50.00% Comp­ ulsory Where How at Exam Printed Assignment Details Company Analysis and Valuation Project ­ Report 1 (Due Date: Friday, 8 August 2014 at 6:00 pm) Details will be posted on MyWeb in due course. This assessment relates to Learning Outcome 1 ­ Demonstrate a systematic economic understanding of how the financial and strategic position of a business is reflected in the company’s financial statements. Company Analysis and Valuation Project ­ Report 2 (Due Date: Friday, 15 August 2014 at 6:00 pm) Details will be posted in MyWeb in due course. This assessment relates to Learning Outcome 2 ­ Learn how to find, select and organise relevant corporate data for a given company, and Learning Outcome 3 ­ Understand the concept and calculation of 'free cash flow' and its application to valuation of companies. Company Analysis and Valuation Project ­ Report 3 (Due Date: Friday, 12 September 2014 at 6:00 pm) Details will be posted in MyWeb in due course. This assessment relates to Learning Outcome 4 ­ Understand a comprehensive range of valuation techniques for equity valuation, and Learning Outcome 5 ­ Evaluate the relative merits and limitations of different valuation tools in a given business context. Company Analysis and Valuation Project ­ Report 4 (Due Date: Friday, 26 September 2014 at 6:00 pm) Details will be posted in MyWeb in due course. This assessment relates to Learning Outcome 6 ­ Able to make informed pragmatic judgements about the quality of the resulting value estimates, and Learning Outcome 7 ­ Convey complex financial information in a concise format that effectively communicates key findings to investors. Company Analysis and Valuation Project ­ Report 5 (Due Date: Friday, 10 October 2014 at 6:00 pm) Details will be posted in MyWeb in due course. This assessment relates to Learning Outcome 8 ­ Analyze the relationship between theory and contemporary practice. Quizzes, Best 4 of 5 The best 4 scores out of 5 quizzes will be taken into account. If you miss a quiz due to sickness, or a family bereavement, you automatically drop that quiz. If you miss more than 1 quiz for valid reasons then you can apply for special consideration. You are expected to attempt all 5 quizzes. Quiz 1(Due Date: Tuesday, 5 August 2014 6:00 pm) Will cover Chapters 1 and 2. This assessment relates to Learning Outcome 1 ­ Demonstrate a systematic economic understanding of how the financial and strategic position of a business is reflected in the company’s financial statements. Quiz 2(Due Date: Tuesday, 19 August 2014 6:00 pm) Will cover Chapters 3 and 4. This assessment relates to Learning Outcome 2 ­ Learn how to find, select and organise relevant corporate data for a given company, and Learning Outcome 3 ­ Understand the concept and calculation of 'free cash flow' and its application to valuation of companies. Quiz 3(Due Date: Tuesday, 9 September 2014 6:00 pm) Will cover Chapters 5 and 6. This assessment relates to Learning Outcome 4 ­ Understand a comprehensive range of valuation techniques for equity valuation, and Learning Outcome 5 ­ Evaluate the relative merits and limitations of different valuation tools in a given business context. Quiz 4(Due Date: Tuesday, 23 September 2014 6:00 pm) Will cover Chapters 7 and 8. This assessment relates to Learning Outcome 6 ­ Able to make informed pragmatic judgements about the quality of the resulting value estimates, and Learning Outcome 7 ­ Convey complex financial information in a concise format that effectively communicates key findings to investors. Quiz 5(Due Date: Tuesday, 7 October 2014 6:00 pm) Will cover Chapters 9 and 10. This assessment relates to Learning Outcome 8 ­ Analyze the relationship between theory and contemporary practice. Tutorial Completions, Best 4 of 5 The best 4 scores out of 5 tutorial completions will be taken into account. Tutorial completions are scored 100% if at least 70% of the tutorial questions are completed, regardless of correct or incorrect answers. Tutorial Completion 1(Due Date: Tuesday, 22 July 2014 6:00 pm) Will cover Chapters 1 and 2. This assessment relates to Learning Outcome 1 ­ Demonstrate a systematic economic understanding of how the financial and strategic position of a business is reflected in the company’s financial statements. Tutorial Completion 2(Due Date: Tuesday, 5 August 2014 6:00 pm) Will cover Chapters 3 and 4. This assessment relates to Learning Outcome 2 ­ Learn how to find, select and organise relevant corporate data for a given company, and Learning Outcome 3 ­ Understand the concept and calculation of 'free cash flow' and its application to valuation of companies. Tutorial Completion 3(Due Date: Tuesday, 19 August 2014 6:00 pm) Will cover Chapters 5 and 6. This assessment relates to Learning Outcome 4 ­ Understand a comprehensive range of valuation techniques for equity valuation, and Learning Outcome 5 ­ Evaluate the relative merits and limitations of different valuation tools in a given business context. Tutorial Completion 4(Due Date: Tuesday, 16 September 2014 6:00 pm) Will cover Chapters 7 and 8. This assessment relates to Learning Outcome 6 ­ Able to make informed pragmatic judgements about the quality of the resulting value estimates, and Learning Outcome 7 ­ Convey complex financial information in a concise format that effectively communicates key findings to investors. Tutorial Completion 5(Due Date: Tuesday, 30 September 2014 6:00 pm) Will cover Chapters 9 and 10. This assessment relates to Learning Outcome 8 ­ Analyze the relationship between theory and contemporary practice. Group Assignment (Due Date: Friday, 17 October 2014 at 6:00 pm) This item of assessment is Compulsory. You are a Graduate Trainee Analyst at a renowned financial institution. After six (6) months of joining the company, you are asked by your superior to produce a comprehensive business analysis and valuation on a company which has had a major restructuring or has made a major impact on the the area of company analysis and valuation recently. You are to choose a case from 12 cases as listed in the 'Groups' of MyWeb. You are strongly advised to use the Financial Statement Analysis Package (FSAP) Version 7.0 Excel template in performing your analysis and valuation. This assignment is purposedly designed to access your level of critical thinking and competency of analysis and valuation. The intended audiences for your report are Chief Financial Officer (CFO) and senior managers of your company. Your report should be at least 2,000 words. As a guide, your report should comprise at least the followings:­ Executive Summary 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Executive Summary Introduction ­ Purpose and Objectives General Company Description – Shareholders and Management Team Issues and problems of the case Company Analysis Company Valuation Suggested solutions Conclusions and Recommendations Appendices References Hints: 1. Limit the executive summary to one page, in point form of between 8 and 10 points only. It summarizes the whole report for a busy reader who only wants to know the salient points of your report. 2. Be specific on the purpose of your report. Provide some objectives that you think are very relevant and important. A good report will also include scope and limitations. 3. On the company’s description, be resourceful by including major shareholder changes, director changes, or corporate moves that are pertinent to the company. 4. Highlight the main problems and secondary problems of the company as presented in the case. 5. Perform a financial ratio analysis covering liquidity, operating, leverage, and profitability. 6. Use the Financial Statement Analysis Package (FSAP) Version 7.0 Excel template to derive fair valuation of the company. 7. Elaborate your suggested solutions to the main problems and secondary problems as you highlighted in point (4) above. 8. Summarize your analyses in the conclusions and provide your recommendations. 9. Include important articles or write­up that you quote in the appendices. If you have many of them, prepare a table of appendices. BBA Test (Due Date: TBA) This item of assessment is Compulsory. If you are not enrolled in the BBA(Fin), or you are a BBA(Fin) student who has previously taken the test, then you will receive a “GE” (Good Excuse) grade for this component and therefore there will be no impact on your final grade. This item of assessment is therefore only compulsory for BBA(Fin) students who have not previously taken the test and is an important part of the School’s assurance of learning programme. Your final grade will only be affected if you have not taken the test as part of this paper, as an IC grade is awarded to anyone that has not completed a compulsory piece of assessment. This test is made up of two components and has been designed to determine your general understanding of financial analysis as well as test you in more detail in your major subject area whether it be in Accounting, Economics or Finance. The test will be made up of approximately 90 multiple­choice questions. The first part of the test will include general questions in accounting, economics and finance, together with general business knowledge and sustainability questions. This part of the test will be followed by more detailed questions in your major. It is not necessary to study for this test and you will have two hours to complete it under normal exam conditions. You will be notified by email about the available times to take the test which will be during the fourth and tenth week of the semester. You must book a time to take the test via MyWeb and you will receive your grade for the test when you have completed it. BBA Portfolio (Due Date: Friday, 17 October 2014) This item of assessment is Compulsory. If you are not enrolled in the BBA(Fin), or you are a BBA(Fin) student who has previously completed the portfolio, then you will receive a “GE” (Good Excuse) grade for this component and therefore there will be no impact on your final grade. This item of assessment is therefore only compulsory for BBA(Fin) students who have not previously completed a portfolio. Your final grade will only be affected if you have not completed the portfolio as part of this paper, as an IC grade is awarded to anyone that has not completed a compulsory piece of assessment. To complete this item of assessment you will need to submit examples of assessment that you have submitted for papers taken for your BBA(Fin) degree. No new assessment is required, and the assessments you submit that have been already graded will not be re­graded, therefore your existing grades will not be affected. Completing your Portfolio of Work should take you no more than one hour. For further information on how to complete your portfolio and what to include in the Portfolio go to the My Portfolio icon on MyWeb. It can be completed at any time during the semester of enrolment. Examination ( Date: Unavailable ) No extra Information Assessment Policy All tutorial completions, quizzes, and the semester project report must be the work of each student. Group work must be the work of each group. Instances of academic dishonesty will be dealt with according to University Policy. Late submission of any assessments will not be accepted and will not be marked unless there are grounds for special consideration which normally means health or bereavement. The application for such consideration can be found under Files. Further information is available at http//www.waikato.ac.nz/sasd/examinations/exams3.shtml Group Policy: A group may comprise a minimum of 2 members and a maximum of 3 members. Students who wish to complete the group assignment by themselves can do so, if they email the instructor before the end of the second week (before 5.00pm on July 25). Otherwise students are randomly assigned into groups of 3 students. If conflicts arise within a group, students can write a memo to the instructor indicating why they cannot continue in the group and, if the instructor concurs, the student may be allowed to leave the group and complete the assignments individually, carrying the group marks for completed assignments. He or she will not be allowed to join another group. A group that chooses to continue with 2 members cannot add another person to the group. Invariably, people leaving groups are fed­up with the lack of effort by others in the group: if you think it is unfair to have 2 members in a group, then contribute to the group, as you will not receive any dispensation whatsoever for having only 2 members. It is recommended that groups get everyone to contribute to each assignment to prevent conflict among members as results are awarded later in the semester. RESOURCES Required Palepu and Healy, Business Analysis & Valuation using Financial Statements ­ Text & Cases, 5th ed., Cengage, 2013 Recommended Timothy R. Mayes and Todd M. Shanks, Financial Analysis with Microsoft Excel, 5th ed., Cengage, 2010. This book is helpful if you need help with Microsoft Excel. It is very basic and also illustrates finance concepts as you learn Excel. Other instructors have recommended similiar books and you are welcome to use those books instead. Other Resources 1. Extensive use of online databases. 2. Articles published in the NBR are examinable. SCHEDULE Title Topics Staff :Sazali Abidin Week1 beginning 14/07/2014 A Framework for Business Analysis and Valuation Using Financial Statements Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 1 Staff :Sazali Abidin Week2 beginning 21/07/2014 Strategy Analysis Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 2 12 ­ Tutorial Completion 1 22/07/2014 6:00:00 p.m. Staff :Sazali Abidin Week3 beginning 28/07/2014 Overview of Accounting Analysis Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 3 Staff :Sazali Abidin Implementing Accounting Analysis Week4 beginning 4/08/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 4 1 ­ Company Analysis and Valuation Project ­ Report 1 8/08/2014 6:00:00 p.m. 6 ­ Quiz 1 5/08/2014 6:00:00 p.m. 13 ­ Tutorial Completion 2 5/08/2014 6:00:00 p.m. Staff :Sazali Abidin Week5 beginning 11/08/2014 Financial Analysis Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 5 2 ­ Company Analysis and Valuation Project ­ Report 2 15/08/2014 6:00:00 p.m. Staff :Sazali Abidin Prospective Analysis: Forecasting Week6 beginning 18/08/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 6 7 ­ Quiz 2 19/08/2014 6:00:00 p.m. 14 ­ Tutorial Completion 3 19/08/2014 6:00:00 p.m. Week7 beginning 25/08/2014 Teaching Recess Week8 beginning 1/09/2014 Teaching Recess Staff :Sazali Abidin Prospective Analysis: Valuation Theory and Concepts Week9 beginning 8/09/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 7 3 ­ Company Analysis and Valuation Project ­ Report 3 12/09/2014 6:00:00 p.m. 8 ­ Quiz 3 9/09/2014 6:00:00 p.m. Staff :Sazali Abidin Week10 beginning 15/09/2014 Prospective Analysis: Valuation Implementation Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 8 15 ­ Tutorial Completion 4 16/09/2014 6:00:00 p.m. Staff :Sazali Abidin Equity Security Analysis Week11 beginning 22/09/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 9 4 ­ Company Analysis and Valuation Project ­ Report 4 26/09/2014 6:00:00 p.m. 9 ­ Quiz 4 23/09/2014 6:00:00 p.m. Staff :Sazali Abidin Week12 beginning 29/09/2014 Credit Analysis and Distress Prediction Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 10 16 ­ Tutorial Completion 5 30/09/2014 6:00:00 p.m. Staff :Sazali Abidin Mergers and Acquisitions Week13 beginning 6/10/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 11 5 ­ Company Analysis and Valuation Project ­ Report 5 10/10/2014 6:00:00 p.m. 10 ­ Quiz 5 7/10/2014 6:00:00 p.m. 11 ­ Quizzes, Best 4 of 5 7/10/2014 6:00:00 p.m. 17 ­ Tutorial Completions, Best 4 of 5 10/10/2014 6:00:00 p.m. Staff :Sazali Abidin Communication and Governance Week14 beginning 13/10/2014 Business Analysis & Valuation using Financial Statements by Palepu and Healy, 5th edition, Cengage 2013 ­ Chapter 12 18 ­ Group Assignment 17/10/2014 6:00:00 p.m. 20 ­ BBA Portfolio 17/10/2014 RESEARCH The results of the Company Analysis and Valuation Project for the entire class will be reviewed half­way through the semester and at the end of the experiment. The instructor will review the results and provide feedbacks on how the various strategies performed. REVIEW AND EVALUATION The Department strives to make all papers relevant, timely, stimulating, interesting and as up­to­date as possible. Towards the end of each paper students will be asked to evaluate both the content and teaching of the paper. The results of the evaluations are not seen until after the final grades have been submitted to Examinations. Comments about the content and teaching are also welcome as the paper progresses. LINKAGES TO OTHER PAPERS Pre­requisites: FINA201 EXTRA INFORMATION Your attention is drawn to the following regulations and policies which are published in the University Calendar. Also, please refer to “Statement and Policies” (which can be viewed on www.mngt.waikato.ac.nz/myweb) outlining Waikato Management School and Departmental policies. Regulations Governing Examinations and Assessment Discipline Regulations Computer System Regulations Policy on the Use of Maori for Assessment Policy on the Ethical Conduct of Coursework Assignments Regulations on Plagiarism. DEPARTMENTAL POLICY