The Financial Analysis course is designed to provide an understanding of on how to analyze and interpret qualitative and quantitative information contained in company’s financial statements and other sources of information for business decision making. This course employs diverse cases and simulations that require students to prepare for case discussion, actively engage in group and in-class discussions, and write a final report analyzing a corporation.
Students are expected to apply financial analysis techniques to analyze financial and non-financial information and make decisions from the perspective of business managers, investors and other users of financial information. This course will benefit those of you currently or planning to work as managers, analysts, entrepreneurs and those planning to take finance related professional credentials such as CPA (Certified Public Accountant) or CFA (Chartered Financial Analyst).

Objectives
• Understand financial analysis concepts, techniques, and practices which include: strategy analysis, accounting quality analysis, ratio analysis, cash flow analysis, forecasting and valuation.
• Evaluate how financial analysis helps managers and other stakeholders in evaluating the financial performance.
• Incorporate strategy and competitor analysis into the financial analysis.
• Assess overall company performance using financial analysis techniques.
• Discuss and write carefully researched analysis in group and class session.
• Participate in a series of financial analysis simulation.
• Write a comprehensive financial analysis report.

*本学の教育ミッションを具現化する形で設定されています。

Learning Outcomes
By the end of the course, you will be able to:
• Understand the role of financial analysis in the context of business decision makings.
• Use financial statements and other relevant information to analyze business problems.
• Practice a financial analysis simulation using real world data.
• Critically review case studies, debate, and effectively communicate well researched ideas and action plans to peers.
• Develop critical writing skills through the case studies assignments and capstone financial analysis case.

教育手法 Teaching Method		% of Course Time
インプット型 Traditional		20 %
参加者中心型 Participant-Centered Learning	ケースメソッド Case Method	80 %
	フィールドメソッド Field Method	0 %
合計 Total		100 %

Course Approach, Reports, Feedback Methods
The most important requirements for this course are a thorough preparation and analysis of the assigned cases, reading material, and active participation in the classroom. Two cases/simulation will be discussed for each course day (7 cases and 1 simulation will be discussed during the four days intensive course). Students are expected to spend at least three hours of individual preparation per-case before the start of the class to ensure students’ active participation in group and class discussions. Basic proficiency in Excel spreadsheet software is expected in this course.
Active and high-quality class participation is required and expected from every students participating in this course. The quality of the participation will be evaluated based on student’s contribution to move the discussion forward (e.g., introducing new idea/concept or challenging existing approach). Students are required to record their contribution to the class discussion and rate their own contribution to their expectation in a “Course Participation Form” that will be distributed at the beginning of each class sessions. The filled “Course Participation Form” should be returned at the end of the class. Students are expected to behave professionally and be respectful to his/her peers at all times.
In addition to the case discussion preparation, students are expected to submit two kinds of individual written report: four daily “Assignments” before the start of each class and one final “Capstone Financial Analysis Case” at the end of the course. The assignment for each case will be distributed at the same time as the case. Both of the report and assignments are required for receiving final grades and should be submitted to Google Classroom.
Case Assignments
Frequency: One set of assignment is prepared for each lecture day (4 assignments are due for the whole course).
Content: Solutions to the assignment’s questions (the questions will be distributed along with the case book).
Deadline: Before the class of the day begins (09.20 AM).
Submission method: Online submission to Google Classroom, single space, no prescribed format.
Capstone Financial Analysis Case
Frequency: One final report is prepared at the end of the course.
Deadline: One week after the last meeting of the course
Submission method: Online submission to Google Classroom, no page limit (single space), no prescribed format, PowerPoint slides are not acceptable.

The project will give you an opportunity to apply all the financial analysis tools and skills you learned throughout the course. The project will be developed gradually throughout the course, as you learn various aspects of the financial analysis.

The final report should at least include the following contents:
1. Case Background
2. Accounting Quality Analysis
3. Financial Analysis
a. Ratio Analysis
b. Cash Flow Analysis
4. Conclusions
The case assignments and the capstone financial analysis case must be submitted in a timely manner. All late submissions will be penalized. Late notification will not serve as justification for incomplete or late submissions. Further details on the final report assignment will be explained during the course

Course Feedback – Participation and Case Assignments
Instructor will provide individual feedback report halfway into the course on the student’s personal performance in two categories: the class discussion and the case assignments submitted in first week of the course. The instructor will endeavor to deliver the feedback to all the students in the time between the second and the third meeting of the course. The feedback will be delivered through Google Classroom.

Access to IT Equipment and Google Classroom
Use of phone, tablet, smart watch and other communication devices for purposes other than learning are strictly prohibited during class. Students using laptop for non-learning purposes during the classroom will be noted and it will negatively impact your final grade.
Students are expected to have access to university email and Google Classroom. The syllabus, lecture slides, and other pertinent information will be distributed by Google Classroom and students are expected to check it frequently.

Academic Integrity
Academic integrity is essential to ensure genuine learning. There is no tolerance for plagiarism or academic dishonesty in any form, including, but not limited to, copying answers or papers, or passing off someone else’s work as one’s own.

*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。

講師用内規準拠 Method of Assessment	Weights
コールドコール Cold Call	0 %
授業内での挙手発言 Class Contribution	50 %
クラス貢献度合計 Class Contribution Total	50 %
予習レポート Preparation Report	10 %
小テスト Quizzes / Tests	0 %
シミュレーション成績 Simulation	0 %
ケース試験 Case Exam	0 %
最終レポート Final Report	40 %
期末試験 Final Exam	0 %
参加者による相互評価 Peer Assessment	0 %
合計 Total	100 %

評価の留意事項　Notes on Evaluation Criteria

Note on Grading
Active contribution in the class through vigorous discussion and debate represents 50% of the final grade. The capstone financial analysis case will be worth 40% toward the final course grade. Individual daily assignments (4 assignments) will contribute to the rest of your final grade (10%).

• Thomas R. Robinson, Elaine Henry, Wendy L. Pirie, Michael A. Broihahn, and Anthony T. Cope「International Financial Statement Analysis, 3rd Edition」John Wiley & Sons, Inc.（2015） 978-1-118-99947-9

Day 1 (Introduction of Financial Analysis)
• H. David Sherman and S. David Young, “Where Financial Reporting Still Falls Short” Harvard Business Review, July–August 2016, pp. 76–84.
https://hbr.org/2016/07/where-financial-reporting-still-falls-short
• S. P. Kothari, Sloan School of Management Financial Accounting Lecture Notes - Summer 2004. https://ocw.mit.edu/courses/sloan-school-of-management/15-511-financial-accounting-summer-2004/lecture-notes/

Day 2 (Financial Analysis)
• CFA Level 1 Reading 26 – Financial Analysis Techniques.
https://www.youtube.com/watch?v=03cG6DgLRI0

Day 3 (Accounting Quality Analysis)
• Harris Collingwood, “The Earnings Game: Everyone Plays, Nobody Wins” Harvard Business Review, June 2001.
https://hbr.org/2001/06/the-earnings-game-everyone-plays-nobody-wins

Day 4 (Financial Forecast)
• Philip Campbell, “Turning Numbers Into Insight: Enhance Your Influence & Credibility”, CFMA Building Profits, January/February 2015.
http://s3.amazonaws.com/rdcms-cfma/files/production/public/JFBP15%20Campbell%20Eprint.pdf
• Philip Campbell, “Keys to Building a Reliable & Repeatable Forecast”, CFMA Building Profits, November/December 2015.
http://s3.amazonaws.com/rdcms-cfma/files/production/public/NDBP15%20Campbell%20Eprint.pdf

“I enjoyed how much quantitative reasoning is used with this class when compared to most other MBA courses.”
“Providing Slide and Excel files after class is helpful to review at home.”
“Sometimes the material was difficult to follow even with the case report preparation.”

（実務経験 Work experience）

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