Security Analysis and Portfolio Management: An Indian Perspective for MBA Students
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Book Overview
What is a share worth, and how much of it should you hold?Most investment textbooks answer one of those questions. This one answers both, and shows why neither can be settled on its own.Part I develops the classical top-down method of security analysis: reading the economy, the industry and the firm; interpreting financial statements under Ind AS and Schedule III; ratio analysis and the DuPont decomposition; earnings quality and forensic red flags; and the full range of valuation models, from dividend discount through free cash flow to relative multiples.Part II turns to the portfolio. It covers the measurement of return and risk, modern portfolio theory in matrix form, the capital asset pricing model and its successors, market efficiency and behavioural finance, asset allocation, portfolio construction, performance measurement, and risk management.The book is written for the Indian market rather than translated into it. The regulator is SEBI, the central bank is the RBI, the index is the Nifty, the accounts follow Ind AS, and the money is in rupees, lakh and crore. Indian capital-gains tax, mutual funds, ETFs, PMS and AIFs appear as the vehicles through which Indians actually hold assets. Every worked example is set out in full, with the arithmetic shown, so that each result can be reproduced on paper or in a spreadsheet. Chapters close with review questions; the appendices carry solutions, problem banks, extended worked cases, formula references and statistical tables.
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