Financial Management: Theory and Practice

Gain the understanding of finance you need to make good decisions on the job and advance in your career, whether you work in finance or any other business discipline. Brigham/Ehrhardt’s FINANCIAL MANAGEMENT: THEORY AND PRACTICE, 17E emphasizes key theoretical concepts, equipping you with practical tools for effective decision making. This updated edition focuses on corporate valuation and its importance in financial decisions as you examine the big picture as well as financial details. Chapters connect concepts and tools with fully integrated Excel models that you can apply to typical employment situations. Topics advance from fundamentals to strategic finance, linking recent events to finance in business or your personal life. MindTap online learning platform is also available to reinforce learning. With a relevant presentation, numerous examples and emphasis on Excel applications, this edition provides a comprehensive resource for use throughout your academic and business career.

For the last 20 years of his career, Dr. Eugene F. Brigham was a graduate research professor emeritus at the University of Florida, where he taught since 1971. He received his MBA 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 wrote many journal articles on the cost of capital, capital structure and other aspects of financial management. He 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 taught, consulted and completed research. He 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 also testified as an expert witness in numerous electric, gas and telephone rate cases at both federal and state levels. Prior to his death in 2024 as this text was being finalized, Dr. Brigham spent his spare time on the golf course, enjoying time with his family and dogs and tackling outdoor adventure activities such as biking through Alaska.

Dr. Michael C. Ehrhardt is a professor emeritus at the University of Tennessee. He received a B.S. in civil engineering and a B.A. in economics at Swarthmore College. After earning an M.S. in industrial management from the Georgia Institute of Technology, he worked several years as an engineer. He returned to Georgia Tech and graduated with an M.S. in operations research and Ph.D. in finance. Dr. Ehrhardt has taught extensively at the undergraduate, master's and doctoral levels in the areas of investments, corporate finance and capital markets. He has directed and served on numerous dissertation committees. Dr. Ehrhardt consults in the areas of corporate valuation, value-based compensation plans and the cost of capital. His honors include the Allen G. Keally Outstanding Teacher Award, the Tennessee Organization of M.B.A. Students Outstanding Faculty Award, the College of Business Administration Research & Teaching Award and the John B. Ross Outstanding Teaching Award in the College of Business. An author and co-author of several leading books addressing various areas of finance, Dr. Ehrhardt’s interests include corporate valuation and asset pricing models, including pricing models for interest-rate sensitive instruments. His work has been published in numerous journals, including The Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, The Financial Review, The Journal of Financial Research and The Journal of Banking and Finance.