Financial Management: An Introduction to Principles and Practice

This text represents a unique approach to introductory corporate finance. Although many texts have embraced the theme of shareholder wealth maximization, this book thoroughly carries out this theme in a uniquely consistent and unified fashion. It establishes the notion that a discounted cash flow mode captures the market valuation process. It then applies this concept of valuation not only to the typical analysis of capital expenditure decisions and cost of capital, but also to working capital management, financial budgeting and planning, and international financing and investing decisions. Additionally, this text is further differentiated by superior, substantive, and systematic treatment of the investing and financing decisions of multinational firms as part of the core managerial process.

Wilbur Lewellen is the Herman C. Krannert Distinguished Professor of Management at the Krannert Graduate School of Management at Purdue University. He is also Director of the School's Executive Education Programs. Dr. Lewellen's primary area of professional specialization is corporate finance. He has been on the Purdue Faculty since 1964, was acting Dean of the Krannert School during the 1978-79 academic year, and has had visiting faculty appointments at the Harvard Business School, MIT, and Duke University. He holds B.S. degree in Aeronautical Engineering from Penn State and M.S. and Ph.D. degrees from MIT. Dr Lewellen is the author of three previous books and has published over 90 papers in professional academic journals including the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Accounting and Economics, and Financial Management. He has served on the editorial boards of seven journals and his biography is listed in Who's Who in America and Who's Who in Finance and Industry. On four occasions, he received the Salgo-Noreen Award as the Outstanding Teacher in the Master's Program in Management at Purdue, served on the Board of Directors of USF&G Corporation from 1992 to 1998, and was awarded an honorary Doctorate in Economics by the faculty of the Budapest University of Economics Sciences in 1996.