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The only text that strikes a balance between solid financial theory and practical applications, Brigham/Ehrhardt’s FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 15e 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. As part of its comprehensive product package, MindTap® Finance, 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.
- 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.
- 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.
1A: An Overview of Derivatives.
1B: A Closer Look at the Stock Markets.
2: Financial Statements, Cash Flow, and Taxes.
2A: The Federal Income Tax System for Individuals.
3: Analysis of Financial Statements.
4: Time Value of Money.
4A: The Tabular Approach.
4B: Derivation of Annuity Formulas.
4C: Continuous Compounding.
5: Bonds, Bond Valuation, and Interest Rates.
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.
6A: Continuous Probability Distributions.
6B: Estimating Beta with a Financial Calculator.
7: Valuation of Stocks and Corporations.
7A: Derivation of Valuation Equations.
8: Financial Options and Applications in Corporate Finance.
9: The Cost of Capital.
9A: The Required Return Assuming Nonconstant Dividends and Stock.
10: Basics of Capital Budgeting: Evaluating Cash Flows.
10A: The Accounting Rate of Return (ARR).
11: Cash Flow Estimation and Risk Analysis.
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.
16A: Secured Short-Term Financing.
17: Multinational Financial Management.
18: Public and Private Financing: Initial Offerings, Seasoned Offerings, and Investment Banks.
18A: Rights Offerings.
19: Lease Financing.
19A: Leasing Feedback.
19B: Percentage Cost Analysis.
19C: Leveraged Leases.
20: Hybrid Financing: Preferred Stock, Warrants, and Convertibles.
20A: Calling Convertible Issues.
21: Dynamic Capital Structures.
22: Mergers and Corporate Control.
22A: Projecting Consistent Debt and Interest Expenses.
23: Enterprise Risk Management.
24: Bankruptcy, Reorganization, and Liquidation.
24A: Multiple Discriminant Analysis.
25: Portfolio Theory and Asset Pricing Models.
26: Real Options.
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.
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.
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