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We show that over the last two decades, India's effective tax rates (ETRs) have increased by 7.8 percent, which contrasts with the downward trend in ETRs for US firms documented by Dyreng et al. (2017). After controlling for changes in firm characteristics, macroeconomic factors, and tax policy changes, our findings show that ETRs increased by 0.37 percent per year during the sample period. Further, we examine the proposition that public firms are more likely to engage in non-conforming tax management than private firms. We observe a stronger upward trend in ETRs among private firms than public firms, consistent with the capital market pressure hypothesis. The permanent book-tax difference is the primary driver of the ETR trend for both private and public firms. Our findings contribute to the recent debate about the trend in ETRs by undermining concerns regarding rising corporate tax avoidance and reinforcing the argument that improved tax efficiency and economies of agglomeration in countries with large domestic markets contribute to higher ETRs. JEL Codes: G38, H25, H26, H32 [ABSTRACT FROM AUTHOR]

The present study to review the online trading procedure a case study of ONLINE TRADING at Indiabulls Ltd., as the exchange has changed it's trading from it and there is need to assess the performance of the capital market. Maintaining good records requires discipline, just like good trading. Unfortunately, many commodity traders don't take the time to track their trading history, which can offer a wealth of information to improve their odds of successMost professional traders, and those who consistently make money from trading commodities, keep diligent records of their trading activity. The same cannot be said for the masses that consistently lose at trading commodities. [ABSTRACT FROM AUTHOR]

Primary capital market i.e. Initial Public Offering (IPO) market forms a significant part of it. India, an emerging market, has seen tremendous growth in the BSE SME IPO market over the past few years. In light of this, the Underpricing of BSE SME IPOs is being examined. This study aims to investigate and Analyze the determinants of Underpricing of BSE SME IPOs in the India. This study examines the cause-and-effect relationship and Impact of Raw Return and Market Adjusted Excess Return between Issue Price, Issue Size, Lot Size, Market Return and Volatility of BSE SME IPOs of Underpricing in India. There is a significant relationship between Raw Return and Market Adjusted Excess Return between lot size, volatility, market return, issue size, issue price of S&P BSE SME IPO. The null hypothesis is rejected at 5% level of significant for the Specific variables among Raw Return and Market Adjusted Excess Return in the Study Period. While investing in an S&P BSE SME IPO the investor should be careful and they may choose long-term investment because there is a low risk and they can earn a return at longtime. The Present Study Provides a detailed analysis of S&P BSE SME IPO in India and Underpricing of Raw Return and Market Adjusted Excess Return relationship and impact for 10 years January 2013 to December 2022 by taking a yearly observation. At the same time, they have a Strong Relationship between the issuespecific and market-specific variables like volatility and market return and integrated with each other. [ABSTRACT FROM AUTHOR]

Recently, the government consolidated numerous public sector banks. The basis for conducting this study is this. This article's goal is to pinpoint the variables that influence public sector bank performance in India as well as the connections between those variables and the performance of particular banks operated by the government. In this article, we will examine the financial information from all public sector commercial banks over an 11-year period (from 2009 to 2019). Both the system generalised method of moments (GMM) analysis and the canonical correlation analysis (CCA) have been used to analyse the effects of determinants on public sector bank performance assessment. CAMEL, which stands for Capital Adequacy, Assets Quality, Management Efficiency, Earning, and Liquidity, has been used to assess performance. Several public sector banks have lately been consolidated by the government. The basis for conducting this study is this. This article's goal is to identify the variables that determine Indian public sector banks' performance as well as the connections between those variables and performance. In this study, we will examine the financial data from all public sector commercial banks over an 11-year period (from 2009 to 2019). Both the system generalised method of moments (GMM) analysis and canonical correlation analysis (CCA) have been employed to assess the influence of determinants on the performance measurement of public sector banks Performance has been assessed using the CAMEL framework, which stands for Capital Adequacy, Assets Quality, Management Efficiency, Earnings, and Liquidity. This framework is widely used to evaluate the financial system in India. For a number of reasons, the financial health of public sector banks (PSBs) is crucial. First and foremost, PSBs are essential in delivering financial services to the general population, particularly in rural and semi-urban areas where private banks might not be present. Therefore, the availability of financial services to a wide portion of the public has a direct impact on their financial health. Second, PSBs frequently serve as the primary lenders to important economic sectors like infrastructure, SMEs, and agriculture. As a result, their financial performance may have a big impact on how these industries grow and develop. Thirdly, PSBs frequently have government ownership and are subject to public scrutiny. As a result, one key indicator of their efficiency is their financial performance. Alternate Parameters taken as SBI, BOB, PNB, BOI, CANARA. Evaluation Parameter taken as The following financial performance indicators have been considered: net profit margin%, return on assets%, return on net worth%, interest income to total assets%, interest expenses to total assets%, and operating expenses to total. In August 2015, a target was set for PSBs to raise $110,000 crore from the markets by the years 2018-19. However, compared to this target, only Rs. 7,726 crore was raised between January 2015 and March 2017. Given the CCEA's assurance to prevent an excessive influx of banking equity issues in the market simultaneously, it appears impossible to achieve this goal by March 2019.DFS decided that additional capital injections will only be granted if specific PSBs met the performance standards stated in the MoUs with those PSBs (signed in February/March 2012). However, in practice, this was not done. According to Audit Report No. 28 of 2017 55, the MoU targets for some metrics decreased year over year while no specific targets were specified for others. [ABSTRACT FROM AUTHOR]

Exchange rate exposure is a strategic decision in finance and risk management at both the micro and macro level of business operations. Literature on the measurement, and management of this risk, has had no consensus on the factors affecting it as these factors seem to be dynamic. In an effort to consider a comprehensive study at the firm level, this article examines the exchange rate exposure of 271 constituent firms from the BSE S&P 500 index. The study period was 2001 to 2020 divided into sub-periods around the financial crises of 2008. The study uses two contemporary approaches (the capital market approach and the cash flow approach) and five relevant exchange rates (USD, EURO, GBP, JPY, and REER) to measure the foreign exchange. The sample firms were divided into 10 industrial sectors to identify the factors that lead to exposure of firms to exchange rate volatility. We use multinomial logistic regression to regress the select factors with the measured value of exchange rate exposure. The findings of the article suggest that multinationality, fixed asset utilization ratio, hedging activities, industrial sectors, size, and age of the firms are the significant determinants of such exposure. The results varied during the sub-periods and across industries. [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: This study is to examine the economic consequences of International Financial Reporting Standards (IFRS) converged standards by exploring its phased manner implementation in India. Design/methodology/approach: The study measures the economic outcomes in the form of capital market reactions such as cost of equity capital, cost of debt capital, information asymmetry and market liquidity. Difference-in-difference (DiD) methodology has been used to analyze the data for this study. Findings: Based on a sample of 2,685 Bombay Stock Exchange (BSE) listed firms, results show that the Indian capital market reacts negatively to the adoption of IFRS-converged standards. In particular, results show that the cost of equity capital, cost of debt capital and information asymmetry have been increased and market liquidity has been decreased for test firms relative to benchmark firms immediately after IFRS convergence and this negative effect is more pronounced among small firms than large firms. Subsequent tests suggest that test firms have better capital market reactions in the later year of implementation relative to benchmark firms that are implementing IFRS for the first time. It indicates the learning curve effect of IFRS on the economic outcomes as negative impact ameliorates over time. Originality/value: The study is among earlier attempts to investigate the impact of IFRS on capital market reactions by exploring the phased manner implementation framework. The study is also among the pioneering attempts to examine the learning curve impact of IFRS on capital market reactions. [ABSTRACT FROM AUTHOR]

In this paper the performance evaluation of Indian mutual funds is carried out through relative performance Daily closing NAV of different schemes have been used to calculate the returns from the fund schemes. NSE - Nifty has been used for market portfolio. The performance of mutual funds is carried out through risk and return analysis, Standard Deviation, Sharpe Index, Treynor Index and ANOVA. The source of data is association of mutual fund in India. The period of study is April 2019 to March 2022. The result suggest that most of the mutual fund given positive return during the study period. Mutual fund is finest avenue for investment in capital market. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to measure the intrinsic characteristics of the Indian capital market through the long and short strangle options strategies. The study uses the trigonometric ratio Tan θ to form the monthly angle between strategy profit and Nifty closing. Further, the results of monthly angle formation have been verified by the regression analysis. The result of the angle formation indicates that the short strangle option strategy may perform better on the Nifty Index in the future. To the best of our knowledge, this is the first research where different properties of any index through the strangle options strategies using the Angle (Tan θ) have been analyzed on the Nifty Index of India. These findings will help investment management companies, retail investors, and investment advisors for profit maximization while trading in Nifty. [ABSTRACT FROM AUTHOR]

Initial public offerings (IPOs) have a special place in finance, probably because they are the first opportunity to value a number of financial assets of company by variousparticipants of capital market. In India, initial public offerings (IPOs) have attracted many investors. Because companies coming out with IPOs are new and have no historical data to analyze. The success of IPO is critical for stockholders, companies, and the economy. Objectives: 1. To Study different IPOs during 2020-22 2. To analyze performance of Indian IPOs in short Run time frame. Research Approach The work in this research paper is carried out on the basis of empirical evidence. The study encompasses 33 IPOs which got listed on NSE of India for the period between 2020-2022. Thework is based on data collected from sources which are secondary in nature. The data required for research work is taken from website of National stock Exchange of India in the form of price quotes of shares and Nifty values. Themarket adjusted short term performance model, wealth relative index model along with other statistical measures is used for the study. Scope of work- The research work is restricted to companies which came out with public issues during the above specified period and got listed on NSE of India. Period -Year 2020-2022 Limitations of Study-The study covers external factors which affects the IPO performance. Originality-This research work is original and examines stock's listing profit or loss and its performance after the listing on recognized stock exchange. [ABSTRACT FROM AUTHOR]

Research aims: India has recently joined the accounting revolution by implementing the International Financial Reporting Standards (IFRS) through the convergence mode. This paper aims to examine the value relevance of Indian accounting information by finding an association between stock returns and the levels of earnings and changes in earnings. Design/Methodology/Approach: The study follows both relative and incremental association approaches to investigate changes in the value relevance of accounting information prepared using the IFRS converged Indian Accounting Standards (Ind-AS), while also examining the impact of their voluntary use. The study employs the Easton and Harris (1991) model on accounting data collected from 2012-13 to 2019-20. The panel data of 7,064 firm-year observations covers 883 firms listed on the National Stock Exchange (NSE) and uses relevant econometric tests and multivariate panel regressions to test the hypotheses. Research findings: The findings reveal a decline in the returns value relevance following both mandatory and voluntary IFRS convergence. Theoretical contribution/Originality: The study is the first to document the changes in value relevance based on stock returns since the IFRS convergence process began in India. Practitioner/Policy implication: This line of research is significant in Indian capital markets to unravel the effects of the new standards on accounting as well as stock market variables. It has managerial implications for firm and standard-setters. Research limitation: The value relevance results are based on the returns model alone and the study does not analyse the price model. [ABSTRACT FROM AUTHOR]

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]

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]

The performance of the banking sector is significant for any economy. The growth of a nation relies significantly upon efficient and optimum utilization of resources and also on operational efficiency of various sectors of an economy, of which the banking sector is a critical part. Banking system strengthens the stimulation of capital formation and provides liquidity. Indian banking sector comprises private, public, rural and foreign banks. In India, public sector banks are encountering challenges from private sector banks and are under constant pressure to perform better. Hence, this study endeavors mainly to analyze and compare the financial performance of the private and public banking sector by using CAMEL rating approach and for this purpose total of fourteen banks, representing the private and public, have been selected. The selected sample are the market leaders and have the highest market capitalization in the capital market. Overall, the paper aims to measure and compare the financial performance of private and public sector banks by employing CAMEL approach on their audited financial reports of eight years period i.e. (2011-2018). The ratios considered for this analysis includes Capital Adequacy (CA), Asset Quality (AQ), Management Soundness (MS), Earnings and Liquidity (LR). This study devised ranking method based on averages of various ratios and one way annova test is applied to find out statistical significance difference amongst groups. Results shown that private sector banks are better performers compare to Public sector bank. The overall results signify that the performance of private sector banks has improved because of the implementation of modern technology banking reforms and recovery mechanism. [ABSTRACT FROM AUTHOR]

This study is focused on managing climate change risk through the use of catastrophe bonds as alternate risk transfer mechanism which allows insurers to spread their risks through capital markets and financial instruments rather than reinsurance market. In the last 20 years India has endured several natural catastrophes which were categorized as the direct result of climate change. Such events have immense impact on human life, economy of the country and the insurance industry as well as reinsurers’balance sheets. In this paper we explore the feasibility of catastrophe bonds and swaps as alternatives to risk transfer mechanism. It also attempts to analyze the need for alternate risk management mechanisms. [ABSTRACT FROM AUTHOR]

The market for corporate control offers a rich framework to study the interaction between investment and financing decisions. Do corporations have specific preferences for the means of financing acquisitions, such using cash or equity to pay the claims of the target firm's shareholders? This study builds a unique sample of 1041 corporate acquisitions over the period 2000–2018 in India, a major emerging economy with fast-growing capital markets. The study investigates separately corporate preferences for the means of payment and the financing sources for acquisitions, using multinomial logit and nested logit models. First, we find that different factors explain the payment and financing decisions. Second, the cash payment decision is best explained by the target's relative size, greater tender offers, cross-border deals, and cash reserves. Third, the findings are most aligned with pecking order theory and cost of capital considerations. [ABSTRACT FROM AUTHOR]

India's capital markets were liberalised 30 years ago, along with economic liberalisation. Did the opening up of the primary capital markets improve firms? access to capital? If it did, then is the access uniform across firms? If not, what have been the characteristics of firms that have benefitted disproportionately in terms of access to capital consequent upon liberalization of primary markets. As the primary capital markets mature in India, in terms of market characteristics and regulation, over the last three decades, how has it changed the access to capital for Indian businesses overtime. In particular, which are the sectors that have witnessed maximum primary issuances? We answer these questions using emperical evidence from companies that chose to go public in India in the last three decades. There is evidence of predominance of non-financial companies that go for an Initial Public Offering (IPO). Further, of the 152 industry groups analysed, there is a high degree of concentration of companies that went public. The top 3% of the industry groups (5 in number) accounted for 36% of all IPO firms. The top 6% and 9% (numbering 10 and 15 groups) accounted for 45% and 52% of all firms going public. In terms of type of issuances, Indian firms prefer to raise capital from the primary markets via private placements rather than public offerings. [ABSTRACT FROM AUTHOR]

Purpose: The authors aim to examine the association between earnings and book values with stock prices in India during the IFRS convergence period because, in India, the literature is yet to investigate more about IFRS convergence and its impact on the financial reporting environment. Hence, the purpose of this study is to assess the influence of IFRS conversion on the value relevance of accounting information throughout the IFRS conversion period. Design/methodology/approach: The current paper endeavors to investigate the earnings and book values affiliation with stock prices in India during the IFRS convergence period by employing a price valuation model (Ohlson's Model). The study assembled a total of 3,440 firm-year observations from the National Stock Exchange in India over five years, which signifies the IFRS conversion period (2015–2019). Findings: The research findings displayed that accounting information such as earnings, book value has value relevance throughout the IFRS enforcement period; however, the value relevance has been increasing for earnings and showing a descending association for book value. The significant explanatory power of earnings reveals that market participants give more weightage to earnings than book values. Overall, the findings of the study will facilitate improved decision making for both, capital market participants and regulators, by highlighting the key areas for improvement in the Indian capital market. Research limitations/implications: This study also extends a discussion on the subject in those economies where regulations are weak and the market is imperfect with asymmetrical information. Practical implications: The research outcome provides for empirical shreds of evidence regarding the value relevance of accounting information during IFRS enforcement in India, where IFRS is a recent emergence. Social implications: This paper examines the value relevance of accounting information during IFRS convergence period in India which will felicitate improved decision making for both, market regulators and investors. Originality/value: This research is the first factual documentation regarding value relevance of earnings and book value during the IFRS enforcement process in India with the most recent data and contributes to the limited study conducted in developing nations like India. [ABSTRACT FROM AUTHOR]

The study models the association among exit routes adopted by Venture Capital (VC) firms, Investee Firms (IFs) industry and the overall market condition. It examines 210 exit transactions in India, which occurred between 2000 and 2018, and finds that exits are seasonal irrespective of the exit routes. Bull markets are critical for exits irrespective of the exit routes. Venture Capital Funds (VCFs) try to time the market for exits irrespective of the route adopted for the exit. Surprisingly, buybacks are also associated with a bullish market which is characterized by high valuations. No industry is superior to any other industry in timing the market. However, Banking and Financial Services Industry (BFSI) possesses exit opportunities even in the bear market. [ABSTRACT FROM AUTHOR]

China and India are the world's most populous and rapidly developing countries and are often discussed together. We examine life insurance firms in these two countries between 2008 and 2016 using a game cross-efficiency model, which comparatively measures insurers' performance using Nash equilibrium weights. We investigate whether there is an optimal business model for three business dimensions: assets, funding and income. From our second-stage regressions we conclude that strategic focus is superior in terms of assets and income to diversification at the insurer level. At the capital market and economic levels, economic development, unemployment, stock market development and other variables are also important. Our study provides useful insights into how a business model can be made more efficient in large emerging 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 study explains a novel glide path to model the stock prices of five major commercial banks in India. The purpose of this work is concerned with identifying the macroeconomic drivers of stock prices of five core banks listed in NIFTY50 index, namely, SBI, HDFC, ICICI, INDUSIND and KOTAK MAHINDRA, and to test their stability during periods of fiscal tension. The study utilized a Principal Component Analysis (PCA) of the respective stock prices and has proceeded with the multivariate method to make the required predictions. The choice of statistical technique primarily consists of decomposing the respective stock prices of the five banks using PCA and then selecting one optimal Principal Component (PC1). A multivariate regression model is employed to predict the optimal PC of such stock prices in which PC1 is the dependent variable and NIFTY50 and INR‐USD is the independent variables. Ultimately, the optimal PC is returned to the stock prices of the corresponding levels. The model is set up to be performed comfortably and the hardiness of the model is supported from various selection criteria; particular, the model assumption testing, goodness of fit, sample stressed period (using Rolling Average method on Indian VIX: 2008:Q1 to 2009:Q2) testing and out of sample performance. In addition to this, the estimated results are consistent with Monte‐Carlo simulation results. The envisioned model satisfies the model objective, while sufficiently capturing the historical dynamics of the stock prices as reflected by various performance indicators (RMSE, MAPE, RMSE over standard deviation) presented in this paper. [ABSTRACT FROM AUTHOR]

Stock Market is veritably protean and fluctuates with time, that's why it becomes delicate to prognosticate movement of the stock, there are colorful approaches and tools through which the price of stock is determined by the once patterns. Fuzzy sense is used to collude the quality as well as volume valuation factors. The fuzzy model issues the stock value which is used to give stock worth. The capital request plays an important part in India's frugality. It doesn't only support the frugality of India but also becomes an index of India's frugality enhancement commodity that has been traded in the capital request is stock (Stock request). Because of query in stock request, query values make prognosticating stock request is all that we've to do before we make a decision in the stock request. one that can be prognosticated in the stock request is instigation. To read stock request instigation. It can use fuzzy sense model. In the process of modeling, It'll be used 14 days literal data that conforming the value of open, high, low and close to prognosticate the coming 5 days instigation orders. There are three instigation orders videlicet Bullish, Neutral and Bearish. To illustrate the fuzzy sense model, We'll use stocks data from several companies that listed on India stock exchange in power sector. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the effect of corporate social responsibility (CSR) disclosure on firm performance, considering both firm profitability and firm value in an emerging market, India. Design/methodology/approach: The study examines the effect of CSR disclosure on firm performance using panel regressions for the final sample that consists of 386 companies listed in the BSE 500 index, India. It covers all major players in the capital market for ten years from 2007–2016. Findings: The result shows a trend toward the negative effect of CSR disclosure on firm profitability and firm value in India; this negative effect is mainly influenced by environmental disclosure score and social disclosure score. An adverse effect of firm profitability and firm value on CSR disclosure is also observed to underline the inverse relationship. Practical implications: The study provides implications to consumers, investors, managers and policymakers. Firstly, consumers have to be more aware of CSR initiatives of companies, and they should support those companies to do more. Secondly, investors can use the ESG disclosure score as a signal for the level of CSR activities, which negatively affects firm performance. Thirdly, managers have to consider CSR more seriously and spend CSR amount wisely after proper research and not just to meet the mandatory limit. In addition, managers have to take necessary actions to make the public aware of the CSR activities of the company to gain an advantage in the future. Finally, policymakers have to give more emphasis on the promotion of CSR activities to reach the ultimate consumers who lie in the remote areas of the country, and more awareness has to be given to them regarding CSR activities. Originality/value: The findings contribute to the literature by providing insights on CSR disclosure and firm performance relationship in India, an emerging market with increasing international attention where such studies are scant and less clear, especially after the amendments in the Companies Act, 2013. Furthermore, the measurement of CSR disclosure using environmental, social and governance (ESG) score is novel in the Indian context. [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]

The objective of the present is to investigate the effect of the stock return of the firm on bonus announcements in a short-run period. Sample of fifty listed companies collected for bonus announcement during the period 2004-2015. The study has examined the effect of bonus announcement on a share price around the announcement period by using event study methodology. The study has used a market model based to evaluate the abnormal return of stock return to the shareholder. The study shed light on whether abnormal return generated by the shareholder in short term or not by bonus announcement reaction on the capital market of Indian companies by using different event window periods. [ABSTRACT FROM AUTHOR]

Securitization is an off-balance sheet tool that facilitates capital relief. However, in India, securitization originated three decades ago, yet, the market is still in its development stage. In this backdrop, this paper examines an innovative existing structured finance model--securitization as an emerging alternative for sourcing funds to tide over the liquidity and funding constraints in MFI sector. Currently, MFIs rely on lumpy cash flows from banks during Q3 or Q4, when banks are trying to fulfil their CAR needs. However, the structured instruments facilitate MFIs to access the capital markets to match their funding and liquidity requirements. The paper outlines the concept of structured finance and emergence of new asset classes, application of structured instruments in the area of microfinance, securitization models--Direct Assignment (DA) and Pass Through Certificate (PTC)--in MFI sector with insights from industry experts. It also examines the advantages to both originators and investors and suggests the prerequisites for MFIs contemplating approaching these markets. [ABSTRACT FROM AUTHOR]

Innovations and ideas have been critical in constantly moving the world from a production-based economy to a knowledge-based economy. A validation of this is in the fact that intangible assets represent around 80 per cent of the value of S&P 500. The rising importance of the knowledge economy has pushed forward the need for a strong system of Intellectual Property Rights (IPRs), including that of financing against IPRs. The history of financing an idea, backed by an IPR, is older than one presumes. Mr Edison had collateralised his patent on the incandescent electric light bulb to set up what is now a highly ranked Fortune 500 company. For both large and small innovators, their quest for capital is inextricably linked to their quest for innovation. Having an Intellectual Property Right (IPR) for a technology improves a company's competitiveness over other firms who have not yet gone ahead with IPR filing. In this article, we discuss intellectual property related factors like banking regulation, legal enforceability, valuation, and liquidity - attributes that any commercial body, financial institution or bank looks at for tapping the market potential based on financing under Intellectual Property. [ABSTRACT FROM AUTHOR]