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Essentials of Financial Management is an introductory text that students would find interesting and easy to understand. Our goal with this second edition is to produce a book and ancillary package that would set a new standard for finance textbooks.
Important changes have taken place in the financial environment since the
portation have made it easier for businesses to operate on a worldwide basis-a company can be headquartered in New York. develop products in India. manufacture them in China. and sell them anywhere in the world. This has led to major changes in the labor markets. especially to an increase in outsourcing. which has resulted in generally lower consumer prices; but it has caused job losses for some U.S. workers and gains for others. There have also been dramatic rises and falls in the stock market. and interest rates have remained low even as energy prices continue to rise. Corporate scandals have led to important changes in the laws governing corporate management and financial reporting. as well as to equally important changes in managerial compensation. These issues are discussed in this edition of Essentials. where we analyze them from financial and ethical perspectives.
Our target audience is university students taking their first. and often only. finance course. Some students will decide to major in finance and go on to take courses in investments. money and capital markets. and advanced corporate finance. Others will choose marketing. management. or some other nonfinance major. Still others will major in areas other than business and take finance and a few other business courses to gain information that will help them in law. real estate. and other fields.
Our challenge was to provide a book that serves all of these audiences well.
Our conclusion was that we should focus on the core principles of finance (i.e.. on basic topics such as the time value of money. risk analysis. and valuation). More-over. we concluded that we should address these topics from two points of view:
(1) as an investor who is seeking to make intelligent investment choices and (2) as a business manager trying to maximize the value of his or her firm's stock. Note that both investors and managers need to know the same set of principles. so the core topics are important to students regardless of what they choose to do after they finish the course.

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