Search

Post-purchase consumer regret is a negative emotion which can be detrimental and result in negative consequences for both consumers and marketers. The purpose of this paper is to propose and validate a Post-Purchase Consumer Regret (PPCR) scale in case of online purchase of white goods, brown goods and consumer electronics and to identify specific groups of consumers who require special attention for reduction of PPCR. The data has been collected from secondary sources as well as primary source, where a questionnaire has been administered amongst 200 respondents. Confirmatory Factor Analysis (CFA) was conducted for validation of the PPCR scale developed and one-way ANOVA and Independent Sample t-test were used to identify respondent groups who need special attention for reducing chances of PPCR. The study has helped in validating a revised scale for measuring PPCR in case of the aforementioned goods. It further shows that the marketers of aforementioned goods should focus on female and married consumers to reduce PPCR. The present study will help to identify the gap in our current knowledge to capture one's level of PPCR and thereby help in reducing it. [ABSTRACT FROM AUTHOR]

The assessment of Information System Effectiveness (ISE) has been consistently reported as a key issue by organizational executives throughout the world. Despite considerable empirical research, the results on the relationships among constructs related to ISE are often inconsistent. Many researchers, taking a cue from the inconsistency of results in this area, have suggested that a synthesis across the numerous empirical studies is needed. The problem is partially due to the fact that organizational Information Systems (IS) cater to multiple stakeholders with differing expectations. Each category of stakeholders views success or effectiveness of such a system from a different perspective. Studies focusing on ISE in the literature have relied on many surrogates like user satisfaction, system usage, decision performance, user participation, information quality and so on. But till date, none of the models have singly attempted to capture all the aspects of an IS from users' perspective. The present paper thus aims at identifying the constituents of ISE in the Indian banking sector. The data was collected from the employees working in private and nationalized banks in India. A three-tier model has been proposed to assess the effectiveness of the IS. The implications are for system developers as well as policy makers who are responsible for the success of organizational IS. [ABSTRACT FROM AUTHOR]

Fixed income securities market is a major source of capital formation and financing for economic activities. Besides, it is a dominant source of funding for sovereigns and investment by banks/financial institutions in the Government Securities (G-Sec) market. G-Sec markets also provide a proxy of risk-free rate, which is one of the core concepts used in finance. Movements in yields of fixed income securities and spreads are seen as important benchmarks for various financial market activities. This paper looks at the impact of Covid-19 pandemic on the Indian fixed income securities market. [ABSTRACT FROM AUTHOR]

Financial inclusion and inclusive growth are indispensable for the economic growth of a nation. Financial resources need to be distributed equitably to the unreached and poor sections of the society who have limited access to banking facilities. Pradhan Mantri Jan Dhan Yojana (PMJDY) is a policy initiative of the Government of India in this direction. In this paper, an attempt is made to understand the extent of financial inclusion through banking activities in India post implementation of PMJDY considering banking growth and resultant financial inclusion by means of major banking variables such as deposits and credits of banks in India before 2014 and after 2014 (the year of implementation of PMJDY). [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]

Weather-based financial instruments have gained huge popularity in the recent past for hedging weather or climate-related risk across sectors in many economies. Among developing countries, India was one of the pioneers to apply the concept of weather hedging through financial instruments in agriculture. However, although advocated by many, India is yet to explore the use and efficiency of similar instruments in any other sector, including power, whose financial performance is also highly exposed to weather fluctuations. This paper aims to assess the efficiency of temperature derivative at micro level from the perspective of an Indian power distributor. The responsiveness of power demand towards temperature fluctuation is estimated and a suitable temperature derivative product is developed for mitigation purpose. This instrument is priced using discrete time series modeling of daily temperature incorporating a trend in the mean, a lower order Fourier series with autoregressive (AR) component in the presence of Generalized Autoregressive Conditional Heteroskedasticity (GARCH). The efficiency of the instrument is judged through simulating the performance of the power trader with and without the weather derivative. The study reveals that even under current semi-administrative pricing structure that exists in Indian power sector, the volumetric risk arising from temperature fluctuation can be successfully hedged using weather derivative. [ABSTRACT FROM AUTHOR]

Rice is one of the oldest and most important cereal grains not only in India but also in the world. Roughly half of the world's population depends on rice every day. The demand for rice will exceed its production in the future as per reports. Diseases in rice plants severely affect the rice yield, thereby increasing the demand and supply gap. It results in significant agricultural and economic losses if timely actions are not taken. Identifying the diseases on time and taking the necessary measures will help reduce this loss. Digital image processing coupled with machine learning techniques can be used to identify rice plant diseases and help farmers address such issues to a great extent. The paper evaluates select machine learning algorithms in the identification and classification of rice plant diseases. The Fuzzy Color and Texture Histogram (FCTH), an unsupervised filter, has been used to extract relevant features from infected leaves of rice plants. Using a dataset from the UCI machine learning repository, experiments have been conducted to study the performance of the classifiers. The experimental results are very impressive and showed that the classification accuracies of the considered algorithms are competitive, with the Neural Network (NN) being slightly better than the rest achieving 89.583% accuracy on the test dataset. [ABSTRACT FROM AUTHOR]

The Wuhan Municipal Corporation reported the first case of coronavirus in China on December 31, 2019. After that, the virus spread across the globe. And as the pandemic caused by the coronavirus continues to spread, governments across the globe are having a difficult time in analyzing and predicting the course of the evolving situation. The first case of coronavirus in India was reported on January 30, 2020, post which the virus gradually spread its tentacles, forcing the government to declare a stringent lockdown on March 24, 2020. While the pandemic is a global problem, it is all the more severe in India given the large population base of 1.3 billion people. The other challenge is limited medical resources per capita population base. The leadership has to contain the spread of the virus and at the same time upgrade its medical infrastructure to deal with the disease. This paper is an effort to map leadership initiatives in the context of VUCA, an acronym which stands for Volatility, Uncertainty, Complexity and Ambiguity, to fight the coronavirus. [ABSTRACT FROM AUTHOR]

The Indian banking industry has passed through various phases of change marking its development. Performance of the commercial banks is an important indicator of the state and growth of the banking system in India which can be measured in different terms. This paper makes an attempt to analyze the performance of the four major banks in India, namely, Punjab National Bank (PNB), State Bank of India (SBI), ICICI Bank and HDFC Bank, for the period 2009-2014. The paper analyzes the impact of various performance parameters on the performance of the selected banks using secondary data. The performance of the banks has been measured using different ratios, and regression analysis has been applied to find the factors predominantly affecting the performance of the banks. The results show that net NPA ratio as a percentage of loans, savings deposit as a percentage of total deposits, priority sector advances as a percentage of total advances and total income as a percentage of capital employed are the factors predominantly affecting the performance of banks. [ABSTRACT FROM AUTHOR]

The question of economic development at the cost of social development has stirred many controversies in the history of independent India. The objective of this paper is to examine the social security of laborers inside the Special Economic Zones (SEZs) in India. A cursory reading of the SEZ Act, 2005, does not reveal if the labor legislations in India are same inside and outside the SEZs. The only evident piece of information that the Act is clear about is that labor in the SEZs is subject to a modified regime which aims at non-implementation of labor laws within the SEZs in India. This paper further evaluates the question of formation of trade unions within the SEZs. Further, it evaluates the possibility of the workers going on a strike within the SEZs. The author proposes creation of a new legal regime for the implementation of labor laws within the SEZs. [ABSTRACT FROM AUTHOR]

The mushrooming growth in regional trading arrangements from 50 in the 1990s to 585 till June 15, 2014, with 379 in force, constituting nearly 60% of the world trade in the era of multilateralism, has triggered interest in the rationale behind these arrangements. This paper makes an attempt to critically judge the multilateral trading system as well as regional trading arrangements from the developing countries' perspective. The paper further explores India CEPA with Japan and South Korea to highlight the issue as to how the design of the agreement impacts the gains from trade. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between BSE Sensex and three other developed markets in the frequency domain. Cross-spectral methods, which are important in discovering and interpreting the relationships between economic variables, are used to analyze the relationships between different price series. Cross-spectral methods, developed using Fourier techniques, give valuable information regarding the correlation structure in the frequency domain. This paper applies these methods to study the lead-lag relationship between BSE Sensex and other international markets. The results show no significant co-movement of Indian stock prices with developed market prices at lower frequencies; and in the long run, the developed stock markets seem to lead Indian market. However, in the short run, some evidence of behavioral similarities is observed. [ABSTRACT FROM AUTHOR]

Supply chain disruptions, major or minor, have affected supply chains negatively. Literature shows that supply chain disruptions also lead to reduction in shareholder value. Supply Chain Risk Management (SCRM) has become a concern for boardrooms, and companies have started to think how they can better manage their supply chains to survive and continue operations. This paper provides insights into SCRM in Indian automobile sector. Strategies used to deal with supply chain risks are explored in this paper. First a taxonomy is suggested based on the review of the extant literature, i.e., proactive strategies, coping strategies, aligning strategies, early warning strategies and survival strategies. These strategies are then empirically tested in the context of Indian automobile industry. A total SCRM strategy index is calculated and the status of Indian automobile industry in SCRM is discussed. [ABSTRACT FROM AUTHOR]

The Basel III framework was introduced by the Bank for International Settlements (BIS) after the 2008 financial crisis which revealed the shortcomings of the Basel II norms. All the countries are supposed to implement Basel III norms by March 2019. The Basel Committee has recognized that the capital adequacy of banks plays a critical role in banks' failure and has increased the total capital adequacy to 9%, of which Tier I capital is 7% and Tier II capital is 2%. Other than this, a countercyclical buffer has also been introduced, the implementation of which will start from 2015. The higher capital requirements are expected to raise certain challenges for the developing nations like India. The paper first analyzes the current situation of the Indian banks by classifying the banks into public sector banks and private sector banks, new banks and old banks, and domestic banks and MNCs, and then compares the results in each category. The paper then discusses that even though the Central Bank has done a great job in maintaining the capital adequacy, it does not necessarily imply that the banks are safe because despite adequate capital, banks can fail. The paper also discusses that it would not be easy for the banks to maintain capital adequacy once the countercyclical buffer requirements kick in. As the Government of India is the majority stakeholder in the public sector banks, the higher capital requirements could also impact the Indian economy negatively. [ABSTRACT FROM AUTHOR]

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

This paper examines the volatility pattern in Indian stock markets during the time period January 1, 2011 to March 31, 2014 using the daily closing prices of two stock indices, S&P BSE Sensex and CNX Nifty. This paper uses asymmetric GARCH models like Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH) to explain the volatility. Considering the minimum values of Akaike Information Criterion (AIC) and Bayesian Information Criterion (BIC), TGARCH model is found to be a superior model for return volatility over EGARCH. The findings suggest that there is no volatility persistence as well as leverage effect in the data during the period under consideration. [ABSTRACT FROM AUTHOR]

This paper tries to trace the relationship between finance and growth. There are several indicators which represent the degree of financial intermediation such as M3, Real Rate of Interest (RR) and economic growth. In this paper, we have used Time-series methodology such as Unit Root (ADF and Phillips-Perron Tests), Cointegration (developed by Johansen and Juselius), and Granger Pairwise causality. We have checked the presence of unit roots in the data, and all the three variables-Financial Development, RR and Growth Rate-are found to be integrated at first difference. Secondly, Johansen cointegration test results confirm the presence of long-run equilibrium relationship among the variables. Finally, the Granger causality supports the hypothesis of 'Finance-led Growth' indicating that the finance is a leading sector in India and is poised for development. This result supports the supply-leading hypothesis for Indian economy for the sample period. These findings have important implications for the conduct of economic policies in India. [ABSTRACT FROM AUTHOR]

The Indian rural society is infested with problems like illiteracy, poverty, lack of awareness, etc., and to eradicate such problems an attempt has been made by the Government of India in the form of 73rd Constitutional Amendment Act which strongly affirms the establishment of Panchayati Raj Institutions (PRIs). The PRIs comprise elected representatives from rural vicinity, who can understand local demands and problems. The government has initiated various rural development programs which encompass keen involvement of PRIs and bureaucracy for their success. In the year 2006, the government approved National e-Governance Plan (NeGP) for computerization of high priority mundane tasks. As a result, numerous e-governance applications were designed for imparting various types of services to people in their own vicinity. But a majority of applications have not attained the intended success. The e-services, especially in rural areas, were hampered by the lack of participation and awareness among PRIs, bureaucrats and beneficiaries. This paper proposes a prototype for enhancing utilization of e-services in rural areas by reengineering the methodology adopted for capacity building of PRIs and sensitization mechanism. It also includes the feedback mechanism for beneficiaries. The paper encompasses the formal mathematical representation of the framework which gives an impeccable idea about the boundaries of the framework and the impact of various parameters in enhancing e-services utilization, and assists in the development of ontologies for the framework. [ABSTRACT FROM AUTHOR]

Medical tourism is a recent phenomenon to boost Indian economy. Foreigners are fascinated to get medical treatment in India especially in private hospitals due to quality medical treatment, low medical cost, modern and world-class infrastructure, best hospitality and favorable governmental policies. These reasons forced India to emerge as the preferred destination for medical treatment among the foreigners. Private hospitals are the basis for medical tourism in India. One of the main causes behind the establishment of series of private hospitals is the promotion of medical tourism in India. India is the world's second highly populated country. Most of the population is living below poverty line in rural areas. They are not able to afford costly medical treatments in private hospitals. The number of government-sponsored hospitals is very less and not well-equipped with advanced medical facilities. These reasons ultimately affect the people's right to health as granted by the Indian Constitution under Article 21. This paper aims to find out a balanced solution to promote medical tourism and also focuses on the right to health of every person in this regard. [ABSTRACT FROM AUTHOR]

The carbon dioxide produced by cement industries causes environmental pollution and global warming. In 1000 Kg of cement manufacturing processes, approximately 900 Kg of CO2 is emitted. In order to reduce the impact of cement production on atmosphere, waste bi-products are used as admixture. In India, every year 75 million tons of fly ash, which are rich in silica, are disposed to landfill as waste. Also, Egg Shell Powders (ESP), which are rich in calcium, are thrown away as waste. In the paper, these two wastes are used as a partial replacement of cement, and various properties like workability, compressive strength, split tensile strength and flexural strength are studied. ESP was varied up to 15.0% (0%, 2.5%, 5%, 7.5%, 10%, 12.5% and 15%) and fly ash was added to cement from 0% to 30% (0%, 5%, 10%, 15%, 20%, 25% and 30%). The results further showed that addition of fly ash along with ESP is beneficial for improved performance of concretes. [ABSTRACT FROM AUTHOR]

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

Financial inclusion is the availability and equality of opportunities to access financial services to the economically disadvantaged groups. In India, the Reserve Bank of India (RBI) and the government have undertaken various measures and introduced several schemes for financial inclusivity, including the setting up of a new category of bank called the payments bank in 2014. Payments banks aim to provide services to the unbanked, mainly for the migrant workers and those from lower income households. This paper tries to study the reasons behind the need for payments banks and the challenges to payments banks with regard to financial inclusivity in India, and accordingly proposes a framework for payments banks to ensure financial inclusion more effectively in India. For this purpose, variables or factors for 'Drivers of payments banks for financial inclusion in India' and factors for 'Challenges to payments banks in financial inclusivity in India' were identified from the available literature. Then, the dependencies of the factors on each other were established using Interpretive Structural Modeling (ISM), where the relationships between these factors were determined through experts' inputs via a template to understand the importance of the factors. On the basis of the output of ISM, Crossimpact matrix multiplication applied to classification, i.e., MICMAC, analysis has been used to categorize the factors based on their capacity to affect other factors. [ABSTRACT FROM AUTHOR]

Non-Performing Assets (NPAs) have turned out to be a major stumbling block, affecting the performance of Indian banks. Several measures were initiated by the Reserve Bank of India to reduce incidence of NPAs. For the first time in the last several years, public sector banks in India witnessed decline in gross NPAs for the year 2018-19. In this paper, an attempt is made to understand the reasons for the incidence of NPAs during 2006 to 2019 by studying the public sector and private sector banks in India. Dynamic regression model was deployed to understand the influence of past NPAs on incidence of current NPAs. Surprisingly, the influence of previous year asset quality is not significantly influencing current year asset quality. Size of the bank, profitability, credit growth, priority sector lending, accretion of NPAs and economic growth continue to have significant impact on the asset quality of the banks in India. [ABSTRACT FROM AUTHOR]

The study focuses on the application of Quality Function Deployment (QFD) in the dairy industry to study the voice of the customers meeting the technical requirement. To study the model, three different dairy companies functioning in India were selected. The voice/need of the customers was collected through questionnaires. The responses were recorded from 300 respondents, which were analyzed using quality function deployment as a model to understand and study the relation between customer needs and technical descriptors. Competitive analysis was performed for three competing dairies. Technical descriptors have been identified and prioritized to satisfy the need of the customers in dairy industry. Various important technical descriptors for the dairy products like quality, texture, form, freshness and durability of the packaged milk have been identified. The proposed QFD model is applied to study the quality of product and service of a dairy industry. The findings obtained from implementation QFD in dairy industry provides important and useful insights to the experts. This paper could be used by academicians, researchers and practitioners to understand the needs of customers and development of products using QFD method for delivering high quality products and services in various sectors. [ABSTRACT FROM AUTHOR]

English, the associate official language of India, is widely used as the medium of instruction at the tertiary level of education. In the context of globalization, English has become an inevitable part of a learner's academic and social career. The learners are expected to exhibit their language competence apart from their subject knowledge. This being the case, a contrast scenario is prevailing in most of the arts and science colleges in the rural areas. The learners reproduce the content through rote learning, even in the case of BA English literature students. This paper focuses on the impact of rote learning at the tertiary level and explores the possible alternatives that can be offered to the learners in the ESL context. [ABSTRACT FROM AUTHOR]

The Covid-19 crisis is unprecedented in every sphere of life. All businesses hit by Covid-19 have one factor in common: they are all proximate businesses where people come nearer like school education, restaurants, real estate services, and travel and hospitality. Whereas businesses like online education, digital payments, video conferencing, and ecommerce, where the final product is consumed singularly without others' physical presence, have thrived. In addition to these singular businesses, the healthcare products sector and also the innumerable startups which rely on apps and people's immobility have seen exemplary boom. Despite the hardships that the teachers and the students faced during the Covid-19 pandemic, the teachers' resilience and reluctance to submit to the coronavirus has made history in the technology-mediated higher education across the world in general and the Indian subcontinent in particular. This paper deliberates on the innovations and strides made in the language classrooms of the higher education portals during the pandemic period. [ABSTRACT FROM AUTHOR]

During and after the Covid-19-induced lockdown, online teaching has attained an unprecedented status like never before all over the world. Teachers and students have been compelled to fall in line with the new normal of virtual classrooms. Even though many teachers and students have expressed their inconvenience of virtual classrooms, it has become mandatory to adapt their teaching and learning styles to cope with the exasperating times triggered by the coronavirus. The survey presented in this paper was conducted among second and third-year engineering students of a private university in India just before the Covid-19 outbreak. The objective of the survey was to understand which method is more suitable for learning English skills for the engineering students. The students' attitude and perception toward online and teacher-led sessions have been unveiled through qualitative and quantitative data. The participants have weighed the pros and cons of both the methods according to their specific needs, and the results suggest that in order to have a balanced teaching-learning process, the students require both the methods. It has been identified that students' needs play a major role while choosing between online or teacher-led sessions. Though the modern generation relies more on technology, teacher-led sessions have not lost the sheen and are considered an effective way of learning due to various factors such as human interaction, direct guidance, and knowledge-sharing possibilities. [ABSTRACT FROM AUTHOR]

Financial scams have become common in India. Indian stock markets have been witnessing the occurrences of financial scams and investors losing out money due to the scam's impact. This bad investment experience of financial fraud in the stock market creates a negative notion amongst investors and discourages them from investing in stock markets. This research paper tries to understand, interpret, and explore the investors' reactions towards financial scams of the companies in which they have invested and how those past experiences of monetary loss in financial scams have affected their future investment choices. A systematic review of existing literature was conducted to make an in-depth analysis of the mind space of investors who have lost their savings and investments and to understand their mindset post the financial scams. The analysis subsequently helped acknowledge that the investors have reacted to the financial scams. The reactions have negatively impacted the percentage of money invested in shares and stock markets, which is in turn affecting the stock market capitalization. [ABSTRACT FROM AUTHOR]

The paper evaluates the feasibility of implementing nocturnal radiative cooling system for air comfort application. Mechanical air conditioners are conventional in creating thermal comfort but are energy-intensive and hence harmful to the ecological system. Therefore, passive cooling can be adopted as a viable alternative to conventional cooling system. Heat flow through the roof contributes to the total heat gain of a building. The contribution becomes more severe for single story houses covered by metal sheet roofing. An aluminum nocturnal radiator thickness of 0.44 mm and 0.55 mm, painted with an appropriate white paint, was established on the roof. The lightweight metallic radiator was used for cooling the ambient air below its initial temperature. Consequently, this environment-friendly and highly-efficient system can reduce the use of mechanical vapor compression systems. Roofs of buildings radiate heat day and night at a rate of up to 75 W/m2. Generally, most locations can provide net night sky radiation above 60 W/m2, while the nocturnal coolers have the potential of reducing space temperatures by 2 to 4 °C and can yield 14-48% savings in the energy demand of a building. [ABSTRACT FROM AUTHOR]

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

Stock market volatility has always been an area of concern for market participants and policy regulators. Through this paper, an attempt has been made to model the volatility in the Indian equity market by employing the standard GARCH(1, 1) model. The paper also investigates whether the volatility on NSE has changed after the introduction of Volatility Index (India VIX) through the GARCH(1, 1) model with a dummy. Accordingly, the period of study for measuring the volatility has been split into two, i.e., the pre-IVIX introduction period (January 1, 2000 to October 31, 2007) and the post-IVIX introduction period (November 1, 2007 to August 31, 2016). The results of GARCH(1, 1) model with a dummy reveal that the volatility of the spot market has declined after the introduction of IVIX in India. In addition, the results of standard GARCH(1, 1) models provide evidence that recent news has a greater impact on the spot market changes in the post-IVIX introduction period. [ABSTRACT FROM AUTHOR]

The paper seeks to re-incorporate the utilitarian adoption of the color blind vision in the system of reservation in India that has been clouded by the adoption of the Rawlsian perception of practical equality. The Constituent Assembly debates have shown that the inclusion of Article 16 (4)1 in the Indian Constitution, and consequently Article 15 (4),2 were to serve as exceptions to the formal equality embedded in Articles 14,3 15(1),4 16(1),5 and 16 (2).6 Given the structural conditions in India, a concurrence with the conception of practical equality flows as an absolute necessity. However, the necessity must not supersede the general/formal equality established in the society. The first part of the paper analyzes statutory interpretations guided by the principle of reasonableness to prove that it is a product of a Color Blind Constitution. The second part establishes the greater prominence to formal equality under the Color Blind Indian Constitution. The third part illustrates that the Group Subordination Vision under the Indian Constitution came about at a compromise to the sacred balance, by an equality of deceit. The fourth part claims for the adoption of economic criteria for backwardness and the 'creamy layer'. The fifth part seeks to reconcile all the aforementioned ideas to re-establish the sacred balance. The analysis is restricted to the Scheduled Castes, Scheduled Tribes and the Other Backward Classes. [ABSTRACT FROM AUTHOR]

In the neoliberalism era, the concept of Right to Development (RTD) plays a crucial role for the development of an individual as well as institution. The RTD--treated as third generation right--has wider scope in its interpretation because of its unique mixture of both civil and political rights and economic and social rights. The RTD had its influence from western capitalism and eastern socialism. This paper tries to focus on the impact of RTD on the Transnational Corporations (TNCs) and the role of TNCs in the development process of the host country. The paper finds as to how the TNCs, under the umbrella of development, change the dynamics of accountability in a new sense. Besides, the concept of RTD is not intended for the TNCs to escape their liability from accountability. The paper also enlightens as to how the concept of RTD has been misinterpreted and misconceptualized by the TNCs. The paper tries to draw a cordial relationship between the development and accountability concepts of TNCs with some suggestions. [ABSTRACT FROM AUTHOR]

A private company uses Initial Public Offerings (IPOs) to raise equity capital from the public who in turn become shareholders of the company after listing of its equity shares in the stock exchanges. IPOs have become very popular worldwide. Post-listing, the public shareholders get an opportunity to cash-in on the listing gains (typically in the short-term) or continue to be a part of the company's growth story (in the long-term). Typically, such investment decisions are based on the investors' returns expectations in the short and long-term, given the risk appetite. To analyze these critical aspects, several research studies have been undertaken globally. The extant literature suggests that the IPOs generally perform poorly in the long-term but offer good short-term returns. The purpose of this paper is to study the short-term performance of 117 IPOs issued for subscription in India during 2009-2013 by way of Market Abnormal Excess Returns (MAER) and identify the factors which affect their performance. [ABSTRACT FROM AUTHOR]

The primary objective of this paper is to develop a family of GARCH models, combining them with popular Recurrent Neural Network (RNN) models, which can capture the high nonlinear relationships between past return innovations and conditional variance, which is overlooked by standard GARCH models. The next objective is to apply Markov Switching GARCH model and see the differences in the predictive accuracy (according to AIC and BIG criteria and in two viewpoints: MSB and MAD) between the standard GARCH models, GJRGARCH model, RNN-GARCH models and Markov Switching GARCH model by comparing their out-of-sample forecasts. The dataset consists of a series of daily returns obtained from the National Stock Exchange (NSE) for the Indian Equity Markets. The results indicated that the proposed RNN-GARCH model and RNN-Markov Switching models are accurate and quick prediction methods. [ABSTRACT FROM AUTHOR]

Farmers' markets offering direct marketing opportunities have the potential to economically benefit the farmers. In India, the first farmers' market started its operations in 1987. Yet, the realization of the profitable marketing center that meets the requirement of enhanced profits, as envisaged by the state governments is not fully achieved. Against this backdrop, this paper studies the demographic characteristics of the small and marginal farmers with specific reference to the farmers operating from Rythu Bazaars—the farmers markets of Andhra Pradesh (a state in southern India), to understand the economic impact of these markets on the farmers operating from Rythu Bazaars. This may result in increased participation of small and marginal farmers in such markets which will go a long way in increased generation of their incomes. The paper found a high positive correlation between levels of education and income, and also between the number of working members of a farmers' family involved in agriculture income. Proper awareness and training may improve the family income of the farmers operating from these market yards. [ABSTRACT FROM AUTHOR]

Stock markets worldwide had passed through a very hard time from 2008 to 2012. During this time the yellow metal, i.e., gold (physical gold, gold Exchange Traded Fund (ETF)) had given very handsome returns to their investors, more than any other option of investments. This memorable past encouraged the investors to select the gold as safest and indispensable part of their investment portfolio. In this paper, an attempt has been made to evaluate the performance of ten select gold ETFs (five banking gold ETFs and five non-banking financing companies' gold ETFs) by analyzing their returns, total risk, systematic risk and risk return relationship to meet the expectation of investors by providing handsome returns in recent times. It may be concluded from the study that the comparative performance of gold ETFs of non-banking financing companies are better than their counterpart. [ABSTRACT FROM AUTHOR]

Internationally, the transformation in banking industry has opened up new opportunities for banks to diversify through own expansion and/or strategic association. They are focusing more on non-interest income as it enables to setoff the reduction in their interest income due to falling interest rate as well as increasing income from fee-based activities. Indian banking industry is also going through a phase of changing strategies to evolve in the competitive environment. Considering the importance of income diversification, it had become imperative to investigate how the prospects of non-interest income work in the Indian banks. This paper makes an attempt to explore income diversification in the Indian banking industry. Applying trend analysis and correlation, the paper analyzes the trends in interest income and non-interest income using aggregate and bank-wise secondary data from 2003 to 2016. Also, the paper studies the share of non-interest income components. The results reveal that in Indian banking industry, interest income is still the dominant source of income though the share of non-interest income is also increasing due to higher growth rate of non-interest income as compared to interest income. In non-interest income components, the share of investment-related other income is also the highest compared to the banking-related other income. Aggregate as well group-wise, public and private sector banks are having negative correlation between non-interest income share and interest income share, which means Indian banking sector is enjoying income diversification benefits. The results of Herfindahl-Hirschman Index (HHI) also show that private sector banks are more diversified compared to public sector banks. [ABSTRACT FROM AUTHOR]

Former Chief Election Commissioner S Y Qureshi has rightly said that the higher the position, the higher should be the qualification. There has been growing concern over the years in India about several aspects of our electoral system. One such is prescribing the mandatory educational qualification for contesting the election of MP and MLA. In the Constituent Assembly B R Ambedkar remarked that "I think that it is a matter which might be left to the legislatures. If the legislature at the time of the prescribing qualification feels that literacy qualification is a necessary one, I no doubt think that they will do it." This seems to suggest that the framers believed that the power to the Parliament under the omnibus clauses of (which became) Articles 84 and 102, included the power to prescribe literacy qualifications. An attempt has been made in this paper to draw attention to the urgent need for electoral reforms, while making a balance between 'wisdom' and 'knowledge' for the better administration of democracy, in the light of the recent ordinances passed by Rajasthan and Haryana governments. The paper also discusses and critically evaluates the judgment of Haryana High Court in the case of Rajbala & Others vs. State of Haryana & Others while citing foreign instances. [ABSTRACT FROM AUTHOR]

Environment is an emerging area of specialization in the country. Solutions have to found consistently keeping in mind the human rights commitments and the rule of law framework. Access to justice has been recognized as a part and parcel of right to life in India and in all civilized societies around the globe. Article 21 of the Constitution of India not only protects the human rights but also casts an obligation on human beings to protect and preserve a species from becoming extinct; conservation and protection of environment is an inseparable part of right to life. The Stockholm Declaration or the Declaration of United Nations Conference on the Human Environment signed in the year 1972, to which India is a signatory, has laid down the foundation for sustainable development and urged the nations to work together for the protection of the environment. Conventions on Biological Diversity, signed in the year 1962 at Rio Summit, recognized for the first time in International Law that the conservation of biological diversity is "a common concern of human kind" and is an integral part of the development process. This paper focuses on environmental jurisprudence in the form of constitutional right to a healthy environment. The paper describes and analyzes the rulings of the Supreme Court with special reference to environmental aspects leading to unhindered access to justice. [ABSTRACT FROM AUTHOR]

This paper examines the Trait Emotional Intelligence (TEI) of business school students using the Trait Emotional Intelligence Questionnaire-Short Form (TEIQue- SF). The primary objective of the research is to study the wellbeing, self-control, emotionality and sociability of students in a specific business school and to identify the impact of work experience, age and gender on the respondents. "TEI is defined as a constellation of emotional self-perceptions located at the lower levels of personality hierarchies and measured via the TEI questionnaire" (Petrides et al., 2007). This survey was carried out among the students of a specific B-school in Tamil Nadu, India and comprised 115 respondents. The researchers employed oneway ANOVA to test all variables using descriptive statistics for better understanding. Many research papers on EI of leaders have been published but only a few have been published on students of a specific B-school, particularly students of a B-school in south India. The results show that TEI is not significantly associated with work experience, age and gender. [ABSTRACT FROM AUTHOR]

The quality of information provided in annual reports depends upon many factors. A large number of studies identified various factors that influence Financial Reporting Quality (FRQ) such as ownership structure, financing pattern, domestic and foreign listing of shares, diversity in management, audit committee and board structure. One of the important factors which influence FRQ and has not been explored much in accounting literature is legal and regulatory environment of a country. Very few studies have focused on the impact of legal and regulatory environment on FRQ. This paper is an attempt to examine the impact of change in legal statute on FRQ of Indian companies by examining the annual reports of S&P CNX Nifty companies before and after the enactment of the new Companies Act 2013. The results show that there is no significant improvement in most of the elements in FRQ which may indicate lack of interpretation of new regulations or lack of strict implementation of rules. This may also implicate that policy makers should bring more clarity to current regulations, assigning responsibility to relevant authorities for proper implementation of rules. [ABSTRACT FROM AUTHOR]

Section 135 of the Companies Act, 2013 mandates that a company having net worth of Rs 500 cr or more, or turnover of Rs 1,000 cr or more or a net profit of Rs 5 cr or more should spend 2% of its average net profit on Corporate Social Responsibility (CSR). This provision legislating social responsibility by companies in India started a debate regarding the logic behind such mandate because the meaning of the word CSR is itself not clear and different scholars and practitioners have defined the word in different ways. The meaning of the word CSR differs from time to time and place to place. Hence, it also becomes difficult to implement such a law as different stakeholders like companies, implementing agencies, beneficiaries, academicians and regulators interpret it in their own way. The present paper provides a critical analysis of the Companies Act, 2013, Companies (CSR) Rules, 2014, Schedule VII of the Companies Act, 2013 and various other notifications issued by the Ministry of Corporate Affairs. The paper also highlights the intent of the Government of India to incorporate provisions mandating CSR by companies in India. [ABSTRACT FROM AUTHOR]

This paper analyzes the asymmetric volatility of foreign exchange rates with respect to the Indian rupee by identifying associated macroeconomic regimes in India. The paper aims to analyze the volatility spillovers and other relationships of the Indian rupee (INR) with respect to the US dollar (USD), Canadian dollar (CAD), British pound (GBP), Swiss franc (CHF) Japanese yen (YEN) and the euro (EUR) for the period 1973-2012. The study makes use of GARCH family models. The results show that the daily exchange rates of all the currencies considered exhibit volatility persistence and conditional autocorrelation. It is also found that the impact of exchange rate innovations on the conditional variance of the foreign exchange return series varies across the macroeconomic regimes. [ABSTRACT FROM AUTHOR]

Green Supply Chain Management (GSCM) has emerged as a key approach for enterprises seeking to become environmentally sustainable. This paper aims to evaluate and describe GSCM drivers, practices and performance among various Indian manufacturing organizations. Based on a literature review, propositions are put forward. An empirical study using survey research was completed. The survey questionnaire was designed with appropriate items using literature and industry expert inputs. An exploratory factor analysis was conducted to derive groupings of GSCM drivers, practice and performance from the survey data which included sample responses. A categorical and descriptive nature of the results is then presented with an evaluation and comparative analysis with research findings. Indian enterprises have increased their environmental awareness due to regulatory, competitive and marketing pressures and drivers. However, this awareness has not been translated into strong GSCM practice adoption, let alone into improvements in some areas of performance, where it was expected. The investigation and its findings are still relatively exploratory. Future research can investigate relationships identified in this work, as well as tease out mediating and moderating relationships. A more broadly based and random sample study across India would also provide a better picture of the GSCM situation. Efforts made by Indian enterprises together with the Indian government have established a good foundation for further development. This work is one of the few and pioneering efforts to investigate GSCM practices in the Indian manufacturing sector. [ABSTRACT FROM AUTHOR]

Indian banking industry is plagued by continuously increasing Non-Performing Assets (NPAs). Fresh accretion to NPAs is an important reason for its poor performance as it requires higher provisioning and also higher write-offs-both affecting the overall performance adversely. In this backdrop, this paper examines the financial implications of slippage, provisioning and write-offs on the profitability of three groups of Scheduled Commercial Banks (SCBs), viz., public sector banks, private sector banks and branches of foreign banks, in India using their performance statistics from 2007-08 to 2018-19. For analysis and testing the hypotheses, t-test and correlation, besides descriptive statistics, are used. The study finds difference in the influence of three determinants, viz., fresh accretion to NPA, provisioning and write-offs on the profitability of domestic SCBs and branches of foreign banks, and between two groups of domestic SCBs, viz., public sector banks and private sector banks. [ABSTRACT FROM AUTHOR]

The Indian higher education system has introduced noticeable changes from time to time for academic development as well as administrative improvement. Autonomy is one of the widely accepted initiatives in education policy and practice in India. Several institutions of higher education have been converted from non-autonomous to autonomous. This conversion has created a big change in the institutions. The individuals' experience during organizational changes is a relevant topic for inquiry and study in the field of organizational development. The purpose of this paper is to present the results of the study on occupational stress due to organizational change among academic faculty of autonomous colleges in Madhya Pradesh, India. The results confirm that there is moderate level of occupational stress due to change in work environment. A comparison of stress levels between the faculty of government and private autonomous colleges and between male and female faculties is also presented. A t-test has been applied to test the hypotheses. The results show that there is no significant difference on stress levels between the faculty of government and private autonomous colleges and between male and female faculties. [ABSTRACT FROM AUTHOR]

In the global market, the footwear industry has emerged as one of the fastest budding industries. India is the second largest footwear supplier in the worldwide market after China and the largest consumer of footwear. The paper scrutinizes the impact of Capital Structure (CAPS) on Profitability (prof) of nine footwear companies in India listed on BSE for nine years (2010-2011 to 2018-2019) by panel data regression analysis. The study finds no impact of Long-term Debt to Total Assets (LDTA) on ROA and ROE, which are used as a measure of prof. However, the study finds a significant impact of TAX (as a % of EBIT) on both ROA and ROE. The study employed pooled panel data regression model, fixed effect and random effect. Based on the Hausman test, the study finds the fixed effect model as the best model for both ROE and ROA as the dependent variables. It is concluded that in the case of the footwear industry in India, there is no impact of CAPS on firm's prof. The moderate and negative relationships between the variables are evident from the correlation analysis. This study is helpful for investors, lenders, managers, etc. Managers can decide the optimum capital structure, keeping in mind the profitability as interest on the debt is tax-deductible. However, beyond a certain point, it may reduce profitability due to the increase in perceived risk. Managers should maintain the balance between long-term and short-term debt to maintain the overall profitability (prof). [ABSTRACT FROM AUTHOR]

The objective of this paper is to determine the relationship between inflation rate and stock price indices (NSE Nifty). The duration of the study is from January 1, 2008 to March 31, 2019. The data is analyzed for cointegration and causality by using Johansen cointegration test, Vector Error Correction Model (VECM) and Granger causality test. For determining the relationship between the variables, Pearson correlation test has been used. The ADF test results show that the variables are non-stationary at level and are integrated of order one. The correlation results show a negative relationship between stock market indices and inflation rate in India. Johansen cointegration test results indicate cointegration between the variables. The Granger causality test shows that inflation rate does not affect the stock market indices, and stock market indices are not affected by the inflation rate. The VECM model and Wald test results show that there is no long run and short run causality between the variables. [ABSTRACT FROM AUTHOR]

Algorithmic trading has made a paradigm shift in Indian stock market. Popularity of algorithmic trading is gaining momentum among Indian traders and investors due to technological advancement. The objective of this paper is to apply Interpretive Structural Modeling (ISM) to develop a hierarchical structure among the key barriers of algorithmic trading in India. 11 barriers have been identified through the literature review which are then validated for significance, using a structured questionnaire, from the experts. ISM approach has been utilized to rank the barriers and analyze their mutual interactions. Subsequently, MICMAC analysis was conducted to reveal dependence and driving power of these barriers. MICMAC analysis also elicits the relative importance and interdependence between these barriers from the Indian context. A list of relevant barriers significantly helps the practitioners to take right decision while adopting algorithmic trading. The study has importance in the Indian context due to scarcity of research in this area. [ABSTRACT FROM AUTHOR]