• New - Chapter 1 provides expanded content focusing on the goal of the firm and the broad principles that financial managers use in their pursuit of that goal.
• New - Chapter 2 describes the financial market context in which firms operate, with new coverage focusing on the transactions costs that investors face when trading in secondary markets.
• New - Chapter 3 provides an in-depth ratio analysis using real data from Whole Foods prior to its acquisition by Amazon. The ratios help to spark conversations about some of the possible motives for the acquisition.
• New - Chapter 6 includes a discussion of the negative interest rates prevailing on government bonds in Japan and some European countries, as well as an expanded discussion of the tendency of the yield curve to invert prior to a recession.
• New - Chapter Introduction Videos and animations feature authors who explain the importance of the chapter content within the context of managerial finance. The animations for select in-chapter figures and examples allow students to manipulate inputs to determine outputs in order to illustrate concepts and reinforce learning.
• New/Updated - Chapter 2 provides a new Focus on Practice box discussing how Qualcomm’s highly skilled labor force turns what often is thought of as a variable cost into a fixed cost and thereby creates operating leverage.
• New - Expanded coverage of the role that expected bankruptcy costs play in capital structure decisions.
• New - Chapter 13 highlights how and why companies have shifted their payout policies away from dividends and toward share repurchases over time.
• Updated - Focus on Ethics boxes highlight situations in which businesses or individuals have engaged in unethical behaviour. The boxes explore the consequences of ethical lapses and the ways in which markets and governments play a role in enforcing ethical standards.

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.

Guide students with a proven learning goal system

· Chapter 1 provides expanded content focusing on the goal of the firm and the broad principles that financial managers use in their pursuit of that goal.

· Chapter 2 describes the financial market context in which firms operate, with new coverage focusing on the transactions costs that investors face when trading in secondary markets.

· Chapter 3 provides an in-depth ratio analysis using real data from Whole Foods prior to its acquisition by Amazon. The ratios help to spark conversations about some of the possible motives for the acquisition.

· Chapter 6 includes a discussion of the negative interest rates prevailing on government bonds in Japan and some European countries, as well as an expanded discussion of the tendency of the yield curve to invert prior to a recession.

· Financial calculator images that are featured in the book, match the financial calculator available on MyLab Finance.

Provide real, hands-on examples and connections

· Chapter Introduction Videos and animations feature authors who explain the importance of the chapter content within the context of managerial finance. The animations for select in-chapter figures and examples allow students to manipulate inputs to determine outputs in order to illustrate concepts and reinforce learning.

· Chapter 2 provides a new Focus on Practice box discussing how Qualcomm’s highly skilled labor force turns what often is thought of as a variable cost into a fixed cost and thereby creates operating leverage.

· Expanded coverage of the role that expected bankruptcy costs play in capital structure decisions.

· Chapter 13 highlights how and why companies have shifted their payout policies away from dividends and toward share repurchases over time.

· Focus on Ethics boxes highlight situations in which businesses or individuals have engaged in unethical behavior. The boxes explore the consequences of ethical lapses and the ways in which markets and governments play a role in enforcing ethical standards.

Check out the preface for a complete list of features and what's new in this edition.

Also available with MyLab Finance

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