Financial Management

“Financial Management: A Step-by-Step Approach contributes significantly to improvement in systematic financial literacy this book takes us through the study of key topics in finance taught in management courses in many major universities across the globe. In this book author says that corporate finance basically addresses the problem of mobilising resources for an organisation and then effecting use of them effectively. this book, attempts to fill the gap in understanding the intricacies of global financial system, markets, instruments, services, products, processes, and institutions, through simple, clear learning style. as the title suggests, the author adopts a step-by-step description of the many technical concepts, financial jargons, combining theory with practical finance through gradual, progressive stages that the average reader will find relatively easy to follow. While investment management practice these days deploys a good deal of quantitative techniques for optimising portfolios and outperforming competition, the reader is assured that the book does not have any “advanced mathematics”Thus, the book’s numerous worked-out illustrations and extensive application of Excel programme for problem-solving The author is a senior professor of finance; evidently, hisexperience of more than 30 years in diverse areas of corporate finance practice, teaching, research, and tertiary-level educational administration, have been brought to bear in the writing and overall presentation of this book. One major interesting feature of this bookis its practice-orientation as opposed to the theoretical emphasis that one tends to observe in some other similar texts. For a long time, particularly in the applied sciences, there has been some yearning for finance texts that do and practice, reinforcing the town-gown connection. a diligent student of finance that is armed with a text wri ten and produced in the deliberate Step By Step style adopted in Financial Management:
A Step-by-Step Approach, should not find it too challenging to do a simple study of, say, the performance of financial instruments or particular companies and to make appropriate recom- mendations for investment.Another noteworthy feature is that each chapter begins with a ‘musing’ that gives the reader a peep into related real-world events before the reader begins to encounter the applicable theories contained the subsequent sections in the chapter.
The book is also enriched with numerous examples, illustrations, multiple-choice questions (MCQs), and detailed case studies that many students will particularly find inter- esting, exciting, and useful, while the practitioner will find them as a good ‘refresher’ to keep abreast of key principles underpinning the dynamics of the financial markets he / she deals with daily. Although the illus- trations in the book are mostly drawn from the Indian business environment, the ideas conveyed in the book will find relevance elsewhere as well, particularly in similar emerging markets across the globe.

This book divide into six major parts comprising a total of 26 chapters excluding the five interesting case studies provided at the end of the book. In the first part of the book, the author provides us with the big picture of finance from the ‘raw materials’ of financial statements through the influential concepts of time value of money, risk and return, to the ‘production centre’ that is the financial system itself.Next, in the remaining broad parts of the book, the author uses his unique SBS approach to describe other key FM aspects such as Capital Budgeting, Long-term Financing, Working Capital Management,

It is delighting that this is a well-edited book and the work is undoubtedly educative, learner-friendly, and organizationally well-presented.

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