Summary

This book provides a modern, unified treatment of South African corporate financial management that is suitable for introductory students. The material is designed to reflect South African corporate finance with country-specific currency, company examples and information, examining the many changes in the local capital markets to provide an up-to-date text. This clear and comprehensive introduction follows three guiding principles: Firstly, the book takes a unified valuation approach, where Net present value (NPV) is treated as the basic concept underlying corporate finance. This approach is combined with an emphasis on developing the student's intuition, by presenting the basic principles before exploring more complex or specific explanations. Finally, the authors also ensure that the text has a managerial focus throughout that emphasises the role of the financial manager as decision maker, and the need for managerial input and judgment in financial management.