Financial Management,
17th Edition

PART I: THE COMPANY AND ITS ENVIRONMENT.
1. An Overview of Financial Management and the Financial Environment.
2. Financial Statements, Cash Flow, and Taxes.
3. Analysis of Financial Statements.
PART II: FIXED INCOME SECURITIES.
4. Time Value of Money.
5. Bonds, Bond Valuation, and Interest Rates.
PART III: STOCKS AND OPTIONS.
6. Risk, Return, and the Capital Asset Pricing Model.
7. Corporate Valuation, Stock Valuation, and Stock Market Equilibrium.
8. Financial Options and Applications in Corporate Finance.
PART IV: PROJECTS AND THEIR VALUATION.
9. The Cost of Capital.
10. The Basics of Capital Budgeting: Evaluating Cash Flows.
11. Cash Flow Estimation and Risk Analysis.
PART V: CORPORATE VALUATION AND GOVERNANCE.
12. Financial Planning and Forecasting Financial Statements.
13. Corporate Valuation, Value-Based Management and Corporate Governance.
PART VI: CASH DISTRIBUTIONS AND CAPITAL STRUCTURE.
14. Distributions to Shareholders: Dividends and Repurchases.
15. Capital Structure Decisions.
PART VII: MANAGING GLOBAL OPERATIONS.
16. Working Capital Management.
17. Multinational Financial Management.
PART VIII: TACTICAL FINANCING DECISIONS.
18. Public and Private Financing: Initial Offerings, Seasoned Offerings, and Investment Banks.
19. Lease Financing.
20. Hybrid Financing: Preferred Stock, Warrants, and Convertibles.
PART IX: STRATEGIC FINANCE IN A DYNAMIC ENVIRONMENT.
21. Dynamic Capital Structures and Corporate Valuation.
22. Mergers and Corporate Control.
23. Enterprise Risk Management.
24. Bankruptcy, Reorganization, and Liquidation.
PART X: SPECIAL TOPICS.
25. Portfolio Theory and Asset Pricing Models.
26. Real Options 1.
APPENDIXES.
APPENDIX A: Solutions to Self-Test Problems.
APPENDIX B: Answers to End-of-Chapter Problems.
APPENDIX C: Selected Equations.
GLOSSARY AND INDEXES.
Glossary.
Name Index.
Subject Index.
WEB CHAPTERS:
27. Providing and Obtaining Credit.
28. Advanced Issues in Cash Management and Inventory Control.
29. Pension Plan Management.
30. Financial Management in Not-for-Profit Businesses.

• Eugene F. Brigham

  Dr. Eugene F. Brigham is graduate research professor emeritus at the University of Florida, where he has taught since 1971. He 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. A former president of the Financial Management Association, he 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. In addition to his academic writing, Dr. Brigham continues to teach, consult and complete research. 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. He has also testified as an expert witness in numerous electric, gas and telephone rate cases at both federal and state levels. Dr. Brigham 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 Emeritus and current faculty member in two Executive MBA programs at the University of Tennessee. He received a B.S. in Civil Engineering and a B.A. in Economics 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, master's and doctoral levels in the areas of investments, corporate finance and capital markets. He has directed and served on numerous dissertation committees. 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. His honors include the Allen G. Keally Outstanding Teacher Award, the Tennessee Organization of MBA Students Outstanding Faculty Award, the College of Business Administration Research & Teaching Award and the John B. Ross Outstanding Teaching Award in the College of Business. An author and co-author of several books addressing various areas of finance, Dr. Ehrhardt focuses much of his research 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.

• RELEVANT, CURRENT EXAMPLES ACCURATELY DEPICT TODAY’S GLOBAL ECONOMIC ENVIRONMENT. Updated real-world examples throughout this edition connect financial concepts with timely events that resonate with students. This updated edition touches on a number of new developments emerging in today's financial settings.

• ENHANCED INSTRUCTOR ANCILLARY PACKAGE PROVIDES ADDITIONAL RESOURCES. In addition to award-winning MindTap digital resources, this edition's all-new teaching support package now includes a Solutions and Answer Guide with problem statements from the printed text. Support also includes an Instructor's Manual with detailed chapter outlines mapped to PowerPoint® slide decks, fully accessible PowerPoint® slides and a trusted digital test bank.

• CLEAR AND CONCISE WRITING IMPROVES STUDENT COMPREHENSION. This edition's engaging and easy-to-understand presentation helps students quickly grasp concepts and master financial tools on their own. This frees up valuable time for you and your students.

• THIS EDITION INTEGRATES CORPORATE GOVERNANCE COVERAGE 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.

• EXCEL TOOL KITS ENSURE STUDENT PROFICIENCY IN USING SPREADSHEETS. Many of the helpful figures in chapters are actual screen captures from Excel Tool Kit models. These visuals help students connect written explanations of problem-solving to the actual calculations. The Tool Kits also include instructions and examples showing how to use many of Excel’s powerful features, functions and tools.

• END-OF-CHAPTER SPREADSHEET PROBLEMS BUILD STUDENTS’ SKILLS IN FINANCE AND EXCEL. These spreadsheet problems include financial data and partially completed models addressing real-world problems, but it is up to the student to "build the model" by filling in specific cells with the necessary formulas. This structure guides students step-by-step through the problem, minimizing unnecessary typing and data entry. Answers appear in specific color-coded cells to make grading easier.

• 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, this edition ensures your students receive the coverage they need, whether you teach a one-semester or two-semester course. Building on this solid foundation, later chapters provide more advanced and expanded treatment of material to strengthen students' mastery of concepts.

• UNMATCHED AUTHOR EXPERTISE ENSURES CLEAR, CONTEMPORARY APPROACH. This unrivaled author team combines award-winning teaching experience, professional expertise, contemporary scholarship and more than 30 years of text writing experience. Together, these authors deliver a consistent, accurate and innovative approach that keeps your students engaged and "First in Finance."

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