FIN 6355 Course Syllabus

Course Information
Course Number/Section FIN 6355
Course Title Corporate Finance and Policy

Term Spring 2008

Days & Times Thursday, 7:00 – 9:45 pm (8/28/2008 – 12/2/2008)

Professor Contact Information

Professor Gary Durham
Office Phone n/a
Other Phone (214) 215-4200
Email Address gary.durham@utdallas.edu
Office Location SOM 2.902
Office Hours Thursdays, 6:30 - 7:00 pm; 9:45 - 10:15 pm

Course Pre-requisites, Co-requisites, and/or Other Restrictions

FIN 6350 is a required first course. You must have the basics.

Course Description

In this course, we will examine a wide array of financial policies regarding working capital
management, capital budgeting, capital structure, investing in assets and companies
(acquisitions), cost of capital minimization, and dividends, all of which are (or should be)
intended to maximize shareholder value. We will evaluate events or situations related to IPOs,
financial distress, bankruptcy reorganizations, and cash flow forecasting and modeling. We will
also learn how to determine the value of businesses and securities.

We will learn how to interpret the results of our analyses and learn how to assess the strategic
reasons and form arguments in support of a course of action. This will involve addressing the
real-world ambiguity of determining the impact of financial and strategic decisions on
stakeholder value.

The required reference material is included in a course packet. If we can remain on schedule, we
will follow the course sequence as shown later in this syllabus.

I will use WebCT announcements to keep you updated on FIN 6355 happenings. Examples of
news include: room locations or room changes, office-hour cancellations, grade postings, etc.
Many, if not all, of these news announcements will also be announced before class; however,
some news may be too sudden for me to announce in class, in which case I'll rely on WebCT
announcements to dispense the information. It is your responsibility to check WebCT
announcements.

The structure of the class will be a combined class discussion / instructor lecture format in which
we will rely heavily upon case studies to illustrate how financial theory can be applied in a

FIN 6355 Course Syllabus (Spring 2008) Page 1

simulated business environment. In approximately half of the classes, a team of three (in certain
cases, four) will begin class by presenting its findings regarding a case to the rest of the class in a
―management presentation‖ format. Each presentation should last 30-45 minutes. Then, the class
(with the role of representing the company‘s management) will ask questions of the presenting
team and share its perspectives for 15-30 minutes. I will serve as the moderator and may also ask
questions as a representative of the company‘s management. Each student will, as part of a small
team, present one time during the semester.

During the second half of each class, we will discuss in greater detail issues from the presented
case.

Required Textbooks and Materials

FIN 6355 Course packet: The course packet includes selected readings and cases to be analyzed
during the course of the semester. The course packet will be available in both the on- and off-
campus bookstores.

Suggested Readings
From time to time, I may suggest readings regarding current events or other ―real world‖ readings
that I believe are relevant to our class.

Preparing for Case Discussions

Most of the cases used in this course will be based on real-life situations faced by various
companies – many of which you will be familiar with. Your goal in preparing for the case
discussions should be to identify the problem at hand and determine how to formulate a solution
and courses of action using the information available and the technical skills you have developed.
In most cases you will have to sort through a myriad of exhibits, numbers, and facts, some of
which will be crucial to the analysis, some of which will prove to be extraneous. Case studies
provide you with the opportunity to think strategically and use financial analytics to solve real
world business problems.

The overall quality of our classroom discussions depends largely upon how well you prepare the
cases. As the number of people who meticulously analyze the case and share their viewpoints
increases, so do our chances of fleshing out the important issues and developing well-thought-out
courses of action.

FIN 6355 Course Syllabus (Spring 2008) Page 2

Tentative Course Outline

MODULE 1 – Introduction and Review

August 21st

We will discuss class objectives and form groups. Groups should consist of three people. I will
allow, at most, two groups of four if the math related to our class size works such that groups of
only three will not work. We will review important concepts regarding the balance sheet, income
statement, and cash flow statement. You will be assigned cases to be presented in class in small
groups.

Assignment for Next Class: Read and be prepared to discuss the Butler Lumber case.

MODULE 2 – Working Capital Management

August 28th

Butler Lumber Case: We will consider Butler Lumber‘s need for increased bank financing as its
sales grow rapidly. We will determine the needs for the necessary increases in bank borrowing,
estimate the amount of borrowing needed, and assess the attractiveness of the bank loan. Team
#1 will present the Butler Lumber case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Toy World case.

September 4th

Toy World Case: We will consider Toy World‘s working capital and financing needs as Toy
World shifts from seasonal toy production to steady toy production. We will construct pro forma
financial statements in order to determine funds needs. Team #2 will present the Toy World
case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Whirlpool Europe case.

MODULE 3 – Capital Budgeting

September 11th

Whirlpool Europe Case: We will evaluate Whirlpool Europe‘s investment in an enterprise

resource planning (―ERP‖) system that would reorganize information flow throughout the
company. We will assess the cost of the ERP system along with the expected improvements from
the investment, including improvements to sales and working capital. Team #3 will present the
Whirlpool Europe case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the AES case.

FIN 6355 Course Syllabus (Spring 2008) Page 3

September 18th

AES Case: In the past, AES used the same cost of capital for all of its capital budgeting, but the
company's international expansion has raised questions about this approach and whether a single
cost of capital adequately accounts for the different risks AES faces in its diverse businesses and
diverse environments. We will evaluate different methodologies for taking account of different
country and project risks. Team #4 will present the AES case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the UST case.

MODULE 4 – Capital Structure

September 25th

UST Case: We will evaluate UST, a very profitable smokeless tobacco firm, and its low debt
relative to other firms in the tobacco industry. We will analyze UST‘s decision to borrow $1
billion to finance the repurchase of its stock. Team #5 will present the UST case during the
first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Corning case.

First Written Assignment: I intend to assign the Acid Rain: The Southern Company (A)
case (#9-792-060). As described earlier, this case will be presented in your groups. More
details on the assignment, due October 16th, will follow.

October 2nd

Corning, with large investments in fiber optic technology, was hit particularly hard by the
collapse of the telecommunications industry in 2001. With over $4 billion in debt, the firm's
survival appears to rest on raising additional equity capital. James Flaws, the chief financial
officer, is considering raising $500 million with an issue of mandatory convertible preferred
stock. We will evaluate the costs of financial distress, the use of convertible securities, the
influence of investor demand and market conditions on corporate financial policy, and the
valuation of contingent claims. Team #6 will present the Corning case during the first half of
the class.

Assignment for Next Class: Read and be prepared to discuss the Arundel Partners case. First
Written Assignment due October 16th.

October 9th

A group of investors is considering buying the sequel rights for a portfolio of feature films. They
need to determine how much to offer to pay and how to structure a contract with one or more
major U.S. film studios. The case contains cash flow estimates for all major films released in the
United States during 1989. These data are used to generate estimates of the value of sequel rights
prior to the first film's release. We will evaluate real options and techniques for valuing them,
illustrating the power of option pricing techniques for certain types of capital budgeting problems

FIN 6355 Course Syllabus (Spring 2008) Page 4

and the practical limitations of such techniques. No team presentation. We will discuss the
case.

Assignment for Next Class: Read and be prepared to discuss the Radio One case.

MODULE 6 – Acquisitions: Valuation and Financing

October 16th

Radio One Case: Radio One, the largest radio group targeting African-Americans in the country,
had the opportunity to acquire 12 urban stations in the top 50 markets from Clear Channel
Communications, Inc. The proposed acquisitions would double the size of Radio One. We will
focus on the strategic and financial evaluation of the proposed acquisitions. Team #8 will
present the Radio One case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Eskimo Pie case.

MODULE 7 – IPOs and Divestitures

October 23rd

Eskimo Pie Case: Reynolds Metals, the makers of aluminum products, decided to sell its holding
of Eskimo Pie, a marketer of branded frozen novelties. Reynolds had an offer from Nestle to
acquire Eskimo Pie. However, Reynolds decided instead to make an initial public offering of
Eskimo Pie shares. We will analyze Reynolds‘ decision. Team #9 will present the Eskimo Pie
case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the UPS case.

October 30th

United Parcel Service Case: We will examine the valuation of United Parcel Service (―UPS‖) at
the time of its IPO in mid-1999. We will assess UPS's performance relative to its major
competitor, Federal Express, and judge whether that performance is sustainable. Team #10 will
present the UPS case during the first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Linear Technology case.

FIN 6355 Course Syllabus (Spring 2008) Page 5

MODULE 8 – Dividend Policy

November 6th

Linear Technology Case: Linear Technology, a designer and manufacturer of analog

semiconductors, had been steadily increasing its dividends for several consecutive years. In
2002, Linear experienced its first significant drop in sales since 1986. We will evaluate the
decision facing Linear‘s CFO—whether to recommend yet another increase in dividends despite
Linear‘s recent performance. Team #11 will present the Linear Technology case during the
first half of the class.

Assignment for Next Class: Read and be prepared to discuss the Marvel Entertainment case.

Second Written Assignment: I intend to assign the Sealed Air case. As described earlier,
this case must be presented individually (not in groups). More details on this assignment,
which is due November 20th, will follow.

MODULE 9 – Bankruptcy and Restructuring

November 13th

Marvel Entertainment Case: Marvel Entertainment Group is the leading comic book publisher in
the United States, with superheros like Spider-Man, the Incredible Hulk, the X-Men, and Captain
America. Marvel is also one of the leading manufacturers of sports and entertainment trading
cards under the Fleer and Sky Box brand names. In the mid-1990s, it experienced sharp declines
in both businesses, causing it to file for bankruptcy. This case is set in late January 1997, shortly
after Marvel filed its reorganization plan with the bankruptcy court and approximately one month
before creditors will have to vote on the plan at the confirmation hearing. Two of the most
prominent corporate raiders of the 1980s are pitted against each other for control of the company.
On one side is Ronald Perelman, who controls Marvel through his MacAndrews & Forbes
holding company. On the other side is Carl Icahn, who controls 25% of Marvel's public debt.
Icahn and the other bondholders must decide whether to accept Perelman's plan, to reject it in
favor of their own plan, or to sell their bonds before the confirmation hearing. Perelman must
decide whether to change the plan in response to the debtholders' threats or to wait and see what
happens at the hearing.

There will be no team presentation this week. I will moderate a discussion regarding the Marvel
Entertainment case and discuss bankruptcy and restructuring issues.

Assignment for Next Class: None.

November 20th

The paper assigned on November 7th will be due in lieu of an examination.

November 27th – Thanksgiving Holiday! NO CLASS! HAVE FUN!

FIN 6355 Course Syllabus (Spring 2008) Page 6

MODULE 10 – Wrap Up

December 2nd

Open

Assignment for Next Class: There is no next class!

Note: The course outline is tentative. Alterations will be made if appropriate.

Grading Policy

Your grades will be based upon your class participation, your in-class team presentation of your
case, and your performance on two case write-ups. The relative weighting for the determination
of grades will be as follows:

1) Class Participation 40%

2) Two Case Write-ups (Team and Individual) 40% (20% each)
3) One Team In-Class Case Presentation 20%
100%

Grades considered will include A, B, C, and F.

1) Class participation:

Because case studies will be utilized extensively in this course, your case preparation and
participation in class discussion represents an important part of the learning experience. As such,
class participation represents a significant portion of the final grade. With regard to class
participation, quality of comments and/or discussion, reflecting your in-depth analysis of the
cases, is strongly preferred to ―air-time‖.

If you attend class but do not actively participate, your participation grade will be a ―C‖. In order
to earn an ―A‖ grade for class participation, you must regularly make significant contributions to
the classroom discussions, particularly with regard to the assigned readings and cases. If you are
going to miss class, you can maintain your overall class participation score by turning in a two-
page summary of your responses to the case questions to be addressed during the case discussion
for the day.

2) Case Write-Ups:

You will be required to complete two case write-ups relating to cases in the course packet. I will
provide you with the case questions to be addressed in the write-ups. The case write-ups will be
graded on the basis of accuracy, clarity, completeness and professionalism. Your answer to any
given case question should not exceed two pages (double-spaced, 12-point font, and 1-inch
margins), excluding any necessary exhibits. Because learning with / from others represents an
important part of the education process, the first case write-up should be completed in your
groups (the same groups of which you are a part for the team in-class presentation). The second
(and final) case write-up must be completed individually. Do not work in teams on the second
case write up.

FIN 6355 Course Syllabus (Spring 2008) Page 7

3) One Team In-Class Presentation:

You will be required to present as part of a team one case from the course packet. I will provide
you with questions to be addressed in the presentations. The presentations will be graded on the
basis of accuracy, clarity, completeness and professionalism. You will also be graded on your
ability to clearly, concisely, and accurately answer questions from the class and me—your
audience. Because learning with / from others represents an important part of the education
process, your presentation must be as part of a team of 3-4 persons.

After each team case write-up and each team in-class presentation, all team members involved in
the write-up or presentation will be required to submit a Peer Evaluation which will determine the
grade assigned to each individual team member for the write-up or presentation, respectively. A
Peer Evaluation will be due from each team member within one week of the team case write-up
or the team in-class presentation. Instructions regarding the completion and application of the
Peer Evaluations are presented later in this syllabus.

Course Policies
There will be no make-up cases. There will be no extra credit. I will determine whether or not to
accept late work on a case by case basis.

Field Trip Policies / Off-Campus Instruction and Course Activities

None

FIN 6355 Course Syllabus (Spring 2008) Page 8

 PEER EVALUATION INSTRUCTIONS
After each group exercise, your task is to evaluate the relative contribution of each of your fellow
group members to the overall success of the group. ―Success‖ can be defined in various ways,
including but not limited to:
• the quality of the report, paper, presentation, or project produced
• the efficiency with which the final paper was produced (effort vs. output)
• the overall learning experience.
Contributions can be readily identifiable (such as number of pages written, number of surveys
produced, etc.). Other contributions might be less quantifiable (e.g., clear communication,
organization, leadership, and planning).
In-Class Case Presentations and First Case Write-Up: You should evaluate your team
members for each in-class case presentation and for the first case write-up. The group will
receive one grade for each project. Then, each student‘s grade will be adjusted upward or
downward by a factor equal to the ratio of his/her total points allocated divided by the average
allocation per person.
Confidentiality: I will not publish these peer-evaluation scores, nor will I tell you what your
scores have been up to any given point in the semester. Rather, the scores for the projects will
confidentially be built into the calculation of overall course grades. The only way that you will
ever be affected by these peer evaluations is if your score (in the absence of the peer-evaluation
adjustments) is right at one of the grade thresholds and the adjustments happen to cause you to
just clear, or fall just short of, a letter-grade threshold. At semester‘s end, on the rare occasion
that your final letter grade is different than what you were expecting, I will tell you what your
group mates, as a whole, rated you on the presentations (on average) and on each of the two
projects. Stated differently, you should proceed under the simplifying assumption that the posted
grades will be your grades. I really cannot imagine anyone being affected very adversely, if at all.
Instructions: For both the in-class case presentation and the first case write-up, you are to list all
of your group members, excluding yourself, and assign a grand total of 100 points to your
colleagues. For example, if you have 3 teammates (not including yourself), the average
allocation is 331/3 pts. If you have 4 fellow team members, the average allocation is 25 pts. If
you have 5 fellow team members, the average allocation is 20 pts.
Example 1: This process might be best demonstrated by an example. Consider a 5-person group,
with persons A, B, C, D, and E. Evaluator
C considered contributions to be equal Evaluators
across students, assigning 25 points to Students A B C D E Total
each student. Evaluator B thought C A X 25 25 30 20 100
contributed the most, while D‘s and E‘s B 20 X 25 15 20 80
contributions were lower. As shown C 30 35 X 30 30 125
by the totals at the bottom of each col- D 25 20 25 X 30 100
umn, evaluators assign a total of 100 pts. E 25 20 25 25 X 95
100 100 100 100 100 500
Suppose the grade on the group project is an 18. Thus, these five students would receive grades
as follows:
Student A 100/100 x 18 = 18.0
Student B 80/100 x 18 = 14.4
Student C 125/100 x 18 = 22.5

FIN 6355 Course Syllabus (Spring 2008) Page 9

 PEER EVALUATION INSTRUCTIONS CONTINUED

Student D 100/100 x 18 = 18.0

Student E 95/100 x 18 = 17.1
Thus, the average grade across these 5 students is still an 18. But, instead of receiving the same
18, each student is presumably rewarded for his/her relative contributions to the overall exercise.
Example 2: Now, consider a group of three people, with individuals A, B, and C. Evaluator B
considered contributions to be equal
across his/her, assigning 50 points to Evaluators
each peer. Evaluator A thought C Students A B C Total
contributed the most, and so on. As A X 50 55 105
shown by the totals at the bottom of each B 40 X 45 85
column, evaluators assign a total of 100 pts. C 60 50 X 110
100 100 100 300
Suppose the grade on the group project is an 18. Thus, these three students would receive grades
as follows:
Student A 105/100 x 18 = 18.9
Student B 85/100 x 18 = 15.3
Student C 110/100 x 18 = 19.8
Thus, the average grade across these 3 students is still an 18. But, instead of receiving the same
18, each student is presumably rewarded for his/her relative contributions to the overall exercise.
Limits: Lastly, to prevent any individual‘s grade from getting too extreme (high or low), I will
impose the following bounds for assigning grades.
Group Size # of Peers Ave. Score per Peer Max. Score per Peer Min. Score per Peer
5 4 25 30 20
4 3 331/3 40 262/3
3 2 50 60 40
In other words, you cannot assign a score to any peer that is greater than the stated maximum
score, nor can you assign a score to any peer that is lower than the stated minimum score. Thus,
for example, in Example 1, evaluator B could NOT have assigned the ‗35‘ to student C.
Evaluator B could have assigned, at most, a ‗30‘ to C and would have had to allocate the 5 points
to other group members. Similarly, evaluator D could NOT have assigned the ‗15‘ to student B.
Evaluator D could have assigned, at the lowest, a ‗20‘ to B and would‘ve had to take away a total
of 5 points from the other group members.

FIN 6355 Course Syllabus (Spring 2008) Page 10

Student Conduct & Discipline

The University of Texas System and The University of Texas at Dallas have rules and regulations
for the orderly and efficient conduct of their business. It is the responsibility of each student and
each student organization to be knowledgeable about the rules and regulations which govern
student conduct and activities. General information on student conduct and discipline is contained
in the UTD publication, A to Z Guide, which is provided to all registered students each academic
year.

The University of Texas at Dallas administers student discipline within the procedures of
recognized and established due process. Procedures are defined and described in the Rules and
Regulations, Board of Regents, The University of Texas System, Part 1, Chapter VI, Section 3, and
in Title V, Rules on Student Services and Activities of the university‘s Handbook of Operating
Procedures. Copies of these rules and regulations are available to students in the Office of the
Dean of Students, where staff members are available to assist students in interpreting the rules and
regulations (SU 1.602, 972/883-6391).

A student at the university neither loses the rights nor escapes the responsibilities of citizenship.
He or she is expected to obey federal, state, and local laws as well as the Regents‘ Rules,
university regulations, and administrative rules. Students are subject to discipline for violating the
standards of conduct whether such conduct takes place on or off campus, or whether civil or
criminal penalties are also imposed for such conduct.

Academic Integrity

The faculty expects from its students a high level of responsibility and academic honesty. Because
the value of an academic degree depends upon the absolute integrity of the work done by the
student for that degree, it is imperative that a student demonstrate a high standard of individual
honor in his or her scholastic work.

Scholastic dishonesty includes, but is not limited to, statements, acts or omissions related to
applications for enrollment or the award of a degree, and/or the submission as one‘s own work or
material that is not one‘s own. As a general rule, scholastic dishonesty involves one of the
following acts: cheating, plagiarism, collusion and/or falsifying academic records. Students
suspected of academic dishonesty are subject to disciplinary proceedings.

Plagiarism, especially from the web, from portions of papers for other classes, and from any other
source is unacceptable and will be dealt with under the university‘s policy on plagiarism (see
general catalog for details). This course will use the resources of turnitin.com, which searches the
web for possible plagiarism and is over 90% effective.

Email Use

The University of Texas at Dallas recognizes the value and efficiency of communication between
faculty/staff and students through electronic mail. At the same time, email raises some issues
concerning security and the identity of each individual in an email exchange. The university
encourages all official student email correspondence be sent only to a student‘s U.T. Dallas email
address and that faculty and staff consider email from students official only if it originates from a
UTD student account. This allows the university to maintain a high degree of confidence in the
identity of all individual corresponding and the security of the transmitted information. UTD
furnishes each student with a free email account that is to be used in all communication with
university personnel. The Department of Information Resources at U.T. Dallas provides a method
for students to have their U.T. Dallas mail forwarded to other accounts.

FIN 6355 Course Syllabus (Spring 2008) Page 11

Withdrawal from Class

The administration of this institution has set deadlines for withdrawal of any college-level courses.
These dates and times are published in that semester's course catalog. Administration procedures
must be followed. It is the student's responsibility to handle withdrawal requirements from any
class. In other words, I cannot drop or withdraw any student. You must do the proper paperwork
to ensure that you will not receive a final grade of "F" in a course if you choose not to attend the
class once you are enrolled.

Student Grievance Procedures

Procedures for student grievances are found in Title V, Rules on Student Services and Activities,
of the university‘s Handbook of Operating Procedures.

In attempting to resolve any student grievance regarding grades, evaluations, or other fulfillments
of academic responsibility, it is the obligation of the student first to make a serious effort to
resolve the matter with the instructor, supervisor, administrator, or committee with whom the
grievance originates (hereafter called ―the respondent‖). Individual faculty members retain
primary responsibility for assigning grades and evaluations. If the matter cannot be resolved at
that level, the grievance must be submitted in writing to the respondent with a copy of the
respondent‘s School Dean. If the matter is not resolved by the written response provided by the
respondent, the student may submit a written appeal to the School Dean. If the grievance is not
resolved by the School Dean‘s decision, the student may make a written appeal to the Dean of
Graduate or Undergraduate Education, and the deal will appoint and convene an Academic
Appeals Panel. The decision of the Academic Appeals Panel is final. The results of the academic
appeals process will be distributed to all involved parties.

Copies of these rules and regulations are available to students in the Office of the Dean of
Students, where staff members are available to assist students in interpreting the rules and
regulations.

Incomplete Grade Policy

As per university policy, incomplete grades will be granted only for work unavoidably missed at
the semester‘s end and only if 70% of the course work has been completed. An incomplete grade
must be resolved within eight (8) weeks from the first day of the subsequent long semester. If the
required work to complete the course and to remove the incomplete grade is not submitted by the
specified deadline, the incomplete grade is changed automatically to a grade of F.

Disability Services

The goal of Disability Services is to provide students with disabilities educational opportunities
equal to those of their non-disabled peers. Disability Services is located in room 1.610 in the
Student Union. Office hours are Monday and Thursday, 8:30 a.m. to 6:30 p.m.; Tuesday and
Wednesday, 8:30 a.m. to 7:30 p.m.; and Friday, 8:30 a.m. to 5:30 p.m.

The contact information for the Office of Disability Services is:

The University of Texas at Dallas, SU 22
PO Box 830688
Richardson, Texas 75083-0688
(972) 883-2098 (voice or TTY)

Essentially, the law requires that colleges and universities make those reasonable adjustments
necessary to eliminate discrimination on the basis of disability. For example, it may be necessary
to remove classroom prohibitions against tape recorders or animals (in the case of dog guides) for

FIN 6355 Course Syllabus (Spring 2008) Page 12

 students who are blind. Occasionally an assignment requirement may be substituted (for example,
a research paper versus an oral presentation for a student who is hearing impaired). Classes
enrolled students with mobility impairments may have to be rescheduled in accessible facilities.
The college or university may need to provide special services such as registration, note-taking, or
mobility assistance.

It is the student‘s responsibility to notify his or her professors of the need for such an
accommodation. Disability Services provides students with letters to present to faculty members
to verify that the student has a disability and needs accommodations. Individuals requiring special
accommodation should contact the professor after class or during office hours.

Religious Holy Days

The University of Texas at Dallas will excuse a student from class or other required activities for
the travel to and observance of a religious holy day for a religion whose places of worship are
exempt from property tax under Section 11.20, Tax Code, Texas Code Annotated.

The student is encouraged to notify the instructor or activity sponsor as soon as possible regarding
the absence, preferably in advance of the assignment. The student, so excused, will be allowed to
take the exam or complete the assignment within a reasonable time after the absence: a period
equal to the length of the absence, up to a maximum of one week. A student who notifies the
instructor and completes any missed exam or assignment may not be penalized for the absence. A
student who fails to complete the exam or assignment within the prescribed period may receive a
failing grade for that exam or assignment.

If a student or an instructor disagrees about the nature of the absence [i.e., for the purpose of
observing a religious holy day] or if there is similar disagreement about whether the student has
been given a reasonable time to complete any missed assignments or examinations, either the
student or the instructor may request a ruling from the chief executive officer of the institution, or
his or her designee. The chief executive officer or designee must take into account the legislative
intent of TEC 51.911(b), and the student and instructor will abide by the decision of the chief
executive officer or designee.

Off-Campus Instruction and Course Activities

Off-campus, out-of-state, and foreign instruction and activities are subject to state law and
University policies and procedures regarding travel and risk-related activities. Information
regarding these rules and regulations may be found at the website address given below.
Additional information is available from the office of the school dean.
(http://www.utdallas.edu/Business Affairs/Travel_Risk_Activities.htm)

These descriptions and timelines are subject to change at the discretion of the Professor.

FIN 6355 Course Syllabus (Spring 2008) Page 13