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Intermediate Financial Management,
13th Edition

Eugene F. Brigham, Phillip R. Daves

ISBN-13: 9781337395083 | ISBN-10: 1337395080

Copyright 2019

| Published 2018

| 1216 pages

List Price USD $299.95

Overview

The only book written specifically for Intermediate or Advanced Corporate Finance courses, Brigham/Daves' INTERMEDIATE FINANCIAL MANAGEMENT, 13E combines in-depth discussions of core issues with current coverage of the topics that are reshaping finance today. This best-selling author teams provides a unique balance of theory and practical applications to equip you with a thorough understanding of the financial problems facing businesses -- as well as the best solutions. Corporate valuation as a unifying theme emphasizes the theoretic groundwork for value maximization, while numerous Excel® examples help you sharpen the practical skills needed to analyze business decisions. Real-world examples, integrated Mini-Cases, end-of-chapter problems and Excel® spreadsheet models illustrate how financial theory in practice leads to stronger financial decisions.

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Meet the Authors

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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.

Dr. Phillip R. Daves is an associate professor of finance at the University of Tennessee in Knoxville. His research interests encompass health care finance, asset pricing, derivative securities and dividend policy. He has published papers in The Journal of Finance, The International Journal of Finance, Applied Financial Economics, Journal of Financial Practice and Education and The Journal of Financial and Strategic Decisions. Dr. Daves teaches at the undergraduate, M.B.A., and Ph.D. levels, where his special interests in teaching include health care finance, investments, financial management and asset pricing. He consults for a range of large and small companies as well as the state of Tennessee. His consulting focuses on business valuation, compensation, value-based management and health care policy. Dr. Daves received his B.A. in economics from Davidson College, his M.S. in mathematics and his Ph.D. in finance from the University of North Carolina at Chapel Hill.

  • Reflecting the latest trends, issues and developments from real-world practice, INTERMEDIATE FINANCIAL MANAGEMENT, 13E has been thoroughly revised and updated to include the most current coverage available -- including expanded coverage of advances in financial markets.
  • More Excel is integrated into every chapter.
  • Thoroughly updated, Chapter 1 "An Overview of Financial Management and the Financial Environment" includes new material on the rapidly changing secondary market for equities, including high frequency trading, off exchange trading, dark pools and the impact of Reg NMS.
  • Chapter 21 "Supply Chains and Working Capital Management" now includes a web extension on Supply Chain Finance.
  • Chapters 8 and 9 improve integration of financial forecasting and valuation. Stock valuation coverage in Chapter 8 begins with free cash flow valuation and projecting the items necessary to calculate free cash flow. The dividend growth model is treated as a special case instead of the central tool, creating a stronger emphasis on real-company valuation rather than idealized companies and the dividend growth model. The forecasting chapter, Chapter 9, now focuses on financial planning, and the authors present only one way of balancing financial statements and obtaining additional funds needed.
  • Chapter 17 "Dynamic Capital Structures and Corporate Valuation" now emphasizes how changes in capital structure affect valuation models. It includes development of the Adjusted Present Value valuation model as well as the Free Cash Flow to Equity model, which provides a more thematically consistent treatment. Bond refunding coverage is now included in a web extension.
  • Also available with the text, new Cengage Learning Testing Powered by Cognero® is a flexible, online system that enables you to author, edit and manage test bank content from multiple Cengage Learning solutions. 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.
  • MindTap Finance now includes Excel® Online (EO) problems, algorithmic versions of selected end-of-chapter exercises students can solve using Excel. Videos demonstrating the solutions ensure thorough student understanding. Adaptive Test Prep (ATP) enables students to create practice quizzes covering multiple chapters in a low-stakes environment. Students receive immediate feedback showing where they need additional help, and the test bank-style questions help prepare them for exams. With a total of 567 questions, students can create multiple unique practice quizzes.
  • Chapter 16 "Capital Structure Decisions" now includes material on viewing the equity in a levered corporation as a call option with the strike price the face value of the debt, which allows the authors to incorporate insight into option pricing earlier in the text.
  • Chapter 11 "Determining the Cost of Capital" now includes material on estimating the after-tax cost of debt when bonds are issued or traded at a premium or a discount. It also offers a more-accurate treatment of the tax effects of bond flotation costs.
  • All boxes and chapter references to the "Global Financial Crisis" have been updated to the "Great Recession of 2007", reflecting that the "crisis" is over but the global "Recession" continues.
  • RELIABLE PRESENTATION PROVIDES PROVEN ACCURACY. The author team's meticulous attention to detail and time-tested content deliver a compelling text and powerful package of author-driven supplements that you can trust with complete confidence in your intermediate or advanced course.
  • PROVEN LEARNING FEATURES HIGHLIGHT PRACTICAL APPLICATIONS. A wealth of real-world examples illustrate today's financial theories and trends in action, while engaging learning features such as practical problem sets and integrated Mini-Cases give students hands-on experience putting what they learn into practice.
  • UNIQUE BALANCE OF THEORY AND PRACTICE DIFFERENTIATES BOOK'S APPROACH. With its signature clear, focused presentation, INTERMEDIATE FINANCIAL MANAGEMENT, 13e provides an in-depth introduction to core financial theories as well as emerging financial management developments and issues. Its comprehensive coverage provides the background material necessary to maximize student success without sacrificing the rigor you need to equip advanced students.

Table of Contents

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Part I: FUNDAMENTAL CONCEPTS OF CORPORATE FINANCE.
1. An Overview of Financial Management and the Financial Environment.
Web Extension 1A: An Overview of Derivatives.
Web Extension 1B: An Overview of Financial Institutions.
2. Risk and Return: Part I.
Web Extension 2A: Continuous Probability Distributions.
Web Extension 2B: Estimating Beta with a Financial Calculator.
3. Risk and Return: Part II.
4. Bond Valuation.
Web Extension 4A: A Closer Look at Zero Coupon Bonds, Other OID Bonds and Premium Bonds.
Web Extension 4B: A Closer Look at TIPS: Treasury Inflation-Protected Securities.
Web Extension 4C: A Closer Look at Bond Risk: Duration.
Web Extension 4D: The Pure Expectations Theory and Estimation of Forward Rates.
5. Financial Options.
6. Accounting for Financial Management.
Web Extension 6A: The Federal Income Tax System for Individuals.
7. Analysis of Financial Statements.
Part II: CORPORATE VALUATION.
8. Basic Stock Valuation.
Web Extension 8A: Derivation of Valuation Equations.
9. Corporate Valuation and Financial Planning.
10. Corporate Governance.
11. Determining the Cost of Capital.
Web Extension 11A: The Cost of Equity in the Nonconstant Dividend Growth Model.
Part III: PROJECT VALUATION.
12. Capital Budgeting: Decision Criteria.
Web Extension 12A: The Accounting Rate of Return (ARR).
13. Capital Budgeting: Estimating Cash Flows and Analyzing Risk.
Web Extension 13A: Certainty Equivalents and Risk-Adjusted Discount Rates.
14. Real Options.
Web Extension 14A: The Abandonment Real Option.
Web Extension 14B: Risk-Neutral Valuation.
Part IV: STRATEGIC FINANCING DECISIONS.
15. Distributions to Shareholders: Dividends and Repurchases.
16. Capital Structure Decisions.
Web Extension 16A: Degree of Leverage.
Web Extension 16B: Capital Structure Theory: Arbitrage Proofs of the Modigliani-Miller Theorems.
17. Dynamic Capital Structures and Corporate Valuation.
Web Extension 17A: Projecting Consistent Debt and Interest Expenses.
Web Extension 17B: Bond Refunding.
Part V: TACTICAL FINANCING DECISIONS.
18. Initial Public Offerings, Investment Banking and Capital Formation.
Web Extension 18A: Rights Offerings.
19. Lease Financing.
Web Extension 19A: Percentage Cost Analysis.
Web Extension 19B: Leasing Feedback.
Web Extension 19C: Leveraged Leases.
Web Extension 19D: Accounting for Leases.
20. Hybrid Financing: Preferred Stock, Warrants and Convertibles.
Web Extension 20A: Calling Convertible Issues.
Part VI: WORKING CAPITAL MANAGEMENT.
21. Supply Chains and Working Capital Management.
Web Extension 21A: Secured Short-Term Financing.
Web Extension 21B: Supply Chain Finance.
22. Providing and Obtaining Credit.
23. Other Topics in Working Capital Management.
Part VII: SPECIAL TOPICS.
24. Enterprise Risk Management.
25. Bankruptcy, Reorganization and Liquidation.
Web Extension 25A: Multiple Discriminant Analysis.
26. Mergers and Corporate Control.
27. Multinational Financial Management.
WEB CHAPTERS.
28. Time Value of Money.
Web Extension 28A: The Tabular Approach.
Web Extension 28B: Derivations of Annuity Formulas.
Web Extension 28C: Continuous Compounding.
29. Basic Financial Tools: A Review.
30. Pension Plan Management.
31. Financial Management in Not-for-Profit Businesses.

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.

Instructor's Website for Brigham/Daves' Intermediate Financial Management, 13th

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ISBN10:1337614777
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Cengage Testing, powered by Cognero® for Brigham/Daves' Intermediate Financial Management, Instant Access

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INTERNAL ONLY SM INTERMEDIATE FINANCIAL MANAGEMENT

ISBN13:9781337614795
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INTERNAL ONLY IM INTERMEDIATE FINANCIAL MANAGEMENT

ISBN13:9781337614788
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Intermediate Financial Management

  • ISBN-10: 1337395080
  • ISBN-13: 9781337395083

Price USD$ 299.95

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