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Fundamentals of Financial Management: Concise, 12th Edition

Eugene F. Brigham, Joel F. Houston

  • Copyright 2026
  • {{checkPublicationMessage('Published', '2025-01-23T00:00:00+0000')}}
Starting At $84.95 See pricing and ISBN options
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Fundamentals of Financial Management: Concise 12th Edition by Eugene F. Brigham/Joel F. Houston
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Overview

Teach students about financial markets and corporate financial management with Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT: CONCISE, 12th Edition. Examples address new developments in finance, showing the impact of changing technology, AI and Fintech. Explore how rising inflation, fluctuating interest rates and changes in the corporate tax code shape financial decision-making. Examine the landscape of technology, globalization, financial market dynamics and interplay of political and economic environments. Practical applications and learning tools bridge the gap between contemporary concepts and real-world scenarios. Master the social responsibility of businesses and financial concepts. Cengage's MindTap offers auto-graded assignments, timely feedback and just-in-time assistance. Algorithmic question banks create quizzes and tests to challenge and assess student knowledge.

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Meet the Authors

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Eugene F. Brigham

Dr. Eugene F. Brigham is a 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

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.

What's New

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  • TRANSFORM FINANCIAL DECISION MAKING WITH ANALYTICS. The textbook features real-world cases in chapters 1–15, allowing students to work with data and gain valuable insights. Excel is the primary analysis tool, and auto-graded assignments with algorithmic datasets in MindTap enhance interactive learning and skill building. Empower your students with the expertise to make informed financial decisions.
  • NEW APPLICATIONS OF FINTECH IN FINANCE IS INCLUDED. Explore the exciting intersection of finance and technology with our textbook's dedicated chapter on FinTech. Catering to the growing interest of finance students in technology applications, this chapter offers a non-technical overview of the history of financial technology, including blockchains, cryptocurrencies and several applications across industries like investments and insurance. End-of-chapter homework in MindTap engages students with hands-on applications of the topics and customizable assignments.
  • ENGAGE STUDENTS WITH CURRENT EXAMPLES AND TIMELY DISCUSSIONS. The textbook includes refreshed chapter content, including openers, vignettes, tables and figures, reflecting recent finance developments like ESG investing and the impact of higher inflation. Explore the impact of AI in finance through various examples from AI's influence on finance jobs to its role in stock analysis. Additionally, a new instructor guide for Gen AI tools such as ChatGPT and Claude provides activities aligned with finance topics to stimulate meaningful student discussions.
  • UPDATE EXCEL® MODELS PARALLEL AND SUPPORT DISCUSSIONS OF EACH TOPIC. In an effort to help students use Excel® to problem-solve, the authors have updated this edition's spreadsheet models to support discussions of each topic. In addition, in-text graphics quickly show students how many of the problems can be solved using Excel®. To extend this framework into actual practice and interactive learning, MindTap now includes over 125 Excel auto-graded activities across all learner levels that provide students with valuable career skills using Excel to solve financial problems.

Features

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  • PERSONALIZE LEARNING AND ROBUST ASSESSMENT OPTIONS WITH MINDTAP. Go from memorization to mastery with content tailored to each student. Learn through homework and activities with carefully developed, focused content and interactive activities, and assess student performance through quizzes and tests. Algorithmic problems offer customizable options for unlimited practice. MindTap gives you control of your course to build confidence and assess class performance and understanding.
  • FOCUSED SELF-TEST PROBLEMS ENSURE UNDERSTANDING AS STUDENTS PROGRESS THROUGH EACH CHAPTER. These strategically placed Self-Test Problems appear directly after each major chapter section and enable students to test their comprehension immediately before moving to the next topic -- instead of waiting until the conclusion of the chapter. For quantitative Self-Test problems, Excel solutions are available for each chapter for students to access.
  • "TAKING A CLOSER LOOK" PROBLEMS HAVE STUDENTS EXAMINE AN ACTUAL COMPANY'S FINANCIAL INFORMATION. These hands-on exercises enable students to apply chapter concepts to real-world situations using online resources. This practice gives students a better understanding of how to gather the information needed to perform the applicable analysis.
  • COMPLETE INSTRUCTOR RESOURCES REDUCE PREPARATION WHILE INCREASING STUDENT SUCCESS. This edition's (and past editions) comprehensive support package is prepared by the text's authors to ensure the highest quality and accuracy. All supplements (PowerPoint, Test Bank, Solutions and Answer Guide and Excel models) correspond closely with the book with recent updates to maximize your preparation time and student engagement.
  • EXPANDED REAL-WORLD EXAMPLES HELP STUDENTS BRIDGE THE GAP BETWEEN CONCEPT AND APPLICATION. This edition is packed with real-life examples, such as a broader discussion of the role of hedge funds and private equity of major firms and a detailed breakdown of the cash conversion cycle components for several leading companies. This edition also features a weighted average cost of capital analysis for selected companies and extensive updates of corporate bond ratings, yields and dividend payouts for a range of companies.
  • REVISED AND IMPROVED POWERPOINT PRESENTATIONS ARE MORE ENGAGING THAN EVER. This edition's accompanying PowerPoint presentations are completely revised to support an engaging classroom environment. All slides present the latest content, updated to reflect all changes and additions to this edition of the text.

Table of Contents

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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.
5. Time Value of Money.
PART III: FINANCIAL ASSETS.
6. Interest Rates.
7. Bonds and Their Valuation.
8. Risk and Rates of Return.
9. Stocks and Their Valuation.
PART IV: INVESTING IN LONG-TERM ASSETS: CAPITAL BUDGETING.
10. The Cost of Capital.
11. The Basics of Capital Budgeting.
12. Cash Flow Estimation and Risk Analysis.
13. Real Options and Other Topics in Capital Budgeting.
PART V: CAPITAL STRUCTURE AND DIVIDEND POLICY.
14. Capital Structure and Leverage.
15. Distributions to Shareholders: Dividends and Share Repurchases.
PART VI: WORKING CAPITAL MANAGEMENT, FINANCIAL FORECASTING, AND MULTINATIONAL FINANCIAL MANAGEMENT.
16. Working Capital Management.
17. Financial Planning and Forecasting.
18. Multinational Financial Management.
19. Fintech in Financial Markets.
Appendix A. Solutions to Self-Test Questions and Problems.
Appendix B. Answers to Selected End-of-Chapter Problems.
Appendix C. Selected Equations and Tables.
Index.

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This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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  • ISBN-10: 8214040604
  • ISBN-13: 9798214040608
  • RETAIL $84.95
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  • ISBN-10: 8214040663
  • ISBN-13: 9798214040660
  • RETAIL $84.95

  • ISBN-10: 8214040582
  • ISBN-13: 9798214040585
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Supplements

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Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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ISBN: 9798214040608
MindTap for Brigham/Houston's FUNDAMENTALS OF FINANCIAL MANAGEMENT: CONCISE, 12th Edition, is the online learning platform that powers students from memorization to mastery. It gives you complete control of your course to provide engaging content, challenge every individual and build their confidence. Empower students to accelerate their progress with MindTap. MindTap: Powered by You. MindTap gives you complete ownership of your content and learning experience. Customize the interactive syllabi, emphasize the most important topics and add your own material or notes in the eBook.