[Ebook PDF] Intermediate Financial Management, 11th Edition

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Intermediate Financial Management, 11th Edition

Authors: by Eugene F. Brigham (Author), Phillip R. Daves (Author)

Trust Brigham/Daves’ INTERMEDIATE FINANCIAL MANAGEMENT 11E, the only textbook written specifically for Intermediate or Advanced Corporate Finance courses to provide your students with a full understanding of both conceptual theories and practical financial skills. This comprehensive text from renowned author team Gene Brigham and Phillip Daves reinforces coverage from earlier corporate finance courses for a clear presentation, while providing new, progressive material to challenge even the most advanced 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. You will find in-depth coverage of core issues and the most current coverage of topics that are reshaping finance today.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. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

PREFACE
Much has happened in finance recently. Years ago, when the body of knowledge was smaller, the fundamental principles could be covered in a one-term lecture course and then reinforced in a subsequent case course. This approach is no longer feasible. There is simply too much material to cover in one lecture course.
As the body of knowledge expanded, we and other instructors experienced increasing difficulties. Eventually, we reached these conclusions:
• The introductory course should be designed for all business students, not just for finance majors, and it should provide a broad overview of finance. Therefore, a text designed for the first course should cover key concepts but avoid confusing students by going beyond basic principles.
• Finance majors need a second course that provides not only greater depth on the core issues of valuation, capital budgeting, capital structure, cost of capital, and working capital management but also covers such special topics as mergers, multinational finance, leasing, risk management, and bankruptcy.
• This second course should also utilize cases that show how finance theory is used in practice to help make better financial decisions. When we began teaching under the two-course structure, we tried two types of existing books, but neither worked well. First, there were books that emphasized theory, but they were unsatisfactory because students had difficulty seeing the usefulness of the theory and consequently were not motivated to learn it. Moreover, these books were of limited value in helping students deal with cases. Second, there were books designed primarily for the introductory MBA course that contained the required material, but they also contained too much introductory material. We eventually concluded that a new text was needed, one designed specifically for the second financial management course, and that led to the creation of Intermediate Financial Management, or IFM for short.
The Next Level: Intermediate Financial
Management
In your introductory finance course you learned a number of terms and concepts. However, an intro course cannot make you “operational” in the sense of actually “doing” financial management. For one thing, introductory courses necessarily focus on individual chapters and even sections of chapters, and first-course exams generally consist of relatively simple problems plus short-answer questions. As a
result, it is hard to get a good sense of how the various parts of financial management interact with one another. Second, there is not enough time in the intro course to allow students to set up and work out realistic problems, nor is there time to delve into actual cases that illustrate how finance theory is applied in practice.
Now it is time to move on. In Intermediate Financial Management, we first review materials that were covered in the introductory course, then take up new material. The review is absolutely essential, because no one can remember everything that was covered in the first course, yet all of the introductory material is essential for a good understanding of the more advanced material. Accordingly, we revisit
topics such as the net present value (NPV) and internal rate of return (IRR) methods, but now we delve into them more deeply, considering how to streamline and automate the calculations, how to obtain the necessary data, and how errors in the data might affect the outcome. We also relate the topics covered in different chapters to one another, showing, for example, how cost of capital, capital structure, dividend
policy, and capital budgeting combine forces to affect the firm’s value.
Also, because spreadsheets such as Excel, not financial calculators, are used for most real-world calculations, students need to be proficient with spreadsheets so that they will be more marketable after graduation. Therefore, we explain how to do various types of financial analysis with Excel. Working with Excel actually has two important benefits: (1) a knowledge of Excel is important in the workplace and
the job market, and (2) setting up spreadsheet models and analyzing the results also provide useful insights into the implications of financial decisions.
Corporate Valuation as a Unifying Theme Management’s goal is to maximize firm value. Job candidates who understand the theoretical underpinning for value maximization and have the practical skills to analyze business decisions within this context make better, more valuable employees. Our goal is to provide you with both this theoretical underpinning and a practical skill set. To this end we have developed several integrating features that will help you to keep the big picture of value maximization in mind while you are honing your analytical skills:
• Every chapter starts off with a series of integrating Beginning of Chapter Questions that will help you to place the material in the broader context of financial management.
• Most chapters have a valuation graphic and description that show exactly how the material relates to corporate valuation.
• Each chapter has a Mini Case that provides a business context for the material.
• Each chapter has an Excel spreadsheet Tool Kit that steps through all of the calculations in the chapter.
• Each chapter has a spreadsheet Build-a-Model that steps you through constructing an Excel model to work problems. We’ve designed these features and tools so that you’ll finish your course with the skills to analyze business decisions and the understanding of how these decisions impact corporate value.