Week 2: Research and Entrepreneurship · Low, Murray B. (2001). The adolescence of entrepreneurship research: Specification of purpose. Entrepreneurship: Theory and Practice, Summer, 2001, Vol. 25, Issue 4. · Scott, S. (2008). The Illusions of Entrepreneurship. Introduction & Chapter 1. · Alderich, Howard E., & Martinez, Martha A. (2001). Many are called, but few are chosen. Entrepreneurship: Theory and Practice, Summer, 2001, Vol. 25, Issue 4 · Blackburn, Robert, & Kovalaienen Anne. (2009). Researching small firms and entrepreneurship: Past, present and future. International Journal of Management Review, Vol. 11, Issue 2. Week 3: The Global Context · Zolli, A. (2012). Resilenc: Why things bounce back. Introduction: The resilence imperative. · Rifken, Jeremy (2009). The Emphatic Civilization, Chapter 5: Rethinking the meaning of the human journey. Jeremy P. Tarcher/Penguin Group. · Heinberg, R. (2011). The End of Growth. Chapter 4: Won’t Innovation, Substitution, and Efficiency keep us growing? · Conley, Dalton. (2009). Elsewhere USA: How we got from the company man, family dinners, and the affluent society to the home office, blackberry moms, and economic anxiety. Chapter 3. Week 4: The Global Context · Goden, Seth. (2010) Linchpin: Are you indispensable. Chapter 1: The New World of Work. Penguin Group Publishing. · Rifken, R. (2011). The Third Industrial Revolution, Chapter 4: Distributed Capitalism. Palgrave/MacMillan. · Steinbock, D. (2005). The Mobile Revolution: The Making of Mobile Services Worldwide. Chapter 2: Innovation · Moroz, P., & Hindle, K. (2011). Entrepreneurship as a Process: Toward Harmonizing Multiple Perspectives. Entrepreneurship Theory & Practice. Week 5: Financing and Entrepreneurship · Das, S. (2011). Extreme Money: Masters of the Universe and the Cult of Risk. Chapter 3: Business of Business; Chapter 3: Business of Business; 4: Money for Sale. · Leach, J.C., & Melicher, R.W. (2012). Entrepreneurial Finance, 4th Edition. Chapter 11: Professional Venture Capital · Roberts, M.J., & Barley, L. (2004). How Venture Capitalists Evaluate Potential Venture Opportunities. Harvard Business School. Harvard Publishers. · Mullen, M.R., Budeva, D.G., & Doney, P.M. (2009). Research methods in leading small business-entrepreneurship journals: A critical review with recommendations for future research. Journal of Small Business Management, 47 (3). Week 6: Opportunity Identification · Tapscott, D. (2010). Macrowikinomics: Rebooting business and the world. Chapter 11: The demise of the newspaper and rise of the new news. · Menna, A. (2013). Academic Crowdsourced Media: A New Conceptual Framework in an Emerging Space. Journal of Knowledge Economy. · Gladwell, M. (2002). The Tipping Point: How little things can make a big difference. Introduction & Chapter 1: The three rules of epidemics. Little Brown Company. · Miles, H. (2005). Al-Jazeera: How Arab TV news challenged the world. Chapter 1: A seed planted in the.

1. Week 2: Research and Entrepreneurship
· Low, Murray B. (2001). The adolescence of entrepreneurship
research: Specification of purpose. Entrepreneurship: Theory
and Practice, Summer, 2001, Vol. 25, Issue 4.
· Scott, S. (2008). The Illusions of Entrepreneurship.
Introduction & Chapter 1.
· Alderich, Howard E., & Martinez, Martha A. (2001). Many are
called, but few are chosen. Entrepreneurship: Theory and
Practice, Summer, 2001, Vol. 25, Issue 4
· Blackburn, Robert, & Kovalaienen Anne. (2009). Researching
small firms and entrepreneurship: Past, present and future.
International Journal of Management Review, Vol. 11, Issue 2.
Week 3: The Global Context
· Zolli, A. (2012). Resilenc: Why things bounce back.
Introduction: The resilence imperative.
· Rifken, Jeremy (2009). The Emphatic Civilization, Chapter 5:
Rethinking the meaning of the human journey. Jeremy P.
Tarcher/Penguin Group.
· Heinberg, R. (2011). The End of Growth. Chapter 4: Won’t
Innovation, Substitution, and Efficiency keep us growing?
· Conley, Dalton. (2009). Elsewhere USA: How we got from the
company man, family dinners, and the affluent society to the
home office, blackberry moms, and economic anxiety. Chapter
3.
Week 4: The Global Context
· Goden, Seth. (2010) Linchpin: Are you indispensable. Chapter

2. 1: The New World of Work. Penguin Group Publishing.
· Rifken, R. (2011). The Third Industrial Revolution, Chapter 4:
Distributed Capitalism. Palgrave/MacMillan.
· Steinbock, D. (2005). The Mobile Revolution: The Making of
Mobile Services Worldwide. Chapter 2: Innovation
· Moroz, P., & Hindle, K. (2011). Entrepreneurship as a
Process: Toward Harmonizing Multiple Perspectives.
Entrepreneurship Theory & Practice.
Week 5: Financing and Entrepreneurship
· Das, S. (2011). Extreme Money: Masters of the Universe and
the Cult of Risk. Chapter 3: Business of Business; Chapter 3:
Business of Business; 4: Money for Sale.
· Leach, J.C., & Melicher, R.W. (2012). Entrepreneurial
Finance, 4th Edition. Chapter 11: Professional Venture Capital
· Roberts, M.J., & Barley, L. (2004). How Venture Capitalists
Evaluate Potential Venture Opportunities. Harvard Business
School. Harvard Publishers.
· Mullen, M.R., Budeva, D.G., & Doney, P.M. (2009). Research
methods in leading small business-entrepreneurship journals: A
critical review with recommendations for future research.
Journal of Small Business Management, 47 (3).
Week 6: Opportunity Identification
· Tapscott, D. (2010). Macrowikinomics: Rebooting business
and the world. Chapter 11: The demise of the newspaper and
rise of the new news.
· Menna, A. (2013). Academic Crowdsourced Media: A New
Conceptual Framework in an Emerging Space. Journal of
Knowledge Economy.
· Gladwell, M. (2002). The Tipping Point: How little things can
make a big difference. Introduction & Chapter 1: The three
rules of epidemics. Little Brown Company.

3. · Miles, H. (2005). Al-Jazeera: How Arab TV news challenged
the world. Chapter 1: A seed planted in the Desert.
Week 7: Mid Term Exam: Something Ventured: Risk, Reward
and the Original Venture Capitalist (2011). You will watch this
movie in advance and then answer several questions related to
the movie and the course material up this point.
Week 8: Global Family Business
· Poza, E.J., & Daugherty, M.S. (2013). Family Business,
Chapter 1: The Nature, Importance and Uniqueness of Family
Business.
· SusannaKhavul, Garry D Bruton, EricWood.(2009). Informal
Family Business In Africa, November, Entrepreneurship Theory
and Practice. Vol. 33, Issue 6.
· KevinAu,HoKwongKwan.(2009). Start-up Capital and Chinese
Entrepreneurs, July, Entrepreneurship Theory and Practice.
Vol. 33, Issue 4.
· Williams, D., & Jones, O. (2010). Factors associated with
longevity of small, family-owned firms. International Journal of
Entrepreneurship. Volume 14.
Week 9: Entrepreneurship and Creativity
· Schwartz, E. (2004). Juice: The Creative Fuel that Drives
World Class Innovators. Chapter 1: Creating Possibilities,
Chapter 10: Multiple Insights. Harvard Business School Press.
· Pink, D. (2006). A Whole New Mind: Why Right-Brainers will
Rule the Future. Chapter 1: Right Brain Rising, Chapter 2:
Abundance, Asia , Automation. Riverhead Books Publishers.
· Martin Prosperity Institute. (2008). Ontario in the Creative

4. Age. University of Toronto: Rotman School of Business.
· Gardner, H. (2006). Five Minds for the Future: Chapter 1:
Minds Views Globally, Chapter 4: The Creative Mind. Harvard
Business School Press.
Week 10: Planning Start-ups and Economic Growth
· Dragon’s Den (2012). The Dragon’s Den Guide to Investor-
Ready Business Plans. Part 2: The Business Plan Checklist.
· Kerr, R.W., & Nanda, R. (2011). Financing New Ventures.
Harvard Business School
· Menna, A., & Catalfamo, H. (2012). Ontario’s micro-brewing
industry: An exploratory study. In Press.
· Maurya, A. (2012). Running Lean: Iterate from plan A, to a
plan that works. 2ND Edition. Chapter 3: Create your lean
canvass.
Week 11: The Entrepreneurial Mind Set
· Gladwell, Malcolm. (2008). Outliers. Chapter 2: The 10,000
hour rule. Little Brown and Company.
· Blawatt, K.R. (2008). Entrepreneurship: Process and
Management, Chapter 6: Defining the Entrepreneur:
Descriptions.
· Duening, T. (2010). Five minds for the entrepreneurial future:
Cognitive skills as the intellectual foundation for the next
generation entrepreneurship curricula. Journal of
Entrepreneurship, Vol. 19, Issue 1.
· West, G.P., & Noel, T.W. (2009). The impact of knowledge
resources on new venture performance. Journal of Small
Business Management, 47 (1), January.
Week 12: Women and Minorities in Entrepreneurship

5. · Shane, S.A. (2008). The Illusions of Entrepreneurship: The
costly myths that entrepreneurs, investors, and policy makers
live by. Chapter 10: Ho valuable is the average start-up?
· Wells, B.L., & Pfantz, J.,& Bryne, J.L., (2003). Russian
women business owners: Evidence of entrepreneurship in a
transition economy. Journal of Developmental
Entrepreneurship, Vol. 8, Issue 1.
· Lucy Ssendi, Alistair R Anderson (2009). Tanzanian Micro-
Enterprises and Micro-Finance: The Role and Impact for Poor
Rural Women. The Journal of Entrepreneurship, March, Vol. 18,
Issue 1, New Deli Publishers.
· Ahl, Helen (2006). Why Research on Woman Entrepreneurs
need new Directions. Entrepreneurship Theory and Practice.
Vol. 30, Issue 5.
Week 13: Entrepreneurship and Developing Economies
· Bruton, G.,& Ahlstrom, & Obloj, K. (2008). Entrepreneurship
in Emerging Economies: Where are we today and where should
we go in the future. Entrepreneurship Theory and Practice. Vol.
32, Issue 1.
· Suntorpithug, P., & Suntornpithug, P. (2008). Don’t’ give
them the fish, show them how to fish: Framework of market-
driven entrepreneurship in Thailand. Journal of Small Business
and Entrepreneurship. 21 (2).
· Gray, K.R., Foster, H., & Howard, M. (2006). Motivations of
Moroccans to be entrepreneurs. Journal of Developmental
Entrepreneurship. Vol. 2, Issue 4.
· Umoren, N.J.(2010). Dearth of entrepreneurship in Africa:
Evidence and Challenges. Journal of Applied Management and

6. Entrepreneurship, Volume 15, Issue 4.
F13 BUS-F301
Solution
to Minicase of Chapter 16
1/6
BUS-F301 Financial Management
Fall 2013, Class No. 14301 (Online)/ 14973 (Face-to-Face)
Answers to Minicase of Chapter 16 on Page 559 of your
textbook.
Please print the minicase from Courseload on Oncourse and
study it well before reading the following.
You can find the instructions on how to print the textbook pages
posted under Syllabus on Oncourse.

7. This minicase is a VERY CLOSE example for Case Study 3.
Please learn the way below on how to
present your answers to the questions in Case Study 3. You have
to use your own words for your
explanations to your answers for Case Study 3.
1. Should Stephenson want to maximize its overall firm value, it
needs to consider using debt
financing for the $80 million purchase of the land. As interest
payments are expenses to a
firm and they are thus tax deductible (i.e. the interest payments
reduce the taxable income
and, in turn, the tax liability of the firm), debt in a firm’s
capital structure will create a tax
shield leading to a higher overall value of the firm.
According to Modigliani-Miller Proposition I with corporate
taxes, the value of a levered
firm (firm that borrows – Firm L) is equal to the value of an
unlevered firm (firm that does
not borrow – Firm U) with identical assets and operations plus
interest tax shield (i.e. the tax
savings achieved by a firm from interest expenses resulted from
borrowing).

8. Therefore, VL = VU + TC × D
where VL is the value of the levered firm,
VU is the value of the unlevered firm,
TC is the corporate tax rate,
D is the debt amount (this same amount is assumed to be
borrowed by the firm
perpetually) and
TC × D is the present value of the interest tax shield
This valuation model can also be applied to a firm before and
after using debt. We can think
of a firm before using any debt as an unlevered firm and when it
starts using some debt, it
turns itself into a levered firm.
The present value of the interest tax shield is derived as below.
Assuming that the debt, D, is perpetual and the annual interest
rate is RD. Thus, the annual
interest expense is D × RD. Suppose the corporate tax rate is

9. TC, the annual interest payment
(expense) will lower the tax liability by TC × D × RD per year
(annual interest tax shield) for
a levered firm as compared with an identical unlevered firm.
Since the interest tax shields
are generated by the need of paying interests, they are
considered to have the same risk as
the debt itself. As such, the appropriate discount rate for them
is the cost of debt, i.e. the
interest rate. As the debt is perpetual and the same amount of
interest tax shield will be
generated each year, the resulting interest tax shields will form
a perpetuity to the firm.
F13 BUS-F301