[Ebook PDF] Corporate Finance: A Focused Approach, 7th Edition

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Corporate Finance: A Focused Approach, 7th Edition

Authors: by Michael C. Ehrhardt (Author), Eugene F. Brigham (Author)

Relevant, engaging and packed with real-world examples, Ehrhardt/Brigham’s CORPORATE FINANCE: A FOCUSED APPROACH, Seventh Edition, emphasizes the financial concepts, skills and technological applications you need to succeed in today’s workplace. It covers the latest financial developments while teaching you how to maximize a firm’s value in a changing business environment. Completely up to date, the text thoroughly integrates the 2017 Tax Cut and Jobs Act throughout. In addition, hands-on activities and step-by-step instruction help you master the many features and functions of Excel spreadsheets.

Preface

When we wrote the first edition of Corporate Finance: A Focused Approach, we had four goals: (1) to create a text that would help students make better financial decisions; (2) to provide a book that covers the core material necessary for a one-semester introductory MBA course but without all the other interesting-but-not-essential material that is contained in most MBA texts; (3) to motivate students by demonstrating that finance is both interesting and relevant; and (4) to make the book clear enough so that students could go through the material without wasting either their time or their professors’ time trying to figure out what we were saying. We have an additional goal for this edition: to explain and apply the 2017 Tax Cuts and Jobs Act to the topics in this book.
We accomplish our goals through the structure and material in the textbook. In addition, MindTapTM for Financial Management is a fully integrated online portfolio of teaching tools and learning solutions that facilitate our objectives.
intrinsic Valuation as a Unifying Theme
Our emphasis throughout the book is on the actions that a manager can and should take to increase the intrinsic value of the firm. Structuring the book around intrinsic valuation enhances continuity and helps students see how various topics are related to one another.
An understanding of finance theory is essential for anyone developing and/or implementing effective financial strategies. But theory alone isn’t sufficient, so we provide numerous examples in the book and the accompanying Excel spreadsheets to illustrate how theory is applied in practice. Indeed, we believe that the ability to analyze financial problems using Excel also is essential for a student’s successful job search and subsequent career. Therefore, many exhibits in the book come directly from the accompanying Excel spreadsheets. Many of the spreadsheets also provide brief “tutorials” by way of detailed comments on Excel features that we have found to be especially useful, such as Goal Seek, Tables, and many financial functions.
The book begins with fundamental concepts, including background on the economic and financial environment, financial statements (with an emphasis on cash flows), the time value of money, bond valuation, risk analysis, and stock valuation.
With this background, we go on to discuss how specific techniques and decision rules can be used to help maximize the value of the firm. This organization provides four important advantages:
1. Managers should try to maximize the intrinsic value of a firm, which is determined by cash flows as revealed in financial statements. Our early coverage of financial statements helps students see how particular financial decisions affect the various parts of the firm and the resulting cash flow. Also, financial statement analysis provides an excellent vehicle for illustrating the usefulness of spreadsheets.
2. Covering the time value of money early helps students see how and why expected future cash flows determine the value of the firm. Also, it takes time for students to digest TVM concepts and to learn how to do the required calculations, so it is good to cover TVM concepts early and often.
3. Most students—even those who do not plan to major in finance—are interested in investments. The ability to learn is a function of individual interest and motivation, so Financial Management’s early coverage of securities and security markets is pedagogically sound.
4. Once basic concepts have been established, it is easier for students to understand both how and why corporations make specific decisions in the areas of capital budgeting, raising capital, working capital management, mergers, and the like.