The-problems-of-financial-management.doc
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1、Four short words sum up what has lifted most successful individuals above the crowd: a little bit more.-author-dateThe-problems-of-financial-managementThis finance course has two overarching goalsThe Aspen Institute Corporate Governance and Accountability Project:Rethinking MBA Curriculum in the Fin
2、ance DisciplineSupported by the Alfred P. Sloan FoundationMBA Finance, Rethought: Faculty at the Washington State University, Vancouver, MBA Program are rethinking the finance curriculum. As part of the Aspen Institutes Corporate Governance and Accountability Project, WSU is working to reframe their
3、 core MBA Finance Course, “Problems in Financial Management” towards a more explicit treatment of stakeholders interests in financial managers decision making. The intention of this new course is to demonstrate to students that maximizing firm value necessitates focusing on more than shareholders. F
4、or more about the philosophy behind this new course, see Professor Becker-Bleases Case in Point essay, “Do Stakeholders Belong in Corporate Finance?” It is the goal of the CGA Project to work with a select group of faculty partners to test drive this new and innovative course across the American bus
5、iness school landscape. The complete syllabus with teaching plans will soon be available at www.CasePlace.org. Interested finance faculty should contact Alex.Robertsaspeninstitute.org or jbleasevancouver.wsu.edu for more information. On WSUs Curriculum Reform Efforts: John Becker-Blease, Finance Pro
6、fessor at WSU, is heading up this effort to reshape the finance syllabus. The MBA program at WSU emphasizes sustainable stakeholder engagement, where strategic stakeholder relationships form the foundation for long term organizational success. Each course in the MBA program uses this focus as a cent
7、ral organizing premise.CGA in Brief:Since 2003, The Aspen Institute Center for Business Education has received nearly $1,000,000 in funding from the Sloan Foundation to underwrite its Corporate Governance and Accountability Project (http:/aspencbe.org/networks/CGA.html). The Project aims to influenc
8、e prevailing models of corporate governance and theories of the firm, as they are understood and taught by business school faculty. PROBLEMS IN FINANCIAL MANAGEMENTMBA-LEVEL CORPORATE FINANCE COURSECOURSE FRAMEWORK, TEACHING NOTES & SYLLABUS Interactive Table of ContentsStrategic Stakeholder Engagem
9、ent: Organizing Framework for WSU Vancouver MBA ProgramCourse SyllabusIntroduction and Overview of the courseModule SummariesCourse Information (description, objectives, grading, contact info, etc.)Course ScheduleModule 1 Review Fundamental Microeconomics and Financial Management Learning GoalsReadi
10、ngsAdditional Materials Pedagogical Purpose and NotesReferencesModule 2 Goal of the CorporationLearning Goals; ReadingsAdditional Materials Pedagogical Purpose and NotesAdditional Talking PointsReferencesModule 3 ValuationLearning GoalsReadingsAdditional Materials Pedagogical Purpose and NotesAdditi
11、onal Talking PointsReferencesModule 4 Capital StructureLearning GoalsReadingsAdditional Materials Pedagogical Purpose and NotesAdditional Talking PointsReferencesModule 5 Agency Theory & GovernanceLearning GoalsReadingsAdditional Materials Pedagogical Purpose and NotesAdditional Talking PointsRefere
12、ncesModule 6 Payout PolicyLearning GoalsReadingsAdditional Materials Pedagogical Purpose and NotesAdditional Talking PointsReferencesModule 7 M&A and Corporate StructureLearning GoalsReadingsAdditional Materials Pedagogical Purpose and NotesAdditional Talking PointsReferencesModules in Brief Class P
13、rojectComplete Course ReferencesStrategic Stakeholder Engagement: Organizing Framework for WSU Vancouver MBA ProgramThe finance course starts by reviewing the stakeholder approach the MBA program uses and how this course fits into that model. The model is presented on the next page. The model is fir
14、st presented in a course on Stakeholders and Competitive Advantage that all students take as their first course in the MBA program. Here we start by reinforcing the key points: Organizational strategy is determined by: The organizations core values and views about how they want to operate. Market co
15、nditions that determine where they can find a competitive niche. Strategy is developed by applying theory from the key business disciplines: marketing, accounting, management, finance, and information systems. Resources are necessary to execute the strategy. Those resources that lead to a positional
16、 advantage are usually intangible and often relationship based. The organization develops a resource mix that is not imitable by competitors. Stakeholders (consumers, value chain partners, investors, employees, and publics) supply the resources. The organization must understand what motivates them t
17、o contribute to the organization. The organization must clearly understand what it needs from the stakeholders. Often there are conflicting expectations from different stakeholders which need to be balanced. Sometimes stakeholders may have relationships between themselves that affect how the organiz
18、ation works with them to assemble their resource mix.Business leaders must orchestrate harmony between the goals and expectations for the organization and stakeholders. Often tensions arise around differing expectations. Good leadership anticipates these tensions and proactively crafts solutions. Th
19、e MBA program curriculum is designed to develop talents for business leaders to think comprehensively when making decisions. For instance, theories presented in finance examine the impact on investors and also on other stakeholders such as employees or the public interest.-Washington State Universit
20、y VancouverTheoretical Framework for MBA Curriculum using a Strategic Stakeholder Engagement Focus (See CasePlace.org for a recording of the previous Web-Conference from WSU, Vancouver: Integrating Stakeholder Theory into the MBA Curriculum)Course SyllabusIntroduction and OverviewTeaching business e
21、thics, always something of an embarrassment, may simply come to be teaching Finance well! (Stuart Greenbaum)The purpose of this course is to provide students with a heightened appreciation of the role of a financial manager within a firm and to understand the tools and the nature of the decisions th
22、at financial managers must make. Paramount to the topic is an understanding of what constitutes a “good” manager. A traditional finance characterization of a good manager is one who adopts the most firm-value-maximizing projects in the interests of maximizing current shareholders wealth (e.g. Breale
23、y, Myers, and Allen, pp 20-28). This model is sometimes called the shareholder primacy model. An alternative model, frequently termed the stakeholder model, argues that a good manager is one who effectively maximizes the joint utility of all firm-stakeholders. In many respects, the stakeholder model
24、 is an emerging model with less well-defined goals and terminology than the shareholder primacy model. Donaldson and Preston (1995, Academy of Management Review) provide a lucid description of this issue. A substantial literature has evolved highlighting the tensions between the two models. The goal
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