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Fundamentals of Financial Management, Concise Edition, 8th Edition

  • includes Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card
  • Eugene F. Brigham University of Florida
  • Joel F. Houston University of Florida
  • ISBN-10: 1285065131  |  ISBN-13: 9781285065137
  • 688 Pages
  • Previous Editions: 2012, 2009, 2007
  • © 2015 | Published
  • List Price = $ 276.95
  • For quantity discounts, Contact your Representative
  • For single copy purchases, visit CengageBrain.com

MindTap

The MindTap Learning Path | Why is this Important to Me? | Interactive eReader & Problem Walk-Throughs


The MindTap Learning Path

MindTap for Fundamentals of Financial Management, Concise helps students bridge the gap between theory and its application through a learning path designed to follow finance students’ workflow needs. The MindTap learning path begins by engaging students in the content by showing its relevance to their own lives. It then continues the progression of learning with a new, interactive eReader and valuable videos providing students with on-demand problem-solving examples. Continuing on in each chapter, MindTap provides practice opportunities complete with immediate, written feedback, before students move on to complete their graded homework assignments.

The MindTap Learning Path Image


Why Is This Important to Me?

Students–particularly non-Finance majors–commonly wonder why it’s important for them to learn and understand certain concepts in corporate finance. By beginning the learning path for each chapter with “Why is this Important to Me?,” MindTap sets the stage for students to understand how the topics covered in that chapter will have a direct, positive impact in their own lives – thus more effectively engaging them in the material to follow.

Why is this Important to Me? Image

About

Overview

Gain a focused understanding of today's corporate finance and financial management with the market-leading approach in Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT, CONCISE EDITION, 8E. This book's unique balance of clear concepts, contemporary theory, and practical applications helps readers better understand the concepts and reasons behind corporate budgeting, financing, and working capital decision making. Numerous practical examples, proven end-of-chapter applications, and Integrated Cases demonstrate theory in action, while Excel® Spreadsheet Models help readers master this software tool. It's a book designed to put each reader first in finance.

Features and Benefits

  • APLIA'S PREPARING FOR FINANCE tutorials ensure that students confront and overcome deficiencies in prerequisite math, accounting, economics, and statistics. A tutorial on using financial calculators is also included.
  • QUICK QUESTIONS: Located in key chapters, the authors placed these questions in set-aside boxes within the text. After posing the question, the exercise walks students through the process of finding its solution. The authors designed these questions to parallel the activity in a classroom setting, in which students go through an example to make concepts more concrete.
  • EXPANDED REAL-WORLD EXAMPLES: To help students bridge the gap between concept and application, the authors have included many real-life examples throughout the text including a broader discussion of the role of hedge funds and private equity of major firms, a detailed breakdown of the cash conversion cycle components for several leading companies, and an extensive updating of corporate bond ratings, yields, and dividend payouts for a broad range of companies.
  • UPDATED EXCEL MODELS: In a continuing effort to help students know and use Excel® to problem-solve, the authors have updated the spreadsheet models that parallel the discussion of each topic and have also incorporated new in-text graphics to quickly show students how many of the problems can be solved using Excel®.
  • FOCUSED SELF-TEST PROBLEMS ENSURE STUDENT UNDERSTANDING THROUGHOUT THE CHAPTER. Strategically placed Self-test Problems for students appear immediately after each major section of the chapter and enable students to test their comprehension before moving ahead, instead of waiting until the conclusion of the chapter.
  • AUTHOR-WRITTEN SUPPLEMENT SUPPORT PROVIDES CONSISTENCY THROUGHOUT COMPREHENSIVE PACKAGE. You find the same level of accuracy and precision crafting that has made this text a leader throughout all of this edition's supplements. Prepared by the text authors to ensure consistency, this seamless, integrated package includes a comprehensive Instructor's Manual, Student Study Guide and sizeable Test Bank, as well as numerous digital resources.
  • UNIQUE BALANCE OF THEORY AND PRACTICE KEEPS TODAY'S STUDENTS ENGAGED AND FOCUSED. The hallmark strength of this leading finance text is that it clearly introduces important financial theories using a practically focused presentation. Students immediately see the impact and importance of financial theories and trends at work through proven learning features, a variety of today's most recent real financial and business world examples, practical problem sets, and integrated mini-cases.
  • PROFESSIONAL POWER OF THOMSON ONE-BUSINESS SCHOOL EDITION (BSE) LETS STUDENTS WORK WITH ACTUAL PROFESSIONAL FINANCIAL TOOLS. Thomson ONE-BSE online database, available with this edition, puts students in the role of an actual business professional--letting them complete basic financial research and analysis using the same tool that professional brokers and analysts use every day to access leading financial data sources. Students use Thomson ONE-BSE to complete special end-of-chapter problems in the text.
  • INTEGRATED SPREADSHEET MODELS HELP STUDENTS REFINE FINANCIALPROBLEM-SOLVING TECHNIQUES. More than just Excel® templates, these integrated Spreadsheet Models, accompanying all but the first chapter, guide students in developing effective techniques for financial problem solving. Spreadsheet Models serve as useful tutorials that demonstrate how to maximize Excel® as a powerful finance tool.
  • MINDTAP™ for Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT is a new personal learning experience that combines all your digital assets--readings, multimedia, activities, assignments, and assessments--into a singular learning path to improve student outcomes.

Table of Contents

Part I: INTRODUCTION TO FINANCIAL MANAGEMENT.
1. An Overview of Financial Management.
2. Financial Markets and Institutions.
Part II: FUNDAMENTAL CONCEPTS IN FINANCIAL MANAGEMENT.
3. Financial Statements, Cash Flow, and Taxes.
4. Analysis of Financial Statements. Web Appendix 4A: Common Size and Percent Change Analyses.
5. Time Value of Money. Web Appendix 5A: Continuous Compounding and Discounting. Web Appendix 5B: Growing Annuities.
Part III: FINANCIAL ASSETS.
6. Interest Rates.
7. Bonds and Their Valuation. Web Appendix 7A: Zero Coupon Bonds. Web Appendix 7B: Bond Risk and Duration. Web Appendix 7C: Bankruptcy and Reorganization.
8. Risk and Rates of Return. Web Appendix 8A: Calculating Beta Coefficients.
9. Stocks and Their Valuation. Appendix 9A: Stock Market Equilibrium.
Part IV: INVESTING IN LONG-TERM ASSETS: CAPITAL BUDGETING.
10. The Cost of Capital. Web Appendix 10A: The Cost of New Common Stock and WACC.
11. The Basics of Capital Budgeting.
12. Cash Flow Estimation and Risk Analysis. Appendix 12A: Tax Depreciation. Web Appendix 12B: Refunding Operations. Web Appendix 12C: Using the CAPM to Estimate the Risk-Adjusted Cost of Capital. Web Appendix 12D: Techniques for Measuring Beta Risk. Web Appendix 12E: Comparing Mutually Exclusive Projects with Unequal Lives. Web Appendix 12F: Real Options: Investment Timing, Growth, and Flexibility.
Part V: CAPITAL STRUCTURE AND DIVIDEND POLICY.
13. Capital Structure and Leverage. Web Appendix 13A: Degree of Leverage.
14. Distributions to Shareholders: Dividends and Share Repurchases. Web Appendix 14A: An Example: The Residual Dividend Model.
Part VI: WORKING CAPITAL MANAGEMENT, FORECASTING, AND MULTINATIONAL FINANCIAL MANAGEMENT.
15. Working Capital Management. Web Appendix 15A: Inventory Management. Web Appendix 15B: Short-Term Loans and Bank Financing.
16. Financial Planning and Forecasting. Web Appendix 16A: Forecasting Financial Requirements When Financial Ratios Change.
17. Multinational Financial Management.
Appendix A: Solutions to Self-Test Questions and Problems.
Appendix B: Answers to Selected End-of-Chapter Problems.
Appendix C: Selected Equations and Tables.

What's New

  • The 8th edition has been updated to include discussions of the federal debt, the ongoing recovery of financial markets, and the European debt crisis.
  • Financial analysis examples using real-life companies such as Whole Foods, Berkshire Hathaway, and Apple.
  • New Blueprint Problems, written by the authors and located within CNOW and MindTap™, teach students the fundamental finance concepts and their associated building blocks - going beyond memorization. These comprehensive problems are written to emulate how you would walk through a problem in class. By stepping through the problem solving process step-by-step they reinforce foundational concepts in addition to having students demonstrate they understand the problem solving process and business impact of each topic. These problems include rich feedback and explanations, providing students with an excellent learning resource to solidify and reinforce students' understanding.
  • New ConceptClips, embedded throughout the new interactive eReader, present fundamental key finance topics to students in an entertaining and memorable way via short animated video clips. Developed by Mike Brandl of The Ohio State University, these vocabulary animations provide students with a memorable auditory and visual representation of the important terminology for the course.
  • New Problem Walk-Throughs, embedded in the new interactive eReader and online homework, walk students through solving a problem from start to finish. Students can play and replay the tutorials as they work through homework assignments or prepare for quizzes and tests, almost as though they had an instructor by their side the whole time. Ideal for homework, study outside the classroom, or distance learning, there are more than 100 Walk-Throughs to give students extra instructional help whenever and wherever it's most useful.
  • MindTap™, Cengage Learning’s fully online, highly personalized learning experience, will be available for FUNDAMENTALS OF FINANCIAL MANAGEMENT, CONCISE EDITION 8E. By combining readings, multimedia, activities, and assessments into a singular Learning Path, MindTap™ guides you through your course with ease and engagement. The updated learning path includes an Interactive Chapter Reading, Problem Demonstrations, BluePrint Problems, and the Online Homework Assignment. Instructors can personalize the Learning Path for their students by customizing the robust suite of Brigham/Houston 8e resources and adding their own content via apps that integrate into the MindTap™ framework seamlessly with Learning Management Systems.

Alternate Formats

Choose the format that best fits your student's budget and course goals

To customize your learning solution, contact your Learning Consultant for more information.

  • Looseleaf Edition

    ISBN-10: 1305094999 | ISBN-13: 9781305094994

    List Price = $180.95  | CengageBrain Price = $180.95

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

Bundle: Text + Aplia Printed Access Card

ISBN-10: 1305132556  | ISBN-13: 9781305132559

List Price = $290.95


Bundle: Text, Concise + CengageNOW Printed Access Card

ISBN-10:  1305135792  | ISBN-13:  9781305135796

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Bundle: Text + MindTap® Finance, 1 term (6 months) Printed Access Card

ISBN-10:  130524933X  | ISBN-13:  9781305249332

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Printed Text + Aplia™ Instant Access

ISBN-10:  1305249305  | ISBN-13:  9781305249301

List Price = $290.95  | CengageBrain Price = $290.95


Printed Text + MindTap® Finance Instant Access

ISBN-10:  1305249321  | ISBN-13:  9781305249325

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Printed Text, Concise + CengageNOW Instant Access

ISBN-10:  1305249313  | ISBN-13:  9781305249318

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Bundle: Text + LMS Integrated for MindTap® Management Printed Access Card

ISBN-10:  1305420861  | ISBN-13:  9781305420861

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Printed Text + LMS Integrated for MindTap® Finance Instant Access

ISBN-10:  1305615506 | ISBN-13:  9781305615502

List Price = $290.95  | CengageBrain Price = $290.95


Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Instructor's Manual, Concise  (ISBN-10: 1285065166 | ISBN-13: 9781285065168)

Find all of the time-saving tools you need for class preparation with this comprehensive Instructor’s Manual, written by the authors to ensure continuity. The IM contains answers to all text questions and problems and detailed solutions to Integrated Cases. It also contains descriptions of other ancillaries and a sample syllabus and course schedule. The Instructor Manual is also available in Microsoft® Word format on the text companion site.

Study Guide, Concise  (ISBN-10: 1285065158 | ISBN-13: 9781285065151)

Earn the grade you want in your course with the help of this invaluable tool. This Study Guide lists key learning objectives for each chapter, outlines key sections, provides self-test questions, and offers a set of problems similar to those in the text and Test Bank with fully worked-out solutions.

List Price = $69.95  | CengageBrain Price = $69.95  | College Bookstore Wholesale Price = $52.50

Test Bank, Concise  (ISBN-10: 1285065174 | ISBN-13: 9781285065175)

Check your students’ understanding of key concepts easily and efficiently with this proven Test Bank, written by the text authors. Updated to reflect the 8E, the Test Bank provides hundreds of class-tested questions and problems. All question content is tagged according to Tier I (Business Program Interdisciplinary Learning Outcomes) and Tier II (Finance-specific) standards topic, Bloom’s Taxonomy, and difficulty level and also includes complete solutions for all numerical problems. The Test Bank is also available on the text companion site in Cognero™ format.

Cengage Learning Testing, powered by Cognero® Instant Access, Concise  (ISBN-10: 1285978684 | ISBN-13: 9781285978680)

MindTap® Finance, 1 term (6 months) Instant Access for Brigham/Houston's Fundamentals of Financial Management, Concise Editions  (ISBN-10: 1285779460 | ISBN-13: 9781285779461)

MindTap® Finance for Brigham/Houston's Fundamentals of Financial Management, Concise Edition, 8th Edition provides you with the tools you need to better manage your limited time -- you can complete assignments whenever and wherever you are ready to learn with course material specially customized for you by your instructor and streamlined in one proven, easy-to-use interface. MindTap Finance helps you bridge the gap between theory and its application with a learning path that begins by showing you the relevance of the content to your life. The interactive eReader includes videos that provide you with on-demand problem-solving examples. Practice opportunities are accompanied by immediate, written feedback before you move on to complete your graded homework assignments. Through these activities and an array of tools and apps -- from note taking to flashcards -- you'll get a true understanding of course concepts, helping you to achieve better grades and setting the groundwork for your future courses. Access to this product is valid for 6 months of usage.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

CengageNOW™, 1 term (6 months) Instant Access, Concise  (ISBN-10: 128583660X | ISBN-13: 9781285836607)

CengageNOW is an online teaching and learning resource that accompanies your text-book, allowing you to organize your assignments and deliver better course results for you!

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

Aplia™, 1 term Instant Access, Concise  (ISBN-10: 1285836642 | ISBN-13: 9781285836645)

Get the help you need to stay on top of your coursework with Aplia™ for Finance. This innovative, online learning solution makes it exciting and convenient to read your eBook of FUNDAMENTALS OF FINANCIAL MANAGEMENT, CONCISE EDITION 8E and master the fundamental of finance. Interactive tools and automatically graded homework tie in directly to the book and provide immediate feedback on every question help further your understanding. It's easy to apply what you learn in the text directly to homework.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for CengageNOW™, 1 term Instant Access, Concise  (ISBN-10: 128584971X | ISBN-13: 9781285849713)

Have the tools you need to be successful A variety of tools are available in CengageNOW, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for Aplia™, 1 term Instant Access  (ISBN-10: 1285849736 | ISBN-13: 9781285849737)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for MindTap® Finance, 1 term (6 months) Instant Access  (ISBN-10: 1285849728 | ISBN-13: 9781285849720)

This access code will provide you with seamless access to your MindTap™ Finance resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

Student Supplements

Study Guide, Concise  (ISBN-10: 1285065158 | ISBN-13: 9781285065151)

Earn the grade you want in your course with the help of this invaluable tool. This Study Guide lists key learning objectives for each chapter, outlines key sections, provides self-test questions, and offers a set of problems similar to those in the text and Test Bank with fully worked-out solutions.

List Price = $69.95  | CengageBrain Price = $69.95  | College Bookstore Wholesale Price = $52.50

MindTap® Finance, 1 term (6 months) Instant Access for Brigham/Houston's Fundamentals of Financial Management, Concise Editions  (ISBN-10: 1285779460 | ISBN-13: 9781285779461)

MindTap® Finance for Brigham/Houston's Fundamentals of Financial Management, Concise Edition, 8th Edition provides you with the tools you need to better manage your limited time -- you can complete assignments whenever and wherever you are ready to learn with course material specially customized for you by your instructor and streamlined in one proven, easy-to-use interface. MindTap Finance helps you bridge the gap between theory and its application with a learning path that begins by showing you the relevance of the content to your life. The interactive eReader includes videos that provide you with on-demand problem-solving examples. Practice opportunities are accompanied by immediate, written feedback before you move on to complete your graded homework assignments. Through these activities and an array of tools and apps -- from note taking to flashcards -- you'll get a true understanding of course concepts, helping you to achieve better grades and setting the groundwork for your future courses. Access to this product is valid for 6 months of usage.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

CengageNOW™, 1 term (6 months) Instant Access, Concise  (ISBN-10: 128583660X | ISBN-13: 9781285836607)

CengageNOW is an online teaching and learning resource that accompanies your text-book, allowing you to organize your assignments and deliver better course results for you!

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

Aplia™, 1 term Instant Access, Concise  (ISBN-10: 1285836642 | ISBN-13: 9781285836645)

Get the help you need to stay on top of your coursework with Aplia™ for Finance. This innovative, online learning solution makes it exciting and convenient to read your eBook of FUNDAMENTALS OF FINANCIAL MANAGEMENT, CONCISE EDITION 8E and master the fundamental of finance. Interactive tools and automatically graded homework tie in directly to the book and provide immediate feedback on every question help further your understanding. It's easy to apply what you learn in the text directly to homework.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for CengageNOW™, 1 term Instant Access, Concise  (ISBN-10: 128584971X | ISBN-13: 9781285849713)

Have the tools you need to be successful A variety of tools are available in CengageNOW, all combined in one easy-to-use resource designed to improve your grades. Some resources get you prepared for class and help you succeed on homework, and others show you specific areas where you can work to improve. Stay ahead of the course requirements CengageNOW shows you the path through your course—from first day through finals. Once you know what’s expected, it’s easier to complete your assignments. Gain understanding that stays with you Do well on tests as well as the assignments! Bridge the gap between homework and tests by using CengageNOW to truly understand the material. Self-study and review materials keep you on the right track, to make sure your understanding goes beyond memorization. Set yourself up for better grades Why wonder where you stand? CengageNOW includes trackable assignments and grades. It tells you what to do to improve your grade, and gives you the tools to accomplish it! Student Testimonials: “I love the check your work option. Really, when you’re having a hard time figuring out an answer, sometimes working backwards is the best way to understand conceptually what you’re doing wrong.” - Brad Duncan University of Utah “I liked the videos because they were short enough to teach me and because they were short, I was able to find time to watch them again and again if I did not understand the first time.” - Jennifer Wright Northeast Wisconsin Technical College CTA: Ask your instructor about CengageNOW for this course.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for Aplia™, 1 term Instant Access  (ISBN-10: 1285849736 | ISBN-13: 9781285849737)

One million+ students, one billion answers In just 10 years, more than one billion answers have been submitted through Aplia, the premier online assignment solution. Millions of students use Aplia to better prepare for class and for their exams. Join them today! Know what’s important Aplia assignments mean “no surprises”—with an at-a-glance view of current assignments organized by due date, you always know what’s due, and when. Discover real-world relevance Aplia ties your lessons into real-world applications so you get a bigger, better picture of how you’ll use your education in your future workplace. Master the content Automatic grading and immediate step-by-step feedback helps you master content the right way the first time. Student Testimonial: “I was very engaged; the content in Aplia is useful. The study tools and materials in Aplia most definitely help me feel more prepared. I understood more than I would have otherwise.” - Tia Student, Glendale Community College CTA: Ask your instructor about Aplia for this course. www.cengage.com/aplia

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

LMS Integrated for MindTap® Finance, 1 term (6 months) Instant Access  (ISBN-10: 1285849728 | ISBN-13: 9781285849720)

This access code will provide you with seamless access to your MindTap™ Finance resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

List Price = $136.00  | CengageBrain Price = $136.00  | College Bookstore Wholesale Price = $136.00

Meet the Author

Author Bio

Eugene F. Brigham

Dr. Eugene F. Brigham is Graduate Research Professor Emeritus at the University of Florida, where he has taught since 1971. Dr. Brigham received his M.B.A. 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. Dr. Brigham has served as president of the Financial Management Association and has written many journal articles on the cost of capital, capital structure, and other aspects of financial management. He has authored or co-authored ten 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 Corporation. Dr. Brigham continues to teach, consult, and complete research in addition to his academic writing. He spends his spare time on the golf course, enjoying time with his family and dogs, and tackling outdoor adventure activities, such as biking through Alaska.

Joel F. Houston

Joel F. Houston is the John B. Hall Professor of Finance at the University of Florida. He received his M.A. and Ph.D. from the Wharton School at the University of Pennsylvania, and his undergraduate degree from Franklin and Marshall College. Prior to his appointment at the University of Florida, Dr. Houston was an Economist at the Federal Reserve Bank of Philadelphia. Joel's research is primarily in the areas of corporate finance and financial institutions, and his work has been published in a number of top journals including THE JOURNAL OF FINANCE, JOURNAL OF FINANCIAL ECONOMICS, JOURNAL OF BUSINESS, JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS AND FINANCIAL MANAGEMENT. Professor Houston also currently serves as an Associate Editor for the JOURNAL OF MONEY, CREDIT AND BANKING, the JOURNAL OF FINANCIAL SERVICES RESEARCH and the JOURNAL OF FINANCIAL ECONOMIC POLICY. Since arriving at the University of Florida in 1987, Joel has received 19 teaching awards, and has been actively involved in both undergraduate and graduate education. In addition to co-authoring leading textbooks in financial management, Dr. Houston has participated in management education programs for the PURC/World Bank Program, Southern Company, Exelon Corporation and Volume Services America. Joel enjoys playing golf and tennis and spending time with his wife (Sherry) and two children (Chris and Meredith). He is an avid sports fan who follows the Florida Gators, and the Pittsburgh Steelers, Pirates and Penguins.

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