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In the wake of the present financial crisis, which is believed to have been exacerbated by over-the-counter derivatives, increasing attention is being paid to analysing the regulatory environment of these markets. In this context, we analyse the regulatory framework of the over-the-counter derivatives market in India. The paper, inter alia, analyses how a good reporting system and a post-trade clearing and settlement system, through a centralized counter party, has ensured good surveillance of the systemic risks in the Indian over-the-counter market. This research paper also explores those open issues that are important to ensure market stability and development competition among centralized counterparties and better supervision of the off-balance sheet business of financial institutions. [ABSTRACT FROM PUBLISHER]

Beta is a widely accepted measure of systematic risk and is used by practitioners for capital budgeting, portfolio formation, and performance evaluation. It is important to know whether beta is stationary overtime and to identify the factors that may help forecast it. Since beta represents co-movement with the market, it is pertinent to check if betas of individual stocks and portfolios change over bull and bear market phases. Regression analysis, paired t-tests, and correlation analysis were used to study beta for 158 stocks and 15 portfolios in the Indian stock market over 12 years from 1991 to 2002. Regression analysis indicates that alpha and beta were not significantly different for majority of the individual stocks and portfolios during the alternating market phases. Paired t-tests, on the other hand, shows evidence of non-stationarity in some of the alternating periods and stationarity between all bull periods. Analysis of the control groups also reveal that the overall period was not stationary. Although correlation between pairs of periods was fairly high and significant in some cases, it was not consistent group-wise and was at odds with the t-tests in some cases. Overall, the evidence of non-stationarity of beta between bull and bear periods was not consistent and cannot be put to practical use. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4 2008–2009 to Q1 2018–2019). The study explores the extent of linkages between housing prices, monetary policy and financial stability by explaining the nature of the shocks to the housing sector and the degree of impact of those shocks; the possibility of adverse feedback loop which is beyond the natural levels; and the usefulness of explicit and direct role of monetary policy for the housing market stability, which was the loudest demand immediately after the crisis. Design/methodology/approach: The paper follows a three-step methodology: data transformations, a variable selection process "general-to-specific modelling" with the help of OxMetrics 6 Package, and vector autoregressive modelling with the help of EViews 10. F-test was used to describe the short-term relationships between the variables. Impulse response and variance decomposition were used to explain the type of relationship (negative or positive) and the period of the relationships, respectively. Findings: The study finds that the housing sector is sensitive to the monetary policy shocks, whereas the contribution of the housing market shocks to the fluctuations in other market variables is not substantial, though not negligible. As far as the nature of the shocks is concerned, the observed dynamics in the real house prices are diverging from their fundamental levels. The housing market shocks are more or less static; it rules out the chances for a self-reinforcing feedback loop with the existing setup. Research limitations/implications: The study concludes that the observed dynamics in the real house prices are diverging from their fundamental levels. Given the limitation, the researchers could extend this study by decomposing the part of the risk to the sector contributed by the other drivers, which may be inherent imperfections in housing markets, weak and unreliable wealth effect, and the presence of behavioural biases. Practical implications: The present study finds countercyclical measures to be more useful for this sector as compared to the forward-looking monetary policy reforms in this sector. The central bank in India should continue to refrain from responding directly to the housing sector fluctuations. Investors can enjoy investing in the housing sector without any fear of the crisis as of now. The effect of speculation is small but not negligible, which enjoins the investors and the policy-makers to remain watchful. Interest rate, money supply and inflation lead (Granger-cause) the housing prices. This information is relevant for spending and investment decisions. Social implications: The study feels that banks should avoid using monetary policy to balance the house prices. This will be beneficial both for the economy and the society, as any change in monetary policy to especially curb out surging housing prices may adversely affect the output, and finally, may lead to the deflation. The fear of deflation may cause devastating economic, financial and social effects. Originality/value: The study contributes to the literature by shedding some new insights about the interrelationship between macroeconomic variables, housing prices and financial stability in the aftermath of the 2008–2009 financial crisis. Such types of studies are absent from emerging markets, particularly from India. [ABSTRACT FROM AUTHOR]

This study delves into the intricate connection between financial development and green growth in India. The study considers the development in financial institutions and financial markets as a proxy of financial development. By employing an autoregressive distributed lag model for the period 1990–2019, the results reveal a mixed impact of financial development on green growth in India. The study confirms a cointegrating relationship among the interested variables through the autoregressive distributed lag-bound test approach. Further, the results reported that financial institutions have a positive and statistically significant influence on green growth in India both in the short and long terms. However, financial markets have no statistically significant effect on green growth. These findings are important for policymakers, offering valuable insights into India's intricate interplay between financial development and green growth. These findings suggest the way for targeted policy interventions to achieve green growth and better investment strategies in India's economic landscape. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to test the market anomaly of herding behavior driven by the response to supply chain disruptions in extreme market conditions such as those observed during COVID-19. The authors empirically test the response of the capital market participants for B2B firms, resulting in herding behavior. Design/methodology/approach: Using the event study approach based on the market model, the authors test the impact of supply chain disruptions and resultant herding behavior across six sectors and among different B2B firms. The authors used cumulative average abnormal returns (CAAR) and cross-sectional absolute deviation (CSAD) to examine the significance of herding behavior across sectors. Findings: The event study results show a significant effect of COVID-19 due to supply chain disruptions across specific sectors. Herding was detected across the automotive and pharmaceutical sectors. The authors also provide evidence of sector-specific disruption impact and herding behavior based on the black swan event and social learning theory. Originality/value: The authors examine the impact of COVID-19 on herding in the stock market of an emerging economy due to extreme market conditions. This is one of the first studies analyzing lockdown-driven supply chain disruptions and subsequent sector-specific herding behavior. Investors and regulators should take sector-specific responses that are sophisticated during extreme market conditions, such as a pandemic, and update their responses as the situation unfolds. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to validate the theoretical finding that digital MNEs avoid physical presence norms of permanent establishment and royalty characterization rules for business and royalty taxation, respectively, to escape tax incidence in the market economy, using information, communication and technology features and transfer pricing (TP) manipulations. Design/methodology/approach: Multiple case studies of MNEs from technology sector, based on judicial decisions in 141 cases, over taxability of profits earned from Indian economic activities. Additional in-depth case study of the Uber Group to study the tax avoidance structures under platform economy, by routing of Indian profits through The Netherlands, a tax haven. Findings: The study finds a significant number of digital MNEs earning profits from India and avoiding tax by defying physical presence and royalty characterization. In majority of the cases, demand-side business activities are discharged through incorporating and remunerating affiliates at cost plus low markup, thus avoiding tax incidence, using TP manipulations under the arm's length principle applied by governments for benchmarking the intragroup transactions of the MNEs. Research limitations/implications: The research findings validate the view that digital features promote tax avoidance in the market economy. Originality/value: The originality of the study lies in the validation of profit shifting through digital features from the developing market economy and portending that digital MNEs defy physical presence to avoid business taxation through TP manipulations. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to identify mutually exclusive risk categories and determine whether these categories effectively capture the potential impact of risk disclosures on the initial returns of initial public offerings (IPOs) in the financial and non-financial sectors. Design/methodology/approach: Data were collected from 131 Indian IPO prospectuses (104 non-financial and 27 financial) issued between 2015 and 2021. Content analysis was performed to identify mutually exclusive risk categories, and the effects of these categories on initial IPO returns were assessed by regression analysis Findings: The findings revealed that risk factor disclosures have a significant impact on underpricing, but not all risk factors are relevant. In the current study, in the financial sector, IPO underpricing was mostly driven by technological and competitive risk factors. In the non-financial sector, underpricing was predominantly influenced by operating risk and compliance risk factors. Research limitations/implications: The limitations of this study include the use of sentence-based context analysis, which does not assess the quality of risk disclosures. The statistical data reduction technique used to generate mutually exclusive risk categories may also be a limitation. Practical implications: This research has the potential to assist companies in standardizing the disclosure of risks within IPO prospectuses. The insights gained can inform market regulators in designing policies aimed at aiding investors in formulating investment strategies, ultimately enhancing transparency and clarity regarding information disclosure. Moreover, the findings offer valuable guidance to investors in selecting IPOs aligned with their risk tolerance levels. Social implications: From a societal perspective, this study represents advancements by guiding regulators towards developing and regulating standardized, mutually exclusive risk factors. Such measures can aid investors in enhancing their decision-making perspectives regarding IPOs, promoting a more informed and confident investment environment. Originality/value: This study is a pioneering attempt to address knowledge gaps by identifying distinct categories of risk disclosures in IPO prospectuses and examining their potential influence on IPO underpricing in the financial and non-financial sectors in India. [ABSTRACT FROM AUTHOR]

Introduction: Crop diversification is a promising practice to improve the sustainability of agricultural production systems, contributing to biodiversity conservation, ecosystem functions, and food security without compromising productivity. Although diverse cropping systems may be more labour-intensive and require good knowledge of the specific cropping system in the local context, they have high potential in managing many of the problems faced in current cotton production in India. However, the adoption of crop diversification is still moderate, with an overall crop diversification index (CDI) of 0.65 for all of India and state-wise CDI between 0.43 and 0.83. Methods: Therefore, a four-phased study was conducted to identify the main barriers to crop diversification in cotton-based farming systems in India and highlight levers that can foster their wide adoption to improve the livelihoods of smallholder farmers. The study was carried out between January to October 2020 and consisted of i) a literature review of regional and national policy and planning, ii) situational analysis with a problem tree approach, iii) individual stakeholder interviews with stakeholders from the broader Indian cotton sector, and iv) a participatory feedback workshop with said stakeholders. A total of 51 stakeholders from 24 different organizations were interviewed, 37 of them on technical aspects of crop diversification and 21 stakeholders on market and policy aspects. The same stakeholders were invited to the participatory feedback workshop, where 26 participated in the session on different benefits of crop diversification practices, and the session on market and policy challenges counted 24 participants. The study focused on the main organic cotton producing states in India: Gujarat, Madhya Pradesh, Maharashtra, Haryana, Odisha, and Andhra Pradesh. Results and discussion: In our study, it became evident that many policies and governmental schemes exist to promote national food security, sustainable agriculture, and agricultural marketing infrastructure, but crop diversification is still not gaining momentum on the ground. Various levers were identified in the areas of market and procurement, capacity building and knowledge transfer, supply industry and infrastructure, and farmers and women empowerment, where the current policy landscape is failing to foster crop diversification effectively on the farm level. [ABSTRACT FROM AUTHOR]

Purpose: The study examines the IPO resilience grounded on the firm's intrinsic factors. Design/methodology/approach: We examine the association of IPO performance and post-listing firm's performance with issuers' pre-listing financial and qualitative traits using panel data regression. Findings: IPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic's favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds. Research limitations/implications: High initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm's credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges. Originality/value: Given the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study. [ABSTRACT FROM AUTHOR]

Purpose: Human capital is a portfolio of rich skills that the labour possesses. Human capital has attracted significant attention from scholars. Nevertheless, empirical findings on the utility of human capital have often been divided. To address the research gap in the literature, the authors attempt to understand how human capital plays a significant role in financial development and economic growth nexus. Design/methodology/approach: The authors rely on secondary data published by the World Bank. The authors use econometric tools such as the autoregressive distributive lag (ARDL) model and related statistical tests to study the relationship between human capital, India's financial growth and gross domestic product (GDP) growth. Findings: Study findings suggest that human capital and financial development contribute significantly to economic growth. Further, the authors found that human capital has a positive and significant moderating effect on the path of joining financial development and economic growth. Practical implications: The study contributes to the human capital debate. Despite the rich body of literature, the study based on World Bank data confirms the previous findings that investment in human capital is always useful for the financial and economic growth of the nation. Originality/value: This paper reveals some unique findings regarding effect of financial development and economic growth nexus which opens the window of new dimension to think about their nexus. It also provides a different pathway to foster the economic growth by using human capital and financial development as together, especially in India. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the impact of institutional investors and their classes on the stock return volatility of an emerging market. The paper also determines the moderating role of firm size, crisis and turnover on such relationships. Design/methodology/approach: The study covers nonfinancial companies of the Bombay Stock Exchange-100 index that are listed during the study period. The study uses fixed effects and systematic generalized method of moments estimators to look over the association between institutional investors and firms' stock return volatility. Findings: The study provides evidence that institutional investors destabilize the Indian stock market. It indicates that institutional investors do not engage in management activities; they earn short-term gains depending on information efficiency. Pressure-insensitive institutional investors have a significant positive relation with stock return volatility, while pressure-sensitive institutional investors do not. The study also reflects that pressure-sensitive institutional investors are underweighted in India, which jointly represents an insignificant nonlinear association between institutional ownership and stocks' volatility. Furthermore, outcomes reveal that the intersection effect of the crisis, firm size and turnover is positively and significantly related to such relationships. Research limitations/implications: The outcomes encourage initiatives that keep track of institutional investors in the Indian stock market. To control the destabilizing effect of pressure-insensitive institutional investors, regulators should follow strict regulations on their trading patterns. Moreover, it guides the potential researchers that they should also take into account the impact of other classes of ownership structure or what type of ownership can help in stabilizing or destabilizing the Indian stock market. Originality/value: Abundant literature studies the relationship between institutional ownership and firm performance in the Indian context. From the standpoint of making management decisions, the return and volatility of stock returns are both different aspects. However, this study examines the effect of institutional ownership and its groups on the volatility of stock return using the panel data estimator, which was previously not discussed in the literature. [ABSTRACT FROM AUTHOR]

The Government of India has launched the Green Credit Programme (GCP)--a market-based voluntary programme--to enhance energy and resourceuse efficiency, foster conservation of resources, mitigate climate change, and strengthen adaptive capacity. The programme intends to incentivize the adoption of environmentally sustainable technologies and processes through fiscal and financial nudges and effect behavioural changes. The efficacy of a policy programme depends on its design and implementation, though, in theory, such programmes are designed to be cost-effective, environmentally favourable, as well as economically inclusive. The success of a tradable programme should be judged on the basis of four parameters: design of the programme, minimization of transaction costs, market volatility, and leakage and environmental degradation. The GCP administrators have yet to issue an effective design and implementation framework for the programme. [ABSTRACT FROM AUTHOR]

One of the most dynamic and sustainable channels of attaining steadfast development is through the process of industrialisation. Nations across the world have shown positive returns accruing to the whole economy by setting in place a well-thought-of, well-planned industrialisation. Drawing instance and inspiration from the same, the hitherto colonialised nations have endeavoured upon the same process. India on the same lines has sought to go for planned industrialisation. Being central to its developmental goals, the unions of India have also had a decentralised focus on industrialising. On the same lines, the region of Jammu and Kashmir (J&K) has been attempting to industrialise as well. One of the latest developments in this channel is the growth of the horticulture industry, creating a number of forward linkages. The development of an indigenous cold-store industry is one of the most significant ones. This study by collecting data from the field brings forth the nature, characteristics, prospectus and linkages of the cold-store industry of J&K. The study concludes by giving some policy recommendations to strengthen the industrialisation process of J&K. [ABSTRACT FROM AUTHOR]

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India has become the most populous country in the world with over more than 1.4 billion people. Major portion of this population is not having an adequate insurance coverage. Rate of insurance penetration of India is very low as compare to other countries. The Indian Insurance industry is regulated by IRDAI and the regulatory framework has traditionally being very strict, the requirements for insurance licensing and capital are very tough. These are also some of the reasons for having less number of insurers in Indian insurance industry but recently, IRDAI, the Indian regulator has changed a lot and has proposed so many measures to facilitate the entry of new insurers in India. The Indian Insurance regulator is promoting product innovation and competition in the Indian insurance industry. The regulator is also aiming to create a conducive environment for achieving a goal of insurance for all by 2047. It is possible that in the near future Indian insurance industry will see a good number of new insurance players like the ways other countries are having, some of the important factors like competition, regulatory compliance, fulfilment of capital requirements and building trust among policyholders will continue to play a very important role in shaping the entry and growth of new insurance players. [ABSTRACT FROM AUTHOR]

Purpose: This study estimates the impact of changes in the mutual fund distributor incentive structure on distributor-advised mutual fund flows. The authors employ two recent major policy interventions by the Indian self-regulatory authority and the financial market regulator – one partial ban and another complete ban on upfront commissions – paid to mutual fund distributors on distributor-advised mutual fund flows. Design/methodology/approach: The authors use novel distributor-level data across the 198 largest distributors in India between 2013 and 2020 and a series of pooled panel random-effect generalized least squares models with robust standard errors to explore the effect of changes of distributor commissions on distributor assets-under-management (AUM), gross sales, commissions and changes (%) in the number of investors in alternate investment avenues like portfolio management services (PMS). Findings: Changes in the incentive structure have a significant negative effect on mutual fund flows at an aggregate level and within MF distributor categories. A significant diversion of investor funds toward PMS is noted, which paid higher upfront commissions to distributors during the same period. Practical implications: The authors posit that these two developments are not mutually independent and that both fall out of the aforementioned policy changes by Securities and Exchange Board of India and Association of Mutual Funds in India. The study findings have implications for all stakeholders in the Indian mutual fund industry and, by extension, for Indian and global alternative investment avenues. Originality/value: This study is the first to explore the effects of these two major policy interventions by regulators on mutual fund flows in India. [ABSTRACT FROM AUTHOR]

Coal bed methane (CBM) extraction has astounding effects on the global energy budget. Since the earliest discoveries of CBM, this natural gas form has witnessed ever-increasing demands from the core sectors of the economy. CBM is an unconventional source of energy occurring naturally within coal beds. The multiphase CBM generation during coal evolution commences with microbial diagenesis of the sedimentary organic matter during peatification, followed by early to mature thermogenic kerogen decomposition and post-coalification occurrences. Indeed, the origin of the CBM and, moreover, its economically valuable retention within coal seams is a function of various parameters. Several noticeable knowledge gaps include the controls of coal make-up and its physico-chemical position on the CBM generation and genetic link through fossil molecular and stable isotopic integration with the parent coal during its evolution. Therefore, this manuscript reviews the origin of CBM; the influences of coal properties and micropetrographic entities on CBM generation and storage; and its genetic molecular and stable isotope compositions in India and the world's major coal reservoirs. Moreover, analyses of and outlooks on future development trends in the exploration, production, and application of coalbed methane are also addressed. Finally, as India has the fifth largest proven coal reserves, this brief review of the recent CBM discoveries and developments provides a plausible scope for microbially enhanced CBM production from these basins. [ABSTRACT FROM AUTHOR]

Indian securities markets have undergone significant transformations in the recent past. The paper discusses and documents initiatives taken by the market regulator to expand and deepen the securities markets, including encouraging innovations in financial instruments, improving market efficiency by appropriate and timely regulatory interventions, expanding issuers' base and investors' participation for inclusive growth, ensuring regulatory compliance for fair play of market forces. The study helps investors, intermediaries, and regulators outside India to gain insights into recent developments and opportunities they offer to make the Indian securities market their preferred investment destination. The study concludes with the papers' key findings on "Investor interest and innovative instruments" in the special issue. [ABSTRACT FROM AUTHOR]

The COVID-19 influenced global pandemic severely affected the market of small industries and had a deep impact on the agri economic of the farmer community across the globe. The main objective of this article is to emphasize on the influence of global pandemic with agriculture and food sector. The lockdown made ambivalent in agriculture, the point of concern is that, at the first phase of lockdown in India, Rabi crops are at harvest stage, due to the lockdown the breakdown of supply chain has been interrupted and left a noticeable impact on the marketability of agriculture crops even though it has registered moderate growth in terms of yield. At present globally mankind is experiencing the waves of pandemic and it caused significant loss to the yield of crops. If the situation continuous, the world is going to experience the hunger deaths. To overcome the issue discussed, agriculture sector needs to adapt new technologies, right from the cultivation, harvest and supply chain with marketing to bring the new normal life back to mankind. This is the right time to have transition from conventional agri practices to the technology invented smart agriculture. Indian agriculture sector should adapt and the former community need to be educated in applying ICT based smart agriculture practices such as utilization of automated machinery, AI (artificial intelligence) enabled cultivation methods, Internet of Things (IoT) and Wireless Sensor Networks based monitoring and maintenance of the agriculture practice. The application ICTs methods in agriculture practices facilitate to choose good quality seeds, optimum quantity of manures required for the enhanced crop yield and direct monetary of the agriculture firm in order to show resilience to the global pandemic impact on agriculture sector. In the present review authors emphasised on various smart agriculture methods and their importance in promoting the agriculture practice as profitable venture and also how this ICT methods helps the sector to overcome the impact of global pandemic and to bring back the new normal life. [ABSTRACT FROM AUTHOR]

Coir and Coir products is one of the desirable products to maintain our environment as clean and green. More than 80% of global coir consumption comes from India and Kerala witnessed for top producer of coir and coir products in India followed by Tamil Nadu. Coir is an agro based industry functioning mostly in rural areas and nurturing employment opportunities to both men and women. Coir board is the statutory body which works under the Ministry of MSME to regulate and develop coir industry. Coir products are started using from 19th century and now more than fourteen commodities are producing from coir. There is a stiff competition between coir products and other natural products in the production and usage for various purposes. Hence the present study is attempted to analyze the growth and export performance of selected coir products namely coir pith, coir fiber, curled coir, coir rugs and coir other sorts. Quantity in Metric Ton and sales value in lakhs has been taken for analysis and interpretation. Secondary data has been collected from thirteen years annual reports of coir board and applied CAGR, Trend values, Growth and Growth percentages. This study concludes that among the selected coir products coir pith is highly attracted product and also highlighted the growth and performance of other selected coir products. [ABSTRACT FROM AUTHOR]

The aim of this article is to select the optimum green energy sources for sustainable planning for a region. This research presents an integrated model based on theoretical base of benefit, opportunities, costs, risks and a well-known multicriteria decision-making technique, i.e., the analytical hierarchy process, to evaluate the green energy sources from northeast India along with 16 local factors. The analyzed result shows that solar photovoltaic is the optimum green energy source having the highest score value followed by other sources, appraised by the integrated model. Based on the results this article, we suggest some policies for the energy managers, policymaker, and decision makers. This article has both theoretical and practical implications. Theoretically, it contributes holistic measures for designing and managing the green energy sources selection framework for sustainability, and, practically, it helps various organizations operating in the green energy sources selection sector to improve their sustainability dimension for the cleaner future. The proposed article considers not only various cost criteria, but also all other criteria, such as power generation, implementation period, and useful life, that are considered to select the optimum green energy sources for the better future. The findings of this article can provide useful information to energy decision makers and serve as a reference for Tripura's energy policy. [ABSTRACT FROM AUTHOR]

Cotton aphid, Aphis gossypii Glover is a highly polyphagous pest of significant economic importance in India. Enormous use of different insecticides in field is a common practise perform by farmer to minimise the infestation of aphids, but it causes detrimental effects on many non-target insects. There exists various natural enemies of A. gossypii that feed on aphids and helps in regulating their population density. Seven spotted ladybird beetle, Coccinella septumpunctata Linnaeus is one of the most important natural enemy of A. gossypii and act as a beneficial biological control agent. Present study strives to find out the toxic effects of some commonly used insecticides, when were sprayed in field to monitor the havoc of sucking insect pest. Based on LC50 values it was observed that among all insecticidal treatments, Acetamiprid 20 SP was most toxic and least safe treatment for C. septumpunctata followed by Acephate 75 SP, Dimethoate 30 EC whereas the Spinosad 45 SC observed as relatively safe insecticide with highest LC50 value. The LC50 values observed for Acetamiprid 20 SP, Acephate 75 SP, Dimethoate 30 EC and Spinosad 45 SC were 0.032, 0.134, 0.280 and 0.391 ppm, respectively. However, based on calculated 't' value, Dimethoate 30 EC was found to be relatively more toxic to C. septumpunctata than that of Acephate 75 SP. [ABSTRACT FROM AUTHOR]

Many inhabitants of the Northeastern region of India (NER) are poor and have to rely on subsistence farming for a livelihood and are therefore vulnerable to negative impacts of climate change. To enhance the resilience of the farmers and the entire agricultural sector of NER, stakeholders need to acquire additional and/or specialized competencies to deal with the negative impacts of climate change. In this study, we systematically identify and prioritize crucial competencies for change agents, farmers and institutions in NER. We used a modified Delphi methodology with several iterations to lead experts towards a consensus about the most pressing competencies for each stakeholder group. The items were prioritized using a composite scoring approach. The findings reveal that for change agents in NER, an open-minded attitude and expertise in linking farmers to markets are highly rated competencies. For the farmers, eco-friendly farming skills and a problem-solving attitude emerged as key competencies. Biodiversity conservation and integrated farming skills are also highly desirable. Concerning the institutions, the Krishi Vigyan Kendras (farm science centers) have to play a priority role in implementing policies promoting sustainable and climate-resilient agriculture, as they are the institutional link to farming communities. The experts are confident that the overall sustainability of the agricultural sector in NER can be considerably enhanced by developing these key competencies. [ABSTRACT FROM AUTHOR]

Pledging of personally held common stock is widespread in India, where pledging often serves as lender collateral for large shareholder and promoter personal debt acquisitions. This practice is exacerbated by high ownership concentrations in India, as promoters, often firm founders, control, on average, 51% of their firms' equity. We examine promoter stock pledging impacts on stock volatility, capital investment decisions, and firm performance, using a sample of 1,452 Indian firms. We find that pledging relatively large proportions of outstanding shares and substantial proportions of shares held by promoters exacerbates stock volatility, fosters lower risk capital investments, adversely affects firm values, and impedes longer‐term performance. [ABSTRACT FROM AUTHOR]

The authors examine whether measures of job quality in India's manufacturing sector differ systematically across states with varying types of labor regulation. Their analysis uses repeated cross sections of India's National Sample Survey Organization (NSSO) household survey data from 1983 to 2004 merged with data on state-level regulations covering employment adjustment and dispute resolution. Results from a differences-in-differences procedure show that restrictions on employment adjustment and dispute settlement in a pro-worker direction contribute to improved job quality for women along most measures. Such regulations yield mixed results for men, however; results indicate that higher wages come at the expense of fewer hours, substitution toward in-kind compensation, and less job security. The authors conclude that India's labor legislation does have a silver lining with respect to job quality, but that silver lining applies selectively. [ABSTRACT FROM AUTHOR]

This paper examines the role of storage and trade on food security with respect to milled rice in India for the period 1966–2013. Data on food balances, prices, and population obtained from FAOSTAT allow for the observation of the status quo with storage and trade. Then, using a spatial equilibrium framework, the outcomes without storage or trade are simulated. Our results are consistent with the literature with respect to welfare effects. Storage results in net welfare gains to society, although producers gain while consumers lose. Producers receive a welfare gain from net exports while consumers gain from net imports. From a food security perspective, the use of storage has provided benefits to consumers by increasing stability in the market, as seen through decreased standard deviation in both domestic rice prices and per capita availability. The results are mixed with respect to stability from trade. [ABSTRACT FROM AUTHOR]

Horse racing has existed in India since the British established race clubs across the continent as places for socializing and legal gambling. Today, betting on horses in Delhi is a form of speculation, where bettors not only calculate probabilities of horses, but try to figure out insider knowledge of rigged races by observing the odds. This becomes particularly evident when betting odds on a particular horse suddenly change with an accelerating speed because people start betting for the same horse – a phenomenon, in finance, known as 'herding'. Inspired by Clifford Geertz' study of the connection between betting odds and deep play, the study identifies deeper causes of market volatility, beyond market strategies and crowd psychology, in the cosmology of uncertainty of the society in which the speculative market is located. [ABSTRACT FROM AUTHOR]

This detailed case study of India's "outsourcing" industry illustrates the challenges in linking macro and micro human resource policies with an economic development strategy based on export-oriented services. The rapid expansion in the outsourcing of services to India has raised the possibility that this sector will be a key engine of India's economic growth. Based on extensive field research carried out over a four-year period, the authors of this study argue that four interrelated human resource policy challenges threaten the outsourcing industry's growth: two "macro" problems (current skill shortages and the inability of the country to produce higher levels of skills for the long-term growth and sustainability of the industry), and two micro problems (very high levels of employee turnover and rapidly increasing employee costs). The authors evaluate current policy responses and suggest options. [ABSTRACT FROM AUTHOR]

Stock market returns and the capital flow of funds in the mutual funds have been universally understood to be interlinked. The prevailing more and more contribution of the mutual funds in the stock market, on the one hand, and the profound impact of rising stock market returns on getting higher investments in mutual funds, on the other, have undoubtedly made the relationship between share market and mutual fund flows to be of prime significance for the key participants and other stakeholders of both the markets. In this published research paper, the academic researcher attempts assessing the prominent presence of any association between the stock market returns and mutual fund assets under management in India by employing the multiple regression analysis. It has been reasonably concluded that there is no significant evidence of the presence of any such relationships in Indian markets during the period of study. [ABSTRACT FROM AUTHOR]

Purpose: The study seeks to examine the foreign portfolio investment in equity, debt, and derivatives, during the 21-year period, from January 2000 to December 2020, in order to ascertain whether an increase in the FPI flows into equity and debt leads to an increase in the stock market (the Nifty) realized volatility, and an increase in the FPI flows into derivatives leads to an increase in the stock market (the India VIX) implied volatility. Research Methodology: The dataset comprised the Nifty and the India VIX daily prices, the monthly net FPI flows into equity, debt, debt VRR, hybrid securities, and derivatives. The FPI net flow-Nifty realised volatility/India VIX relationship was examined through linear regression, first by using their contemporaneous monthly values, and then on the volatility scale by dividing the dataset into volatility percentile buckets. Findings: The study has revealed a strong negative relationship (R2 of 61.1%) between the FPI net flows into equity, debt and hybrid securities and the Nifty volatility. This suggests that higher FPI flows into equity, debt, debt VRR or hybrids actually lower the Nifty volatility and do not increase it as is popularly perceived. The negative relationship has been stronger in the case of equity (R2 of 63.3%) as compared to the debt (R2 of 48.7%). The relationship between the India VIX and the FPI monthly open interest is significant and negative (R2 of 15%) for all the derivative types, with the exception of stock futures, which has a positive slope (R2 of 18.5%). The inverse relationship has been the strongest in the case of index options (R2 of 65.7%), index futures (R2 of 63.6%) and interest rate futures (R2 of 61.4%). The stock options too have a negative linear relationship with the India VIX (R2 of 15.4%). Policy Implications: A strong negative relationship between the FPI net flows into equity, debt and derivatives, and market volatility means that higher foreign capital flows should not be perceived as destabilising. The government can continue to take steps to welcome foreign investors. The foreign portfolio investment is critical to the growth of the Indian capital market and the economy. India is yet to be accorded its rightful place (corresponding to its GDP size) in global investment barometers, like the MSCI Emerging Markets Index. The insights provided by the study will encourage the Indian policy-makers, the Central bank and the market regulator to further spur foreign portfolio investment without fear. Limitations: The study is comprehensive in terms of the time-period and the FPI investment types. It employs simple and intuitive empirical methods. Further studies can be done on the determinants, impact and lasting benefits of the FPI flows into India at the firm and the country levels. Originality/Value: The study spans almost the entire period of time since the FII/FPI flows became significant after the economic liberalisation measures of the 1990s. The potential impact of up-to-date policy changes has, therefore, been accounted for. The study includes the complete range of FPI investment product categories, viz., equity, debt, debt VRR, hybrids, futures, and options. While the relationship between the FPI investment in debt and equity and the market volatility has been examined by considering the monthly volatility of the Nifty returns, the relationship between investment in derivatives has been examined in relationship to the NSE India VIX implied volatility index. Such an approach is a more accurate reflection of the relationship of the FPI open interest in derivatives and the Nifty-implied volatility. In addition, these relationships have been examined both along the volatility scale as well as the usual time scale. This is important because the FPIs' investment decisions, especially related to equity and derivatives (since debt and debt VRR investment are not so 'liquid') are driven by their perception of risk rather than longevity. [ABSTRACT FROM AUTHOR]

The study examines the behavioral reactions of foreign and domestic institutional investors in the Indian stock market. It poses some critical questions on whether these two types of institutional investors have common investing behavior, and whether foreign institutional investors (FIIs) affect domestic institutional investors' (DIIs) strategies. Vector error correction model (VECM) is used to examine the trading and investing behavior of these institutional investors. Granger causality test is used to check if foreign institutional investment strategy influences domestic institutional strategy or vice versa. The results indicate that neither foreign institutional investors' sell (FIISELL) activities affect domestic institutional investors' sell (DIISELL) activities nor DIISELL affects FIISELL. This may have a crucial policy implication that both institutional investors have independent trading strategies, especially when it comes to selling stocks. But both institutional investors' sale transactions do affect their own buy transactions implying that any of the institutions' selling activities should be supported by their buying activities. [ABSTRACT FROM AUTHOR]

India tops the world in aquaculture production next to China. The present blue revolution envisages tripling fish production of India by 2020, which necessitates effective resource utilization. The aquaculture resources of a country cannot only be limited to land and water availability but also to its species diversity, workforce and infrastructure facilities. Though Indian aquaculture has registered increased production in the past few years, the productivity in terms of water and manpower resources remain very low. There is also, a need for diversification of species for mariculture activities. Hence, this paper examines the status of Indian aquaculture from a global perspective to sort out ways for enhancing productivity. [ABSTRACT FROM AUTHOR]

This study analyzes the sensitivity of a series of Indian stock indices for the astonishing component of monetary and macroeconomic policy with the data set from 1 April 2004 to 31 July 2016. The immediate impact is assessed with event analysis, and the dynamic effect is analyzed with the Vector Autoregression (VAR) model. The result of the event analysis indicates that the monetary policy surprise significantly affects the stock market and is more prominent than that of other macroeconomic surprises. Unlike the event study, the VAR analysis found that the other macroeconomic surprise also affects stock return. The study also highlights the industry effect and size effect, which is coherent with the predictions of the CAPM (Capital Asset Pricing Model) model. While many studies have been conducted on the monetary policy surprise in the developed economy, there are relatively few studies on macroeconomic surprises. Some studies conducted in India have analyzed the impact of monetary policy surprises on stock price; however, to the best of our knowledge, none of the studies has examined the simultaneous effect of both macroeconomic and monetary policy surprise. The study is relevant because the responses differ across sectors and vary with firm sizes. Thus, the study can effectively be used as a hedging instrument. Furthermore, the stock market acts as a vital channel for policy transmission and a critical decision driver for corporate finance. The understanding of firm and stock market dynamics against macroeconomic surprises can help policymakers in enhancing policy effectiveness and corporate finance professionals in improving decision-making. [ABSTRACT FROM AUTHOR]

This research proposes a roadmap for investor-centric strategies to mutual fund firms in India for expanding their client base consists of current and potential investors. Based on the responses of 800 investors collected under a perception survey, using discriminant function analysis, the study works out the sustainable marketing mix variables that impel innovation in product design and distribution for Indian mutual fund industry. The study suggests the revision of prevailing investor strategies profiling with novel products of fewer risks, better governance and regulations, speedy and efficient grievance redressal and professionalism in investor services can impart market dynamism to mutual fund instruments in Indian context. However, the post-investment behavioral paralytics like disposition effect, cognitive dissonance and herd behavior are much critical in determining the strategic effects. [ABSTRACT FROM AUTHOR]

Background: Gold exchange-traded funds, since introduction, are primarily aimed at tracking the price of physical gold in the financial market. This, a category of exchange-traded funds, whose units represent physical gold, is traded on exchanges like any other financial instrument. In the Indian financial market, gold exchange traded funds were introduced a decade ago to facilitate ordinary households' participation in the bullion market. They were also designed to assist in the price discovery mechanism of the bullion market. Presentation of the hypothesis: In this paper, it is attempted to check if one of the constituents of price discovery mechanism, informational efficiency, has been achieved in gold exchange-traded funds' market. Information efficiency becomes evident only when all available information is reflected in the market price of the instrument. Testing the hypothesis: Therefore, in order to assess the weak-form efficiency of the gold exchange-traded funds market, the daily returns of five gold exchange-traded funds traded on the Indian Stock Exchange over the period March 22, 2010, to August 28, 2015, were used. The non-parametric runs test, the parametric serial correlation test, and the augmented Dickey-Fuller unit root test are employed. Implications of the hypothesis: The test results provide evidence that the efficient market hypothesis does not hold for the gold exchange-traded funds' market in India. Further, the test results address several underlying issues with respect to price discovery in the market under study and suggest that the Indian market for this derivative is not weak-form efficient. Hence, the factors affecting gold exchange traded-funds' market warrant the attention of the country's regulatory bodies, as appropriate legislation in support of market efficiency is needed. [ABSTRACT FROM AUTHOR]

To protect market integrity, regulators across the globe have applied trading constraining mechanisms like market-wide circuit-breakers, price limits, stock-based trading halts and the like. In June 2001, Securities Exchange Board of India (SEBI) introduced the market-wide circuit-breaker mechanism for Indian markets in a similar manner to other markets. Till date the Indian market has applied these marketwide circuit-breakers six times. This study attempts to examine the impact of market-wide circuit-breakers on trading activity and volatility. We consider data of Nifty closing price, turnover and number of shares traded for six different windows with event day, event plus 1-3 days, and 10 days average. The study estimates intraday return, overnight return high low volatility and day time volatility followed by T-test to measure the significance difference between average turnover, number of shares traded, high low and daily volatility with event day. The study finds that the effect of market-wide circuit-breaker continues up to three post-event days. [ABSTRACT FROM AUTHOR]

Beta is the central concept in the CAPM model. If betas vary considerably across time, the CAPM model's explanatory power would be undermined. The objective of the study is to test the stationarity of beta for banking sector stocks in different market regimes in Indian stock markets. The study was performed using a sample of six banking sector stocks out of fourteen banking sector stocks that are part of the Nifty 50 Index, listed on the National Stock Exchange (NSE), India, over a study period of six years. The study period was sub-divided into phases based on overall market trends: Boom phase (Apr. 2005 - Dec. 2007), Recession phase (Jan. 2008 - Mar. 2009), and Recovery phase (Apr. 2009 - Mar. 2011). The analysis was performed through the application of panel regression analysis. The results indicate that there were significant differences in betas over the different market phases. This suggests that betas of banking sector stocks in Indian stock markets are non-stationary. [ABSTRACT FROM AUTHOR]

Volatility forecasting is an important area of research in financial markets and immense effort has been expended in improving volatility models since better forecasts translate themselves into better pricing of options and better risk management. In this direction, the present paper attempts to model and forecast the volatility (conditional variance) of the S&P CNX Nifty index returns of Indian stock market, using daily data for the period from January 1, 1996 to January 29, 2010. The forecasting models that are considered in this study range from the simple GARCH(1, 1) model to relatively complex GARCH models, including the Exponential GARCH(1, 1) and Threshold GARCH(1, 1) models. Based on out-of-sample forecasts and a majority of evaluation measures, the results show that the asymmetric GARCH models do perform better in forecasting conditional variance of the Nifty returns rather than the symmetric GARCH model, confirming the presence of leverage effect. The findings are consistent with those of Banerjee and Sarkar (2006) that relatively asymmetric GARCH models are superior in forecasting the conditional variance of Indian stock market returns rather than the parsimonious symmetric GARCH models. [ABSTRACT FROM AUTHOR]

Oil is the world's biggest and most pervasive business, the greatest of the great industries that arose in the last decades of the 19th century. The words of Daniel Yergin in his book, The Prize (1991), which chronicles the development of the world's oil industry, highlight the importance of oil industry in the recent times. In an environment of growing competition, higher resource costs, and significant price uncertainty, 'Investment Decision Making' is given top priority. There are many decision making techniques in academic literature. Some fundamental concepts were formulated more than 200 years ago. But their application became apparent only in the 1950s and 1960s. It is an acknowledged fact that the current practice techniques used for investment decision making in most industries lag behind the current decision theories. Which techniques are most appropriate and applicable to upstream oil industry is what is to be analyzed here. This study draws on the oil industry literature to find the techniques used by upstream oil companies. It tries to identify the techniques that are available and what are the tools appropriate for upstream investment decision making. Each tool has certain limitations. Thus, a combination of decision analysis techniques and concepts are to be used. The rationale behind this study is the assumption that the techniques used would be adding value to the upstream oil companies. This assumption would then be tested to verify this relationship. The risk and uncertainty involved in each technique is also considered. Investment appraisal, industry literature and the insights gained from various conferences, seminars etc. are used to draw conclusions. [ABSTRACT FROM AUTHOR]

For a country like India whose cultural and economic dimensions vary a lot, it is important to understand the impetus or motivation behind any movement which is on record or not. Internal migration has its own routes and thresholds which may differ from region to region. The basic interest of the movement is prosperity and better life standards, however, the definition of these vary according to the standards predisposed in mind. In general it is been preconceived and also supported by census of India that men migrate more often than women on grounds of employment but studies have shown that there is a shift and women are the one who migrates maximum outnumbering men in many cases. But it is a pity that national level large scale surveys are unable to capture this reality as a result women are treated as secondary earners. International migration to and from India have its own pros and cons. Immigration provides cheap labour and strengthen political bonds between party nations, while on the other hand emigration bring foreign exchange to the country. The definition of status is also radically altered by the effect of social meaning of migrant remittances. The emigrants are preferred as a marriage partner in many parts of India especially Punjab which has even lead to the increasing cases of fraud on marital grounds. [ABSTRACT FROM AUTHOR]

The key focus of this paper is to examine the nature of long and short run relationships between spot and future prices of individual commodity indices using Engle and Granger, Johannsen's Cointegration techniques and ECM. The causality in commodities markets can be used to either hedge or speculate price movements. The cointegration results obtained in this paper may be useful to market participants to build up their strategies in the long term or short term in the commodity futures market to wield the future risk. [ABSTRACT FROM AUTHOR]