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Financial Management: Theory & Practice 15th Edition

Eugene F. Brigham | Michael C. Ehrhardt

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Overview

With its unique balance of solid financial theory and practical applications, Brigham and Ehrhardt's FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 15th Edition equips your students with a thorough understanding of the essential concepts they need to develop and implement effective financial strategies. Discussion of corporate finance fundamentals precedes specific techniques used to maximize the value of a firm. The authors explore the recent financial and economic crises as well as the role of finance in the business world and in students' personal lives, incorporating relevant examples and an emphasis on Excel® usage. MindTap® Finance, Aplia™ for Finance, and CengageNOW are available as optional learning solutions.

Eugene F. Brigham, University of Florida

Dr. Eugene F. Brigham is Graduate Research Professor Emeritus at the University of Florida, where he has taught since 1971. Dr. Brigham received his MBA and Ph.D. from the University of California-Berkeley and his undergraduate degree from the University of North Carolina. Prior to joining the University of Florida, Dr. Brigham held teaching positions at the University of Connecticut, the University of Wisconsin and the University of California, Los Angeles. A former president of the Financial Management Association, Dr. Brigham has written many journal articles on the cost of capital, capital structure and other aspects of financial management. He has authored or co-authored 10 textbooks on managerial finance and managerial economics that are used at more than 1,000 universities in the United States and have been translated into 11 languages worldwide. He has testified as an expert witness in numerous electric, gas and telephone rate cases at both federal and state levels. He has served as a consultant to many corporations and government agencies, including the Federal Reserve Board, the Federal Home Loan Bank Board, the U.S. Office of Telecommunications Policy and the RAND Corp. Dr. Brigham continues to teach, consult and complete research in addition to his academic writing. He spends his spare time golfing, enjoying time with his family and dogs and tackling outdoor adventure activities, such as biking through Alaska.

Michael C. Ehrhardt, University of Tennessee

Dr. Michael C. Ehrhardt is a Professor in the Finance Department and is the Paul and Beverly Castagna Professor of Investments. He completed his undergraduate work in Civil Engineering at Swarthmore College. After working several years as an engineer, he earned his M.S. in Operations Research and Ph.D. in Finance from the Georgia Institute of Technology. Dr. Ehrhardt has taught extensively at the undergraduate, masters, and doctoral levels in the areas of investments, corporate finance, and capital markets. He has directed and served on numerous dissertation committees and is a member of the team that developed and delivered the integrative first year of the MBA program. Dr. Ehrhardt teaches in Executive Education Programs and consults in the areas of corporate valuation, value-based compensation plans, financial aspects of supply-chain management, and the cost of capital. He has been awarded the Allen G. Keally Outstanding Teacher Award, the Tennessee Organization of MBA Students Outstanding Faculty member, the College of Business Administration Research & Teaching Award, and the John B. Ross Outstanding Teaching Award in the College of Business. Much of his research focuses on corporate valuation and asset pricing models, including pricing models for interest-rate sensitive instruments. His work has been published in numerous journals, including The Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, The Financial Review, The Journal of Financial Research, and The Journal of Banking and Finance. He has also authored or co-authored several books addressing various areas of finance.

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  • RELEVANT EXAMPLES REFLECT TODAY’S GLOBAL ECONOMIC ENVIRONMENT. Updated, timely real-world examples throughout almost every chapter demonstrate the impact of today’s financial crisis in all areas of business and life. "Global Economic Crisis" boxes in many chapters highlight specific finance issues related to today’s economic environment.
  • FLEXIBLE COVERAGE MAKES THE TEXT IDEAL FOR ONE-SEMESTER OR TWO-SEMESTER COURSES. Organized to address key concepts and essential topics within the first 17 chapters, the text ensures your students receive the coverage they need whether you teach a one-semester or two-semester course. Later chapters provide more advanced and expanded treatment of topics to build upon earlier material and increase student mastery of concepts.
  • UNMATCHED AUTHOR EXPERTISE ENSURES CLEAR, CONTEMPORARY APPROACH. This premier authorship team combines the extensive teaching background and more than 30 years of text writing experience of Dr. Gene Brigham with the contemporary scholarship and practical, professional expertise of Dr. Mike Ehrhardt. Together, these authors deliver a consistent, accurate and innovative approach that will keep your students first in finance.

Financial Management: Theory & Practice

TABLE OF CONTENTS

1: An Overview of Financial Management and the Financial Environment.
Web Extensions.
1A: An Overview of Derivatives.
1B: A Closer Look at the Stock Markets.
2: Financial Statements, Cash Flow, and Taxes.
Web Extensions.
2A: The Federal Income Tax System for Individuals.
3: Analysis of Financial Statements.
4: Time Value of Money.
Web Extensions.
4A: The Tabular Approach.
4B: Derivation of Annuity Formulas.
4C: Continuous Compounding.
5: Bonds, Bond Valuation, and Interest Rates.
Web Extensions.
5A: A Closer Look at Zero Coupon Bonds.
5B: A Closer Look at TIPS: Treasury Inflation-Protected Securities.
5C: A Closer Look at Bond Risk: Duration.
5D: The Pure Expectations Theory and Estimation of Forward Rates.
6: Risk and Return.
Web Extensions.
6A: Continuous Probability Distributions.
6B: Estimating Beta with a Financial Calculator.
7: Valuation of Stocks and Corporations.
Web Extensions.
7A: Derivation of Valuation Equations.
8: Financial Options and Applications in Corporate Finance.
9: The Cost of Capital.
Web Extensions.
9A: The Required Return Assuming Nonconstant Dividends and Stock.
Repurchases.
10: Basics of Capital Budgeting: Evaluating Cash Flows.
Web Extensions.
10A: The Accounting Rate of Return (ARR).
11: Cash Flow Estimation and Risk Analysis.
Web Extensions.
11A: Certainty Equivalents and Risk-Adjusted Discount Rates.
12: Corporate Valuation and Financial Planning.
13: Corporate Governance.
14: Distributions to Shareholders: Dividends and Repurchases.
15: Capital Structure Decisions.
Web Extensions 15A: Degree of Leverage.
16: Supply Chains and Working Capital Management.
Web Extensions.
16A: Secured Short-Term Financing.
17: Multinational Financial Management.
18: Public and Private Financing: Initial Offerings, Seasoned Offerings, and Investment Banks.
Web Extensions.
18A: Rights Offerings.
19: Lease Financing.
Web Extensions.
19A: Leasing Feedback.
19B: Percentage Cost Analysis.
19C: Leveraged Leases.
20: Hybrid Financing: Preferred Stock, Warrants, and Convertibles.
Web Extensions.
20A: Calling Convertible Issues.
21: Dynamic Capital Structures.
22: Mergers and Corporate Control.
Web Extensions.
22A: Projecting Consistent Debt and Interest Expenses.
23: Enterprise Risk Management.
24: Bankruptcy, Reorganization, and Liquidation.
Web Extensions.
24A: Multiple Discriminant Analysis.
25: Portfolio Theory and Asset Pricing Models.
26: Real Options.
Web Extensions.
26A: The Abandonment Real Option.
26B: Risk-Neutral Valuation.
27: Web Chapter: Providing and Obtaining Credit.
28: Web Chapter: Advanced Issues in Cash Management and Inventory Control.
29: Web Chapter: Pension Plan Management.
30: Web Chapter: Financial Management in Not-for-Profit Businesses.
APPENDIX A: Solutions to Self-Test Problems.
APPENDIX B: Answers to End-of-Problems.
APPENDIX C: Selected Equations.
APPENDIX D: Values of the Areas under the Standard Normal Distribution Function.
GLOSSARY.
NAME INDEX.
SUBJECT INDEX.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

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ISBN: 9781305632455

Cengage Learning Testing, powered by Cognero Instant Access

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Cengage Learning Testing Powered by Cognero® is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions; create multiple test versions in an instant; and deliver tests from your LMS, your classroom, or wherever you want.

Instructor's Edition

ISBN: 9781305632301