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Crowdfunding is an alternative paradigm for project financing, in which a broad and scattered audience can engage by making relatively small contributions of money. The most common method is to use online platforms that serve as a link between the crowd and the initiatives. The study aims to review the most cited papers on crowdfunding, applying the total citations as the measure of outcome. Scopus database was used to perform citation analysis and select papers. These papers were then filtered for document type and source type with the language of publication being English. This left 1,847 papers, which were adjusted in the descending order of their citations. Only papers published in ABDC-indexed journals were considered. Thus, the top 50 papers were selected. The number of citations ranged from 2,434 to 132 in descending order for the period 2013 to 2020. By highlighting the key features of the top 50 crowdfunding papers cited, the present study seeks to disseminate knowledge that could help researchers recognize key themes, research features, and gaps in existing research. [ABSTRACT FROM AUTHOR]

The findings from existing literature on how decision-making is affected by personality traits remain inconclusive and provide only a partial understanding of the influence of personality on investment behavior. Hence, the present study seeks to bring all previous studies together and present a summary in a systematic and comprehensive manner. The paper implements the five-phase framework of Arksey and O'Malley and is backed by PRISMA-ScR guidelines. It reviews the outcomes of 17 studies from different nations and makes recommendations for further explorations. The findings not only integrate the current empirical evidence of a causal relationship between personality and investment decisions, but also reveal significant knowledge gaps in the field of investment decision to guide future research in the domain. [ABSTRACT FROM AUTHOR]

The paper examines whether companies that possess stronger capabilities in adapting to climate change yield market returns that are superior or comparable to those of other firms and the overall market portfolio by applying the Fama-French five-factor model. The paper is unique in the sense unlike previous studies where mutual funds with a green and sustainability focus or sustainable indices performance were evaluated, in the current paper green and nongreen portfolios are created by handpicked stocks. The paper also provides insights into the pertinence of the FamaFrench five-factor model in India. In all, 2,294 observations from the daily returns from October 25, 2013, to March 21, 2023, were applied in the study. The green portfolio includes banking, financial services and insurance (BFSI) and auto sector stocks included in Nifty ESG, BSE Carbonex, and BSE Greenex. The non-green portfolio contains green house gas (GHG) major contributors and non-sustainable auto stocks. Empirical analysis shows that non-green portfolio outperformed over a decade with significant results. The highest alpha was achieved by non-green auto, BFSI, and GHG contributors. Companies with direct emissions excelled. Non-green companies surpassed green in achieving abnormal returns within the auto sector. Sustainable indices performed the least. All portfolios exhibited lower beta, indicating lower risk than the market. However, concerns remain about the applicability of Fama-French five-factor model in India. [ABSTRACT FROM AUTHOR]

Microfinance is a fund-sourcing opportunity for small startups with little to no assets. It includes financial services, such as loans and insurance, from non-traditional financial institutions. Microfinance opportunities are important in countries such as Uganda for economic development. They are even more important in rural Uganda where a major segment of the population is poor. This paper explores the impact of microfinancing on poverty reduction and on supporting entrepreneurship in Uganda. Using data from 1999 to 2019, it is found that microfinancing activities in rural Uganda, as measured by 'gross loan portfolio', 'number of borrowers', and 'number of outstanding loans', have significantly exceeded microfinancing activities in urban Uganda. The paper concludes with some policy recommendations and a set of 'best practices' for the future success of microfinancing in the country. [ABSTRACT FROM AUTHOR]

The crowding out effect is an economic theory which argues that rising government spending or borrowing drives down private sector spending. In simple words, if the government borrows huge money from the money markets, then the private borrowers do not get access to the required capital. The excessive government borrowings can also influence interest rates, thus impacting the cost of funds for commercial borrowers. This paper tests, using statistical tools, if government borrowing affects the availability of funds for commercial enterprise. If it affects the availability of funds for private enterprises, then it could impact private sector spending. The paper also tests if government borrowing impacts the interest rates and consequently the cost of funds for private borrowers. [ABSTRACT FROM AUTHOR]

The paper analyzes the impact of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), as these are the two primary institutions on which the Indian stock market is dependent. The research design and statistical tools used in the study are: Vector Error Correction Model (VECM), Granger Causality, Variance Decomposition Analysis, and Impulse Response Function. During the Covid-19 pandemic, high volatility was witnessed in the global markets, so it is important to evaluate the behavior of the Indian stock market with respect to the inflows and outflows of institutional investors on a daily basis. The paper concludes that Indian stock market return (Nifty 50) has more significant impact on FIIs, as compared to DIIs (mutual funds). [ABSTRACT FROM AUTHOR]

The paper aims to study the trends and structure of digital payments in India in the last decade. It is important to note that the volume has increased faster than the value of digital payments. The average value of digital transactions has been coming down, which means that there has been increased usage of digital mode for smaller value payments by retail users, demonstrating widespread adoption of digital payments in the country. The paper also aims to determine whether all the digital payment methods have the same growth trend on the retail front. The Friedman test and post hoc analysis have been used to analyze the growth pattern. [ABSTRACT FROM AUTHOR]

Economic Policy Uncertainty (EPU) and stock market mechanisms received much attention after the 2007-2008 Global Financial Crisis. Uncertainty can influence significant economic variables through different channels. The paper uses a univariate VAR model to analyze how EPU was affected by stock market returns and turnover from January 2009 to December 2019. The analysis uses data from BSE. The EPU index formulated by Baker et al. (2016) is used to analyze the level of uncertainty across policy implications. The results show that market turnover responds negatively towards EPU. At the same time, no relationship exists between stock returns and EPU. [ABSTRACT FROM AUTHOR]

Many research studies related to the impact of monetary policy and macroeconomic variables have already been conducted, but studies on combining this with global factors and its shocks are very few. To fill this research gap, the paper tries to find out the combined effect of global factors, macroeconomic variables, and monetary policy on 10-year Indian government bond yield using Structural Vector Autoregression (SVAR) and Autoregressive Distributive Lag (ARDL) model. This paper is designed to analyze the impact of various variables on 10-year Indian government bond yield, in the context of its continuous exposure to global factors like oil price shocks and changes in macroeconomic variables. The empirical findings, based on monthly data relating to the period January 2001 to April 2021, suggest that monetary policy has had a considerable impact on bond yields over a long-term horizon, which appears to be consistent with the prevailing Keynes theory. However, the output has the least impact on bond yield. This may be because the monthly data that is used in the study restricts to use GDP. Hence the Index of Industrial Production (IIP) data is used. Further, inflation shocks increase bond yields and global factors like oil price shocks have detrimental effects on bond yields for a long-time horizon of 24-36 months, whereas an increase in the 10-year US government bond yield results in an increase in 10-year Indian government bond yield. [ABSTRACT FROM AUTHOR]

The life insurance sector occupies a prime position in service sector in India. This paper investigates the causal relationship between life insurance sector and service sector on the one hand and between life insurance and GDP in India on the other. Economic growth (annual GDP) is taken as the dependent variable, while life insurance (total annual life insurance premium) and total annual service sector contribution are taken as the independent variables. MS Excel and Eviews are used to analyze the dataset. Time series econometrics models like unit root test, cointegration (bound) test, ARDL model, ECM, and Granger causality test are applied in the study. The results reveal that there is a positive long-run relationship between life insurance sector and service sector. But no relationship is found between life insurance and GDP. [ABSTRACT FROM AUTHOR]

This paper examines the impact of behavioral biases on fundamental analysis factors of investment decision of retail investors in Guwahati, Assam, India. The tested independent variables are anchoring, cognitive dissonance, confirmation and hindsight, Gambler's fallacy, herding, mental accounting, loss aversion bias, regret aversion bias, and overconfidence bias, and the dependent variable is fundamental analysis factors of investment decision making. Multinomial logistic regression is used to find out the impact of these biases on investment decision. The results reveal that herding bias and overconfidence bias impact investment decision. Overconfidence bias impacts investment decision of investors, which is based on company history, revenue growth, debt-to-equity ratio, and PE value. [ABSTRACT FROM AUTHOR]

Crowdfunding is an emerging platform for raising capital. It is a good way for entrepreneurs, organizations, NGOs, startups and others to raise resources. This paper focuses on crowdfunding as a source of finance. The study is based on a survey and aims to explore the general awareness about crowdfunding and the challenges of using it as a source of finance in India. A questionnaire--consisting of 17 questions focusing on demographic profile of the respondents, awareness about crowdfunding, challenges, and popular projects for investment in crowdfunding--was administered to 75 respondents. Descriptive statistics, One-Sample Kolmogorov-Smirnov Test and Kruskal-Wallis H Test are applied in the study for data analysis. The results reveal that people are aware about crowdfunding, and that there is a significant difference in the opinions of the respondents on the basis of their educational qualifications. The major challenges faced are lack of information on crowdfunding and risk of failure and losing money. [ABSTRACT FROM AUTHOR]

Recent research has witnessed a major shift in financial studies--from traditional finance to behavioral finance. The rejection of Efficient Market Hypothesis (EMH), several times, has led to a new era of financial studies. Herd behavior is one of the major areas of behavioral finance. Herding, basically, implies trading by a large group of investors in the same direction over a period of time. The present paper attempts to explore the existence of herd behavior in the Indian and the US stock markets. Daily prices of Nifty, its 50 constituent stocks, Dow Jones Industrial Average (DJIA) and its 30 constituent stocks are collected for five financial years from 2013-14 to 2017-18. Using Cross-Sectional Absolute Deviation (CSAD), as proposed by Chiang and Zheng (2010), the paper attempts to explore the existence of herd behavior in the Indian and the US stock markets and the impact of US markets on the herd behavior of the Indian stock markets. The results reveal that investors did not exhibit herd behavior both in the Indian and US stock markets during the study period. Even after accounting for asymmetric returns, herding is indicated by both the markets. Further, inclusion of CSAD of DJIA as an explanatory variable shows that Indian investors do not herd with US stock markets. [ABSTRACT FROM AUTHOR]

The main aim of this paper is to explore the impact of capital structure on the performance of Microfinance Institutions (MFIs), which have double bottom line, outreach and financial sustainability goals. The paper examines the relationship between MFIs' capital structure and financial and social performance. The random and fixed effect models have been applied to a panel dataset of 46 Indian Non-Banking Financial Companies-Microfinance Institutions (NBFC-MFIs) for the period 2009-10 to 2014-15. Panel regression analysis shows that Indian MFIs are highly leveraged, which has enhanced the efficiency of NBFC-MFIs by reducing cost per borrower and operating expenses resulting in improvement of portfolio quality. Leverage has a positive and significant impact on social and financial dimensions of the MFIs. This is a unique study in the Indian microfinance sector that explores the impact of capital structure on MFIs' social and financial dimensions. [ABSTRACT FROM AUTHOR]

The paper examines the linkage between oil price, climate variability and Food Inflation (FI) in India using linear ARDL model for the period January 2001 to December 2021. The study uses monthly time series data on CPI (general index, food price index, Money Supply (M3)), oil price and trade openness (volume of Export+Import to % GDP) and temperature change retrieved from the online data base of Reserve Bank of India, FAOSTAT, MOSPI and Ministry of Petroleum and Natural Gas. Since the variables are in different units, natural logarithm values are used in model estimation. The study found that a positive correlation between FI and study variables. The ARDL Model coefficient values show that Money Supply (MS) positively impacts FI, whereas lag MS negatively affects FI. Oil price has a positive impact on FI and trade openness coefficient is positive but not significant. Temperature Change (TC) has a negative impact on FI. The ARDL bound test result indicates that there is cointegration between FI and the study variables. The ARDL-VEC coefficient values indicate that oil price and TC have significant causal relationship with FI. To tackle high FI, there is a need of government and policymakers’ intervention for oil consumption diversification from crude oil to natural gas. The RBI should tighten the monetary policy and repo rate in order to lower FI. [ABSTRACT FROM AUTHOR]

The paper, through a comprehensive literature survey, attempts to derive some conclusive results regarding the effects of bonus issue announcement on the capital market. The in-depth review of worldwide studies indicated the presence of abnormal returns around the bonus issue announcement, confirming the signaling hypothesis. The findings also suggested the enhanced liquidity and volatility around this event. Some of the studies confirmed an improvement in the post-bonus issue operating performance. The literature also supported the argument of positive relationship between the share price and the quantum of bonus announced. Though theoretically the bonus issue announcement is considered to be a cosmetic event that does not create any value for the shareholders, the literature empirically supported the various arguments against this theory. The contribution of this paper is to provide clarity in this regard to financial analysts and investors. [ABSTRACT FROM AUTHOR]

The financial-led growth hypothesis suggests that the financial development of a country plays a major role in its economic growth. Several channels through which financial development promotes growth in the economy include efficient allocation of capital, mobilization of savings through attractive instruments, lowering of the cost of the information gathering and presenting, among others. Financial development has been a much debated issue among economists and policy makers both in developed and developing countries, including Sri Lanka. This paper empirically examines the validity of the financial-led growth hypothesis in Sri Lanka using time series data from 1966 to 2016. The paper uses the Autoregressive Distributed Lag (ARDL) bounds testing for cointegration developed by Pesaran et al. (2001). The empirical results confirm the validity of the financial-led growth hypothesis for Sri Lanka. [ABSTRACT FROM AUTHOR]

To safeguard against foreign exchange risk due to high market volatility in today's globalized world, exporters use currency futures and options for smoothening the cash flows. This paper aims to analyze the performance of hedging foreign exchange risk using US dollar futures and options and their characteristics. The study uses data from 2016 to 2022. The results show that Indian exporters with a relatively high degree of risk aversion should prefer USD futures contracts with long-term maturities, low liquidity, and high open interest to hedge foreign exchange risk and generate maximum benefits in value enhancement. On the other hand, Indian exporters with a relatively low degree of risk aversion should use the protective put strategy with put options characteristics of long-term maturity, high liquidity, and out-of-the-money (in-the-money) put options if they have a strong conviction about the rising (declining) USD market. The results are robust as they are consistent for all individual years from 2016 to 2022 and for the overall period too. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to confirm the impact of various variables which influence the capital budgeting decisions in India. The analysis is done on the basis of types of industries. All companies are divided into two parts: manufacturing sector and non-manufacturing sector. The factors affecting capital budgeting decisions in both the sectors are analyzed separately. This paper is based on the primary data. Using a sample size of 75 companies, with the support of factor analysis and regression analysis, this study finds that out of four factors--Size, Risk, Social Cost Benefit Analysis (SCBA) and Trait--Size and SCBA are significant and influence the decision of acceptance of the Type of Capital Budgeting Technique (TCBT) used by the companies in manufacturing and non-manufacturing sectors in India. [ABSTRACT FROM AUTHOR]

The economic basis of globalization lies in multilateralism. The intended impact of globalization is global allocative efficiency because Foreign Direct Investment (FDI) spearheads the dispersal of capital across the globe. So, it can be said about FDI that multilateralism implies importing capital from a variety of sources as may be most efficient rather than restricting them to a bilateral basis. This forms the motivation of this paper. This paper has used Principal Component Analysis (PCA) and panel regression approaches. The study builds up a methodology for measuring and testing the determinants of the patterns of inward FDI of developed countries. These determinants are a large set of developmental variables. The study evolves a set of six composite indices by using PCA, namely, human resource, infrastructure, labor, market, trade openness and resource. The annual growth rate is 11% while that of the top 10 developed countries of the world experience a significantly lower growth rate, i.e., 3.4% (= 0.111 - 0.077). Infrastructure is highly elastic at 1.72. In the case of the top 10 countries, the determinants of inward FDI that are significant and positive are labor, market and resource. [ABSTRACT FROM AUTHOR]

This paper intends to study and highlight the change in behavior of volatility of Indian stock market on the introduction of derivatives as a financial instrument, the announcement of union budget every year and the Lok Sabha (lower house of the Indian parliament) elections conducted during 1994-2012. Applying cointegration test between the S&P CNX Nifty and the FUTIDX index, it has been noticed that spot and futures markets are cointegrated with each other. Applying a dummy variable, TGARCH model, this paper aims to examine the impact of the above factors on the volatility of Nifty during the year 1994-2012. [ABSTRACT FROM AUTHOR]

This paper investigates the dynamic volatility spillover and connectedness among different sectors of the Indian stock market during the Covid-19 pandemic. The study considers 18 sectors listed on the National Stock Exchange. Diebold-Yilmaz Volatility spillover model and Baruník and Křehlík frequency connectedness methodology are used to investigate the time varying dynamics of the spillover during the turbulence period. Daily market prices of 18 sectors, from March 15, 2019, to February 28, 2022, are considered for the present study. The results reveal that the spillover from infra, commodities, services, MNC, oil and gas, financial services, private bank, energy, and PSE is more, and this clearly indicates that during the pandemic, these sectors mostly had a spillover effect on other sectors. [ABSTRACT FROM AUTHOR]

The paper tries to explore the relationship between mergers and corporate performance. Mergers and acquisitions have been adopted as one of the important strategies of corporate finance to create wealth to the shareholders. There are a plenty of studies abroad pertaining to value creation to shareholders through mergers and acquisitions. The literature depicts that there is a mixed view with regard to wealth creation to shareholders. However, there is a dearth of studies in the Indian context as to whether mergers create value to shareholders. The objective of this study is to find out whether mergers and acquisitions generate abnormal return to the shareholders of the acquiring firms. The paper tries to figure out whether any positive return is generated by the firm because of mergers and acquisitions in short run by using event study methodology. The study considers domestic mergers for the period 2004-2014 to analyze the effect of merger on shareholder wealth by using BSE listed companies. [ABSTRACT FROM AUTHOR]

This paper uses the Vector Autoregressive (VAR) model to investigate the impact of a stock market crash shock on the real economy in Tunisia. Analysis reveals that the real investment growth rate negatively reacted to a stock market crash shock of 2003. The impact of stock market crash shock helps explain the fluctuations of the real investment growth rate. It also explains a small proportion of the variability in real industrial production growth rate, real Gross Domestic Product (GDP) growth rate and real private consumption growth rate. [ABSTRACT FROM AUTHOR]

This paper proposes a new approach to allocating financial resources in the context of Egyptian culture. It uses an Improved Capital Asset Pricing Model (ICAPM) to maximize the utility of capital and investors' remunerations, given the dual goal of society benefits (economic and social) by means of cost of capital and profits. A multi-objective optimization technique is developed with two target models, based on the relationship between independent factors, which are the three categories of investments that satisfy society demands: subsistence, comfort and luxuries; and the dependent factors which are cost of capital as production return and the expected profit as a return for investment risk. In this paper, the ICAPM is formulated and solved as a multi-objective model. The proposed model is applied on real data estimated from Central Bank of Egypt (CBE) Annual Report 2017- 2018, and Egypt Exchange 30 (EGX 30) Historical Data (January 2017 - December 2017). The results show the best allocation for the three available alternatives with the lowest cost of capital and the highest total return. [ABSTRACT FROM AUTHOR]

Behavioral finance is a new paradigm that provides alternatives to the assumptions of traditional finance and articulates investor psychology in investment decision-making. The study seeks to conduct a bibliometric analysis of behavioral finance, using the two most popular databases, Web of Science and Scopus. The combination of the two databases resulted in a huge volume, highlighting the growth in this particular area of study. The analysis of the collected sources has been done using Biblioshiny, a bibliometrics tool package in R software that provides various analyses, including citation analysis, bibliographic coupling, and keyword analysis, among others. The present study provides a comprehensive analysis of the behavioral finance field from the 1970s to 2022, including current publication trends, the most cited authors, influential studies, and research themes in this domain. The findings of the study will provide insight into behavioral finance and benefit further studies in the field. [ABSTRACT FROM AUTHOR]

As it is quite obvious that agriculture is a seasonal industry, risk is at all times inbuilt in the trading of commodities. Trading of commodity futures assists in price discovery and management of risk, which as a result reduces the unpredictability in the price of the fundamental commodity. In this paper, an endeavor has been made to scrutinize the relationship between price discovery and prevarication efficiency of commodity futures for five agricultural commodities chosen from diverse categories. The outcomes stated in this paper are essentially projected to catch the attention of policy makers for policy making and the hedgers to invent prevarication tactics. This paper intends to recognize whether futures prices facilitate determination of spot prices or vice versa. The mandatory data for this study was collected from the National Commodity and Derivatives Exchange (NCDEX) of India. The study derived implications using Augmented Dickey Fuller test, Granger Causality test, Johansen cointegration test and estimating the variance of the hedged and unhedged portfolio. The results of the study convincingly point out that futures prices do serve the function of price discovery proficiently for spot prices. The outcomes of the study disclose that commodity futures exchange provides a proficient hedge against the risk emerging from unpredictable prices of chosen commodities. [ABSTRACT FROM AUTHOR]

The present paper attempts to study the determinants of choice between debt and equity for companies in India for a five-year period from 2015 to 2020 over a balanced panel dataset of firms listed on NSE-CNX 100. The study looks at the impact of explanatory variables such as, size, tangibility, age, liquidity, growth, profitability, volatility, debt serving capacity, and non-debt tax shield on Indian companies' long, short, and total debt ratios. Panel regression fixed effects model has been employed, and tangibility, size, age, liquidity, profitability and financial distress are found to be significant factors affecting capital structure ratio, whereas growth, non-debt tax shield and debt serving capacity did not show any significant effect on the debt ratio. For selected companies in India, the study's empirical findings support the pecking order theory rather than trade-off theory claims. [ABSTRACT FROM AUTHOR]

The relaxation of the various rules and regulations and opening the doors of financial markets to foreign capital has helped in the global financial integration. This paper is an attempt to assemble the various literature available in the field of stock market integration across the world. This paper has gathered around 223 research papers from various sources for a period ranging from 1972 to September 2018. From the study, it has been observed that the stock market integration has been accelerated over a period of time, especially after the two major crises, viz., Asian financial crisis of 1999 and 2008 subprime global financial crisis. Further, from the previous studies it is noted that researchers concentrated mainly on the integration between developed and emerging stock markets, while frontier and standalone markets received less focus. Overall, the present paper will be a guide to the researchers to carry out future research in this area and to the various practitioners in these markets to arrive at faster and better decisions. [ABSTRACT FROM AUTHOR]

Stock markets use information to determine the intrinsic values of assets and stocks. Markets take time to assimilate information and use it efficiently. This paper attempts to analyze the intraday information usage and assimilation patterns in the Bombay Stock Exchange (BSE) using the Generalized Auto Regressive Conditional Heteroskedasticity (GARCH) approach. Using more than 53,000 time series observations of the BSE Sensex, the paper has empirically tested the information usage and assimilation in the BSE and found that during very short intervals of five minutes, markets give preference to new information. The markets then increasingly assimilate existing information and take around half-hour to assimilate the information adequately. The markets then once again start seeking new information for decision making. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic has impacted every industrial segment of the world. This paper analyzes the performance of various Nifty sectoral indices in India during the peak pandemic period. The main objective of the study is to analyze as to which industrial sector was the worst affected in India from March 2020 to May 2021. The major stock market sectoral indices have been used to check the performance of various industrial sectors. Descriptive research design has been applied on daily closing Nifty sectoral indices data. The results reveal that during the period of the study, the investors who had invested in metal, pharma and IT sectors received the maximum returns, while those who had invested in financial services, FMCG and private banks received the minimum returns. [ABSTRACT FROM AUTHOR]

This paper examines the impact of Foreign Institutional Investors (FIIs) on the Indian stock market. Secondary data was collected for a period of 15 years from 2006-07 to 2021-2022 and analyzed using descriptive statistics, correlation matrix, multiple regression and structural equation model. Descriptive statistics shows that the mean of Sensex is very high, followed by equity flow, debt, debt-VRR and hybrid. The highest variance has been found in equity, followed by debt, hybrid, Sensex and debt-VRR. Skewness is the highest in debt-VRR, followed by hybrid, debt, Sensex and equity. Sensex has a negative and insignificant relationship with equity flow, whereas debt-VRR has a positive and significant relationship at 10% level of significance. Hybrid and debt have a significant relationship. Multiple regression model has been used to examine the impact of FIIs on Sensex. The dependent variable is Sensex and the independent variables are equity, debt, hybrid and debt-VRR. The regression model indicates that adjusted R2 is 0.154, which means that all independent variables have caused 15.40% variance in Sensex during the study period. However, all the independent variables have insignificantly impacted Sensex. [ABSTRACT FROM AUTHOR]

This paper scrutinizes the Indian stock market performance after the central government’s announcement of lockdown on March 22,2020 due to the Covid-19 pandemic. The lockdown had different impacts on varied sectors which were considered for the study, namely, banking, oil and gas, healthcare, capital goods, Fast Moving Consumer Durables (FMCD), and small-cap and mid-cap segments. The data was collected from BSE indexes, and an event study with estimation window from May 14, 2019 to March 5, 2020, a period of 201 market working days, was considered. The findings reveal that small-cap, mid-cap, FMCD and healthcare sectors were most impacted by the nationwide lockdown and thus had abnormal returns, while the impact on other sectors like banking, oil and gas, and capital goods was not significant. [ABSTRACT FROM AUTHOR]

The paper assesses the impact of various components of working capital management on firm profitability. The study is based on secondary financial data of 122 listed firms on BSE 200 Dollex index, covering a period of 10 years from 2011-2020. This study uses panel data analysis with fixed effects model and random effects model. The Hausman test represents the goodness of fit of the model. Finally, the results reveal that there exists a significant negative relationship between the components of working capital management and profitability. The study found that cash conversion cycle and inventory conversion period have a significantly negative relationship with firm profitability, whereas receivables collection period and accounts payable period have an insignificant relationship. [ABSTRACT FROM AUTHOR]

The major objective of this paper is to identify conditions under which a true generator can or cannot exist for an empirically observed transition matrix. In this study, an approach to finding a valid generator has been presented and the signs to look for, when trying to choose the 'correct' generator, have been forwarded. Conditions for the estimation of an approximate generator when a true generator does not exist have also been explored in this paper. Finally, we have given illustrations using transition matrices published by CRISIL. [ABSTRACT FROM AUTHOR]

The motivation behind this paper was to see if financial statement analysis could be employed by investors to design portfolios of low book-to-market stocks that could help them earn excess returns in the Indian context. Using a modified framework from Mohanram (2005), which employs a G_SCORE, capable of separating ex post winners from losers among low book-to-market companies, and portfolio formation on the basis of the G_SCORE, we find convincing evidence that financial statement analysis can help investors form profitable portfolios among low book-to-market stocks. We show that portfolios with high G_SCORE (6 to 7) provide outstanding returns both on absolute and riskadjusted basis and far outperform the markets. At the same time, portfolios with low G_SCORE (0 to 3) offer very poor returns and always underperform the markets on both absolute and risk-adjusted returns. Thus a growth investor could shift his distribution of returns rightwards by investing in portfolios of only high G_SCORE stocks; simultaneously shorting low G_SCORE portfolios would further amplify the returns. [ABSTRACT FROM AUTHOR]

A majority of the unorganized sector enterprises are meant for sustaining the livelihood of the entrepreneurs' households. So, any problem in such business activity may adversely affect the income of such households. The insurance coverage of these enterprises may reduce such risks. Motivated by this point, this paper, based on primary data collected from a customized sample survey, tries to examine the urban unorganized enterprises' access to insurance services in Assam. A majority of the sample entrepreneurs have access to life insurance services. However, access to business insurance is not satisfactory. A logit model is estimated for the determinants of urban unorganized enterprises' access to business insurance. The results show that turnover, registration, and value of fixed assets and equipment of the enterprise, and level of education of the entrepreneurs have a positive impact on its business insurance coverage. [ABSTRACT FROM AUTHOR]

The paper examines the impact of share buyback on stock prices of the Indian Information Technology (IT) firms selected from Nifty 500. The event study methodology is used to analyze the impact of share buyback announcements of 13 IT companies. The data constitutes 24 buyback announcements during the period 2013-2019. The results indicate that all the IT companies in the sample have negative average abnormal returns, implying that the Indian stock market, with regard to IT firms, is very efficient to assimilate every information. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to investigate the relationship between working capital management and firm performance of Indian firms for the period 2008 to 2016. The study also captures the role of financial constraints in defining the above relationship. The result indicates a significant negative association of net trade cycle, number of accounts receivables in days and number of inventory days on the financial performance of Indian firms while a positive relationship was found with number of accounts payables in days. Inclusion of financial constraints for studying the relation between working capital and firm performance gives mixed results. [ABSTRACT FROM AUTHOR]

The present paper explores the contemporary and contested issue of relationship existing between the international capital markets. The scope of the study was limited up to five emerging equity markets of Asia, namely, India, China, Japan, Indonesia, and Taiwan. To examine the dynamic interdependencies of the selected markets, tests of stationarity and cointegration were conducted. Unit root test was done using Augmented Dickey-Fuller test, Phillip-Perron test and Modified Dickey-Fuller 't' test. It was concluded that all stock prices were integrated of order one, i.e., I(1). Cointegration test was done using Johansen cointegration test and Gregory Hansen test for cointegration. The VAR Granger Causality test was used to detect any causality between two stock market prices. The findings implied that no substantial relationship exists between the stock markets of the selected Asian countries. However, evidence of bidirectional causality between JKSE stock price and N225 stock price was found through the application of Granger causality test. [ABSTRACT FROM AUTHOR]

This paper analyzes the pattern of indebtedness and the factors influencing the borrowing behavior of Indian manufacturing firms using a sample of listed stand-alone manufacturing firms covering the period 2008-2015. The findings reveal that borrowing is the most important source of finance, followed by current liabilities for the sampled firms. There is overwhelming evidence that access to bank credit is determined primarily by the collateral capacity of the firm. Another important finding of the study is the distribution of borrowed funds; over the entire period of the study, the same has got increasingly skewed in favor of fixed asset rich firms. With regard to the determinants of corporate borrowing, regression results suggest that asset tangibility, profitability and cash flow volatility are the major influencers of indebtedness; firm size favorably influences only bank borrowing, and firm uniqueness and growth opportunities have no significant influence on indebtedness. The availability of alternative tax shields significantly influences total borrowing of firms. [ABSTRACT FROM AUTHOR]

Many corporate scandals, including Satyam scam, raised considerable concern about Related Party Transactions (RPTs). The hypotheses associated with RPTs say that RPTs have dual effect, transaction efficiency and conflicts of interests. RPTs increase transaction efficiency by reducing the transaction cost, but the conflicts of interest hypothesis says that the controlling shareholders may use RPTs to transfer firm resources for their private benefit. The literature says that both the internal and external governance mechanism of firms and ownership characteristics have a significant impact on the decision to enter RPTs. The best governance practices can transform abusive RPTs into efficient transactions. This paper examines the impact of governance mechanism and ownership structure on the size of RPTs. The empirical findings of the study prove that both the governance and ownership characteristics have a significant impact on the size of RPTs. [ABSTRACT FROM AUTHOR]

This paper empirically examines the short-run as well as long-run relationship of the Indian stock market with the major developed markets of the world during the period 2005-13. The objective of the analysis is to decide whether the financial recession of 2008 offers better diversification benefits to global investors through equity investments in India. The empirical results of Granger causality test find causality from the developed markets to the Indian market in the short run during pre- and post-crisis days. However, Johansen's cointegration methodology fails to provide evidence of price integration among markets after recession and now the long run price movement in the Indian stock market is not driven by factors common to other markets. These findings confirm further possibilities of diversification to global investors through their equity investments in India. [ABSTRACT FROM AUTHOR]

This paper is an attempt to examine the presence of herd behavior in the stock market of India, which is one of the emerging economies of the world. The study uses the measures suggested by Christie and Huang (1995) and Chang et al. (2000) on National Stock Exchange data. Empirical results based on daily and monthly data indicate that during periods of extreme price movements, equity return dispersions tend to increase rather than decrease, thus providing evidence against the presence of herding in the Indian stock market for the years 2000-2012. Owing to reforms in Indian stock market and the increased presence of institutional players, investors' behavior seems to be more rational, facilitating the application of rational pricing models in the Indian stock markets. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to evaluate the performance of Exchange Traded Funds (ETFs) operating in India before 2009. The performance of ETFs has been evaluated with geometric mean, standard deviation, beta, tracking error, Treynor ratio, Sharpe ratio and Jensen's alpha. It was found that some ETFs outperformed their benchmark and some underperformed their benchmark. But by testing the significance of difference, the study concluded that there is no significant difference between the performance of ETF and performance of its benchmark. The study will help the investors and managers in better understanding the performance of ETFs. ETF is an innovative product in India. There is limited study in India on ETF which is comprehensive enough to include a longer period. Originality of this study lies in its longer period of data. [ABSTRACT FROM AUTHOR]

Indian companies have been permitted to raise funds by the issue of Depository Receipts (DRs). These DRs are issued in the international capital markets. The DRs as issued by the Indian companies are listed on the leading global stock exchanges like the Nasdaq, the New York Stock Exchange (NYSE), London Stock Exchange and the Luxembourg Stock Exchange. 72 Indian companies have listed their 85 DRs on the foreign capital markets between May 1992 and June 2001. Due to the enhanced interest in the DR programs by the Indian companies and the subsequent listing on international exchanges, the need to study this topic arises. Many Indian companies that have shown keen interest to issue DRs and list on international stock exchanges. In this paper, an attempt has been made to understand the impact of international listing of American Depository Receipts/Global Depository Receipts (ADRs/GDRs) as issued by the Indian companies on their shareholder value in the domestic capital market by using event study instead of analysis methodology. [ABSTRACT FROM AUTHOR]

Stock markets in Bangladesh have been suffering from shocks at gaps of around five years regularly. Due to these market failure experiences, stock markets in Bangladesh have undergone serious policy reforms in different instances to improve market efficiency. Out of the two stock markets, Dhaka Stock Exchange (DSE) is the main bourse of the country. In this paper, policy reforms have been grouped into 12 categories with reference to different time frames and a total of 3,113 Daily Market Return Index from 2006 to 2018 have been captured to explore the impact of each policy reform on market efficiency. Both nonparametric tests (Kolmogorov-Smirnov test and Run test) and parametric tests (autocorrelation and ARIMA test) are conducted in support of market efficiency. While market return index is used as independent variable, market efficiency is used as dependable variable to draw statistical inferences. The analysis reveals that the market is not efficient even in weak form; the market return is not normally distributed, and it lacks randomness and dependency, which violates the nature of random walk model. Amid all these negative connotations, the result reports an improvement in dependency parameter which becomes insignificant over the years due to the reform initiatives the market is going through. From the recent behavior of data is assumed that if this trend continues, the market return will follow random walk model and the market will become weak form efficient. [ABSTRACT FROM AUTHOR]

Shares repurchase has become an increasingly common emerging instrument of corporate payout policy around the world. In fact, significant 'announcement effects' have been reported upon their announcements. Apart from the instant market reaction, it is necessary to understand the fundamental and the psychological factors behind the shares repurchase announcements. Hence, it becomes imperative to understand the driving forces behind and the motivations/ perceptions of the management announcing these decisions. The literature review indicates that, in India, no comprehensive survey has been undertaken in the past on the managerial views and motives subsequent to shares repurchase in Indian context. This paper is a modest attempt to fill these research gaps, amongst others. The objective of the paper is to gauge/understand the viewpoint of the Indian finance managers (of BSE 500 index firms) in respect of the announcement of shares repurchase using a survey approach (structured questionnaire). A substantial majority of the Indian finance managers believe that shares repurchase enables investors to express confidence in the firm and is an attractive means of obtaining a sound capital structure. They strongly support the undervaluation hypothesis as the shares repurchase are considered the 'news bulletin' of the conviction of the management regarding the undervaluation of shares. [ABSTRACT FROM AUTHOR]

The question of whether global share markets are linked or integrated has important implications for portfolio diversification and risk reduction strategies. While integration of financial markets can increase the liquidity, transparency and efficiency of markets, it can also increase the risks of contagion (Mollah et al., 2016). This paper explores the long-run and short-run relationship between the Malaysian share market and the developed share markets in Singapore, Hong Kong, the UK and the US. In this paper, the Johansen cointegration test and VAR model are used to examine the long-term relationship of the Malaysian share market with the developed markets. The results indicate that the Malaysian share market is not integrated with the above markets in the long term. However in the short-term, a oneway Granger causality exists between the Malaysian share market and the US and UK share markets. The results are consistent with the notion that developed share markets have a significant and positive influence on the short-term returns of smaller share markets such as Malaysia's. The results also affirm the general view that price movements in developed share markets can be used as a guide for investment decisions in emerging markets. [ABSTRACT FROM AUTHOR]

A business with interests in more than one sector of the economy can be run as a single company with multiple divisions as a conglomerate or with several independently run companies as a conglomerate. In India, conglomerates are large and diverse family-owned businesses. The firms affiliated to them hold large market shares in their respective sectors. On average, they tend to be larger than the unaffiliated firms. Through the act of setting up independent firms, shadow leveraging takes place through seemingly arm's length relationships. Considerable effort is made to obfuscate the nature of the association between firms to obviate the accounting requirements for disclosure of consolidated accounts. This paper tries to establish that firms affiliated to a conglomerate are far more leveraged than their unaffiliated counterparts. Regulators and market participants are focused narrowly on their specific jurisdictions. Since the leverage is moved to unlisted and unregulated market segments, the systemic risk arising from them remains largely unexplored. Regulators need to be aware of this systemic risk and alter regulations to introduce greater disclosures from such groups. [ABSTRACT FROM AUTHOR]