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This book is a simple and concise text on the subject of security
analysis and portfolio management. It is targeted towards those who
do not have prior background in finance, and hence the text veers
away from rather complicated formulations and discussions. The
course 'Security Analysis and Portfolio Management' is usually
taught as an elective for students specialising in financial
management, and the authors have an experience of teaching this
course for more than two decades. The book contains real empirical
evidence and examples in terms of returns, risk and price multiples
from the Indian equity markets (over the past two decades) that are
a result of the analysis undertaken by the authors themselves. This
empirical evidence and analysis help the reader in understanding
basic concepts through real data of the Indian stock market. To
drive home concepts, each chapter has many illustrations and
case-lets citing real-life examples and sections called 'points to
ponder' to encourage independent thinking and critical examination.
For practice, each chapter has many numericals, questions, and
assignments
This book proposes three normative frameworks pertaining to
risk-measurement, disclosure and governance using expert opinion
and data from the top 429 non-financial companies (of the NIFTY 500
index) over a 10-year period. The book offers a novel contribution
to the global literature on disclosure quality by presenting a
composite measure of the quality as well as quantity of risk
disclosures. Focusing on the quality of risk disclosures and risk
governance structures, and using sophisticated methodology to
tackle the issue of endogeneity, the book explores the important
yet uncharted confluence of accounting information, risk and
corporate governance. It addresses the interplay between three
facets of risk, and is corroborated by practitioners' perspectives
as well as case studies. It is an excellent resource for
practitioners, professionals and policy-makers, in addition to
researchers working on the topic.
The book examines the various aspects of non-financial central
public sector enterprises (PSEs) in India, for a period from
1986-87 to 2010-11. The analysis is based on all the key financial
ratios; namely, profitability, efficiency, liquidity, leverage and
productivity. Liberalization and globalization have caused
competition in India and have lowered the profit margins. At the
same time, Indian government has reduced subsidies and budgetary
support for PSEs to curtail their own fiscal deficit. Strategic and
economic reforms were also introduced in PSEs to make their
operations commercially profitable so that they are not dependent
on the government to meet their financial requirements on the one
hand, and have their own earnings to finance their
expansion/modernization requirements as well as their social
obligations, on the other. To what extent, the PSEs have succeeded
in this objective constitutes one major aspect of the present
research work. The other equally important aspect examined is
financial performance of the PSEs which have opted for
disinvestment and have signed memorandum of understanding (MoU)/
self obligations. The Indian Government has desired the central
PSEs to be profitable in their operations in post-liberation era of
1990s. For this purpose, two major instruments, namely,
disinvestment and MoUs, were introduced. This book examines, in
detail, financial performance of PSEs which had opted for
disinvestment and have signed MoU. Based on analysis/ findings and
literature on the subject, the book contains some concrete
suggestions that would prove extremely helpful to Indian Government
to further improve their financial performance.
The book examines the various aspects of non-financial central
public sector enterprises (PSEs) in India, for a period from
1986-87 to 2010-11. The analysis is based on all the key financial
ratios; namely, profitability, efficiency, liquidity, leverage and
productivity. Liberalization and globalization have caused
competition in India and have lowered the profit margins. At the
same time, Indian government has reduced subsidies and budgetary
support for PSEs to curtail their own fiscal deficit. Strategic and
economic reforms were also introduced in PSEs to make their
operations commercially profitable so that they are not dependent
on the government to meet their financial requirements on the one
hand, and have their own earnings to finance their
expansion/modernization requirements as well as their social
obligations, on the other. To what extent, the PSEs have succeeded
in this objective constitutes one major aspect of the present
research work. The other equally important aspect examined is
financial performance of the PSEs which have opted for
disinvestment and have signed memorandum of understanding (MoU)/
self obligations. The Indian Government has desired the central
PSEs to be profitable in their operations in post-liberation era of
1990s. For this purpose, two major instruments, namely,
disinvestment and MoUs, were introduced. This book examines, in
detail, financial performance of PSEs which had opted for
disinvestment and have signed MoU. Based on analysis/ findings and
literature on the subject, the book contains some concrete
suggestions that would prove extremely helpful to Indian Government
to further improve their financial performance. "
This book is a simple and concise text on the subject of security
analysis and portfolio management. It is targeted towards those who
do not have prior background in finance, and hence the text veers
away from rather complicated formulations and discussions. The
course 'Security Analysis and Portfolio Management' is usually
taught as an elective for students specialising in financial
management, and the authors have an experience of teaching this
course for more than two decades. The book contains real empirical
evidence and examples in terms of returns, risk and price multiples
from the Indian equity markets (over the past two decades) that are
a result of the analysis undertaken by the authors themselves. This
empirical evidence and analysis help the reader in understanding
basic concepts through real data of the Indian stock market. To
drive home concepts, each chapter has many illustrations and
case-lets citing real-life examples and sections called 'points to
ponder' to encourage independent thinking and critical examination.
For practice, each chapter has many numericals, questions, and
assignments
This book proposes three normative frameworks pertaining to
risk-measurement, disclosure and governance using expert opinion
and data from the top 429 non-financial companies (of the NIFTY 500
index) over a 10-year period. The book offers a novel contribution
to the global literature on disclosure quality by presenting a
composite measure of the quality as well as quantity of risk
disclosures. Focusing on the quality of risk disclosures and risk
governance structures, and using sophisticated methodology to
tackle the issue of endogeneity, the book explores the important
yet uncharted confluence of accounting information, risk and
corporate governance. It addresses the interplay between three
facets of risk, and is corroborated by practitioners' perspectives
as well as case studies. It is an excellent resource for
practitioners, professionals and policy-makers, in addition to
researchers working on the topic.
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