Cengage Learning Financial Management

About the Author Wilbur Lewellen is the Herman C. Krannert Distinguished Professor of Management at the Krannert Graduate School of Management at Purdue University. He is also Director of the School's Executive Education Programs. Dr. Lewellen's primary area of professional specialization is corporate finance. He has been on the Purdue Faculty since 1964, was acting Dean of the Krannert School during the 1978-79 academic year, and has had visiting faculty appointments at the Harvard Business School, MIT, and Duke University. He holds B.S. degree in Aeronautical Engineering from Penn State and M.S. and Ph.D. degrees from MIT. Dr Lewellen is the author of three previous books and has published over 90 papers in professional academic journals including the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Accounting and Economics, and Financial Management. He has served on the editorial boards of seven journals and his biography is listed in Who's Who in America and Who's Who in Finance and Industry. On four occasions, he received the Salgo-Noreen Award as the Outstanding Teacher in the Master's Program in Management at Purdue, served on the Board of Directors of USF&G Corporation from 1992 to 1998, and was awarded an honorary Doctorate in Economics by the faculty of the Budapest University of Economics Sciences in 1996. John A. Halloran is an associate Professor of Finance and Director of the Center for Research in Banking at the University of Notre Dame. He received a Bs.C. in Finance from St. Louis University and his MBA and Ph.D. from Washington University in St. Louis. His areas of teaching and research interests include capital investment analysis, working capital theory, commercial bank management, and the operation of financial markets. Professor Halloran has extensive experience in teaching his specialties to both full-time students and executive development participants. He has conducted numerous seminars on corporate finance for firms such as Arthur Anderson and the Bayer Corporation. A former member of the education consulting staff of the Banking Administration Institute, he has received several fellowships in the field of banking. Professor Halloran has published research on issues such as working capital management, the cost of capital, and the role of financial intermediaries in the operation of financial markets. Howard P. Lanser is currently an Associate Professor of Finance at the University of Notre Dame. He joined the University of Notre Dame upon earning a Ph.D. from Purdue University's Krannert Graduate School of Management. He also holds a B.S. degree in Electrical Engineering from Notre Dame and a M.S.I.A. from Purdue University. He served seven years as Chairman of the University of Notre Dame's Department of Finance and Business Economics and has been deeply involved in curricular and strategic planning. In addition, Professor Lanser's international experience includes serving as director of Notre Dame's undergraduate program in Fremantle, Australia, and its M.B.A program in Santiago, Chile. He has extensive experience teaching both the graduate and undergraduate levels of corporate finance. Professor Lanser has the experience and has been published in areas such as executive compensation, capital budgeting, the cost of capital, working capital management and the valuation of privately held companies.