Request for consultation

Thanks for your request. You’ll soon be chatting with a consultant to get the answers you need.
Your form is submitting...
{{formPostErrorMessage.message}} [{{formPostErrorMessage.code}}]
Email Address is required. 'Email Address' must contain at least 0 characters 'Email Address' cannot exceed 0 characters Please enter a valid Email Address
First Name is required. 'First Name' must contain at least 0 characters 'First Name' cannot exceed 0 characters Please enter a valid First Name
Last Name is required. 'Last Name' must contain at least 0 characters 'Last Name' cannot exceed 0 characters Please enter a valid Last Name
Institution is required.
Discipline is required.
Cengage, at your service! How can we best meet your needs? is required.
Why are you contacting us today? is required. 'Why are you contacting us today?' must contain at least 0 characters 'Why are you contacting us today?' cannot exceed 0 characters Please enter a valid Why are you contacting us today?
See Most Recent Edition

Fundamentals of Financial Management, 15th Edition

Eugene F. Brigham, Joel F. Houston

  • Copyright 2019
  • {{checkPublicationMessage('Published', '2018-01-24T00:00:00+0000')}}
Starting At $77.95 See pricing and ISBN options
Instructor Next Steps
Students: Buy now
Fundamentals of Financial Management 15th Edition by Eugene F. Brigham/Joel F. Houston
Quick Navigation

Overview

With its signature approach, powerful examples, and innovative learning tools, Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT, 15e continues to reflect the latest developments from the field as it equips students with a focused understanding of today's corporate finance and financial management. This longtime market leader delivers a unique balance of clear concepts, contemporary theory, and practical applications to help students understand corporate budgeting, financing, working capital decision-making, forecasting, valuation, and Time Value of Money. The authors also provide authoritative insight into changing technology and globalization, the evolution of financial markets, and ongoing shifts in the global political and economic environment. Hands-on exercises demonstrate theory in action, while MindTap and other digital resources offer further student engagement.

MindTap Finance for Brigham/Houston’s Fundamentals of Financial Management, is the digital learning solution that powers students from memorization to mastery. It gives you complete control of your course--to provide engaging content, to challenge every individual and to build their confidence. In addition to all the great features in the previous edition, MindTap now has:

• Improved End-of-Chapter algorithmic homework experience that provides instant feedback for all homework and practice assignments

• Self-authoring feature that allows a user to easily create their own auto-gradable homework or practice questions

• Improved performance measurement analytics ¬– easily track individual student and/or overall class engagement, scores, and outcomes.

Empower students to accelerate their progress with MindTap. MindTap: Powered by You.

{{readMore['overview'] ? 'Read More' : 'Read Less'}}

Meet the Authors

{{collapseContainerClosed['meet-the-author'] ? 'Show More' : 'Show Less'}}

Eugene F. Brigham

Dr. Eugene F. Brigham is a 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.

Joel F. Houston

Dr. Joel F. Houston is the Eugene F. Brigham 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. Dr. Houston's research is primarily in the areas of corporate finance and financial institutions. His work has been published in top journals including The Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Accounting Research and Financial Management. Dr. Houston also currently serves as an associate editor for the Journal of Financial Services Research and the Journal of Financial Economic Policy. Since arriving at the University of Florida in 1987, Dr. Houston has received more than 25 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. He enjoys playing golf and spending time with his wife (Sherry), son (Chris), daughter (Meredith) and grandson (Teddy). He is an avid sports fan who follows the Florida Gators as well as the Pittsburgh Steelers, Pirates and Penguins.

What's New

{{collapseContainerClosed['whats-new'] ? 'Show More' : 'Show Less'}}
  • Completely revised and updated to reflect the latest developments, trends, and issues from the field, the 15th Edition of FUNDAMENTALS OF FINANCIAL MANAGEMENT includes discussions of the federal debt, the ongoing recovery of financial markets, the European debt crisis, and other emerging issues straight from today's headlines.
  • New financial analysis examples use real-life companies such as Berkshire Hathaway, Microsoft, SNAP, and Dunkin' Donuts, enabling students to see financial concepts in action at organizations they are familiar with.
  • MindTap® Finance -- the digital learning solution that powers students from memorization to mastery -- now includes Excel® Online (EO) problems, algorithmic versions of selected end-of-chapter exercises that allow students to solve problems in Excel. Videos demonstrating the solutions accompany these EO problems and ensure thorough student understanding. Also, Concept Clips, the 3-minute videos explaining finance concepts, were so popular with students and instructors in the previous edition that additional clips have been added to the 15th edition.

Features

{{collapseContainerClosed['features'] ? 'Show More' : 'Show Less'}}
  • PREPARING FOR FINANCE: Thorough tutorials ensure that students confront and overcome any deficiencies in prerequisite math, accounting, economics, and statistics. Tutorials on using various financial calculators and Excel® are also included. Preparing for Finance is available in the MindTap® and Aplia learning solutions.
  • EXCEL® ONLINE: Selected end-of-chapter problems have been converted to an Excel® worksheet setup, giving students hands-on practice working problems using Excel® formulas and functions. This feature enhances student knowledge of Excel® and its application to relevant finance concepts.
  • NEWLY CREATED "APPLETS": An all-new "Exploring Finance" feature uses graphical representations to enhance student knowledge. Each applet includes three to five questions that require students to manipulate a graph. For example, the student may have to change the "slider" for number of periods, interest rates, payments, etc., to answer a particular question. Going beyond memorization, these activities reinforce financial concepts by involving students in an interactive exercise to arrive at the solution.
  • QUICK QUESTIONS: Located in boxes in key chapters throughout the text, these insightful exercises pose a relevant question and then walk students through the process of finding its solution. The authors designed these questions to parallel the classroom activity 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 text is packed with real-life examples throughout, 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, a weighted average cost of capital analysis for selected companies, an extensive updating of corporate bond ratings, yields, and dividend payouts for a broad range of companies, and much more.
  • REVAMPED POWERPOINT PRESENTATIONS: Now more engaging than ever, the textbook's accompanying PowerPoint presentations have been completely revised. Slide content reflects all of the changes and additions in the 15th edition.
  • UPDATED EXCEL® MODELS: In a continuing effort to help students know and use Excel® to problem-solve, the authors updated the spreadsheet models that parallel the discussion of each topic. In addition, in-text graphics quickly show students how many of the problems can be solved using Excel®.
  • FOCUSED SELF-TEST PROBLEMS: Ensuring student understanding as they progress through each chapter, strategically placed Self-Test Problems appear immediately after each major chapter section and enable students to test their comprehension before moving to the next topic -- instead of waiting until the conclusion of the chapter.
  • TAKING A CLOSER LOOK PROBLEMS: Using an actual company's financial information, these hands-on exercises enable students to apply chapter concepts to real-world situations using online resources -- giving them a better understanding of how to gather the information needed to perform the applicable analysis.
  • CUSTOMIZED LEARNING: MindTap® Finance for Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT is the digital learning solution that powers students from memorization to mastery. It gives you complete control of your course -- to provide engaging content, to challenge every individual, and to build their confidence. Empower students to accelerate their progress with MindTap®.
  • INSTRUCTOR RESOURCES: A comprehensive support package -- prepared by the text's authors -- connects closely with the book to maximize your preparation time and student success!.

Table of Contents

{{collapseContainerClosed['table-of-contents'] ? 'Show More' : 'Show Less'}}
Part I: INTRODUCTION TO FINANCIAL MANAGEMENT.
1. An Overview of Financial Management.
2. Financial Markets and Institutions.
Part II: FUNDAMENTAL CONCEPTS IN FINANCIAL MANAGEMENT.
3. Financial Statements, Cash Flow, and Taxes.
4. Analysis of Financial Statements.
Web Appendix 4A: Common Size and Percent Change Analyses.
5. Time Value of Money.
Web Appendix 5A: Continuous Compounding and Discounting.
Web Appendix 5B: Growing Annuities.
Part III: FINANCIAL ASSETS.
6. Interest Rates.
7. Bonds and Their Valuation.
Web Appendix 7A: Zero Coupon Bonds.
Web Appendix 7B: Bond Risk and Duration.
Web Appendix 7C: Bankruptcy and Reorganization.
8. Risk and Rates of Return.
Web Appendix 8A: Calculating Beta Coefficients.
9. Stocks and Their Valuation.
Appendix 9A: Stock Market Equilibrium.
Part IV: INVESTING IN LONG-TERM ASSETS: CAPITAL BUDGETING.
10. The Cost of Capital.
Web Appendix 10A: The Cost of New Common Stock and WACC.
11. The Basics of Capital Budgeting.
12. Cash Flow Estimation and Risk Analysis.
Appendix 12A: Tax Depreciation.
Web Appendix 12B: Refunding Operations.
Web Appendix 12C: Using the CAPM to Estimate the Risk-Adjusted Cost of Capital.
Web Appendix 12D: Techniques for Measuring Beta Risk.
13. Real Options and Other Topics in Capital Budgeting.
Part V: CAPITAL STRUCTURE AND DIVIDEND POLICY.
14. Capital Structure and Leverage.
Web Appendix 14A: Degree of Leverage.
15. Distributions to Shareholders: Dividends and Share Repurchases.
Web Appendix 15A: An Example: The Residual Dividend Model.
Part VI: WORKING CAPITAL MANAGEMENT, FORECASTING, AND MULTINATIONAL FINANCIAL MANAGEMENT.
16. Working Capital Management.
Web Appendix 16A: Inventory Management.
Web Appendix 16B: Short-Term Loans and Bank Financing.
17. Financial Planning and Forecasting.
Web Appendix 17A: Forecasting Financial Requirements When Financial Ratios Change.
Part VII: SPECIAL TOPICS IN FINANCIAL MANAGEMENT.
18. Derivatives and Risk Management.
Appendix 18A: Valuation of Put Options.
19. Multinational Financial Management.
20. Hybrid Financing: Preferred Stock, Leasing, Warrants, and Convertibles.
21. Mergers and Acquisitions.
Web Appendix 21A: Merger Regulation.
Web Appendix 21B: Holding Companies.
Appendix A: Solutions to Self-Test Questions and Problems.
Appendix B: Answers to Selected End-of-Chapter Problems.
Appendix C: Selected Equations and Tables.

Compare Buying Options

{{collapseContainerClosed['compare-buying-options'] ? 'Show More' : 'Show Less'}}

MindTap Options

{{collapseContainerClosed['detail_1'] ? 'Show More' : 'Show Less'}}
MindTap
Each MindTap product offers the full, mobile-ready textbook combined with superior and proven learning tools at one affordable price. Students who purchase digital access can add a print option at any time when a print option is available for their course.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

Standalone Digital Access — Ultimate Value

Recommended and most popular

  • ISBN-10: 0357114566
  • ISBN-13: 9780357114568
  • RETAIL $99.95

  • ISBN-10: 035711454X
  • ISBN-13: 9780357114544
  • RETAIL $99.95
Instructor Next Steps
Students: Buy now

Textbook Only Options

Traditional eBook and Print Options

{{collapseContainerClosed['detail_0'] ? 'Show More' : 'Show Less'}}

  • ISBN-10: 0357686691
  • ISBN-13: 9780357686690
  • RETAIL $77.95

  • ISBN-10: 1337395250
  • ISBN-13: 9781337395250
  • RETAIL $364.95
Instructor Next Steps
Students: Buy now

Supplements

{{collapseContainerClosed['supplements'] ? 'Show More' : 'Show Less'}}

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.

FOR STUDENTS

MindTapV2.0 Finance, 1 term (6 months) Instant Access for Brigham/Houston's Fundamentals of Financial Management

ISBN: 9780357114568
MindTapV2.0 Finance for Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT is the digital learning solution that powers students from memorization to mastery. It gives you complete control of your course -- to provide engaging content, to challenge every individual, and to build their confidence. Empower students to accelerate their progress with MindTap. MindTap: Powered by You. MindTap gives you complete ownership of your content and learning experience. Customize the interactive syllabi, emphasize the most important topics, and add your own material or notes in the eBook.

MindTapV2.0 Finance, 2 terms (12 months) Instant Access for Brigham/Houston's Fundamentals of Financial Management

ISBN: 9780357114544
MindTapV2.0 Finance for Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT is the digital learning solution that powers students from memorization to mastery. It gives you complete control of your course -- to provide engaging content, to challenge every individual, and to build their confidence. Empower students to accelerate their progress with MindTap. MindTap: Powered by You. MindTap gives you complete ownership of your content and learning experience. Customize the interactive syllabi, emphasize the most important topics, and add your own material or notes in the eBook.