• CHAPTER-OPENING FINANCIAL CHALLENGES: Spotlighting some of the most challenging scenarios in the field today, chapter-opening "Financial Challenges" immediately direct students' attention toward the chapter concepts and bring them to life in the context of real-world practice. Many are new to this edition.
• INTEGRATIVE CASES WITH EXCEL®: At the end of appropriate chapters, a set of comprehensive Integrative Cases provides important hands-on applications to give students experience putting what they learn into practice. Many of the cases can be used with the Excel® templates on the website as students learn the power of computers in performing sensitivity analysis.
• FOUNDATION CONCEPTS HIGHLIGHT VITAL CONTENT: Unique "Foundation Concepts" icons clearly identify the finance concepts within each chapter that are most vital for students to know -- helping them maximize their study time.
• ETHICS, INTERNATIONAL, AND ENTREPRENEURIAL ISSUES: Unique "Ethical Issues" boxes raise sensitivity to ethical challenges facing managers -- prompting lively class discussion. "International Issues" illustrate global considerations necessary to making fina
• The Instructor's/Solutions Manual has been meticulously prepared, checked multiple times by the authors, and extensively class tested. This additional preparation eliminates the frustration for both students and faculty members that comes from incorrect solutions that frequently appear in books that have not been as rigorously market tested as this one.
• Reflecting the latest developments from the field, the 14th edition has been extensively updated throughout -- including the body of the text, examples, problems at the end of each chapter, learning objectives, footnotes, and web references.
• Through paths of dynamic assignments, applications that you can personalize, and real-time course analytics, MindTap® for Finance digital learning solution helps you engage and transform your students into critical thinkers. Students can complete assignments whenever and wherever they are ready to learn with course material that is customized and streamlined in one proven, easy-to-use interface. With an array of tools and apps –- from note taking to flashcards -- students gain a true understanding of course concepts and maximize their success.
• Engaging students through real-world examples from companies they recognize, the 14th edition includes 14 all-new chapter-opening Financial Challenges featuring such familiar companies as VW, Apple, Burger King, Hertz, Verizon, Twitter, Exxon, Proctor & Gamble, United Technologies, Sears, and Hershey. All other Financial Challenges have been updated to reflect current conditions facing these companies. Financial Challenges help students relate chapter concepts to real-world practice by highlighting financial problems faced by actual firms in a contemporary business setting.
• Problem solutions often include multiple approaches to arriving at a correct answer. Problems are also now tagged by their level of difficulty, which helps faculty members make class preparation assignments and students better budget their time for homework. In addition, answers to selected problems are provided in an appendix at the end of the book to help students progress more quickly.

Part I: INTRODUCTION.

1. The Role and Objective of Financial Management.

2. The Domestic and International Financial Marketplace.

Appendix 2A: Taxes.

3. Evaluation of Financial Performance.

4. Financial Planning and Forecasting.

Part II: DETERMINANTS OF VALUATION.

5. The Time Value of Money.

Appendix 5A: Continuous Compounding and Discounting.

6. Fixed Income Securities: Characteristics and Valuation.

7. Common Stock: Characteristics, Valuation, and Issuance.

8. Analysis of Risk and Return.

Part III: THE CAPITAL INVESTMENT DECISION.

9. Capital Budgeting and Cash Flow Analysis.

Appendix 9A: Depreciation.

10. Capital Budgeting: Decision Criteria and Real Option Considerations.

Appendix 10A: Mutually Exclusive Investments Having Unequal Lives.

11. Capital Budgeting and Risk.

Part IV: THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY.

12. The Cost of Capital.

13. Capital Structure Concepts.

14. Capital Structure Management in Practice.

Appendix 14A: Breakeven Analysis.

15. Dividend Policy.

Part V: WORKING CAPITAL MANAGEMENT.

16. Working Capital Policy and Short-Term Financing.

17. The Management of Cash and Marketable Securities.

18. The Management of Accounts Receivable and Inventories.

Part VI: ADDITIONAL TOPICS IN CONTEMPORARY FINANCIAL MANAGEMENT.

19. Lease and Intermediate-Term Financing.

20. Financing with Derivatives.

Appendix 20A: The Black-Scholes Option Pricing Model.

Appendix 20B: Bond Refunding Analysis.

21. Risk Management.

22. International Financial Management.

23. Corporate Restructuring.

Charles Moyer

Charles Moyer is Professor of Finance and Entrepreneurship and Dean Emeritus of the College of Business at the University of Louisville, earned his BA in Economics from Howard University and his MBA and PhD in Finance and Managerial Economics from the University of Pittsburgh. Professor Moyer is Dean Emeritus and former holder of the GMAC Insurance Chair in Finance at the Babcock Graduate School of Management, Wake Forest University. He also has taught at the University of Houston, Lehigh University, and the University of New Mexico and spent a year at the Federal Reserve Bank of Cleveland and a year at the Department of Commerce in Washington. Professor Moyer has taught extensively abroad in Germany, France, and Russia. In addition to this text, Moyer has coauthored Managerial Economics, 13th edition (Cengage-South-Western, 2014). He has been published in many leading journals, is a member of the Board of Directors of Summit Biosciences, Capitala, and the Kentucky Seed Capital Fund. He has supplied cost of capital testimony in nearly 100 public utility rate cases.

James R. McGuigan

James R. McGuigan owns and operates his own numismatic investment firm. Prior to this business, he was Associate Professor of Finance and Business Economics in the School of Business Administration at Wayne State University. He also taught at the University of Pittsburgh and Point Park College. Dr. McGuigan received his undergraduate degree from Carnegie-Mellon University; his M.B.A. at the Graduate School of Business at the University of Chicago and his Ph.D. from the University of Pittsburgh. In addition to his interests in economics, he has co-authored several well-known books on financial management.

Dr. Ramesh P. Rao

Dr. Ramesh P. Rao is a professor and holds the Paul C. Wise Chair of Finance in the William S. Spears School of Business, Oklahoma State University. He earned a B.S. at the University of the Philippines, M.B.A. from the Asian Institute of Management and Ph.D. from Texas Tech University. He has coauthored over 60 journal articles in publications such as Journal of Business, Journal of Finance, Journal of Banking and Finance, Financial Management, and others. Rao’s research interests focus on mainstream corporate finance issues including compensation and board structure, corporate control, capital and ownership structure, information signaling and related areas. Rao was former program chair and president of the Southwestern Finance Association, and is also the coeditor of the Journal of Applied Finance, and a director of the Asian Finance Association. He has been recognized for his teaching and research excellence including the following awards: 2009 Southwestern Finance Association Best Paper in Corporate Finance Award, Richard W. Poole Research Excellence Award (2008-2009), Chandler-Frates & Reitz Teaching Excellence Award-MBA Program (OSU-Tulsa campus, 2008), Regents Distinguished Research Award (2007), and others.