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Syllabus
FIN 330 Ethics in Finance
Fall 2011

FIN 330 Section 02 Dr. Laurence E. Blose TR 10:00 – 11:15 AM Office: 474C DEV 201 D DEV Office Hours: Email: blosel@gvsu.edu T, W,TR 1:00-2 :00 Phone: (616) 331-7436 And by appointment Web Page: http://bb.gvsu.edu Textbooks: 1. Sandel, M. J. (2009). Justice what’s the right thing to do. New York: Farrar, Straus and Giroux. 2. CFA Institute. (2010). Standards of practice handbook (10th ed.). Charlottesville. (This handbook is available in an online version at no cost. You will receive instructions in class how to download it)
3. Rachels, J., & Rachels, S. (2010). The Elements of Moral Philosophy (6th ed.). Boston: McGraw Hill. (We will only be using two chapters from this book. The two chapters are available at the library e-reserve). Readings: 1. Rich, L. L. (1996). How much of someone else’s work may I use without asking permission. Retrieved from http://library.findlaw.com/1996/Apr/1/127408.html
2. Carr, A. Z. 1968). Is business bluffing ethical? Harvard Business Review, 96, 143-153.
3. Friedman, M. (1970, September 13). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine.
4. Mackinnon, B. (2012) Ch. 4 Utilitarianism. In Ethics theory and contemporary issues 7th ed. (pp. 52-61). United States: Wadsworth Cengage Learning.
5. Nozick, R. (1974). Ch. 7. Distributive Justice. In Anarchy and Utopia. New York: Basic Books.
6. Mackinnon, B. (2012) Ch. 8 Virtue Ethics. In Ethics theory and contemporary issues 7th ed. (pp. 124-134). United States: Wadsworth Cengage Learning.
7. Shaw, W. S. (2008). Ch. 4 The nature of capitalism. In Business Ethics 6th ed. (pp. 121-146). Cincinnati: Thomson Wadsworth.
8. Additional readings will be assigned. Objectives: The primary objectives of this course are to: * Provide a comprehensive framework for ethical decision making in business. * Examine common ethical quandaries in finance. Students will be able to recognize and address typical ethical dilemmas . * Provide an overview of legal issues in finance. Topics will include fiduciary responsibilities, insider trading, stock fraud, and relationships with and obligations to customers, competitors, and employers. * Examine the criteria used by the Justice Department when determining whether or not to charge a corporation with a crime. * Explore standards of practice and compliance procedures in finance. * Prepare students for the ethics component of the Chartered Financial Analyst examinations. * Examine decisions using a stakeholder perspective. * Discuss the impact of ethics on the valuation of securities. * Examine compatibilities and conflicts between ethical decision making and capitalism (including the NPV rule, stock price maximization, profit motives, self interest, welfare Upon completion of this course, students will be better able to recognize common decisions that have complex ethical components. The students will know the legal and professional standards that apply to the decisions. Accordingly, students will be equipped to make better decisions. Attendance: A substantial portion of the learning in the course will take place during lectures and interactions in class. Your attendance in class is mandatory. Accordingly, attendance will represent a portion of your grade. Five percent of the final grade will be based upon class attendance and participation. To be an active class participant you must attend class. If you miss no more than 2 classes and participate in discussions you will get five points. For every class that you miss beyond 2 you will have one point subtracted from your final grade. You are provided with two grace days that you can miss without penalty. Please save them for professional activities, for sports participations, for vacations, for religious holidays, and for sick days. You will not be granted any additional days for these types of activities. You can lose no more than five points for poor attendance. Students with perfect attendance will have 4 points added to their final exam grade. Students who only miss 1 class will have 2 points added to their final exam grade.

Readings: It is imperative that you read the assigned articles. Assigned readings will be distributed to the class or made available at the library or on the internet. Students are to have read the articles by the assigned day and are expected to be prepared for an unannounced quiz on the article and prepared to discuss the articles in class.

Examinations: There will be two examinations. The dates of the examinations are as shown below:

Exam 1 – Oct 20 Final Exam – Dec 14, 8:00 am

Students must take the exams on the day they are scheduled. A student will only be excused from an exam in the case of an emergency (as for example a medical emergency). There will be no make up exams. If you have an emergency and cannot take the exam, you must discuss it with me first. Any student missing an exam without obtaining prior permission will receive a grade 10 ponts below the next lowest grade on the exam no matter what the reason for missing the exam. Do not miss an exam without discussing it with me first. The final exam must be taken when scheduled. No exceptions will be made. Each exam will be worth 100 points. Homework: Homework will be assigned each day. Typically the homework will consist of short readings to prepare for discussions in the next class. Hand in Homework Assignmens:. There will be four or five homework assignments that will be handed in and graded. The hand in assignments must be handed in on time and prepared either by a word processor or spreadsheet (whichever is appropriate). Please include a cover sheet with each assignment that states the assignment number and title and the submitters name. The hand in assignments will be worth either 5 or ten points (the shorter assignments are worth 5 points and the longer and more difficult are worth 10 points). An average of the hand in assignments will be rescaled to 100 points as follows: Supose that the there are two 5 point assignments and three 10 points assignments. Your total possible score is 40. Suppose that your score is 37. Your rescaled average score will be 37 divided by the total number of possible points 40 times 100.

The homework assignment is due at the beginning of class on the due date. If handed in late, 10% of the grade will be be deducted for every day late the assignment is handed in (however no more than 40% of the grade for the paper will be deducted for handing it in late no matter how late it is). Quizzes: There will be unannounced quizzes. The unannounced quizzes will be worth 10 points each. The lowest scoring unannounced quiz will be thrown out. The unannounced quizzes will be based upon the reading assigned for the last class and will be easy to answer if you performed the assigned reading. The final quiz score will be rescaled to 100 points as follows: Suppose that there are eight unannounced quizzes. Throw out the lowest score on the unannounced quiz then add up the remaining quiz scores. Suppose that your total is 62. Your rescaled score will be (62/70)*100 = 88.5 . The denominator in the calculation is the highest possible total score – 70 points. Final Grade: Each exam is worth 100 points. An average of the exams will be calculated. The final grade will be calculated as a weighted average as follows: Final Point Grade = .70*(Average of two exams) + .10 * (rescaled quiz score) + .15 * (rescaled homework score) + attendance points. Using the above procedure, each component has the following weight in the final grade. Scoring Method % of Total Grade 2 examinations 70% Quizzes 10% Assignments 15% Participation 5%

The point grades will be assigned letter grades according to the following schedule: A 93.0 - 100 C+ 77.0 - 79.9 A- 90.0 - 92.9 C 73.0 - 76.9 B+ 87.0 - 89.9 C- 70.0 - 72.9 B 83.0 - 86.9 D 60.0 - 69.9 B- 80.0 - 82.9 F Less than 60

Blackboard: The class will rely extensively on blackboard for communications. All assignments will be posted on blackboard and students are advised to check blackboard for up to the minute information regarding quizzes, exams, and homework assignments. Grades on quizzes, exams, and homework assignments will be posted on blackboard. Students may access their blackboard account at mybb.gvsu.edu. Texting and Laptop Computers: Texting and other use of cell phones in class is not permitted. Please turn off your cell phone at the beginning of class. Laptops are only permitted with the permission of the instructor.

Mission Statement: The Seidman College of Business provides a rigorous learning environment, with a student focus, a regional commitment, and a global perspective.

Withdrawal Policy: A student may withdraw from a course and receive a grade of W when the completed “Registration and Drop-Add Form” is presented to the Registrar by the end of the ninth week. (After the first week of the current semester, students may not use the online system to withdraw). Students who do not withdraw before the deadline must accept a grade other than W depending on the instructor’s judgment of their performance in the course(s) and any mitigating circumstances. You cannot withdraw from the class by just notifying the professor.

Incomplete Policy: An "I" can be given only under extenuating circumstances such as serious illness. If the student is not earning at least a “C” in the class, an incomplete grade isn’t appropriate. Also, an incomplete isn’t appropriate unless the student has completed most of the course. Unless changed by the instructor, each “I” grade will be changed to an “F” according to this schedule: fall semester incompletes, end of the following winter semester; winter and spring/summer incompletes, end of the following fall semester.

Class Topics

Week | Date | Topics | 1 | Aug 30Sep 1 | Introduction: Syllabus, Rules of the Road for Classroom Discussions. Logic, Logical Fallacies, Rhetorical Tricks and Weak Arguments. Fair Use and Plagiarism. | 2 | Sep 8 | What role does religion play? The Law and Ethics. Ethics and Social Customs. Ethical Relativism. Is Business a Game with its own Rules? Friedman’s “Social Responsibility of Business.” | 3 | Sep 13Sep 18 | Stakeholder Perspective. Normative Theories of Ethics: Consequentialist Theories - Egoism, Utilitarianism | 4 | Sep 20Sep 22 | Utilitarianism ContinuedMichael Sandel Lecture Sep 22 7:00 P.M. | 5 | Sep 27Sep 29 | Libertarianism, CFA Standards of Practice – Standard 1 Professionalism : Knowledge of the Law, Independence and Objectivity, Misrepresentation, and Misconduct. | 6 | Oct 4Oct 6 | CFA Standards of Practice – Standard II : Material Nonpublic Information, Insider Trading, Market Manipulation. Social contracts. | 7 | Oct 11Oct 13 | Markets and Morals, Kant and the Categorical Imperative | 8 | Oct 18Oct 20 | Catch Up **Exam 1** | 9 | Oct 25Oct 27 | Thompson Memorandum –“Principles of federal prosecution of business organizations.” Quiz Show video | 10 | Nov 1Nov 3 | CFA Standard III Duties to ClientsCFA Standard IV Duties to Employers | 11 | Nov 8Nov 10 | CFA Standards – Catch UpAristotle and the Virtue Ethics | 12 | Nov 15Nov 17 | John Rawls: Social contracts and the Vail of IgnoranceRawl’s continued. | 13 | Nov 22Nov 24 | Capitalism, Criticisms of CapitalismThanksgiving | 14 | Nov 29Dec 1 | CFA Standard V Investment Analysis, Recommendations, and Analysis | 15 | Dec 6Dec 8 | CFA Standard VI : Conflicts of Interest | 16 | Dec 14 | **Final Exam 8:00 am** |

*Will not be covered in the event of insufficient time.

The above schedule is approximate and will be altered depending on the progress of the class. The exam dates will not be changed. Exams will be held on all days scheduled. Additional short topics and readings will be introduced as time permits.

The Seidman College of Business provides a rigorous learning environment, with a student focus, a regional commitment, and a global perspective.

STUDENTS WITH DISABILITIES: If there is any student in this class who has special needs because of learning, physical or other disability, please contact me and Disability Support Services (DSS) at 616-331-2490. Furthermore, if you have a disability and think you will need assistance evacuating this classroom and/or building in an emergency situation, please make me aware so the University can develop a plan to assist you.
STUDENT HONOR CODE: The principles of truth and honesty are recognized as fundamental to a community of teachers and scholars. As such, the Seidman College of Business expects both faculty and students to honor these principles and, in so doing, to forge a lifelong commitment to ethical behavior.

ACADEMIC DISHONESTY: The Student Code Section 223.00 (P.19) with respect to academic dishonesty will be strictly enforced up to and including failure for the course and judicial action for dismissal from the University.

Fall 2011 Academic Calendar Registration & Drop/Add | March 21- September 2 | Payment Deadline | August 19 at 5:00 PM | Convocation | August 26 | Classes Begin | August 29 | Last day to Add, Register or Pay | September 2 at 5:00 PM | 100% Tuition Refund Deadline | September 2 | Labor Day Recess | September 4-6 | 75% Tuition Refund Deadline | September 23 | Mid-term Evaluations | October 10-15 | Mid-term Grades due from faculty | October 18 | Drop Deadline - grade W | October 28 | Thanksgiving Recess | November 23-27 | Classes End | December 10 | Commencement | December 10 (Van Andel Arena, Grand Rapids) | Examinations | December 12-17 | Grades due from Faculty | December 20 before 12 PM | Grades Available to Students | December 22 |

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