Fundamentals of Financial Management

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  • Edition: 9TH
  • Format: Nonspecific Binding
  • Copyright: 2000-07-13
  • Publisher: ITP (Manual)
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The market leader, Brigham/Houston continues to grow in reputation as the most effective approach for student learning in the first undergraduate corporate finance course. It is also updated to reflect the latest in theory, research, real-world examples, and the use of technology. The seamless, integrated ancillary package - done by the authors - is a hallmark of this package that makes course preparation easier for instructors and the subject more accessible for students.

Table of Contents

Part I Introduction to Financial Management
An Overview of Financial Management
A new ``Technology Matters'' box discusses how electronic commerce is changing the way firms operate.
Financial Statements, Cash Flow, and Taxes
Added a discussion of EBITDA and a section on ``Modifying Accounting Data for Managerial Decisions.'' Updated federal tax section.
Analysis of Financial Statements
Added EBITDA coverage and price/cash flow ratios to reflect analysts' increased focus on these items.
Financial Planning and Forecasting
Financial forecasting has been moved up from Chapter 15 to follow the financial statement analysis chapter. New section on strategic plans discusses mission statements, corporate scope, corporate objectives, and corporate strategies. New sections on operating plans and financial plans.
The Financial Environment: Markets, Institutions, and Interest Rates
Updated to reflect important changes in the financial environment. Simplified and modernized the term structure discussion. New ``Industry Practice'' box describes the various stock market indexes.
Part II Fundamental Concepts in Financial Management
Risk and Rates of Return
Added discussion on calculating investment returns and the implications of a changing stock market risk premium.
Time Value of Money
Added spreadsheets as a solution method for TVM problems. The spreadsheet discussions occur throughout the chapter and where relevant in other parts of the text. New ``Technology Matters'' box on how to use the Internet for financial planning.
Part III Financial Assets
Bonds and Their Valuation
Added spreadsheet solution method to solve bond problems.
Stocks and Their Valuation
Added discussion of alternatives approaches for valuing common stocks, including a new valuation method based on free cash flows.
Part IV Investing in Long-Term Assets: Capital Budgeting
The Cost of Capital
Added the following sections: ``Adjusting the Cost of Capital for Risk,'' ``Estimating Project Risk,'' ``Using the CAPM to Estimate the Risk-Adjusted Cost of Capital,'' and ``Techniques for Measuring Beta Risk.'' Simplified the breakpoint discussion.
The Basics of Capital Budgeting
We now illustrate how spreadshieet are used in capital budgeting.
Cash Flow Estimation and Risk Analysis
Sensitivity analysis and scenario analysis are now included as part of the chapter on estimating cash flows. This new approach allows students to see how risk affects capital budgeting decisions. Built inflation directly into cash flows, and reduced discussion of replacement projects.
Other Topics in Capital Budgeting
Expanded discussion on real options.
Part V Capital Structure and Dividend Policy
Capital Structure and Leverage
Hamada equation is introduced to quantify how changing capital structure might affect the cost of capital.
Distributions to Shareholders: Dividends and Share Repurchases
Expanded discussion of stock repurchases.
Part VI Working Capital Management
Managing Current Assets
Increased the number of real-world examples, highlighting the importance of sound working capital management.
Financing Current Assets
Increased the number of real-world examples, highlighting the importance of sound working capital management.
Part VII Special Topics in Financial Management
Derivatives and Risk Management
Updated discussion of why companies use derivatives to manage risk.
Multinational Financial Management
Expanded discussion of the costs and benefits of multinational investment. More emphasis on how the cost of capital varies for domestic and international project.
Hybrid Financing: Preferred Stock, Leasing, Warrants, and Convertibles
Updated discussion on valuing types of hybrid securities.
Mergers, LBOs, Derivatives, and Holding Companies
Included a discussion of recent high-profile mergers.

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