AFIN353 Assignment代写Advanced Corporate Finance

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    Advanced Corporate Finance代写 AFIN353
    Assignment
    Administrative Requirements
    1. Group Formation and Group Management
    Groups will comprise 2 to 4 students and must be from the same tutorial group. Groups must be
    nominated by week 6. Students are not expected to undertake the assignment individually.
    Procedure to set up and manage a group:
    AFIN353 Assignment代写Advanced Corporate Finance
    i. Each group will appoint a group leader who will be responsible for organising and managing
    discussions at group meetings, appointing a minute-taker and ensuring each member has an
    opportunity to contribute his/her ideas, lodging the assignment.
    ii. Group members should sign in the group formation form in week 6 tutorial and hand it back to
    tutors after the class.
    iii. The group should prepare a Pre-project Plan (can be found in Assignment section on iLearn) in their
    first meeting. This details the tasks allocated to each member and the expected milestones, meeting
    dates, and task deadlines.
    AFIN353 Assignment代写Advanced Corporate Finance
    iv. The Group Leader is required to keep a record of each meeting (delegating the task of minute-
    taking is fine) indicating who attended and what contributions are made by each member. Circulate
    them to your group members to reduce any possible misunderstandings.
    The Unit Convenor may request the Group Leader provide the Pre-project Plan and minutes of
    meetings to substantiate the contribution of each member. Any student may be called upon to defend
    their contribution to the assignment. Any student who does not contribute, will receive a mark of zero.
    NOTE: Working in groups requires a little bit of organisation and a lot of co-operation.
    Any group which, after agreeing to their group membership, is unable to obtain involvement from
    a particular group member, will advise the Unit Convenor by Friday of Week 8. The Unit Convenor
    will email the individual concerned (to their Macquarie student email address) and may ask that
    they undertake the assignment individually. In this case, course convenor may grant the individual
    concerned a penalty up to 20% of the full mark. The remaining members of the group will be asked
    to undertake the assignment without that person(s) and receive no penalty.
    2. Assignment Word Limit
    The group will prepare a report of its findings. The report will be Microsoft Word and will not exceed
    2000 words (excluding title page, table of contents, references, tables). 10% above or below the
    word limit (1800 to 2200 words) is acceptable.
    2
    Marks will be deducted if the Report exceeds the 2000 word limit by more than 200 words (i.e.,
    lower than 1800 words or more than 2200 words). The penalty will be 3 marks (out of the total 30
    marks for the report) for each 200 words or part thereof.
    3. Assignment Submission
    AFIN353 Assignment代写Advanced Corporate Finance
    Group Leaders (only) will submit the report by 23:59 (EST) on the 21 st of October, 2016 (week 10)
    -  To TURNITIN, (with the cover sheet). THE FIRST SUBMISSION WILL BE FINAL. Do NOT submit
    more than once. Be sure you are happy with the paper before submitting. Make sure to
    include the following documents in the submission:
    o coversheet signed by all contributing group members
    o completed ‘Group Contribution form’ detailing the tasks undertaken by each group
    member, and signed by each group member. A member who does not contribute
    will not sign the form.
    All group members (including group leaders) will submit the Peer Evaluation of Performance forms
    individually to TURNITIN. Anyone who fails to submit the Peer Evaluation of Performance form will
    receive 5 marks penalty out of the assignment total 15 marks (yes, 30% of you total mark!).
    No extensions of time will be granted. Late submissions will incur a penalty of 2 marks (out of the
    assignment total 15 marks) for each day (or part thereof) that the assignment is late in being
    lodged.
    AFIN353 Assignment代写Advanced Corporate Finance
    4. Report Requirement
    Your report will comprise:
    1. Title Page (including Title, list of contributing group members; Group Leader, total
    word count)
    2. Table of Contents/Index
    3. [Body of Report] You must determine your own headings and subheadings. Ensure
    that any tables or figures are labelled and are referred to within your analysis.
    4. Conclusion – this should capture the key outcomes of your analysis.
    5. References – ensure you use correct and consistent citation and referencing. Seek
    credible information sources. (See some suggestions below, but do not confine
    yourselves to these)
    Do not include Appendices. The report should stand-alone.
    Do not fill the report with pages of past financials. You may select the key components of historical
    financial data and forecasts to include in the report.
    Avoid re-writing great slabs of information from the source documents. You should analyse the
    information from your research.
    3
    5. Marking Guide
    This assignment will be marked out of 60 marks and will be reduced to out of 15 marks towards your
    total assessment. Your group report will contribute 50% (up to 30 marks) to your total assignment
    score and your individual performance will contribute another 50% (up to 30 marks).
      Group performance marking:
    Group reports will be marked according to the marking rubric which is posted on iLearn.
      Individual performance marking:
    AFIN353 Assignment代写Advanced Corporate Finance
    Your individual performance will be assessed by the other group member(s) using the ‘Peer
    Evaluation of Performance’ (PEP) form. You will also have a chance to evaluate your own
    performance using the “self-evaluation” column in the PEP form. The average mark you received
    in the PEP form will be used to calculate your relative contribution multiplier (RCM) which then
    will be multiplied by the group report mark. The final result is your individual mark of this
    assignment. Your group should consider the rubric in its first meeting.
    How will your performance be marked? – An example
    Assume Jason formed a group with three students: Neil, Jessy and Lindy. The group received 25 marks
    in the group report. The other three group members are very impressed by Jason’s efforts and granted
    30, 27 and 30 in their Peer Evaluation of Performance (PEP) forms for Jason. Jason gave himself 28 in
    his self-evaluation. Thus, Jason will receive 30 + 27 + 30 + 28 = 115 marks from the PEP form.
    Assume Neil, Jessy and Lindy receive 99, 80 and 65 PEP marks from the other group members. Jason’s
    relative contribution to the group work will be calculated as:
    ??? =
    ?????????? ??? ???? × ?????? ?? ????? ??????
    ????? ????? ??? ????
    =
    115 × 4
    115 + 99 + 80 + 65
    = 1.28
    This means Jason’s individual contribution is 1.28 times of the group average. Jason’s individual
    performance mark will be
    ????? ?????? ???? × ??? = 25 × 1.28 = 32.03
    The highest mark an individual may receive in this assignment is 30 marks, so Jason’s individual
    performance mark will be capped at 30. He will receive 25+30 =55 marks in his assignment.
    This assignment will contribute 15 ×
    55
    60
    = 13.75 marks to Jason’s final score in AFIN353.
    The RCMs for Neil, Jessy and Lindy will be
    99 × 4
    359
    = 1.10,
    80 × 4
    359
    = 0.89,???
    65 × 4
    359
    = 0.72
    and they will receive 1.10 × 25 = 27.58,0.89 × 25 = 22.28 ??? 0.72 × 25 = 18.11 individual
    performance mark respectively.
    4
    Assignment Themes
    The assignment allows us to observe real-world corporate events which require an evaluation of firm
    value, and to apply our knowledge to a critique of an IPO price.
    Assignment Task
    You are required to choose TWO Australian IPOs from the following list, then compare and evaluate
    the IPO objectives, pricing and outcomes.
    Company name  ASX code  Listing date
    Pacific Smiles Group  PSQ  21 Nov 2014
    Medibank Private  MPL  25 Nov 2014
    Burson Group BAP  24 Apr 2014
    AFIN353 Assignment代写Advanced Corporate Finance
    Dick Smith Holdings  DSE  4 Dec 2013
    You have the advantage of being able to measure performance after the IPO. E.g. In the case of Dick
    Smith (DSE), we have learned of the appointment of receivers and administrators in January. This
    raises question as to whether the IPO forecasts were reasonable and whether the Private Equity firm
    which exited its investment through the IPO, overstated the company’s prospects in the IPO
    forecasts.
    Your report must addresses the following for the IPOs:
    a) Describe and contrast the motivations for the IPOs, the price-setting process and
    underwriting arrangements.  (limit this to 300 words maximum)
    b) Analyse and critique the capital structure (before and after the IPO) and the appropriateness
    to a firm in this industry. 
    c) Analyse the offer price, including:
    -  your assessment of the growth rate that is implicit in the price based on forecasts
    included in the prospectus and your estimates of the cost of capital. Use your knowledge
    of valuation techniques from your studies (eg. DDM, FCFF)
    -  an assessment of the key value drivers (what factors are key determinants of the success
    of this firm )
    -  your opinion of the reasonableness of the offer price (with regard to the prospectus
    information and your estimate of the firm’s value)
    d) Describe and assess the relevance of other factors (based on your research of IPOs) which
    may have influenced the determination of the offer price?
    e) Measure the performance of the IPO and critique the IPO success with regard to the original
    objectives and the costs to the pre-IPO shareholders with regard to any under-pricing. 
    You should conclude as to the relationship between value creation in an IPO, a firm’s growth,
    optimal capital structure and accounting profitability with regard to IPO strategy.
    5
    Other Sources of Data
    Company financial and market price data
    Use the library databases. Morningstar data from the Datanalysis Premium database:
    http://datanalysis.morningstar.com.au/af/dathome?xtm-licensee=datpremium
    Company and market price series data
    o Yahoo Finance - https://au.finance.yahoo.com/?p=finance.yahoo.com
    o ASX Company Information – (including announcements)
    http://www.asx.com.au/prices/company-information.htm
    Other Possible Resources (not an exhaustive list)
      KPMG, 2015, Valuation Practices Survey 2015, accessed 12 Jan, 2016; retrieved from from
    http://www.kpmg.com/au/en/issuesandinsights/articlespublications/valuation-practices-
    survey/pages/valuation-practices-survey-2015.aspx
      International Monetary Fund – country outlook
    http://www.imf.org/external/country/aus/
      Reserve Bank of Australia (RBA) publications re: economy
    http://www.rba.gov.au/publications/index.html
      IBISWorld Industry Reports
    http://clients1.ibisworld.com.au.simsrad.net.ocs.mq.edu.au/reports/au/industry/home.aspx
      RBA Interest rate statistics
    AFIN353 Assignment代写Advanced Corporate Finance
    http://www.rba.gov.au/statistics/index.html