Essentials of FINANCIAL MANAGEMENT

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This book is about financial analysis and funds management. The focus of the book is on understanding the financial decision-making and funds management. The book discusses concepts, assumptions, theories and mechanics underlying the important financial decisions - investment, financing, dividend and liquidity management. The basic purpose of the book is to assist the reader to develop a thorough understanding of the concepts and techniques underlying financial management in a systematic way. To accomplish this purpose, we have presented recent thinking in the most lucid, simple, unambiguous and precise manner. The book contains discussion of capital budgeting, capital structure and dividend policy and working capital management with a view that the reader understands these financial decisions thoroughly well and is able to evaluate their implications from the shareholders’ and the company’s points of view. Essentials of Financial Management stresses the analytical approach for solving financial problems. The process of financial decision-making has been explained step-by-step. The concepts are made clear in simple language before introducing complicated techniques. For a better and easy understanding of the conceptsand techniques, the book contains illustrative problems, diagrams and real-life-like financial problems with suggested solutions. To quickly check concepts after every section, we have added short-answer questions. We have also given quizzes, review questions and problems at the end of each chapter. Questions and problems illustrate key points in the text. Some questions and problems require the reader to evaluate a situation or critically examine and analyse it. It is hoped that this will facilitate a better understanding of the subject matter. For a quick revision, each chapter contains summary and specifies key words. The book is meant for BBA, BBS, B Com (Hons) and B Com students and as well, to serve as a first level course for the students preparing for management, chartered accountancy, cost and management accountancy, certified financial analysts and company secretary examinations and AIMA’s Postgraduate Diploma in Management studies and other degree and diploma courses. The book will also be useful for financial executives who want to up-date their knowledge about the recent thinking in financial management and wish to improve their ability in making financial decisions. To cater to the needs of both students and financial executives, the subject matter in the book has been treated in a conceptual-cum-analytical manner. It is the aim of the book to help the reader develop skills to understand, analyse and interpret financial problems and data to make good financial decisions. In this book, every care has been taken to ensure correctness of equations, solved problems and illustrations. The book has drawn ideas, problems and examples from standard books, journal articles and public examinations in India and abroad. A careful attempt has been made to incorporate all references. There might have still remained unintended lapses. The author will feel obliged if they are brought to his notice. I am grateful to a number of colleagues who have made helpful suggestions for the improvement of the book. My wife, Meena and children, Ruchika and Abhishek have provided me with continued support during the writing of this book. They deserve special appreciation for their patience and endurance during the time I spent in writing this edition of the book. I M Pandey University of Delhi, Delhi

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"I M Pandey joined as Professor of Finance Department of Commerce, Delhi School of Economics, University of Delhi in 2009, held the position of Dean of the Faculty of Commerce & Business during 2010-11 and currently is Head of the Department of Financial Studies. Earlier, he was Professor, Indian Institute of Management, Ahmedabad (IIM-A) for 25 years, where he also served as Officiating Director, Dean and Chairman of Fellow Program. During 2005-07, he also served as Dean, School of Management, Asian Institute of Technology, Thialand. He has also taught at Kansas State University, USA; IIT, Delhi; University Science, Malayasia; ESSEC, France and ESCP, France." "Dr Pandey’s research interests are focused on strategic financial management, financial decision-making processes, comparative financial systems, capital markets and financial services, with a special tilt towards emerging markets. He has published more than 100 articles and management cases in national and international journals.He is on the Editorial Boards of several international journals." "Dr Pandey has served on the boards of several companies including Indorama Polymer Ltd., Thailand, HPCL, IFCI, Cochin Shipyard Company, and IDBI-Principal."