BUSAD 585 (Research in Security Valuation)
Analysis and valuation of equity investments.
Prerequisite: Completion of all core courses in the Master of Finance program (BUSAD 525, ACCTG 512, BUSAD 526, FIN 508, FIN 505, and FIN 513).
Overview| Objectives| Materials| Library Resources| Technical Requirements| Course Structure| Assignments| Grading| Course Schedule| Academic Integrity| Accommodating Disabilities| Additional Policies| Closing Comments
Overview
BUSAD 585 focuses on the analysis and valuation of a firm’s equity securities in the financial market using fundamental and market multiples analyses. The course integrates topics discussed in previous finance courses to help students to develop their analytical ability to identify corporate strategies that enhance value creation. The philosophical basis for this topical integration is that valuation of a firm’s securities requires one to know not only the accounting issues involved in the preparation of financial statements and how to analyze financial statements, but also to understand the impact of monetary policy, as well as the operation and regulation of financial markets on the value of the firm’s equity securities. Moreover, because firm value depends on how well the company is managed, a good understanding of its operations in the global markets, its internal control and risk management strategy is also essential. Finally, because valuation is also based on quantitative models, knowledge of quantitative methods is paramount.
Course Objectives
After completing this course, you should be able to:
- Analyze the firm’s financial statements and compare them to industry and key competitors;
- Recognize, analyze, and understand the firm’s competitive advantage within the domestic and global markets, as well as corporate strategies aimed at the creation, transfer, and destruction of shareholder value;
- Develop financial projections consistent with the firm’s core competence and strategies within its operating environment; and
- Provide an integrated perspective of the firm’s valuation in the market place.
Required Course Materials
Most World Campus courses require that students purchase materials (e.g., textbooks, specific software, etc.). To learn about how to order materials, please see the Course Materials page. You should check LionPATH approximately 3–4 weeks before the course begins for a list of required materials.Required Additional Readings and Case Package
Harvard Business Review (HBR) Articles: The following materials can be purchased from the Harvard Business Review (HBR) website.
- Bourgeois, L. J., Nedell, K., Ganz, A., & Gonce, A. (2008). Note on the impact of industry and firm factors on firm profitability. (Darden Business Publishingvia Harvard Business Review)
- Harris, J., Chen, M., Fairchild, G. R., Freeman, E., Venkataraman, S., & Mead, J. (2011). Competing for advantages. (Darden Business Publishingvia Harvard Business Review)
- Harris, J., Chen, M., Fairchild, G. R., Freeman, E., Venkataraman, S., & Mead, J. (2010). Creating value for stakeholders. (Darden Business Publishingvia Harvard Business Review)
- Harris, J., Chen, M., Fairchild, G. R., Freeman, E., Venkataraman, S., & Mead, J. (2010). Developing and nurturing strategic capabilities. (Darden Business Publishingvia Harvard Business Review)
- Harris, J., Chen, M., Fairchild, G. R., Freeman, E., Venkataraman, S., & Mead, J. (2010). What is strategic management? (Darden Business Publishingvia Harvard Business Review)
- Porter, M. E. (2008). The five competitive forces that shape strategy. (Harvard Business Review)
- Schill, Michael J. (2005). The thoughtful forecaster. (Darden Business Publishingvia Harvard Business Review)
To Access Harvard Business Review Articles: Go to the HBR Web site at https://cb.hbsp.harvard.edu/ and make sure to register so you can access your course readings. (You will need to register, but you do NOT need to subscribe.) You will need to purchase your HBR readings using your credit card. To read pdf articles, make sure you have the Adobe Reader, which you can download for free from Adobe.com website. For technical assistance contact Harvard Business School Publishing at 1-800-810-8858.
Recommended (Reference) Reading Material:
The following materials are good to have for those seeking a CFA ®designation.
- Larrabee, D. & Voss, J., Editors. (2013). Valuation Techniques: Discounted Cash Flows, Earnings Quality, Measures of Value Added, and Real Options. John Wiley & Sons. (Within the course we may refer to this text as LV) ISBN#: 978-1-1183-9743-5.
- McKinsey & Company, Inc., Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation: Measuring and Managing the Value of Companies. Fifth Edition. John Wiley & Sons. ISBN#: 978-0470424650.
- Pinto, J., Henry, E., Robinson, T. & Stowe, J. (2010). Equity Asset Valuation. Second Edition. John Wiley & Sons. (Within the course we may refer to this text as PHRS) ISBN#: 978-0-470-57143-9.
Software: Microsoft Excel will be the software package that will be used for this course.
Microsoft Excel will be used extensively in this course, and at the minimum, you are expected to have an introductory level of skills in Excel by the end of the first week. If you feel your Excel proficiency is lacking, please go to Lynda.com at Penn State to access self-paced video tutorials.
Library Resources
Many of the University Libraries resources can be utilized from a distance. Through the Libraries website, you can
- access magazine, journal, and newspaper articles online using library databases;
- borrow materials and have them delivered to your doorstep—or even your desktop;
- get research help via email, chat, or phone using the Ask a Librarian service; and
- much more.
You must have an active Penn State Access Account to take full advantage of the Libraries' resources and service. The Off-Campus Users page has additional information about these free services.
Required Library Articles
The following journal article can be accessed from the Penn State University Library:
- Damodaran, A. (2012). Valuation: Lecture Note Packet 2 Relative Valuation and Private Company Valuation.
You can access this list by clicking on the Student Resources link in the left-hand menu and then click on the Library Reserves link to access the articles through the library's site. Another access route is to go to Penn State University Libraries website, click on the Course Reserves tab at the top and search for "BUSAD 585". See below for further information about the library.
Technical Specifications
Note: Courses that are designated as running in Canvas have different technical requirements. For those courses, please review the Canvas Technical Requirements for MFIN courses.
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| Operating System | Windows Vista, Windows 7, Windows 8* Macintosh users may have problems using the specialized software required in some courses. *Windows 8 support excludes the tablet only RT version |
| Processor | 1 GHz or higher |
| Memory | 2 GB of RAM |
| Hard Drive Space | 500 MB free disk space |
| Browser | We recommend the latest Angel-supported version of Firefox or
Internet Explorer. To determine if your browser fits this criteria and
for advice on downloading a supported version, please refer to the
following ITS knowledgebase article:http://kb.its.psu.edu/cms/article/6
Note: Cookies, Java, and JavaScript must be enabled. Pop-up blockers should be configured to permit new windows from Penn State web sites. Due to nonstandard handling of CSS, JavaScript, and caching, older versions of Internet Explorer (such as IE 6 or earlier) do not work with our courses. |
| Plug-ins | Adobe Reader [Download from Adobe]
Flash Player [Download from Adobe] |
| Additional Software | Microsoft Office 2007 or higher |
| Internet Connection | Broadband (cable or DSL) connection required |
| Printer | Access to graphics-capable printer |
| DVD-ROM | Required |
| Sound Card, Microphone, and Speakers | Required |
| Monitor | Monitor (Capable of at least 1024 x 768 resolution) |
To ensure instructional videos play correctly on your computer:
- Ensure that your javascript is enabled in your browser. Visit the Enable JavaScript in my browser webpage which will help you through the process of enabling your javascript - https://www.google.com/adsense/support/bin/answer.py?answer=12654.
- Ensure that you have at least Flash Player 11.0 installed. Visit the Install Adobe Flash Player webpage which will help you through the process of installing the flash player - http://get.adobe.com/flashplayer/.
If you need technical assistance at any point during the course, please contact the Service Desk.
For registration, advising, disability services, help with materials, exams, general problem solving, visit World Campus Student Services!
Course Structure
I will present the relevant theory or framework and some examples to illustrate the use of the valuation techniques. Your prior exposure to accounting, economics, quantitative methods, and Excel modeling will be instrumental in learning the material in this course. Familiarity with business strategy is also useful. The motto in this course is “learning by doing,” not “learning by watching.” Most of the learning in this course occurs through the application of the methodology in class discussions, case analyses, and the final project. To this end, I will serve mostly as a facilitator and will be available to provide general guidance.
Assignments
Homework Assignments (Individual work)
There will be a total of five (5) homework assignments that are required to be completed as individual work. Please check the course schedule to see when the homework assignments are due and which exercises are required to be completed for each homework assignment. You need to complete these assignments using Excel. Additionally, your work will be graded based on the criteria listed in the Homework Grading Rubric.
It is very important that you complete and submit all the homework assignments in order to master the materials, keep up with the course progress, and do well in the course.
Discussion Forum Participation (Individual work)
Students will be asked to participate in ongoing online activities and discussions. Please refer to the course schedule to view the discussion forums which are required to be completed. Additionally, discussions will be graded based on the criteria listed in the Discussion Forum Participation Grading Rubric.
SARI Ethics Assignment (Team work and Individual work - see below)
Even though this assignment is not graded, the submission of this assignment is mandatory for final grade release.
The purpose of this assignment is two-fold. First, it is intended to familiarize students with the Chartered Finance Analyst (CFA) Institute Code of Ethics and Standards of Ethical Conduct, in particular those standards that are relevant to preparing, presenting, and disseminating information related to investment analysis and recommendations. This ethical training further complements the University’s Scholarship and Research Integrity (SARI) requirements. The second objective is to refresh your skills in using YouSeeU in preparation for the final project presentation.
For the SARI Ethics assignment, your team will select a topic from the Chartered Finance Analyst (CFA) Institute Code of Ethics and Standards of Ethical Conduct. There are four parts to this project, including:
- Team Selection: Team selection should be emailed to your instructor the first week of class. Please form a team of three (3) or four (4) members, including yourself. Please select your team members and notify the instructor of your selection of team members by the end of the first week. Students will work in the same teams as those assigned for the final course project. This is team-based.
- Topic Choice and Related Questions/Issues to Topic: Each team will choose, on a first come/first serve basis a topic from the CFA Institute Code of Ethics and Standards of Ethical Conduct that is relevant to this course (refer to the CFA Standards of Practice Handbook Topics list to review and choose your team's topic). Once your team selects a topic, one member of the team should respond to the CFA Standards of Practice Handbook Topic Discussion Forum with your team's selection. This can be accessed in the SARI Ethics Activities folder by clicking on the Activities link in the left menu. The topic assignment will include several questions/issues to be addressed by the team. At a minimum, students should access the Standards of Practice Handbook, 10th edition, CFA Institute for information necessary to address the issues and provide examples. This is team-based.
- PowerPoint/Video Presentation: Each team will submit a short (10-15 minutes) recorded video presentation, which addresses the topic using YouSeeU, and requires merging at least one slide from each team member. The completed PowerPoint file should also be submitted to the designated Angel drop box (for peer review). Presentations are intended to provide a high-level overview of the standard and address one or more critical issues. Each presentation should provide students in the course with a few concepts that illuminate their understanding of the standard, complemented with examples from the CFA Standards of Practice Handbook. This is team-based.
- Presentation Review and Discussion: Each student is required to view each team's presentation and provide one takeaway from each team presentation related to the topic presented. This is individual-based.
- Optional activity: Students are encouraged but are not required to individually participate in the discussion after the the takeaways have been posted. This is individual-based and is optional.
Additional instructions for the SARI Ethics Assignment can be found within the corresponding lesson material (Lesson 4 and Lesson 5).
Final Project (Team work and Individual work - see below)
The objective of this project is to analyze a firm’s historical performance, to identify, recognize, analyze, and understand the firm’s strategies that lead to shareholder value creation or destruction, and to place an economic value on the shareholders’ claim in the publicly-traded company of your choice using the valuation techniques developed in class. The guidelines for this project are divided into two parts: Historical Performance Analysis and Company/Stock Valuation, which are discussed in more detail in the Specific Guidelines section found in the Guidelines for Final Project document.
Team Selection (Team Assignment)
The project will be completed in teams and is due at the end of Week 6 of the course (please check the course schedule for the due date). Please form a team of three (3) or four (4) members, including yourself. Please select your team members and notify the instructor of your selection of teamwork and team members by the end of the first week. For teamwork, each team member will be required to submit a peer evaluation form to evaluate her/his teammates, but not herself/himself. Although the project is not due until the end of Week 6, a suggested timeline is provided for your teams to follow that will assist you with time management, but it is up to your team to decide on a final approach.
Suggested Timeline for Final Project:
- First Week: a.) Selection of team members. b.) Submit choice of company as early as possible but no later than the end of the second week.
- Second Week: Perform historical economic environment and industry analysis as well as company analysis (including making qualitative assessment).
- Third Week: Perform relative valuation analysis (including making qualitative assessment).
- Fourth Week: Perform DCF valuation based on the forecast of the economic environment, industry conditions, and company performance (including making qualitative assessment).
- Fifth Week: Finish valuation analysis and begin writing final report.
- Sixth Week: Complete and submit write-up of final project. Record/upload presentation videos.
- Seventh Week: Complete peer-evaluation of team members, watch presentation videos, interact in discussion forum activity (see the Final Project Discussion Forum section for more information), and submit presentation evaluations.
Choice of Industry/Company (Team Assignment)
In general, any manufacturing and retail publicly-traded company listed on the NYSE, ASE, or NASDAQ is eligible. Companies discussed in previous classes (e.g., Walmart. Target, Costco) are not to be chosen. Each team must choose a different company. Avoid financial services (e.g., banks, insurance) and multi-divisional companies (e.g., GE) at this time. Valuing these types of firms is conceptually more difficult.
As a start, your team may want to look at a company in which you have great interest (maybe you own its stock, work in the company and have stock options, or whatever). Alternatively, you may want to look at a company that is doing very well or very poor.
Your team will need to choose a company by no later than the end of Week 2 and inform the course instructor. Please refer to the Inputs section of the Guidelines for Final Project document for more information on obtaining historical data in order to conduct a good quality valuation analysis.
Final Project Report (Team Assignment)
Reports will be evaluated on both the quality of the analysis as well as the effectiveness of the communication. Constructive use of tables and graphs is encouraged; extensive sensitivity analysis or Monte-Carlo simulation without a concrete interpretation is not encouraged. The report should not exceed 20 double-spaced typewritten pages, including tables or graphs. You should use a 12-point font and 1-inch margins on each side. One possible format is suggested in the Guidelines for Final Project document as well as the principles that the report should conform to.
Additionally refer to the Specific Guidelines section of the Guidelines for Final Project document as it will provide information in regards to how your analysis should be conducted and how the report will be graded. The report is due at the end of Week 6.
To assist you with team discussions, a team discussion forum will be set up so that only the members of each team can access their team discussion forum as a means to communicate. Feel free to use the forum as often as you need to when completing the final project. You can also use other means of communication with your team, such as Collaborate, Skype, e-mail, phone, etc., whichever communication tool works best for your group.
Final Project Presentation (Team Assignment)
Each group is to present its analysis and findings associated with the Company/Stock Valuation by the end of Week 6 so class reviewing can be completed in Week 7 (please check the course schedule for the due date). The presentation should not be technical or too detail-oriented.
The idea is to highlight the company’s overall strategy and how it relates to firm value. Your classmates and the instructor will view and evaluate your presentation. Treat your classmates as fellow equity research analysts or portfolio managers, who are eager to hear what you have to say about the company that you cover. The presentation should not take more than 30 minutes. Each team will complete one presentation and it should be submitted using YouSeeU. As a reminder, all students will need to access the YouSeeU site to be automatically enrolled into the BUSAD 585 YouSeeU course space.
Each team member will then complete their video recording of their assigned section using YouSeeU. Once the video is completed, you will then need to sync your PowerPoint slides with your video recording. Note: Each team member will be able to see each member's presentation and accompanying slides for each section of the presentation. Once all group members' videos and slides have been uploaded, any of the group members can designate the order of the videos. Presentations are due by the end of Week 6 so class viewing may begin in Week 7. Presentations will also be viewed via YouSeeU.
Team presentations will be graded based on the completion of the presentation evaluations and the peer evaluations of team members. See each of those sections for more information.
Final Project Peer Review (Individual Assignment)
Finally, after your team has completed the Final Project Report and Presentation, each member will need to complete a peer evaluation of each team member. The grading criteria for the Final Project Peer Review can be found in the grading section.
Final Project Viewing Presentations and Presentation Evaluations (Individual Assignment)
Each student is required to view and evaluate each of the recorded team presentations other than their own using the Final Project Presentation Evaluation form. The recorded team presentations will be viewed through YouSeeU and will include PowerPoint slides. The PowerPoint file will also be available for peer review.
Your participation in viewing and evaluating the team presentations will count towards the individual final project presentation evaluation grade. Please keep in mind that since there are no assigned readings or lecture notes for Week 7, the review, evaluation, and discussion of team presentations will serve as the lesson for the last week of class. The evaluations are due at the end of Week 7. Individual student ratings for the team presentations will not be disclosed by the instructor to any other students in the course. Please Note: Each student needs to submit this presentation evaluation form, evaluating each team presentation, and an entry response is required for ALL fields on the form.
The score from each presentation evaluation form will then be averaged to indicate the peer review of the presenting team by the non-presenting students. The final presentation evaluation score for the presenting team will be based on the weighted average of the student peer review/evaluation (80%) and the instructor’s evaluation (20%). Please make sure you add the name of the presenting team and/or company being evaluated in the evaluation form.
Final Project Discussion Forum (Team Assignment)
Team Assignment (Part 1)
Please keep in mind that since there are no assigned readings or lecture notes for Week 7, the team presentation review, discussion, and evaluation will serve as the lesson for this last week of class.
Each team will be assigned one team that they need to review by 3 a.m. Wednesday. After the non-presenting team has completed their review of the assigned presenting team, the non-presenting team will also need to compose a question for the assigned presenting team and post it to a discussion forum by creating a new thread (see the Create a Thread in a Discussion Forum document for more information to create a new thread and how to title the thread) by 3 a.m. Wednesday. See the Sample Questions for Presenting Teams document for an example on how to compose your question for the presenting team.
Please see the table below for the team assignments. The first column lists the non-presenting team and the second column lists the presenting team assigned to the non-presenting team. Note: The schedule may need to be modified after the instructor finalizes team selections at the end of Week 1. Any changes will be communicated with students as soon as they are finalized. After the non-presenting team has completed their review of the presenting team and composed their question, one member from the non-presenting team should post the question to a new thread within the discussion forum by 3 a.m. Wednesday.
| Non-Presenting Teams | Presenting Teams |
|---|---|
| Team 1 | Team 2 |
| Team 2 | Team 3 |
| Team 3 | Team 4 |
| Team 4 | Team 5 |
| Team 5 | Team 6 |
| Team 6 | Team 7 |
| Team 7 | Team 1 |
Team Assignment (Part 2)
The presenting team will then need to post a response to the non-presenting team’s question by 3 a.m. Friday. After the presenting team has answered the question of the non-presenting team, one member from the presenting team should post the answer to the thread in the discussion forum.
The team discussions will be graded based on the criteria listed in the the Final Project Discussion Forum Grading Rubric.
Individual Assignment (Optional, Ungraded)
Students will be able to review all questions posted by non-presenting teams and the responses posted to the questions by the presenting teams in the Final Project Discussion Forum. Students are encouraged but are not required to individually participate in the discussion after the presenting teams have posted their responses. Note: this is an ungraded assignment.
Grading
Your performance in this course will be based on the following:
| Assignment | Nature of Work | Max Score (points) | Source |
|---|---|---|---|
|
Homework Assignments
(Total of 5; each worth 6 points) |
Individual | 30 | Lessons 1-3 |
|
Discussion Forum Participation
(Total of 3; each worth 3 points) |
Individual | 9 | Lessons 1-3 |
| SARI Ethics Assignment | Team/Individual | N/A | Lessons 4-5 |
|
Final Project Report |
Team | 80 | Lesson 6 |
| Final Project Peer Review of Team Members | Individual | 10 | Lesson 7 |
| Final Project Presentation Evaluation | Individual | 15 | Lesson 7 |
|
Final Project Discussion Forum |
Team | 6 | Lesson 7 |
| Total Course Score | 150 |
Note: The Scholarship and Research Integrity (SARI) Ethics Assignment is an ungraded assignment. Even though this assignment is not graded, the submission of this assignment is mandatory for final grade release.
The maximum possible total score earned in the course is 150. At the end of the course, your total course score is determined as a percentage of the maximum possible total score of 150. Decimal points for this percentage score will follow the normal convention of rounding up or down. For example, a percentage score of 93.3% will be rounded down to 93%. Then, your letter grade will be determined by converting your percentage score above using the scale below.
| Letter Grade | Percentage |
|---|---|
| A | 95 and above |
| A- | 90-94 |
| B+ | 86-89 |
| B | 81-85 |
| B- | 76-80 |
| C+ | 71-75 |
| C | 66-70 |
| C- | 61-65 |
| D | 56-60 |
| F | Less than 56 |
Please refer to the University Grading Policy for Graduate Courses for additional information about University grading policies.
Late Policy
The course schedule is strictly adhered to. Late assignments, discussion participation, and exams will be accepted ONLY if the instructor is notified two days (at the latest) prior to the due date of a special circumstance that cannot be avoided. Please document and provide reason for this unavoidable specific circumstance. Students will receive a zero for late work without an acceptable reason.
Note: All due dates reflect North American eastern time (ET).
This deadline ensures that all students have the same deadlines regardless of where they live. The schedule below outlines the associated timeframes and assignments that we will be covering in this course.
BUSAD 585 Course Schedule
The schedule below outlines the associated timeframes and assignments that we will be covering in this course. Note that assignments are due based on the North American eastern time zone (ET). This ensures that all students have the same deadlines regardless of where they live.
- Course length: 7 weeks
Each assignment is identified as individual (I), team (T), graded (G), or ungraded (U).
Note: To minimize overlap with ACCTG 512, we will not discuss LS Chapter 4. The subject of Chapter 4 is important for valuation, and I strongly encourage you to read it as a review of ACCTG 512. Similarly, some of the issues discussed in LS Chapters 5 and 6 were covered by ACCTG 512. As such, I will be selective in terms of what to discuss in class for these chapters. Note that PHRS chapters are listed here only for comparison purposes in case you wish to get the book. Week 5 material is partially based on McKinsey’s book.
| Lesson 1: | Strategy-Performance-Valuation Relationship |
|---|---|
| Timeframe: |
Week 1 |
|
Readings:
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Textbook Readings:
Harvard Business Review Readings:
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| Videos: |
eVal Instructional Videos: To view the eVal instructional videos, click on the eVal Videos link in the menu. Select and view the applicable video from the playlist. These videos will be a good resource as the videos will demonstrate how to use various worksheets. |
| Assignments: |
Discussion Forum Participation
All assignments are due by 3:00 AM Eastern Time (ET) on Monday unless noted otherwise. |
| Lesson 2: | Relative Valuation |
|---|---|
| Timeframe: |
Week 2 |
|
Readings:
|
Textbook Readings:
Library Reserve Reading:
*Note: This article can be accessed through the library's electronic reserves system. To access the course reserves, please choose the Student Resources link in the left menu and then click on the Library Reserves. Another access route is to go to Penn State University Libraries website, click on the Course Reserves tab at the top and search for "BUSAD 585". |
| Videos: |
eVal Instructional Videos: To view the eVal instructional videos, click on the eVal Videos link in the menu. Select and view the applicable video from the playlist. These videos will be a good resource as the videos will demonstrate how to use various worksheets. |
| Assignments: |
The assignments below will prepare you to perform relative valuation for the final project.
All assignments are due by 3:00 AM Eastern Time (ET) on Monday unless noted otherwise. |
| Lesson 3: | Forecasting, Equity Risk Definition and Measurement, Cost of Capital |
|---|---|
| Timeframe: |
Week 3 |
|
Readings:
|
Textbook Readings:
Harvard Business Review Readings:
Note: Refer back to the Harvard Business Review (HBR) Articles section in the course syllabus for instructions on how to access and purchase HBR articles. |
| Videos: |
eVal Instructional Videos: To view the eVal instructional videos, click on the eVal Videos link in the menu. Select and view the applicable video from the playlist. These videos will be a good resource as the videos will demonstrate how to use various worksheets. |
| Assignments: |
Discussion Forum Participation
All assignments are due by 3:00 AM Eastern Time (ET) on Monday unless noted otherwise. |
Academic Integrity
According to Penn State policy G-9: Academic Integrity , an academic integrity violation is “an intentional, unintentional, or attempted violation of course or assessment policies to gain an academic advantage or to advantage or disadvantage another student academically.” Unless your instructor tells you otherwise, you must complete all course work entirely on your own, using only sources that have been permitted by your instructor, and you may not assist other students with papers, quizzes, exams, or other assessments. If your instructor allows you to use ideas, images, or word phrases created by another person (e.g., from Course Hero or Chegg) or by generative technology, such as ChatGPT, you must identify their source. You may not submit false or fabricated information, use the same academic work for credit in multiple courses, or share instructional content. Students with questions about academic integrity should ask their instructor before submitting work.
Students facing allegations of academic misconduct may not drop/withdraw from the affected course unless they are cleared of wrongdoing (see G-9: Academic Integrity ). Attempted drops will be prevented or reversed, and students will be expected to complete course work and meet course deadlines. Students who are found responsible for academic integrity violations face academic outcomes, which can be severe, and put themselves at jeopardy for other outcomes which may include ineligibility for Dean’s List, pass/fail elections, and grade forgiveness. Students may also face consequences from their home/major program and/or The Schreyer Honors College.
How Academic Integrity Violations Are Handled
World Campus students are expected to act with civility and
personal integrity; respect other students' dignity, rights, and
property; and help create and maintain an environment in which all
can succeed through the fruits of their own efforts. An environment
of academic integrity is requisite to respect for oneself and
others, as well as a civil community.
In cases where academic integrity is questioned, the Policy on Academic Integrity indicates that procedure requires an instructor to inform the student of the allegation. Procedures allow a student to accept or contest a charge. If a student chooses to contest a charge, the case will then be managed by the respective college or campus Academic Integrity Committee. If that committee recommends an administrative sanction (Formal Warning, Conduct Probation, Suspension, Expulsion), the claim will be referred to the Office of Student Accountability and Conflict Response.
All Penn State colleges abide by this Penn State policy, but review procedures may vary by college when academic dishonesty is suspected. Information about Penn State's academic integrity policy and college review procedures is included in the information that students receive upon enrolling in a course. To obtain that information in advance of enrolling in a course, please contact us by going to the Contacts & Help page .
Accommodating Disabilities
Penn State welcomes students with disabilities into the University's educational programs. Every Penn State campus has resources for students with disabilities. The Student Disability Resources (SDR) website provides contacts for disability services at every Penn State campus. For further information, please visit the SDR website.
In order to apply for reasonable accommodations, you must contact the appropriate disability resources office at the campus where you are officially enrolled, participate in an intake interview, and provide documentation based on the documentation guidelines. If the documentation supports your request for reasonable accommodations, your campus's disability resources office will provide you with an accommodation letter. Please share this letter with your instructors and discuss the accommodations with them as early in your courses as possible. You must follow this process for every semester that you request accommodations.
Additional Policies
For information about additional policies regarding Penn State Access Accounts; credit by examination; course tuition, fees, and refund schedules; and drops and withdrawals, please see the World Campus Student Center website.
Veterans and currently serving military personnel and/or dependents with unique circumstances (e.g., upcoming deployments, drill/duty requirements, VA appointments, etc.) are welcome and encouraged to communicate these, in advance if possible, to the instructor in the case that special arrangements need to be made.
Closing Comments
Valuation involves both art and science, can be tricky at times, and requires a lot of hard work. Taking this course will not transform you into a valuation expert or corporate finance manager overnight. Rather, it is hoped that you see the practical relevance of valuation regardless of your position within a corporation.
I hear and I forget
I see and I remember
I do and I understand
Disclaimer: Please note that the specifics of this Course Syllabus are subject to change, and you will be responsible for abiding by any such changes. Your instructor will notify you of any changes.