With the same contemporary approach and dynamic examples that made previous editions so popular, this fully revised thirteenth edition of Fundamentals of Financial Management continues to provide students with a focused understanding of today's corporate finance and financial management. This market-leading text offers a unique balance of clear concepts, contemporary theory and practical applications in order to help students understand the concepts and reasons behind corporate budgeting, financing, working capital decision making, forecasting, valuation and Time Value of Money (TVM). The thirteenth edition has been updated to include discussions of several major events such as the BP oil spill, the European debt crisis and the ongoing weakness in the economy and financial markets. Numerous practical examples, 'Quick Questions', proven end-of-chapter applications, Integrated Cases and real-world examples demonstrate theory in action. A comprehensive support package - prepared by the text authors - connects closely with the book to reduce preparation time and reinforce students understanding. Features
About the AuthorDr. Eugene F. Brigham
- Learning Tools are Found Throughout the Chapter to Ensure Student Understanding. 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. In addition, integrated Spreadsheet Models, accompanying all but the first chapter and 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.
- Unique Balance of Theory and Practice Keeps Today's Students Engaged and Focused. A hallmark strength of this leading finance text, this edition 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.
- Current, Relevant Coverage - The thirteenth edition includes increased discussion of the federal debt, the Dodd-Frank Bill and the possible takeover of the NYSE as well as updates on the ongoing weakness in the economy and financial markets and the European debt crisis.
- New Sets of '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 more 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.
- More Emphasis on and Clarity of Key Topics - The authors have clarified their discussion of free cash flow (Chapter 3) and better demonstrated its effects on the value of common stocks (Chapter 9) and the value of corporate projects (Chapters 11 and 12). They discuss the connections between derivatives and the financial crisis (Chapter 18) and also highlight recent hybrids such as Warren Buffets investment in Goldman Sachs (Chapter 20). They also reorganized some of the spreadsheet examples so that these have a more consistent presentation throughout the text.
- 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.
- New Web Appendices Added - Two new Web Appendices on 'Common Sized Balance Sheets' and 'Duration' have been added and are an ideal option for instructors with advanced students
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
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.