[Ebook PDF] Intermediate Financial Management, 13th Edition

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[Ebook PDF] Intermediate Financial Management, 13th Edition

ISBN-13: 978-1337395083
ISBN-10: 1337395080

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

The only textbook written specifically for Intermediate or Advanced Corporate Finance courses, Brigham/Daves’ INTERMEDIATE FINANCIAL MANAGEMENT, 13E equips readers with a solid understanding of both conceptual theories and practical financial skills. With corporate valuation as a unifying theme, the text emphasizes the theoretic groundwork for value maximization, while actual business examples, integrated cases and Excel spreadsheet models demonstrate how financial theory in practice leads to solid financial decisions. Combining a clear, focused presentation with the most current coverage available, the 13th Edition delivers an in-depth introduction to core financial theories as well as emerging financial management developments and issues.

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 basic 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 has, in fact, 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.