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Intermediate Financial Management, 14th Edition

Eugene F. Brigham, Phillip R. Daves

  • Copyright 2022
  • {{checkPublicationMessage('Published', '2021-03-15T00:00:00+0000')}}
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Intermediate Financial Management 14th Edition by Eugene F. Brigham/Phillip R. Daves
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Overview

The only text written specifically for today's intermediate or advanced corporate finance course, Brigham/Daves' INTERMEDIATE FINANCIAL MANAGEMENT, 14E blends conceptual theories with practical financial skills. Renowned authors Gene Brigham and Phillip Daves offer a clear, comprehensive presentation that reinforces coverage from earlier corporate finance courses before delving into new content that guides students through today's most recent developments. The authors use corporate valuation as a unifying theme to emphasize the theoretic groundwork for value maximization and to highlight the practical details of financial and business decision-making. The latest business examples, such as the unfolding impact of the global pandemic, updated cases and more tightly integrated and extensive Excel® spreadsheet models illustrate how financial theory in practice leads to solid financial decisions. MindTap digital resources provide complete support for you and interactive tools for your students.

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Meet the Authors

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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.

Phillip R. Daves

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.

What's New

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  • UPDATES ADDRESS THE FINANCIAL FALLOUT FROM THE GLOBAL PANDEMIC AS IT'S UNFOLDING. This edition examines the financial implications and economic impact of the COVID-19 pandemic. In addition, MindTap provides an online resource that reviews the pandemic in more detail and specifically scrutinizes the impact of the COVID-19 pandemic on corporate financial decision making.
  • REVISIONS FULLY INTEGRATE COVERAGE OF THE 2017 TAX CUT AND JOBS ACT (TCJA). This edition incorporates the TCJA into the text presentation and end-of-chapter material as well as the test bank. In addition to highlighting different tax rates, the authors identify many of the TCJA’s likely consequences, such as increases in earnings volatility and decreases in the use of financial leverage.
  • IMPROVED END-OF-CHAPTER PROBLEMS PROVIDE EFFECTIVE OPTIONS FOR HOMEWORK. Revisions to end-of-chapter assignments ensure this edition's practice is homework-ready with carefully crafted exercises that feature active learning. The authors have strengthened the algorithmic homework assignments so you can use them more effectively to ensure comprehension and practical applications.
  • TODAY'S MOST CURRENT COVERAGE HIGHLIGHTS THE LATEST TRENDS, ISSUES AND DEVELOPMENTS. The authors have carefully revised this edition to include the most current developments in today's real-world practice of financial management. You can trust this edition to present the most current coverage available.
  • EXPANDED ALGORITHMIC TESTING PROVIDES FLEXIBILITY AND SUPPORT. More than 200 algorithmic test bank questions within this edition of MindTap offer the variety and flexibility for online exams or other critical assignments. Each question also provides full supporting calculations for thorough explanations within the solution.
  • AUTO-GRADED EXCEL CASE PROBLEMS PROVIDE IMPORTANT PRACTICE. These end-of-chapter problems, available in MindTap, now use Excel Online to give students critical hands-on practice working problems using Excel formulas and functions. Students increase their proficiency in working with Excel® and its applications most important in financial management. New Comprehensive Excel Case problems offer opportunity for deeper analysis while "what-if" scenarios encourage decision-making and analytical skills.
  • UPDATED, OPTIMIZED MINDTAP DIGITAL LEARNING PATH OFFERS STRONGER INTERACTIVE TOOLS. Streamlined digital content provides group learning activities, videos and other interactive assignments. Study materials now organized into "Learn It," "Study It" and "Apply It" sections mirror the progression within each chapter in this edition. This proven structure also offers unwavering consistency in MindTap courses across disciplines so students know how to best use this tool. Activities and homework now offer estimated time to completion to aid you in selecting assignments.

Features

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  • UNIQUE BALANCE OF THEORY AND PRACTICE DIFFERENTIATES THIS BOOK'S APPROACH. Using its signature clear, focused presentation, the text provides an in-depth introduction to core financial theories as well as emerging financial management issues. This comprehensive coverage provides the background material necessary for student success without sacrificing the rigor you need to equip advanced students.
  • RELEVANT EXAMPLES COVER TODAY'S GLOBAL FINANCIAL EVENTS AND ENVIRONMENTS. Updated and contemporary examples throughout this edition present accurate and relevant real-world depictions of financial management in use that engage today's students. Your students examine current events with an emphasis on strengthening professional decision-making skills.
  • RELIABLE PRESENTATION PROVIDES TRUSTED ACCURACY. The author team's meticulous attention to detail and time-tested content ensures this edition and the accompanying package of author-driven supplements offer time-saving resources that you can trust for your intermediate or advanced course.
  • PROVEN LEARNING FEATURES HIGHLIGHT PRACTICAL APPLICATIONS. Students see how today's financial theories and trends are applied through this edition's wealth of engaging learning features. These features work with this edition's memorable real-world examples, practical problem sets and integrated mini-cases, all of which incorporate the latest financial management information.
  • CLEAR EXPLANATIONS AND EXCEL TOOL KITS EMPHASIZE EFFECTIVE USE OF THIS RESOURCE. Each chapter provides an Excel Tool Kit with calculations for all of the tables. Screen shots of the calculations throughout this edition enable your students to easily follow along with the Tool Kit. Helpful demonstrations and best practices for Excel programming guide students in developing strong good Excel skills to use throughout their careers.
  • INTEGRATED EMPHASIS ON EXCEL APPEARS THROUGHOUT THE TEXT PRESENTATION. Each chapter ends with a mini-case and a corresponding Excel solution model. These Excel solutions also appear in this edition's supporting PowerPoint slides to reinforce understanding.
  • EXCEL PROBLEMS ARE INTEGRATED THROUGHOUT END-OF-CHAPTER PRACTICE. Most chapters provide guided spreadsheet models for the students to construct. These "Build-a-Model" features encourage students to solve finance problems using Excel with specific guidance in the text on how to construct models most effectively.

Table of Contents

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Online Resource: Finance and the COVID-19 Pandemic

Part I: FUNDAMENTAL CONCEPTS.
1. An Overview of Financial Management.
Web Extension 1A: An Overview of Derivatives.
Web Extension 1B: A Closer Look at the Stock Markets.
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.
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.
8. Basic Stock Valuation.
Web Extension 8A: Derivation of Valuation Equations.
Part II: CORPORATE VALUATION.
9. Financial Planning and Forecasting Financial Statements.
Web Extension 9A: Financing Feedbacks.
Web Extension 9B: Advanced Techniques for Forecasting Financial Statement Accounts.
10. Corporate Governance.
11. Determining the Cost of Capital.
Web Extension 11A: Estimating Growth Rates.
Web Extension 11B: 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: Replacement Project Analysis.
Web Extension 13B: Certainty Equivalents and Risk-Adjusted Discount Rates.
14. Real Options.
Part IV: STRATEGIC FINANCING DECISIONS.
15. Distributions to Shareholders: Dividends and Repurchases.
16. Capital Structure Decisions.
Web Extension 16A: Degree of Leverage.
17. Dynamic Capital Structures and Corporate Valuation.
Web Extension 17A: Projecting Consistent Debt and Interest Expenses.
Web Extension 17B: Bond Refunding Decisions.
Part V: TACTICAL FINANCING DECISIONS.
18. Initial Public Offerings, Investment Banking, and Financial Restructuring.
Web Extension 18A: Rights Offerings.
19. Lease Financing.
Web Extension 19A: Percentage Cost Analysis.
Web Extension 19B: Leasing Feedback.
Web Extension 19C: Leveraged Leases.
20. Hybrid Financing: Preferred Stock, Warrants, and Convertibles.
Web Extension 20A: Calling Convertible Issues.
Part VI: WORKING CAPITAL MANAGEMENT.
21. Working Capital Management.
Web Extension 21A: Secured Short-Term Financing
Web Extension 21 B: Supply Chain Finance
22. Providing and Obtaining Credit.
23. Other Topics in Working Capital Management.
Part VII: SPECIAL TOPICS.
24. Derivatives and Risk Management.
Web Extension 24A: Risk Management With Insurance.
25. Bankruptcy, Reorganization, and Liquidation.
Web Extension 25A: Multiple Discriminant Analysis.
26. Mergers, LBOs, Divestitures, and Holding Companies.
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.

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  • ISBN-10: 0357516710
  • ISBN-13: 9780357516713
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  • ISBN-10: 0357516664
  • ISBN-13: 9780357516669
  • RETAIL $315.95
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Supplements

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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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MindTap for Brigham/Daves' Intermediate Financial Management, 1 term Instant Access

ISBN: 9780357516713
MindTap for Brigham/Daves' Intermediate Financial Management, 14th Edition 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. The only learning solution written specifically for intermediate or advanced corporate finance courses, this edition emphasizes both conceptual theories and practical financial skills. Using integrated Excel® spreadsheet models, auto-graded Excel case problems and interactive learning tools, this edition demonstrate how financial theory in practice leads to solid financial decisions. 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.