Intermediate Financial Management

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. Phillip R. Daves is an associate professor of finance at the University of Tennessee in Knoxville. His research interests encompass health care finance, asset pricing, derivative securities and dividend policy. He has published papers in The Journal of Finance, The International Journal of Finance, Applied Financial Economics, Journal of Financial Practice and Education and The Journal of Financial and Strategic Decisions. Dr. Daves teaches at the undergraduate, MBA and Ph.D. levels, where his special interests in teaching include health care finance, investments, financial management and asset pricing. He consults for a range of large and small companies as well as the state of Tennessee. His consulting focuses on business valuation, compensation, value-based management and health care policy. Dr. Daves received his BA in economics from Davidson College, his MS in mathematics and his Ph.D. in finance from the University of North Carolina at Chapel Hill.

• Online Resource: Finance and the COVID-19 PandemicPart I: FUNDAMENTAL CONCEPTS.1. An Overview of Financial Management.Web Extension 1A: An Overview of Derivatives.Web Extension 1B: A Closer Look at the Stock Markets.2. Risk and Return: Part I.Web Extension 2A: Continuous Probability Distributions.Web Extension 2B: Estimating Beta with a Financial Calculator.3. Risk and Return: Part II.4. Bond Valuation.Web Extension 4A: A Closer Look at Zero Coupon Bonds.Web Extension 4B: A Closer Look at TIPS: Treasury Inflation-Protected Securities.Web Extension 4C: A Closer Look at Bond Risk: Duration.Web Extension 4D: The Pure Expectations Theory and Estimation of Forward Rates.5. Financial Options.6. Accounting for Financial Management.Web Extension 6A: The Federal Income Tax System for Individuals.7. Analysis of Financial Statements.8. Basic Stock Valuation.Web Extension 8A: Derivation of Valuation Equations.Part II: CORPORATE VALUATION.9. Financial Planning and Forecasting Financial Statements.Web Extension 9A: Financing Feedbacks.Web Extension 9B: Advanced Techniques for Forecasting Financial Statement Accounts.10. Corporate Governance.11. Determining the Cost of Capital.Web Extension 11A: Estimating Growth Rates.Web Extension 11B: The Cost of Equity in the Nonconstant Dividend Growth Model.Part III: PROJECT VALUATION.12. Capital Budgeting: Decision Criteria.Web Extension 12A: The Accounting Rate of Return (ARR).13. Capital Budgeting: Estimating Cash Flows and Analyzing Risk.Web Extension 13A: Replacement Project Analysis.Web Extension 13B: Certainty Equivalents and Risk-Adjusted Discount Rates.14. Real Options.Part IV: STRATEGIC FINANCING DECISIONS.15. Distributions to Shareholders: Dividends and Repurchases.16. Capital Structure Decisions.Web Extension 16A: Degree of Leverage.17. Dynamic Capital Structures and Corporate Valuation.Web Extension 17A: Projecting Consistent Debt and Interest Expenses.Web Extension 17B: Bond Refunding Decisions.Part V: TACTICAL FINANCING DECISIONS.18. Initial Public Offerings, Investment Banking, and Financial Restructuring.Web Extension 18A: Rights Offerings.19. Lease Financing.Web Extension 19A: Percentage Cost Analysis.Web Extension 19B: Leasing Feedback.Web Extension 19C: Leveraged Leases.20. Hybrid Financing: Preferred Stock, Warrants, and Convertibles.Web Extension 20A: Calling Convertible Issues.Part VI: WORKING CAPITAL MANAGEMENT.21. Working Capital Management.Web Extension 21A: Secured Short-Term FinancingWeb Extension 21 B: Supply Chain Finance22. Providing and Obtaining Credit.23. Other Topics in Working Capital Management.Part VII: SPECIAL TOPICS.24. Derivatives and Risk Management.Web Extension 24A: Risk Management With Insurance.25. Bankruptcy, Reorganization, and Liquidation.Web Extension 25A: Multiple Discriminant Analysis.26. Mergers, LBOs, Divestitures, and Holding Companies.27. Multinational Financial Management.WEB CHAPTERS.28. Time Value of Money.Web Extension 28A: The Tabular Approach.Web Extension 28B: Derivations of Annuity Formulas.Web Extension 28C: Continuous Compounding.29. Basic Financial Tools: A Review.30. Pension Plan Management.31. Financial Management in Not-for-Profit Businesses.