• UPDATED EXCEL MODELS: In a continuing effort to help students know and use Excel® to problem-solve, the authors updated the spreadsheet models that parallel the discussion of each topic. In addition, in-text graphics quickly show students how many of the problems can be solved using Excel®.
• QUICK QUESTIONS: Located in boxes within the text in key chapters, these insightful exercises pose a relevant question and then walk students through the process of finding its solution. The authors designed these questions to parallel the classroom activity in which students go through an example to make concepts more concrete.
• EXPANDED REAL-WORLD EXAMPLES: To help students bridge the gap between concept and application, the authors include many real-life examples throughout the text, including a broader discussion of the role of hedge funds and private equity of major firms, a detailed breakdown of the cash conversion cycle components for several leading companies, and an extensive updating of corporate bond ratings, yields, and dividend payouts for a broad range of companies.
• FOCUSED SELF-TEST PROBLEMS: Ensuring student understanding throughout the chapter, strategically placed Self-Test Problems appear immediately after each major section of the chapter and enable students to test their comprehension before moving to the next topic--instead of waiting until the conclusion of the chapter.
• COMPREHENSIVE, AUTHOR-WRITTEN SUPPLEMENTS. Prepared by the text authors to ensure consistency, the supplements deliver the same level of accuracy and excellence that has made this text a leader throughout all previous editions. The seamless, integrated supplements package includes a comprehensive Instructor's Manual, Student Study Guide, expansive Test Bank, and numerous digital resources.
• UNIQUE BALANCE OF THEORY AND PRACTICE. The hallmark strength of this leading finance text is that it clearly introduces important financial theories using a practical and focused presentation. Students are fully engaged and immediately see the impact and importance of financial theories and trends at work through proven learning features, a variety of recent real financial and business world examples, relevant problem sets, and integrated mini-cases.
• INTEGRATED SPREADSHEET MODELS. More than just Excel® templates, integrated Spreadsheet Models accompany all but the first chapter and guide students in developing effective techniques for financial problem solving. Spreadsheet Models serve as useful tutorials that demonstrate how to maximize Excel® as a powerful finance tool.
• Completely revised and updated to reflect the latest developments, trends, and issues from the field, the Fourteenth Edition of FUNDAMENTALS OF FINANCIAL MANAGEMENT includes discussions of the federal debt, the ongoing recovery of financial markets, and the European debt crisis.
• New "Taking A Closer Look" online research exercises enable students to put chapter concepts into real-world practice. Using online data, students determine various aspects of a company's financial state.
• Financial analysis examples use real-life companies such as Whole Foods, Berkshire Hathaway, and Tesla Motors.

Part I: INTRODUCTION TO FINANCIAL MANAGEMENT.

1. An Overview of Financial Management.

2. Financial Markets and Institutions.

Part II: FUNDAMENTAL CONCEPTS IN FINANCIAL MANAGEMENT.

3. Financial Statements, Cash Flow, and Taxes.

4. Analysis of Financial Statements.

Web Appendix 4A: Common Size and Percent Change Analyses.

5. Time Value of Money.

Web Appendix 5A: Continuous Compounding and Discounting.

Web Appendix 5B: Growing Annuities.

Part III: FINANCIAL ASSETS.

6. Interest Rates.

7. Bonds and Their Valuation.

Web Appendix 7A: Zero Coupon Bonds.

Web Appendix 7B: Bond Risk and Duration.

Web Appendix 7C: Bankruptcy and Reorganization.

8. Risk and Rates of Return.

Web Appendix 8A: Calculating Beta Coefficients.

9. Stocks and Their Valuation.

Appendix 9A: Stock Market Equilibrium.

Part IV: INVESTING IN LONG-TERM ASSETS: CAPITAL BUDGETING.

10. The Cost of Capital.

Web Appendix 10A: The Cost of New Common Stock and WACC.

11. The Basics of Capital Budgeting.

12. Cash Flow Estimation and Risk Analysis.

Appendix 12A: Tax Depreciation.

Web Appendix 12B: Refunding Operations.

Web Appendix 12C: Using the CAPM to Estimate the Risk-Adjusted Cost of Capital.

Web Appendix 12D: Techniques for Measuring Beta Risk.

Web Appendix 12E: Comparing Mutually Exclusive Projects with Unequal Lives.

Web Appendix 12F: Real Options: Investment Timing, Growth, and Flexibility.

13. Real Options and Other Topics in Capital Budgeting.

Part V: CAPITAL STRUCTURE AND DIVIDEND POLICY.

14. Capital Structure and Leverage.

Web Appendix 14A: Degree of Leverage.

15. Distributions to Shareholders: Dividends and Share Repurchases.

Web Appendix 15A: An Example: The Residual Dividend Model.

Part VI: WORKING CAPITAL MANAGEMENT, FORECASTING, AND MULTINATIONAL FINANCIAL MANAGEMENT.

16. Working Capital Management.

Web Appendix 16A: Inventory Management.

Web Appendix 16B: Short-Term Loans and Bank Financing.

17. Financial Planning and Forecasting.

Web Appendix 17A: Forecasting Financial Requirements When Financial Ratios Change.

Part VII: Special Topics in Financial Management.

18. Derivatives and Risk Management.

Appendix 18A: Valuation of Put Options.

19. Multinational Financial Management.

20. Hybrid Financing: Preferred Stock, Leasing, Warrants, and Convertibles.

21. Mergers and Acquisitions.

Web Appendix 21A: Merger Regulation.

Web Appendix 21B: Holding Companies.

Appendix A: Solutions to Self-Test Questions and Problems.

Appendix B: Answers to Selected End-of-Chapter Problems.

Appendix C: Selected Equations and Tables.

Eugene F. Brigham, University of Florida

Dr. Eugene F. Brigham is 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 adventure activities, such as biking through Alaska.

Joel F. Houston, University of Florida

Dr. Joel F. Houston is the Eugene F. Brigham Professor of Finance at the University of Florida. He received his M.A. and Ph.D. from the Wharton School at the University of Pennsylvania and his undergraduate degree from Franklin and Marshall College. Prior to his appointment at the University of Florida, Dr. Houston was an economist at the Federal Reserve Bank of Philadelphia. Dr. Houston's research is primarily in the areas of corporate finance and financial institutions. His work has been published in top journals including The Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Accounting Research and Financial Management. Dr. Houston also currently serves as an associate editor for the Journal of Financial Services Research and the Journal of Financial Economic Policy. Since arriving at the University of Florida in 1987, Dr. Houston has received more than 25 teaching awards and has been actively involved in both undergraduate and graduate education. In addition to co-authoring leading textbooks in financial management, Dr. Houston has participated in management education programs for the PURC/World Bank Program, Southern Company, Exelon Corporation and Volume Services America. He enjoys playing golf and spending time with his wife (Sherry), son (Chris), daughter (Meredith) and grandson (Teddy). He is an avid sports fan who follows the Florida Gators as well as the Pittsburgh Steelers, Pirates and Penguins.