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Financial Management: Principles and Practice 8e

Timothy Gallagher, Ph.D.

Colorado State University

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Highlights:

  • The impact of the Tax Cut and Jobs Act of 2017 on businesses is described in detail and the impact on corporate decision-making is incorporated throughout this edition. 

  • It has been said that textbooks will have to be rewritten if we observe negative interest rates in the market.  We have.  The material in the determination of the level of interest rates has been rewritten in the eighth edition to explain how marked interest rates can become negative.

  • Coverage of time value of money has been significantly expanded and improved.

  • The impact of the new tax law on cost of capital estimation has been added.  The implications of the new tax law here are significant.

  • The impact of the new tax law on determining the optimal capital structure for a firm is presented.

  • There is new material on problems facing public pension funds.

  • The new timeline for determining and paying dividends is shown along with the new tax treatment of dividend income by corporate investors.

  • Many the end-of-chapter problems have been improved.  The new tax law has affected many of these end-of-chapter problems.

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