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Sistema Universitario Ana G. Méndez, Inc.
School for Professional Studies
Universidad del Turabo, Universidad del Este, Universidad Metropolitana
FINA 410
Corporate Finance
Finanzas Corporativas
© Sistema Universitario Ana G. Méndez, Inc. 2010
Derechos Reservados
© Ana G. Méndez University System, Inc. 2010
All rights reserved
July 30, 2012.
FINA 410 Corporate Finance 2
Prep. 07-30-2012. SMP (EPM) Diana Malonda
Prepared based on the course syllabus (2010) of the School of Professional Studies, with
the collaboration of:
Diana Malonda, Module Development Specialist
Marilyn Cravener, Content Evaluator
Juanita L. Munera, English Language Specialist
Lizet Del Castillo, Spanish Language Specialist
Joe Hernández, Curriculum and Instructional Designer
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TABLA DE CONTENIDO/TABLE OF CONTENTS
Página/Page
GUÍA DE ESTUDIO ...................................................................................................................... 4
STUDY GUIDE ............................................................................................................................ 19
TALLER UNO.............................................................................................................................. 34
WORKSHOP TWO ...................................................................................................................... 47
TALLER TRES ............................................................................................................................ 61
WORKSHOP FOUR .................................................................................................................... 74
TALLER CINCO/WORKSHOP FIVE ........................................................................................ 87
APPENDIX A NATIONAL PROFICIENCY LEVELS FOR DIFFERENTIATED
INSTRUCTION ............................................................................................................................ 98
APPENDIX B THE WRITING PROCESS 6-TRAITS OF WRITING RUBRIC ..................... 109
APÉNDICE C/APPENDIX C GUÍA PARA ELABORAR EL GLOSARIO ........................... 131
APÉNDICE D/APPENDIX D ROUND TABLE RUBRIC ....................................................... 132
APÉNDICE E/APPENDIX E MATRIZ VALORATIVA DEL INFORME ESCRITO
DEL PROYECTO DE INVESTIGACIÓN (ESPAÑOL)........................................................... 138
APÉNDICE F/APPENDIX F POWERPOINT PRESENTATION FOR
INVESTIGATION PROJECT RUBRIC (ENGLISH) ............................................................... 140
APÉNDICE G/APPENDIX G POSTER SCORING RUBRIC .................................................. 142
APÉNDICE H/APPENDIX H MATRIZ VALORATIVA PARA LA DISCUSIÓN Y
PARTICIPACIÓN EN GRUPO ................................................................................................. 144
APÉNDICE I/APPENDIX I INFORMACIÓN ACERCA DEL LABORATORIO DE
IDIOMAS Y EL E-LAB ............................................................................................................. 148
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GUÍA DE ESTUDIO
Título del Curso: Finanzas Corporativas
Codificación: FINA 410
Créditos: 3
Duración: Cinco Semanas
Prerrequisito: ACCO 302-O, FINA 202
Descripción: Estudia los conceptos y problemas de las finanzas corporativas para la toma
de decisiones bajo condiciones de certeza e incertidumbre. Examina el mApéndice del
capital de trabajo y la valoración de activos, así como las teorías del portafolio de
inversiones. Los temas incluyen el presupuesto del capital, la valoración y restructuración
corporativa, la relevancia de la estructura del capital y la política de dividendo.
Objetivos de Contenido Generales
Al finalizar el curso, el estudiante será capaz de:
1. Definir el vocabulario técnico relacionado con las actividades financieras
empresariales.
2. Explicar los conceptos, las variables y los criterios más relevantes que afectan las
decisiones financieras bajo condiciones de certeza e incertidumbre.
3. Demostrar dominio en la resolución de problemas al aplicar técnicas de análisis
utilizadas en la toma de decisiones financieras en las empresas.
Objetivos de Lenguaje Generales
Al finalizar el curso, el estudiante será capaz de:
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a. Escuchar: Evaluar la aplicación de diferentes alternativas económicas a través
de los fundamentos del valor del dinero a través del tiempo.
b. Hablar: Debatir la aceptabilidad de diferentes opciones disponibles para el
presupuesto del capital de proyectos bajo condiciones de certeza e incertidumbre
o riesgo a través de la discusión en grupos cooperativos.
c. Leer: Analizar la relación entre riesgo y tasa de retorno necesaria para una sola
acción y para una cartera de acciones a través de las lecturas sugeridas en este
módulo.
d. Escribir: Redactar documentos formales acerca de la viabilidad económica de las
inversiones empresariales a corto y a largo plazo, así como alternativas para el
financiamiento a corto y a largo plazo.
Requisitos del Laboratorio de Lenguaje o Laboratorio Electrónico: (Tell Me More,
Net Tutor, Wimba Voice, Biblioteca Virtual y Voice E-mail.) Para más información,
refiérase al Apéndice I: Información acerca del laboratorio de idiomas y el E-Lab.
Requisitos Mínimos de Laboratorio de Lenguaje: Los estudiantes deben
demostrar que ellos han cumplido con 10 horas de uso en el laboratorio de
lenguaje (inglés y español) por curso. Esto iguala al uso del laboratorio de
lenguaje por dos horas semanales para cada lenguaje por curso. El facilitador
podría requerir más horas de práctica basado en las necesidades para las destrezas
auditivas, orales, de lectura y escritura en cualquiera de los lenguajes
mencionados. El total de horas de práctica el laboratorio de lenguaje o e-lab
deben de estar integradas en la sección de actividades del módulo.
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Descripción del Proceso de Evaluación:
Tareas o asignaciones antes de cada taller
(c/u tiene un valor de 20 puntos) (menos 10
puntos por entrega tarde)
PUNTAJE
5 Asignaciones* 20 = 100 ptos.
Portafolio Digital (Debe incluir tareas o
asignaciones, actividades en grupo realizadas en
clase, exámenes para la casa y el trabajo de
investigación final)
Portafolio completo = 100 pts.
Exámenes para la casa (para los talleres 1, 2, 3 y
4. (25 puntos cada uno).
4 exámenes *25 puntos = 100 pts.
Trabajo de investigación final o presentación
final de un caso de estudio en el taller cinco
(informe escrito en español y presentación oral
en inglés).
Informe escrito en español = 50 pts.
Presentación oral en inglés = 50 pts.
Total = 100 pts.
Laboratorio de lenguaje (E-Lab) Formulario del
cumplimiento de las horas requeridas de
laboratorio de idiomas (Tell Me More, Net Tutor,
Wimba Voice, Virtual Library y Voice E-mail). Se
requiere un mínimo de 10 horas por idioma (50%
inglés y 50% español). Para más información,
refiérase al Apéndice I: Información acerca del
laboratorio de idiomas y el E-Lab.
25 pts.
Participación en las actividades de la clase
(trabajo colaborativo) 20 puntos por taller
5 talleres* 20 = 100 pts.
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Asistencia (Las tardanzas se penalizarán con
menos 3 puntos de la calificación de asistencia
por cada taller).
Cada taller tiene un puntaje de 15
puntos por asistencia.
Asistencia completa = 75 pts.
5 talleres * 15 = 75
TOTAL 600 PUNTOS
Descripción de la evaluación
1. Asistencia: La asistencia a todos los talleres es necesaria e indispensable, dos o más
ausencias equivalen a una calificación de reprobado en el curso. El estudiante deberá
demostrar responsabilidad por su proceso de aprendizaje y deberá siempre traer los
materiales asignados. En caso de ausencia, el estudiante debe realizar todas las
gestiones necesarias para comunicarse con el facilitador, de manera que pueda
prepararse adecuadamente para la próxima clase. El estudiante que se ausente,
además de perder los puntos por asistencia, perderá los puntos de las actividades
realizadas en el salón de clase durante ese día. El facilitador se reservará el derecho
de reponer la prueba corta del día al estudiante que se ausente. Si el estudiante tiene
que abandonar la clase antes de terminada la sesión por cualquier motivo, no podrá
reponer las actividades colaborativas que se realicen en su ausencia.
2. Asignaciones para realizar antes de cada taller: Antes de cada taller, el estudiante
deberá completar ciertas tareas asignadas que le ayudarán a prepararse para las
actividades que se realizarán durante el taller. Estas constarán de investigaciones en la
Internet sobre información básica conceptual provista en el módulo que le ayudará en
el proceso de comprensión de los temas de estudio. En adición, el estudiante deberá
completar una variedad de ejercicios asignados por el facilitador del curso. El
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estudiante deberá incluir el procedimiento que utilizó para llegar a los resultados de
los ejercicios asignados. Si el procedimiento no es incluido, no se le dará crédito
completo por el ejercicio, aunque el resultado sea correcto. Estas tareas deberán
entregarse a partir del taller uno. Este es un trabajo individual; no se aceptarán copias
de la Internet o de las direcciones electrónicas utilizadas. Cada trabajo tiene un valor
de 20 puntos para un total de 100 puntos. La evaluación de estas tareas estará dividida
en 70% por contenido y 30% por objetivos de lenguaje. Refiérase al Apéndice B para
la evaluación de proyectos escritos.
Al estudiante que entregue la tarea después del taller asignado se le restará 10 puntos
por cada taller que pase posterior a la fecha de entrega. Estas tareas serán incluidas en
el Portafolio Digital.
3. Participación en clase (actividades colaborativas asignadas por el módulo):
Desde el taller uno hasta el taller cinco, el estudiante tendrá la oportunidad de trabajar
en actividades colaborativas en grupo. Durante los talleres, el facilitador dividirá la
clase en grupos; el número de grupos dependerá de la cantidad de estudiantes en la
clase. Los grupos deberán tener un mínimo de tres estudiantes y un máximo de cinco
estudiantes. El facilitador asignará los problemas sugeridos por el módulo. Las
actividades serán en grupos, pero la evaluación tomará en consideración el trabajo en
grupo y el trabajo individual de cada estudiante. Cada taller tendrá un puntaje de 20
puntos por participación (100 puntos en total por los cinco talleres). La participación
por taller no se podrá reponer. Si el estudiante se ausenta, perderá todos los puntos.
Refiérase al Apéndice H para la evaluación de la participación y discusión en grupo.
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4. Exámenes para la casa: Al finalizar los talleres 1 al 4, el estudiante deberá realizar
un examen escrito en casa. La asistencia a cada uno de los talleres, la participación en
clase y la entrega de las tareas asignadas prepararán al estudiante para realizar este
examen. El mismo constará de una selección de preguntas y ejercicios prácticos que
fortalecerán las destrezas y conceptos presentados durante cada taller. Dicha prueba
se efectuará para medir conocimientos en diferentes niveles del dominio de los
objetivos planteados. Cada prueba tendrá un valor de 25 puntos para un total de 100
puntos. Si el estudiante no entrega las pruebas en la fecha estipulada, podrá hacerlo
más tarde, pero con una penalidad de menos 10 puntos por cada taller que se atrase en
la entrega.
5. Portafolio digital: En el taller cinco, los estudiantes entregarán un portafolio digital.
Este trabajo tiene un valor de cien (100) puntos y se realizará individualmente. El
facilitador informará durante el taller uno cuáles serán los trabajos asignados que se
incluirán en el portafolio digital. Las actividades efectuadas en cada uno de los
talleres brindarán las destrezas necesarias para que el estudiante pueda desarrollar el
portafolio. El facilitador del curso le proveerá al estudiante el Manual de Portafolios
o Digital Performance Portfolio Assessment Manual. Refiérase al Apéndice B para la
evaluación el proceso de escritura.
6. Trabajo de investigación final: Durante el taller cinco se realizará una actividad en
grupos que consistirá en la presentación oral en inglés de los trabajos de investigación
(50 puntos) y en la entrega del informe escrito en español (50 puntos). La evaluación
considerará variables de desempeño individual y grupal. El facilitador seleccionará
aleatoriamente a los estudiantes que integrarán los grupos, no más de cinco
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estudiantes por grupo. Cada uno de los grupos tendrá la oportunidad de contestar
ejercicios prácticos de aplicación de los temas que se han facilitado en los talleres
sobre las finanzas corporativas. Esta actividad tiene un valor de 100 puntos. En el
taller uno, el facilitador le proveerá a cada estudiante una copia del tema de
presentación. La presentación en grupo requerirá el uso de diapositivas (PowerPoint)
y tendrá una duración máxima de veinte (20) minutos. Refiérase al Apéndice F:
Matriz valorativa para la presentación de diapositivas (PowerPoint) en inglés y al
Apéndice E para el informe escrito en español.
7. Laboratorio de lenguaje – Este curso requiere el uso de los programas disponibles
en el laboratorio de idiomas como Tell Me More, Net Tutor, Wimba Voice, Biblioteca
Virtual y mensaje de voz electrónico. Un mínimo de 20 horas de práctica deberán ser
completadas en inglés y español. La entrega del formulario de cumplimiento de las
horas requeridas en el laboratorio tendrá un valor de veinticinco (25) puntos. Para
más información, refiérase al Apéndice I: Información acerca del laboratorio de
idiomas y el E-Lab.
Escala: TOTAL: 600 PUNTOS.
PUNTOS PORCIENTO CALIFICACIÓN
600 - 540 100 – 90 A
539 - 480 89 – 80 B
479 - 420 79 – 70 C
419 - 360 69 – 60 D
359 -0 59-0 F
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Otros:
Requisitos de APA (versión 6) para citar los Textos a Usarse en el Módulo
Para los Textos Recomendados y Recursos utilice el estilo APA, (6ª. ed.). Incluya al
menos un libro electrónico de la Biblioteca Virtual http://bibliotecavirtualut.suagm.edu/.
La fecha de publicación de un libro no deberá ser mayor de 5 años.
Libro(s)
Keown, A. J., Martin, J. D., & Titman, S. J. (2010). Financial management:
Principles and applications (11ª ed.). Upper Saddle River, New Jersey: Pearson
Prentice Hall. ISBN-10: 0132340356 ISBN-13: 978-0132340359. Precio aproximado
$206.32
Libro(s) Electrónico(s)
Keown, A. J., Martin, J. D., Petty, J. W., & Scott, D. F. (2005). Financial management:
Principles and applications (10ª ed.). Upper Saddle River, New Jersey: Pearson Prentice
Hall. ISBN-10: 0131450654 ISBN-13: 9780131450653. Precio aproximado $22.32
http://wps.prenhall.com/bp_keown_finmgmt_10/
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Descripción de las Normas del Curso
1. Este curso sigue el modelo “Discipline-Based Dual Language Immersion
Model®” del Sistema Universitario Ana G. Méndez, Inc., el cual está diseñado
para promover el desarrollo de cada estudiante como un profesional bilingüe.
Cada taller será facilitado en inglés y español, utilizando el modelo 50/50. Esto
significa que cada taller deberá ser conducido enteramente en el lenguaje
especificado. Los lenguajes serán alternados en cada taller para asegurar que el
curso se ofrezca 50% en inglés y 50% en español. Para mantener un balance, el
módulo debe especificar que se utilizarán ambos idiomas en el taller cinco,
dividiendo el tiempo y las actividades equitativamente entre ambos idiomas. Las
primeras dos horas son estrictamente en español y las últimas dos en inglés.
Los cursos de idiomas deben ser desarrollados en el idioma correspondiente, en
inglés o en español, según aplique.
2. El curso es conducido en formato acelerado y bilingüe, esto requiere que los
estudiantes sean sumamente organizados, enfocados y que se preparen antes de
cada taller de acuerdo al módulo. El estudiante debe hacer todo esfuerzo para
desarrollar las destrezas en los dos idiomas usando los recursos de lenguaje
disponibles dentro y fuera de la institución. El convertirse en un profesional
bilingüe es un proceso complejo y exigente. Cada taller requiere un promedio de
diez (10) horas de preparación y en ocasiones requiere más para poder tener éxito
lingüístico y académico.
3. La asistencia a todos los talleres es obligatoria. El estudiante que se ausente al
taller deberá presentar una excusa razonable al facilitador. El facilitador evaluará
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si la ausencia es justificada y decidirá como el estudiante repondrá el trabajo
perdido, de ser necesario. El facilitador puede elegir una de estas dos alternativas:
(a) permitirle al estudiante reponer el trabajo o (b) asignarle trabajo adicional
además del trabajo que el estudiante tenga que reponer.
Toda tarea a ser completada antes del taller deberá ser entregada en la fecha
asignada. El facilitador ajustará la nota de las tareas repuestas.
4. Si un estudiante se ausenta a más de un taller el facilitador tendrá las
siguientes opciones:
a. Si es a dos talleres, el facilitador reducirá la nota existente en un
grado.
b. Si el estudiante se ausenta a tres talleres, el facilitador reducirá la
nota existente en dos grados.
5. La asistencia y participación en actividades de la clase y en presentaciones orales
es extremadamente importante pues éstas no se pueden reponer. Si el estudiante
provee una excusa válida y verificable, el facilitador determinará una actividad
equivalente a evaluar que sustituya la misma. Esta actividad deberá incluir el
mismo contenido y componentes del lenguaje como la presentación oral o
actividad que requiera repuesta.
6. En actividades grupales, el grupo será evaluado por su trabajo final. Sin embargo,
cada miembro de grupo deberá participar y cooperar para lograr un trabajo de
excelencia. Los estudiantes también recibirán una calificación individual.
7. Se espera que todo trabajo escrito sea de la autoría de cada estudiante y no
plagiado. Se requiere que todo trabajo sometido al facilitador cumpla con las
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reglas para citar apropiadamente o que esté parafraseado y citado dando crédito al
autor. Todo estudiante debe ser el autor de su propio trabajo. Todo trabajo que
sea plagiado, copiado o presente trazos del trabajo de otro estudiante o autor será
calificado con cero. El servicio de SafeAssign TM
de Blackboard será utilizado
por los facilitadores para verificar la autoría de los trabajos escritos de los
estudiantes. Es responsabilidad del estudiante de leer la política de plagio de su
universidad. Si usted es estudiante de UT, deberá leer la Sección 11.1 del Manual
del Estudiante. Si es estudiante de UMET y UT, refiérase al Capítulo 13,
secciones 36 y 36.1 de los respectivos manuales.
Se espera un comportamiento ético en todas las actividades del curso. Esto
implica que TODOS los trabajos tienen que ser originales y que para toda
referencia utilizada deberá indicarse la fuente, bien sea mediante citas o
bibliografía utilizando el estilo APA, versión 6. No se tolerará el plagio y, en caso
de que se detecte casos del mismo, el estudiante se expone a recibir cero en el
trabajo y a ser referido al Comité de Disciplina de la institución. Los estudiantes
deben observar aquellas prácticas dirigidas para evitar incurrir en el plagio de
documentos y trabajos pues va en contra de la ética profesional.
8. Para el facilitador poder hacer cambios a las actividades del módulo o guía de
estudio, deberá ser aprobado por el Director de Facultad y Currículo antes de la
primera clase. Es requisito que el facilitador discuta y entregue una copia de los
cambios a los estudiantes al principio del taller uno.
9. El facilitador establecerá los medios para contactar a los estudiantes proveyendo
su correo electrónico de SUAGM, teléfonos, día y horario disponibles.
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10. El uso de celulares está prohibido durante las sesiones de clase; de haber una
necesidad, deberá permanecer en vibración o en silencio.
11. La visita de niños y parientes no registrados en el curso no está permitida en el
salón de clases.
12. Todo estudiante está sujeto a las políticas y normas de conducta y
comportamiento que rigen al SUAGM, al curso y a un adulto profesional.
Nota: Si por alguna razón no puede acceder las direcciones electrónicas ofrecidas en el
módulo, notifique al facilitador pero no se limite a ellas. Existen otros motores de
búsqueda y sitios Web que podrá utilizar para la búsqueda de la información deseada.
Algunas de éstos son:
www.google.com
www.ask.com
www.pregunta.com
www.findarticles.com
www.bibliotecavirtualut.suagm.edu
www.eric.ed.gov/
www.flelibrary.org/
http://www.apastyle.org/
Para comprar o alquilar libros de texto o referencias nuevas o usadas puede visitar:
http://www.chegg.com/ (alquiler)
http://www.bookswim.com/ (alquiler)
http://www.allbookstores.com/ (compra)
http://www.alibris.com/ (compra)
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Éstos son sólo algunas de las muchas compañías donde puede comprar o alquilar libros.
El facilitador puede realizar cambios a las direcciones electrónicas y/o añadir otras de
índole profesional y que contengan las investigaciones más recientes del tópico del
módulo, de ser necesario.
CUMPLIMIENTO DE LA LEY DE INVESTIGACIÓN:
Si el facilitador o el estudiante requirieran o deseara llevar a cabo una investigación
o la administración de cuestionarios o entrevistas, éstos deberán referirse a las
normas y procedimientos de la Oficina de Cumplimiento y solicitar su autorización.
Para acceder a los formularios de la Oficina de Cumplimiento pueden visitar este
enlace:
http://www.suagm.edu/ac_aa_re_ofi_formularios.asp y seleccionar los formularios
que necesite. Además de los formularios el estudiante/facilitador puede encontrar
las instrucciones para la certificación de investigación en línea. Estas certificaciones
incluyen: Institutional Review Board (IRB), Health Information Portability and
Accountability Act (HIPAA), y Responsibility Conduct for Research Act (RCR).
De tener alguna duda, favor de comunicarse con las Coordinadoras Institucionales o a la
Oficina de Cumplimiento a los siguientes teléfonos:
Sra. Evelyn Rivera Sobrado, Directora Oficina de Cumplimiento
Tel. (787) 751-0178 Ext. 7196
Srta. Carmen Crespo, Coordinadora Institucional Cumplimiento – UMET
Tel. (787) 766-1717 Ext. 6366
Sra. Josefina Melgar, Coordinadora Institucional Cumplimiento – Turabo
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Tel. (787) 743-7979 Ext.4126
Dra. Rebecca Cherry, Coordinadora Institucional Cumplimiento - UNE
Tel. (787) 257-7373 Ext. 3936
Filosofía y Metodología Educativa
Este curso está basado en la filosofía educativa del Constructivismo. El Constructivismo
es una filosofía de aprendizaje fundamentada en la premisa, de que, reflexionando a
través de nuestras experiencias, podemos construir nuestro propio entendimiento sobre el
mundo en el que vivimos.
Cada uno de nosotros genera sus propias “reglas “y “modelos mentales” que utilizamos
para darle sentido a nuestras experiencias. Aprender, por lo tanto, es simplemente el
proceso de ajustar nuestros modelos mentales para poder entender nuevas experiencias.
Como facilitadores, nuestro enfoque es el de mantener una conexión entre los hechos con
las experiencias y fomentar un nuevo entendimiento en los estudiantes. También,
intentamos adaptar nuestras estrategias de enseñanza a las respuestas de nuestros
estudiantes y motivar a los mismos a analizar, interpretar, predecir información y
aplicarla a la vida diaria.
PRINCIPIOS DEL CONSTRUCTIVISMO:
1. El aprendizaje es una búsqueda de significados. Por lo tanto, el aprendizaje debe
comenzar con situaciones en las cuales los estudiantes estén buscando activamente
construir un significado.
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2. Para construir “un significado” se requiere comprender todas las partes: globales y
específicas (“from whole to parts”). Ambas partes deben entenderse en el contexto
del todo. Por lo tanto, el proceso de aprendizaje se enfoca en los conceptos primarios
en contexto y no en hechos aislados.
3. Para enseñar bien, debemos entender los modelos mentales que los estudiantes
utilizan para percibir el mundo y las presunciones que ellos hacen para apoyar dichos
modelos.
4. El propósito del aprendizaje, es para un individuo, el construir su propio significado,
y no sólo el de memorizar las respuestas “correctas” y repetir el significado de otra
persona. Como la educación es intrínsecamente interdisciplinaria, la única forma
válida para asegurar el aprendizaje es hacer de la evaluación parte esencial de dicho
proceso, asegurando que el mismo provea a los estudiantes con la información sobre
la calidad de su aprendizaje.
5. La evaluación debe servir como una herramienta de auto-análisis.
6. Proveer herramientas y ambientes que ayuden a los estudiantes a interpretar las
múltiples perspectivas que existen en el mundo.
7. El aprendizaje debe ser controlado internamente y analizado por el estudiante.
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STUDY GUIDE
Course Title: Corporate Finance
Code: FINA 410
Credits: 3
Time Length: 5 weeks
Pre-requisites: ACCO 302-O, FINA 202
Description: Studies concepts and problems of corporate finance for decision-making
under certainty and uncertainty. The course examines working capital management, asset
pricing, and portfolio investment theories. Topics include capital budgeting, corporate
valuation and restructuring, capital structure relevance, and dividend policy.
General Content Objectives:
Upon completing this course, the student should be able to:
1. Define appropriate vocabulary related to business financial activities.
2. Explain the major concepts, variables, and criteria that affect financial decisions
under certainty and uncertainty.
3. Demonstrate problem-solving skills when applying analysis techniques used in firms’
financial decision-making.
General Language Objectives:
a. Listening: Evaluate the application of different economic alternatives using time
value of money fundamentals.
b. Speaking: Debate the acceptability of different options available to capital
budgeting for projects under conditions of certainty and uncertainty or risk.
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c. Reading: Analyze the relationship between risk and required rate of return for a
single asset and a portfolio of assets through the suggested readings in the
module.
d. Writing: Produce elaborate formal documents and written assignments about the
feasibility of business short term and long investments, and alternatives for short
term and long term financing.
E-Lab (Language Lab) Requirements (Tell Me More, Net Tutor, Wimba Voice, Virtual
Library, & Voice E-mail.)
Language Lab Minimum Requirement: Students must demonstrate that they
have complied with 10 hours of language lab or e-lab usage for each language
(English and Spanish) per course. This equates to the use of the language lab or
e-lab for two hours weekly for each language per course. The facilitator may
require a higher number of hours for language lab practice based on the language
needs for listening, speaking, reading, and writing skills in either or both
languages. The total amount of language lab or e-lab hours is integrated in
the activities for each workshop in the module.
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Description of the Evaluation Process:
Homework or Assignments: Completed
prior to each workshop (20 points each one).
(Late homework is 10 points off.)
GRADE
Assignments (5) @ 20pts. = 100 points
Digital Portfolio: Includes homework,
group activities during workshops, take
home tests, and final research project must
be included.
Complete Digital Portfolio = 100 points
Take Home Tests for: Workshops 1, 2 ,3,
and 4 (25 points per workshop).
Take Home Tests (4) @ 25 points each=
100 points
Final Research Project or Final
Presentation for: Workshop 5 (written
report in Spanish and oral presentation must
be in English).
Written Report = 50 points
Oral Presentation = 50 points
Total =100 points
Language Lab/E-Lab Completion Form:
specifying lab hours spent on E-lab usage
(Tell Me More, Net Tutor, Wimba Voice,
Virtual Library, & Voice E-mail). It requires
a minimum of 10 hours per language, per
week (50% Spanish, 50% English).
Total of 25 points
Participation During Class Activities:
Cooperative work- 20 points per workshop.
Workshops (5) @ 20pts.=100 Points
Attendance: Tardiness is going to be
penalized by taking 3 points off per
workshop).
Each workshop is 15 points.
Complete attendance is 75 points.
Workshops (5) @ 15 pts. = 75 pts.
TOTAL 600 POINTS
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Evaluation
1. Attendance: Attendance to workshops is mandatory. Two or more absences will
cause the student to fail the class. The student should show responsibility for the
learning process and must complete all assigned work. In case of absence, the
student must communicate with the Facilitator, in order to be ready for the next
workshop. The student will not receive any points for classroom activities done in
his/her absence and attendance points will be deducted from the workshop grade
in question. In other words, absenteeism will produce loss of points. Any make-up
test for absenteeism will be at the Facilitator’s discretion. If a student has to leave
before the session is over, he/she will not be able to make up the collaborative
activities done during his/her absence.
2. Assignments Prior to the Workshops: Prior to each workshop students must
finish certain assignments that will help them to prepare for the activities in the
workshop. The assignments will consist of Internet research related to basic
conceptual information provided in the module that will help the learners reach
the workshop objectives. Additionally, the students will complete the exercises
assigned by the Facilitator. The student must include the process utilized to obtain
the results of the assigned problems. If the process is not included, the student will
not receive full credit for the assigned problem even if the result is correct. The
assignments must be submitted starting at the first meeting. This must be
individual work; copies from the Internet or from the URLs used will not be
accepted. Each assignment will be worth twenty (20) points for an accumulated
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Prep. 07-30-2012. SMP (EPM) Diana Malonda
score of one hundred (100) points. The evaluation of these assignments will be
70% for content and 30% for language objectives. See Appendix B: Rubrics to
evaluate written assignments prior to the workshops: “Writing Process: Six-Traits
of Writing Rubrics.” Students who turn in late assignments (after the
corresponding workshop) will have a deduction of 10 points per workshop. These
assignments must be included in the Digital Portfolio.
3. Participation in Class (collaborative activities assigned per module): From
Workshop One to Workshop Five, the students will have the opportunity to work
with different classmates in collaborative group assignments. During the
workshops the Facilitator will divide the class into groups, the number of groups
depend on the amount of students in class. The groups will have a minimum of
three students with a maximum of five. The facilitator will assign exercises
suggested by the module. The activities will be held as group collaboration;
however, the assessment will be based on group performance and individual
work. Each workshop will be assessed 20 points for participation (100 total points
for all five workshops). The students will not be able to make-up participation
points. If a student is absent, he/she will lose all the points. See Appendix H:
Rubric for evaluation of participation in groups.
4. Take Home Test: Students will complete a written take home test per workshop
for Workshops 1 to 4. After attending each workshop, completing the
assignments, and participating in class, each student will complete a take home
test. It will include a selection of practical exercises to reinforce the analyzed
skills and concepts already studied during each one of the workshops. This test
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will measure the knowledge acquired by the students at different levels on the
concepts listed in the workshop objectives. Each take home test will be worth up
to 25 points. The total of the four take home tests will be worth up to 100 points.
5. Digital Portfolio: In Workshop Five, the students will turn in a Digital Portfolio.
This activity will be done individually and will be worth up to one hundred (100)
points. During Workshop One the Facilitator will inform the students of the
assigned work to be included in the Digital Portfolio. The activities conducted in
each workshop will provide the students the skill and knowledge necessary to
work on the portfolio. The Facilitator will provide the students with the Portfolio
Manual Instruction or Digital Performance Portfolio Assessment Manual. Refer
to Appendix B, Six-Traits.of Writing Rubric, for the evaluation of the writing
process
6. Final Investigation Project: During workshop 5, a group activity will be held
which consists of an oral presentation in English (50 points) and a written report
in Spanish (50 points). It will require team work. However, assessment will
consider both, individual and group performance. The facilitator will randomly
select the members for each group with a maximum of 5 students per group. Each
team will have the opportunity to answer application and practical questions
related to concepts that were presented in the previous workshops about
Corporate Finance. This activity is worth 100 points. During Workshop One, the
facilitator will give each student a copy of the presentation topic. The
presentation will require the use of PowerPoint and should be no longer than
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twenty (20) minutes. Refer to Appendix E: Rubric for evaluation of written report
and Appendix F for PowerPoint presentation rubric.
7. E-Lab: this course requires the usage of a language software like Tell Me More,
Net Tutor, Wimba Voice, Virtual Library or Voice E-mail. There has to be a
minimum of twenty (20) E-Lab hours total for both languages. The completed E-
Lab form with the specific resources used during this course will be worth up to
25 points.
SCALE
TOTAL: 600 Points
POINTS PERCENTAGE GRADE
540 - 600 90 -100 A
480 - 539 80 - 89 B
420 - 479 70 - 79 C
360 - 419 60 - 69 D
0 - 359 0 - 59 F
Other:
Requirements for the Use of APA (Version 6) for Citations of Textbooks
For Recommended Texts and Resources, use APA style version 6. Include at least ONE
e-book from the Virtual Library at http://bibliotecavirtualut.suagm.edu/
Textbooks must have a publication date of 5 years or less.
Book(s)
Keown, A. J., Martin, J. D., & Titman, S. J. (2010). Financial management:
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Prep. 07-30-2012. SMP (EPM) Diana Malonda
principles and applications (11th ed.). Upper Saddle River, New Jersey: Pearson
Prentice Hall. ISBN-10: 0132340356 ISBN-13: 978-0132340359. Precio aproximado
$206.32
E-Book (s)
Keown, A. J., Martin, J. D., Petty, J. W., & Scott, D. F. (2005). Financial management:
principles and applications (10th ed.). Upper Saddle River, New Jersey: Pearson
Prentice Hall. ISBN-10: 0131450654 ISBN-13: 9780131450653. Approximate price is
$22.32.
http://wps.prenhall.com/bp_keown_finmgmt_10/
FINA 410 Corporate Finance 27
Prep. 07-30-2012. SMP (EPM) Diana Malonda
Description of Course Policies
1. This course follows the Sistema Universitario Ana G. Méndez, Inc. Discipline-
Based Dual Language Immersion Model® designed to promote each student’s
development as a Dual Language Professional. Workshops will be facilitated in
either English or Spanish, strictly using the 50/50 model. This means that each
workshop will be conducted entirely in the language specified for the workshop. The
language used in each workshop needs to be alternated each week to insure that 50%
of the course is conducted in English and 50% in Spanish. To maintain this balance,
the course module will indicate that both languages must be used during the fifth
workshop, dividing the workshop activities between the two languages. The first two
hours will be in Spanish and the last two hours in English. The 50/50 model does
not apply to language courses where the delivery of instruction must be conducted in
the language taught (Spanish or English only).
2. The course is conducted in an accelerated and dual language format. This requires
that students prepare in advance for each workshop according to the course module.
Students must be structured, organized, committed, and focused to ensure linguistic
and academic success. In order to achieve proficiency expectations in English and in
Spanish, the student must strive to take advantage of all language resources at the
university and in their community since becoming a dual language professional is a
complex and challenging task. Each workshop requires an average of ten hours of
preparation, but could require more.
3. Attendance to all class sessions is mandatory. A student who is absent to a workshop
must present a reasonable excuse to the facilitator who in turn will evaluate the reason
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for the absence. If it is justified, the facilitator will decide how the student will make
up the missing work, if applicable. The facilitator will decide on the following: allow
the student to make up the work, or allow the student to make up the work with extra
work to compensate for the missing class time.
Assignments required prior to the workshop must be completed and turned in on the
assigned date. The facilitator may decide to adjust the grade given for late
assignments and/or make-up work.
4. If a student is absent to more than one workshop, the facilitator will have the
following options:
a. If a student misses two workshops, the facilitator may lower one grade
level based on the student’s existing grade.
b. If the student misses three workshops, the facilitator may lower two
grade levels based on the student’s existing grade.
5. Student attendance and participation in oral presentations and special class activities
is extremely important as it is not possible to insure that they can be made up. If the
student provides a valid and verifiable excuse, the facilitator may determine a
substitute evaluation activity if an equivalent activity is possible. This activity must
include the same content and language components as the oral presentation or special
activity that was missed.
6. In cooperative learning activities, the group will be assessed for their final work as a
group. However, each member will have to collaborate to assure the success of the
group. Students will also receive an individual grade for their work.
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7. It is expected that all written work will be solely that of the student and should not be
plagiarized. That is, the student must be the author of all work submitted. All quoted
or paraphrased material must be properly cited, with credit given to its author or
publisher. It should be noted that plagiarized writings are easily detectable and
students should not risk losing credit for material that is clearly not their own.
SafeAssignTM
, a Blackboard plagiarism deterrent service, will be used by the
facilitators to verify students’ ownership of written assignments. It is the
student’s responsibility to read the university’s plagiarism policy. If you are a UT
student, read Section 11.1 of the Student Manual, and if you belong to UMET or
UNE, refer to Chapter 13, Sections 36 and 36.1 of the respective manuals.
Ethical behavior is expected from the students in all course related activities. This
means that ALL papers submitted by the student must be original work, and that all
references used will be properly cited or mentioned in the bibliography. Plagiarism
will not be tolerated and, in case of detecting an incidence, the student will obtain a
zero in the assignment or activity and could be referred to the Discipline Committee.
8. In order for the facilitator to make changes to activities and the study guide, the
Faculty Director must approve such changes before the first day of class. The
facilitator must discuss the approved changes with students during the first class
workshop. A written copy of the changes must also be provided to students at the
beginning of the first workshop.
9. The facilitator will establish a means of contacting students by providing the SUAGM
e-mail address, phone number, hours to be contacted, and days available.
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10. The use of cellular phones is prohibited during sessions; if there is a need to have one,
it must be on vibrate or silent mode during class session.
11. Children or family members who are not registered in the course are not allowed in
the classrooms.
12. All students are subject to the policies regarding behavior as established by SUAGM
this course, and professional ethics.
Note: If for any reason you cannot access the URL’s presented in the module, notify the
facilitator immediately but do not stop your investigation. There are many search engines
and other links you can use to search for information. These are some examples:
www.google.com
www.ask.com
www.pregunta.com
www.findarticles.com
www.bibliotecavirtualut.suagm.edu
www.eric.ed.gov/
www.flelibrary.org/
http://www.apastyle.org/
To buy or rent new or used textbooks or references you can visit:
http://www.chegg.com/ (rent)
http://www.bookswim.com/ (rent)
http://www.allbookstores.com/ (buy)
http://www.alibris.com/ (buy)
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The facilitator may make changes or add additional challenging, research-based, and
professional educational Web Resources, if deemed necessary to reflect current trends in
the course topics.
RESEARCH LAW COMPLIANCE REQUIREMENT:
If the facilitator or the student is required, or wants to perform research, or needs
to administer a questionnaire or interview individuals, he/she must comply with the
norms and procedures of the Institutional Review Board Office (IRB) and ask for
authorization. To access the forms from the IRB Office or for additional
information, visit the following link:
http://www.suagm.edu/ac_aa_re_ofi_formularios.asp and select the forms needed.
Furthermore, in this Web site the student/facilitator will find instructions for
several online certifications related to IRB processes. These certifications include:
IRB Institutional Review Board, Health Information Portability and Accountability
Act (HIPAA), and the Responsibility Conduct for Research Act (RCR).
If you have any questions, please contact the following institutional coordinators:
Mrs. Evelyn Rivera Sobrado, Director of IRB Office (PR)
Tel. (787) 751-0178 Ext. 7196
Miss. Carmen Crespo, IRB Institutional Coordinator– UMET
Tel. (787) 766-1717 Ext. 6366
Sra. Josefina Melgar, IRB Institutional Coordinator – Turabo
Tel. (787) 743-7979 Ext.4126
Rebecca Cherry, Ph.D., IRB Institutional Coordinator - UNE
Tel. (787) 257-7373 Ext. 3936
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Teaching Philosophy and Methodology
The activities for the course reflect the educational philosophy of Constructivism.
Constructivism is an educational philosophy founded on the premise that, by reflecting
on our experiences, we construct our own understanding of the world in which we live.
Each of us generates our own “rules” and “mental models,” which we use to make sense
of our experiences. Learning, therefore, is simply the process of adjusting our mental
models to accommodate new experiences.
One of the main goals facilitators have is to assist students in making connections
between their prior knowledge of facts, and fostering new understanding that is relevant
to real live experiences. We will also attempt to tailor our teaching strategies to student
responses and encourage students to analyze, interpret, and predict information.
CONSTRUCTIVISM GUIDING PRINCIPLES:
1. Learning is a search for meaning. Therefore, learning must start with the issues
around which students are actively trying to construct meaning.
2. Meaning requires understanding “wholes” as well as “parts”. The “parts” must be
understood in the context of “wholes”. Therefore, the learning process focuses on
primary concepts and, not isolated facts.
3. In order to teach well, we must understand the mental models that students use to
perceive the world, and the assumptions they make to support those models.
4. The purpose of learning is for an individual to construct his or her own meaning, not
just memorize the "right" answers and regurgitate someone else's meaning. Since
education is inherently interdisciplinary, the only valuable way to measure learning is
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to make assessment part of the learning process, thus ensuring that it provides
students with information on the quality of their learning.
5. Evaluation should serve as a self-analysis tool.
6. Provide tools and environments that help learners interpret the multiple perspectives
of the world.
7. Learning should be internally controlled and mediated by the learner.
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TALLER UNO
Objetivos específicos de contenido
Al finalizar este taller, el estudiante será capaz de:
1. Identificar y calcular el valor presente y futuro del dinero a través del tiempo.
2. Calcular el valor del dinero a través del tiempo utilizando intereses compuestos
(anuales, trimestrales, mensuales, semi-anuales).
3. Calcular el valor presente y futuro de una anualidad cuando los pagos se hacen al
comienzo y al final del período.
4. Calcular el interés anual efectivo y comparar el mismo con el interés nominal.
5. Explicar los efectos de la inflación en las tasas de retorno.
6. Calcular y medir el riesgo del mercado de una inversión.
7. Describir la relación entre la tasa de retorno promedio para un inversionista y la tasa
de riesgo de la inversión a través del modelo de valoración del capital (CAPM, por
sus siglas en inglés).
8. Definir y clasificar las características de los diferentes tipos de bonos en el mercado
de valores.
9. Determinar el valor de los bonos por medio del modelo básico de valoración.
10. Explicar el cómputo de rendimiento al vencimiento (yield to maturity) de los bonos.
11. Interpretar el efecto de los bonos para la toma de decisiones.
Objetivos específicos de lenguaje:
El estudiante será capaz de:
Los objetivos de idioma necesitan ser específicos y comenzar con un verbo.
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1. Escuchar: Comunicar efectivamente en español durante discusiones relacionadas
a los efectos de la inflación en las tasas de retorno.
2. Hablar: Sustentará su punto de vista en discusiones sobre las características de
los diferentes tipos de bonos en el mercado de valores en clase haciendo uso del
correcto vocabulario en español.
3. Leer: Entender y organizar sus ideas a través de lecturas, con el fin de solucionar
casos específicos relacionados con las finanzas en español.
4. Escribir: Desarrollar estrategias o planes de acción después de analizar
situaciones específicas haciendo uso de la correcta gramática y ortografía en
español.
Enlaces electrónicos:
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
APA
http://www.suagm.edu/umet/biblioteca/pdf/guia_apa_6ta.pdf
http://www.slideshare.net/myrrodriguez/manual-estilo-apa-6ta-edicin
Ingresos ordinarios
http://www.icesi.edu.co/blogs/niffxbrl/2009/03/14/ingresos-ordinarios/
Estimación de los flujos netos de caja
http://www.uv.es/~gaspar/dfuno/T02%20EFC.pdf
Valor presente neto
http://www.eco-finanzas.com/diccionario/V/VALOR_PRESENTE_NETO.htm
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Ecuación de los valores netos - Valor Presente Neto (VPN) y Valor Futuro Neto (VFN).
http://www.virtual.unal.edu.co/cursos/sedes/manizales/4010045/Lecciones/Cap%209/9-
1-3.htm
La tasa de interés efectiva y nominal
http://macareo.pucp.edu.pe/~mplaza/001/apuntes_de_clases/matefinanciera/tasasinteres.p
df
Tasas nominales y efectivas de interés, capitalización continua e inflación
http://www.eumed.net/libros/2006b/cag3/2g.htm
Tipos de tasas de interés
http://www.teachmefinance.com/Espanol/tipos-de-tasas-de-interes.html
Costo de capital
http://www.econfinanzas.com/estrategias/expo/01_costo_cap.pdf
Costo de capital y tasa de descuento
http://www.industriaynegocios.cl/Academicos/HectorFuentes/Cursos/formulacion2/mater
ial_class/docs_pdf/tasa%20de%20descuento.pdf
La inflación y su influencia en al evaluación de proyectos
http://www.slideshare.net/MARISOLABIGAIL/la-inflacion-y-su-influencia-en-la-
evaluacion
http://www.itescam.edu.mx/principal/sylabus/fpdb/recursos/r46209.DOC
Carteras de inversiones: El entorno financiero y los mercados
http://www.gestiopolis.com/recursos4/docs/fin/carinver.htm
Mercado de bonos
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http://www.enciclopediafinanciera.com/mercados-financieros/mercados-
bonos/negociacion-en-los-mercados-de-bonos.htm
Valuación y riesgo de los bonos
http://www.auladeeconomia.com/VALUACION%20DE%20ACTIVOS%20FINANCIER
OS.ppt
http://www.inele.ufro.cl/apuntes/Introduccion_a_la_Economia_-
_Ing_Ejec_Electricidad_para_Tecnicos/Presentacion_bonos_clase.ppt#256,1,Bonos
Rendimiento al vencimiento de los bonos (Yield to Maturity)
http://inversionario.com/2011/04/que-es-el-rendimiento-al-vencimiento-o-yield-to-
maturity/
http://www.econlink.com.ar/inversiones/bonos
Asignaciones antes del taller:
1. El estudiante utilizará el libro de texto recomendado y/o algunas de las direcciones
electrónicas provistas para el taller uno para buscar los conceptos que se cubrirán en
la primera clase, preferiblemente en los recursos y enlaces electrónicos ofrecidos en
el laboratorio de lenguaje o E-Lab y sugeridos en el módulo. Se requerirá un mínimo
de 2 horas del laboratorio de lenguaje por taller para la práctica y uso correcto del
lenguaje. Queda a la discreción del estudiante la selección de los sitios de la Internet.
2. Una vez realizada la lectura sobre el valor del dinero a través del tiempo, el efecto
riesgo y las tasas de retorno en las inversiones, así como sobre la valoración y
características de los bonos, el estudiante elaborará un glosario con el vocabulario
clave de la lección utilizando tarjetas. Refiérase al Apéndice C para mayores detalles.
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3. Los estudiantes prepararán un informe escrito donde explicarán con ejemplos
concretos las respuestas a las preguntas señaladas en los ítems a) hasta la f). Este
trabajo es individual; no se aceptarán copias del Internet o de las direcciones
electrónicas utilizadas. Esta tarea deberá entregarse al facilitador debidamente
identificada con nombre, fecha y taller. La misma tiene un valor de 25 puntos. La
evaluación de esta tarea estará dividida en 70% por contenido y 30% por objetivos de
lenguaje. Refiérase al Apéndice B.
a. ¿Qué significa valor del dinero a través del tiempo?
b. Explique y dé ejemplos del cálculo del valor del dinero utilizando un interés
compuesto anual, trimestral, mensual y semi-anual.
c. ¿Qué son las anualidades y cómo se calculan? Dé ejemplos concretos utilizando
las fórmulas del valor presente y futuro de una anualidad cuando los pagos se
hacen al comienzo y al final del período.
d. Explique la diferencia entre la tasa de retorno requerida y esperada por el
inversionista.
e. Explique con ejemplos concretos el efecto de la inflación en las tasas de retorno.
f. Clasifique y describa los tipos de bonos.
4. Al culminar la asignación, los estudiantes deberán prepararse para participar en clase,
responder las preguntas y resolver los ejercicios asignados por el facilitador.
Vocabulario clave de la lección:
1. Interés simple
2. Interés compuesto
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3. Principal
4. Tasa de interés anual efectiva y nominal
5. Período de pago
6. Anualidades
7. Valor futuro de una anualidad
8. Valor presente de una anualidad
9. Amortización
10. Inflación
11. Riesgo
12. Tasas de retorno esperadas y requeridas
13. Tasa de riesgo de una inversión
14. Beta
15. Bonos
16. Modelo de valoración del capital (CAPM, por sus siglas en inglés)
Lista de materiales suplementarios para el taller:
1. Tarjetas (index cards): para la elaboración del glosario con el vocabulario clave de
los temas de estudio del taller uno.
2. Calculadora científica: Se requiere el uso y mApéndice de una calculadora científica
para determinar los procesos matemáticos financieros durante el taller uno. Cada
estudiante debe tener una calculadora personal. Se recomienda la TI-83, TI84 o TInspire.
3. Computadora: Se requiere el uso y mApéndice básico de computadoras personales
para realizar investigaciones de enlaces electrónicos y mantener comunicaciones
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electrónicas. A su vez se podrá utilizar la computadora en el salón de clases para el uso
de Excel en los procesos financieros para el cálculo de tablas de amortización.
4. Blackboard: Cada estudiante será responsable de realizar sus propios trabajos, revisar
los anuncios enviados por el facilitador a través de Blackboard; así como de mantener
activo el correo electrónico asignado por la institución.
5. Uso de diapositivas (PowerPoint)
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Componentes de SIOP (Sheltered Instruction Observation Protocol): La “X” en la línea
indica las estrategias de enseñanza que se utilizarán para ayudar a los estudiantes a
mejorar su dominio de destrezas de lenguaje y académicas en cada clase.
A. Preparación de la lección B. Scaffolding
_X_ Adaptación del contenido _X_ Modelaje
_X_ Enlaces con el conocimiento previo _X_ Práctica dirigida
_X_ Enlaces con el aprendizaje previo _X_ Práctica independiente
_X_ Estrategias incorporadas _X_ Instrucción comprensible
Estrategias de CALLA (Cognitive Academic Language Learning Approach)
El facilitador debe especificar la estrategia(s) que usará en cada lección y explicarlas a los estudiantes.
_X_ Cognitiva 1)_______________________ 2)_______________________
_X_ Metacognitiva 1)_______________________ 2)_______________________
_X_ Socioafectiva 1)_______________________ 2)_______________________
C. Opciones de agrupamiento D. Integración del proceso
_X_ Grupo completo _X_ Escuchar
_X_ Grupos pequeños _X_ Hablar
_X_ Trabajo en parejas _X_ Leer
_X_ Trabajo independiente _X_ Escribir
E. Aplicación (Actividades)
_X_ Dinámicas
_X_ Significativas y relevantes
_X _Rigurosas
_X_ Vinculadas a los objetivos
_X_ Promueven la participación
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Actividades integradas de contenido y lenguaje para lograr los objetivos del taller
1. El facilitador y los estudiantes se presentarán ante toda la clase a través de una
actividad interactiva de rompe hielo.
2. El facilitador verificará que todos los estudiantes estén adecuadamente registrados en
el curso y se asegurará de que los estudiantes cuentan con el módulo de Finanzas
Corporativas FINA 410.
3. El facilitador discutirá los objetivos de contenido y lenguaje previstos para el curso,
así como las estrategias de aprendizaje y métodos de evaluación.
4. Los estudiantes seleccionarán al representante estudiantil.
5. Los estudiantes entregarán la primera asignación del taller uno (ver las asignaciones
previstas antes del taller uno).
6. El facilitador presentará, mediante ayudas audiovisuales y otros recursos didácticos,
los conceptos fundamentales relacionados con el material del taller uno. El facilitador
contestará cualquier pregunta y aclarará las dudas que tengan los estudiantes.
7. Luego de la discusión del material de la clase, los estudiantes tendrán la oportunidad
de trabajar en grupo. El facilitador dividirá la clase en grupos de dos a cuatro
estudiantes o según lo establezca. Los estudiantes tendrán la opción de utilizar una
calculadora científica o el programa de Excel para facilitar los cálculos financieros.
Cada grupo resolverá los siguientes problemas sobre el valor del dinero a través del
tiempo y anualidades:
a. Diana invirtió $800 en una cuenta de ahorros al 4% de interés compuesto
trimestral (4 pagos por año). Encuentre el valor de la inversión después de 6 años.
Usted debe decidir cuál entre las siguientes opciones es la más conveniente:
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$25,000 en efectivo al día de hoy o $30,000 en efectivo dentro de dos años; si
usted puede ganar un interés compuesto del 10% anual por su inversión. Explique
el porqué de su decisión.
b. ¿Cuál es el valor de $100 de depósito mensual continuos por treinta años
comenzando los pagos al inicio del período, si uno gana el 5% interés compuesto
mensual? ¿Cuánto dinero tendrá en la cuenta al cabo de treinta años?
c. Una pareja tienen un hijo y quiere abrir una cuenta para cuando el niño empiece la
Universidad. Ellos quieren abrir una cuenta que les dé el 5% de interés para que
cuando el hijo tenga 18 años, la cuenta tenga $25,000. Para que esto ocurra,
¿cuánto tienen que depositar en la cuenta anualmente? Nota: los depósitos se
hacen al comienzo del período.
d. Una persona comienza una cuenta de IRA cuando cumple 25 años, en la cual
deposita $3,000 anuales. Si el interés es del 6%, ¿cuánto dinero habrá en la cuenta
cuando esta persona se retire a los 65 años?
8. Al culminar la actividad anterior, los estudiantes de todos los grupos compartirán con
el resto de la clase el método y procedimiento utilizados para la solución de los
problemas anteriormente planteados.
9. Los estudiantes iniciarán un debate colaborativo acerca del efecto de las tasas de
retorno y riesgo en las inversiones a través de la técnica del debate de ideas o
“Círculos pensantes”. Los temas a discutir serán los siguientes:
a. Explique los efectos de la inflación en las tasas de retorno.
b. ¿Cómo los inversionistas pueden medir e interpretar el riesgo de un capital?
c. ¿Qué significa el Beta y cómo medimos el Beta en una cartera de inversiones?
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d. Explique la relación entre valor de un bono y la tasa de retorno requerida por el
inversionista.
e. ¿Por qué el valor de un bono a largo plazo disminuye más que el valor de un bono
a corto plazo a medida que la tasa de interés incrementa? Justifique su respuesta.
Procedimiento: Los pasos a seguir para esta actividad serán los siguientes:
La clase se dividirá en dos grupos. El facilitador formará un círculo interno donde
sentará a los estudiantes del primer grupo y otro externo para el segundo grupo de
estudiantes. Los estudiantes sentados en el centro discutirán los ítems anteriores (a-e)
y/o alguna situación financiera específica planteada por el facilitador. Los estudiantes
en el círculo externo solamente observarán y tomarán notas de las diversas opiniones
expresadas por los estudiantes del círculo interno. Posteriormente, los estudiantes
intercambiarán posiciones para la discusión del mismo tema u otro problema
asignado por el facilitador. Los estudiantes entregarán todas las observaciones y notas
al facilitador y se tomarán en cuenta en la evaluación del taller uno. Refiérase al
Apéndice H para la matriz valorativa de esta actividad.
10. Al finalizar el taller, los estudiantes discutirán y defenderán oralmente y en grupo sus
puntos de vista sobre los objetivos aprendidos acerca del valor del dinero a través del
tiempo, el efecto riesgo y las tasas de retorno en las inversiones, así como la
valoración y características de los bonos.
11. Luego de estas actividades, el facilitador explicará la asignación y los problemas
planteados para realizar antes del taller dos.
12. El facilitador asignará los temas del trabajo de investigación final sobre las finanzas
corporativas y sus métodos de financiamiento a corto y a largo plazo, que se entregará
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en el taller cinco. El informe escrito se realizará en español y la presentación en
equipo será en nglés. Cualquier información adicional con respecto al proyecto de
investigación será provista por el facilitador. Refiérase al Apéndice F: Matriz
valorativa para la presentación de diapositivas o PowerPoint en inglés y al Apéndice
E para el informe escrito en el idioma español.
Evaluación: (
Cada estudiante será evaluado considerando los siguientes criterios:
1. Individual:
a. Asistencia y puntualidad.
b. Asignaciones previas al taller uno.
c. Prueba corta para el taller uno.
2. Grupal:
a. Participación en la discusión de las asignaciones previas para el taller uno.
b. Participación en la contestación de los ejercicios y temas de aplicación en grupos
cooperativos asignados en clase.
3. Escrita:
a. Asignaciones previas al taller uno.
b. Prueba corta para el taller uno.
c. Portafolio digital: Se incluirá una copia de todas las asignaciones y actividades
de práctica requeridas durante el taller uno e indicadas por el facilitador. Los
estudiantes podrán incluir material relevante al mismo.
4. Oral/Auditiva: El estudiante sustentará su punto de vista en discusiones y
presentaciones en clase haciendo uso correcto del idioma español.
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Cierre del taller:
1. Individual: Los estudiantes participarán en la actividad “¡Piensa otra vez!”. El
facilitador presentará un error común de conceptualización acerca del cálculo del
riesgo del mercado en una cartera de inversiones y preguntará a cada estudiante si
está de acuerdo o en desacuerdo. Luego, el facilitador explicará a los estudiantes que
la aseveración presentada no es verdadera y asignará a los estudiantes investigar por
qué no lo es. A su vez, los estudiantes realizarán una prueba escrita individual, la cual
contendrá una breve reflexión sobre los puntos más resaltantes del taller uno.
2. Grupal: Al finalizar el taller uno, los estudiantes discutirán y defenderán oralmente
sus puntos de vista sobre los objetivos aprendidos acerca del valor del dinero a través
del tiempo, el efecto riesgo y las tasas de retorno en las inversiones, así como la
valoración y características de los bonos.
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WORKSHOP TWO
Specific Content Objectives:
At the end of Workshop Two, the students will be able to:
1. Identify the basic characteristics and features of preferred stock and common stock.
2. Calculate the value of preferred and common stock.
3. Calculate a stock’s expected rate of return.
4. Explain Corporate Valuation and Capital Budgeting.
5. Identify and apply the methods to evaluate investment projects.
6. Determine the cost of a capital project applying the Payback Period (PP) method.
7. Determine the cost of a capital project applying the Net Present Value (NPV) method.
8. Determine the cost of a capital project applying the Internal Rate of Return (IRR)
method.
9. Analyze the difficulty of finding profitable projects in competitive markets.
10. Explain the importance of ethical considerations in capital budgeting decisions.
Specific Language Objectives:
Students will be able to:
1. Listen: Watch videos about Capital Budgeting and Business Valuation Criteria and
take proper notes.
2. Speak: Present their display regarding the investment project that they chose and
explain why they chose it using proper specialized terminology.
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3. Read: Research a Web page of a company that interests them and find a link that takes
them to the investor information about the company in order complete the several
activities.
4.Write: Write a Two-minute Quick-write on a poster or chart paper taped to the wall
predicting and supporting his/her position regarding two new capital budgeting proposals
as the new assistant financial analyst of a company.
Electronic Links (URLs):
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
APA
http://www.apastyle.org/
http://owl.english.purdue.edu/owl/resource/560/01/
Understanding Financial Markets & Instruments
www.eagletraders.com/books/afm/afm3.htm
Common and Preferred Stock
http://www.investorguide.com/igu-article-818-stock-basics-common-and-preferred-
stock.html
Preferred Stock
http://www.investopedia.com/terms/p/preferredstock.asp
Difference between preferred stock and common stock
http://www.investopedia.com/ask/answers/182.asp
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Capital Budgeting
http://www.studyfinance.com/lessons/capbudget/index.mv?page=01
http://www.investopedia.com/terms/c/capitalbudgeting.asp#axzz21TplMZC3
http://www.studyfinance.com/lessons/capbudget/index.mv?page=02
http://www.rhsmith.umd.edu/faculty/gphillips/courses/Bmgt640/Cap_bud.pdf
http://www.zenwealth.com/BusinessFinanceOnline/CB/CapitalBudgeting.html
Capital Investment Analysis and Project Assessment
http://www.ces.purdue.edu/extmedia/ec/ec-731.pdf
How Do I Value a Project?
http://www.mtholyoke.edu/~aahirsch/howvalueproject.html
The Net Present Value (NPV) method
http://www.investopedia.com/terms/n/npv.asp/#axzz21TplMZC3
http://www.accounting4management.com/net_present_value_method_vs_internal_rate_o
f_return_method.htm
The Payback Period (PP) method
http://www.zenwealth.com/BusinessFinanceOnline/CB/PaybackPeriod.html
http://www.accounting4management.com/pay_back_method_of_capital_budgeting_decis
ions.htm
The Internal Rate of Return (IRR) method
http://www.investopedia.com/terms/i/irr.asp/#axzz21TplMZC3
http://www.valuebasedmanagement.net/methods_irr.html
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Assignments before the Workshop
1. Search for the definition of the key vocabulary words in the Internet, textbooks, or
other printed resources. Then, create the glossary for this workshop using index
cards for each word or phrase of the key vocabulary (E-Lab activity). Refer to
Appendix C for the evaluation rubric for this activity.
2. Students will find the web page of a company that interests them. Look for a link
that takes them to investor information about the company. Examine the types of
information that the company provides to its stockholders and complete the
following activities:
3. Students will create a poster by summarizing the investor information using a
thinking map or graphic organizer of their choice. Refer to Appendix G for the
evaluation of this activity.
4. Be prepared to ask and answer questions.
5. Watch the following videos about Capital Budgeting and business Valuation
Criteria and take notes:
Business Valuation-what is my company worth?
http://www.youtube.com/watch?v=7ZDf1DDtL3c&feature=related
http://www.youtube.com/watch?v=fzwtDXgKXew&feature=related
http://www.youtube.com/watch?v=JgTkiuI2D48&feature=related
6. Students will prepare a T-chart. On one side of the chart write exactly what they
learned from the video; On the other side of the chart write what they thought
believed, or their reaction to what they learned.
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7. Language Lab/E-Lab: Complete the corresponding interactive exercises in the
Language Lab. Submit Language Lab Completion form.
Key Vocabulary:
1. Preferred Stock
2. Common Stock
3. Corporate Valuation
4. Capital Budgeting
5. Net Present Value
6. Payback Period
7. Internal Rate of Return
8. Required Rate of Return
9. Profitability Index
List of Supplementary Materials for the Workshop:
1. Use of calculator: The use of a scientific calculator is required to determine the
mathematical processes required during the workshops. Each student must have his or
her own calculator to work individually. It is recommended the TI-83, TI-84, or the
TInspire.
2. Use of computers: The use of personal computers is required to conduct a search of
electronic addresses, electronic files,and maintain communication with other students.
The use of computers is recommended during this workshop to ease financial
processes through Excel in order to calculate payback periods, net present value,
profitability index; and internal rate of return. Each student will be responsible for
their electronic files and maintain an active electronic address.
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3. PowerPoint presentation
4. Graphic organizer
5. Blackboard
6. T-chart
7. Videos
8. Chart paper
9. Markers
10. Tape
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SIOP Components - Place a checkmark (√) on the (___) for ALL strategies that will be
used in the workshop.
B. Scaffolding
___ Modeling
___ Guided Practice
___ Independent Practice
___ Comprehensible Input
C. Grouping Options
___ Whole Class
___ Small Groups
___ Partners
___ Independent Work
D. Integration of Processes
___ Listening
___ Speaking
___ Reading
___ Writing
E. Application
___ Hands-on
___ Meaningful/Relevant
___ Rigorous
___ Link to Objectives
___ Promote Engagement
A. Preparation
___ Adaptation of Content
___ Links to Background Knowledge
___ Links to Past Learning
___ Strategies Incorporated
CALLA Strategies (Cognitive Academic Language Learning Approach)
___ Cognitive
___ Meta-cognitive
___ Social/Affective
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Integrated Activities of Content and Language to achieve Content and Language
1. The facilitator will return the work completed by the students during workshop one
which will be assessed based on the rubrics included in the module. The facilitator
will discuss with the students, individually, the points they obtained as needed.
He/she will answer any questions the students may have regarding all of workshop
one completed assignments/tasks.
2. The facilitator will collect the assignment(s) prior to workshop two. He/she will also
answer any questions and clarify any doubts the students may have in reference to
the assignment(s) and to the material discussed in the previous workshop.
3. The students will turn in the first Take Home Short Test (to be discussed as part of
their Assessment-Individual) and the facilitator will answer/discuss any questions
the students may have regarding the short test.
4. In small groups, students will set up a display of their graphic organizers created as
an activity before workshop two and containing the summary of the investor
information for a specific firm of interest. Students will stand in front of their
graphic organizers to explain the content of the information to the class. (Part of
their Assessment-Group.)
5. Students will participate in a Walk-A-Bout activity to review the basic characteristics
and features of preferred stock and common stock. The facilitator will post several
charts on the walls with the information and have students rotate in small groups
around the room stopping at each chart, adding any information about the topic(s)
that they remember. Rotating group participants may take notes regarding any
missing information or write comments to the other groups. When the groups return
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to their starting point, they will share what their peers wrote on the paper. A class
discussion will follow.
6. The facilitator using audiovisual equipment or other teaching aids will present the
topics and materials related to Workshop Two. The students and the facilitator will
discuss the objectives and the most relevant points of the material discussed in this
workshop about stock valuation and capital budgeting decision criteria.
7. The students will work in pairs in a Think-Pair-Share activity in order to discuss and
consider one of the following three investments :
The first is a bond that is selling in the market at $1,200. The bond has a
$1,000 par value, pays interest at 14 %, and is scheduled to mature in 12
years. For bonds at this risk class, you believe that a 12% rate of return
should be required.
The second is a preferred stock ($100 par value) that sells for $80 and
pays an annual dividend of $12. Your required rate of return for this stock
is 14%.
The last investment is a common stock ($25 par value) that recently paid a
$3 dividend. The firm’s earnings per share have increased from $4 to $8 in
10 years, which also reflects the expected growth in dividends per share
for the indefinite future. The stock is selling for $25, and you think a
reasonable required rate of return for the stock is 20%.
a. Calculate the value of each security based on your required rate of return.
b. Which investment should you accept? Why?
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c. If your required rates of return changed to 14% for the bond, 16% for the
preferred stock, and 18% for the common stock; how would your answers to parts
a and b change?
Procedure for the Think-Pair-Share activity:
a) All participants listen to a question or problem specified in the module (see
problem and questions proposed before this section).
b) The facilitator will instruct students to find a partner close to them.
c) When the facilitator gives a signal, one partner shares his/her opinion regarding
the question and reasons that support it, while the other listens.
d) The partners exchange roles.
e) The partners prepare to share their answers with the entire group.
8. In this activity the students will work with a partner different from the one they had
in activity #7 (Think-Pair-Share),but using the same procedure as before, they will
solve the following capital budgeting application:
The first assignment in your new position as an assistant financial analyst at Cramer
Products is to evaluate two new capital budgeting proposals. Because this is your first
assignment, you have been asked not only to provide a recommendation, but also to
respond to a number of questions aimed at judging your understanding of the capital
budgeting process. You must provide an evaluation of two proposed projects; both
with a five-year life expectancy and identical initial outlays of $110,000. Both of
these projects involve additions to Cramer’s highly successful Avalon product line,
and as a result, the required rate of return on both projects has been established at a
12%. The expected free cash flow from each project is as follows:
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Project A Project B
Initial
Outlay -110,000 -110,000
Year 1 20,000 40,000
Year 2 30,000 40,000
Year 3 40,000 40,000
Year 4 50,000 40,000
Year 5 70,000 40,000
In evaluating these projects, please respond to the following questions:
a. Why is the capital budgeting process so important?
b. Why is it difficult to find exceptionally profitable projects?
c. What is the payback period for each project? If Cramer imposes a three-year
maximum acceptable payback period, which of these projects should be accepted?
d. Determine the net present value for each of these projects. Should they be
accepted?
e. Determine the profitability index for each of these projects. Should they be
accepted?
f. What would happen to the net present value and profitability index for each
project if the required rate of return increased? If the required rate of return
decreased?
g. Determine the internal rate of return for each project? Should they be accepted?
Why or why not?
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9. As a wrap up activity, students will participate in a Philosophical Chairs activity
starting with the same partners they worked with on the previous tasks. The
facilitator will arrange half of the chairs to the left side of the classroom and the
other half to the right side. The facilitator will ask students to sit on the left side if
they think Project A (same problem as before –activity # 8) should be accepted; or
students will sit on the right side if they think Project B is a better option. The
facilitator will ask students to complete a Two-minute Quick-write on a poster or
chart paper taped to the wall predicting and supporting their position. The facilitator
will encourage students to have an open mind and be willing to be swayed by a good
argument. When a student’s mind is changed, he/she can physically move to the
other side, but must share with the class his/her new position on the subject. The
facilitator will ask each side of the Philosophical Chairs to convince the students on
the opposite side of the classroom by having a brainstorm discussion. (Part of the
Assessment-Oral.)
10. After completing these activities, the facilitator will explain the assignment for the
next workshop.
11. Students will continue working on their digital portfolio following the Digital
Performance Portfolio Assessment Handbook and with their final investigation
project as well.
12. Students will continue working on Tell Me More and turn-in their form with the lab
hours.
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Assessment:
1. Individual: The students will turn in the first Take Home Short Test and the facilitator
will answer/discuss any questions the students may have regarding the short test.
2. Group: In small groups, students will set up a display of their graphic organizers
created as an activity before workshop two and containing the summary of the investor
information for a specific firm of interest.
3. Written: Digital Portfolio: A copy of every performance assignment (before workshop
two) and activities suggested in this module and required in this workshop should be
included. Students may also include material relevant to the workshop. Refer to appendix
B.
4. Oral: As part of Activity #9, the facilitator will ask each side of the Philosophical
Chairs to convince the students on the opposite side of the classroom which project is
the best (Project A or B) by having a brainstorm discussion.
Lesson Wrap-Up:
1. Individual: Every student will turn to the classmate on their left and share what they
learned in this workshop. Also, students will take the second take home test, and must
turn it in at the beginning of the Workshop Three. This assignment will also be
included in the Digital Portfolio for its partial evaluation, after the facilitator grades
it.
2. Group: Students will participate in an activity known as Simultaneous Round Table.
Working in groups of three or four, each group is given a chart paper placed at the
center of the table and color markers. The papers are labeled with a team number
(rather than students’ own names) because the paper will be passed around the
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groups. The facilitator will ask the students to write any important ethical
consideration in capital budgeting decisions covered in the workshop. Students are
given five minutes to respond to the facilitator’s prompt and then they pass the papers
to each group member four or five times. Each time the paper is passed to a student,
he or she must read what is already on the list and then add additional ideas.
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TALLER TRES
Objetivos específicos de contenido:
Al finalizar el taller, el estudiante será capaz de:
1. Explicar la importancia del riesgo en el análisis del presupuesto de capital.
2. Explicar los conceptos básicos de la teoría de estructura de capital.
3. Identificar las tasas de descuento ajustadas por riesgo.
4. Explicar la medida apropiada del riesgo en el presupuesto de capital.
5. Determinar la aceptabilidad de un nuevo proyecto utilizando el equivalente de certeza
y la tasa de descuento ajustadas por riesgo.
6. Explicar el uso del método sensibilidad y árbol de decisiones para simular el
rendimiento esperado de un proyecto en consideración.
7. Analizar el rendimiento esperado para un nuevo proyecto en consideración de si el
tiempo de ejecución depende del flujo de caja en cuestión.
Objetivos específicos de lenguaje:
El estudiante será capaz de:
1. Escuchar: Analizar a través de discusiones y debates colaborativos en clase los
diferentes métodos utilizados por los ejecutivos para convertir la capacidad de
deuda en utilidad operativa dentro de la empresa.
2. Hablar: Realizar discusiones formales e informales, incluyendo actividades de
reflexión y análisis sobre el tema de estudio, utilizando estrategias efectivas.
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3. Leer: Utilizar el proceso de lectura de manera efectiva a través de los recursos
sugeridos en el módulo.
4. Escribir: Expresar ideas y puntos de vista de manera eficaz por medio de la
redacción utilizando organizadores gráficos y haciendo uso correcto de la
gramática, ortografía, puntuación y sintaxis.
Enlaces electrónicos:
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
APA
http://www.suagm.edu/umet/biblioteca/pdf/guia_apa_6ta.pdf
http://www.slideshare.net/myrrodriguez/manual-estilo-apa-6ta-edicin
Presupuesto de capital
http://jlsomagar.files.wordpress.com/2008/08/presupuesto-de-capital.pdf
Técnicas para evaluar el riesgo en el presupuesto de capital
http://www.gestiopolis.com/canales/financiera/articulos/38/tecnevprescap.htm
http://sigma.poligran.edu.co/politecnico/apoyo/Decisiones/curso/costo_de_capital_y_ries
go.pdf
http://www.eduardobuero.com.ar/administracion_financiera_politica_dividendos13.htm
¿Qué es el análisis de sensibilidad?
http://mx.finanzaspracticas.com/1752-Que-es-el-analisis-de-sensibilidad.note.aspx
El riesgo en proyectos de inversión
http://graficultura.net/voces/docu/voces2-art3.pdf
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Acciones ordinarias y preferidas
http://www.zonaeconomica.com/acciones
http://www.mrtrader.com.ar/?p=166
Aspectos a considerar en un análisis de factibilidad
Índices financieros
http://www.inosanchez.com/files/mda/fpenf/i_02_indices_financieros_w.pdf
Asignaciones antes del taller:
1. Lea los enlaces electrónicos recomendados y otros materiales de referencia para la
discusión en clase. Lea cuidadosamente el contenido de este taller establecido por los
objetivos específicos y las matrices valorativas ya que se utilizarán para evaluar su
conocimiento, participación y habilidades lingüísticas.
2. Investigue los conceptos de la sección de vocabulario en la Internet y elabore un
glosario con el vocabulario clave de la lección utilizando tarjetas. Refiérase al
Apéndice C para mayores detalles.
3. Elabore un mapa conceptual para ilustrar los métodos apropiados para la medición de
riesgo para propósitos de presupuesto de capital. Sea creativo.
4. Analice el siguiente video titulado “Capital de riesgo. Invertir para innovar”, que se
encuentra en http://www.ask.com/videos/watch-video/capital-de-riesgo-3/8-
PZRL0LN9TITCvS1AGwEg?o=14196&l=dis&ver=11&domain=ask.com,
y construya un organizador gráfico con información relevante al tema de creación del
valor en la estructura de capital.
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5. Redacte un ensayo de respuesta identificando los diferentes métodos utilizados por
los ejecutivos para convertir la capacidad de deuda en utilidad operativa dentro de la
empresa. Prepárese para participar en un debate.
6. Investigue sobre las herramientas básicas del Apéndice de la estructura de capital.
Resuma esta información utilizando un organizador gráfico de su preferencia.
7. Laboratorio de idiomas/Laboratorio electrónico: Tome el examen de ubicación de
idiomas del programa TELL ME MORE y realice los ejercicios interactivos en el
Laboratorio de idiomas de acuerdo al nivel de inglés y de español que Ud. haya
recibido. Entregue el formulario del Laboratorio de idiomas firmado, asegurando que
Ud. ha hecho los ejercicios asignados a su nivel por semana.
Vocabulario clave de la lección:
1. Riesgo sistemático
2. Equivalente de certeza
3. Tasa de descuento ajustada por riesgo
4. Análisis de sensibilidad
5. Árbol de decisiones
6. Estructura financiera
7. Estructura de capital
8. Capacidad de la deuda
9. Estructura de capital óptimo
10. Acciones ordinarias y preferidas
11. Análisis EBIT –EPS: Niveles de ganancia antes de intereses – niveles de ganancia
compartida
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12. Índice de apalancamiento
13. Ingreso neto
14. Escudo fiscal
Lista de materiales suplementarios para el taller:
1. Tarjetas (index cards): para la elaboración del glosario con el vocabulario clave de
los temas del taller uno. Refiérase al Apéndice C para esta actividad.
2. Calculadora científica: Se requiere el uso y manejo de una calculadora científica
para determinar los procesos matemáticos financieros durante el taller tres. Cada
estudiante debe tener su calculadora personal. Se recomienda la TI-83, TI84 o
TInspire.
3. Computadora: Se requiere el uso y manejo básico de computadoras personales para
realizar investigaciones de direcciones electrónicas y mantener comunicaciones
electrónicas. A su vez se podrá utilizar la computadora en el salón de clases para el
uso de Excel en los procesos financieros que se requirieran.
4. Blackboard: Cada estudiante será responsable de realizar sus propios trabajos, revisar
los anuncios enviados por el facilitador a través de Blackboard, así como de mantener
activo el correo electrónico asignado por la institución.
5. Videos
6. Diapositivas (PowerPoint)
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Componentes de SIOP (Sheltered Instruction Observation Protocol): La “X” en la línea
indica las estrategias de enseñanza que se utilizarán para ayudar a los estudiantes a
mejorar su dominio de destrezas de lenguaje y académicas en cada clase.
A. Preparación de la lección B. Scaffolding
_X_ Adaptación del contenido _X_ Modelaje
_X_ Enlaces con el conocimiento previo _X_ Práctica dirigida
_X_ Enlaces con el aprendizaje previo _X_ Práctica independiente
_X_ Estrategias incorporadas _X_ Instrucción comprensible
Estrategias de CALLA (Cognitive Academic Language Learning Approach)
El facilitador debe especificar la estrategia(s) que usará en cada lección y explicarlas a los estudiantes.
_X_ Cognitiva 1)_______________________ 2)_______________________
_X_ Metacognitiva 1)_______________________ 2)_______________________
_X_ Socioafectiva 1)_______________________ 2)_______________________
C. Opciones de agrupamiento D. Integración del proceso
_X_ Grupo completo _X_ Escuchar
_X_ Grupos pequeños _X_ Hablar
_X_ Trabajo en parejas _X_ Leer
_X_ Trabajo independiente _X_ Escribir
E. Aplicación (Actividades)
_X_ Dinámicas
_X_ Significativas y relevantes
_X _Rigurosas
_X_ Vinculadas a los objetivos
_X_ Promueven la participación
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Actividades integradas de contenido y lenguaje para lograr los objetivos del taller
1. El facilitador devolverá los trabajos que los estudiantes entregaron en el taller dos.
Estos trabajos estarán evaluados de acuerdo con las matrices incluidas en el módulo.
El facilitador discutirá la puntuación obtenida con los estudiantes según sea necesario.
El facilitador contestará cualquier pregunta que los estudiantes tengan en relación a
las asignaciones del taller dos.
2. El estudiante entregará las tareas asignadas en las actividades previas al taller tres,
que incluyen la información recuperada en las direcciones electrónicas.
3. El estudiante entregará el examen para la casa que se le asignó en el taller dos. El
facilitador contestará cualquier pregunta que los estudiantes tengan en relación a esta
prueba corta.
4. Los estudiantes repasarán el contenido del taller anterior usando la actividad llamada
“Células de aprendizaje”. Para esta actividad, los estudiantes desarrollarán preguntas
del contenido del taller anterior y luego trabajarán con un compañero, preguntando y
respondiendo alternadamente.
5. Utilizando una presentación de diapositivas (PowerPoint), el facilitador presentará las
ideas más relevantes sobre el factor riesgo en el presupuesto de capital con la
finalidad de aclarar cualquier duda antes de la siguiente actividad.
6. Luego de la discusión del material de la clase, los estudiantes tendrán la oportunidad
de trabajar en grupo. El facilitador dividirá la clase en grupos de dos a cuatro
estudiantes, o según lo establezca. Los estudiantes tendrán la opción de utilizar una
calculadora científica o el programa de Excel para facilitar los cálculos financieros.
Cada grupo resolverá el siguiente problema relacionado con los equivalentes de
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Prep. 07-30-2012.
certeza en las corporaciones. V. Coles Corporation está considerando dos proyectos
mutuamente exclusivos. Los valores esperados de flujo de caja para cada proyecto
son los siguientes:
Año Proyecto A Proyecto B
0 -1,000,000 -1,000,000
1 500,000 500,000
2 700,000 600,000
3 600,000 700,000
4 500,000 800,000
El gerente de la empresa ha decidido evaluar estos proyectos usando el método de
certeza equivalente. Los coeficientes de certeza equivalente para cada proyecto se
muestran a continuación:
Año Proyecto A Proyecto B
0 1.00 1.00
1 0.95 0.90
2 0.90 0.70
3 0.80 0.60
4 0.70 0.50
Si la tasa de retorno de la empresa es 15% y la tasa de libre de riesgo es de 5%, ¿cuál
proyecto cree que debe ser seleccionado? Justifique su respuesta.
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7. Al culminar la actividad grupal anterior, los estudiantes de todos los equipos
discutirán con el resto de la clase el procedimiento utilizado para la consideración y
evaluación de ambos proyectos, así como los criterios tomados en cuenta para la
selección del proyecto final.
8. El facilitador expondrá a través de una presentación de diapositivas (PowerPoint) el
concepto de análisis de sensibilidad por el método de simulación utilizado en la
determinación del efecto de la distribución del valor presente neto o tasa interna de
retorno para un proyecto debido al cambio de una de las variables en particular.
9. La clase continuará trabajando en grupos de tres o cuatro estudiantes, según lo
determine el facilitador, para discutir el siguiente problema de aplicación sobre el
árbol de decisiones en la evaluación de las inversiones dentro de una corporación.
La corporación M. Solt está evaluando una propuesta de inversión estimada en dos
años de vida. Este proyecto requerirá un desembolso inicial de $1, 200,000. Los
resultados posibles de flujo de caja son los siguientes:
Valor esperado para el año 1
Probabilidad 0.6 0.3 0.1
Flujo de caja 700,000 850,000 1,000,000
Valor condicional esperado y probabilidades para el año 2
700,000 0.6 850,000 0.3 1,000,000 0.1
Flujo de caja Probabilidad Flujo de caja Probabilidad Flujo de caja Probabilidad
300,000 0.3 400,000 0.2 600,000 0.1
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700,000 0.6 700,000 0.5 900,000 0.5
1,100,000 0.1 1,000,000 0.2 1,100,000 0.4
1,300,000 0.1
10. Al finalizar la solución del problema, cada grupo escogerá a un “experto” en el tema
discutido, quien formará parte de un panel en una discusión de mesa redonda para
analizar los factores que intervienen en la propuesta de inversión de dicha empresa. El
facilitador será el moderador de la discusión y el resto de los estudiantes podrá
intervenir en una sesión de preguntas y respuestas al final de la mesa redonda.
Refiérase al Apéndice D para la matriz de valoración de esta actividad.
11. Al culminar la actividad anterior, los estudiantes compartirán y discutirán con el resto
de la clase los resultados. El facilitador tomará apuntes de la información compartida
por los grupos utilizando una tabla en forma de T.
12. El facilitador presentará el concepto de la teoría de estructura de capital en las
corporaciones con ejemplos de aplicación de diferentes planes de financiamiento
utilizando el análisis EBIT-EPS a través de una presentación de diapositivas.
13. La clase participará en una actividad conocida como “Las tres esquinas” para debatir
tres diferentes opciones de financiamiento propuestas para la corporación Albany Golf
Equipment.
La empresa está considerando tres diferentes planes de financiamiento para su nueva
sucursal. Los planes ofrecidos se muestran a continuación:
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Plan A: Plan B: Plan C:
Acciones
ordinarias $100,000 Bonos $20,000
Acciones
preferidas 20,000
al 9% al 9%
Acciones
ordinarias 80,000
Acciones
ordinarias 80,000
En los tres planes, las acciones ordinarias serán vendidas a Albany a un costo de $10
de ganancia compartida. La sucursal espera generar un EBIT (niveles de ganancia
antes de intereses) promedio de $22,000 por año. El gerente de Albany está poniendo
gran énfasis en el rendimiento del EPS (niveles de ganancia compartida). Los
ingresos son fiscalizados al 50%.
Como preparación para esta actividad, los estudiantes se reunirán en parejas para
analizar y evaluar la información recopilada para los diferentes planes de
financiamiento de esta empresa. Luego, el facilitador les indicará a los estudiantes
que se ubiquen en sus esquinas respectivas de acuerdo al plan de su preferencia
recomendado a Albany Golf Equipment para empezar el debate. El facilitador será el
moderador de la discusión.
14. El facilitador propondrá ejercicios de aplicación sobre el análisis del EBIT (niveles de
ganancia antes de intereses) – EPS (niveles de ganancia compartida) entre diferentes
planes de financiamiento corporativos.
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15. Los estudiantes continuarán trabajando en sus portafolios digitales según el Manual
de Portafolio Digital.
16. Los estudiantes continuarán trabajando con TELL ME MORE hasta completar por lo
menos 20 horas de trabajo con este programa durante este curso.
17. Los estudiantes continuarán trabajando en su proyecto final de investigación.
Evaluación)
1. Individual::
a. Asignaciones previas al taller tres.
b. Prueba corta para el taller tres.
c. Portafolio Digital: Se incluirá una copia de todas las asignaciones del taller tres y
actividades colaborativas realizadas durante el taller tres e indicadas por el
facilitador. Los estudiantes podrán incluir material relevante al mismo.
2. Grupal: Participación en la discusión de las asignaciones previas al taller, así como
en el debate colaborativo acerca de los ejercicios de aplicación propuestos para el
taller tres, que serán considerados como parte de la evaluación.
3. Escrita: Los estudiantes redactarán un informe escrito para resumir sus hallazgos en
el análisis de diferentes planes de financiamiento para una corporación.
4. Oral/Auditiva: Los estudiantes discutirán los principios de la teoría de estructura de
capital.
Cierre del taller
1. Individual: Los estudiantes redactarán un informe escrito sobre los puntos más
relevantes en la evaluación de las inversiones dentro de una corporación. Este
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informe deberá ser entregado al inicio del taller cuatro. Refiérase a los Apéndices B y
D.
2. Grupal: Al final de la clase, los estudiantes se sentarán en círculo en el centro del
salón de clase para compartir sus ideas y conclusiones acerca del rendimiento
esperado de un nuevo proyecto corporativo en consideración.
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WORKSHOP FOUR
Specific Content Objectives:
At the end of Workshop Four, the students will be able to:
1. Describe the trade-off between paying dividends and retaining the profits within the
company.
2. Explain the relationship between the corporation’s dividend policy and the market
price of its common stock.
3. Describe practical considerations that may be important to the firm’s dividend policy.
4. Distinguish between the types of dividend policy corporations frequently use.
5. Specify the procedures a company follows in administering the dividend payment.
6. Describe why and how a firm might choose to pay noncash dividends (stocks
dividends and stock splits) instead of cash dividends.
7. Explain the purpose and procedures related to stock re-purchases.
8. List the determinants of a firm’s net working capital and explain the risk return trade-
off involved in managing net working capital.
9. Explain the advantages and disadvantages of using current liabilities to finance a firm’s
working capital requirements.
10. Describe the relevance of permanent and temporary sources of financing.
11. List and describe the basic sources of short term credit.
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Specific Language Objectives:
Students will be able to:
1. Listen: Appraise the role of unsecured and secured sources of short term credit by
listening to class discussions and Socratic seminars and taking proper notes.
2. Speak: Brainstorm and discuss different considerations that may affect a firm’s
dividend payment decision.
3. Read: Categorize and summarize the terms and main differences of working capital
and net working capital after reading updated research-based literature.
4. Write: Create a display using graphic organizers with the summary of the terms and
main differences of working capital and net working capital
Electronic Links (URLs):
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
APA
http://www.suagm.edu/umet/biblioteca/pdf/guia_apa_6ta.pdf
http://www.slideshare.net/myrrodriguez/manual-estilo-apa-6ta-edicin
Dividend Theory
http://www.investopedia.com/terms/b/bird-in-hand.asp#axzz21TplMZC3
http://mfiles.pl/en/index.php/Bird-in-the-hand_theory
Dividend Policy
http://www.referenceforbusiness.com/encyclopedia/Dev-Eco/Dividend-Policy.html
http://www.studyfinance.com/lessons/dividends/
http://www.hkiaat.org/images/uploads/articles/Dividend.pdf
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http://www.rhsmith.umd.edu/faculty/gphillips/courses/bmgt640/dividend.pdf
Expectations Theory
http://www.investopedia.com/terms/e/expectationstheory.asp#axzz21TplMZC3
http://www.eagletraders.com/advice/securities/expectations_theory_of_interest_rates.htm
http://www.youtube.com/watch?v=2JQsIp2oy0k
Perfect Capital Market
http://www.bizterms.net/term/Perfect-capital-market.html
Residual Dividend Policy
http://finance.mapsofworld.com/dividend/stock/residual-policy.html
http://www.bilkent.edu.tr/~aydogan/man321/ffm915.ppt#256,1,CHAPTER 15
Distributions to Shareholders: Dividends and Share Repurchases
Stock Dividend
http://www.investopedia.com/terms/s/stockdividend.asp#axzz21TplMZC3
Stock Split
http://www.investopedia.com/ask/answers/113.asp
Understanding Stock Repurchase Plans
http://beginnersinvest.about.com/od/stocksoptionswarrants/a/stock-repurchase-plan-
sonic.htm
Temporary and Permanent Sources of Financing
http://books.google.com/books?id=ol376Siacg8C&pg=PA451&lpg=PA451&dq=perman
ent+and+temporary+sources+of+financing&source=bl&ots=2aiNxF8v3U&sig=IxdPw3x
UPqXhwExIoPuWZE4MDTM&hl=en&sa=X&ei=3wAOUOzHCInu0gGSp4DYAQ&ve
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d=0CG8Q6AEwAA#v=onepage&q=permanent%20and%20temporary%20sources%20of
%20financing&f=false
http://www.bankersonline.com/lending/guru2006/gurus_ldng073106c.html
Sources for financing the Working Capital
http://www.svtuition.org/2008/12/sources-for-financing-working-capital.html
Temporary and Permanent Asset Investment
http://www.investopedia.com/terms/p/permanent-current-asset.asp#axzz21TplMZC3
Working Capital
http://www.investopedia.com/terms/w/workingcapital.asp#axzz21TplMZC3
http://beginnersinvest.about.com/od/analyzingabalancesheet/a/working-capital.htm
http://www.investorwords.com/5334/working_capital.html
Net Working Capital
http://investing-school.com/definition/what-is-net-working-capital/
Assignments before the Workshop
1. The students will search for information and examples about dividend policy, internal
financing; and working capital management on the recommended textbooks and/or on
the Internet, or any other bibliographic textbooks.
2. Search for the definitions of the key vocabulary words on the Internet and other
printed resources. Prepare index cards with definitions of every word of your choice
(E-Lab activity). Illustrations and pictorial representations may be added to the
glossary cards and will be considered as extra credit for this task. Refer to Appendix
C for this activity.
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3. The students will use a multiple bubble graphic organizer to brainstorm the practical
considerations that may affect a firm’s dividend payment decision. They need to be
creative.
4. Students will search for information about the three mayor dividend policies and
build a three-column chart with their findings on each theory.
5. Students will work on an activity called Web works to calculate the cash conversion
for Nike using financial statement information found at www.nike.com, How do
Nike’s operations affect its working capital? The student also has to calculate the cash
conversion cycle for Reebok using data found at www.reebok.com. Who has the most
aggressive working capital policy? Nike or Reebok? They must justify their findings.
6. Students will create a two-bubble Venn diagram in order to compare and contrast the
terms working capital and net working capital (minimum 5 facts).
7. After completing this assignment, the students will be prepared to participate in class,
answer questions, and solve exercises assigned by the facilitator.
8. The student must turn in the third Take Home Short Test at the beginning of the fourth
workshop.
Key Vocabulary
1. “Bird in the hand” Dividend Theory
2. Constant Dividend Payout Ratio
3. Date of Record
4. Declaration Date
5. Dividend Payout Ratio
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6. Ex-dividend Date
7. Expectations Theory
8. Increasing-Stream Hypothesis of Dividend Policy
9. Payment Date
10. Perfect Capital Markets
11. Residual Dividend Theory
12. Stock Dividend
13. Stock Repurchase
14. Stock Split
15. Inventory Loans
16. Line Credit Agreement
17. Net Working Capital
18. Working Capital
19. Permanent and Temporary Sources of Financing
20. Permanent and Temporary Asset Investment
List of Supplementary Materials for the Workshop:
1. Use of calculator: The use of a scientific calculator is required to determine the
mathematical processes during the workshops. Each student must have his or her own
calculator to work individually. The recommended ones are the TI-83, TI-84, or the
TInspire.
2. Use of computers: The use of personal computers is required to conduct a search of
electronic addresses, electronic files, and maintain communication with other
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students. The use of computers is recommended during this workshop to ease
financial processes through Excel in order to calculate all financial values. Each
student will be responsible for his/her electronic files and maintaining an active
electronic address.
3. PowerPoint presentation
4. Graphic organizers and Venn diagrams
5. Videos
6. Blackboard
7. Index cards
8. Chart paper
9. Tape
10. White boards
11. Markers
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SIOP Components - Place a checkmark (√) on the (___) for ALL strategies that will be
used in the workshop.
Integrated Activities of Content and Language to achieve Content and Language
1. The facilitator will return the work completed by the students during workshop three
and the completed work would be assessed based on the rubrics included in the
module. The students’ points will be discussed as needed. The facilitator will answer
any questions the students may have related to the workshop three completed work.
B. Scaffolding
___ Modeling
__ Guided Practice
___ Independent Practice
___ Comprehensible Input
C. Grouping Options
___ Whole Class
___ Small Groups
___ Partners
___ Independent Work
D. Integration of Processes
___ Listening
___ Speaking
___ Reading
___ Writing
E. Application
___ Hands-on
___ Meaningful/Relevant
__ Rigorous
___ Link to Objectives
___ Promote Engagement
A. Preparation
___ Adaptation of Content
___ Links to Background Knowledge
___ Links to Past Learning
___ Strategies Incorporated
CALLA Strategies (Cognitive Academic Language Learning Approach)
___ Cognitive
___ Meta-cognitive
___ Social/Affective
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2. The facilitator will collect the assignment before workshop four. The facilitator will
answer any questions and clarify any doubts the students may have in reference to the
assignment(s) and to the material discussed in the previous workshop.
3. The students will turn in the third Take Home Short Test. The facilitator will answer
and discuss any questions the students may have related to the short test. (Part of
Assessment-Individual.)
4. The facilitator using audiovisual equipment and other teaching aids will present the
topics and material related to dividend policy and internal financing.
5. The students will discuss the most relevant points presented on the previous material
and will participate on the activity known as Pop Corn to wrap up the main concepts
of the dividend policy. After group discussion, the facilitator will indicate the
beginning of the activity and students will “pop out” of their seats to share what they
know about the important considerations to the firm’s dividend policy and the types
of dividend policy corporations frequently use for a limited time specified by the
facilitator (should be no longer than 1 minute). (Part of the Assessment-Group.)
6. The students will work in small groups of three or four to solve the following
application problem about dividend policy:
The earnings for Harmony Pianos, Inc. have been predicted for the next five years
and are listed in the table below. There are 1 million shares outstanding. Determine
the yearly dividend per share to be paid if the following policies are enacted:
a. Constant dividend payout ratio of 40%
b. Stable dollar dividends targeted at 40% of the earnings over the five-year
period
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Prep. 07-30-2012.
c. Small, regular dividends of $0.50 per share plus a year end extra when the
profits in any year exceed $1,500,000. The year-end extra dividend will
equal 50 percent of profits exceeding $1,500,000.
Year
Profit
After-tax
1 1,000,000
2 2,000,000
3 1,600,000
4 900,000
5 3,000,000
7. After students complete their calculations and conclusions, the facilitator will lead a
formal conversation with students to analyze their findings.
8. Students will participate in a Walk-A-Bout activity to review the temporary and
permanent sources of financing. The facilitator will post several chart papers on the
walls and have students rotate around the room in small groups, stopping at each
chart and adding any information related to the topic(s) that they recall. When the
groups return to their starting point, they will share what their peers wrote on the
chart paper. A class discussion will follow.
9. Working in pairs, students will set up a display of their graphic organizers containing
the summary that explains the main differences between working capital and net
working capital that was an assigned activity before workshop four. Paired students
will stand in front of their graphic organizers to explain the content of the Venn
diagram as the students stop at each display. (Part of Assessment-Group.)
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10. Students will participate in an activity known as Simultaneous Round Table. In
groups of three or four, each group is given a chart paper placed at the center of the
table and markers. The papers are labeled with a team number because the papers will
be passed around to all the groups. The facilitator will ask each group to write about
the advantages (blue marker) and disadvantages (red marker) of using current
liabilities to finance a firm's working-capital requirements. Students are given a few
minutes to respond and pass the papers to a different group. Each time the paper is
passed to another team, the participants must read what is already on their list and add
additional information as needed.
11. Students will continue working on their digital portfolio following the Digital
Performance Portfolio Assessment Handbook.
12. Students will continue working with their final ideas for the investigation project.
13. Students will complete their language lab exercises and turn in their forms with the
completed hours.
Assessment:
1. Individual: The students will turn in their third Take Home Short Test and the
facilitator will answer/discuss any questions the students may have regarding the short
test. (See Activity #3.)
2. Group: Working in pairs, students will set up a display of their graphic organizers
containing the summary that explains the main differences between working capital and
net working capital that was an assigned activity before workshop four. (See Activity #9.)
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Prep. 07-30-2012.
3. Written: Digital Portfolio: A copy of every performance assignment before workshop
four and activities suggested in the module required for this workshop should be
included. Students can also include material relevant to the workshop (Appendix B).
4. Oral: The student will be assessed based on oral class participation. The students will
discuss the most relevant points presented on the previous material and will
participate on the activity known as Pop Corn to wrap up the main concepts of the
dividend policy. (See Activity # 5.)
Lesson Wrap-Up:
1. Individual: Students will have the opportunity to write an individual reflection about
the main topics covered during workshop four. This self-reflection paper will be
turned in at the last workshop.
2. Group: In a whole class discussion, students will participate in an analytical activity
known as Socratic Seminar to brainstorm about examples of unsecured and secured
sources of short term credit. The procedure for this activity will follow the steps:
a. Ask students to arrange their chairs in a circle around the classroom.
b. The facilitator will remind students that different concepts may be
perceived differently and diverse.
c. The facilitator will distribute individual white boards and markers ((chart
paper or cardstock is optional).
d. Once the students are in a circle, the facilitator will direct their attention to
a text, picture, chart, graphic organizer or application problem they will be
discussing.
e. Ask each student to share his/her idea with the group.
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f. The facilitator will provide a talking stick in order to jump into the
conversation by taking turns.
g. The facilitator will become involved in the discussion only to redirect the
dialogue or to monitor process issues.
h. Students will use their white boards to illustrate or explain their
mathematical analysis.
i. Provide students with an opportunity to have a last comment in case they
haven’t had a chance to speak.
j. At the end of the discussion, the facilitator will ask the students to write a
reflection about the Socratic Seminar.
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Prep. 07-30-2012.
TALLER CINCO/WORKSHOP FIVE
NOTA: Este taller es bilingüe. Tanto el
facilitador como los estudiantes deberán
utilizar el idioma asignado para cada tarea
y actividad. ¡No mezcle los dos idiomas!
¡UTILICEN SOLAMENTE UN
LENGUAJE A LA VEZ! Las primeras
dos horas serán en español. Las últimas
dos horas serán en inglés.
NOTE: This is a bilingual workshop.
Both the facilitator and the student must
use the language assigned for each
homework and activity. Do not mix both
languages! USE ONE LANGUAGE AT
A TIME-KEEP BOTH LANGUAGES
SEPARATE! The first two hours must
be in Spanish. The last two hours must
be in English.
Objetivos específicos de contenido:
Al finalizar el taller, el estudiante será capaz de:
1. Describir por qué la fusión de dos firmas puede crear valor.
2. Calcular el valor de adquisición de una firma.
3. Aplicar los conceptos aprendidos a través del curso FINA 410 en el análisis y
presentación de proyectos de investigación en las finanzas corporativas.
Objetivos específicos de idioma:
El estudiante será capaz de:
1. Escuchar: Escuchar a las presentaciones de cada grupo para dar retroalimentación
y/o tener discusión en clase. Exponer conceptos, ideas y puntos de vista recogidos en
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Prep. 07-30-2012.
el proyecto de investigación final a través de una presentación formal que incluya
ayudas visuales como diapositivas (PowerPoint) en inglés.
2. Hablar: Defender puntos de vista acerca de una mejor práctica de valoración
corporativa y los efectos de la fusión de dos firmas a través de la discusión en grupos
cooperativos.
3. Leer: Analizar los conceptos esenciales a través de las investigaciones acerca del
valor de adquisición de una firma.
4. Escribir: Resumir los puntos más relevantes del tema de estudio del taller a través de
la redacción de un informe escrito en español como parte del proyecto de
investigación final.
Enlaces electrónicos:
Biblioteca Virtual
http://bibliotecavirtualut.suagm.edu/
APA
http://www.suagm.edu/umet/biblioteca/pdf/guia_apa_6ta.pdf
http://www.slideshare.net/myrrodriguez/manual-estilo-apa-6ta-edicin
Proceso de fusión y adquisición
http://catarina.udlap.mx/u_dl_a/tales/documentos/lcp/cisneros_t_c/capitulo1.pdf
Métodos de valorización de empresas
http://www.cyta.com.ar/ta0903/v9n3a3.htm
Algunas consideraciones para la adquisición de empresas
FINA 410 Corporate Finance 89
Prep. 07-30-2012.
http://www.derecho.usmp.edu.pe/itaest2012/Articulos_estudiantiles/02-
2011_ALGUNAS_CONSIDERACIONES_PARA_LA_ADQUISICION_DE_EMPRES
AS.pdf
Restructuración corporativa
http://books.google.com/books?id=ziiCVbfGK3UC&pg=PA624&lpg=PA624&dq=reestr
uctura+corporativa&source=bl&ots=Sl34qws4yp&sig=UCr1_XV55P9Fm46skgM0pl1oe
BA&hl=en&sa=X&ei=FgoOUPujLMfK6wHfwoAY&ved=0CGYQ6AEwCA#v=onepag
e&q=reestructura%20corporativa&f=false
Corporate Restructuring
http://www.wisegeek.com/what-is-corporate-restructuring.htm
Creating Value through Corporate Restructuring
http://www.hbs.edu/mba/academics/coursecatalog/1420.html
How Mergers and Acquisitions Create Value
http://www.pointebreak.com/sitebuildercontent/sitebuilderfiles/createvalue.pdf
http://www.centrixconsulting.com/Portals/CentrixConsulting/Docs/Resources/PoVs/How
%20to%20create%20value%20from%20merger%20and%20acquisitions.pdf
Acquisition Valuation
http://people.stern.nyu.edu/adamodar/pdfiles/country/acqanon.pdf
http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/AcqValn.pdf
Asignaciones antes del taller:
Asignaciones a discutirse durante las primeras dos (2) horas de instrucción en
español.
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Prep. 07-30-2012.
1. Leer la información contenida en los enlaces electrónicos, los libros de texto y otros
materiales de referencia recomendados en este taller para su discusión en clase.
2. Buscar las definiciones de las palabras del vocabulario clave del taller y elaborar un
glosario utilizando tarjetas. Referirse al Apéndice C para la evaluación del glosario de
tarjetas.
3. Preparar tarjetas (index cards) con detalles importantes del proceso de cálculo del
valor de adquisición de una firma. Venir preparado para participar en una actividad
colaborativa de análisis y discusión sobre el tema.
4. Diseñar un diagrama de flujo para ilustrar el proceso adecuado para la restructuración
en las corporaciones. (Parte de Assessment-Individual)
5. Resumir las condiciones factibles para que la fusión entre dos firmas cree valor
corporativo a través del organizador gráfico de su preferencia. Prepárese a participar
en un debate del tema.
Assignments to be discussed during the last two (2) hours of instruction in English:
1. The student will review the material and content already discussed during previous
workshops (from workshop one until workshop four). Utilizing the textbook and
Web sites suggested in the module, the students will make sure they understand the
material and how to apply the concepts according to the objectives for FINA 410.
2. The students will prepare themselves for the final project oral presentation. The
presentation will require the use of PowerPoint and it should not be longer than
twenty (20) minutes per group. Refer to Appendix E: Rubric for evaluation of written
report and Appendix F for PowerPoint presentation rubric.
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3. The student should turn in the fourth and final take-home test at the beginning of
workshop five.
Vocabulario académico clave (Debe
reflejar los objetivos y conceptos clave
del taller.) Verifique que el estudiante
domine el vocabulario clave en los dos
idiomas.
1. Valor de tasación
2. Valor en los libros
3. Valor de liquidación
4. Liquidación
Key Vocabulary (Must reflect
objectives and important concepts of the
workshop.) Verify that the student
masters the core vocabulary in both
languages.
1. Appraisal value
2. Book value
3. Chop-shop or break-up value
4. Sell-off
5. Derivado 5. Spin-off
List of Supplementary Materials for the Workshop:
1. Index cards
2. PowerPoint (final presentations)
3. Concept map
4. Graphic organizer
5. Chart paper
6. Tape
7. Markers
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SIOP Components - Place a checkmark (√) on the (___) for ALL strategies that will be
used in the workshop.
1.
2.
3.
4.
5.
6.
7.
8.
B. Scaffolding
____ Modeling
____ Guided Practice
___ Independent Practice
____ Comprehensible Input
C. Grouping Options
____ Whole Class
____ Small Groups
___ Partners
___ Independent Work
D. Integration of Processes
____ Listening
____ Speaking
____ Reading
____ Writing
E. Application
____ Hands-on
____ Meaningful/Relevant
____ Rigorous
____ Link to Objectives
____ Promote Engagement
A. Preparation
___ Adaptation of Content
____ Links to Background Knowledge
____ Links to Past Learning
____ Strategies Incorporated
CALLA Strategies
(Cognitive Academic Language Learning Approach)
____ Cognitive
____ Meta-cognitive
____ Social/Affective
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Actividades integradas de contenido y lenguaje para lograr los objetivos del taller:
1. El facilitador devolverá los trabajos que los estudiantes entregaron en el taller cuatro.
Estos trabajos estarán evaluados de acuerdo con las matrices incluidas en el módulo.
El facilitador discutirá la puntuación obtenida con los estudiantes según sea necesario.
El facilitador contestará cualquier pregunta que los estudiantes tengan en relación a
las asignaciones del taller cuatro.
2. El estudiante entregará las tareas asignadas en las actividades previas al taller cinco,
que incluyen la información recuperada en las direcciones electrónicas.
3. El estudiante entregará el examen para la casa que se le asignó en el taller cuatro. El
facilitador contestará cualquier pregunta que los estudiantes tengan en relación a esta
prueba corta.
4. Utilizando una presentación de diapositivas (PowerPoint), el facilitador recopilará las
ideas más relevantes de los objetivos contenidos en el taller cinco acerca de la
restructuración corporativa y el cálculo de la determinación del valor de adquisición
de una firma, con la finalidad de aclarar cualquier duda antes de la presentación del
proyecto final de investigación.
5. Los estudiantes formarán grupos de tres a cinco integrantes para compartir lo que
aprendieron usando la actividad “Las estaciones”. Los estudiantes prepararán un
mapa conceptual utilizando carteles que pegarán a la pared con la definición y la
descripción de las fuentes potenciales de valor a través de la fusión de dos firmas. El
facilitador proveerá de 5 a 10 minutos para su elaboración y enumerará cada cartel
con un número de estación. Ejemplo: estación 1, 2 y así sucesivamente. Luego, cada
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grupo explicará su cartel cuando la clase visite su estación. El facilitador se unirá a
los grupos de estudiantes para aclarar cualquier duda. Refiérase a los Apéndices G y
H para la evaluación de esta actividad.
Integrated content and language activities aligned to achieve workshop objectives:
Activities in English for the last two hours of the workshop:
1. The students will work with a partner in a Think-Pair-Share activity in order to
analyze the following questions:
a. What is the relevance of a firm’s book value in valuing the enterprise?
b. Appraisal value is associated with the replacement cost of a firm’s assets.
Explain.
c. Describe briefly the steps involved in carrying out a “chop-shop” valuation.
d. What is the “chop-shop” approach to firm valuation and how is it useful in
thinking about the sources of value from a merger?
2. The facilitator will ask students to partner with a person close to them and will give a
signal to start the activity. One partner shares his/her opinion to the question and
reasons that support it, while the other partner listens. After a few minutes, the
partners exchange roles. At the end of the discussion, the facilitator will ask one of
the partners to share their findings and point of view with the entire class. A group
discussion will follow. (Part of Assessment –Group.)
3. The groups will deliver a twenty-minute executive committee presentation in English
displaying the results of their Investigation Project. The topics for each project were
assigned by the facilitator back in workshop one. The students will do the
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presentations of their research projects (in English) and will turn in their written
report in Spanish.
4. Students will hand in their digital portfolios (with completed work in either English
or Spanish according to the facilitator’s instructions) including their written report for
the final project in Spanish.
5. The facilitator will make final comments.
Assessment:
1. Individual: Design a flowchart to illustrate the proper restructuring process that should
be used when restructuring the personnel in a corporation.
2. Group: The students will work with a partner in a Think-Pair-Share activity in order
to analyze the questions given to them prior to the workshop.
3. Written:
a. Report for final project in Spanish. See Appendix B for rubrics to evaluate
written assignments
b. Digital Portfolio: A copy of every performance assignment completed during
this course, activities suggested in the module, and the final written investigation
project should be included. Students may also include material relevant to the
workshop (Appendix B).
4. Oral: The student will be assessed based on oral class participation and presentations.
The student must show how he/she can defend/present his/her point of view by using
Spanish for the first two hours, and English for the last hours of this workshop.
a. The student’s assessment will be based on the final twenty- minute PowerPoint
presentation in English.
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Prep. 07-30-2012.
Lesson Wrap-Up: PART OF THE LAST TWO HOURS OF THE WORKSHOP
(These are activities to determine if all students achieved the content and language
objectives for the workshop.)
1. Individual: The student will write an individual one-page reflective summary that
includes his/her critical reaction to the concepts, feelings, and attitudes related to the
subject matters covered in this workshop (in English).
2. Group: Working in a group setting, the leader in thew group will take one reflective
summary from the group and ask all the students to identify specific parts of the
course content that had an impact on them and write another one-page summary
Finally, one student from each group will share the two-page summary with the class.
FINA 410 Corporate Finance 97
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APÉNDICES / APPENDIXES
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APPENDIX A
NATIONAL PROFICIENCY LEVELS FOR DIFFERENTIATED INSTRUCTION
Retrieved from: WIDA Consortium http://www.wida.us/
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“Can Do” Listening Rubric
National Proficiency Levels Criteria
Starting
Identifies objects
Names concrete objects
Points to picture/object of the word heard
Follows simple commands
Repeats words or simple phrases
Understands simple messages – gestures, pointing
Emerging
Draws a picture
Requires continuous repetition
Follows verbal dictations
Checks-off words that were heard
Repeats information heard to determine comprehension
Understands slow speech and multiple repetitions
Developing Understands more details of spoken language
Needs limited or no repetition and slow speech
Understands basic academic vocabulary which is frequently used in class
discussions
Understands class discussions with some difficulty
Understands most of what was said
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Expanding Needs limited or no repetition at normal speed speech
Understands academic vocabulary used in class discussions
Understands class discussions with little difficulty
Understands nearly everything said
Bridging Needs no repetition at normal speed speech
Understands elaborate academic vocabulary used in class discussions
Understands class discussions with no difficulty
Demonstrates a native-like English speaker’s understanding of what is said
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Prep. 07-30-2012.
“Can Do” Speaking Rubric
National Proficiency
Levels
Criteria
Starting Names concrete objects
Responds a simple yes or no to questions
Repeats words or simple phrases
Uses one word commands
Mispronounces words making it difficult to be understood
Breaks speech into parts making comprehension difficult
Uses limited or no vocabulary to support message
Emerging Uses a few more words to respond to questions although grammatically incorrect
Uses one-, two-, and multiple-word commands
Uses verb tenses interchangeably
Misuses words in daily speech
Repeats spoken words or phrases to improve understanding due to pronunciation flaws
Uses grammar and word order incorrectly
Uses vocabulary (emerging stage) to support oral messages
Developing Responds using longer phrases/sentences
Initiates and carries out conversations; however, there may be interruptions due to
thinking of the correct words to say
Applies grammar and word order correctly most of the time
Demonstrates correct use of basic academic vocabulary which is frequently used in class
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discussions and/or oral assignments.
Speaks with some hesitation
Uses vocabulary to support oral messages
Speaks with less difficulty, but listener must pay close attention to pronunciation.
Expanding Responds using elaborate phrases/sentences
Uses and interprets idiomatic expressions
Converses more fluently in social settings
Uses academic vocabulary frequently in class discussions
Participates in class discussions using academic content with slight hesitation
Misuse of grammar and word order seldom occurs and does not interrupt meaning
Pronounces most words accurately and clearly
Bridging Speaks fluently
Uses elaborate academic vocabulary in all class discussions correctly
Participates in class discussion using academic content without hesitation
Uses appropriate vocabulary to support oral messages at all times
Uses correct grammar and word all the time
Speaks with native-like pronunciation and intonation
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“Can Do” Reading Rubric
National Proficiency
Levels
Criteria
Starting Lacks comprehension of a wide array of written material (not developed)
Lacks ability to interpret graphs, charts, tables, and forms in textbooks (not
developed)
Struggles with use of pre-reading and reading skills (not developed)
Lacks ability to apply reading strategies in order to guess meanings of unfamiliar
words from context (not developed)
Struggles with use of strategic reading skills (in order to plan his/her reading
assignments, diagnose deficiencies, resolve deficiencies independently or with the
help of others, etc.) (not developed)
Emerging Improving comprehension (slowly emerging) of a wide array of written material
(e.g., fictional and non-fictional texts that bridge personal, professional and academic
themes, news articles, short stories, short novels, etc.)
Demonstrates correct interpretation of basic graphs, charts, tables and forms in
textbooks
Applies limited pre-reading (e.g., activation of prior knowledge, semantic maps,
etc.) and reading skills (e.g., skimming, scanning, inferences, paragraph frames, DRA,
SQ4R, etc.) (slowly emerging)
Struggles with ability to use limited reading strategies to guess meanings of
unfamiliar words from context (e.g., definition, restatement, examples, surrounding
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words, etc.) is
Strives to understand (even when not successful) the relationship between ideas
(e.g., time, logical order, comparison/contrast, cause/effect), and reading patterns in
order to identify literary genres (as listed above)
Applying successful reading skills (as listed above) are still emerging
Developing Comprehends a wide array of written material (as listed above)
Interprets basic graphs, charts, tables and forms
Applies correctly pre-reading and reading skills (as listed above)
Applies correct use of reading strategies to guess meanings of unfamiliar words from
context (as listed above)-evidence of emerging.
Understands the relationship between ideas (as listed above)-evidence of emerging.
Uses strategic reading skills (as listed above) that are evident.
Expanding Comprehends a wide array of level-appropriate written materials (as listed above) with
mature accuracy
Interprets increasingly complex graphs, charts, tables, and forms accurately
Applies pre-reading and reading skills (as listed above) very strongly
Applies strategies to guess meanings of unfamiliar words from context (as listed
above) which is clearly evident
Identifies signal words to understand the relationship between ideas (as listed above),
and reading patterns to identify literary genres (as listed above)- emerging strongly
Understands the relationship between ideas (as listed above)-strongly evident.
Uses strategic reading skills (as listed above) with mature accuracy
Bridging Comprehends various types and lengths of level appropriate written materials (as
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listed above)-fully developed
Interprets complex graphs, charts, tables, and forms accurately
Applies pre-reading and reading skills (as listed above)-fully developed
Applies reading strategies to determine the meaning of unfamiliar words in a text (as
listed above) with accuracy
Understands the relationship between ideas (time, logical order, comparison/contrast,
cause/effect)
Demonstrates fully developed strategic reading skills (as listed above)
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“Can Do” Writing Rubric
National
Proficiency
Levels
Criteria
Starting Lacks clear writing and focus. Details are limited or unclear. There’s no clear distinction to what is
important and what is supported.
Lacks engaging and drawing a conclusion. Paper simply starts and ends. Lack of transitions make it
difficult to understand the paper.
Writes with limited use of vocabulary or specific words to transmit meaning of the essay. Misuse of
parts of speech makes it difficult to understand the writing.
Rambles- use of incomplete sentences that are too long to understand. Sentences follow a simple
structure and or style.
Struggles with spelling, punctuation capitalization and other writing conventions. This makes it
very difficult to understand the writing.
Lacks strategic writing skills (e. g., knowledge of the writing process; declarative, procedural and
conditional knowledge; and strategies for inquiry, for drafting [such as investigating genre,
considering audience, and responding to purpose], and for product revision) that are clearly not
developed.
Emerging Writes sentences that are still unclear there seems to be a guide to a focused topic; however, it may
drift at times. There is an attempt to support main idea with details. Reader can still feel confused.
Attempts to write an introduction and or conclusion. Use of transitions helps, but paper is in need of
more details.
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Struggles with some vocabulary terms that are used inappropriately. Greater command of the parts
of speech is developing,
but many words are still used incorrectly.
Attempts to create a style of sentence structure here and there; although, for the most part it sticks to
one style.
Shows need of improving spelling, punctuation, capitalization, and other writing conventions. It is
still difficult to read the writing; but there are signs of improvement.
Demonstrates emerging strategic writing skills.
Developing Writes with an unclear focus. Writing appears to be on one topic, but shifts to another topic at
times. Support of main idea is lacking. Reader is left with unanswered questions.
Attempts to write a proper introduction and conclusion however, both are dull or unclear.
Transitions help connect ideas although at times they distract the flow.
Selects and uses words appropriately; however, they are not higher level and need more vigor.
Formulates well-written sentences; however, style and structure of sentences are repetitious.
Demonstrates control of spelling, punctuation, capitalization, and other writing conventions.
However, the writing could read and sound better by improving conventions.
Utilizes strategic writing skills properly (now evident).
Expanding Writes with a focus in mind; however, there is room for improvement. Needs more relevant details
to support the main idea.
Some readers’ questions can be answered, while others are left with doubt.
Uses a proper introduction and conclusion, however, some improvement is needed. Needs to
continue using transitional words are properly in order to allow the proper flow of ideas.
Selects and uses vocabulary words that are much livelier and appropriate. Some common wording
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can be improved.
Writes with a definite style and sentence structure is “catchy” with few mistakes.
Demonstrates good control of spelling, punctuation, capitalization, and other writing conventions.
Mistakes are few and nothing distracts from the writing.
Applies mature strategic writing skills.
Bridging Writing is clear and focused on a narrowed topic. Details are relevant and accurate, and they
support the main ideas. Reader’s questions are answered
Writing has a clear introduction that’s hooks the reader and conclusion that leaves a lasting
impression. Use of transitions helps the reader to connect ideas. Reading flows and not dull.
Words used in the writing are specific and accurate. Vivid verbs and modifying words are present.
Words used enhance the meaning of the writing.
There is a variety in length and structure of the sentences. The style of sentences varies on how they
begin. Sentences create fluency and rhythm.
Excellent control of spelling, punctuation capitalization and other writing conventions.
Strategic writing skills are fully developed.
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APPENDIX B
THE WRITING PROCESS
6-TRAITS OF WRITING RUBRIC
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Appendix B
Six-Traits of Writing Rubric
Student’s Name: __________________________________ Date: ___________________
Facilitator: _____________________Course: _____ Assignment:__________________
Instructions: This rubric will be used to evaluate all written work done by the
student in both English and Spanish. Please refer to the trait that you are evaluating
(i.e., Ideas and Content) and write the score in the appropriate box. Select the
criteria per level (6= highest, 1=lowest) that best reflects the student’s writing
ability. Refer to all the Appendix (B) sheets that describe, in detail, all the writing
traits that you are evaluating in order to complete this rubric properly.
Criteria per Level
(From Highest to Lowest)
Writing Traits 6 5 4 3 2 1
1. Ideas and Content
2. Organization
3. Voice
4. Word Choice
5. Sentence Fluency
6. Conventions
Totals (Add all the totals down, then
across to obtain the Grand Total.)
Grand
Total:
Final Score: _________________
FINA 410 Corporate Finance 111
Prep. 07-30-2012.
Scoring Scale: (36-0)
Outstanding: 33-36 points = A
Very Good: 29-32 points = B
Satisfactory: 24-28 points =C
Fair: 19-23 points =D
Poor: 0-18 points = F
FINA 410 Corporate Finance 112
Prep. 07-30-2012.
Six-Traits for Analytic Writing Rubrics
Trait #1: Idea and Content
Criteria per Level Source: Arizona Department of Education. AIMS Six Trait
Analytic Writing Rubric. Retrieved from https://www.ade.state.az.us/standards/6traits/
6
The writing is exceptionally clear, focused and interesting. It holds the reader’s attention
throughout. Main ideas stand out and are developed by strong support and rich details
suitable to audience and purpose. The writing is characterized by
• clarity, focus, and control.
• main idea(s) that stand out.
• supporting, relevant, carefully selected details; when appropriate, use of resources
provides strong, accurate, credible support
• a thorough, balanced, in-depth explanation/ exploration of the topic; the writing makes
connections and shares insights.
• content and selected details that are well suited to audience and purpose.
5
The writing is clear, focused and interesting. It holds the reader’s attention. Main ideas
stand out and are developed by supporting details suitable to audience and purpose. The
writing is characterized by
• clarity, focus, and control.
• main idea(s) that stand out.
• supporting, relevant, carefully selected details; when appropriate, use of resources
provides strong, accurate, credible support.
• a thorough, balanced explanation/exploration of the topic; the writing makes connections
and shares insights.
FINA 410 Corporate Finance 113
Prep. 07-30-2012.
• content and selected details that are well-suited to audience and purpose.
4
The writing is clear and focused. The reader can easily understand the main ideas. Support
is present, although it may be limited or rather general. The writing is characterized by
• an easily identifiable purpose.
• clear main idea(s)
• supporting details that are relevant, but may be overly general or limited in places; when
appropriate, resources are used to provide accurate support.
• a topic that is explored/explained, although developmental details may occasionally be
out of balance with the main idea(s); some connections and insights may be present.
• content and selected details that are relevant, but perhaps not consistently well chosen for
audience and purpose.
3
The reader can understand the main ideas, although they may be overly broad or simplistic,
and the results may not be effective. Supporting detail is often limited, insubstantial, overly
general, or occasionally slightly off-topic. The writing is characterized by
• an easily identifiable purpose and main idea(s).
• predictable or overly-obvious main ideas or plot; conclusions or main points seem to
echo observations heard elsewhere.
• support that is attempted; but developmental details that are often limited in scope,
uneven, somewhat off-topic, predictable, or overly general.
• details that may not be well-grounded in credible resources; they may be based on
clichés, stereotypes or questionable sources of information.
• difficulties when moving from general observations to specifics.
2 Main ideas and purpose are somewhat unclear or development is attempted but minimal.
FINA 410 Corporate Finance 114
Prep. 07-30-2012.
The writing is characterized by
• a purpose and main idea(s) that may require extensive inferences by the reader.
• minimal development; insufficient details.
• irrelevant details that clutter the text.
• extensive repetition of detail.
1
The writing lacks a central idea or purpose. The writing is characterized by
• ideas that are extremely limited or simply unclear.
• attempts at development that are minimal or non-existent; the paper is too short to
demonstrate the development of an idea.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 115
Prep. 07-30-2012.
Trait #2: Organization
Criteria per Level
6
The organization enhances the central idea(s) and its development. The order and structure
are compelling and move the reader through the text easily. The writing is characterized by
• effective, perhaps creative, sequencing; the organizational structure fits the topic, and the
writing is easy to follow.
• a strong, inviting beginning that draws the reader in and a strong satisfying sense of
resolution or closure.
• smooth, effective transitions among all elements (sentences, paragraphs, and ideas).
• details that fit where placed
5
The organization enhances the central idea(s) and its development. The order and structure
are strong and move the reader through the text. The writing is characterized by.
• effective sequencing; the organizational structure fits the topic, and the writing is easy to
follow.
• an inviting beginning that draws the reader in and a satisfying sense of resolution or
closure.
• smooth, effective transitions among all elements (sentences, paragraphs, and ideas).
• details that fit where placed. .
4
Organization is clear and coherent. Order and structure are present, but may seem
formulaic. The writing is characterized by
• clear sequencing.
• an organization that may be predictable.
• a recognizable, developed beginning that may not be particularly inviting; a developed
FINA 410 Corporate Finance 116
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conclusion that may lack subtlety.
• a body that is easy to follow with details that fit where placed.
• transitions that may be stilted or formulaic.
• organization which helps the reader, despite some weaknesses.
3
An attempt has been made to organize the writing; however, the overall structure is
inconsistent or skeletal. The writing is characterized by
• attempts at sequencing, but the order or the relationship among ideas may occasionally be
unclear.
• a beginning and an ending which, although present, are either undeveloped or too obvious
(e.g. “My topic is...”, “These are all the reasons that…”)
• transitions that sometimes work. The same few transitional devices (e.g., coordinating
conjunctions, numbering, etc.) may be overused.
• a structure that is skeletal or too rigid.
• placement of details that may not always be effective.
• organization which lapses in some places, but helps the reader in others.
2
The writing lacks a clear organizational structure. An occasional organizational device is
discernible; however, the writing is either difficult to follow and the reader has to reread
substantial portions, or the piece is simply too short to demonstrate organizational skills.
The writing is characterized by
• some attempts at sequencing, but the order or the relationship among ideas is frequently
unclear.
• a missing or extremely undeveloped beginning, body, and/or ending.
• a lack of transitions, or when present, ineffective or overused.
FINA 410 Corporate Finance 117
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• a lack of an effective organizational structure.
• details that seem to be randomly placed, leaving the reader frequently confused.
1
The writing lacks coherence; organization seems haphazard and disjointed. Even after
rereading, the reader remains confused. The writing is characterized by
• a lack of effective sequencing.
• a failure to provide an identifiable beginning, body and/or ending.
• a lack of transitions.
• pacing that is consistently awkward; the reader feels either mired down in trivia or rushed
along too rapidly.
• a lack of organization which ultimately obscures or distorts the main point.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 118
Prep. 07-30-2012.
Trait #3: Voice
Criteria per Level
6
The writer has chosen a voice appropriate for the topic, purpose and audience. The writer
seems deeply committed to the topic, and there is an exceptional sense of “writing to be
read.” The writing is expressive, engaging, or sincere. The writing is characterized by
• an effective level of closeness to or distance from the audience (e.g., a narrative should
have a strong personal voice, while an expository piece may require extensive use of outside
resources and a more academic voice; nevertheless, both should be engaging, lively, or
interesting. Technical writing may require greater distance.).
• an exceptionally strong sense of audience; the writer seems to be aware of the reader and
of how to communicate the message most effectively. The reader may discern the writer
behind the words and feel a sense of interaction.
• a sense that the topic has come to life; when appropriate, the writing may show originality,
liveliness, honesty, conviction, excitement, humor, or suspense.
5
The writer has chosen a voice appropriate for the topic, purpose, and audience. The writer
seems committed to the topic, and there is a sense of “writing to be read.” The writing is
expressive, engaging or sincere. The writing is characterized by
• an appropriate level of closeness to or distance from the audience (e.g., a narrative should
have a strong personal voice while an expository piece may require extensive use of outside
resources and a more academic voice; nevertheless, both should be engaging, lively or
interesting. Technical writing may require greater distance.).
• a strong sense of audience; the writer seems to be aware of the reader and of how to
communicate the message most effectively. The reader may discern the writer behind the
FINA 410 Corporate Finance 119
Prep. 07-30-2012.
words and feel a sense of interaction.
• a sense that the topic has come to life; when appropriate, the writing may show originality,
liveliness, honesty, conviction, excitement, humor, or suspense.
4
A voice is present. The writer demonstrates commitment to the topic, and there may be a
sense of “writing to be read.” In places, the writing is expressive, engaging, or sincere. The
writing is characterized by
• a questionable or inconsistent level of closeness to or distance from the audience.
• a sense of audience; the writer seems to be aware of the reader but has not consistently
employed an appropriate voice. The reader may glimpse the writer behind the words and
feel a sense of interaction in places.
• liveliness, sincerity, or humor when appropriate; however, at times the writing may be
either inappropriately casual or personal, or inappropriately formal and stiff.
3
The writer’s commitment to the topic seems inconsistent. A sense of the writer may emerge
at times; however, the voice is either inappropriately personal or inappropriately
impersonal. The writing is characterized by
• a limited sense of audience; the writer’s awareness of the reader is unclear.
• an occasional sense of the writer behind the words; however, the voice may shift or
disappear a line or two later and the writing become somewhat mechanical.
• a limited ability to shift to a more objective voice when necessary.
2
The writing provides little sense of involvement or commitment. There is no evidence that
the writer has chosen a suitable voice. The writing is characterized by
• little engagement of the writer; the writing tends to be largely flat, lifeless, stiff, or
mechanical.
FINA 410 Corporate Finance 120
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• a voice that is likely to be overly informal and personal.
• a lack of audience awareness; there is little sense of "writing to be read."
• little or no hint of the writer behind the words. There is rarely a sense of interaction
between reader and writer.
1
The writing seems to lack a sense of involvement or commitment. The writing is
characterized by
• no engagement of the writer; the writing is flat and lifeless.
• a lack of audience awareness; there is no sense of “writing to be read.”
• no hint of the writer behind the words. There is no sense of interaction between writer and
reader; the writing does not involve or engage the reader.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 121
Prep. 07-30-2012.
Trait #4: Word Choice
Criteria per Level
6
Words convey the intended message in an exceptionally interesting, precise, and natural
way appropriate to audience and purpose. The writer employs a rich, broad range of words,
which have been carefully chosen and thoughtfully placed for impact. The writing is
characterized by
• accurate, strong, specific words; powerful words energize the writing.
• fresh, original expression; slang, if used, seems purposeful and is effective.
• vocabulary that is striking and varied, but that is natural and not overdone.
• ordinary words used in an unusual way.
• words that evoke strong images; figurative language may be used.
5
Words convey the intended message in an interesting, precise, and natural way appropriate
to audience and purpose. The writer employs a broad range of words which have been
carefully chosen and thoughtfully placed for impact. The writing is characterized by
• accurate, specific words; word choices energize the writing.
• fresh, vivid expression; slang, if used, seems purposeful and is effective.
• vocabulary that may be striking and varied, but that is natural and not overdone.
• ordinary words used in an unusual way.
• words that evoke clear images; figurative language may be used
4
Words effectively convey the intended message. The writer employs a variety of words
that are functional and appropriate to audience and purpose. The writing is characterized
by
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• words that work but do not particularly energize the writing.
• expression that is functional; however, slang, if used, does not seem purposeful and is not
particularly effective.
• attempts at colorful language that may occasionally seem overdone.
• occasional overuse of technical language or jargon.
• rare experiments with language; however, the writing may have some fine moments and
generally avoids clichés.
3
Language is quite ordinary, lacking interest, precision and variety, or may be inappropriate
to audience and purpose in places. The writer does not employ a variety of words,
producing a sort of “generic” paper filled with familiar words and phrases. The writing is
characterized by
• words that work, but that rarely capture the reader’s interest.
• expression that seems mundane and general; slang, if used, does not seem purposeful and
is not effective.
• attempts at colorful language that seem overdone or forced.
• words that are accurate for the most part, although misused words may occasionally
appear, technical language or jargon may be overused or inappropriately used.
• reliance on clichés and overused expressions.
2
Language is monotonous and/or misused, detracting from the meaning and impact. The
writing is characterized by
• words that are colorless, flat or imprecise.
• monotonous repetition or overwhelming reliance on worn expressions that repeatedly
distract from the message.
FINA 410 Corporate Finance 123
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• images that are fuzzy or absent altogether.
1
The writing shows an extremely limited vocabulary or is so filled with misuses of words
that the meaning is obscured. Only the most general kind of message is communicated
because of vague or imprecise language. The writing is characterized by
• general, vague words that fail to communicate.
• an extremely limited range of words.
• words that simply do not fit the text; they seem imprecise, inadequate, or just plain
wrong.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 124
Prep. 07-30-2012.
Trait #5: Sentence Fluency
Criteria per Level
6
The writing has an effective flow and rhythm. Sentences show a high degree of
craftsmanship, with consistently strong and varied structure that makes expressive oral
reading easy and enjoyable. The writing is characterized by
• a natural, fluent sound; it glides along with one sentence flowing effortlessly into the
next.
• extensive variation in sentence structure, length, and beginnings that add interest to the
text.
• sentence structure that enhances meaning by drawing attention to key ideas or reinforcing
relationships among ideas.
• varied sentence patterns that create an effective combination of power and grace.
• strong control over sentence structure; fragments, if used at all, work well.
• stylistic control; dialogue, if used, sounds natural.
5
The writing has an easy flow and rhythm. Sentences are carefully crafted, with strong and
varied structure that makes expressive oral reading easy and enjoyable. The writing is
characterized by
• a natural, fluent sound; it glides along with one sentence flowing into the next.
• variation in sentence structure, length, and beginnings that add interest to the text.
• sentence structure that enhances meaning.
• control over sentence structure; fragments, if used at all, work well.
• stylistic control; dialogue, if used sounds natural.
FINA 410 Corporate Finance 125
Prep. 07-30-2012.
4
The writing flows; however, connections between phrases or sentences may be less than
fluid. Sentence patterns are somewhat varied, contributing to ease in oral reading. The
writing is characterized by
• a natural sound; the reader can move easily through the piece, although it may lack a
certain rhythm and grace.
• some repeated patterns of sentence structure, length, and beginnings that may detract
somewhat from overall impact.
• strong control over simple sentence structures, but variable control over more complex
sentences; fragments, if present, are usually effective.
• occasional lapses in stylistic control; dialogue, if used, sounds natural for the most part,
but may at times sound stilted or unnatural.
3
The writing tends to be mechanical rather than fluid. Occasional awkward constructions
may force the reader to slow down or reread. The writing is characterized by
• some passages that invite fluid oral reading; however, others do not.
• some variety in sentences structure, length, and beginnings, although the writer falls into
repetitive sentence patterns.
• good control over simple sentence structures, but little control over more complex
sentences; fragments, if present, may not be effective.
• sentences which, although functional, lack energy.
• lapses in stylistic control; dialogue, if used, may sound stilted or unnatural.
2
The writing tends to be either choppy or rambling. Awkward constructions often force the
reader to slow down or reread. The writing is characterized by
• significant portions of the text that are difficult to follow or read aloud.
FINA 410 Corporate Finance 126
Prep. 07-30-2012.
• sentence patterns that are monotonous (e.g., subject-verb or subject-verb-object).
• a significant number of awkward, choppy, or rambling constructions.
1
The writing is difficult to follow or to read aloud. Sentences tend to be incomplete,
rambling, or very awkward. The writing is characterized by
• text that does not invites—and may not even permit—smooth oral reading.
• confusing word order that is often jarring and irregular.
• sentence structure that frequently obscures meaning.
• sentences that are disjointed, confusing, or rambling.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 127
Prep. 07-30-2012.
Trait #6: Conventions
Criteria per Level
6
The writing demonstrates exceptionally strong control of standard writing conventions (e.g.,
punctuation, spelling, capitalization, paragraph breaks, grammar and usage) and uses them
effectively to enhance communication. Errors are so few and so minor that the reader can
easily skim right over them unless specifically searching for them. The writing is
characterized by
• strong control of conventions; manipulation of conventions may occur for stylistic effect.
• strong, effective use of punctuation that guides the reader through the text.
• correct spelling, even of more difficult words.
• paragraph breaks that reinforce the organizational structure.
• correct grammar and usage that contribute to clarity and style.
• skill in using a wide range of conventions in a sufficiently long and complex piece.
• little or no need for editing.
5
The writing demonstrates strong control of standard writing conventions (e.g., punctuation,
spelling, capitalization, paragraph breaks, grammar and usage) and uses them effectively to
enhance communication. Errors are so few and so minor that they do not impede readability.
The writing is characterized by
• strong control of conventions.
• effective use of punctuation that guides the reader through the text.
• correct spelling, even of more difficult words.
• paragraph breaks that reinforce the organizational structure.
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• correct capitalization; errors, if any, are minor.
• correct grammar and usage that contribute to clarity and style.
• skill in using a wide range of conventions in a sufficiently long and complex piece.
• little need for editing.
4
The writing demonstrates control of standard writing conventions (e.g., punctuation,
spelling, capitalization, paragraph breaks, grammar and usage). Minor errors, while perhaps
noticeable, do not impede readability. The writing is characterized by
• control over conventions used, although a wide range is not demonstrated.
• correct end-of-sentence punctuation, internal punctuation may sometimes be incorrect.
• spelling that is usually correct, especially on common words.
• basically sound paragraph breaks that reinforce the organizational structure.
• correct capitalization; errors, if any, are minor.
• occasional lapses in correct grammar and usage; problems are not severe enough to distort
meaning or confuse the reader.
• moderate need for editing.
3
The writing demonstrates limited control of standard writing conventions (e.g., punctuation,
spelling, capitalization, paragraph breaks, grammar and usage). Errors begin to impede
readability. The writing is characterized by
• some control over basic conventions; the text may be too simple to reveal mastery.
• end-of-sentence punctuation that is usually correct; however, internal punctuation contains
frequent errors.
• spelling errors that distract the reader; misspelling of common words occurs.
• paragraphs that sometimes run together or begin at ineffective places.
FINA 410 Corporate Finance 129
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• capitalization errors.
• errors in grammar and usage that do not block meaning but do distract the reader.
• significant need for editing.
2
The writing demonstrates little control of standard writing conventions. Frequent,
significant errors impede readability. The writing is characterized by
• little control over basic conventions.
• many end-of-sentence punctuation errors; internal punctuation contains frequent errors.
• spelling errors that frequently distract the reader; misspelling of common words often
occurs.
• paragraphs that often run together or begin in ineffective places.
• capitalization that is inconsistent or often incorrect.
• errors in grammar and usage that interfere with readability and meaning.
• substantial need for editing.
1
Numerous errors in usage, spelling, capitalization, and punctuation repeatedly distract the
reader and make the text difficult to read. In fact, the severity and frequency of errors are so
overwhelming that the reader finds it difficult to focus on the message and must reread for
meaning. The writing is characterized by
• very limited skill in using conventions.
• basic punctuation (including end-of-sentence punctuation) that tends to be omitted,
haphazard, or incorrect.
• frequent spelling errors that significantly impair readability.
• paragraph breaks that may be highly irregular or so frequent (every sentence) that they
bear no relation to the organization of the text.
FINA 410 Corporate Finance 130
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• capitalization that appears to be random.
• a need for extensive editing.
Source: Arizona Department of Education. AIMS Six Trait Analytic Writing Rubric.
Retrieved from https://www.ade.state.az.us/standards/6traits/
FINA 410 Corporate Finance 131
Prep. 07-30-2012.
Apéndice C/Appendix C
Guía para elaborar el glosario
Antes del inicio de cada taller, los estudiantes deben conocer alguna terminología básica.
Para ello, los estudiantes deben:
1. Buscar estas palabras en las direcciones electrónicas citadas o en el diccionario.
2. Escribirlas en tarjetas.
3. Las dimensiones requeridas de las tarjetas son 8 ½ x 5.
4. El estudiante deberá traer el glosario a cada taller.
5. El estudiante deberá colocar el glosario en el taller correspondiente en su
portafolio digital.
Glossary Guide
Before each workshop, students should know some basic terms. Students should:
1. Look up these words in the cited Web sites or in the dictionary.
2. Write these words on index cards.
3. The required size of the cards is 8 ½ x 5.
4. The student should bring the glossary to each workshop.
5. The student should insert the glossary in the corresponding workshop in his/her
digital portfolio.
FINA 410 Corporate Finance 132
Prep. 07-30-2012.
Apéndice D/Appendix D
Round Table Rubric
Student’s Name/Group:
______________________________________________________
Course: __________________________________________ Date: _________________
Criteria Value Points Student’s Score
Content
Participants offer an in-depth and solid
analysis of the discussed content and the
dialogue flows smoothly during the
discussion.
10 points
Participants –through their comments–
show deep knowledge of the discussed
topic and a high level of understanding of
questions asked by the audience.
10 points
Participants are suitably prepared for the
topic in discussion with notes they have
taken-and properly highlighted-from their
readings, passages or textbooks.
10 points
Participants, through their comments,
show that they are paying close attention
to what other participants say about the
topic.
10 points
FINA 410 Corporate Finance 133
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Participants provide explanations and
follow up to enrich discussion.
10 points
Participants’ observations are usually
related to ideas or arguments presented in
this discussion.
10 points
Participants show a professional attitude
and posture during the discussion.
10 points
Language
Participants show good use of the standard
English language (vocabulary, syntax and
flow of ideas).
10 points
Participants use appropriate intonation in
making remarks and good projection of
the voice toward the audience.
10 points
Given a controversial topic, participants
show a persuasive argument during the
discussion to support their points of view.
10 points
Total 100 ( 70% content
and 30% language)
Total Score:
Facilitator’s signature: _________________________
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Note: The score obtained by the student should be recorded as follows:
Excellent: 90-100 points
Good: 80-89 points
Fair: 70-79 points
Needs improvement: 69-0points
FINA 410 Corporate Finance 135
Prep. 07-30-2012.
Apéndice D/Appendix D
Matriz valorativa de la mesa redonda
Nombre/Grupo ___________________________________________________________
Curso: __________________________________________ Fecha: _______________
Criterios Valor Puntaje del
Estudiante
Contenido
El participante ofrece un análisis
suficientemente sólido, y sin dudar
avanza en la conversación.
10 puntos
El participante, a través de sus
comentarios, demuestra un
conocimiento profundo del tema y un
alto entendimiento de las preguntas
elaboradas por la audiencia.
10 puntos
El participante ha venido preparado
para la discusión – con notas y pasajes
o textos marcados o anotados.
10 puntos
El participante, a través de sus
comentarios, demuestra que esta
escuchando activamente a los otros
10 puntos
FINA 410 Corporate Finance 136
Prep. 07-30-2012.
participantes.
El participante ofrece explicaciones
aclaratorias y/o seguimiento que
extiende la conversación.
10 puntos
Las observaciones del participante
frecuente se refieren a ideas o
argumentos expuestos en la discusión.
10 puntos
El participante demuestra una actitud y
postura profesional durante la
conversación.
10 puntos
Lenguaje
Demuestra habilidad en el manejo del
idioma español estándar (vocabulario,
sintaxis y flujo de ideas).
10 puntos
Usa la gramática de una manera
adecuada y correcta.
10 puntos
Ante una idea controversial, presenta
un argumento persuasivo para defender
su punto de vista personal.
10 puntos
Total 100 ( 70% contenido y
30% lenguaje)
Puntaje Total:
FINA 410 Corporate Finance 137
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Firma del facilitador: ____________________________________
Nota: El puntaje adquirido por el estudiante podrá anotarse según la siguiente escala:
Excelente: 90-100 puntos
Bueno: 80-89 puntos
Regular: 70-79 puntos
Necesita mejorar: 69 puntos o menos
FINA 410 Corporate Finance 138
Prep. 07-30-2012.
Apéndice E/Appendix E
Matriz valorativa del informe escrito del proyecto de investigación (español)
Nombre: ________________________________________________________________
Tema: ________________________________________________ Fecha: ____________
Criterios Valor Puntaje obtenido
Contenido
La excelente organización realza la claridad y
la comprensión del informe.
5 puntos
La relevancia del tema para la clase o la
audiencia es obvia. Es fácil de predecir el
contenido del informe ya que los temas
importantes a discutirse están mencionados
específicamente.
5 puntos
Se dan ejemplos claros para apoyar las
oraciones centrales y el propósito general del
informe; el análisis brinda maneras novedosas
para reflexionar en el material; el material
citado está bien integrado; las ideas son
profundas pero no redundantes.
5 puntos
El tono del informe es consistentemente
profesional y apropiado.
5 puntos
El autor elabora conclusiones sucintas y
precisas basadas en la literatura existente. Se
ofrecen sugerencias para futuras
investigaciones.
5 puntos
Las referencias provienen de revistas
profesiones y otras fuentes aprobadas. Incluye
numerosas fuentes académicas relevantes
5 puntos
FINA 410 Corporate Finance 139
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demostrando una investigación extensa y
profunda; se apoya muy poco en fuentes
terciarias de información.
El informe escrito incluye todas las secciones
requeridas.
5 puntos
Lenguaje
Demuestra habilidad en el manejo del idioma
inglés estándar (vocabulario, sintaxis y flujo
de ideas).
5 puntos
Usa la puntuación y la ortografía
correctamente.
5 puntos
Se utiliza precisa y consistentemente el estilo
APA en el informe y en la página de
referencias. Las referencias del listado
concuerdan con las citas en el texto y todas
han sido escritas adecuadamente usando el
estilo APA.
5 puntos
Total 50 pts. (70% contenido
y 30% lenguaje)
___________
Puntaje Total:
Firma del facilitador: __________________________________________
Nota: El puntaje obtenido por el estudiante deberá registrarse como sigue:
Excelente 40-50 puntos
Bueno 30-39 puntos
Regular 20-29 puntos
Necesita mejorar 19-0 puntos
FINA 410 Corporate Finance 140
Prep. 07-30-2012.
Apéndice F/Appendix F
PowerPoint Presentation for Investigation Project Rubric (English)
Student Name: ___________________________________________________________
Topic: _____________________________________________ Date: ______________
Criteria Value Student’s Score
Content: Student presents major points and fully
supports them with convincing arguments, ideas, and
data.
5 points
Organization: Student presents information in
logical, interesting sequence which audience can
follow.
5 points
Text: All slides present one idea and few supporting
facts.
5 points
Font: Font on all slides is large enough to be read at a
distance.
5 points
Contrast: There is good contrast between the Font
and background on all slides.
5 points
Images and Layout: All slides contain one powerful,
high-quality image per slide which helps audience
understand the content. Layout is visually pleasing.
5 points
Citations: Bibliography/Works cited list is properly
formatted and complete (like a research paper).
5 points
Presentation: Student uses text on slides as prompts
for original narration.
5 points
Language Conventions: Student uses grammar,
spelling, and punctuation correctly.
5 points
Subject Knowledge: Student answers all questions
clearly and completely.
5 points
TOTAL 50 points
Retrieved and adapted from: http://library.fayschool.org/Pages/powerpointrubric.pdf
FINA 410 Corporate Finance 141
Prep. 07-30-2012.
Facilitator’s Signature: _________________________________________________
Note: The score obtained by the student should be recorded as follows:
Excellent: 40-50 points
Good: 30-39 points
Fair: 20-29 points
Needs improvement: 19-0 points
FINA 410 Corporate Finance 142
Prep. 07-30-2012.
Apéndice G/Appendix G
Poster Scoring Rubric
Group members: __________________________________________________
Topic: _______________________________________Date: _______________
Instructions: Write the amount of points in the proper box per criteria.
Evaluation Criteria Excellent
5 pts.
Good
4pts.
Fair
3
pts.
Needs
Improvement
2 or less pts.
1. The poster contains relevant information and
articles.
2. The poster is neat and presents well-organized
information.
3. The poster is exceptionally attractive in terms
of design, layout, and color.
4. There are no grammatical/mechanical
mistakes on the poster.
5. All graphics on the poster are related to the
topic and make it easier to understand.
6. The poster includes all required elements as
well as additional information.
7. The poster shows a deep understanding of the
subject and related concepts.
8. All items of importance on the poster are
clearly labeled with labels that can be read
from at least 3 ft. away.
9. The student or the group made a good
presentation with the poster to the class.
10. The overall final result represents the
maximum effort of the student or the group.
Maximum total points obtained: _ /50
FINA 410 Corporate Finance 143
Prep. 07-30-2012.
Facilitator’s Signature: ___________________________________________________
Note: The score obtained by the student should be recorded as follows:
Excellent: 40-50 points
Good: 30-39 points
Fair: 20-29 points
Needs improvement: 19-0 points
FINA 410 Corporate Finance 144
Prep. 07-30-2012.
Apéndice H/Appendix H
Matriz valorativa para la discusión y participación en grupo
Estudiante: ______________________________________________________________
Estrategia: ___________________________________________ Fecha: _____________
Criterios Valor Puntaje obtenido
Contenido
El estudiante mantiene la atención de
toda la audiencia con el uso del
contacto visual directo, leyendo sus
notas muy raramente.
3 puntos
La demostración cumple con el
propósito establecido muy claramente,
evidenciando control y organización.
3 puntos
Todos los aspectos son excelentes y
creativos, haciendo de la estrategia una
contribución sólida al área que se
dirige.
3 puntos
Para el alcance del tema, muy original
y apropiado, usando una variedad de
recursos auténticos solamente.
2 puntos
Excelente conocimiento del
procedimiento; presentación efectiva;
excelente manejo del tiempo.
2 puntos
Los procesos cognitivo-mentales
fueron verbalizados con extrema
claridad y organización para la
comprensión inequívoca de las ideas.
2 puntos
Respondió claramente a todas las
preguntas elaboradas por el grupo.
2 puntos
FINA 410 Corporate Finance 145
Prep. 07-30-2012.
Lenguaje
Demuestra uso profesional del idioma
español (vocabulario, sintaxis y flujo
de ideas).
3 puntos
Utiliza la pronunciación correcta del
idioma.
3 puntos
Utiliza una voz clara con una buena
proyección y entonación.
2 puntos
Puntaje total: 25 pts. (70% contenido
y 30% lenguaje)
____________
Puntaje Total
Firma del facilitador: _________________________________________
Nota: El puntaje obtenido por el estudiante deberá registrarse como sigue:
Excelente: 20-25 puntos
Bueno: 15-19 puntos
Regular: 10-14 puntos
Necesita mejorar: 9 -0 puntos
FINA 410 Corporate Finance 146
Prep. 07-30-2012.
Apéndice H/Appendix H
Group Discussion and Participation Rubric
Student: ______________________________________________________________
Strategy: ___________________________________________ Date: _____________
Criteria Points Total Points
Content
The student is able to engage the
audience by direct eye contact barely
using their notes.
3 points
The presentation shows a direct
connection with the objectives. There
is clear evidence of logical sequence
and organization.
3 points
All the aspects are excellent and
creative, applying strategies that create
a solid contribution to the topic.
3 points
The approach of the objectives is very
original and appropriate, using a
variety of authentic resources.
2 points
Excellent knowledge of the procedure;
effective presentation; excellent
management of the time.
2 points
The cognitive-mental processes were
verbalized with extreme clarity and
organization for the comprehension of
the ideas.
2 points
The student answered clearly to all the
questions by the audience.
2 points
Language
FINA 410 Corporate Finance 147
Prep. 07-30-2012.
The student shows a professional use
of the English language (vocabulary,
syntax, and flow of ideas).
3 points
The student utilizes the correct
pronunciation of the language.
3 points
The student demonstrates its project
with a clear voice and with a fluent
and correct intonation.
2 points
Total Points: 25 pts. (70% content
and 30% language)
____________
Total Points
Facilitator’s Signature: _________________________________________________
Note: The score obtained by the student should be recorded as follows:
Excellent: 20-25 points
Good: 15-19 points
Fair: 10-14 points
Needs improvement: 9 -0 points
FINA 410 Corporate Finance 148
Prep. 07-30-2012.
Apéndice I/Appendix I
Información acerca del laboratorio de idiomas y el E-Lab
El laboratorio de idiomas y el E-Lab están diseñados para ayudar a los estudiantes a
desarrollar sus habilidades lingüísticas en inglés y en español y a lograr los objetivos de
aprendizaje a lo largo de su carrera. Ambos cuentan con una amplia variedad de
ejercicios visuales y auditivos en línea, recursos de investigación y actividades de
escritura guiada, que les permiten a los estudiantes mejorar sus habilidades de
comprensión auditiva y de lectura, pronunciación, desarrollo de vocabulario, gramática y
escritura.
El laboratorio de idiomas también ofrece un paquete de 140 páginas web de English for
Speakers of Other Languages (ESOL, por sus siglas en inglés: Inglés para hablantes de
otros idiomas) seleccionadas cuidadosamente, así como otras páginas web en español con
el fin de satisfacer las necesidades de los estudiantes. En adición, el laboratorio de
idiomas y el E-Lab cuentan con otros programas informáticos para el aprendizaje del
idioma y del contenido académico, tales como Tell Me More, Rosetta Stone (versión en
inglés y en español), Ellis Business, Ellis Master Pronunciation, Math Media Algebra,
Math Media Basic Series, NetTutor y Wimba Voice.
Tell Me More es un sistema eficaz para el aprendizaje de inglés y español, que les
permite a los estudiantes reforzar sus destrezas y además cumplir con las horas de
laboratorio requeridas en sus clases. Para poder usar este programa, los estudiantes
necesitan tener Internet, el navegador Internet Explorer y acceso a la plataforma
Desire2Learn (D2L).
El sistema inicialmente evaluará el nivel de conocimiento de los estudiantes y creará un
programa de aprendizaje adaptado a las especificidades de lenguaje de cada uno, lo que
permitirá medir el progreso individual. Los estudiantes podrán mejorar su pronunciación,
gramática y destrezas auditivas desde el nivel de principiante hasta el nivel avanzado con
dos perfiles diferentes: lenguaje de comunicación y lenguaje de negocios.
NetTutor es un servicio de tutoría en línea, que cuenta con tutoría en vivo para materias
cuánticas y de computación (tiene horarios fijos). En los cursos en los que no se ofrece
tutoría en vivo, los estudiantes pueden publicar sus dudas, que les serán contestadas en un
lapso de 72 horas. El sistema también cuenta con un banco de preguntas y respuestas
frecuentes disponible las 24 horas del día, los 7 días de la semana. NetTutor se puede
acceder remotamente siempre que exista conexión a Internet. Este servicio ofrece tutorías
en las siguientes materias:
Inglés (disponible para todos los cursos)
Español (disponible para todos los cursos)
Estadística (el estudiante debe estar matriculado en el curso)
Matemáticas (el estudiante debe estar matriculado en el curso)
Contabilidad (el estudiante debe estar matriculado en el curso)
FINA 410 Corporate Finance 149
Prep. 07-30-2012.
Sistemas de información computarizada (el estudiante debe estar matriculado en
el curso).
Wimba Voice es una herramienta electrónica que promueve el uso de la voz en línea
durante el desarrollo del material académico y permite a su vez la interacción entre los
estudiantes y el facilitador. Los estudiantes usarán Wimba Voice para participar en los
foros de discusión oral en línea, preparar presentaciones orales, enviar mensajes de voz y
cumplir con otras asignaciones. El programa cuenta con 5 funciones:
Voice Authoring: permite grabar y escuchar contenido oral en páginas web.
Voice Discussion Board: permite publicar y escuchar mensajes orales en un foro
de discusión en línea.
Voice Presentation: permite presentar contenido de páginas web con mensajes de
voz.
Voice E-mail: permite enviar correos electrónicos con mensajes de voz.
Voice Podcaster: permite crear y distribuir mensajes orales a los participantes.
FINA 410 Corporate Finance 150
Prep. 07-30-2012.
Language Lab and E-Lab Information
The Language Lab and E-Lab are designed to help students strengthen their linguistic
skills in English and Spanish and to fulfill the content objectives of the course. Both labs
count with a wide variety of visual and auditory on-line exercises, Internet-based
research, and guided writing activities, that allow students to improve their skills in
listening and reading comprehension, pronunciation, vocabulary building, grammar, and
writing.
The Language Lab also includes a package of 140 carefully selected English for Speakers
of Other Languages (ESOL) Web sites, as well as other Spanish Web pages to meet the
students’ needs. Additionally, the Language Lab and E-Lab have other software to boost
language and academic content learning such as Tell Me More, Rosetta Stone (English
and Spanish versions), Ellis Business, Ellis Master Pronunciation, Math Media Algebra,
Math Media Basic Series, NetTutor, and Wimba Voice.
Tell Me More is an effective system for English and Spanish learning that allows
students to strengthen their skills and fulfill the language lab hours required in each class.
Students must have Internet connection, Internet Explorer browser, and access to
Desire2Learn (D2L) to be able to use this program.
The system will initially assess students’ knowledge and create a learning path
specifically tailored to each student’s needs, thus allowing facilitators to measure every
student’s progress. Students will be able to improve pronunciation, grammar and
listening skills from beginner to advanced levels with two different profiles: everyday
language and business oriented language.
NetTutor is an online tutoring service, which provides live tutoring for numerical and
computer classes (scheduled hours apply). For those classes which do not have live
tutoring, students can post questions, and they will be answered within 72 hours. The
system also has a “Frequently Asked Questions” section available 24/7. NetTutor can be
accessed remotely with an Internet connection. This service offers tutoring for the
following subjects:
English (available for all courses)
Spanish (available for all courses)
Statistics (student must be enrolled in the course)
Mathematics (student must be enrolled in the course)
Accounting (student must be enrolled in the course)
Computer Information Systems (student must be enrolled in the course)
Wimba Voice is an electronic tool that promotes the use of voice online during the
development of the academic content, and allows students/facilitator interaction. Students
will use Wimba Voice to create voice posts for discussion boards, prepare voice
FINA 410 Corporate Finance 151
Prep. 07-30-2012.
presentations, send voice e-mails, and for other assignments. The Wimba Voice program
has 5 functions:
Voice Authoring: allows recording and listening to voice content on a webpage.
Voice Discussion Board: allows posting and listening to voice messages within
discussion boards.
Voice Presentation: allows presenting web content alongside voice messages.
Voice E-mail: allows sending voice messages via e-mail.
Voice Podcaster: allows creating and distributing voice messages to participants.