fina 503 finanza gerencial financial … 503... · administración financiera internacional....

Sistema Universitario Ana G. Méndez

School for Professional Studies Florida Campuses

Universidad del Este, Universidad Metropolitana, Universidad del Turabo

FINA 503

FINANZA GERENCIAL

FINANCIAL MANAGEMENT

© Sistema Universitario Ana G. Méndez, 2010

Derechos Reservados.

© Ana G. Méndez University System, 2010. All rights reserved.

FINA 503 Financial Management 2

Prepared March 2004. SMP (EPM) Hamilton Cruz Rosa. Rev. May 26, 2010. Manuel A. Christiansen, M.B.A.

TABLA DE CONTENIDO/TABLE OF CONTENTS

Páginas/Pages

PRONTUARIO ............................................................................................................................. 3

STUDY GUIDE ........................................................................................................................... 12

WORKSHOP ONE ..................................................................................................................... 21

TALLER DOS ............................................................................................................................. 25

WORKSHOP THREE................................................................................................................ 31

TALLER CUATRO .................................................................................................................... 35

WORKSHOP FIVE/TALLER CINCO .................................................................................... 39

ANEJO A/APPENDIX A ........................................................................................................... 44

ANEJO B/APPENDIX B ............................................................................................................ 46

ANEJO C/APPENDIX C ........................................................................................................... 48

ANEJO D/ APPENDIX D .......................................................................................................... 50

ANEJO E/APPENDIX E ............................................................................................................ 52

ANEJO F/APPENDIX F ............................................................................................................ 53

ANEJO G/APPENDIX G ........................................................................................................... 54

ANEJO H/APPENDIX H ........................................................................................................... 55

ANEJO I/APPENDIX I .............................................................................................................. 57

ANEJO J/APPENDIX J ............................................................................................................. 58

ANEJO K/APPENDIX K ........................................................................................................... 59

ANEJO L/APPENDIX L ............................................................................................................ 60

ANEJO M/APPENDIX M .......................................................................................................... 61

ANEJO N/APPENDIX N ........................................................................................................... 62

ANEJO O/APPENDIX O ........................................................................................................... 63

ANEJO P/APPENDIX P ............................................................................................................ 65



Prontuario

Título del Curso Finanza Gerencial

Codificación FINA 503

Duración Cinco semanas

Pre-requisito Contabilidad Financiera y Gerencial (ACCO 503) y

Estadística (STAT 555)

Descripción

Este curso nos presenta las decisiones administrativas relacionadas con las inversiones,

financiamiento y política de dividendos. Valoración de activos, riesgo, política de deuda y

normas alternas de financiamiento. Planificación financiera para aumentar el valor de la

inversión de los accionistas. Administración de activos y pasivos a corto plazo. Aspectos de la

administración financiera internacional.

Objetivos Generales

Al finalizar el curso, el/la estudiante estará capacitado para:

1. Identificar la finanza gerencial y sus correspondientes objetivos.

2. Identificar los aspectos económicos, institucionales y contributivos que afectan las

decisiones de una empresa.

3. Identificar las técnicas utilizadas para el análisis y planificación financiera.

4. Evaluar las técnicas de oportunidades alternas de inversión.

5. Evaluar los tipos de capital de trabajo para invertir en una corporación, las fuentes para

financiarlo, y las políticas utilizadas para tomar decisiones de inversión y financiamiento.

6. Identificar las diferentes clases de valores.



7. Aplicar las técnicas de valoración de activos, obligaciones y tasa mínima de rendimiento

que debe tener una corporación sobre el capital invertido.

8. Valorar los activos en función de riesgo y del momento en que se estima que ocurrirán

los flujos de efectivos.

9. Identificar los mercados de valores y los intermediarios financieros, que hacen posible la

adquisición de financiamiento externo para las corporaciones.

10. Aplicar los procedimientos de presupuesto de capital en la toma de decisiones a largo

plazo.

11. Evaluar y proyectar los estados financieros utilizando las razones de liquidez, actividad,

deuda y rendimiento mediante índices financieros.

Texto y Referencias

Brigham, E. F. & Ehrhardt, M. C. (2011). Financial Management: Theory and Practice. (13th

ed.). Ohio: Thomson, South Western.

Berk, J. & DeMarzo, P. (2011). Corporate Finance: The Core plus MyFinanceLab Student

Access Card Package. (2nd ed.). New Jersey: Pearson Education, Inc.

Keown, A. J., Martin, J. H., Petty, J. W., & Scott, D. J. (2008). Foundations of Finance: Logic

and Practice of Financial Management. (6th ed.) New Jersey: Pearson Education, Inc.

Titman, S., Martin, J. H., & Keown, A. J. (2011). Financial Management: Principles and

Applications. (11th ed.) New Jersey: Pearson Education, Inc.

Welch, I. (2009). Corporate Finance: An Introduction. (1st ed.) New Jersey: Pearson Education,

Inc.

Copeland, T. E.; Koller, T., & Murrin, J. (2000). Valuation: Measuring and Managing the Value

of Companies. New York: John Wiley & Sons, Inc. (e-book).



Criterios de Evaluación

Asignaciones y problemas 50 puntos

Examen parcial 100 puntos

Trabajo de Investigación 200 puntos (incluye presentación oral)

Portafolio 50 puntos

Asistencia y Participación 100 puntos

Total 500 puntos

Curva de evaluación

100-90 A 89-80 B 79-70 C 69-60 D 59-00 F

Descripción de las Normas del Curso

1. Este curso sigue el modelo “Discipline-Based Dual Language Immersion Model®” del

Sistema Universitario Ana G. Méndez, el mismo está diseñado para promover el

desarrollo de cada estudiante como un profesional bilingüe. Cada taller será facilitado

en inglés y español, utilizando el modelo 50/50. Esto significa que cada taller deberá ser

conducido enteramente en el lenguaje especificado. Los lenguajes serán alternados en

cada taller para asegurar que el curso se ofrece 50% en inglés y 50% en español. Para

mantener un balance, el módulo debe especificar que se utilizarán ambos idiomas en el

quinto taller, dividiendo el tiempo y las actividades equitativamente entre ambos idiomas.

Si un estudiante tiene dificultad en hacer una pregunta en el idioma especificado, bien

puede escoger el idioma de preferencia para hacer la pregunta. Sin embargo, el facilitador

deberá contestar la misma en el idioma designado para ese taller. Esto deberá ser una

excepción a las reglas pues es importante que los estudiantes utilicen el idioma



designado. Esto no aplica a los cursos de lenguaje que deben ser desarrollados en el

idioma propio todo en inglés o todo en español según aplique.

2. El curso es conducido en formato acelerado, eso requiere que los estudiantes se preparen

antes de cada taller de acuerdo al módulo. Cada taller requiere un promedio de diez (10)

horas de preparación y en ocasiones requiere más.

3. La asistencia a todos los talleres es obligatoria. El estudiante que se ausente al taller

deberá presentar una excusa razonable al facilitador. El facilitador evaluará si la

ausencia es justificada y decidirá como el estudiante repondrá el trabajo perdido, de ser

necesario. El facilitador decidirá uno de los siguientes: permitirle al estudiante reponer el

trabajo o asignarle trabajo adicional en adición al trabajo a ser repuesto.

Toda tarea a ser completada antes del taller deberá ser entregada en la fecha asignada. El

facilitador ajustará la nota de las tareas repuestas.

4. Si un estudiante se ausenta a más de un taller el facilitador tendrá las siguientes

opciones:

a. Si es a dos talleres, el facilitador reducirá una nota por debajo basado en la

nota existente.

b. Si el estudiante se ausenta a tres talleres, el facilitador reducirá la nota a dos

por debajo de la nota existente.

5. La asistencia y participación en clase de actividades y presentaciones orales es

extremadamente importante pues no se pueden reponer. Si el estudiante provee una

excusa válida y verificable, el facilitador determinará una actividad equivalente a evaluar

que sustituya la misma. Esta actividad deberá incluir el mismo contenido y componentes

del lenguaje como la presentación oral o actividad a ser repuesta.



6. En actividades de grupo, el grupo será evaluado por su trabajo final. Sin embargo, cada

miembro de grupo deberá participar y cooperar para lograr un trabajo de excelencia, pero

recibirán una calificación individual.

7. Se espera que todo trabajo escrito sea de la autoría de cada estudiante y no plagiado. Se

debe entender que todo trabajo sometido esta citado apropiadamente o parafraseado y

citado dando atención al autor. Todo estudiante debe ser el autor de su propio trabajo.

Todo trabajo que sea plagiado, copiado o presente trazos de otro será calificado con cero.

El servicio de SafeAssign TM de Blackboard será utilizado por los facilitadores para

verificar la autoría de los trabajos escritos de los estudiantes. Es responsabilidad del

estudiante el leer la política de plagio de su universidad. Si usted es estudiante de UT,

deberá leer la Sección 11.1 del Manual del Estudiante. Si es estudiante de UMET y UT,

refiérase al Capítulo 13, secciones 36 y 36.1 de los respectivos manuales.

Se espera un comportamiento ético en todas las actividades del curso. Esto implica que

TODOS los trabajos tienen que ser originales y que de toda referencia utilizada deberá

indicarse la fuente, bien sea mediante citas o bibliografía. No se tolerará el plagio y, en

caso de que se detecte casos del mismo, el estudiante se expone a recibir cero en el

trabajo y a ser referido al Comité de Disciplina de la institución. Los estudiantes deben

observar aquellas prácticas dirigidas a evitar incurrir en el plagio de documentos y

trabajos.

8. Si el facilitador hace cambios al módulo o guía de estudio, deberá discutirlos y entregar

copia a los estudiantes por escrito al principio del primer taller.

9. El facilitador establecerá los medios para contactar a los estudiantes proveyendo su

correo electrónico, teléfonos, y el horario disponibles.



10. EL uso de celulares está prohibido durante las sesiones de clase; de haber una necesidad,

deberá permanecer en vibración o en silencio.

11. La visita de niños y familiares no registrados en el curso no está permitida en el salón de

clases.

12. Todo estudiante está sujeto a las políticas y normas de conducta y comportamiento que

rigen al SUAGM y el curso.

Nota: Si por alguna razón no puede acceder las direcciones electrónicas ofrecidas en el módulo,

no se limite a ellas. Existen otros motores de búsqueda y sitios Web que podrá utilizar para la

búsqueda de la información deseada. Entre ellas están:

• www.google.com

• www.ask.com

• www.pregunta.com

• www.findarticles.com

• www.bibliotecavirtualut.suagm.edu

• www.eric.ed.gov/

• www.flelibrary.org/

• http://www.apastyle.org/

Para comprar o alquilar libros de texto o referencias nuevas o usadas puede visitar:

• http://www.chegg.com/ (alquiler)

• http://www.bookswim.com/ (alquiler)

• http://www.allbookstores.com/ (compra)

• http://www.alibris.com/ (compra)

Estos son sólo algunas de las muchas compañías donde puede comprar o alquilar libros.



El/la facilitador(a) puede realizar cambios a las direcciones electrónicas y/o añadir algunas de ser

necesario.

Nota: Del facilitador o el estudiante requerir o desear una investigación o la administración de

cuestionarios o entrevistas, deben referirse a las normas y procedimientos de la Oficina de

Cumplimiento y solicitar su autorización. Para acceder a los formularios de la Oficina de

Cumplimiento pueden visitar este enlace

http://www.suagm.edu/ac_aa_re_ofi_formularios.asp y seleccionar los formularios que necesite.

Además de los formularios el estudiante/facilitador puede encontrar las instrucciones para la

certificación en línea. Estas certificaciones incluyen: IRB Institutional Review Board, Health

Information Portability Accounting Act (HIPAA), y Responsibility Conduct for Research Act

(RCR).

De tener alguna duda, favor de comunicarse con la Coordinadoras Institucionales o a la Oficina

de Cumplimiento a los siguientes teléfonos:

Sra. Evelyn Rivera Sobrado, Directora Oficina de Cumplimiento

Tel. (787) 751-0178 Ext. 7196

Srta. Carmen Crespo, Coordinadora Institucional Cumplimiento – UMET

Tel. (787) 766-1717 Ext. 6366

Sra. Josefina Melgar, Coordinadora Institucional Cumplimiento – Turabo

Tel. (787) 743-7979 Ext.4126

Dra. Rebecca Cherry, Coordinadora Institucional Cumplimiento – UNE

Tel. (787) 257-7373 Ext. 3936



Filosofía y Metodología Educativa

Este curso está basado en la teoría educativa del Constructivismo. Constructivismo es

una filosofía de aprendizaje fundamentada en la premisa, de que, reflexionando a través de

nuestras experiencias, podemos construir nuestro propio conocimiento sobre el mundo en el que

vivimos.

Cada uno de nosotros generamos nuestras propias “reglas “y “métodos mentales” que

utilizamos para darle sentido a nuestras experiencias. Aprender, por lo tanto, es simplemente el

proceso de ajustar nuestros modelos mentales para poder acomodar nuevas experiencias. Como

facilitadores, nuestro enfoque es el mantener una conexión entre los hechos y fomentar un nuevo

entendimiento en los estudiantes. También, intentamos adaptar nuestras estrategias de enseñanza

a las respuestas de nuestros estudiantes y motivar a los mismos a analizar, interpretar y predecir

información.

Existen varios principios para el constructivismo, entre los cuales están:

1. El aprendizaje es una búsqueda de significados. Por lo tanto, el aprendizaje debe comenzar

con situaciones en las cuales los estudiantes estén buscando activamente construir un

significado.

2. Significado requiere comprender todas las partes. Y, las partes deben entenderse en el

contexto del todo. Por lo tanto, el proceso de aprendizaje se enfoca en los conceptos

primarios, no en hechos aislados.

3. Para enseñar bien, debemos entender los modelos mentales que los estudiantes utilizan para

percibir el mundo y las presunciones que ellos hacen para apoyar dichos modelos.

4. El propósito del aprendizaje, es para un individuo, el construir su propio significado, no sólo

memorizar las contestaciones “correctas” y repetir el significado de otra persona. Como la



educación es intrínsecamente interdisciplinaria, la única forma válida para asegurar el

aprendizaje es hacer del avalúo parte esencial de dicho proceso, asegurando que el mismo

provea a los estudiantes la información sobre la calidad de su aprendizaje.

5. La evaluación debe servir como una herramienta de auto-análisis.

6. Proveer herramientas y ambientes que ayuden a los estudiantes a interpretar las múltiples

perspectivas que existen en el mundo.

7. El aprendizaje debe ser controlado internamente y analizado por el estudiante.



STUDY GUIDE

Course Title Financial Management

Code FINA 503

Time Length Five Weeks

Prerequisite Financial and Management Accounting (ACCO 503) and Statistic (STAT

555)

Description

This course presents the Management decisions related to investments, financing and dividends

policy. Assets value, risk, debt policy, and financing alternative. Financial planning to increase

the investor’s investments value. Administration of short-term assets and debt management.

Aspects of international financial management.

General Objectives

As the course finishes, the student will be capable of:

1. Identify management finance and its respective objectives.

2. Identify economic, institutional and tax-related aspects that affect the Company’s

decision-making process.

3. Identify the techniques used for analysis and financial planning.

4. Evaluate the alternative techniques of investment opportunities.

5. Evaluate different working capital to invest in a firm, the financing resources, and the

policies used for investment and financing decision-making.

6. Identify the different kind of investor’s investments.

7. Apply the assets valuation techniques, obligations and the minimum rate of return that the

firm should have in capital investment.



8. Value assets in function of its risk and the estimated time when the cash flow would

occur.

9. Identify the value markets and financial intermediary that make it possible to acquire

external financing for the firms.

10. Apply the capital budget procedures for the long-term decision-making.

11. Evaluate and forecast the financial statement using liquidity, activity, debt and return

ratios.

Textbooks and Resources

Brigham, E. F. & Ehrhardt, M. C. (2011). Financial Management: Theory and Practice. (13th

ed.). Ohio: Thomson, South Western.

Berk, J. & DeMarzo, P. (2011). Corporate Finance: The Core plus MyFinanceLab Student

Access Card Package. (2nd ed.). New Jersey: Pearson Education, Inc.

Keown, A. J., Martin, J. H., Petty, J. W., & Scott, D. J. (2008). Foundations of Finance: Logic

and Practice of Financial Management. (6th ed.) New Jersey: Pearson Education, Inc.

Titman, S., Martin, J. H., & Keown, A. J. (2011). Financial Management: Principles and

Applications. (11th ed.) New Jersey: Pearson Education, Inc.

Welch, I. (2009). Corporate Finance: An Introduction. (1st ed.) New Jersey: Pearson Education,

Inc.

Copeland, T. E.; Koller, T., & Murrin, J. (2000). Valuation: Measuring and Managing the Value

of Companies. New York: John Wiley & Sons, Inc. (e-book).

EVALUATION CRITERIA

Assignments and problems 50 points

Partial exams 100 points



Research Study 200 points (including oral presentation)

Portfolio 50 points

Attendance and Participation 100 points

Total 500 points

Evaluation curve

100-90 A 89-80 B 79-70 C 69-60 D 59-00 F

Description of course policies

1. This course follows the Sistema Universitario Ana G. Méndez Discipline-Based Dual

Language Immersion Model® designed to promote each student’s development as a Dual

Language Professional. Workshops will be facilitated in English and Spanish, strictly using

the 50/50 model. This means that each workshop will be conducted entirely in the language

specified. The language used in the workshops will alternate to insure that 50% of the course

will be conducted in English and 50% in Spanish. To maintain this balance, the course

module may specify that both languages will be used during the fifth workshop, dividing that

workshop’s time and activities between the two languages. If students have difficulty with

asking a question in the target language in which the activity is being conducted, students

may choose to use their preferred language for that particular question. However, the

facilitator must answer in the language assigned for that particular day. This should only be

an exception as it is important for students to use the assigned language. The 50/50 model

does not apply to language courses where the delivery of instruction must be conducted in

the language taught (Spanish or English only).



2. The course is conducted in an accelerated format and requires that students prepare in

advance for each workshop according to the course module. Each workshop requires an

average ten hours of preparation but could require more.

3. Attendance at all class sessions is mandatory. A student that is absent to a workshop must

present the facilitator a reasonable excuse. The facilitator will evaluate if the absence is

justified and decide how the student will make up the missing work, if applicable. The

facilitator will decide on the following: allow the student to make up the work, or allow the

student to make up the work and assign extra work to compensate for the missing class time.

Assignments required prior to the workshop must be completed and turned in on the assigned

date. The facilitator may decide to adjust the grade given for late assignments and make-up

work.

4. If a student is absent to more than one workshop the facilitator will have the following

options:

a. If a student misses two workshops, the facilitator may lower one grade based on

the students existing grade.

b. If the student misses three workshops, the facilitator may lower two grades

based on the students existing grade.

5. Student attendance and participation in oral presentations and special class activities are

extremely important as it is not possible to assure that they can be made up. If the student

provides a valid and verifiable excuse, the facilitator may determine a substitute evaluation

activity if he/she understands that an equivalent activity is possible. This activity must

include the same content and language components as the oral presentation or special activity

that was missed.



6. In cooperative activities the group will be assessed for their final work. However, each

member will have to collaborate to assure the success of the group and the assessment will be

done collectively as well as individually.

7. It is expected that all written work will be solely that of the student and should not be

plagiarized. That is, the student must be the author of all work submitted. All quoted or

paraphrased material must be properly cited, with credit given to its author or publisher. It

should be noted that plagiarized writings are easily detectable and students should not risk

losing credit for material that is clearly not their own. SafeAssignTM, a Blackboard

plagiarism deterrent service, will be used by the facilitators to verify students’ ownership of

written assignments. It is the student’s responsibility to read the university’s plagiarism

policy. If you are a UT student, read Section 11.1 of the Student Manual, and if you belong

to UMET or UNE, refer to Chapter 13, Sections 36 and 36.1 of the respective manuals.

Ethical behavior is expected from the students in all course related activities. This means

that ALL papers submitted by the student must be original work and that all references used

will be properly cited or mentioned in the bibliography. Plagiarism will not be tolerated and,

in case of detecting an incidence, the student will obtain a zero in the assignment or activity

and could be referred to the Discipline Committee.

8. If the Facilitator makes changes to the study guide, such changes should be discussed with

and given to students in writing at the beginning of the first workshop.

9. The facilitator will establish a means of contacting students by providing an email address,

phone number, hours to be contacted and days.

10. The use of cellular phones is prohibited during sessions; if there is a need to have one, it must

be on vibrate or silent mode during class session.



11. Children or family members that are not registered in the course are not allowed to the

classrooms.

12. All students are subject to the policies regarding behavior in the university community

established by the institution and in this course.

Note: If for any reason you cannot access the URL’s presented in the module, do not

stop your investigation. There are many search engines and other links you can use to

search for information. These are some examples:

• www.google.com

• www.ask.com






• www.google.com

• www.ask.com






• http://www.apastyle.org/

To buy or rent new or used textbooks or references you can visit:



• http://www.chegg.com/ (rent)

• http://www.bookswim.com/ (rent)

• http://www.allbookstores.com/ (buy)

• http://www.alibris.com/ (buy)

The facilitator may make changes or add additional web resources if deemed necessary.

Note: If the facilitator or the student is required or wants to perform a research or needs to

administer a questionnaire or an interview, he/she will need to refer to the norms and procedures

of the Institutional Review Board Office (IRB) and ask for authorization. To access the forms

from the IRB Office or for additional information, visit the following link:

http://www.suagm.edu/ac_aa_re_ofi_formularios.asp and select the forms needed.

Furthermore, in this website the student/facilitator will find instructions for several online

certifications related to IRB processes. These certifications include: IRB Institutional Review

Board, Health Information Portability Accounting Act (HIPAA), y Responsibility Conduct for

Research Act (RCR).

If you have any question, please contact the following Institutional Coordinators:

Mrs. Evelyn Rivera Sobrado, Director of IRB Office (PR)

Tel. (787) 751-0178 Ext. 7196

Miss. Carmen Crespo, IRB Institutional Coordinator– UMET

Tel. (787) 766-1717 Ext. 6366

Sra. Josefina Melgar, IRB Institutional Coordinator – Turabo

Tel. (787) 743-7979 Ext.4126

Rebecca Cherry, Ph.D., IRB Institutional Coordinator - UNE

Tel. (787) 257-7373 Ext. 3936



Teaching Philosophy and Methodology

This course is grounded in the learning theory of Constructivism. Constructivism is a

philosophy of learning founded on the premise that, by reflecting on our experiences, we

construct our own understanding of the world in which we live.

Each of us generates our own “rules” and “mental models,” which we use to make sense of

our experiences. Learning, therefore, is simply the process of adjusting our mental models to

accommodate new experiences. As teachers, our focus is on making connections between facts

and fostering new understanding in students. We will also attempt to tailor our teaching

strategies to student responses and encourage students to analyze, interpret and predict

information.

There are several guiding principles of constructivism:

1. Learning is a search for meaning. Therefore, learning must start with the issues around

which students are actively trying to construct meaning.

2. Meaning requires understanding wholes as well as parts. And parts must be understood

in the context of wholes. Therefore, the learning process focuses on primary concepts,

not isolated facts.

3. In order to teach well, we must understand the mental models that students use to

perceive the world and the assumptions they make to support those models.

4. The purpose of learning is for an individual to construct his or her own meaning, not just

memorize the "right" answers and regurgitate someone else's meaning. Since education

is inherently interdisciplinary, the only valuable way to measure learning is to make the

assessment part of the learning process, ensuring it provides students with information on

the quality of their learning.



5. Evaluation should serve as a self-analysis tool.

6. Provide tools and environments that help learners interpret the multiple perspectives of

the world.

7. Learning should be internally controlled and mediated by the learner.



Workshop One

Specific Objectives:

At the end of the workshop, the student would be qualified to:

1. Identify, list, define, and describe the four major types of firms in the U.S.

2. Describe the taxation consequences for U.S. corporations.

3. List the four major financial statements required by the SEC for publicly traded firms, define

each of the four statements, and explain why each of these financial statements is valuable.

4. Identify, estimate, and use the financial ratios to determine the financial situation of any

company.

5. Identify and explain the limitations of a ratio analysis.

Language Objectives:

Students will:

1. Use cooperative learning strategies to analyze and discuss a topic.

2. Use the reading process effectively.

3. Write a reflective diary using appropriate vocabulary, grammar, and style.

Electronic Links (URLs):

Primary Types of Business Organizations

http://www.trcb.com/business/business-startup-basics/primary-types-of-business-organizations-

221.htm

Comparison of Three Primary Types of Business Organizations

http://www.trcb.com/business/business-startup-basics/comparison-of-three-primary-types-of-

business-organizations-222.htm

The Three Types of Businesses in the United States



http://ezinearticles.com/?The-Three-Types-of-Businesses-in-the-United-States&id=1822496

The Laws That Govern the Securities Industry

http://www.sec.gov/about/laws.shtml

Securities of a public company

http://www.answers.com/topic/public-company

What Are Financial Statement Disclosures?

http://www.ehow.com/about_5156814_financial-statement-disclosures.html

Financial Ratios

http://beginnersinvest.about.com/od/financialratio/Financial_Ratios.htm

Financial ratio analysis

http://www.finpipe.com/equity/finratan.htm

Financial Ratios

http://www.smallbusinessnotes.com/operating/finmgmt/financialstmts/financialratios.html

Analyze Investments Quickly With Ratios

http://www.investopedia.com/articles/stocks/06/ratios.asp

Assignments before Workshop One:

1. Read the recommended URL’s, textbooks, and other reference materials. Pay close attention

to the rubrics in the Appendix section. These rubrics will be used to assess your knowledge.

2. Answer and submit the following questions:

a. Explain the difference between a sub-chapter "S" corporation and a sub-chapter "C"

corporation.

b. What type of company trades on an organized stock exchange?

c. Describe the role of an auditor in financial statement analysis.



d. Identify the penalties included in The Sarbanes-Oxley Act (SOX) for providing false

information.

e. Explain how The Sarbanes-Oxley Act (SOX) forced companies to validate their

internal financial control processes.

f. What is a perfect market?

g. What is the difference between a bond and a loan?

h. What is operating capital, and why is it important?

i. Managers, equity investors, long-term creditors, and short-term creditors conduct

financial ratios analysis. What is the primary emphasis of each of these groups in

evaluating ratios?

3. Fill out the course expectations form (see Appendix L).

Activities:

1. The facilitator and the students will introduce themselves by engaging in an icebreaking

activity suggested by the facilitator.

2. The facilitator will discuss the class objectives and will help select the student

representative. He/she will also verify that all students are in the right class.

3. The facilitator will divide the class into groups of three students to complete the

following World Wide Web Research and Interest Rates Activity:

Go to http://www.federalreserve.gov, which is the home page of the Board of Governors

of the Federal Reserve System. Click on the on “Economic Research & Data” link. Now

select the heading called “Statistical Releases and Historical Data.” Under the heading

“Interest Rates” you can select the daily update for Selected Interest Rates—H.15.



What is the prime rate? How does the rate on 3-month commercial paper compare with

the rate on 3-month T-bills? What does the term structure of Treasury securities look

like? How does the rate on Aaa debt compare with risky Baa debt? With the rate on

long-term treasury debt?

This exercise will show you where to get the answers to these and other questions about

interest rates

4. The facilitator will discuss the different types of financial statements with emphasis on its

content and purpose.

5. The facilitator will explain the assignments to be completed before workshop two.

6. The facilitator will assign the topics for the final research. The written report will be in

English and the presentation in Spanish. Additional information will be offered by the

facilitator. Refer to the Appendix P for the Final Project.

Assessment:

Each student will be assessed based on:

1. Appendix B rubric for class participation.

2. Appendix C for oral discussion.

3. Appendix O for the reflexive diary.



Taller Dos

Objetivos Específicos:

Al finalizar el Taller, el/la estudiante estará capacitado/a para:

1. Identificar los conceptos de valor futuro y presente neto.

2. Explicar por qué maximizar el VPN es siempre la regla de la decisión correcta.

3. Compare interés simple y compuesto.

4. Diferenciar los conceptos de anualidad y perpetuidad.

5. Calcular la tasa efectiva de interés y cómo ésta se diferencia de la tasa de interés simple.

6. Describir la relación entre los retornos promedios que los inversionistas han ganado y los

riesgos de estos retornos.

7. Explicar los efectos de la inflación en las tasas de retorno.

8. Calcular el riesgo del mercado de un portafolio de inversión.

9. Explicar la relación entre la tasa de retorno requerida por un inversionista y el riesgo de

dicha inversión.

Objetivos del Lenguaje:

1. Los estudiantes utilizarán estrategias efectivas para llevar a cabo discusiones formales e

informales incluyendo actividades de reflexión y análisis, respetando diversos puntos de

vista.

2. Los estudiantes utilizarán el proceso de lectura efectivamente.

3. Los estudiantes expresarán sus ideas por escrito en español utilizando la gramática de una

manera correcta y posteriormente de manera oral de un modo efectivo mediante la

utilización de organizadores gráficos.



Enlaces Electrónicos (URLs):

Ingresos Ordinarios

http://www.icesi.edu.co/blogs/niffxbrl/2009/03/14/ingresos-ordinarios/

Flujo de Caja Neto

http://www.investorwords.com/2084/free_cash_flow.html

Valor Presente Neto

http://www.eco-finanzas.com/diccionario/V/VALOR_PRESENTE_NETO.htm

Valor Presente Neto

http://www.gerencie.com/valor-presente-neto.html

Ecuación de los valores netos - Valor Presente Neto (VPN) y Valor Futuro Neto (VFN).

http://www.virtual.unal.edu.co/cursos/sedes/manizales/4010045/Lecciones/Cap%209/9-1-3.htm

Rentas Perpetuas

http://www.monografias.com/trabajos13/reper/reper.shtml

Matemáticas financieras

http://html.rincondelvago.com/matematicas-financieras_4.html

La Tasa de Interés Efectiva y Nominal

http://macareo.pucp.edu.pe/~mplaza/001/apuntes_de_clases/matefinanciera/tasasinteres.pdf

Tasas Nominales y Efectivas de Interés, Capitalización Continua e Inflación

http://www.eumed.net/libros/2006b/cag3/2g.htm

Tipos de Tasas de Interés

http://www.teachmefinance.com/Espanol/tipos-de-tasas-de-interes.html

Los riesgos de mercado de los portafolios de inversión



http://www.monografias.com/trabajos63/riesgos-portafolios-inversion/riesgos-portafolios-

inversion.shtml

Carteras de inversiones: El entorno financiero y los mercados

http://www.gestiopolis.com/recursos4/docs/fin/carinver.htm

Asignaciones antes del Taller Dos:

1. Explore y prepare para discutir en clase los enlaces relacionados a:

Los conceptos de valor futuro y presente neto.

Compare interés simple y compuesto.

Identificar y diferenciar los conceptos de anualidad y perpetuidad.

Balance de Comprobación Ajustado.

2. Lea los enlaces electrónicos (URLs), libros de texto y otros materiales de referencia.

Preste atención a las rúbricas en la sección de Anejos. Estas rúbricas serán utilizadas para

evaluar su conocimiento sobre la materia.

3. Conteste y entregue las siguientes preguntas:

a. ¿Qué es un flujo de caja libre (“free cash flow”) ?

b. ¿Qué es la tasa de costo de oportunidad ? ¿Cómo esta tasa es utilizada en los análisis

de descuentos de flujo de caja y cómo se muestra en una línea de tiempo?

c. Definir Valor Presente y Valor Futuro.

d. ¿Desearía usted tener una cuenta de ahorros que le pague una tasa de interés de un 5%

compuesto semianual o una cuenta de ahorros que le pague 5% compuesto

diariamente ? Explique y justifique su respuesta.

4. Calcule y conteste los siguientes problemas:



a. Calcule el Valor Presente de un pago único

VFN = Valor Futuro = $5,000; I = Tasa de Interés + 7% anual;

N = # of períodos = 20 años; VP =?

b. Valor Presente de una Perpetuidad.

Perpetuidad es una Anualidad con un número infinito de pagos.

PMT = $100 por año; I a = 7% tasa de descuento; I b = 14% tasa de descuento

(aumento al doble).

c. Flujo de Caja

Ganancias antes de Intereses e Impuestos (EBIT) = Ingreso Operativo = $750,000;

Depreciación = $200,000

Tasa de Impuestos = 40% = $750,000 x 0.4 = $300,000;

Ingreso Neto (NI) = ?

Flujo de Caja Neto (NCF) = ?

5. Continúe trabajando con su portafolio.

Actividades:

a. El facilitador comenzará la clase con un breve repaso.

b. El facilitador recogerá la asignación para este taller y se discutirán las preguntas asignadas.

c. Los estudiantes formarán grupos de tres para analizar y discutir los siguientes problemas:

a. Un banco le ofrece un préstamo a una tasa de interés del 14% en su tarjeta de crédito.

Si el préstamo fue de $15,000 al comienzo del año, ¿cuánto tendrá que pagar al final

del mismo año ?



b. Vaya al web site de su banco preferido. ¿Qué tasas de interés tiene publicadas para un

Certificado de Depósito (CD) y qué tasas de interés tiene para un préstamo de

vivienda? ¿Por qué? Explique y justifique su razonamiento.

c. Una inversión de $50,000 gana una tasa de retorno de un 1% en cada mes de un año

calendario. ¿Cuánto dinero tendrá usted al final de ese mismo año ?

d. Los estudiantes se reunirán en grupo de tres personas para analizar y discutir el siguiente

caso:

Usted puede escoger entre las siguientes cinco opciones para pagar la renta de su vivienda.

¿Cuál escogería si usted fuese la persona que arrienda o si usted fuese la persona dueña de la

propiedad?

a. Un solo pago en efectivo de $100,000;

b. 10 pagos anuales de $12,000 cada uno, teniendo que pagar el primero

inmediatamente;

c. 120 pagos mensuales de $1,200 cada uno, teniendo que pagar el primero

inmediatamente. (Sugerencia: Es más fácil calcular los pagos en un computador

con Excel o una calculadora portátil).

d. ¿Qué pago de renta escogería si la tasa efectiva de interés fuese 5% por año ?

e. ¿A qué tasa de interés sería indiferente si se paga con la primera opción o la

segunda de 10 pagos anuales? (Sugerencia: Construya un gráfico de VPN de la

segunda opción en función de la tasa de interés).

f. Los Grupos presentarán un reporte preliminar sobre el proyecto a ser presentado

en el taller cinco. El facilitador proveerá la guía y contestará las preguntas de los

alumnos.



g. Prepare un mapa conceptual sobre uno de los temas discutidos en clase. El

facilitador puede sugerir un tema para esta actividad.

h. Los estudiantes llenarán su diario de reflexivo (ver Anejo O).

i. Explicación de las tareas a ser completadas antes del Taller Tres.

Avalúo:

1. El Anejo B se utilizará para evaluar la participación en clase.

2. El Anejo A se utilizará para evaluar el trabajo escrito.

3. El Anejo C se utilizará para evaluar la discusión oral.



Workshop Three



1. Identify the different type of bonds and characteristics of preferred and common stocks.

2. Determine the value of bonds and stocks.

3. Explain the yield to maturity of bonds.

4. Explain the book value per share ratio, price/earnings (P/E) ratio, and dividend yield ratio

to determine the stock’s value.

5. Explain Corporate Valuation and Capital Budgeting.

6. Identify and apply the methods to evaluate investment projects.

7. Determine the cost of a capital project applying the Payback Period (PP) method.

8. Determine the cost of a capital project applying the Net Present Value (NPV) method.

9. Determine the cost of a capital project applying the Internal Rate of Return (IRR)

method.

10. Compare “NPV,” “IRR,” and “PP,” and determine which one measures profitability,

liquidity, and safety margin more effectively.


Students will:

1. Express their ideas in spoken English effectively using graphic organizers.

2. Develop ideas to solve problems in an effective way.

3. Summarize main ideas using correct grammar and spelling in English after reading a

selection.




Understanding Financial Markets & Instruments www.eagletraders.com/books/afm/afm3.htm

Common and Preferred Stock

http://www.investorguide.com/igu-article-818-stock-basics-common-and-preferred-stock.html

Difference between preferred stock and common stock

http://www.investopedia.com/ask/answers/182.asp

Preferred Stock

http://www.investopedia.com/terms/p/preferredstock.asp

Summary of Capital Budgeting

http://www.studyfinance.com/lessons/capbudget/index.mv?page=01

Valuation in Capital Budgeting

http://www.studyfinance.com/lessons/capbudget/index.mv?page=02

Capital Budgeting

http://www.rhsmith.umd.edu/faculty/gphillips/courses/Bmgt640/Cap_bud.pdf

Capital Investment Analysis and Project Assessment

http://www.ces.purdue.edu/extmedia/ec/ec-731.pdf

How Do I Value a Project?

http://www.mtholyoke.edu/~aahirsch/howvalueproject.html

The Net Present Value (NPV) method

http://www.valuebasedmanagement.net/methods_npv.html

The Payback Period (PP) method

http://www.valuebasedmanagement.net/methods_payback_period.html

The Internal Rate of Return (IRR) method

http://www.valuebasedmanagement.net/methods_irr.html



Assignments before Workshop Three:

1. 1. Read the recommended URL’s, textbooks, and other reference materials. Pay close

attention to the rubrics in the Appendix section. These rubrics will be used to assess your

knowledge.

2. Define and submit the following terms:

a. Bond; Treasury Bond; Corporate Bond; Municipal Bond; and Foreign Bond.

b. Par Value; Maturity date; Coupon Payment; and Coupon Interest Rate.

c. Zero Coupon Bond; Convertible Bond; Warrant; Premium Bond; Discount Bond.

d. Current Yield (on a bond); Yield to Maturity (YTM); and Yield to Call (YTC).

e. Common Stock and Preferred Stock.

f. Required rate of Return; Expected rate of Return; Actual, or Realized rate of

Return; and Expected Total Return.

g. Capital gains yield and Dividend yield.

h. Capital budgeting; regular Payback Period (PP) method; discounted Payback

Period (PP) method; Net Present Value (NPV) method; Internal Rate of Return

(IRR) method; and hurdle rate.

i. Independent projects; and mutually exclusive projects.

3. Explain why the NPV of a relatively long-term project, defined as one for which a high

percentage of its cash flows are expected in the distant future, is more sensitive to

changes in the cost of capital than is the NPV of a short-term project.

4. Continue working with your portfolio.

Activities:

1. The facilitator will start the class with a short review.



2. The facilitator will collect the assignments and will discuss the questions with the class.

3. Students will meet in groups to discuss the different methods of Capital Budgeting. Then, a

member of the group will verbally summarize their findings to the rest of the class.

4. The facilitator will explain the role of each one of the Capital Budgeting methods.

5. Groups will work in collaborative learning teams the following problems. Each group will

present their answers in a discussion supervised by the facilitator:

a. Where is the default risk associated with a project incorporated in the NPV analysis?

b. Where are the risk premium and time premium associated with a project incorporated in

the NPV analysis?

c. Briefly discuss five items you should be certain to consider when doing an NPV analysis.

d. What is the name of the rate of return that your investors could receive by investing in

similar projects elsewhere?

e. How is the hurdle rate optimally determined for a project?

6. The facilitator will explain the assignments to be completed before workshop four and will

help organize groups for next workshop’s presentations.

7. Fill out The Whip form (see Appendix M).

Assessment:



2. Appendix C for the individual/group presentation.

3. Appendix C for oral discussion.



Taller Cuatro

Objetivos Específicos:

Al finalizar el Taller, el/la estudiante estará capacitado/a para:

1. Explicar la importancia del riesgo en el análisis del presupuesto de capital.

2. Identificar las tasas de descuento ajustadas por riesgo.

3. Reconocer los factores que determinan el costo de capital.

4. Calcular el costo ponderado de capital de una firma.

5. Identificar y evaluar la tasa de retorno requerida por los inversionistas en el proceso de

toma de decisiones de una firma.

6. Identificar las ventajas y desventajas de utilizar deudas de corto plazo para financiar los

requerimientos de capital de trabajo de una firma.

7. Calcular el costo efectivo de deudas de corto plazo.

8. Identificar y describir los recursos básicos de deudas de corto plazo.

Objetivos del Lenguaje:

1. Los estudiantes utilizarán estrategias efectivas para llevar a cabo discusiones formales e

informales incluyendo actividades de reflexión y análisis, respetando los diversos puntos

de vista de otros.

2. Los estudiantes desarrollarán ideas para solucionar problemas de una manera efectiva y

posteriormente expresarán sus ideas por escrito en español utilizando la gramática de una

manera correcta.

3. Los estudiantes utilizarán el proceso de lectura efectivamente.



Enlaces Electrónicos (URLs):

Técnicas para evaluar el riesgo en el presupuesto de capital

http://www.gestiopolis.com/canales/financiera/articulos/38/tecnevprescap.htm

Análisis Financiero

http://www.monografias.com/trabajos7/anfi/anfi.shtml

Qué es el análisis de sensibilidad ?

http://mx.finanzaspracticas.com/1752-Que-es-el-analisis-de-sensibilidad.note.aspx

El costo de capital - Implicaciones empresariales frente a la inversión

http://www.monografias.com/trabajos38/costo-de-capital/costo-de-capital.shtml

Factores que Influyen sobre la Estructura de Capital Optima

http://www.pymesfuturo.com/factores_estructuracapital.htm

Finanzas en Tiempos de Crisis: Costo de Capital, Riesgo País y Quiebras

http://www.uca.edu.ar/index.php/site/index/es/universidad/escuela-negocios/cursos-de-

posgrado/finanzas-en-tiempos-de-crisis/

Proyecto de inversión

http://www.monografias.com/trabajos16/proyecto-inversion/proyecto-inversion.shtml

Los principales índices financieros para evaluar la aceptación de un proyecto

http://www.tesis.ufm.edu.gt/pdf/2712.pdf

Formas y fuentes de financiamiento a corto y largo plazo

http://www.monografias.com/trabajos15/financiamiento/financiamiento.shtml

Capital de trabajo



http://www.gestiopolis.com/finanzas-contaduria/capital-de-trabajo-en-administracion-

financiera.htm

Financiamientos a corto plazo

http://www.trabajo.com.mx/financiamientos_a_corto_plazo.htm

Administración Financiera a Corto Plazo

http://www.slideshare.net/jcfdezmx2/administracion-financiera-a-corto-plazo-presentation

Asignaciones antes del Taller Cuatro:

1. Explore y prepare para discutir en clase los enlaces relacionados a:

Los conceptos de valor futuro y presente neto.

Compare intereses simple y compuesto.

El Costo de Capital y los factores que influyen en su resultado final.

El cálculo del Costo Ponderado de Capital de una Firma.

2. Lea los enlaces electrónicos (URLs), libros de texto y otros materiales de referencia. Preste

atención a las rúbricas en la sección de Anejos. Estas rúbricas serán utilizadas para evaluar su

conocimiento sobre la materia.

3. Continúe trabajando en su proyecto final.

4. Continúe trabajando con su portafolio.

Actividades:

1. El facilitador comenzará la clase con un breve repaso.

2. El facilitador recogerá la asignación para este taller y discutirá las preguntas asignadas.

3. Los estudiantes formarán grupos de tres para analizar y discutir el siguiente problema:

D. O. Motors tiene una meta de estructura de capital de 40% en deuda y 60% en patrimonio.

El Rendimiento al vencimiento de los bonos emitidos por la empresa es 9% y la tasa de



impuestos es 40%. El Gerente de Finanzas ha calculado que el costo ponderado de capital de

la firma es 9.96%. ¿Cuál es el costo de capital de patrimonio de D. O. Motors ?

4. Los Grupos presentarán un reporte preliminar sobre el proyecto a ser presentado en el taller

cinco. El facilitador proveerá guía y contestará las preguntas de los alumnos.

5. Prepare un mapa conceptual sobre uno de los temas discutidos en clase. El facilitador puede

sugerir un tema para esta actividad.

6. Los estudiantes escribirán su diario de reflexivo (ver Anejo O).

7. El facilitador entregará el examen parcial en clase. Este incluirá los temas estudiados en los

tres primeros talleres. Este examen parcial tendrá un valor de 100 puntos.

Avalúo:

1. El Anejo B se utilizará para evaluar la participación en clase.

2. El Anejo C se utilizará para evaluar la presentación individual/grupal.

3. El Anejo A se utilizará para evaluar el trabajo escrito.

4. El Anejo C se utilizará para evaluar la discusión oral.

5. El Anejo O se utilizará para el diario reflexivo.



Workshop Five/Taller Cinco

NOTA: Este taller es bilingüe. Tanto, el

Facilitador como los estudiantes,

deberán utilizar el idioma asignado para

cada tarea y actividad.

NOTE: This is a bilingual workshop.

Both the facilitator and student should

use the language assigned for each

homework and activity.



1. Perform a forecast of the firm’s sales, in terms of both units and dollars.

2. Identify the five steps required to perform a financial planning process.

3. Understand and apply the Additional Funds Needed (AFN) formula to forecast financial

requirements.

4. Understand and apply the Forecast Financial Statement (FFS) formula to forecast financial

requirements.

5. Identify and apply the Corporate Valuation Model.

6. Explain Corporate Governance and its influence in the firm’s performance.

7. Apply the learned concepts throughout the course in research, analysis, and presentation of

research projects.


Students will:

1. Summarize main ideas using correct grammar and spelling in English or Spanish after

reading a selection.



2. Use cooperative learning strategies to analyze and discuss a topic.

3. Use the reading process effectively.


Sales Forecast

http://www.answers.com/topic/sales-forecast

Sales Forecast

http://www.docstoc.com/docs/4909144/Sales-Forecast/

The Financial Planning Process

http://novella.mhhe.com/sites/0079876543/student_view0/sophomore_year-

999/your_finances9/financial_planning.html

The Financial Planning Process

http://www.theamericancollege.edu/docs/175.pdf

Planning Guide: The Financial Planning Process

http://finance.toolkit.com/planning_guide/display.aspx?nid=c10s00d010

Calculating “Additional Funds Needed” (A.F.N.)

http://www.agribusiness-mgmt.wsu.edu/ExtensionNewsletters/cash-asset/AFN.pdf

Financial Forecasting

http://jkowens.com/FMT/Chapter%20Three/Forecasting.htm

Better forecasting ensures profitability

http://www.allbusiness.com/personal-finance/health-care-health-plan/104656-1.html

Corporate Valuation and Corporate Governance

http://www.willamette.edu/~fthompso/501/Fin15.pdf

Methods of Corporate Valuation



http://pages.stern.nyu.edu/~igiddy/valuationmethods.htm

Corporate Valuation: A Literature Review

http://ceajournal.metro.inter.edu/fall06/torrezetal0202.pdf

The LBO Valuation Model

http://www.corpfin.net/newsite/models/lbo.shtml#

Assignments before Workshop Five:

1. Mini-paper, and discussion thereof, of the course’s most valuable technique, theory, or

nuance. Prepare a two pages essay in Spanish. Follow APA 6.0 style for references.

2. Finish your research project and presentation. The presentation should not take more than 15

minutes. Follow the language according to the instructions. See Appendixes A and C.

3. Give the final touches to your portfolio.

Activities:

1. The facilitator will start the class with a short review and will clarify any doubt of the

material covered in this course thus far (in Spanish).

2. Students will discuss their mini-paper (in English).

3. The groups will deliver a 15 minute executive committee length presentation showing the

results of their Research Paper. The students will start the presentations of their research

projects (in Spanish) and will turn in the written reports (in English).

4. The student will write a reflective diary to react critically about the concepts, feelings and

related attitudes about the subject matters covered in this workshop (in English).

5. Students will hand in their portfolios (in English and Spanish).

6. The facilitator will make final comments. (in Spanish).



Assessment:



2. Appendix C for the individual/group presentation.

4. Appendix O for the student’s self evaluation.

5. Appendixes D-K for Portfolio Assessment.



Anejos/Appendixes



Anejo A/Appendix A

RUBRIC TO EVALUATE WRITTEN WORK

Student Name: ______________________ Date: _______________

Criteria Value Points Student Score

Content

The paper is clear, focused and interesting. Identifies purpose, objectives and principal ideas included in the paper

10

Presentation of ideas is organized, coherent and can be easily followed

10

The paper properly explains content. 10

The presentation of ideas and arguments are based in sources presented, consulted or discussed in class.

10

The paper demonstrates substance, logic and originality.

10

The author presents his point of view in a clear, convincing and well based manner.

10

Contains well-constructed sentences and paragraphs that facilitate lecture and comprehension.

10

Language Demonstrate a command of standard English (vocabulary used, syntax and flow of ideas).

10

Uses grammar appropriately and correctly.

10

Manages and uses verbs appropriately and correctly.

10

Total Points 100 (70% content and 30% language)

Student’s total Score: _______

Student’s Signature: ____________________Facilitator’s Signature:___________________



MATRIZ VALORATIVA PARA TRABAJOS ESCRITOS

Nombre del Estudiante: ______________________ Fecha: _______________

Criterio Puntos Puntuación

Contenido

Este trabajo esta claro, enfocado e interesante. Identifica el propósito, objetivos e ideas principales del documento o actividad.

10

La presentación de ideas es coherente y puede ser seguida fácilmente.

10

El documento explica propiamente el contenido.

10

La presentación de ideas y argumentos estábasada en recursos presentados, consultados o discutidos en clase.

10

El documento demuestra substancia, lógica y originalidad.

10

El autor presenta su punto de vista en una manera clara, convincente y bien estructurada.

10

Contiene oraciones bien estructuradas y párrafos que facilitan la lectura y comprensión del documento.

10

Lenguaje Demuestra un conocimiento del español (vocabulario, sintaxis y flujo de ideas).

10

Usa gramática apropiada y correctamente.

10

Maneja verbos y acentuación apropiada y correctamente.

10

Total Puntos 100 (70% contenido y 30% lenguaje)

Puntuación Total: _______

Student’s Signature: ____________________Facilitator’s Signature:___________________



Anejo B/Appendix B

MATRIZ VALORATIVA PARA PARTICIPACIÓN EN GRUPO

Nombre del Estudiante: _____________________ Fecha: _______________

Grupo: ________ Nombre del estudiante evaluador: _____________________

Criterio Puntos Puntuación del estudiante

Asistió a las reuniones o actividades del grupo.

10

Colaboró en la planificación y organización de las reuniones o actividades de grupo.

10

Demostró disposición para cooperar con el grupo.

10

Contribuyó frecuentemente a las discusiones del grupo

10

Participó activamente en las reuniones y actividades.

10

Demostró interés en las discusiones y actividades del grupo.

10

Vino preparado(a) a las reuniones, actividades y discusiones del grupo.

10

Demostró atención y apertura a los puntos y argumentos de sus compañeros.

10

Contribuyó al grupo con material e información adicional.

10

Contribuyó significativamente al trabajo que presentó el grupo.

10

Totals 100



RUBRIC TO EVALUATE PARTICIPATION IN GROUP ACTIVITIE S

Students name: _________________________ Date: _______________

Group: ________ Name of evaluating student: ______________________

Criteria Points Students Points

Attended all the meetings and activities of the group.

10

Collaborated with the planning and organization of activities of the group.

10

Demonstrated cooperation and team work with the group.

10

Contributed frequently with the discussions of the group.

10

Participated actively in the meetings and activities.

10

Demonstrated interest in the discussions and activities of the group.

10

Came prepared to meetings, activities and discussions of the group.

10

Demonstrated attention to the arguments within the group.

10

Contributed to the group with additional information.

10

Contributed significantly with the work that presented the group.

10

Totals 100



Anejo C/Appendix C

MATRIZ VALORATIVA PARA EVALUAR PRESENTACION INDIVID UAL/GRUPAL

ORAL

Nombre del estudiante: _______________________Fecha:_________________

Criterio Puntos Puntuación del estudiante

Contenido Realiza una introducción efectiva del tema identificando el propósito, objetivo e ideas principales que se incluyen en la presentación.

10

La presentación es organizada, coherente y puede seguirse con facilidad.

10

El presentador demuestra dominio del tema o materia de la presentación al explicar con propiedad el contenido y no incurre en errores.

10

Las ideas y argumentos de la presentación están bien fundamentados en los recursos presentados, consultados o discutidos en clase.

10

Capta la atención e interés de la audiencia y/o promueve su participación, según aplique.

10

Proyección efectiva, postura corporal adecuada, manejo de la audiencia, manejo del tiempo asignado.

10

Usa varias estrategias para hablar o definir conceptos, interpretaciones, aplicaciones y evaluación de procesos o experiencias en el contenido del curso.

10

Lenguaje La pronunciación de las palabras es clara y de manera correcta para que se entienda el lenguaje utilizado.

10

Uso correcto de la gramática y conjugación de verbos en el idioma asignado.

10

Uso correcto del vocabulario para expresar el mensaje adecuadamente.

10

Total de Puntos 100 (70% de contenido y 30%

Lenguaje)

Puntuación del Estudiante:

________ Firma del Estudiante: _________________ Firma del Facilitador: ____________________



RUBRIC TO EVALUATE INDIVIDUAL/GROUP PRESENTATION

Student Name:____________________________Date:___________________

Criteria Value Points Student Total Score

Content Performs an effective introduction to the theme identifying the objectives, ideas and principles that are included in the presentation.

10

The presentation is organized and coherent, and could be easily followed

10

The presenter demonstrates domain of the theme or subject by means of properly explaining content without incurring in errors

10

The ideas and arguments of the presentation are well founded by the resources presented, consulted or discussed in class

10

Capture of the attention and interest of the audience and/or promote their participation, as applicable

10

Effective personal projection, corporal posture and manage of the audience;

10

Uses a variety of speaking strategies to define concepts, interpretation, application and evaluation of processes using experience on concepts or content of class.

10

Language Student pronounces words in a clear and correct manner so as to make the correct language used understood to others.

10

Correct use of grammar and verb conjugation.

10

Use of correct use of vocabulary words to express message.

10

Total Points 100 (70% of content and 30% of language)

Student’s Total Score: ________

Student’s signature: __________________Facilitator’s Signature: __________________



Anejo D/ Appendix D

PORTFOLIO

Guidelines to prepare the portfolio

1. Determination of sources of content

2. The following, but not limited to, documentation will be included:

a. Projects, surveys, and reports.

b. Oral presentations

c. Essays: dated writing samples to show progress

d. Research papers: dated unedited and edited first drafts to show progress

e. Written pieces that illustrate critical thinking about readings: response or reaction

papers.

f. Class notes, interesting thoughts to remember, etc.

g. Learning journals, reflexive diaries.

h. Self assessments, peer assessments, facilitator assessments.

i. Notes from student-facilitator conferences.

3. Organization of documentation

Documentation will be organized by workshop, and by type of assignment within workshops.

Workshops will be separated from one another using construction paper or paper of different

colors, with tabs indicating the workshop number.

4. Presentation of the portfolio

• Documentation will be posted in a binder or in a digital version (e-portfolio).

• The cover page will follow exactly APA guidelines applied to a cover page of

research papers submitted at Metro Orlando Campus. This cover page will be placed

at the beginning of the portfolio.

• The entire portfolio will follow APA style: Courier or Times New Roman font, size

12, double space, and 1-inch margins. See a “Publication Manual of the APA, Fifth

Edition”

• A log of entries that can be expanded with each new entry properly numbered. The

table, which should be located at the beginning, should include a brief description,

date produced, date submitted, and date evaluated (Appendix F).

• Introduction and conclusion of the income and outcome of the portfolio.



• A list of references and appendixes of all assignments included will be added to the

end of the portfolio.

• The Portfolio Informational Sheet will be placed in the transparent front pocket of the

binder for identification purposes (Appendix E).

5. Student-Facilitator Feedback Template: Progression follow-up

The final step in implementing portfolios, before returning them to the student or school life,

is sharing feedback with each student to review the contents, student reflections, and your

evaluations of individual items and all of the work together as related to learning targets

(Banks, 2005).

Facilitators will e-mail a feedback template to all students. This template will contain

information pertaining to weaknesses and strengths found in students’ portfolios (Appendix

I ). Facilitators will focus their attention on showing students what is possible and their

progress rather than what is wrong; however, this does not mean that facilitators will not

cover weaknesses and areas for improvement during the conference. Facilitators will send

this feedback template upon completion of workshop one.

Students will also have the opportunity to respond to the facilitator’s feedback and write their

own comments and/or ideas of how to improve the quality of their portfolios, and how to

become better metacognitive learners on the feedback template. Students will e-mail the

template with their comments back to the facilitator after every workshop.

6. Portfolio storage:

• Portfolio samples will be safely stored for a six-month term on campus.

• Students will sign an official document empowering Ana G. Mendez University

System with rights to use their portfolios with educational or accreditation purposes

during this term (Appendix J).

• After this term, and if their authors authorize Ana G. Mendez University System to

discard their portfolios by signing an official document, portfolio samples will be

destroyed; otherwise, they will be returned to their original authors (Appendix K).



Anejo E/Appendix E

PORTFOLIO INFORMATIONAL SHEET

Sistema Universitario Ana G. Méndez Florida Campuses

Universidad del Este, Universidad Metropolitana, Universidad del Turabo Check one: � Universidad del Este � Universidad Metropolitana � Universidad del Turabo Check one: � Undergraduate

� Graduate

Concentration

Student’s Name

Facilitator’s Name

Course:

Portfolio rated as

Reason of this rate



Anejo F/Appendix F Log of Entries

Entry Description

Date of Entry

Date

Submitted

Date

Evaluated

Page #

1

2

3

4

5

6

7

8

9

10



Anejo G/Appendix G

Checklist for Portfolio Assessment

Has the student set academic goals?

Does the portfolio include enough entries in each area to make valid

judgments?

Does the portfolio include evidence of complex learning in realistic

setting?

Does the portfolio provide evidence of various types of student learning?

Does the portfolio include students’ self-evaluations and reflections on

what was learned?

Does the portfolio enable one to determine learning progress and current

level of learning?

Does the portfolio provide clear evidence of learning to users of the

portfolio?

Does the portfolio provide for student participation and responsibility?

Does the portfolio present entries in a well-organized and useful manner?

Does the portfolio include assessments based on clearly stated criteria of

successful performance?

Does the portfolio provide for greater interaction between instruction and

assessment?

Adapted from: Gronlund, N. E. (2003). Assessment of student achievement. 7th ed. Boston: Pearson Education,

Inc.



Anejo H/Appendix H

Portfolio Rubric

4 3 2 1

PORTFOLIO APPEARANCE

� Readable: Are entries typed in an appropriate font and size? Are entries

free of errors? Do ideas expressed in entries follow a logical sequence with appropriate transitions among paragraphs and topics?

� Professionalism: Is the appearance of the portfolio professional? Are

graphics, colors and portfolio language consistent with professional workplace expectations? Is the portfolio presented in a neat and orderly manner?

� Organization: Is the portfolio organized in a manner that makes it easy

to follow and easy to quickly locate information?

PORTFOLIO CONTENT AND FUNCTION

� Content: Are all required entries included in the portfolio? Are entries

relevant to the content of the portfolio? Do all entries contain the student’s reaction or reflection on the selected topics? Do entries provide thorough understanding of content? Resume, Activities List, Varied Samples of Written Work, Evidence of Problem Solving, and Evidence of Decision Making.

� Authenticity: Are the samples and illustrations a true reflection of the

student’s efforts and abilities?

� Growth/Development: Do samples provide thorough understanding of

growth and development related to their field of concentration? Do items show what the student has learned?

� Collaboration: Do items show examples of both individual and group

work? Does the student provide clear understanding of collaboration, and use collaboration to support his/her learning?



� Reflection and Personal growth: Do items show exceptional

understanding of how to be a reflective thinker and how to seek opportunities for professional growth? Does the student include self-reflective comments? Does the student reflect enthusiasm for learning?

� Professional Conduct: Do items show clear understanding of ethical

behavior and professional conduct? Do items display the pride the student has in his or her work?

Overall Portfolio Impact

� Is this portfolio an asset in demonstrating the student’s value (skills,

abilities, knowledge) to a potential employer or college representative?

Rating Scale 4 = Outstanding 3 = Very good 2 = Good 1 = Needs improvement Source: Retrieved from www.lcusd.net/lchs/portfolio/rubric.htm on February 10th, 2007. Adapted 02/10/2007 by Fidel R. Távara, M.Ed. Coordinator of Assessment and Placement – Metro Orlando Campus

Anejo I/Appendix I

Portfolio Assessment Feedback Template Strengths Weaknesses Improvement Ideas Facilitator’s comments

Student’s response and comments

FINA 503 Financial management 58


Anejo J/Appendix J

Use and Return of Portfolio

Sistema Universitario Ana G. Méndez Universidad del Este, Universidad Metropolitana, Universidad del Turabo

I, ____________________________________, grant permission to the office of Assessment

and Placement of the Ana G. Méndez University System, to keep in their records a copy of

my portfolio. I understand that the portfolio is going to be used for accreditation or

educational purposes only, and that is not going to be disclosed without my consent.

By signing this document I authorize the office of Assessment and Placement to keep a copy

of my portfolio for six months and return it to me at the end of this period of time.

_______________________________ ___________

Student’s Name (print) Date

_______________________________ ___________

Student’s Signature Date



Anejo K/Appendix K

Use and Discard of Portfolio

Sistema Universitario Ana G. Méndez Universidad del Este, Universidad Metropolitana, Universidad del Turabo

I, ____________________________________, grant permission to the office of Assessment

and Placement of the Ana G. Méndez University System to keep in their records a copy of

my portfolio. I understand that the portfolio is going to be used for accreditation or

educational purposes only, and that is not going to be disclosed without my consent.

By signing this document I authorize the Office of Placement and Assessment to keep a copy

of my portfolio for six months and discard it at the end of this period of time.

_______________________________ ___________

Student’s Name (print) Date

_______________________________ ___________

Student’s Signature Date



Anejo L/Appendix L

COURSE EXPECTATIONS

Objective: To align the objectives of the course with the student’s expectations.

Procedure:

Students will write their expectations of the course, the perceived objectives and their goals

to be achieved with the course. The student will share their expectations with the rest of the

group.

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

_____________________________________________



Anejo M/Appendix M

The “Whip”

Objective:

To allow the students to express their thought in regards to what they have learned in the

workshop and, to emphasize the important concepts that come up from the students’ answers.

Procedure:

The students will answer in complete sentences the questions at the bottom. The facilitator

will go around the room asking each student to respond to a question and he/she would

answer with short phrases. Every student is expected to respond. They may pass on the first

turn but, must answer once the whip circles again.

• What was one thing you learned today?

• What was one thing you are unclear about today?

• What one surprise was in today’s class?

• What was one thing you want to think more about?



Anejo N/Appendix N

ONE MINUTE- PAPER

Name ________________________

Answer the following questions and return the document to the facilitator. These answers

will provide the facilitator with valuable information regarding your doubts about the topics

or concepts discussed in class today.

1. The most important topic or theme of today’s workshop was

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

______________________________________________.

2. After discussing the topic, some questions are still unanswered. These are…

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

______________________________________________.

3. I would like this discussion to go further into these other/s topic/s that are very important

for me.

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

______________________________________________.



Anejo O/Appendix O

DIARIO REFLEXIVO Nombre ____________________________

Fecha ____________________________

El propósito de este diario es el de reflexionar y escribir sobre los conceptos, los

sentimientos y las actitudes que se desatan a partir de la discusión y los trabajos de cada

taller. Este proceso le ayudará en su autoanálisis, así como propiciará la auto evaluación.

Utilizando las siguientes preguntas guías, reflexione sobre lo presentado en el taller y

conteste las mismas en forma de ensayo con excelente gramática, ortografía y puntuación:

1. Hoy aprendí….

2. Este tema presentado en clase me ayuda a……

3. Puedo aplicar lo discutido en la clase a mi vida y experiencias personales…



Reflective Diary

Name ____________________________

Date ____________________________

The purpose of this diary is to reflect and write about the concepts, feelings, and attitudes

experienced after class discussion and assignments. This process will help your self-

assessment.

Using the following questions, reflect about what was presented in this workshop and answer

the questions following an essay style using excellent grammar, syntax and punctuation:

1. Today I learned…

2. The topic presented today helps me…

3. I can apply today’s discussion to my life and personal experiences…



Anejo P/Appendix P

RESEARCH PAPER TOPIC GUIDELINES

Components:

This project consists of three major activities:

1. Conduct secondary research (i.e. library, internet, etc)

2. Write research paper.

3. Make presentation to class.

Due Date and Time:

Papers and presentation are due at the beginning the final class meeting, Workshop

Five/Taller Cinco and are to be submitted to Black Board before the beginning of the class.

The Project to be addressed by the Paper:

You have just graduated from SUAGM’s MBA program and have secured a position as a

fund manager for a well known investment banking house. You have been given $300

million to manage/invest. The fund is a pension/retirement fund so its perspective is long

term with moderate risk of loss of capital and a required return of 9% per annum. In order to

reduce the investment risk you are instructed to make 12 investments of $25 million dollars

each. Your first assignment is to determine if the fund you are managing should invest $25

million dollars in the stock of the company you have selected for analysis. Your decision to

invest or not invest will be supported in a 15-minute presentation to the Executive Committee

of the Fund.

Your analysis, based on the concepts covered in this course, should address each of the

following:

1. Business Strategy Analysis: Develop an understanding of the business and

competitive strategies of the company. Which of the three generic competitive



strategies does it utilize (low cost provider, differentiation, or focus). This should

be covered in not more than three paragraphs. Do not spend time writing a

history of the company. This is an analysis, not a history lesson.

2. Accounting Analysis: Does the accounting practices adopted by the company

generally reflect and accurate picture of the economic performance of the company?

(Did your research find any public announcements of restatement of earning or

other financial statements that would indicate that the financial statements may be

of dubious value?)

3. Financial Analysis: Analyze financial ratios and cash flow measures of the

company relative to its historical performance (for purposes of this project a 2 year

look back is sufficient). You should use at least use at least 10 of the rations noted

on page 136 of the text including all four of the profitability ratios.

4. Prospective Analysis: Develop forecasted performance measures and list the

assumptions associated with your forecast. List your assumptions and reasons for

your forecast. You may also cite the works of other analysts who have published

forecasted earnings for the time frame you are addressing.

5. Conclusion: Will you or will you not invest $25 million in this particular

Company? Support your conclusion? Remember a negative conclusion is just as

valid and valuable as a positive conclusion.

Conducting Library Research:

1. Participate in a research orientation offered by the graduate librarian.

2. Conduct a search for sources that offer accurate information on your company. A

minimum of six legitimate and valid relevant resources are required.

When you are doing your research you should enter the name of your company.

Under your company you will find items such as “Historical”, “Investment Reports”,

“Financial” and other data. You can find Industry Analysis in Standard & Poor’s.

Individual company information may be found in Value Line and Morningstar.

Additional information can generally be found on the company’s website under

“Investor Relations”. Here you will find SEC 10-K, 10Q, and other filings.



You may also wish to visit the website of the Securities and Exchange Commission

(SEC) for filings by your company.

3. Avoid general Internet key word searches. Wikipedia and other unauthorized

sources are inappropriate for graduate work. Articles noting up to date information is

such sources as The Wall Street Journal, Barron’s or Business Week may be useful in

addressing the appropriateness of current strategies, resource pricing, etc. given

market conditions or the status of competitors.

Writing the Paper (in English):

The following are general guidelines for format and organization.

1. Format:

a. Minimum of ten (10) pages in English (including self prepared exhibits), with

numbered pages. No binders please.

b. Typed, double spaced.

c. New Times Roman (i.e. business) font, 12 point.

d. Margins – 1.25 inches.

e. Include boldface headings and subheadings.

f. Note source citations as appropriate under APA guideline.

2. Organization:

a. Cover page – Name of paper, your name, course number and name, date

submitted.

b. Introduction – A brief statement of the purpose of the paper and

explanation of its organization. You are welcome to use pseudonyms for the

name of the company or individuals addressed in the paper.

c. Analysis -Address four concepts noted in “The Paper etc” on the preceding

page.

d. Summary – A brief statement combining the finding arising from the analysis.

e. Conclusion/Recommendations – should you invest or not invest the $25

million and why or why not.



Preparing the Presentation

Presentations (in Spanish) will be made in class during the last day of class, Workshop

Five/Taller Cinco. The presentation will be supported by a Power Point slides and will last

not less that 12 minutes or more than 15 minutes (Executive Committee length).

Evaluation:

See Appendices to the module for the rubrics used to evaluate the paper and the presentation.

Also remember to use APA 6.0 format.

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