Course Syllabus
For a list of course activities, scroll to the bottom of this page.
Course Prerequisites
The main pre-requisite is Advanced Corporate Finance, FIN 5342. If you do not have this pre-requisite or are uncertain whether you have met such a pre-requisite, please do contact me prior to the course start date.
Course Materials
There are recommended textbooks and a list of required three HBS case studies and one HBS note. The HBS studies will include (1) HBS note on bankruptcy, (2) HBS case “Bankruptcy and restructuring at Marvel Entertainment Group”, and (3) HBS case “The Acquisition of Consolidated Rail” (parts A & B). Of the recommended textbooks, the one by Bruner will be our main one. If you wish, you can borrow copies of the textbook that I have For the remaining textbooks, I have scanned the few selected chapters and have posted them on Canvas. Therefore, there is no need to purchase any of these textbooks, unless you plan on using it after the course. It is necessary, however, to acquire all HBS cases.
(1) Applied Mergers & Acquisitions, by Robert Bruner, published by Wiley, ISBN 0-471-39506-4 (w/ CD-ROM) or ISBN 0-471-39505-6 (w/out CD-ROM) (henceforth B). There is an accompanying workbook, ISBN 0-471-39585-4, that contains useful examples & questions to chapters. We will use this textbook in class for: valuation (chapter 9), deal design (chapters 19, 20, 21, 22), additional issues in valuation (chapters 11, 15), legal issues (chapter 33), deal process (chapters 30, 31) and accounting issues (chapter 16).
(2) Taxes & Business Strategy, by M. Scholes, M. Wolfson, M. Erickson, M. Hanlon, E. Maydew, T. Shevlin, published by Pearson, ISBN-10: 0132752670 (henceforth S). We will use this textbook in class for taxable acquisitions of C & S corporations (chapters 14 & 15) and tax-free acquisitions of C corporations (chapter 16). If you wish, you can obtain these textbooks through the University of Oklahoma bookstore or through online book vendors.
(3) Investment Valuation: Tools and Techniques for Determining the Value of Any Asset by Aswath Damodaran, published by Wiley, ISBN: 978-1-118-01152-2 (henceforth AD). We will use this textbook in class for valuation of targets (chapter 25), valuation of distressed firms (chapter 30), valuation of private firms (chapter 24), relative valuation (chapters 18, 19), valuation of firms (chapters 12, 14).
Grades
Breakdown
Video lecture/ HBS cases quizzes
(seven, each 4 pt., , plus 5 pt. for eighth case class) 33 pt.
Midterm Exam 25 pt.
Final Exam 25 pt.
In-class participation via Reef-Polling
(seven, each 2 pt., plus 3 pt. for last case class) 17 pt.
TOTAL 100 pt.
Scale
Letter A grade = 90-100
Letter B grade = 80-89
Letter C grade = 70-79
Letter D grade = 60-69
Course Components
Student video lecture quizzes (33%)
Each class will be preceded by a video lecture quiz to cover the video materials prepared for said class. I anticipate that students complete those prior to the live class session. These will usually consist of 4-6 questions, possibly multiple-choice, that need to be answered prior to the beginning of the live lecture. You will be able to attempt answering each question twice. If you answer at least half of the questions correctly, you will receive full (i.e., four, or five for the last class) points for this video lectures quiz. If you answer less than half of the questions correctly, you will receive half (i.e., two, or two-and-half for the last class) points for the quiz. Please note that this implies that even if a student answers all questions incorrectly, that student will still receive half of the points for each session. If you do not answer all quiz questions, you will receive zero points. Note that there is no opportunity to make up video lecture quizzes, therefore I encourage you to submit those on time.
Individual midterm exam (25 %)
Please anticipate an exam with some short answer questions, including some calculations, as well as some essay questions. The exam is based on the material in the course up until that the week before the midterm. The final exam will be a selection of five questions from a list of 25-30 such questions which list will be made available by the first live session for this class.
Individual final exam (25 %)
Please anticipate an exam with some short answer questions, including some calculations, as well as some essay questions. The final exam is non-comprehensive, i.e., it is only based on the material covered in the second part (i.e., after the midterm exam) of the course. The final exam will be a selection of five questions from a list of 25-30 such questions, which list will be made available by the first live session for this class.
Student In-class participation through iClicker Cloud (formerly Reef Polling) (17%)
We will use the iClicker Cloud (formerly Reef Polling) app or web-based software for in-class polling during the live sessions. We will usually have four-five questions asked via that software each session. These will be asked in a multiple-choice or short-answer format that will grant you the full (i.e., two or three for the eighth case class) points for class participation and attendance in that session as long as you answer at least one of the questions correct (but you must answer all questions to receive any points) and I will always indicate the correct answer before asking the question in the live session. If you must miss a live session, I invite you to make up for those points by submitting your answers to the asked in-class questions in an Excel file, after you review the live session, via this link: https://www.dropbox.com/request/8Vd0dzjiDOoOMQSioK1T. Please title the submitted make-up answers document as “LastFirstDate.xlsx” (e.g., “LitovLubo10182021.xlsx”). I anticipate that you send those answers by the end of the same week (i.e., Sunday) as the class, after viewing the live session recording.
HBS Cases
I will include in the class contents three HBS case studies, namely, the “Bankruptcy and restructuring at Marvel Entertainment Group” and the "Acquisition of Consolidated Rail Corporation" (parts A and B). I anticipate that you will review those prior to the classes in which we will discuss them. Your participation in the discussion of these cases will count toward your overall score.
While there are no required HBS case reports, I will anticipate that you actively participate in discussing those cases and answering pre-live lecture quiz questions on those. To help guide such discussion, I have provided an instructive list of questions (which will also be asked in the individual pre-live-lecture quiz) for each of the cases that we will discuss. Lastly, please follow these suggestions when preparing for the discussion of each case:
- Please read the case thoroughly. Critically evaluate the information provided. Sometimes this information is incomplete. Please make reasonable assumptions regarding missing data/links. Justify them carefully.
- Please search for alternative courses of action and motivate your approach. Analyze and evaluate the alternatives considering both the strengths and the weaknesses of each. Decide what your specific recommendation is to be & fully develop the logic supporting your recommendation.
Class Format
Since this is an online course, we shall structure each weekly online session in three parts with a short two-minute break in between.
(1) Part I: 60 minutes (followed by a fifteen-minute break), 6-7pm CST
(2) Part II: 60 minutes (followed by a fifteen-minute break), 7:15-8:15pm CST
(3) Part III: 60 minutes, 8:30-9:30pm CST
Total time: 3 hours and 30 minutes (6pm-9:30pm CST)
Meeting Venue & Zoom Camera Policy
All classes will be in person. If you must miss a class, you can attend it through Zoom, with Zoom meeting ID 401 385 2593 with password code 897917 at
https://oklahoma.zoom.us/j/4013852593?pwd=Rm1WTStkMllHRlBWSVRTelZrYlBhUT09. You can click on this link to join the class. If you would prefer – in addition to the video access – to have also audio access through phone, please do call the following number: 401-385-2593.
Since this is an in-person class, in order to receive full credit for participation, students must attend a minimum of five in-person classes. Every additional class not attended in person will result in a letter grade reduction in your class participation score even if you have answered the iClicker Cloud questions. If you must attend through Zoom, however, please note that I expect that everyone will to have their cameras on during the class - for the entire length of the class. Not having your camera on will count as not having attended class, for class participation purposes. I encourage you to attend the in-person classes.
Course Policies
Communication
Instructor |
Lubomir (Lubo) Litov |
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Office |
Adams Hall, Room 3258 |
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Phone |
917-714-8794 (mobile), lubomir.litov (Skype) |
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Fax |
405-325-5491 |
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Office hours |
Before (5:30pm-6pm) & after (9:30pm-10pm) class & by appointment (online or via phone) & Monday & Wednesday, 12:30 pm–1:30 pm CST & by appointment (Zoom or via phone) |
Late Policy
Please refer to the attached syllabus for further details.
UNIVERSITY OF OKLAHOMA
ACADEMIC POLICIES AND STUDENT SUPPORT
Catalog
Please familiarize yourself with the OU Student Catalog.
Online Library
Students can access digital materials and other resources from the University of Oklahoma library by visiting: http://libraries.ou.edu/
Academic Misconduct
In addition to the course conduct policies outlined by your professor in the Course Syllabus in the online classroom, please review the Graduate Student Handbook.
It is the responsibility of each student to be familiar with the definitions, policies, and procedures concerning academic misconduct. The Student Code is available from the Office of the Vice President for Student Affairs, and is contained in the Student's Guide to Academic Integrity.
This site also defines misconduct, provides examples of prohibited conduct, and explains the sanctions available for those found guilty of misconduct.
Plagiarism
Plagiarism is the most common form of academic misconduct at OU. There is basically no college-level assignment that can be satisfactorily completed by copying. OU's basic assumption about writing is that all written assignments show the student's own understanding in the student's own words. That means all writing assignments, in class or out, are assumed to be composed entirely of words generated (not simply found) by the student, except where words written by someone else are specifically marked as such with proper citation. Including other people's words in your paper is helpful when you do it honestly and correctly. When you don't, it's plagiarism.
For more information about plagiarism, watch this video and then take this short course offered by University Libraries.
Reasonable Accommodation for Disabilities
The University of Oklahoma is committed to providing reasonable accommodation for all students with disabilities. Students with disabilities who require accommodations in this course should contact their professor as early in the semester as possible.
Students with disabilities must be registered with the Disability Resource Center prior to receiving accommodations in this course.
If you have a disability and you would like to make a request for reasonable accommodation, please see the Graduate Student Handbook or visit the Disability Resource Center and other disability services at OU at: http://drc.ou.edu/
Adjustments for Pregnancy/Childbirth Related Issues
Should you need modifications or adjustments to your course requirements because of documented pregnancy-related or childbirth-related issues, please contact me as soon as possible to discuss your options. Generally, modifications will be made where medically necessary and similar in scope to accommodations based on temporary disability. Please see www.ou.edu/content/eoo/faqs/pregnancy-faqs.html for commonly asked questions.
Title IX Resources
For any concerns regarding gender-based discrimination, sexual harassment, sexual misconduct, stalking, or intimate partner violence, the University offers a variety of resources, including advocates on-call 24.7, counseling services, mutual no contact orders, scheduling adjustments, and disciplinary sanctions against the perpetrator. Please contact the Sexual Misconduct Office 405-325-2215 (8-5, M-F) or OU Advocates 405-615-0013 (24/7) to learn more or to report an incident.
Religious Holidays
It is the policy of the University to excuse absences of students that result from religious observances and to provide for the rescheduling of examinations and additional required classwork that may fall on religious holidays without penalty. It is the responsibility of the student to make alternate arrangements with the instructor at least one week prior to the actual date of the religious holiday.
Copyright Policy
It is illegal to download, upload, reproduce, or distribute any copyrighted material, in any form and in any fashion, without permission from the copyright holder or his/her authorized agent. The University of Oklahoma expects all members of its community to comply fully with federal copyright laws. If such laws appear to have been violated by any user, the university reserves the right (1) to terminate that user’s access to some or all of the university’s computer systems and information resources and (2) to take additional disciplinary actions as deemed necessary or appropriate. Repeat offenders will be sanctioned and their privileges terminated.
Registration and Withdrawal
If you choose to withdraw from this course, you must complete the appropriate University form and turn the form in before the deadline. If you stop attending the course and doing the coursework without doing the required paperwork, your grade will be calculated with missed homework and examination grades entered as zero. This could result in receiving a grade of F in the course. Deadlines are shown in the Academic Calendar, which is available from the Office of Admissions and Records or online at http://www.ou.edu/admissions/home/academic_calendar.html
Student Grievances
In addition to any policies outlined related to submitting an informal or formal grievance by your professor in the Course Syllabus in the online classroom, please review the Graduate Student Handbook for more information about the process of submitting a formal grievance.