The problems of financial management.docx

The problems of financial management.docx

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Theproblemsoffinancialmanagement

TheAspenInstituteCorporateGovernanceandAccountabilityProject:

RethinkingMBACurriculumintheFinanceDiscipline

SupportedbytheAlfredP.SloanFoundation

MBAFinance,Rethought:

FacultyattheWashingtonStateUniversity,Vancouver,MBAProgramarerethinkingthefinancecurriculum.AspartoftheAspenInstitute’sCorporateGovernanceandAccountabilityProject,WSUisworkingtoreframetheircoreMBAFinanceCourse,“ProblemsinFinancialManagement”towardsamoreexplicittreatmentofstakeholders’interestsinfinancialmanagers’decisionmaking.Theintentionofthisnewcourseistodemonstratetostudentsthatmaximizingfirmvaluenecessitatesfocusingonmorethanshareholders.

Formoreaboutthephilosophybehindthisnewcourse,seeProfessorBecker-Blease’sCaseinPointessay,“DoStakeholdersBelonginCorporateFinance?

”

ItisthegoaloftheCGAProjecttoworkwithaselectgroupoffacultypartnerstotestdrivethisnewandinnovativecourseacrosstheAmericanbusinessschoollandscape.Thecompletesyllabuswithteachingplanswillsoonbeavailableatwww.CasePlace.org.InterestedfinancefacultyshouldcontactAlex.Roberts@aspeninstitute.orgorjblease@vancouver.wsu.eduformoreinformation.

OnWSU’sCurriculumReformEfforts:

JohnBecker-Blease,FinanceProfessoratWSU,isheadingupthisefforttoreshapethefinancesyllabus.TheMBAprogramatWSUemphasizessustainablestakeholderengagement,wherestrategicstakeholderrelationshipsformthefoundationforlongtermorganizationalsuccess.EachcourseintheMBAprogramusesthisfocusasacentralorganizingpremise.

CGAinBrief:

:

Since2003,TheAspenInstituteCenterforBusinessEducationhasreceivednearly$1,000,000infundingfromtheSloanFoundationtounderwriteitsCorporateGovernanceandAccountabilityProject（http:

//aspencbe.org/networks/CGA.html）.TheProjectaimstoinfluenceprevailingmodelsofcorporategovernanceandtheoriesofthefirm,astheyareunderstoodandtaughtbybusinessschoolfaculty.

Problemsinfinancialmanagement

MBA-Levelcorporatefinancecourse

CourseFramework,TeachingNotes&Syllabus

InteractiveTableofContents

StrategicStakeholderEngagement:

OrganizingFrameworkforWSUVancouverMBAProgram

CourseSyllabus

IntroductionandOverviewofthecourse

ModuleSummaries

CourseInformation（description,objectives,grading,contactinfo,etc.）

CourseSchedule

Module1ReviewFundamentalMicroeconomicsandFinancialManagement

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

References

Module2GoaloftheCorporation

LearningGoals;

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

Module3Valuation

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

Module4CapitalStructure

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

Module5AgencyTheory&Governance

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

Module6PayoutPolicy

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

Module7M&AandCorporateStructure

LearningGoals

Readings

AdditionalMaterials

PedagogicalPurposeandNotes

AdditionalTalkingPoints

References

ModulesinBrief

ClassProject

CompleteCourseReferences

StrategicStakeholderEngagement:

OrganizingFrameworkforWSUVancouverMBAProgram

ThefinancecoursestartsbyreviewingthestakeholderapproachtheMBAprogramusesandhowthiscoursefitsintothatmodel.Themodelispresentedonthenextpage.ThemodelisfirstpresentedinacourseonStakeholdersandCompetitiveAdvantagethatallstudentstakeastheirfirstcourseintheMBAprogram.Herewestartbyreinforcingthekeypoints:

∙Organizationalstrategyisdeterminedby:

⇨Theorganization’scorevaluesandviewsabouthowtheywanttooperate.

⇨Marketconditionsthatdeterminewheretheycanfindacompetitiveniche.

⇨Strategyisdevelopedbyapplyingtheoryfromthekeybusinessdisciplines:

marketing,accounting,management,finance,andinformationsystems.

∙Resourcesarenecessarytoexecutethestrategy.Thoseresourcesthatleadtoapositionaladvantageareusuallyintangibleandoftenrelationshipbased.Theorganizationdevelopsaresourcemixthatisnotimitablebycompetitors.

∙Stakeholders（consumers,valuechainpartners,investors,employees,andpublics）supplytheresources.Theorganizationmustunderstandwhatmotivatesthemtocontributetotheorganization.Theorganizationmustclearlyunderstandwhatitneedsfromthestakeholders.Oftenthereareconflictingexpectationsfromdifferentstakeholderswhichneedtobebalanced.Sometimesstakeholdersmayhaverelationshipsbetweenthemselvesthataffecthowtheorganizationworkswiththemtoassembletheirresourcemix.

Businessleadersmustorchestrateharmonybetweenthegoalsandexpectationsfortheorganizationandstakeholders.Oftentensionsarisearounddifferingexpectations.Goodleadershipanticipatesthesetensionsandproactivelycraftssolutions.TheMBAprogramcurriculumisdesignedtodeveloptalentsforbusinessleaderstothinkcomprehensivelywhenmakingdecisions.Forinstance,theoriespresentedinfinanceexaminetheimpactoninvestorsandalsoonotherstakeholderssuchasemployeesorthepublicinterest.

WashingtonStateUniversityVancouver

TheoreticalFrameworkforMBACurriculumusingaStrategicStakeholderEngagementFocus

（SeeCasePlace.orgforarecordingofthepreviousWeb-ConferencefromWSU,Vancouver:

IntegratingStakeholderTheoryintotheMBACurriculum）

CourseSyllabus

IntroductionandOverview

Teachingbusinessethics,alwayssomethingofanembarrassment,maysimplycometobeteachingFinancewell!

（StuartGreenbaum）

Thepurposeofthiscourseistoprovidestudentswithaheightenedappreciationoftheroleofafinancialmanagerwithinafirmandtounderstandthetoolsandthenatureofthedecisionsthatfinancialmanagersmustmake.Paramounttothetopicisanunderstandingofwhatconstitutesa“good”manager.Atraditionalfinancecharacterizationofagoodmanagerisonewhoadoptsthemostfirm-value-maximizingprojectsintheinterestsofmaximizingcurrentshareholders’wealth（e.g.Brealey,Myers,andAllen,pp20-28）.Thismodelissometimescalledtheshareholderprimacymodel.Analternativemodel,frequentlytermedthestakeholdermodel,arguesthatagoodmanagerisonewhoeffectivelymaximizesthejointutilityofallfirm-stakeholders.Asubstantialliteraturehasevolvedhighlightingthetensionsbetweenthetwomodels.Thegoalofthiscourseistoexposestudentstobothofthesemodelsinthecontextofatraditionalcore-MBAfinanceclass.Theintentisforstudentstoleavethecourseunderstandinginwhichsituationstheactionsofstakeholder-focusedmanagersandshareholder-focusmanagerswillbethesameandinwhichsituationstheactionscouldbedifferent.Inparticular,studentswillappreciatethatincreasedattentiontotheinterestsofallstakeholdersisfrequentlyessentialtomaximizingthelong-termvalueofthefirmandthereforecurrentshareholderwealth.

First,IshouldplacethiscoursewithinthecontextoftheMBAcurriculumatWashingtonStateUniversity,Vancouver（WSUV）.TheMBAatWSUVisfocusedonthestakeholdermodelofthefirmandthereisonlyonegraduate-levelfinancecourseoffered.Giventhatstudentsdonothavealternativesourcesfortopicssuchascapitalstructure,payoutpolicy,practicalcapitalbudgetingissues,agencyandgovernanceissues,andthemarketforcorporatecontrolasubstantialportionofthiscourseisdedicatedtothespecificsofthesetopics.However,thelensthroughwhichweexaminethesetopicsincludesastrongelementofstakeholderinterestsintheefforttomaximizefirmvalue.

Thiscoursealsoreflectsmyunderstandingandinterpretationofthestakeholdermodel,especiallyasitrelatestoshareholderprimacyandfirm-valuemaximization.IhavefoundMichaelJensen’s“Maximization,StakeholderTheory,andtheCorporateObjectiveFunction”particularlyinfluentialinthisprocess.Asatraditionally-trainedfinancialeconomist,Ihaveanundoubtedlybiasedviewtowardstheshareholderprimacymodelandhavelikelysoughtoutthoseelementsofthestakeholdermodelthatfitmostseamlesslyintotheformer.However,whatappearsevidentisthatinmany,andlikelymost,situationsinwhichatypicalMBAstudentwillfindhisorherselfmakinganimportantdecision,thecorrectapplicationofthestakeholderandshareholdermodelswillleadtoasimilardecision.Thus,atapracticallevel,myeffortsarebetterplacedintryingtoequipstudentswithsuperiortoolswithwhichtoidentifyandanalyzetheeconomiceffectsoftheirdecisionsonvariousstakeholdersratherthanenterthemintotheimportantdebatebetweenthetwotheories.

Module1ofthecourseisdedicatedtoreviewofthematerialmoststudentswouldreceiveinanundergraduate-levelintroductoryfinancialmanagementcourse.Thesetopicsincludetimevalueofmoney,basiccash-flow-basedassetvaluationmechanics,anunderstandingoftherelationbetweenriskandrewardbasedontheCAPM,estimationofprojectandfirm-levelcostofcapital,andbasiccapitalbudgetingtoolsincludingNPVandIRRanalysis.StudentwillalsoreadtheGrahamandHarvey（2001）surveypieceofCFOs,whichprovidesanimportantreferencepiecethroughoutthecoursetomapthecontentsofthecoursetoactualpractice.

Module2introducesstu