GRIFFITH UNIVERSITYFACULTY OF COMMERCE AND MANAGEMENT

SCHOOL OF ACCOUNTING, BANKING AND FINANCESUBJECT OUTLINE – SEMESTER 2, 1999

SUBJECT CODE AND TITLE ABF3004 ADVANCED FINANCE AND SECURITY ANALYSIS

COURSES Bachelor of CommerceBachelor of Commerce – Banking, Finance and Risk ManagementMaster of Banking and Finance

STATUS OF SUBJECT Supporting subject: Accounting and Finance, Banking and Finance, Finance and Risk Management majors;General elective

CREDIT POINT VALUE 10

SEMESTER(S) OFFERED Two

RELATED SUBJECTS

Prerequisites (ABF2002)FF12300 Business FinanceCo-Requisites NilPrior Assumed NilIncompatibles FF13A40 Advanced Finance & Security

Analysis

CROSS REGISTRATION STATUS Limited

TIMETABLING INFORMATION* Lecture - night; Tutorials - day and night.*This timetable information may be subject to change

STAFFING

Subject Convenor Dr. Eduardo D. RocaTeaching Team Dr. Eduardo D. Roca (for Lectures)

Ms. Qing Wan (for Tutorials)

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BRIEF DESCRIPTION OF SUBJECT

This subject provides a theoretical framework for understanding resource acquisition, allocation and distributions within the context of efficient capital markets. It extends the study of finance decisions to include the analysis of securities and develops the application of the theoretical concepts of finance to difficult and complex problems such as dividend, finance and investment decisions.

OBJECTIVES OF SUBJECT

Upon completion of this subject, students should be able to:

fully understand the theoretical foundations of portfolio and security analysis; recognise the assumptions underlying various investment strategies; be aware of the issues involved in bond and equity portfolio management; identify the role of derivatives in modern portfolio management; employ a top-down or three-stage security analysis approach; use a number of techniques to evaluate portfolio performance; apply the theoretical concepts of finance to difficult and complex decisions concerning

dividends, financing and investment.

CONTENT

The following topics will be covered:

The Investment Setting Securities Markets and Indicators Portfolio Theory Asset Pricing Models Fundamentals of Stock Valuation Three-Step/Top-Down Analysis Market Efficiency Fundamentals of Bills and Bonds Bond Portfolio Management Derivative Securities and Markets Portfolio Management and Performance Investment Decisions Financing Decisions Dividend Decisions

TEACHING AND LEARNING STRATEGIES

The subject will be conducted through a combination of lectures and tutorials. There will be a two-hour lecture and one-hour tutorial for a period of 13 weeks. The lecture will focus on providing the students with different or alternative theoretical and conceptual frameworks that are essential in the understanding portfolio and security analysis and selected advanced finance topics. Important theoretical applications will also be discussed during the lecture. The tutorials, on the other hand, will provide the students the opportunity to solve certain practical as well as theoretical questions which will test their understanding of the theories and concepts discussed during the lecture. Students are expected to study the assigned reading materials and work on the

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assigned exercises before coming to each lecture and/or tutorial session Although this subject has a formal contact time of three hours per week, students are expected to devote, on average, an additional eight hours per week on self-study and exercises.

In order to maximise learning in the subject, students are expected to attend all lectures and tutorials. Students who are absent in any of these sessions (without any valid reasons) are responsible on their own for any materials or other learning matters which they have missed in the session(s), and therefore should not form the expectation that they can obtain these from the teaching team. The teaching team, for certain sessions, may decide to place a copy of the lecture notes and/or tutorial answers in the Reserve Section (electronic reserve) of the Library. Students, however, should never form any expectation that these materials (lecture notes and tutorial answers) will be regularly available in the Library.

ASSESSMENT

The assessment items for the subject consist of the following:

Item Length % Weighting Due Date

Mid-Semester Exam 1.5 hours 25% Week 7Final Exam 3 hours 50% End of semesterTutorial Exercises 4 sets of tutorial

exercises with varied type of questions

10% 4 unannounced dates to be randomly chosen

Semester Paper/Project

2,000-2,500 words 15% October 25, 1999(not later than 6.00 pm)

Mid-Semester Examination

This will consist of a mixture of theoretical and practical questions on topics covered during Weeks 1 to 5, and will be held during Week 7. Further details will be provided closer to the time of examination.

Final Examination

This will be a mixture of both theoretical and practical questions. All materials covered during the semester are examinable, although students may reasonably expect that emphasis will be placed upon previously unexamined material. A guide to the examination structure and content will be provided towards the end of the semester.

Tutorial Exercises

For each tutorial session, students will be assigned tutorial exercises consisting of a set of questions (problem solving, discussion, short answers) to be answered. Students are expected to work on these exercises before coming to each tutorial session. The tutor will collect from students their answers to tutorials on four randomly chosen weeks which are going to be unannounced. These answers will be marked and will have a total weight of 10% of the total grade.

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Semester Paper/Project

Each student is required to write a paper or do a project on a particular problem or issue in portfolio and security analysis or finance. A list of suggested topics will be provided to the students during Week 1. The emphasis of the paper/project should be on the analysis of the issue(s), not simple description of events. In its analysis, the paper/project should clearly demonstrate the interaction between theory and real world data. In other words, the paper should analyse real world event(s) guided by theories in portfolio and security analysis or finance. Thus, in this regard, purely theoretical or purely descriptive (simple discussion of data without any attempt or resort to the use of theories) will not be acceptable. The paper/project is expected to have the following components:

aims and objectives – discussion of the specific questions or problems that the paper/project seeks to investigate.

importance of the study – the theoretical and practical importance of the issues/problems being investigated; have these issues/problems been investigated before by others?; how different is your paper from previous studies on the topic?; what benefits that can be obtained from the results of the paper in terms of new knowledge, usefulness for investors, policymakers, etc.?

theoretical or conceptual framework – theories or concepts in finance or portfolio and security analysis which are used in the study and why and how these are used in the analysis.

methodology – what data are used and why?; how are the data analysed and why?; what kind of statistical techniques are used and why?; what questionnaires (if any) are used and how are these constructed?.

presentation of results and analysis – discussion and analysis of results with reference to the theories discussed in theoretical framework and also in relation to previous studies.

conclusion

The paper should be between 2,000 and 2,500 words, typewritten, double line-spaced, presented on A4 paper, with 4 cm left-hand margin, and with appropriate citations and referencing. For papers that exceed the limit, only the first 2,500 words will be considered. A hard copy as well as an electronic copy of the paper must be submitted to the any member of the teaching team no later than 6 p.m. on October 25, 1999. Papers submitted without the accompanying disk copy will not be marked. Late submission will attract a deduction of 10% a day. Excuses such as computer breakdown, work commitments, etc. will not be acceptable. A submission form must be filled out and submitted together with the paper. Paper without a submission form will not be accepted. The submission form will be available from the teaching team starting in Week 1.

An important objective of the paper or project is to gauge how well a student expresses his/her own ideas. Thus, it is expected that students will use their own words when writing the paper. Verbatim quotes are therefore only to be used when absolutely necessary. Students should take extra care to make sure that their papers/projects will not in any way breach any of the guidelines of the university on plagiarism. Plagiarism is considered by the university as a very serious offence. If you are unsure about the university’s guidelines on plagiarism, take time to familiarise yourself with these from the University’s homepage in the internet.

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TEACHING TEAM

As stated earlier, this subject will be taught by Dr. Eduardo Roca and Miss Qing Wan. Eduardo will handle the lectures while Qing will lead the tutorials. Their contact details are as follows:

Dr. Eduardo D. Roca Ms. Qing Wan

Room 2.48 BUN Building TBA

Mailing Address School of Accounting, Banking and FinanceFaculty of Commerce and ManagementGriffith UniversityNathan, Queensland 4111

School of Accounting, Banking and FinanceFaculty of Commerce and ManagementGriffith UniversityNathan, Queensland 4111

Telephone (07) 3875 7583 To be announced later

Fax (07) 3875 7760 (07) 3875 7760

Email Address E.Roca@mailbox.gu.edu.au To be announced later

Eduardo is presently a Lecturer in the School of Accounting, Banking and Finance in Griffith University. He has taught finance, both in the undergraduate and graduate levels, not only in Griffith University but also in the Queensland University of Technology and the University of Southern Queensland. Eduardo completed a Ph.D. from Griffith University dealing with international financial markets and financial econometrics with a focus on Australia, the US, UK and the major Asian stock markets. He is presently writing a book on Equity Market Price Interdependence in the Asia-Pacific Region for Ashgate Publishing Ltd, UK which hopefully will come off the press in January or February next year. Eduardo has also published/written some journal articles dealing with stock market integration among the ASEAN countries and between Australia and its major trading partners. In terms of practical experience, Eduardo has previously worked in the finance area in financial, business and government institutions for a number of years.

Qing (or Ching) is currently finishing (on her last semester) the Master of Banking and Finance degree here in Griffith University. Prior to this, Ching had completed a Bachelor in International Business degree also here in Griffith University. Ching has completed with high distinction the following subjects: Advanced Finance and Security Analysis, Advanced Business Finance. Ching will enroll in the Honours in Finance next semester as a preparation for the pursuit of a Ph.D. degree in Finance.

Eduardo and Ching’s consultation hours will be announced during the first session of the subject.

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READING MATERIALS

Prescribed Textbook

Brailsford, T. and R. Heaney (1998). Investments: Concepts and Applications. Sydney: Harcourt Brace.

This text will form the core reading for most topics.

Supplementary Reading

The following textbooks on investments, security analysis and finance are recommended for supplementary reading:

Brealey, R.A. and S.C. Myers (1996). Principles of Corporate Finance. 5th ed., McGraw-Hill.Chew, D.H. (1993). The New Corporate Finance: Where Theory Meets Practice, Mc-Graw-Hill.Copeland, T.E. and J.F. Weston (1988). Financial Theory and Corporate Policy. 3rd ed.,

Addison-Wesley.Elton, M.J. and M.J. Gruber (1995). Modern Portfolio Theory and Investment Analysis, 5th ed.,

New York: John Wiley & Sons.Haugen, R.A. (1997). Modern Investment Theory, 4th ed. New Jersey: Prentice Hall.Peirson, G; R. Howard; S. Easton; and P. Howard (1998). Business Finance, 7th ed. Sydney:

McGraw-Hill.Reilly, F.K. and K.C. Brown (1997). Investment Analysis and Porfolio Management, 5th ed., Fort

Worth: The Dryden Press/Harcourt Brace College Publishers.Sharpe, W.F.; G.J. Alexander; and J.V. Bailey (1999). Investments. New Jersey: Prentice Hall.

Periodicals

Students are encouraged to consult periodicals/journals such as Euromoney, Asiamoney and Finance, Personal Investment, The Economist, Business Review Weekly, Journal of Finance, Journal of Portfolio Management, Journal of Applied Corporate Finance, Accounting and Finance, among others.

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WEEKLY SCHEDULE AND READING GUIDE

Week Topic Readings

119-23 July The Investment Setting

Brailsford and Heaney, Ch. 1

226-30 July Securities Markets and Indicators

Brailsford and Heaney, Chs. 2, 3 and 4

32-6 Aug Portfolio Theory Brailsford and Heaney, Ch.

54

9-13 Aug Asset Pricing ModelsBrailsford and Heaney, Chs. 6 and 7

516-20 Aug Fundamentals of Stock Valuation Brailsford and Heaney, Ch.

86

23-27 Aug Three-Step/Top-Down AnalysisBrailsford and Heaney, Chs. 9, 10 and 11

730 Aug-3 Sep

Mid-Semester Examination(no lecture and tutorials this week) Covers topics 1 to 5

86-10 Sep Applications in Market Efficiency Brailsford and Heaney, Ch.

139

13-17 Sep Fundamentals of Bills and BondsBrailsford and Heaney, Chs. 14 and 15

1020-24 Sep Bond Portfolio Management

Brailsford and Heaney, Ch. 16

27 Sept-1 Oct Mid-semester break11

4-8 Oct Derivative Securities and MarketsBrailsford and Heaney, Chs. 17 and 18

1211-15 Oct Portfolio Management and Performance Brailsford and Heaney, Ch.

2113

18-22 October

Financing Decision: Capital StructureCopeland and Weston, Chs. 13 and 14; Brealey and Myers, Chs. 17 and 18

1425-29Oct Financing Decision: Dividend Policy

Copeland and Weston, Chs. 15 and 16; Brealey and Myers,Ch. 16

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TUTORIAL EXERCISES

Below are questions assigned for each tutorial session. Students are expected to work on answering these before coming to each tutorial session. Answers will be discussed during the tutorial session and students are expected to participate in the discussion. Because of time limitation, it is not always the case that all the assigned questions can be discussed during the tutorial. Students, however, should still study those assigned questions which have not been discussed in the tutorial.

Please remember that the tutor will collect answers in four randomly selected (not to be announced) tutorial sessions. These answers will be marked which would have a weight of 10% of the total grade.

Tutorial 1 Week 2: 26-30 July Investment Setting

Question 1.1: Brailsford and Heaney, p. 33, Problem 2.Question 1.2: Brailsford and Heaney, p. 33, Problem 3.Question 1.3: Brailsford and Heaney, p. 33, Problem 5.Question 1.4: Brailsford and Heaney, p. 34, Problem 8.Question 1.5: Brailsford and Heaney, p. 34, Problem 10.Question 1.6: Brailsford and Heaney, p. 35, Problems 11, 12, 13, & 14.

Tutorial 2 Week 3: 2-6 August Securities Markets and Indicators

Question 2.1: Brailsford and Heaney, p. 72, Problem 3.Question 2.2: Brailsford and Heaney, p. 72, Problem 4.Question 2.3: Brailsford and Heaney, p. 72, Problem 19.Question 2.4: Brailsford and Heaney, p. 72, Problem 21.Question 2.5: Brailsford and Heaney, p. 113, Problem 4.Question 2.6: Brailsford and Heaney, p. 113, Problem 9.Question 2.7: Brailsford and Heaney, p. 114, Problem 10.Question 2.8: Brailsford and Heaney, p. 141, Problem 6.

Tutorial 3 Week 4: 9-13 August Portfolio Theory

Question 3.1: Brailsford and Heaney, p. 181, Problem 1.Question 3.2: Brailsford and Heaney, p. 181, Problem 10.Question 3.3: Brailsford and Heaney, p. 181, Problem 14.Question 3.4: Brailsford and Heaney, p. 182, Problems 20 and 21.

Tutorial 4 Week 5: 16-20 August Asset Pricing Models

Question 4.1: Brailsford and Heaney, p. 230, Problem 1.Question 4.2: Brailsford and Heaney, p. 233, Problems 29.Question 4.3: Brailsford and Heaney, p. 233, Problems 31.Question 4.4: Brailsford and Heaney, p. 263, Problem 6.Question 4.5: Brailsford and Heaney, p. 263, Problem 14 and Problem 15 (optional).

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Tutorial 5 Week 7: 30 August-3 September Fundamentals of Stock Valuation

Question 5.1: Brailsford and Heaney, p. 307, Problem 1.Question 5.2: Brailsford and Heaney, p. 307, Problems 3, 4 and 5.Question 5.3: Brailsford and Heaney, p. 308, Problem 16.Question 5.4: Brailsford and Heaney, p. 309, Problem 19.

Tutorial 6 Week 8: 6-10 September Three-Step/Top-Down Analysis

Question 6.1: Brailsford and Heaney, p. 343, Problem 7.Question 6.2: Brailsford and Heaney, p. 343, Problem 11.Question 6.3: Brailsford and Heaney, p. 367, Problem 7.Question 6.4: Brailsford and Heaney, p. 367, Problem 12.Question 6.5: Brailsford and Heaney, p. 398, Problem 2.Question 6.6: Brailsford and Heaney, p. 399, Problem 5.Question 6.7: Brailsford and Heaney, p. 399, Problem 10.

Tutorial 7 Week 9: 13-17 September Applications in Market Efficiency

Question 7.1: Brailsford and Heaney, p. 521, Problem 5.Question 7.2: Brailsford and Heaney, p. 521, Problem 6.Question 7.3: Brailsford and Heaney, p. 522, Problem 9.Question 7.4: Brailsford and Heaney, p. 522, Problem 13.Question 7.5: Brailsford and Heaney, p. 523, Problem 17.Question 7.6: Brailsford and Heaney, p. 524, Problem 28.

Tutorial 8 Week 10: 20-24 September Fundamentals of Bills and Bonds

Question 8.1: Brailsford and Heaney, p. 576, Problems 6,7, & 8 and p. 578, Problem 20.Question 8.2: Brailsford and Heaney, p. 577, Problem 14.Question 8.3: Brailsford and Heaney, p. 608, Problem 4.Question 8.4: Brailsford and Heaney, p. 609, Problem 15.Question 8.5: Brailsford and Heaney, p. 609, Problem 16.

Tutorial 9 Week 11: 4-8 October Bond Portfolio Management

Question 9.1: Brailsford and Heaney, p. 637, Problem 10.Question 9.2: Brailsford and Heaney, p. 637, Problem 12.Question 9.3: Brailsford and Heaney, p. 638, Problem 14.Question 9.4: Brailsford and Heaney, p. 638, Problem 15.Question 9.5: Brailsford and Heaney, p.638, Problem 16.

Tutorial 10 Week 12: 11-15 October Derivative Securities and MarketsQuestion 10.1: Brailsford and Heaney, p. 671, Problem 9.Question 10.2: Brailsford and Heaney, p. 671, Problem 10.Question 10.3: Brailsford and Heaney, p. 672, Problem 11.Question 10.4: Brailsford and Heaney, p. 726, Problem 22.Question 10.5: Brailsford and Heaney, p. 726, Problem 26 (a) and (c).Question 10.6: Brailsford and Heaney, p. 727, Problem 30.

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Tutorial 11 Week 13: 18-22 October Portfolio Management and Performance

Question 11.1: Brailsford and Heaney, p. 824, Problems 4 and 5.Question 11.2: Brailsford and Heaney, p. 824, Problem 9 and p. 825, Problem 10.Question 11.3: Brailsford and Heaney, p. 826, Problem 13.

Tutorial 12 Week 14: 18-22 October Financing Decision: Capital Structure

Question 12.1

During recent years, your company has made considerable use of debt financing, to the extent that it is generally agreed that the percentage of debt in the firm’s capital structure (either in book or market value terms) is too high. Further use of debt will likely lead to a drop in the firm’s bond rating. You would like to recommend that that the next major capital investment be financed with a new equity issue. Unfortunately, the firm has not been doing very well recently (nor has the market). In fact, the rate of return on investment has been just equal to the cost of capital. As shown in the financial statement in Table 12.1, the market value of the firm’s equity is less than its book value. This means that even a profitable project will decrease earnings per share if it is financed with new equity. For example, the firm is considering a project that costs $400 but has a value of $500 (i.e. an NPV of $100), and that will increase total earnings by $60 per year. If it is financed with equity, the $400 will require approximately 200 shares, thus bringing the total shares outstanding to 1200. The new earnings will be $660, and earnings per share will fall to $0.55. The president of the firm argues that the project should be delayed for three reasons.

(a) It is too expensive for the firm to issue new debt.(b) Financing the project with new equity will reduce earnings per share because the market

value of equity is less than book value.(c) Equity markets are currently depressed. If the firm waits until the market index improves,

the market value of equity will exceed the book value and equity financing will no longer reduce earnings per share.

Required: Critique the president’s logic.

Table 12.1Balance Sheet as of December 31, 19xx

Assets LiabilitiesShort-term assets 2,000 Debt 6,000Plant and equipment 8,000 Equity 4,000

10,000 10,000

Total market value of equity 2,000Number of shares outstanding 1,000Price per share 2Total earnings for the year 19xx 600Earnings per share 0.60

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Question 12.2

Two firms, U and L, are identical except for their capital structure. Both will earn $150 in a boom and $50 in a slump. There is a 50 percent chance of each event. U is entirely equity-financed, and therefore shareholders receive the entire income. Its shares are valued at $500. L has issued $400 of risk-free debt at an interest rate of 10 percent, and therefore $40 of L’s income is paid out as interest. There are no taxes or other imperfections. Investors can borrow and lend at the risk-free rate of interest. Within the context of the Miller-Modigliani theorem, answer the following:

(a) What is the value of L’s stock? (b) Suppose that you invest $20 in U’s stock. Is there an alternative investment in L that would

give identical payoffs in boom and slump? What is the expected payoff from such strategy?(c) Now suppose that you invest in $20 in L’s stock. Design an alternative strategy with

identical payoffs.

Question 12.3

Comment on the following statements:

(a) Under imputation, the Australian tax system is neutral in the sense that there is no bias towards the use of either debt or equity.

(b) Costs of financial distress will be borne entirely by lenders.

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APPENDIX ONE

ABF3004 Advanced Finance and Security Analysis

Semester 2, 1999

RESOURCE DOCUMENT

The following resource statement is made for the subjects’ offering by the School of Accounting, Banking and Finance on the Nathan campus.

Is the subject manageable within existing staff resources?Yes. Existing subject.

Is the offering dependent on additional staff resources? No.What additional resources are required? Nil.

If the subject is being revised, are the changes resource neutral? Yes. The only significant changes to the subject outline are in relation to the method of assessment. As can be seen in the table below, there are now more assessment items. This is meant to provide students more feedback on their performance.

WeightsAssessment Item Old subject outline Revised Subject Outline

Mid-Semester Examination 30% 25%Final Examination 70% 50%Tutorial Exercises 0% 10%Semester Paper/Project 0% 15%

SUBJECT APPROVAL

The subject has been reviewed, and all changes have been indicated.

______________________________Subject Convenor date

The changes to the subject outline, and the resource documentation are approved/ not approved.

______________________________Head of School date

The changes to the subject outline, and the resource documentation are approved/ not approved

_____________________________Dean, Faculty of CAM date

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SEMESTER PAPER/PROJECT TOPICS

Below are suggested semester paper/project topics. You may work on a topic outside of this list but you will have to get this approved by a member of the teaching team no later than Week 3 of the semester (fill out the topic approval form and have this signed by a member of the teaching team).

Investing through the internet.

Identify major websites in which investment can be done focusing on the Australian scene; provide a brief description of each; then evaluate the usefulness of 3 of these sites within the context of theories and concepts learned or to be learned in the subject; gather the opinions of experts and/or major users of each site and then put in your own opinion.

Investment and portfolio analysis softwares.

Make a survey of the major investment softwares which are available and how they can be obtained; briefly comment on the usefulness of each; finally, demonstrate the use of one software based on actual data and analyse the results within the context of theories and concepts learned or to be learned in the subject.

. Evaluation of the performance of a major fund based in Australia.

Select a fund, explain why you think this is to be considered a major fund and then evaluate its performance based on theories, concepts and techniques learned or to be learned in the subject; cite major studies, here in Australia as well as overseas, which have evaluated funds and discuss how your study is similar or different to these previous studies.

Share repurchases in Australia.

Investigate share repurchases in Australia within the context of the efficient market hypothesis. Use an event study methodology to determine the effect of share price repurchases on the share price of those companies which have been involved in this activity.

The relationship between technological and financial performance

Investigate the relationship between technology and financial performance in a certain industry or industries in Australia. Is it the case that as an industry becomes more technologically advanced, its financial performance also improves? Why? Would you recommend investing in industries which show technological progress?

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Griffith UniversityFaculty of Commerce and Management

School of Accounting, Banking and FinanceABF3004 Advanced Finance and Security Analysis

TOPIC APPROVAL FORM*

Name of Student ________________________________________________________

Student Number ____________________________________

Signature _______________________________ Date _________________________

Proposed Topic or Title of Paper or Project

________________________________________________________________________________________________________________________________________________________________________________________________________________________

Specific issues or problems to be studied or investigated________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Reasons for Choice of Topic (or Importance of the Topic)________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Approved by:

Name and Signature _______________________________________________________

Date _________________________

*This form must be submitted no later than Week 3 of the Semester.

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GRIFFITH UNIVERSITYFaculty of Commerce and Management

School of Accounting, Banking and Finance

Paper/Project Submission Form

(Note: The research or project paper should be submitted together with this form)

Subject Code: ______________

Subject Title: ________________________________________________

Name of Student: _____________________________________________

Student Number: __________________________

Title of Paper/Project: __________________________________________

____________________________________________________________

Total number of pages: _____________________

Statement of Originality:

“I declare, to the best of my knowledge and belief that this paper contains

no material previously published or written by another person except where

due reference is made in the paper itself”

Signature of Student: ________________________________________

Date: ________________________________