The fifth edition of ESSENTIALS 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 the time value of money. It has been updated to include discussions of several major events such as the coronavirus pandemic’s dramatic transformation of the world economy, and the important influences of increased globalization and changing technology.
TABLE OF CONTENTS
PART I. Introduction to Financial Management.
1 An Overview of Financial Management.
2 Financial Markets and Institutions.
PART II. Fundamental Concepts in Financial Management and Financial Forecasting.
3 Financial Statements, Cash Flow, and Taxes.
4 Analysis of Financial Statements.
5 Time Value of Money.
6 Financial Planning and Forecasting.
PART III. Financial Assets.
7 Interest Rates.
8 Risk and Rates of Return.
9 Bonds and Their Valuation.
10 Stocks and Their Valuation.
PART IV. Investing in Long-Term Assets: Capital Budgeting.
11 The Cost of Capital.
12 The Basics of Capital Budgeting.
13 Cash Flow Estimation and Risk Analysis.
14 Real Options and Other Topics in Capital Budgeting.
PART V. Capital Structure, Dividend Policy, and Working Capital Management.
15 Capital Structure and Leverage.
16 Distributions to Shareholders: Dividends and Share Repurchases.
17 Working Capital Management. PART VI Special Topics in Financial Management.
18 Derivatives and Risk Management.
19 Multinational Financial Management.
20 Hybrid Financing: Preferred Stock, Leasing, Warrants, and Convertibles.
21 Mergers and Acquisitions.
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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.
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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.
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Jun-Ming Hsu
Dr. Jun-Ming Hsu is Professor at the Department of Finance, National Chung Hsing University, Taiwan. He holds a PhD in Finance from Syracuse University. He teaches courses in financial management, investments, investment banking, international financial management and his research focuses on corporate finance and investment banking. He has published in internationally renowned journals such as the Journal of International Financial Markets, Institutions and Money, Journal of Financial Studies, Emerging Markets and Trade, Journal of Investing, Pacific Economic Review, and Review of Securities and Futures Markets.
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Yoon Kee Kong
Dr. Yoon Kee Kong, CFA, FRM, is Senior Lecturer at the Division of Banking and Finance, Nanyang Business School, Nanyang Technological University. He holds a PhD in Finance from Nanyang Technological University. He teaches courses in financial management, business finance, financial markets and institutions, equity securities, derivatives, and treasury and risk management. His research focus is on derivatives software analytics, financial risk management and asset pricing. Prior to joining the academia, he has extensive finance and banking experience, having worked in leading multinational and Singaporean banks.
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Bany-Ariffin
Dr. A.N. Bany-Ariffin is Associate Professor at the Faculty of Economics and Management, Universiti Putra Malaysia. He received his DBA from the Faculty of Economics and Business, National University of Malaysia and his MBA and BBA from the University of Oklahoma. He has published in journals such as the International Review of Financial Analysis, Studies in Economics and Finance, and Asian Economic Review. His current research interests include corporate finance, ownership structure, asset valuation and corporate governance, and firms’ internationalization process.
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DEFINITIONS have been added (Environmental, Social and Governance — or ESG measures) or revised (inventory turnover ratio).
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NEW EXAMPLES added where recent events help illustrate the key concepts covered in the text, and significant changes to many opening vignettes, including those relevant in the Asian context.
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REAL-WORLD DATA in tables have been expanded and updated, and new boxes have been added in Chapters 3, 7, 10, 16, and 19.
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LEARNING TOOLS ENSURE STUDENT UNDERSTANDING. Self-test Problems for students appear immediately after each major section of the chapter and enable students to test their comprehension before moving ahead. In addition, integrated spreadsheet models guide students in developing effective techniques for financial problem solving.
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AUTHOR-WRITTEN SUPPLEMENTS PROVIDE CONSISTENCY. Prepared by the authors to ensure consistency, the seamless, integrated package includes an Instructor’s Manual, Test Bank, as well as resources such as Web Appendices, Excel Spreadsheet Models, and a Glossary.
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BALANCE OF THEORY AND PRACTICE KEEPS STUDENTS ENGAGED AND FOCUSED. Introduces important financial theories using a practically focused presentation. Students immediately see the impact and importance of financial theories and trends at work through recent real financial and business world examples, practical problem sets, and integrated mini-cases.
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