Search

The extant literature examines the interactions between funding liquidity and market volatility on the equity market. This paper extends the literature and investigates the interactions between funding liquidity and market volatility in the options market. The paper employs the Bayesian structural vector autoregression framework to examine the effects of funding liquidity shock to volatility demand, uncertainty, and risk aversion. We find that positive feedback exists between contraction in funding liquidity and volatility demand, uncertainty, and risk-aversion. Our results are robust to alternate specifications of uncertainty and risk-aversion measures, and alternative ordering of variables. [ABSTRACT FROM AUTHOR]

In this paper, we investigate whether the use of accounting conservatism in India decreases IPO underpricing, which is of attention to stakeholders and supervisors. Furthermore, the study examines how asymmetry information affects the implication of accounting conservatism for IPOs. Based on a regression analysis of 527 firms that went public through IPOs of "A" shares listed on the national stock exchanges between 2000 and 2020, the paper also examines whether the relationship between conservatism and under-pricing is robust to alternative measures of accounting conservatism, mean regressions, sample exclusions, and endogenous treatment models. The research study finds that accounting conservatism is negatively associated with the degree of IPO under-pricing, and the association between accounting conservatism and IPO under-pricing is more perceptible when information asymmetry is high. The paper's originality should shed light on what drives IPO underpricing and how it could be affected by accounting conservatism in an Indian economy, and provide find evidence that legal origin, a factor linked to the practice of conservatism, influences the relationship between under-pricing and conservatism. [ABSTRACT FROM AUTHOR]

In India, post economic liberalisation period starting from early 1990s opened up new vistas for rapid development of Indian stock markets accompanied by high volatility in stock exchanges. The volume of trade increased rapidly with more number of retail investors beginning to invest in equity shares of listed companies in specific industry sectors. This brought to the fore the importance of analysis of business and financial risks associated with such investment decisions. Every rational investor will do well to analyse the risk and return before investing in any stock or security. The investment process must be considered in terms of both risk and return. The present study deals with the estimation of business risk and financial risk of the selected companies in selected industries, based on empirical analysis. For the study, six industries such as Automobile, Cement, Paint, Paper, Pharmaceuticals and Personal Care(FMCG) have been selected from the Indian industries from April 1996 to March 2020. The findings of the study revealed the extent of the relationship between business and financial risk and return in specific sectors of industry in India. [ABSTRACT FROM AUTHOR]

The log-linearized present value model (PVM) has been widely used in corporate finance to understand the long-run relationship between share price and dividends using panel data. However, the application of recently established panel econometric approaches that account for slope heterogeneity and cross-section dependency in the recent literature regarding the long-run link between share price and dividends in an Indian setting is limited. This paper re-examines the log-linearized PVM in an Indian setting using newly developed panel unit root, cointegration, and long-run dynamic estimation approaches. This study employed a panel dataset of 60 Bombay Stock Exchange (BSE)-listed Indian firms paying regular dividends for 28 years (1990–2017). The study found unit root, cointegration, and a long-run relationship between dividend and share price series for Indian firms during a 28-year sample period. By demonstrating the presence of a long-run link between share price and dividends, this paper contributes to the literature on the PVM, which is crucial in comprehending market rationality and share price behavior in India. This paper also discusses issues related to panel data, such as cross-section dependency and slope heterogeneity, as well as panel econometric approaches that can be applied in the appropriate settings. [ABSTRACT FROM AUTHOR]

Socially Responsible Indices allow investors to invest in those companies which are deemed to be socially responsible. These indices comprise those constituent companies screened and assessed for environmental, social and governance (ESG) criteria. This paper analyses the weak form of the Efficient Market Hypothesis (EMH) for socially responsible investment indices in India. The authors used the daily closing price of two indices, Carbonex and Greenex, from June 3, 2013, to December 31, 2022. This study conducted Augmented Dickey Fuller, normality, and autocorrelation tests to analyse the randomness of prices and test whether the future price can be predicted using the past price. The weak form theory of the efficient market hypothesis is violated if the returns are not random and dependent on past returns, thereby enabling investors to gain abnormal returns by extrapolating the past data. The research results suggest that the theory of weak form of efficient market hypothesis is valid for Carbonex and Greenex, which are the socially responsible indices of India. It implies that the future movement of returns for socially responsible investment indices in India cannot be predicted from past prices. Therefore, the opportunity to gain abnormal returns is not possible. [ABSTRACT FROM AUTHOR]

The standard model of open economy macroeconomics suggests that the capital inflow hurts the export of the country through the appreciation pressure. On the other hand, there is a vigorous belief that the capital inflow into the developing countries helps to mitigate the saving-investment gap, encourage the technology transfer, fuel the credit boom, liquidates the stock market and thereby finally increases the output. This paper aims to investigate whether the capital inflow in India is expansionary or contractionary. In doing so, we focus on the different typologies of capital inflow, components of GDP and the absorption capacity of the domestic economy. The empirical strategy adopted by the paper takes care of the issue of the non-linearity and also the endogeneity problem. Analysing the data from 1996 Q2 to 2019 Q4 we find that the capital flow into India could be expansionary as well as contractionary depending upon the nature of inflow and the absorption capacity. Net total capital inflow has no direct impact on growth. But it can accelerate the growth in conjunction with the higher financial depth of the economy, negative output gap, lower country risk and better stock market condition. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the explanatory power of the Fama-French five-factor model and compares it to the other asset pricing models. In addition, the paper examines the contributions of two additional factors: profitability and investment factor. The authors test the alternative four-factor models. Design/methodology/approach: The authors use stock returns data of BSE-500 listed firms for the Indian market, an emerging market, from 1999 to 2020, thus covering the post-Asian crisis and pre- and post-financial crisis (2007–2008) periods. The authors employ 75 and 96 portfolios based on different factors. To check the performance of asset pricing models, the authors also used the GRS F-statistics and factor spanning tests. Findings: The authors find that the five-factor model and alternative four-factor model outperform the three-factor model. Contrary to the findings for the US, but similar to the Chinese stock market, the value factor is significant for the Indian stock market. Simultaneously, the authors also find that the investment factor has no explanatory power in the presence of the profitability factor in their sample. Originality/value: To the best of the authors' knowledge, this is the most comprehensive study using data more than two decades. These results are based on 75 (25 × 3) portfolios based on size, value, profitability and investment. The authors also tested these results based on 96 (32 × 3) portfolios to check robustness, and these results still hold. Furthermore, the authors find that factors based on 2 × 3 sorting have higher explanatory power than those based on 2 × 2 and 2 × 2 × 2 × 2 sorting. [ABSTRACT FROM AUTHOR]

This paper establishes a predictive relationship between financial vulnerability and volatility in emerging stock markets. Focusing on China and India and utilizing GARCH-MIDAS models, we show that incorporating financial vulnerability can substantially improve the forecasting power of standard macroeconomic fundamentals (output growth, inflation and monetary policy interest rate) for stock market volatility. The findings have significant implications for investors to improve the accuracy of volatility forecasts. [ABSTRACT FROM AUTHOR]

Purpose: Equity research in experimental psychology reveals investors' overreactions to bad news events. This study of asymmetric price structures in equity markets investigates whether such behavior predicts stock returns in an emerging market of India. Design/methodology/approach: The research decomposes Bombay Stock Exchange (BSE) Sensex returns into Extremely Positive Returns (EPR) and Extremely Negative Returns (ENR) based on extreme values at first and then tests their lead–lag relations. Findings: The empirical finding is consistent with the existing evidence of asymmetric news effects on stock returns in India. In precise, ENR robustly predicts one-month-ahead EPR for the sample period from January 1991 to March 2020. This predictive power persists even in the presence of popular valuation ratios and business cycle variables. Practical implications: The paper explains the rationale of extreme value modeling in price forecasting. Investors can find additional utility gains from market cycle information while predicting extreme returns in Indian stock market. Originality/value: The paper is unique to understand business cycle effects in extreme return reversals in emerging markets. [ABSTRACT FROM AUTHOR]

This paper analyzes and forecasts the contrasting conditions of real economy and stock market amid pandemic. Stock market is a place where public dealing takes place for issuing, buying, and selling of stocks in the form of facilitation of the transfer of funds from investors to firms. The main aim of the stock market is to assist firms in raising funds. In this paper, the stock market bubble of 2021 and various pull-push factors behind swelling of the stock market are vividly discussed. As it is known, bubble brings rapid rise in the prices of assets and is usually cyclical in nature. Recently, RBI has shown concern over stock market bubble in its financial report. The paper discusses India's stock market bubble 2021 and provides the reasons for the same: decentralization of firms from China, increase in the rate of vaccination, India's monetary and fiscal policy during the pandemic along with the welfare assistance provided to the public. [ABSTRACT FROM AUTHOR]

The study aims to rank the performance of Indian private sector banks on the basis of their financial capability. The study is focussed on those banks which are listed in the Bombay Stock Exchange (BSE), for the period from 2014–15 to 2018–19. The financial performance of selected Indian private banks is ranked using a hybrid Multi‐Criteria Decision Making (MCDM) technique, that is, AHP‐TOPSIS. The Analytical Hierarchy Process (AHP) is used to determine the weights of 10 financial performance pointers, and further Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is used to provide rankings and benchmarking of the private sector banks. Thereafter, overall ranking is given to the selected banks using interval‐valued TOPSIS (IV‐TOPSIS) for a combined period of 5 years. Sensitivity analysis has been performed to check the robustness of the method and its impact on the final ranking of the banks. Results showed that HDFC bank is the top performer and is ranked first for all the years consecutively during the period 2014–2019 and has set a financial indicator benchmark for other competitor banks. South Indian Bank showed the worst results in each year and stood last in the overall ranking. The IndusInd bank is followed after HDFC bank by improving its performance from 2014–19. With a slight margin, Kotak Mahindra Bank ranked after IndusInd. Through the AHP‐TOPSIS technique, each year the private sector banks ranking differs among themselves depending upon the financial performance pointers. Based on interval‐valued TOPSIS (IV‐TOPSIS), it was found that the overall HDFC was the top‐performing bank and South Indian Bank was the worst‐performing bank among all other banks. The results obtained from sensitivity analysis were found to be consistent with IV‐TOPSIS. The paper used the AHP technique, which is subjective in nature, and the results depend on the opinion of the experts. This study will assist the investors who want to channelize their funds in private banks having shares enlisted in BSE. It will accommodate banks to compare and judge their financial performance along with improving their performance and planning their future strategy. AHP‐TOPSIS utilized by past researchers is unable to bring out the cumulative performance for banks, but in this paper, IV‐TOPSIS is utilized, which can be effectively used to evaluate the cumulative performance of banks. The study tries to fill the gap in the literature by providing the overall ranking to private sector banks in India on the basis of financial indicators. [ABSTRACT FROM AUTHOR]

This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths are negatively associated with stock returns. Further, we observe that the average stock returns during Lockdown 2 are positive and highly significant, while the returns during Lockdowns 3 and 4 are negative. Moreover, our results show that the chemical, technology, and food and beverage industries earn higher returns. In contrast, the banking and finance, automotive, services, and cement and construction industries yield lower returns for the overall period. Interestingly, all industry groupings in this study earn a positive return during the lockdown period. In particular, the chemical, technology, automotive, metals and mining, and food and beverage industries provide higher returns during the lockdown period. Finally, this study supports the claim that the Covid-19 pandemic has had a heterogeneous effect in the Indian stock markets. [ABSTRACT FROM AUTHOR]

Purpose: Timely access to reasonably priced financing is critical to promote and sustain small and medium sized businesses (SMEs). This study aims to examine the role of the newly constituted SME exchanges in funding the growth of Indian SME firms. The impact of obtaining public equity capital on the firm's growth prospects, capital structure and credit profile is the focus of this paper. In addition, this study compares the cost and speed of raising capital on specialised SME exchanges to the main board. Design/methodology/approach: To examine the impact of raising public equity capital, this study uses a difference-in-difference (DID) regression analysis. SMEs that raised financing on the SME exchange between 2013 and 2018 make up the treatment sample. This study uses a propensity score matching technique to find the control group from a sample of unlisted enterprises to reduce the likelihood of selection bias. Findings: This study finds that SME profitability drops after an initial public offering (IPO), which is consistent with previous research. This study also discovered that after a company is listed, its total debt falls. This study also shows that after the IPO, there is no change in the borrowing costs of SME enterprises. Finally, this study finds an evidence of a decline in sales growth following the IPO, implying that the firms use the IPO money to rebalance their accounts after a period of heavy investment rather than for growth finance. Originality/value: A thriving and efficient equity financing market for SMEs has the potential to establish itself as a viable alternative to the existing dominant bank financing option. To the best of the authors' knowledge, this research is the first to examine the role of SME exchanges in the funding of Indian SME firms. [ABSTRACT FROM AUTHOR]

Purpose: The Global recession of 2008 was the worst financial crisis in the postworld war economic history that brought in severe disruptions in global investments and capital flows. Not surprisingly, research interest in the field of market integration has considerably increased over the last decade. This paper analyses the dynamics of price integration among Asian financial markets during the postfinancial crisis period. Design/methodology/approach: We employ an Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration and a Granger Causality/Block Exogeniety test from a Vector Error Correction Model (VECM) on monthly stock index data of five leading Asian economies from April 2009 to March 2020. Findings: The cointegration results could not produce any conclusive evidence of long-run relations between stock markets. There exists weak price convergence among markets, and financial integration is partial and in an imperfect form. Research limitations/implications: Stock price performance in China is closely "coupled" with that in India, but both markets appear to be the short-run predictors of Asian stock returns. The research uses only the benchmark stock indices of the selected economies. Consideration of mid-cap and small-cap segments where foreign investments are significant today can validate the findings further. Practical implications: The asymmetric pattern of price behavior of Asian markets has important implications for the pricing efficiency of national markets and offers arbitrage potentials for global investors to optimize returns through market diversifications on a long-term perspective. The finding definitely will be a great help to investors who are potentially interested in a trading strategy that offers greater returns with limited exposure to market risks. Originality/value: Compared with previous studies, the research uses the most recent data of leading Asian markets and applies the robust method of ARDL Bounds testing approach that allows us to understand better if the economic recoveries and advancement have had an effect on market coupling and stock price transmissions. [ABSTRACT FROM AUTHOR]

This paper empirically investigates the impact of COVID‐19 on the volatility of stock prices in India with the help of a generalized autoregressive conditional heteroscedasticity model. Daily closing prices of stock indices, Nifty and Sensex from September 3, 2019 to July 10, 2020 has been used for the analysis. Further, the study has been attempted to make a comparison of stock price return in pre‐COVID‐19 and during COVID‐19 situation. Findings reveal that the stock market in India has experienced volatility during the pandemic period. While comparing the result during COVID period with that of the pre‐COVID, we found that the return on the indices is higher in the pre‐COVID‐19 period than during COVID‐19. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore the immediate proactive corporate social responsibility (CSR) efforts undertaken by select organizations in India in response to the coronavirus (COVID-19) pandemic and the approach they have adopted toward it. Design/methodology/approach: Semi-structured interviews were conducted with 27 senior managers across top Bombay Stock Exchange indexed organizations from the manufacturing and services sector in India during the national COVID-19 pandemic lockdown between March and June 2020. Manual content analysis and the Gioia method were used to arrive at the insights. Findings: Results of the analysis showcase the spirited immediate CSR measures undertaken by the select organizations in the broader interests of the community at large. The study also highlights the need for a paradox approach toward CSR strategy. Research limitations/implications: Given that the present study adopts an exploratory qualitative research design, the scope for generalization is rather limited. Practical implications: This paper classifies COVID-19 related initiatives undertaken by selected few top organizations in India and attempts to justify the need to opt for a paradox approach toward CSR strategy. Originality/value: To the best of the author's knowledge, this is one of the first few studies to have attempted to put forth a dialog at the intersection of COVID-19 and CSR with rich insights gained from qualitative data collected during India's intense lockdown period and offering a different perspective with the inclusion of paradox theory into the discussion. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to contribute to the existing literature on financial risk disclosure by examining a sample of non-financial Indian companies listed on the Bombay stock exchange (BSE) to explore the degree of information about financial risks contained in their annual reports. Design/methodology/approach: To study the financial risk disclosure of Indian companies, a sample of 206 non-financial companies has been derived from the top 500 listed companies at BSE. The method used in this study to analyze risk disclosure is content analysis. A total of 1,854 annual reports are scanned through software Nvivo-12 to find different types of risk words. Overall, risk disclosure, category wise risk disclosure, year-wise risk disclosure and sector-wise risk disclosure are assessed. The risk disclosure index is also computed. Findings: The results show that there are some risk disclosure practices in Indian companies. No general pattern is observed. Companies are following vague method of risk disclosure. In the true sense, Indian companies are now started risk disclosure practices since 2018. This may be because of pressure from regulating bodies and stakeholders with greater detail about their financial risks. Originality/value: This study is carried out for Indian non-financial companies. The paper adds to the literature relating to financial risk disclosure in developing countries. [ABSTRACT FROM AUTHOR]

Social Stock Exchange provides access to dedicated investors and businesses seeking to achieve a positive social and environmental impact through their activities. The aim of a social stock exchange is to act as a platform to bring social organizations and investors together whose missions and interests align with each other. Social stock exchanges are already established and functioning in a handful of countries including United Kingdom, Canada, South Africa, and Singapore. As far as India is concerned, SEBI has taken quick action to respond to the implementation of social stock exchange proposed in the Union Budget 2019, by forming a working group to examine and make recommendations for the same. The main objectives of this research paper were to analyse the working of SSEs in different countries using a descriptive study method. On understanding the working of SSEs around the globe, we have suggested certain features that can be implemented in the Indian Social Stock Exchange. We have also brought out the differences in the terms closely related to Social StockExchange like-Impact Investing (II), Socially Responsible Investing (SRI), Environmental, Social and Governance (ESG), and Thematic Investing (T.I.). [ABSTRACT FROM AUTHOR]

This paper aims at ascertaining the determinants of financial performance for construction industry. We use the financial data of one hundred thirty-two construction industry companies which are listed in the Indian stock exchanges. The result of the data shows that logarithm of PBIT by total assets, working capital to total assets, total assets turnover ratio, current assets turnover ratio and current ratio as independent variables emerge as determinants of the financial performance of construction industry of the study. Further studies can be undertaken for company wise analysis in construction industry and infrastructure companies in India. [ABSTRACT FROM AUTHOR]

Purpose: This study aimed to investigate the effect of sustainability committee (SC) characteristics (size, independence, the number of meetings, and expertise) on corporate social responsibility (CSR) performance in the Indian context. Design/methodology/approach: This research measures the CSR performance of 60 Indian non-financial firms listed on the Bombay Stock Exchange (BSE) over the period 2014 to 2019 using the ASSET4 environmental, social, and governance database. The authors resorted to fixed-effect panel regressions to capture the individual effect present in the data. Findings: The results show that CSR performance is positively and significantly influenced by SC independence, size, and expertise. However, the number of SC meetings does not affect CSR performance. The results also demonstrate that CSR performance is positively and significantly associated with board independence. Research limitations/implications: This paper adds to the existing literature by examining the effect of SC characteristics on the firms' CSR performance in India as one of the oldest stock markets in the world, which would help test the validity of the agency and stakeholder theories in an old and big emerging market context. Practical implications: The findings allow managers to understand the mechanisms affecting CSR performance and how the characteristics of the SC can participate in its growth and development. Moreover, this study has implications for researchers, suggesting that future CSR studies should take into account the SC characteristics as potential determinants that explain CSR, such as CSR activities and CSR practices and strategies. Originality/value: The present research contributes to the literature by investigating the effect of SC characteristics on the firms' CSR performance, thereby providing additional evidence on the issue. Several previous studies have examined the link between corporate governance and CSR performance with a focus on external oversight mechanisms, namely institutional ownership or analyst coverage or internal oversight mechanisms, such as board gender composition, board independence, separation of board Chairperson and CEO roles, and the existence of SC on the board, but these studies did not examine the SC characteristics. The present research fills the gap. [ABSTRACT FROM AUTHOR]

Capital market that we see today in India has evolved over more than two centuries and its genesis lies in developments that took place during rule by East India companies. The nascent markets that emerged during the period have matured and are one of the most progressive markets in the world today. The Indian capital markets are robust, use best of the technologies and generate interest from across the world. This work draws inspiration from many printed resources that include, academic articles, reports and books. The paper attempts to identify the nascent stages of formation of capital markets in the country over time. From a historical perspective the Indian capital market is closely interwoven with the Bombay Stock Exchange which is also first exchange to be formed in Asia. The paper also covers shape of present-day capital market that has emerged over time. The paper explains how the capital markets have expanded across different cities for several decades and then, constrained with the environmental changes, they consolidated. [ABSTRACT FROM AUTHOR]

Purpose: The behavioural decision-making process of individuals highlights the importance of investors' sentiment and their correlation with the real economy. This paper aims to contribute to the literature of behavioural finance by examining the influence of contextual factors on investment decision-making. Design/methodology/approach: Using a questionnaire, a total of 445 valid responses were collected from March to May 2021 through online sources. The current study uses a technique of Fuzzy-analytical hierarchical process (AHP) to assign relative weights to various contextual factors influencing investment decision-making. Harman's single factor test was used to check common method bias. Findings: Results of the study reveal that accounting information, self-image/firm-image coincidence, and neutral information as the top-ranked factors in influencing investment decisions, whereas advocate recommendation and personal financial needs emerged as less important factors in influencing investment decisions. Research limitations/implications: The current study collects data from Indian stock market investors, which may limit the generalization of the study to India only. Moreover, this study is cross-sectional in nature, and there are numerous factors that are not part of the study but might significantly influence the investors' decision-making process. Practical implications: The research has implications for both academicians working in the area of behavioural finance and practitioners' who are active in stock markets, more specifically dealing with retail investors and in the domain of personal finance. Also, the current study will accommodate different groups, i.e. policy makers, financial advisors, investors, investment professionals, etc. in carrying out their professional work. Originality/value: The current study will provide a comprehensive overview of individual investor behaviour. To the best of the authors' knowledge, the present study is one of its kind to use the Fuzzy-AHP technique for evaluating the relative ranks of contextual factors influencing investment decision-making. [ABSTRACT FROM AUTHOR]

The COVID-19 epidemic has brought attention to the vulnerability of new illnesses, and immunization remains a viable option for resuming normal life. This paper examines the influence of COVID-19 vaccination on the death rate and the performance of stock market in India. For this study, COVID-19 vaccination and death rate data is gathered from the Ministry of Health and Family Welfare (MoHFW) portal, and the data for the stock index is taken from the Bombay Stock Exchange (BSE), India. In order to achieve a precise representation of feature significance and distribution, EDA (Exploratory Data Analysis) is utilized in this study. The impact of COVID-19 immunization on the mortality rate and stock market index is investigated using both statistical analysis and Machine Learning Regression-based models. The models are remarkably accurate in reproducing actual result. The empirical study suggests that vaccination has a strong positive impact on the stock market and reducing the death rate. Furthermore, the policies recommended by government and monetary authorities coupled with COVID-19 vaccine supported the stock market recovery in pandemic. [ABSTRACT FROM AUTHOR]

The existence of behavioural bias such as positive feedback trading (PFT) and herding is well researched for advanced economies. This paper explores whether foreign institutional investors (FIIs), a prominent investor group, pursue these strategies in India. The contribution lies in the application of multiple measures of herding. Results indicate that FIIs exhibit PFT behaviour in equity and to some extent, in debt. At the individual stock level, FIIs herd during non-extreme market conditions, but market-level measures indicate absence of herding in extreme market conditions. In the bullish market, they behave more rationally compared to bearish or normal market conditions. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine whether investor's awareness, risk perception, and prior investment experience have any effect on the equity investment. The study is based on primary data collected using multistage random sampling method. We apply binomial logistic regression for analysis and observe that both awareness and past experience influence equity investments. We, however, also observe that risk perception plays no role in equity investments. We propose that appropriate policy measures can enhance the awareness level and experience of the investors regarding equity investment. To increase the individual investors' participation in the equity market, in the context of India, we propose that regulators and policy makers focus on making people experienced in this field. Government should nudge individuals by incentivizing equity market investment to increase market participation. Employers can also impart investment education to the employees to make them aware about equity investment and consequently increase equity investment. [ABSTRACT FROM AUTHOR]

This paper tries to examine the impact of Ind AS on some accounting numbers and also to examine if there is any statistically significant difference among the prevailing opinions regarding Ind AS adoption in India. We took the top 45 companies from the Bombay Stock Exchange, according to their market capitalisation, and excluded banking, non-banking financial companies, and insurance companies due to non-availability of data, and made a questionnaire for opinion survey. We applied paired t-test on the secondary data and a chi-square test on the primary data. No statistically significant difference was found in the accounting numbers after the adoption of Ind AS. Results also revealed that there is homogeneity in the opinion of respondents with different work experiences and occupations regarding the impact of Ind AS on accounting numbers. Indian companies should provide more disclosure in their financial statements, so that the informational content of accounting numbers can be increased. [ABSTRACT FROM AUTHOR]

A plethora of information on indices of popular bourses across the globe has heisted investors off their mental peace to give them nightmares. Operational nuances and informed interpretations of the movement in the stock market indices of bourses operating at the international level, regional level, and national level and of those of sector specific have always been a daunting task to myriad of investors actively functioning in the market arena. This paper seeks to demystify the modus operandi of developing indices of bourses using pragmatic episodes and thereby aid the investors in comprehending the subtleties associated with it and the niceties involved in its dexterous maneuvering and making robust decisions for triumphant innings in the bourses. This paper provides model of insights in computation of stock market indices with techniques such as market capitalization weighted index, free-float weighted index, price weighted index, equal weighted index, impact cost, and index management. [ABSTRACT FROM AUTHOR]

This paper investigates whether the Covid-19 virus negatively impacts Indian companies dependent on the Chinese supply chain. As the virus originated from China, there was an anti-China sentiment observed all over the world. Our empirical study analyzes the impact of lockdown and relief measures announced by the government on companies dependent on Chinese suppliers vis-à-vis companies that are not dependent on Chinese suppliers on selected stocks in the Indian stock market. We find no negative sentiment among Indian investors on Chinese supply chain-dependent companies in India. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Management Studies is the property of Czestochowa University of Technology, Faculty of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The novel Corona Pandemic has put the world trade and economy in a great crisis. No country is free from the jaws of the deadly virus. It not only causing huge forfeiture of human life but also inducing economic disaster, with a halt in production, a crumble in consumption and a magnified unreliability in stock exchanges. The Covid-19 has severely disrupted the global supply chain system. All the sectors like aviation, tourism, retail, capital markets, oil and particularly Micro, Small and Medium Enterprises (MSMEs) are the most affected with negative repercussion. In the global view, the small businesses are the most sufferers than the big ones as they are vulnerable with lesser resources to redesign to the new social change. The main purpose of this article is to study the present status of Micro, Small and Medium Enterprises (MSMEs) of India and its sustainability amid this pandemic. It will notably discuss the impacts of Covid-19 on this sector and the initiatives taken to regenerate this sector. The study will be based on reviewing the available literatures considering research papers, reports and policy documents. This article comes forward with applicable recommendations for MSMEs facing this epidemic in India. [ABSTRACT FROM AUTHOR]

The paper aims to empirically investigate the influence of corporate social responsibility (CSR) on firm performance in Indian listed firms. We use regression analysis to determine the relationship between CSR and firm performance. Both accounting and market measures of firm performance have been deployed for the purpose of the study. We have found mixed evidence. While CSR has a positive impact on the accounting measure, it has a weak relationship with market-based returns. Our most significant finding in the study is that markets do not perceive the standard mandated CSR spends worthy of a reward. Instead, such spends are considered hygiene whereas expenditure made by firms in excess of the mandated CSR spends is rewarded by markets for their CSR conscious behaviour. We therefore advise the Indian companies to spend beyond the mandated CSR outlays if they are to improve on their market value. [ABSTRACT FROM AUTHOR]

This study explores the relationship of investment done by domestic institutional investors (DII) and stock market returns. The paper covers a bigger definition of DII's, bifurcating them into four categories, (a) mutual fund, (b) venture capital fund, (c) financial institutions and (d) insurance companies who have invested in national stock exchange of India. The study uses CNX Nifty 50 to represent the stock market of India. ARDL bound testing cointegration model is applied to find the relationship between the Dependent variable (nifty 50) and Independent variables (mutual fund, venture capital fund, Indian financial institution and insurance companies) This analysis will help regulatory authorities to improvise on policy making on investment in stock market for insurance companies, financial institution, venture capital fund and mutual fund. The surge in domestic institutional equity inflows, will help to insulate the Indian equity market from the high velocity traders of overseas. This is the first study to undertake domestic institutional investors at a disintegrated level. [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]

The purpose of the study is to investigate the nature and extent of sustainability reporting practices of top 100 National Stock Exchange (NSE) listed companies in India. Further, this paper also analyses the difference in sustainability reporting practices of companies based on the Global Reporting Initiatives (GRI) reporting, ownership structure and industry type. Data were collected from the sustainability report (SR), business responsibility report, CSR report and annual report of the companies for the year ended 2017–2018 and 2018–2019. Content analysis of the reports, Independent sample t test and Cohen's d research techniques were used for data analysis. Notwithstanding the uniform disclosure norm, the results suggest an inconsistency in sustainability reporting practices of the companies. It was found that GRI reporting companies have significantly higher sustainability disclosure than non‐GRI reporting companies in India. Contrary to prior studies, the result indicates the absence of a statistically significant difference in sustainability reporting practices of government‐owned corporations and private companies. The results provide several practical implications for regulators, government, policymakers and companies. Findings suggest companies should move beyond compliance of regulatory norms and adopt sustainability code of conduct (i.e., GRI, UNGC principles, SDGs Mapping) to improve sustainability reporting practices. Policymakers and regulators should broaden the scope of existing disclosure norms (National Voluntary Guidelines) to further improve sustainability reporting in India. The present study is one of the first of its kind to investigate the nature and extent of sustainability reporting practices of NSE listed companies' post‐disclosure reforms in India. [ABSTRACT FROM AUTHOR]

Purpose: The phenomenon known as financialization of commodities, arising from the speculation in commodity derivatives market, has raised serious concerns in the recent past. This has prompted distortion in agricultural commodity prices driving them away from rational levels of supply and demand shocks. In the backdrop of financialized commodities leading to increase in price of agricultural products and their interaction with equity markets, the authors examine the investment of institutional investors in impacting the agricultural returns. The paper aims to focus on the financial mechanism that drives extreme values and the mean of agricultural returns. Design/methodology/approach: The authors employ the Threshold AutoRegressive Quantile (TQAR) methodology to find evidence of linkages between the Indian agricultural and equity markets from January 2010 to May 2020 consistent with the rise in inflows of institutional investors in agricultural markets. Findings: The results reveal that the investors impact the agricultural commodity markets strongly when the composite commodity index value (COMDEX) is low. Additionally, in the lower extreme quantiles (0.25) of agricultural returns, the integration between the equity index and agricultural returns is found to be highly significant compared to insignificant values in the higher quantiles (0.75 and 0.95) in both the regimes. The results suggest that low values of agricultural commodities are more closely linked to equity indices when composite commodity index value is low. This implies that, at the lower quantiles of COMDEX return (bad day), the investors move to the stock market. In that way, the commodity index returns are seen to be as a strong channel for the financialization of Indian agricultural commodities and suggesting potential involvement of investors during those regime. Research limitations/implications: Regulators need to anticipate the price fluctuations in spot and futures markets. Investors in commodity markets need to strengthen risk awareness to carry out portfolio strategies. Practical implications: From policy perspective, it is of pivotal importance to enhance the understanding of the financialization of agricultural products. The findings provide reference measures to stabilize the commodity markets, alleviate price distortions and carry out further evidence of price discovery and risk management in Indian commodity markets. Originality/value: To the best of the authors' knowledge, this study is the first to highlight the potential influence of financial markets on the financialization of agricultural commodities in an emerging economy like India. [ABSTRACT FROM AUTHOR]

Stock market trends forecast is one of the most current topics and a significant research challenge due to its dynamic and unstable nature. The stock data is usually non-stationary, and attributes are non-correlative to each other. Several traditional Stock Technical Indicators (STIs) may incorrectly predict the stock market trends. To study the stock market characteristics using STIs and make efficient trading decisions, a robust model is built. This paper aims to build up an Evolutionary Deep Learning Model (EDLM) to identify stock trends’ prices by using STIs. The proposed model has implemented the Deep Learning (DL) model to establish the concept of Correlation-Tensor. The analysis of the dataset of three most popular banking organizations obtained from the live stock market based on the National Stock exchange (NSE) – India, a Long Short Term Memory (LSTM) is used. The datasets encompassed the trading days from the 17th of Nov 2008 to the 15th of Nov 2018. This work also conducted exhaustive experiments to study the correlation of various STIs with stock price trends. The model built with an EDLM has shown significant improvements over two benchmark ML models and a deep learning one. The proposed model aids investors in making profitable investment decisions as it presents trend-based forecasting and has achieved a prediction accuracy of 63.59%, 56.25%, and 57.95% on the datasets of HDFC, Yes Bank, and SBI, respectively. Results indicate that the proposed EDLA with a combination of STIs can often provide improved results than the other state-of-the-art algorithms. [ABSTRACT FROM AUTHOR]

India is on the path of Digital India, FII and DII's in the country boost the country's economy. Both FII and DII have dominant role in capital formation which assists in assets formation along with investments in the stock market form of trading of various securities. FII funds a capital sources in India from foreign countries, affect the financial system and boost the economical growth. During pandemic, covid -19 the Indian economy has faced severe changes which affected the DII and FDI funds too. The research paper points on the changes in the FII and DII funds due to pandemic with reference to increase in covid cases. Design/Methodology/Approach-The paper employs quantitative approach have exploratory research design. The secondary has been collected from authorized government sites i.e. www.moneycontrol.com & www.statista.com for infusion of FII and DII funds in India and data sheet of COVID-19 cases in India(January 2020 to December 2020). Furthermore, for analyze of data SPSS version 20 has been used. Correlation & regression and ANOVA; Statistical techniques have been applied to reach the findings. The findings exhibits that there has been a significant changes in FII and DII during the COVID first wave period as compared to the pre COVID. Being FII and DII are very important for any countries economy, therefore studying the same and especially for the COVID period is highly essential from the Future perspective. This paper is original as till date no study has been conducted in detail to study the pattern and impact of FII and DII during the COVID times. [ABSTRACT FROM AUTHOR]

Using monthly data on money, short-term credit, foreign exchange, government securities, long-term debt, futures, and real estate market instruments' returns, the paper examines the financial-markets' integration (i.e., long-term relationship or cointegration) within and across the markets in India for the sample period April 2006 to March 2020 by employing the autoregressive distributed lag methodology. In terms of within the markets, the study found that there exists financial integration only in money, short-term, government and forex markets. On the other hand, in terms of across the markets, it is found that all the money market and short-term credit market instruments other than IMF lending rate and bank rate are cointegrated with government securities, long-term debt, futures, foreign exchange and real estate markets. Equity market is cointegrated only with money, short-term credit and futures markets. Similarly, 10-year government security is cointegrated with money, shortterm credit and forex markets. The equity futures market is cointegrated with money, short-term credit and long-term debt markets only, while the corporate bond market is cointegrated with all the markets other than futures. On the other hand, neither the commodity futures market nor the real-estate market is cointegrated with any other markets. The equilibrium adjustment speed is not uniform across the markets and in general it is lower within the markets compared to across the markets. [ABSTRACT FROM AUTHOR]

This paper studies the feasibility of rainfall risk market in India. Perceptional studies on feasibility of creation of rainfall risk market are essential to understand the ecosystem of our capital markets to design, develop and trade rainfall-risk products like rainfall futures and options. The study is exploratory in nature because no research has been done on the feasibility of rainfall risk market based on stakeholders'/experts' perceptions. It is based on the primary data collected through a structured questionnaire and circulated among the selected sample of 208 respondents. The respondents are academicians, executives working in insurance/reinsurance companies, professionals working in commodity/stock exchange, stockbroking, and practicing CA/CMA/CS/CFA professionals. The findings indicate that there exists scope for creating rainfall risk markets in India. However, creating awareness amongst the stakeholders is a prerequisite for creation of such markets. The results of the study are likely to chart a road map that lays down a clear path for design and development of rainfall risk markets. [ABSTRACT FROM AUTHOR]

This paper classifies Algorithmic Traders (ATs) as Proprietary Algorithmic Traders (PATs) and Buy-side Algorithmic Traders (BATs) and examines their dynamic relationship with market quality, using data from the National Stock Exchange (NSE), India. We find that the two categories of traders cause a differential impact on market quality measures and vice versa. BATs' order placement improves liquidity by narrowing the quoted spread, while PATs' and BATs' cancellation worsens liquidity by widening the quoted spread. PATs' order placement increases the price impact but reduces the realized spread, whereas their cancellation increases the realized spread. Furthermore, when the quoted spread increases, ATs increase their order placement and cancellation. When the realized spread increases, PATs cancel less of their orders. Contrarily, when the price impact increases, PATs' participation (both order placement and cancellation) and BATs' cancellation increase. Besides, we provide new evidence that among the ATs, order placement of BATs crowds out that of PATs, but not vice versa. [ABSTRACT FROM AUTHOR]

Stock markets around the world experienced a massive collapse during the first wave of COVID-19. Roughly in the month of January 2021, the second wave of COVID-19 struck in India, reaching its peak in May, and by the end of May, the active cases started to decline. A third wave is again predicted by the end of 2021, and as such, the COVID-19 pandemic seems to have become a periodic phenomenon over the last couple of years. Therefore, the study of the behavior of the stock market as well as that of the investors becomes very interesting and crucial in this highly volatile and vulnerable market trend. Motivated by these facts, in the present paper, the researcher develops a model for portfolio management, using curve-fitting techniques and shows that this model can encounter the market volatility efficiently in the context of the Indian stock market. The portfolio is designed based on data taken from the National Stock Exchange (NSE), India, during 1 January 2020 to 31 December 2020. The performance of the portfolio in real-life situation during 1 January 2021 to 21 May 2021 is examined, assuming investments are made according to the proposed model. [ABSTRACT FROM AUTHOR]

Copyright of International Research Journal of Business Studies is the property of Prasetiya Mulya Publishing, Universitas Prasetiya Mulya and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The epidemic of COVID-19 has impacted the entire global stock market in an unforeseen manner. Due to the uncertainties that occurred in the global economy; the financial market of India also responded to the pandemic and experienced significant volatility. This study empirically explores the effect of COVID-19 on the Indian stock market, considering the COVID-19 scenario. This research explores, employing the regular closing prices of indices like Nifty, the volatility of these indices over the period from 3 September 2019 to 10 July 2020. In addition, the report sought to make a quantitative review of the stock market return in the pre-COVID-19 and COVID-19 situations. The volatility of the indexes is captured using the GARCH model. The results indicate that the Indian stock market has encountered uncertainty during the pandemic era. When c the findings are compared with those of the pre-COVID-19 phase, the author found that before the COVID-19 phase, the returns were higher than during COVID-19.During the first lockout period, from 24 March to 6 April, the returns of both stock markets touched the bottom line. [ABSTRACT FROM AUTHOR]

Dividend policy contributes significantly to the company's performance as well as its survival and growth. Formulation of such policy is a challenging task to the firm as it conveys positive signal about the company to its investors. In India, the impact of dividend announcement has been examined extensively, but its impact on the service sector companies is relatively unobserved. The purpose of this study is to conduct a detailed and systematic review of dividend announcement and analyze the effect of dividend announcement on stock prices of the service providing companies listed on National Stock Exchange of India. The study employs the event study methodology with an event window of 31 days. The study is carried out for a period ranging from January 1, 2018 to December 31, 2019. The findings of the study revealed that the stock prices react towards the dividend announcement event of the companies and thus there is a significant impact of dividend announcement on the stock prices during the event window which led to generation of abnormal returns. [ABSTRACT FROM AUTHOR]

The capital market responds to precedent and unprecedented events. These events play an important role in market efficiency. The purpose of this paper is to elaborate the state of the stock market due to the recurring landslides in the Uttarakhand region in India. This study will help to determine the loss faced by the companies in the Indian stock market. Hence, analysing the "shock due to the natural disaster" in the stock market is an important issue. The study is based on secondary sources of information about various landslides in India. To calculate the "shock due to the natural disaster" in the stock market, we have employed event study methodology to measure this impact. The paper finds that a negative shock is brought by this catastrophic disaster on the Indian stock market. The impact of this shock is on each and every industry in the market; however, the most significant impact is felt by the top companies in the various industries. The market has shown a negative trend in its abnormal returns on and after the event day. Conversely, as the news of relief programmes were released by the government after three or four days, the market again started becoming normal. [ABSTRACT FROM AUTHOR]

In this paper, we explore mutual information based stock networks to build regular vine copula structure on high frequency log returns of stocks and use it for the estimation of Value at Risk (VaR) of a portfolio of stocks. Our model is a data driven model that learns from a high frequency time series data of log returns of top 50 stocks listed on the National Stock Exchange (NSE) in India for the year 2014. The Ljung-Box test revealed the presence of Autocorrelation as well as Heteroscedasticity in the underlying time series data. Analysing the goodness of fit of a number of variants of the GARCH model on each working day of the year 2014, that is, 229 days in all, it was observed that ARMA(1,1)-EGARCH(1,1) demonstrated the best fit. The joint probability distribution of the portfolio is computed by constructed an R-Vine copula structure on the data with the mutual information guided minimum spanning tree as the key building block. The joint PDF is then fed into the Monte-Carlo simulation procedure to compute the VaR. If we replace the mutual information by the Kendall's Tau in the construction of the R-Vine copula structure, the resulting VaR estimations were found to be inferior suggesting the presence of non-linear relationships among stock returns. [ABSTRACT FROM AUTHOR]

The current study tries to empirically investigate the hedging and safe haven characteristics of gold against stock markets, crude and foreign exchange movement for India for the period 1 April 2008–31 March 2019 by taking daily closing prices obtained from www.investing.com (converted to returns). The methodology includes using both traditional OLS and quantile regression approaches by setting up both linear and nonlinear relationships amongst the assets. A separate section in the paper has been devoted which covers the Sub-Prime Crisis of 2008. The results of the study showed that gold acted as a hedge asset with respect to Nifty Stock Index and Exchange Rate but not against Crude when the OLS linear and nonlinear models were employed. Further both linear model and nonlinear OLS regression models ruled out the safe haven characteristics of gold with respect to any of the three assets. However, for quantile regression, hedge characteristics of gold were established at only few quantiles with respect to the same two assets, i.e. Nifty and foreign exchange. With respect to safe haven characteristics of gold under OLS, for both linear as well as nonlinear models, gold did not seem to act as a safe haven, while for quantile models, gold acted as a safe haven only at lower tail(s) for Exchange Rate in the linear model and against Nifty Stock Index for nonlinear model. This shows that quantile regression was able to capture the hedging and safe haven characteristics of gold in a superior manner by doing a comprehensive analysis which was based on eleven different quantiles. Such an analysis is much superior to the traditional OLS which gives only an overall broad assessment of the gold's hedging capacity. Further, the behaviour of gold return as an asset during the sub-period crisis of 2008 was not substantially different from its behaviour during other periods; however, when the yardstick of measurement was changed to return volatility of gold, the behaviour was found to be different from other periods. The asymmetric impact of return on gold with respect to all other assets was also proved in our study. [ABSTRACT FROM AUTHOR]