Higher Education

Financial Management: Theory & Practice, 14th Edition

  • includes Thomson ONE - Business School Edition 1-Year Printed Access Card
  • Eugene F. Brigham University of Florida
  • Michael C. Ehrhardt University of Tennessee
  • ISBN-10: 1111972206  |  ISBN-13: 9781111972202
  • 1200 Pages
  • Previous Editions: 2011, 2008, 2005
  • © 2014 | Published
  • College Bookstore Wholesale Price = $279.50
  • Newer Edition Available

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About

Overview

The only text that strikes a balance between solid financial theory and practical applications, Brigham/Ehrhardt's FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 14e (with Thomson ONE - Business School Edition 1-Year Printed Access Card) equips your students with a thorough understanding of the essential concepts they need to develop and implement effective financial strategies. The book begins with a presentation of corporate finance fundamentals before progressing to discussions of specific techniques used to maximize the value of a firm. It also explores the recent financial and economic crises and the role of finance in the business world and in your students' personal lives. With its relevant and engaging presentation, numerous examples, and emphasis on Excel usage, this text is the ideal choice for an introductory MBA course and serves as a complete reference tool for your students throughout their academic and business careers. Each new copy of Brigham/Ehrhardt's FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 14e includes Thomson ONE Business School Edition, which gives students access to the same Thomson Reuters Financial database that business professionals use every day. As part of its comprehensive product package, Aplia™ for Finance and CengageNOW™ are available as optional learning solutions to support your course outcomes and to help your students become First in Finance.

Features and Benefits

  • PRACTICAL APPLICATION OF THEORY AND TRENDS HIGHLIGHTS THE ROLE OF FINANCE TODAY. The authors clearly illustrate the application of concepts and theories throughout the book's proven presentation, wealth of actual business examples, thought-provoking problem sets, and integrated Mini Cases. At the end of each chapter comprehensive Mini Cases further demonstrate applications with corresponding PowerPoint slides and spreadsheets as well as solutions on the instructor's password-protected companion site.
  • 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.
  • TAP INTO THE PROFESSIONAL POWER OF THOMSON ONE - BUSINESS SCHOOL EDITION. Your students can complete financial research and analysis using the same tool that professional brokers and Wall Street analysts trust every day. With Thomson ONE-BSE online database, you and your students have instant access to leading financial data sources, including Thomson Reuters Financial, Worldscope, SEC Disclosure, First Call, Datastream and more. Corresponding Thomson ONE problems in most chapters of the text provide valuable hands-on practice.
  • 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.

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.

What's New

  • NEW DESIGN TRULY ENGAGES READERS. A refreshed, easier-to-read interior design makes the Fourteenth Edition of the popular FINANCIAL MANAGEMENT: THEORY & PRACTICE more accessible and student friendly than ever.
  • INCREASED CORPORATE GOVERNANCE COVERAGE IS INTEGRATED THROUGHOUT. Reflecting the latest headlines, up-to-date coverage is packed with real-world illustrations and gives students in-depth insight into this key topic.
  • CHAPTERS OFFER EXPANDED EMPHASIS ON FREE CASH FLOWS (FCF). More detailed coverage of FCF is incorporated into chapters 13, 14, and 21.
  • TEST BANK MATERIAL IS TAGGED TO TIER I AND TIER II STANDARDS TO HELP MAXIMIZE YOUR COURSE SUCCESS. Ensuring students are well prepared for real-world practice, all Test Bank content is now tagged according to Tier I (Business Program Interdisciplinary Learning Outcomes) and Tier II (Finance-specific) standards, topic, Bloom's Taxonomy, and difficulty level to track course or institution learning outcomes.

Learning Resource Bundles

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Bundle: Text + CengageNOW with eBook Printed Access Card

ISBN-10: 1285578503  | ISBN-13: 9781285578507

List Price = $384.95  | College Bookstore Wholesale Price = $289.50

This Bundle Includes:

  • Financial Management: Theory & Practice
    List Price = $371.95  | CengageBrain Price = $371.95  | College Bookstore Wholesale Price = $279.50
  • CengageNOW™, 1 term (6 months) Printed Access Card
    List Price = $136.00  | College Bookstore Wholesale Price = $102.00


Printed Text + CengageNOW Instant Access

ISBN-10:  1305129903  | ISBN-13:  9781305129900

List Price = $391.95  | CengageBrain Price = $391.95  | College Bookstore Wholesale Price = $294.50

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  • Financial Management: Theory & Practice
    List Price = $371.95  | CengageBrain Price = $371.95  | College Bookstore Wholesale Price = $279.50
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Bundle: Text + MindTap® Finance, 2 terms (12 months) Printed Access Card

ISBN-10:  1305366425  | ISBN-13:  9781305366428

List Price = $397.95  | CengageBrain Price = $397.95  | College Bookstore Wholesale Price = $299.50

This Bundle Includes:

  • Financial Management: Theory & Practice
    List Price = $371.95  | CengageBrain Price = $371.95  | College Bookstore Wholesale Price = $279.50
  • MindTap® Finance, 2 terms (12 months) Printed Access Card for Brigham/Ehrhardt's Financial Management: Theory & Practice
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Printed Text + MindTap® Finance Instant Access

ISBN-10:  1305243994  | ISBN-13:  9781305243996

List Price = $384.95  | CengageBrain Price = $384.95  | College Bookstore Wholesale Price = $289.50

This Bundle Includes:

  • Financial Management: Theory & Practice
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  • MindTap® Finance, 1 term (6 months) Instant Access for Brigham/Ehrhardt's Financial Management: Theory & Practice, 14th
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Printed Text + LMS Integrated for MindTap® Finance Instant Access

ISBN-10:  1305624904  | ISBN-13:  9781305624900

List Price = $384.95  | CengageBrain Price = $384.95  | College Bookstore Wholesale Price = $289.50

This Bundle Includes:

  • Financial Management: Theory & Practice
    List Price = $371.95  | CengageBrain Price = $371.95  | College Bookstore Wholesale Price = $279.50
  • LMS Integrated for MindTap® Finance, 1 term (6 months) Instant Access
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ISBN-10:  1305122232 | ISBN-13:  9781305122239

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    List Price = $371.95  | CengageBrain Price = $371.95  | College Bookstore Wholesale Price = $279.50
  • MindTap® Finance, 1 term (6 months) Printed Access Card
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Efficacy and Outcomes

Reviews

"… [FINANCIAL MANAGEMENT: THEORY & PRACTICE] complements the emphasis on case analyses in my Applied Financial Management and Financial Strategy and Valuation courses."

— Ronald Melicher, University of Colorado–Boulder

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

Test Bank  (ISBN-10: 128509820X | ISBN-13: 9781285098203)

Revised to reflect the 14th edition, the Test Bank contains hundreds of true/false and multiple choice questions. All Test Bank 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. In addition to the printed format, a Microsoft® Word version of the Test Bank is available on the textbook companion site and Instructor’s Resource CD.

Instructor's Resource CD-ROM  (ISBN-10: 1285098234 | ISBN-13: 9781285098234)

Keep all the instruction tools you need at your fingertips with this all-in-one resource. The IRCD includes Microsoft® Word versions of the Solutions Manual, Test Bank, and Study Guide, PowerPoint lecture slides, Build-A-Model spreadsheets and solutions, Excel Tool Kits, and Mini Case Model spreadsheets. For your convenience, all of the resources on the IRCD except the Study Guide are available on the textbook companion site.

Study Guide  (ISBN-10: 1285098188 | ISBN-13: 9781285098180)

Updated to reflect the 14th Edition, the Study Guide outlines key content from each chapter. It also contains true/false and multiple choice Self-Test Questions and Self-Test Problems to help students test their knowledge and application of concepts from the text. Worked-out solutions guide students through the problem-solving process.

List Price = $70.95  | CengageBrain Price = $70.95  | College Bookstore Wholesale Price = $53.00

Solutions Manual  (ISBN-10: 1285098196 | ISBN-13: 9781285098197)

Updated to reflect the 14th edition, the Solutions Manual contains the worked-out solutions to the end-of-chapter Questions and Problems, Spreadsheet Problem, and Mini Case. In addition to the printed format, the Solutions Manual is also available on the textbook companion site and on the Instructor’s Resource CD.

Aplia™, 1 term Instant Access  (ISBN-10: 1305389042 | ISBN-13: 9781305389045)

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Aplia™, 2 terms Instant Access  (ISBN-10: 1285169727 | ISBN-13: 9781285169729)

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CengageNOW Instant Access  (ISBN-10: 1285098730 | ISBN-13: 9781285098739)

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MindTap® Finance, 1 term (6 months) Instant Access for Brigham/Ehrhardt's Financial Management: Theory & Practice, 14th  (ISBN-10: 1285513495 | ISBN-13: 9781285513492)

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MindTap® Finance, 1 term (6 months) Printed Access Card  (ISBN-10: 1285515412 | ISBN-13: 9781285515410)

MindTap™ Finance for Brigham/Ehrhardt's Financial Management: Theory and Practice, 14th Edition is the digital learning solution that helps instructors engage and transform today's students into critical thinkers. Through paths of dynamic assignments and applications that you can personalize, real-time course analytics, and an accessible reader, MindTap helps you turn cookie cutter into cutting edge, apathy into engagement, and memorizers into higher-level thinkers. Access to this product is valid for 6 months of usage.

List Price = $136.00  | College Bookstore Wholesale Price = $102.00

Student Supplements

Study Guide  (ISBN-10: 1285098188 | ISBN-13: 9781285098180)

Completely up to date, the Study Guide gives you the additional practice and support you need to master text material and earn the grade you want. It outlines key chapter content and contains Self-Test Questions and Self-Test Problems to test your knowledge and application of text concepts.

List Price = $70.95  | CengageBrain Price = $70.95  | College Bookstore Wholesale Price = $53.00

Aplia™, 1 term Instant Access  (ISBN-10: 1305389042 | ISBN-13: 9781305389045)

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Aplia™, 2 terms Instant Access  (ISBN-10: 1285169727 | ISBN-13: 9781285169729)

Aplia™ Finance improves comprehension and outcomes by increasing student effort and engagement. Students stay on top of coursework with regularly scheduled homework assignments while automatic grading provides detailed, immediate feedback. Aplia™ assignments match the language, style, and structure of the text, which allows your students to apply what they learn directly to homework. Find out more at www.aplia.com/finance or contact your Cengage Learning sales representative for more information.

List Price = $147.00  | CengageBrain Price = $147.00  | College Bookstore Wholesale Price = $147.00

Aplia™, 2 terms Printed Access Card  (ISBN-10: 1285169913 | ISBN-13: 9781285169910)

Aplia™ Finance improves comprehension and outcomes by increasing student effort and engagement. Students stay on top of coursework with regularly scheduled homework assignments while automatic grading provides detailed, immediate feedback. Aplia™ assignments match the language, style, and structure of the text, which allows your students to apply what they learn directly to homework. Find out more at www.aplia.com/finance or contact your Cengage Learning sales representative for more information.

List Price = $147.00  | College Bookstore Wholesale Price = $110.25

CengageNOW Instant Access  (ISBN-10: 1285098730 | ISBN-13: 9781285098739)

Designed by instructors for instructors, CengageNOW mirrors your natural workflow and provides timesaving, performance-enhancing tools for you and your students. CengageNOW takes the best of current technology including online homework management; fully customizable algorithmic end-of-chapter problems and test bank; and course support materials such as online quizzing and tutorials to support your course goals. Contact your Cengage Learning sales representative for more information.

List Price = $147.00  | CengageBrain Price = $147.00  | College Bookstore Wholesale Price = $147.00

MindTap® Finance, 1 term (6 months) Instant Access for Brigham/Ehrhardt's Financial Management: Theory & Practice, 14th  (ISBN-10: 1285513495 | ISBN-13: 9781285513492)

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

MindTap® Finance, 1 term (6 months) Printed Access Card  (ISBN-10: 1285515412 | ISBN-13: 9781285515410)

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List Price = $136.00  | College Bookstore Wholesale Price = $102.00

MindTap® Finance, 2 terms (12 months) Instant Access  (ISBN-10: 1285782364 | ISBN-13: 9781285782362)

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List Price = $147.00  | CengageBrain Price = $147.00  | College Bookstore Wholesale Price = $147.00

LMS Integrated for MindTap® Finance, 1 term (6 months) Instant Access  (ISBN-10: 1285587731 | ISBN-13: 9781285587738)

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.

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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.

Michael C. Ehrhardt

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.