Nelson Higher Education

Higher Education

Intermediate Financial Management, 12th Edition

  • Eugene F. Brigham
  • Phillip R. Daves
  • ISBN-10: 1285850033
  • ISBN-13: 9781285850030
  • 1216 Pages | Hardcover
  • Previous Editions: 2013, 2010, 2007
  • COPYRIGHT: 2016 Published
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Overview

About the Product

The only textbook written specifically for Intermediate or Advanced Corporate Finance courses, Brigham/Daves' INTERMEDIATE FINANCIAL MANAGEMENT, 12E equips students with a solid understanding of both conceptual theories and practical financial skills. Offering a clear presentation, this comprehensive text from renowned author team Gene Brigham and Phillip Daves reinforces coverage from earlier corporate finance courses while providing new, progressive material to challenge and advance learners. The authors use corporate valuation as a unifying theme to emphasize the theoretic groundwork for value maximization and the practical skills to analyze business decisions. The book's reader-friendly approach incorporates actual business examples and integrated cases as well as Excel® spreadsheet models to demonstrate how financial theory in practice leads to solid financial decisions.

Features

  • UNIQUE BALANCE OF THEORY AND PRACTICE DIFFERENTIATES 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.

  • RELIABLE PRESENTATION PROVIDES TRUSTED ACCURACY. The author team's meticulous attention to detail and time-tested content deliver a complete text and powerful package of author-driven supplements that you can trust with confidence in your intermediate or advanced course.

  • PROVEN LEARNING FEATURES HIGHLIGHT PRACTICAL APPLICATIONS. Students see how today's financial theories and trends are applied through the text's wealth of engaging learning features, including real-world examples, practical problem sets, and integrated Mini-Cases.

About the Author

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 adventures such as biking through Alaska.

Phillip R. Daves

Dr. Phillip R. Daves is 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' special interests in teaching include health care finance, investments, financial management, and asset pricing--which he teaches at the undergraduate, M.B.A., and Ph.D. levels. Consulting for a range of large and small companies as well as the state of Tennessee, he focuses on business valuation, compensation, value based management, and health care policy. He 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.

Table of Contents

Part I Fundamental Concepts of Corporate Finance
1 An Overview of Financial Management and the Financial Environment
2 Risk and Return: Part I
3 Risk and Return: Part II
4 Bond Valuation
5 Financial Options
6 Accounting for Financial Management
7 Analysis of Financial Statements
Part II Corporate Valuation
8 Basic Stock Valuation
9 Corporate Valuation and Financial Planning
10 Corporate Governance
11 Determining the Cost of Capital
Part III Project Valuation
12 Capital Budgeting: Decision Criteria
13 Capital Budgeting: Estimating Cash Flows and Analyzing Risk
14 Real Options
PART IV Strategic Financing Decisions
15 Distributions to Shareholders: Dividends and Repurchases
16 Capital Structure Decisions
17 Dynamic Capital Structures and Corporate Valuation
PART V Tactical Financing Decisions
18 Initial Public Offerings, Investment Banking, and
Financial Restructuring
19 Lease Financing
20 Hybrid Financing: Preferred Stock, Warrants, and Convertibles
PART VI Working Capital Management
21 Supply Chains and Working Capital Management
22 Providing and Obtaining Credit
23 Other Topics in Working Capital Management
PART VII Special Topics
24 Enterprise Risk Management
25 Bankruptcy, Reorganization, and Liquidation
26 Mergers and Corporate Control
27 Multinational Financial Management
Web Chapters
Chapter 28 Time Value of Money
Chapter 29 Basic Financial Tools: A Review
Chapter 30 Pension Plan Management
Chapter 31 Financial Management in Not-for-Profit Businesses
Appendixes
Appendix A Values of the Areas under the Standard Normal
Distribution Function
Appendix B Answers to End-of-Chapter Problems
Appendix C Selected Equations
Glossary
Name Index
Subject Index

Web Extension 1-A A n Overview of Derivative
Web Extension 1-B A Closer Look at the Stock Markets
Web Extension 2-A Continuous Probability Distributions
Web Extension 2-B Estimating Beta with a Financial Calculator
Web Extension 4-A A Closer Look at Zero Coupon and other OID Bonds
Web Extension 4-B A Closer Look at TIPS: Treasury Inflation-Protected Securities
Web Extension 4-C A Close Look at Bond Risk: Duration
Web Extension 4-D The Pure Expectations Theory and Estimation of Forward Rates
Web Extension 6-A T he Federal Income Tax System for Individuals
Web Extension 8-A Derivation of Valuation Equations
Web Extension 11-A T he Required Return Assuming NonConstant Dividends and Stock Repurchases
Web Extension 12-A T he Accounting Rate of Return (ARR)
Web Extension 13-A Certainty Equivalents and Risk-Adjusted Discount Rates
Web Extension 14-A The Abandonment Real Option
Web Extension 14-B Risk-Neutral Valuation
Web Extension 16-A Degree of Leverage
Web Extension 18-A Rights Offerings
Web Extension 19-A Leasing Feedback
Web Extension 19-B Percentage Cost Analysis
Web Extension 19-C Leveraged Leases
Web Extension 20-A Calling Convertible Issues
Web Extension 21-A Secured Short-Term Financing
Web Extension 25-A Multiple Discriminant Analysis
Web Extension 26-A Projecting Consistent Debt and Interest Expenses
Web Extension 28-A The Tabular Approach
Web Extension 28-B Derivation of Annuity Formulas
Web Extension 28-C Continuous Compounding

New to this edition

  • Reflecting the latest trends, issues, and developments from real-world practice, INTERMEDIATE FINANCIAL MANAGEMENT, 12E has been thoroughly revised and updated to include the most current coverage available.
  • The Twelfth Edition provides expanded coverage of corporate governance.
  • You now have the option to include access to MindTap™, Cengage Learning's fully online, highly customizable learning experience. Combining readings, multimedia, activities, and assessments into a singular Learning Path, MindTap™ helps you guide students through their course with ease and engagement. You can personalize the Learning Path for your students by pulling in content from the robust suite of Brigham/Daves 12e resources or by adding your own content, like videos, Website links, spreadsheets, RSS feeds and more. MindTap™ integrates seamlessly with most Learning Management Systems.
  • New Cengage Learning Testing Powered by Cognero™ is a flexible, online system that allows you to author, edit, and manage test bank content from multiple Cengage Learning solutions. All question content is tagged according to Tier I (Business Program Interdisciplinary Learning Outcomes) and Tier II (Finance-specific) standards topic, Bloom's Taxonomy, and difficulty level.

Supplements

All supplements have been updated in coordination with the Main title.
Please see Main title page for new to this edition information.

Instructor Supplements

Instructor's Website  (ISBN-10: 1305389387 | ISBN-13: 9781305389380)

Website for Brigham/Daves INTERMEDIATE FINANCIAL MANAGEMENT, 12E INSTRUCTOR DESCRIPTION: Save time as you create a dynamic course using the Instructor's Manual, Test Bank in Cognero™, Excel® spreadsheet models, and PowerPoint® slides. Bring lectures to life as colorful PowerPoint® slides cover the essential topics for each chapter. Created by the authors and updated for the 12E, all of the graphs, tables, lists, and calculations are developed sequentially for your convenience, and you can easily modify slides for your specific needs. The Excel® Build A Model spreadsheets and solutions, Beginning-of-Chapter Models, Mini-Case Models, and Tool Kits are available on the companion website.

Cengage Testing, powered by Cognero® Instant Access  (ISBN-10: 1305252691 | ISBN-13: 9781305252691)

Cengage Learning Testing Powered by Cognero™ is a flexible, online system that allows you to author, edit, and manage test bank content from multiple Cengage Learning solutions; create multiple test versions in an instant; deliver tests from your LMS, your classroom or wherever you want. Revised to reflect the 12E edition, all question content is tagged according to Tier I (Business Program Interdisciplinary Learning Outcomes) and Tier II (Finance-specific) standards topic, Bloom's Taxonomy, and difficulty level.

CengageNOW, 1 term (6 months) Instant Access  (ISBN-10: 1285850017 | ISBN-13: 9781285850016)

Designed by instructors for instructors, CengageNOW mirrors your natural workflow and provides time-saving, performance-enhancing tools for you and your students. CengageNOW takes the best of current technology including online homework management; fully customizable algorithmic end-of-chapter problems and test bank; and course support materials such as online quizzing, and tutorials to support your course goals. Contact your Cengage Learning sales representative for more information.

MindTap Finance, 1 term (6 months) Instant Access for Brigham/Daves' Intermediate Financial Management  (ISBN-10: 1305403401 | ISBN-13: 9781305403406)

MindTap Finance for Brigham/Daves’ Intermediate Financial Management 12th Edition is the digital learning solution that helps instructors engage and transform today’s students into critical thinkers. Through paths of dynamic assignments and applications that you can personalize, real-time course analytics, and an accessible reader, MindTap helps you turn cookie cutter into cutting edge, apathy into engagement, and memorizers into higher-level thinkers. As an instructor using MindTap you have at your fingertips the right content and unique set of tools curated specifically for your course, all in an interface designed to improve workflow and save time when planning lessons and course structure. The control to build and personalize your course is all yours’, focusing on the most relevant material while also lowering costs for your students. Stay connected and informed in your course through real time student tracking that provides the opportunity to adjust the course as needed based on analytics of interactivity in the course.

LMS Integrated for MindTap Finance, 2 terms (12 months) Instant Access  (ISBN-10: 1305660420 | ISBN-13: 9781305660427)

This access code will provide your students with seamless access to their MindTap Finance resources from within your campus Learning Management System. Students will be prompted to enter this access code the first time that they click on a link in your course that includes Cengage content.

Student Supplements

CengageNOW, 1 term (6 months) Instant Access  (ISBN-10: 1285850017 | ISBN-13: 9781285850016)

CengageNOW is an online teaching and learning resource that accompanies your textbook, allowing you to organize your assignments and deliver better course results for you!

MindTap Finance, 1 term (6 months) Instant Access for Brigham/Daves' Intermediate Financial Management  (ISBN-10: 1305403401 | ISBN-13: 9781305403406)

As a student using MindTap Finance for Brigham/Daves’ Intermediate Financial Management 12th Edition, you have the tools you need to better manage your limited time, with the ability to complete assignments whenever and wherever you are ready to learn. Course material that is specially customized for you by your instructor in a proven, easy-to-use interface, keeps you engaged and active in the course. MindTap helps you achieve better grades today by cultivating a true understanding of course concepts, and with a mobile app to keep you on track. With a wide array of course specific tools and apps – from note taking to flashcards – you can feel confident that MindTap is a worthwhile and valuable investment in your education. You will stay engaged with assignments containing real world practicality and motivated by information that shows where you stand at all times--both individually and compared to the highest performers in class. MindTap eliminates the guesswork, focusing on what’s most important to your instructor with a learning path designed specifically by your instructor and for your course. Master the most important information with built-in study tools such as ConceptClips, Problem Walk-Throughs, and Blue Print Problems that help students stay organized and use their time efficiently.

LMS Integrated for MindTap Finance, 2 terms (12 months) Instant Access  (ISBN-10: 1305660420 | ISBN-13: 9781305660427)

This access code will provide you with seamless access to your MindTap Finance resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.