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Term 2 2013 Faculty of Business School of Accounting and Finance Economic and Finance Institute Internal Mode Subject Coordinator Deirdre Keogh
Welcome to a new session of study at Charles Sturt University. The subject examines financial decision making in the international environment. Topics covered include foreign exchange, international finance markets, risk management in international finance and foreign investment analysis in international business. Assumed knowledge for this subject is equivalent to that covered in FIN516 or FIN530.
Welcome to a new session of study at Charles Sturt University. The subject examines financial decision making in the international environment. Topics covered include foreign exchange, international finance markets, risk management in international finance and foreign investment analysis in international business. Assumed knowledge for this subject is equivalent to that covered in FIN516 or FIN530. Introduction This subject extends financial management to an international context and is an essential component of international business studies. On the one hand there are opportunities for risk reduction through international diversification; on the other hand there is exposure to risks - such as foreign exchange risk - not normally encountered in a domestic setting. The ultimate aim of the corporate finance function remains unchanged: to maximise shareholder wealth. To this end decisions must be made on the most profitable investment mix and most cost effective means of financing those investments. Such decisions are always central to business success or failure and in an international context may assume global strategic significance. They are decisions necessarily restricted to the upper echelons of management, requiring expert analytical input from trained professionals making the practice of international corporate finance an increasingly specialist function offering a rewarding and challenging career path. The globalisation of finance, coupled with the increasing importance of the financial centres of Hong Kong, Singapore and Sydney has also created exciting opportunities for those seeking careers within financial institutions. Finance is a dynamic and innovative industry that can be expected to play an increasingly important role in the creation of national and regional wealth. In the undertaking of major infrastructure projects, the critical challenges for countries and companies are more likely to involve matters of finance than of engineering technology. It is against this background that we commend this subject to you and hope you will find it both challenging and rewarding. The subject will equip you with both an insight into the nature and potential of international finance and a qualification for new career opportunities.
Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 1 of 27
Aims This subject aims to extend your understanding of financial management to an international context, including the application of economic analysis to international issues and the development of a general understanding and awareness of recent institutional developments in international economic relations. Students who complete this subject should attain the following: An understanding of the basis concepts and terms in International financial management. A thorough knowledge of foreign exchange markets and the techniques available for managing foreign exchange risk and exposure. An understanding of the issues involved in multinational firm financing An understanding of the issues involved in foreign investment decisions and in managing the multinational corporation.
Your subject coordinator
Other teaching staff
Mr Valliapan Kasi (firstname.lastname@example.org)
Subject materials in this subject have been extensively revised this time by Dr. P K Basu and Dr. Alfred Wong in 2010.
- Be able to demonstrate a working knowledge of basic concepts and terms in international finance; - Be able to explain the functions and operation of international financial markets; - Be able to derive exchange rate values in spot and forward markets; - Be able to evaluate and apply risk management procedures to problem solving in international finance; - Be able to evaluate alternative foreign investment proposals; - Be able to debate strategic issues associated with foreign investment.
Upon completion of this subject, you should be able to demonstrate competencies in technical, computational and analytical skills associated with corporate investment and financing decisions in an international context: You would also learn critical and evaluative skills relating to: • the role of corporate finance and treasury functions within profit-seeking organisations engaged in international transactions; • the role of international capital markets; • government of the international financial system; • key issues (including ethical considerations) associated with international investment and financing decisions; • ways in which accounting and finance practices are implicated in social and organisational functioning; and • the nature of corporate finance theory and resource in an international context.
Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 2 of 27
Email: Mr Valliapan Kasi (valkasi@yahoo.You should understand that critical and evaluative skills can only be developed to the required level through extensive study of. To assist students in this aspect of their studies.edu. effective time management and preparing for exams at: Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 3 of 27 .au Phone (02) 63384243 Fax (02) 63384769 Campus Bathurst Building/Room number C2/320 Consultation procedures To be announced.pdf).csu. and reflection on. Phnom Penh.au/acad_sec/academic-manual/docs/p8. referencing. Cambodia. academic reading and note taking. You will also develop communication skills in terms of written presentation. teaching and support strategies To support your studies a Study Guide for this subject has been specifically written to guide you through the prescribed sections of the textbook as outlined in the study schedule below. Contact procedures Academic enquiries Any questions concerning the teaching of this subject can be made by contacting your subject coordinator.csu. As per the schedule prepared by EFI.com) Subject Delivery Class/tutorial times and location Seminar will be conducted by EFI facilitator Mr Valliapan Kasi on 5 . Subject Coordinator Deirdre Keogh Email dkeogh@csu. students can expect that the subject coordinator or nominee of the distance education forums will respond to their postings at least once a week during the teaching weeks of the session. Minimum standards of consultation According to the Minimum Standards for Communication with Students Policy ( http://www. You should use this schedule to plan your studies over the session.edu. the Institute will inform you of lecture / tutorial times and location in due course.edu. Learning. relevant literature.au/division/studserv/learning/student_resources Visit the Learning Skills website for advice about assignment preparation. a set of readings has been incorporated into the study material for this subject. Contact Procedures Academic enquiries Any questions concerning the teaching of this subject can be made by contacting your subject coordinator. Information on effective time management is available on the CSU Learning Skills website via the following link: http://www. The readings cover the majority of the principal topics and students are urged to make the most of this resource.6 January 2013.
This means an average of 10 . Subject Content This subject contains the following topics: Introduction to International financial management Topic 1 The international monetary system Topic 2 The foreign exchange market Foreign Exchange and Interest Rate Exposure Topic 3 Measuring and managing transaction exposure Topic 4 Operating exposure Topic 5 Interest rate risk management and currency swaps Financing the Multinational Firm Topic 6 Global capital markets Topic 7 International debt & equity markets The Foreign Investment Decision Topic 8 Foreign investment theory Topic 9 Multinational capital budgeting Topic 10 GFC and Multinational firms Topic 11 Corporate governance in a globalised world Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 4 of 27 .edu.csu.http://www.au/division/studserv/learning Student Workload CSU Academic Senate policy states that a standard 8 point subject should require students to spend a total of between 140-160 hours engaged in the learning and assessment activities. This subject has been developed to comply with this policy.12 hours each week.
Stonehill & Moffett. 542-554). The growth of Asia and some implications for Australia Madura. H. 10th edition. (2009). K. (2007). World Trade and the IMS. M.. Currency options. K.. 5 Madura. (2006). (2005). C. Chapter 15. M.Schedule Topic Topic Content Readings 1 The international monetary system Madura. Foreign currency markets. D. Chapter 14 Reading 14: Ellis. International and foreign exchange markets. Chapter 3. L. Reading 8: McGrath & Viney. Reading 7: Dumitrescu (2009) Operating exposure Interest rate risk management and currency swaps Global capital markets Madura. Reading 1: Butler. D. Chapter 18 (pp. M. Reading 2: Juttner. (2006). (2007). et al. International capital flows: An empirical study of the relationship between equity and debt investments Madura. Reading 12: Sahoo. & Moffett. Chapter 11. Text and Learning Materials Prescribed text(s) Madura. Chapter 7. K. Reading 13: Sathye. The global financial crisis: Causes. Reading 3: Moosa. I. M. I. Chapter 2 Examination period 12 13 14 Residential school There is no residential school for this subject. Foreign exchange hedging strategies at GM: transaction exposure Transactional and translation exposures. South-Western Cengage Learning. Jeff. Portfolio investment. (2004). (2002). (2010) International financial management. (2000). Chapter 13 and Chapter 16. Investment in global operations 6 7 International debt and equity markets Foreign investment theory Multinational capital budgeting GFC and Multinational firms Corporate governance in a globalised world Revision 9 10 11 Assessment 1: Assignment: Due Monday 11 March 2013 Madura. (2010). USA. Interest rates and currency swaps Madura. Reading 4: Reserve Bank of Australia (2010). Stonehill. A. G. Measuring and managing Reading 6: Desai. Chapter 17. P. Reading 10: Levi. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 5 of 27 . Chapter 6. Reading 11: Pilbeam. chap. Reading 15: Eitemand. (2004). Revolutionary transformation and extraordinary opportunity . (2010). Eiteman. Chapter 12 Madura. Reading 9: Lowe.today’s electronic FX market is changing everything 2 The foreign exchange market 3 4 5 Madura. (2009). Current multinational financial challenges: The credit crisis. consequences and countermeasures. Reading 5: Martin. The international debt crisis. Madura.
Marks may be scaled to produce a distribution of grades which conforms to the expected norms specified in the University's Assessment Regulations. CR Credit (65-74%) a better than satisfactory level of achievement in relation to the assessment process.Required reading / resources Study Guide and Readings Recommended reading / resources Eiteman.htm and Section 6 of the University Handbook. a student must attain a minimum passing standard in both the final examination and the overall total mark for the subject. Grading distribution The Academic Senate has approved the following definitions and guidelines for the awarding of grades within subjects taught at Charles Sturt University. A. In order to qualify for a Credit. H. High marks in the continuous assessment items will not automatically guarantee a specific award. Stonehill. & Moffett. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 6 of 27 .edu. It may be necessary for raw score totals to be scaled so that the distribution of final grades in the subject conforms to University expected norms.csu. The subjects that have a satisfactory/unsatisfactory grading scale will have this clearly identified within the Subject Outline. Mass: Pearson/Addison Wesley Assessment Information Pass Requirements Your assessment in this subject will be based on one assessment items worth 50% and a final examination worth 50%. (2013)...). Passing Grade In order to obtain a passing grade in this subject. DI Distinction (75-84%) a high level of achievement in relation to the assessment process. I. M.au/academic/g1m. K. Boston. D. Note: The notional percentages specified above should be viewed only as guidelines for the awarding of final grades. PS Pass (50-64%) a satisfactory level of achievement in relation to the assessment process. FL Fail (0-49%) an unsatisfactory level of achievement in relation to the assessment process. In order to meet terms in this subject you must submit all assessment items. Multinational business finance (13th ed. Grades Final grades for this subject are awarded by the Faculty of Business Assessment Committee in accordance with the University's Assessment Regulations on Assessment which are published in the Academic Manual http://www. Assessment Requirements Students will be assessed in subjects on the basis of a combination of norm and criterion referencing with marks and grades being awarded by a combination of predetermined standards and the performance of other students in the subject. Both pieces of assessable work are compulsory and failure to submit any assessable work will result in a fail grade. Distinction or High Distinction a student is expected to achieve a commensurate mark in the final examination. HD High distinction (85-100%) an outstanding level of achievement in relation to the assessment process.
This software has two functions. In answering essay and short answer questions make certain that you attach a bibliography to your assignment which acknowledges all the sources you have used in developing your answer.e. you are expected to produce work to high academic standards. providing that your handwriting is legible. • Where 'landscape' sheets are included in a 'portrait' format submission. contain appropriate references. • Sequentially numbered pages.e. short written answers and reports. • Referencing should conform to the guidelines at: http://www. Plagiarism Charles Sturt University expects that the work of its students and staff will uphold the values of academic honesty and integrity. • 3. • Single fastener (preferably a staple) in top left-hand corner. Typed assignments are always preferred. It is expected that you will read the text and other literature thoroughly. [Large-format computer print-out sheets are also acceptable where appropriate.csu.] • Word-processed and laser-printed. In submitting all assignments and all types of answers (i. so that the paper is rotated clockwise in order to read the landscape sheets. It is vital that you do not confine your readings to the text only. sleeve. calculations and written answers) you must pay close attention to presentation. binder or folder.. Preferred format for assignments Assignments in this subject should preferably conform to the following format: • Paper size: A4. and think deeply and critically about what you read.edu. intelligent insights. be thoroughly researched.csu.] • 1.csu. Written material must be presented well.edu. Declaration of authorship All individual assignments should be accompanied by a signed declaration confirming that material submitted is the student's own work. bad spelling and poor grammar. Academic standards As an undergraduate student in a university. no additional cover. This is an important resource that will help you understand these values and apply them in practice. and the preparation of essays.5 or double line spaced.pdf • Apart from an assignment cover sheet. i. a pre-emptive Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 7 of 27 . The University has purchased Turnitin software. Penalties will be imposed for illegible work. • Single and double-sided sheets are equally acceptable. and demonstrate considerable thought and appreciation of the subject matter.edu. however you may submit handwritten answers if you cannot have your assignments typed.au/study/plagiarism.5 cm left and right margins. You will be expected to contribute to forum discussions with informed. have not been submitted elsewhere and comply with the University's requirements for academic integrity. The Guide to Avoiding Plagiarism is located at: http://student.For further information please consult the Academic Regulations of the Academic Manual http://www.htm Presentation The assignments involve mathematical calculations. For calculation questions students must show all workings.au/division/studserv/learning/pdfs/apa.au/acad_sec/academic-manual/gcontm. they should be inserted with headers to the left. Broad reading from various academic literature. [Handwritten material must be legible. You should familiarise yourself with these requirements and ensure that all assessments submitted by you are your own work. as well as management magazines and the business section of the quality newspapers will assist you in your studies.
20% deduction.au/study/plagiarism/checking. Online Submission NOTE THAT ASSIGNMENTS MUST BE SUBMITTED THROUGH EASTS. Extensions Assignments should reach the University no later than the due date. Assignments submitted late with no valid reason will lose marks. Further information on how to use Turnitin is provided within the Guide to Avoiding Plagiarism: http://student.10% deduction.turnitin.com/login_page. Pro-rata reductions in the awarded mark (10% per day including weekends) will be made for items received late without a granted extension. therefore. Assignments. Extensions will only be given if you face unforeseen and unavoidable problems. the assignment is to be submitted electronically to the CSU Assignment Section via EASTS (Electronic Assignment Submission Tracking System). and a plagiarism detection function which academics may use to check the student’s work for improper citation or potential plagiarism.education function which students may use to check their own work prior to submission. That is. For example. giving cogent reasons for the delay. The penalty for late submission of an assignment without obtaining the subject coordinator's approval for an extension will be 10% deduction per day including weekends. i. In order to access EASTS. EASTS has a help function that will allow you to print out instructions to assist you in this process if required. 1 day late . Use by students is optional and is not a prerequisite for submission. or 2 days late . Faxed / Emailed Assignments The Faculty of Business has resolved not to accept faxed or emailed assessment tasks under any circumstances. The last date for receipt of assignments by the University is the last day of the teaching session (prior to the exam period). Extensions will not be granted on or after the due date.e.asp. Extensions cannot be given towards the end of session so in this case you need to apply for an incomplete grade or subject withdrawal. of the maximum marks allocated for the assignment. You are requested to do all in your power to meet assignment deadlines. Assignments received more than 10 days after their due date without an extension having been granted. Penalties for Late Submission If you are unable to submit your assignment on time. for an assignment worth 20 marks. If it becomes obvious that you are not going to be able to submit an assignment on time because of an unavoidable problem. You can register with Turnitin to create a Student Account under the CSU Turnitin Licence at http://www.edu. in circumstances where your lecturer has granted an approved extension. click on the EASTS link in the menu bar on the left hand side. you must contact your subject coordinator before the due date. need to be posted some time in advance of the due date to arrive on time. the calculations depending on the penalty given are Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 8 of 27 .csu. This will take you to the EASTS site where you are provided with step-by-step instructions to guide you through the online submission process. will be returned with no marks awarded. Work and family related pressures do not normally constitute sufficient reasons for the granting of extensions or incomplete grades. You are encouraged to check your work for originality prior to submission. you must submit your request for an extension in writing prior to the due date .
Enter your name and student number and sign in the space provided at the bottom of this page. reference books or notes will be permitted into the examination room. you should make enquiries in the first instance to the subject coordinator. If an assignment is submitted on time but not returned by the return date. Answers to multiple choice questions (Part A) are to be recorded on the General Purpose Answer Sheet (GPAS) if provided (if not write your answers in the Answer Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 9 of 27 . Assignment Return You should normally expect your marked assignment to be despatched/returned to you within three weeks of the due date. This is a closed book examination. 3. if your assignment was submitted on time.as follows: Marks received (before penalty) Less 1 day late penalty Student's final mark Marks received (before penalty) Less 2 days late penalty Student's final mark 18 marks 2 marks 16 marks 18 marks 4 marks 14 marks Resubmission Resubmission of an assignment after the due date is not permissible unless the resubmission is requested by the subject convenor. Feedback Feedback on assignments will be provided and will include a numerical mark for the assignment. Sample exam paper FACULTY OF BUSINESS SAMPLE FINAL EXAMINATION FIN518: INTERNATIONAL FINANCIAL MANAGEMENT LECTURER: WRITING TIME: READING TIME: MATERIALS SUPPLIED BY UNIVERSITY: Three hours Ten minutes Answer Booklet (1 x 24 pp) General Purpose Answer Sheet MATERIALS PERMITTED IN EXAMINATION: Pen/Pencil/Eraser Battery/Solar powered Calculator QUESTION STRUCTURE: PART A: 25 (twenty-five) Multiple Choice Questions – Answer ALL questions PART B: 5 (five) Short Answer/Computational Questions – Answer ALL questions INSTRUCTIONS TO CANDIDATES: 1. therefore no written material. 2.
... This examination is worth 50% of the final assessment for this subject...... INSTRUCTIONS TO INVIGILATORS: QUESTION PAPER MUST NOT BE RETAINED BY THE CANDIDATE...... Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 10 of 27 .................................... The marks allocated to each question are shown in brackets after the question number.......................... 6..: .. 4......... STUDENT NO...... 5.......... A formula sheet is attached at the end........... STUDENT NAME: ....................... Write answers to other questions (Part B) in the Answer Booklet provided.... Number each question clearly.. STUDENT SIGNATURE: .............Booklet)..........
Treasury Bill 5. C) National self-sufficiency in defense-related industries. or financial derivative valuations is the ________.S. financing 6.one mark each) Choose the answer that answers the question best. The most widely used reference rate for standardized quotations. ________ cash flows arise from intracompany and intercompany receivables and payments while ________ cash flows are payments for the use of loans and equity. D) Attorneys and unsavory customs officials. 1. to give back the original amounts. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 11 of 27 . B) Corporate insiders and attorneys. 4. The twin agency problems limiting financial globalization are caused by these two groups acting in their own self-interests rather than the interests of the firm. A) Federal Reserve Discount rate B) federal funds rate C) LIBOR D) one-year U. C) Access to capital. D) Access to qualified labor pool. large China-based MNE will probably be most adversely affected by which of the following elements of firm value? A) An open marketplace. A ________ is the term used to describe a foreign currency agreement between two parties to exchange a given amount of one currency for another. One of the most important factors in making debt less expensive than equity is A) the tax deductibility of depreciation. A well-established. B) High-quality strategic management. A) Rulers of sovereign states and unsavory customs officials. C) shifting operational of financing activities to take advantage of the disequilibria. Which of the following is NOT a reason governments interfere with comparative advantage? A) Governments attempt to achieve full employment. A) Financing. management can take advantage by A) doing nothing if they are already diversified and able to realize beneficial portfolio effects. financing C) Operating. C) Corporate insiders and rulers of sovereign states. and after a period of time. A) matched flow B) currency swap C) back-to-back loan D) none of the above 8. B) Governments promote economic development.Part A – 25 (twenty-five) Multiple Choice Questions (25 marks . operating B) Operating. loan agreements. accounting D) Accounting. B) recognizing disequilibria faster than purely domestic competitors. D) all of the above 7. When disequilibria in international markets occur. 3. D) All are reasons governments interfere with comparative advantage. 2. B) the tax deductibility of equity.
A) financial B) natural C) contractual D) futures 15. segmented B) liquid. it can achieve lower global cost and greater availability of capital with a properly designed and implemented strategy to participate in international capital markets. Systematic risk A) is the standard deviation of a security's return. Which of the following is NOT a portfolio diversification technique used by portfolio Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 12 of 27 . B) Management shall maximize shareholder's wealth. D) all of the above 12. B) The firms are too small to easily gain access to their own national securities market. A) liquid. Reasons that firms may find themselves with relatively high costs of capital include: A) The firms reside in emerging countries with undeveloped capital markets. not a goal. C) The existence of a viable corporate bond market. D) the tax deductibility of interest. D) All of the above are key variables identified by the authors. 16. A) a multiple B) 100 C) 1 D) ADRs have nothing to do with foreign stocks. 9. D) none of the above 17. A) Operating B) Transaction C) Translation D) Accounting 14. D) Management will hire only happy employees. C) is measured with standard deviation. C) Management will not write uncovered options. segmented D) large. B) Government regulations.C) the tax deductibility of dividends. which is NOT identified by the authors as a country-specific environmental variable key to determining debt ratios? A) Agency costs. C) The firms are family owned and they choose not to access public markets and lose control of the firm. illiquid 11. Each ADR represents ________ of the shares of the underlying foreign stock. 13. large C) illiquid. A ________ hedge refers to an offsetting operating cash flow such as a payable arising from the conduct of business. The following would be an example of a policy. ________ exposure measures the change in the present value of the firm resulting from unexpected changes in exchange rates. 10. If a firm lies within a country with ________ or ________ domestic capital markets. A) Management shall minimize the firm's overall weighted average cost of capital. B) is measured with beta. Of the following.
managers? A) Diversify by type of security. At some point beyond this optimal level. B) Parent firms must specifically recognize remittance of funds due to differing rules and regulations concerning remittance of cash flows. D) All of the above add complexity to the international capital budgeting process. 25. decreases. B) The local partner understands the customs and mores of the foreign market. B) decreases. 20. C) The international bond market. the cost of capital decreases to a low point as the firm ________ debt financing. In general. D) increases. A) decreases. taxes. 21. B) Greater agency costs. Which of the following is NOT an advantage to exporting goods to reach international markets rather than entering into some form of FDI? A) Fewer political risks. Which of the following is NOT an advantage to a joint venture? A) Possible loss of opportunity to enter the foreign market with FDI later. An alternative strategy to engaging in bribery in international investments include: A) Refuse bribery outright. 22. D) All of the above are necessary. D) May be a realistic alternative when 100% foreign ownership is not allowed. increases. C) increases. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 13 of 27 . 18. B) The firm's cost of debt. C) Differing rates of inflation between the foreign and domestic economies. decreases. D) all of the above 23. B) Euro-Medium-Term notes (EMTNs). D) All of the above are diversification techniques. and local norms. Which of the following is NOT a reason why capital budgeting for a foreign project is more complex than for a domestic project? A) Parent cash flows must be distinguished from project cash flows. which has the shorter maturity and is more appropriate for funding short-term inventory needs? A) Commercial paper. C) Lower front-end investment. C) The local partner can provide competent management at many levels. the cost of capital increases as the amount of debt ________. D) All of the above are advantages. When determining a firm's weighted average cost of capital (wacc) which of the following terms is NOT necessary? A) The firm's tax rate. increases. For most firms. In addition to gaining liquidity. which of the following could also be considered a legitimate reason for cross-listing equity? A) enhance a firm's local image B) become more familiar with the local financial community C) get better local press coverage D) all of the above 19. B) Diversify by the size of capitalization of the securities held. 24. C) Diversify by country. C) The firm's cost of equity.
Caitlin's treasurer is considering three sources: Borrow U.K. dollars from Bank of America at 8%.00% pa $1.5% Kradenik BB 13. The money market interest.a. The company has no operations in either the United Kingdom or Japan.000. Caitlin estimates the pound will depreciate 5% relative to the dollar and the yen will appreciate 3% relative to the dollar during the next year.S.B) Retain local advisors to diffuse requests for bribes. D) all of the above Part B –Short Answer/Computational Questions Answer ALL questions in the answer book provided QUESTION 1 (10 marks) a) Differentiate between basis risk and gap exposure by providing some real world examples.00% p. that is. LIBOR + 0.S.a.00%p.000 in U.0% In what type of borrowing has each company a comparative advantage? Why? (3 marks) If a swap were arranged.50/GBP Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 14 of 27 . They face the following rate structure: Credit rating Cost of fixed rate borrowing Cost of floating rate borrowing Godusa AA 10. interest rate The spot exchange rate 6. USA exported a product to PRC Co. Corporate income tax rates are 35% in the United States. If Caitlin borrows a foreign currency. (5 marks) b) Caitlin Corporation wishes to raise $2. The funds. C) Educate management and local employees about the firm's bribery policy. what is the maximum savings that could be divided between the two parties? (3 marks) Describe a transaction that would generate such a savings divided equally between the two firms? (4 marks) QUESTION 3 (10 marks) TRT Co.10% pa 9. Borrow British pounds from National Westminster Bank at 14% Borrow Japanese yen from Sanwa Bank at 5%. will be repaid with interest in one year. and what is its projected after-tax cost of borrowing (in dollars) from each source? (5 marks) QUESTION 2 (10 marks) Godusa and Kradenik companies both seek funding at the lowest possible cost. From which bank should Caitlin borrow. LIBOR + 1. UK and billed them GBP10 millions payable in one year. dollars with debt financing. needed to finance working capital. interest rate The U. it will remain uncovered. 36% in the United Kingdom.S. and 40% in Japan. it will simply change foreign currency for dollars at today's spot rate and buy foreign currency back one year later at the spot rate then in effect. option market and forex rates are given as follows: The U.
B 17. C 11. D 10. (5 marks) QUESTION 5 (10 marks) a) What is a private equity fund? How do they differ from traditional venture capital firms? (5 marks) b) Gas du Ancy. LIBOR for the loan will be reset every six months. B 15. will be indifferent between the two hedging methods? (3marks) QUESTION 4 (10 marks) a) Global integration has given many firms access to new and cheaper sources of funds beyond those available in their home markets. D 18.00% for the first six months and 4. C 5. A 16. is borrowing US$650. D 7. a European gas company.000 via a syndicated eurocredit for 6 years at 82 basis points over LIBOR.e.46/GBP (1-year maturity) X=$1. D 12. Expansion of multinational corporations and weak corporate governance in several emerging markets could be the major factor responsible for this.The forward exchange rate The OTC put option $1. A 14. What are the dimensions of a strategy to capture this lower cost and greater availability of capital? (5 marks) b) “Corporate fraud has increased substantially in the globalised world in recent years.46 and P=$0.” Critically evaluate the statement. C 4. which will charge up-front fees totaling 1. C Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 15 of 27 . the rate that the TRT Co. D 9.2% of the principal amount. i. What is the effective interest cost for the first year if LIBOR is 4.000. (5 marks) What is the break-even rate. B 6.02 per pound What are the available alternatives to manage this transaction exposure? (2 marks) Calculate each alternative to be able to determine which available alternative is the most acceptable one. The funds will be provided by a syndicate of eight leading investment bankers. B 8. A 2. D 19. D 3.20% for the second six months? (5 marks) Answers Part A – Multiple Choice Questions 1. C 13.
03) -2m] x 0. B 24.5% 6% In this example. The risk is that the interest at the end of the 3month may fluctuate below the current rate.08 x . a 0.65 = $107. or fall in value of investment. while the return on permanent assets remain unchanged. Write detailed workings in case of quantitative answers QUESTION 1 a) Interest risk is concerned with the sensitivity of profit cash flows and value of the firm due to changes in interest rates. For example. Gap risk is the mismatch timing in re-pricing interest rate sensitive asset or liabilities/ For example. the exposure that borrower faces relating to higher interest to be paid on outstanding loan. D 22. As a result the basis spread falls. When 6month loan matured it has to be rolled over at an uncertain rate. when financing working capital with a 6months loan of 10% pa for permanent assets that give a 15% return. then the cost of financing will increase. You need to use arguments to expand and provide a clear answer to each question. Kradenik has a 3% Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 16 of 27 . D 21. There is no specific word limit for each question.05 x 1.950 Bank of America is the cheapest source. Do not write in dot points.65 = $105. Basis risk is risk of the basis widening or narrowing. D Part B: Outline of Answers Please note that these are just outline of answers.65 = $104. So you should distribute time accordingly (it is a 2 hour exam). For example.5% 4.000 NatWest [($2m x 1. b) After-tax of borrowing from B of America: $2m x .95) .14 x. Each question carries 15 marks. Hence. These are not full answers. A 23.$2m] x . A 25.900 Sanwa [($2m x 1. it change in net interest income. but only a ½% disadvantage in floating rate. QUESTION 2 a) Godusa has a 3% absolute advantage in fixed rate borrowing. a MNC borrows and invest at the following rates: Investment rate (asset) Borrow (liability) Basis spread 12% 5% 7% 10. Godusa has a comparative advantage in fixed rate borrowing. Try to explain the answers clearly & adequately. Another example an investor can invest a fixed sum of money in FD for 6month or 3month and then review the amount upon maturity. Should the 6month rate increased.5% fall in borrowing rate does not result in a equal drop in the lending rate. It therefore affect the interest income on asset and interest expenses on liabilities for financial institution.20.
468x1. b) Godusa could save 3% on fixed rates while giving away a ½% on floating. F-$14.200.00%> Kradenik borrows floating Godusa pays Kradenik LIBOR <LIBOR> Kradenik pays Godusa fixed 10.600. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 17 of 27 .000) QUESTION 4 a) Global integration of capital markets has given many firms access to new and cheaper sources of funds beyond those available in their home markets.75% All-In borrowing Cost LIBOR-0. S .918 (=13. it can achieve this lower global cost and greater availability of capital by a properly designed and implemented strategy. Hence the total savings would be 2. but the end results are always negative (disastrous in some cases).disadvantage in fixed rate borrowing.468 and the spot $1.174. Borrow GBP9.$15mil or F . If divided equally between the parties.25% QUESTION 3 a) 1. invest it in the US. These firms can then accept more long-term projects and invest more in capital improvements and expansion.0%> LIBOR <10. At initial stages fraudulent practices may increase company value in some cases. Hence Kradenik has a comparative advantage in floating rate borrowing. b) Fraud is a deliberate misrepresentation (or deception) to gain money or advantage which causes another person to suffer damages. In almost all cases. Corporate greed and confusing corporate governance in such markets may provide opportunities of corporate fraud. OMH b) 1.75% Savings 1. Net proceeds 14.$14. While expanding into culturally diversified emerging markets MNCs often face serious challenges. $200. each would save 1.200= $14.75% 1.387.02x10mil) carried forward 6%pa its $212.200) c) 1.800 (=14. It is often a result of overall corrupt or inadequate governance practices.75%> 11. but only a ½% disadvantage in floating rate borrowing.$212. c) Godusa Godusa borrows fixed <10.09%) in the UK convert this amount into $13. FMH 3.50/GBP.25% Kradenik <LIBOR+1. usually monetary losses.061) 4.$212.000 .761. If a firm resides in a country with illiquid and/or segmented capital markets.48 ($10mil X S rate . DO nothing 2.000 cost of the option (=$0.6mil 2. collect GBP10mil and repay the pound loan. corporate frauds are initiated by individuals or groups within a corporation for their personal gains.25%.5%. Globalisation has certainly expanded the market for MNCs.6mil 3.761.312 (10mil/1.600. MMH 4. Receive dollar amount of the investment $14.. It is usually not an organisational affair.600.
family-owned firms located in emerging markets.800. Try to use practical examples to support your arguments QUESTION 5 a) Private equity funds are usually limited partnerships of institutional and wealthy individual investors who raise their capital in the most liquid capital markets.000) $(25.820% 0.000% 0.200. but they appear to have a longer time horizon. Return date** 01-Apr-2013 - Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 18 of 27 .000.20% First 6-months 2nd 6-months 8. Answers should be marked according to the depth & quality. and they are content with growing companies through better management and mergers with other firms. The investment objective is to help these firms to restructure and modernize in order to face increasing competition and the growth of new technologies.000) $(54. They typically invest in high technology start-ups with the goal of exiting the investment with an initial public offering (IPO) placed in those same highly liquid markets. especially the United States.000 less fees for issuance (7. They then invest the private equity fund in mature. in Issuance fees Interest Costs LIBOR Spread over LIBOR Total interest cost Value US$ $650.421% Assessment Items Item number 1 2 Title Assignment Final Examination Type Assignment Exam Value 50% 50% Due date* 11-Mar-2013 To be Advised. b) Initial Issuance Principal borrowed for six years.665. Very little venture capital is available in emerging markets.000 1. Private equity funds differ from traditional venture capital funds.000% 7.This is an open question. The same exiting problem faces the private equity funds.000) Effective interest cost (interest payment/proceeds) 8.415.000.820% Calculation of the effective cost of funds Issuance Face value of syndicated loan $650.080. partly because it would be difficult to exit with an IPO in an illiquid market.820% 7.000 Interest payment due at end of 6-month period (annual rate divided by 2 for 6-month period) Total interest payments in first year of loan First 6-months 2nd 6-months $(28.820% 8. The latter usually operate mainly in highly developed countries. they invest in already mature and profitable companies.000) Net proceeds of syndicated loan $642.
Admin & Finance Supervisor Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 19 of 27 . The Assignment Section will record the receipt of your assignment on the computer system and date stamp it. Assignments are also to be submitted electronically to Chuor Martin (chuormartin@hotmail. Behind at Hotel and Restaurant Le President.com). It will then be forwarded directly to the marker. Students are to submit to: Economics and Finance Institute (EFI) The Learning Centre in Cambodia Street 134 Sangkat Phsar Depor 2 Khan Toul Kork. Phnom Penh.* due date is the last date for assessment items to be received at the University ** applies only to assessment items submitted by the due date Assessment item 1 Assignment Value: 50% Due date: 11-Mar-2013 Return date: 01-Apr-2013 Length: 3000 words Submission method options EASTS (online) Task Answer all questions nine (9) questions below (Covers topics 1-7) Submission method: It is recommended that your name and your student number be included in the header or footer of every page of any assignment. Cambodia.
Explain this statement.000.5 marks) If LIBOR falls at the rate of 25 basis points per six months period starting tomorrow. or 6% per six month period.Question 1 (10 marks) What strategic responses can a multinational firm make to avoid loss from its economic exposure? Question 2 (5 marks) When a multi-national company (MNC) restructures its operations to reduce its economic exposure. b. How could the cost of capital of an Australian based MNC be affected by the recent ongoing capital market uncertainties in Europe? Question 5 (15 marks) The Finance Manager of XYZ Ltd.00% per annum. so the next payment is due six months from today. The company has just made an interest payment today. a.5 marks) Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 20 of 27 .000 of debt for the next two years.00% per annum. XYZ’s weighted average cost of capital is 12%. how much does the manager save or cost his company by making this sway? (7. The Manager finds that he can swap his current floating rate payments for fixed payments of 7. Question 3 (5 marks) Why might a firm use a 'local' capital structure at a particular subsidiary that differs substantially from its 'global' capital structure? Question 4 (10 marks) Explain how characteristics of MNCs can affect the cost of capital. it may sometimes forgo economies of scale. how much does the manager save or cost his company by making this sway? (7. LIBOR is currently 4. At present he is paying LIBOR + 2% per annum on $5. with payments due semiannually. believes interest rates are going to rise so he wants to swap his future floating rate interest payments for fixed rates. If LIBOR rises at the rate of 50 basis points per six months period starting tomorrow.
GBP/AUD. and possible explanations. Citibank has offered ABC the following quotes: Assumptions Values Account receivable due in 3 months. Japanese yen.200 3-month forward rate ($/€) 1. EUR/AUD.200 Premium.finance. percent per annum 3. USD/AUD) to get bid/ask prices – add currencies if needed. Euro.40% ABC's weighed average cost of capital 9.00 Spot rate ($/€) 1. Chinese RMB and Indian rupees (that is.000 account receivable arising from a sale to Olivetti (Italy) where the payment is due in 3 months. ABC’s Italian unit does not have ready access to local currency borrowing.000. British pound. b. wishes to hedge a €4.Question 6 (15 marks) ABC Ltd. Portugal and Italy leave the Euro zone? Question 8 (15 marks) Go to the currency converter at http://au. in Euro (€) € 4. c. explain the nature of differences.20% 3 month put options on Euros Strike rate ($/€) 1. What would happen if Greece.000.yahoo.80% a. thus eliminating the money market hedge alternative. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 21 of 27 .000.com/currencies/investing * and determine the bid-ask spread for the Australian dollar against US dollar.218 3-month euro interest rate 4. What are the costs and risk of each alternative? (10 marks) Which alternative should ABC choose if it wishes to play it safe? (2 mark) Which alternative should ABC choose if it is willing to take a reasonable risk and has a directional view that the dollar is going to depreciate versus the euro over the next 3-month period? (3 marks) Note: you must provide detailed steps of calculations. USD/AUD. CNY/AUD and INR/AUD). Do you observe any difference in the bid-ask spreads of the A$ between currencies of developed countries and those of developing/emerging countries? If so. * Go to ‘Currencies investing’ – Click on individual rates (eg. Question 7 (5 marks) Explain the foreign exchange situation for countries that use the euro when they engage in international trade among themselves. JPY/AUD.
Australasia and Far East Index a.2 Manager / Index Manager A Manager B EAFE Index* Total Return (%) . Supporting arguments.0 -2. Marking criteria Correctness of the answers. It also aims to broaden and straighten your understanding of developing an financial model. Ability to write answers in clear and targeted manner. general presentation of your writings.0 -1.0 -5.Annualised Returns for last five (65) years Country / Security Return (%) Currency Return (%) 2.0 -1. Describe one strength and one weakness for each manager. Recommend and justify a strategy that would enable the company to take advantage of the strengths of each manager whilst minimising their weaknesses. Demonstrated evidence of clear understanding of the topics and the specific questions. Assume that the table above for Managers A and B accurately reflects their investment skill and that both managers actively manage current exposure.2 -8. Generic skills that you may acquire from this assessment are: concise writing on the broad topics.Question 9 (20 marks) You are considering the measurement of investment performance of a company with respect to international portfolios and have the following information about two managers. applying them to real situations and analysing the result of its application. b.6.0 * Europe. Rationale The aim of this assessment is to check your understanding of the theory presented thus far.0 0. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 22 of 27 . linking causes and consequences. improving your general knowledge from different areas. Performance and Attribution Data . theoretical analysis of the topics.0 -5.
demonstrated evidence of clear understanding of the subject and the specific questions.submission not required/applicable Rationale The final examination is designed to: allow you to demonstrate your overall understanding of the subject. give you wider scope in answering and in interpreting different concepts and practical problems in international finance. ability to write your answers in a clear and targeted manner. Marking criteria Marks will be awarded based on the following criteria: correctness of your answers. Requirements MUST pass this Final Exam to pass the subject. Material provided by the University Answer Booklet (1 x 24 pp) General Purpose Answer Sheet Material required by the student Pen/Pencil Eraser Battery/Solar powered Calculator Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 23 of 27 .Assessment item 2 Final Examination Value: 50% Date: To be advised Duration: 3 hours Submission method options N/A . assess whether you have clearly understood and remembered essential concepts. supporting documents. knowledge and terms covered in the subject.
au/primo_library/libweb/action/search. Student Central liaises closely with Divisions and Schools to ensure the timely and accurate resolution of student enquiries. This support is available face to face.au) 1800 ASK CSU (1800 275 278) Phone from outside Australia: + 61 2 6933 7507 Information on Your Library Services Finding Information CSU Library provides you with free access to over 600. Visit Information for Students (http://student. forum. including online resources.au/library/about-your-library/library-blog) CSU Library Twitter Academic Learning Assistance Learning Skills provides individual.edu.au/library/help/information-for-students) to find out what you are eligible for.edu.csu. print publications and CSU research. Borrowing Your borrowing privileges depend on your enrolment. or in person.000 journals. view your current loans.au/division/library/find-info/toolbox).au/library/contacts/ask-a-librarian) for more information.csu. you can easily place loan requests. email. You may direct your enquires in person to Student Central staff situated within the Learning Commons found on campus at Albury-Wodonga. The Library FAQs (http://www.unilinc. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 24 of 27 . Keep up to date with what is happening in your Library through Facebook.000 books and 50.edu. Twitter and our blog. Dubbo. Get an introduction to your library with the Library Orientation Toolbox (http://www.csu. You may also contact Student Central through: email@example.com. Need help? CSU Library staff are available to answer your questions by phone. eBook collections.Support Services Student Central Student Central is the first point of contact for currently enrolled students to access all non-teaching services. Bathurst. and renew items online.csu.csu. Primo Search Finding the resources you need is easy with Primo Search (http://primo.com/CSULibrary) (http://twitter.edu. Orange. and much more.edu.edu.edu. Live Chat. via telephone and online. See Ask a Librarian (http://student. and Wagga Wagga. Plus.au/division/library/how-to/faq) have more information on borrowing and access to resources.csu. and other useful online information sources listed under Key Resources (http://student. CSU Library Facebook (http://www.do?dscnt=1&dstmp=1328694476534&vid=CSU&from Search most of the Library’s collections. Online Resources You’ll find journal databases.edu.au/library/find-information).au (mailto:firstname.lastname@example.org/CSU_Library) CSU Library Blogs (http://student. group support and materials that can assist in making your learning and understanding easier.
referencing. critical reading and thinking.edu. referencing. Studylink (http://www.http://student. which support students’ Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 25 of 27 .http://student. how to do oral presentations and exam preparation.csu. For assistance and initial contact go to Student Central Email: ask@csu. skills and knowledge for your university studies.csu.edu.edu.edu. welfare and equity support and referral Health and wellbeing Social and recreational activities Graduation Indigenous student support International student support Residential Student Support . Subjects are available throughout the year through flexible.au/study/careers) (http://student. maths and statistics.csu.au/study/careers) includes a range of services. online delivery.csu.csu.au)) Phone: 1800 ASK CSU (1800 275 278) Phone from outside Australia: + 61 2 6933 7507 Academic Language and Learning Assistance Learning Support (http://student. analytical thinking.au) ( mailto:email@example.com. and each is designed to help you gain confidence. STUDYLINK provides access to a variety of short.providing assistance in a range of areas such as: academic language and learning. via telephone and online.au (http:// ask@csu. Career Development Career Development (http://student. analytical thinking.csu.edu. This support is available face to face.au/study) (http://student.csu.edu. critical reading and thinking.au/support A wide range of services are provided to support your student academic experience. avoiding plagiarism.edu.au (mailto:ask@csu. Services provided include: Orientation Student mentoring Scholarship and financial assistance Counseling support and referral Academic appeals and legal advice referral Disability.au/student/studylink/) provides access to a variety of short. Student Support . Subjects are available throughout the year through flexible. how to do oral presentations and exam preparation. and provides assistance in a range of areas such as: academic language and learning. avoiding plagiarism. from first through to the final year of study. essay and report writing.edu. skills and knowledge for your university studies.au/campus/residences/residential-advisors The Residential Support Scheme operates across all campuses to provide for the pastoral care and welfare of residents and actively encourages student participation and involvement in all aspects of residential life. maths and statistics. online delivery.edu.edu. non-award subjects in preparation for university study.au/study) provides learning advice to individual students and student groups and materials that can assist you to develop your learning skills and understanding of the requirements of studying at university. non-award subjects in preparation for university study. essay and report writing.csu.au/student/studylink/) (http://www. The residential community is supported and structured to provide an environment to support student academic achievement. and each is designed to help you gain confidence. Services are available on campus with relevant services also available via telephone and online.edu.
This support is available face to face.3 (http://www. you will be notified in writing by the Subject Coordinator. The variations to assessment include variations to the assessment tasks and/or assessment procedures for assignments. If you are interested in the details of any enhancements to this subject as a result of the latest survey. An email message will alert you to the availability of the surveys online. They can be accessed online at: http://www.csu.edu.au/evaluations/ Individual subject results are reported to the subject coordinator and Heads of Schools after grades have been submitted for each teaching session (except where subjects have one student the results are not reported to staff). Applications for special consideration must be submitted in writing and include supporting Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 26 of 27 . Your Subject Outline should be read in conjunction with all such academic regulations and policies.csu. Courses and Subjects policy ( Part L6.edu. The University's Division of Learning and Teaching Services administers surveys through the Online Evaluation Survey System. Section 1.self-assessment. You then will be notified of the changes in writing by the subject coordinator.au/acad_sec/academic-manual/docs/l6-3. The variations will be communicated only after the Subject Coordinator or Subject Convenor has obtained approval from their Head of School. Surveys for each of the subjects you are enrolled in for this session will be available for you to complete for a period of 4 weeks from the last week of the teaching session. Evaluation of Subjects It is University policy that all subjects are evaluated every time that they are offered. and are subject to. Variations to Assessment Should it be necessary to vary the assessment in this subject.edu. improvements to decision making. The overriding principle is that such changes will not disadvantage students and is made in accordance with the Awards. Policy and Procedures University Policies and Regulations Academic matters are defined by. it will be done in consultation with the Head of School and other support services of the University.4) of the Academic Manual.pdf). Staff in the faculties and schools value your feedback very highly and take account of your comments when reviewing learning and teaching in each subject. and gaining the necessary skills for making successful transitions post-study. Please complete the subject evaluation by following the link: http://online. examinations and any other assessment task published in the Subject Outline. awareness of opportunities. Variations to Subject Outlines Should it be necessary to change the content of the Subject Outline during a teaching session.au/division/landt/evalunit/online Special Consideration Academic regulations provide for special consideration to be given if you suffer misadventure or extenuating circumstances during the session (including the examination period) which prevents you from meeting acceptable standards or deadlines.csu. The aggregated results for subjects are available within 3 weeks of the release of grades. or Subject Convenor where one is appointed. via telephone and online. as some of these may affect the outcome of your studies. please contact the subject coordinator. Charles Sturt University policies and regulations.
csu.au/acad_sec/academic-manual/docs/c3.au/acad_sec/academic-manual/icontm.8(f) (http://www. Copies of the Rule of the Library and Code of Conduct for Users of Electronic Facilities can also be obtained from the Library or the Division of Information Technology (DIT) Service Desk.au/acad_sec/academic-manual/docs/g6.3 ? 1.au/student/charter/).edu.edu.au/division/library/about/policies/rule.pdf)) require that you retain a copy of the Subject Outline for future use such as for accreditation purposes.csu.au/acad_sec/academic-manual/docs/l6-3.pdf).au/acad_sec/academic-manual/docs/g1.documentary evidence.edu.csu.pdf).au/adminman/tec/PER12.edu.htm). report honestly the findings of your study and research.htm). Assessment Regulations The assessment practices of all University subjects are conducted in accordance with the University?s Assessment regulations (http://www.csu. Academic Conduct The University expects that you.csu.rtf). Subject Outline as a Reference Document This Subject Outline is an accurate and historical record of the curriculum and scope of your subject. Students are also expected to be responsible in the use of University facilities and resources and to abide by University rules concerning the Library and electronic resources.Special Consideration Regulations (http://www.edu.edu. Penalties for breaching the above Rules and Code include suspension or exclusion from the University.csu.edu. Details of expected academic conduct are provided in: the Student Academic Misconduct Rule (http://www. not knowingly allow others to use your work without acknowledgment. Such applications should be sent to the Student Administration Office. Students also have expectations of the University and of other students in the cooperative endeavour of studying. the Academic Progress regulations (http://www.edu.csu.3. will be honest in your studies and research and that you will not do anything that will interfere with or frustrate the studies and research of other students.pdf) of the Academic Manual. Details of these expectations are provided in the Student Charter (http://www. the Rule of the Library (http://www. you are expected to: acknowledge the work of others in your assignments and other assessable work. and use only permitted materials in examinations. Charles Sturt University Subject Outline FIN518 201315 CM I-17 December 2012-Version 1 Page 27 of 27 . For further information about applying for special consideration please refer to Part C3 . and the Code of Conduct for Users of Electronic Facilities (http://www.csu. University policies ( L6. as a student. In particular.
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