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The industrial revolution has resulted in faster economic growth, but it has also resulted in environmental degradation, which means that economic growth has polluted the environment. The primary focus of this research is to measure the affiliation with environment, energy and economy in Emerging and Growth-leading Economies. The results found that there is a direct relationship among energy and economy, as well as between energy use and environmental pollution. As a result, even though the countries require economic growth, these emerging and growth-leading economies must take precautionary measures to control their environmental pollution. [ABSTRACT FROM AUTHOR]

Mergers and acquisitions are one of the key strategies to shield the Indian public sector banks from perform or perish situations in order to deal with growing global competition. The present article strives to highlight important triggers for consolidation and demonstrates the adverse situations which compel the public sector banks to get merged. After reviewing the existing literatures, the article concludes that despite of having many challenges such as competitiveness, governance issues, regulatory and supervisory challenges and size issue consolidation process in banking sectors plays vital role to achieve scale, profit, and technical efficiencies. Further it is also found that consolidation minimises the costs which indirectly help in controlling the unhealthy competition within the sector across the globe. [ABSTRACT FROM AUTHOR]

The huge disparity in the pay given to higher level executives in Indian companies has stirred a nation-wide debate regarding the viability of the pay-performance concept. On the other hand, the top-notch businesses claim to be good social performers by adhering to the rules, regulations and norms prevailing in the country concerning the welfare of the community encompassing it; broadly referred to as Environmental, Social and Governance (ESG) companies. The purpose of this paper is to examine and determine the link between firm performance (taken as independent variable) and compensation pay (considered as dependent variable) of such large as well as socially responsible companies. For sample of the firms, data has been collected from NSE Nifty 100 ESG Index and data for all other measures has been extracted from CMIE Prowess database. Panel regression results indicate that Return on Equity (ROE) has a significant negative impact while stock return of investors do have a significant positive impact on the compensation pay. In order to overcome the persistent underlying endogeneity issue, One-step System Generalised methods of moments (GMM) estimator has been employed. The overall findings indicate that accounting measure of firm performance exerts a significant impact on the compensation paid to the executives in ESG firms of India. [ABSTRACT FROM AUTHOR]

In the present study, an attempt has been made to measure the operational efficiency of major, medium and minor ports in India during the period 1993- 2016 by employing Data Envelopment Analysis (DEA) models. The study also tests whether size is a determining factor of port efficiency. Based on the empirical results, the operational efficiency of both the bigger ports like JNPT and Krishnapuram as well as of the smaller ports like Ennore, Beypore, Cuddalore and Gangavaram were observed to be the best among all three categories. Hence, the general notion that size contributes to the operational advantage gets negated as it is observed that efficiency does not depend on size. Further, the ports that were found to be scale inefficient need to improve their utilization of resources through modernization of port facilities. Further, the ports that were observed to be pure technically inefficient indicate that they are technologically lagging behind, and thus technological upgradation needs to be undertaken to make them efficient. [ABSTRACT FROM AUTHOR]

The study attempts to evaluate the performance of Fund of Funds (FoFs) in terms of value addition over ordinary mutual funds in India. The performance of FoFs and individual mutual funds are compared with the risk-free returns as well as the benchmark index (BSC 100), which is taken as the proxy for the market returns. Samples were collected from the AMFI websites and respective AMC websites from April 1, 2007 to March 31, 2014 and the returns were calculated from the respective scheme's NAV price. The methods used in the study are risk adjusted tools of Sharpe ratio, Treynor ratio and Jensen Alpha. An analysis performed on the sample of equity-oriented fund of mutual funds showed that all the FoFs and individual mutual funds under study earned positive returns in excess of the risk-free rate of return offered by 91 days Treasury bill. The comparison between rates of return of the benchmark index and the sample of FoFs indicated that a majority of the equity FoFs have overperformed the benchmark. Such results might have been the result of well-designed diversification strategies in the portfolios. The results reveal that the performance of FoFs posted positive Sharpe, Treynor and Jensen Alpha. The better performance of FoFs strongly explained the added value of FOF in comparison to individual mutual funds in India. [ABSTRACT FROM AUTHOR]

This paper explores the association between a firm's R&D spending and its future returns. Unlike the US firms, which can only expense R&D, Australian GAAP permits firms to either expense or capitalize their R&D expenditure. India is following Ind AS 38 which requires research expenditure to be recognized as expense and development expenditure to be recognized as an intangible asset if, and only if specified criteria are met, otherwise shall be recognized as an expense. Hence, Indian setting provides for the use of both methods of accounting either expenser or capitalizer. However, less research is available that relates R&D spending of a firm to its future returns. The present study tries to find out the relationship between R&D expenditure and its future returns for R&D active Indian firms. The study is based on 15 years (2001-2015) CMIE data selected from those companies which have R&D activities during the span of the sample period. The market impact of the R&D intensity of all R&D active firms, 'capitalizer's and 'expenser's has been examined separately. The results suggest that capitalized portion of R&D is capable of generating more future returns. Expensed portion of R&D is not strongly associated with future holding period returns. However, it is observed that the firms who expensed their total R&D expenditures perform better in comparison to the firms who capitalized their total R&D expenditures. [ABSTRACT FROM AUTHOR]

Momentum has remained an unanswered anomaly in finance literature. Researchers have pointed out two arguments, whether the source of prior return anomalies are rational or behavioral. In this paper, we examined return chasing tendency investors and the profitability of probable price momentum strategy in Indian equity market using the monthly return data of equities represented in BSE-500 index encompassing the time period from July 2004 to Jun 2014. Study is an attempt to analyze momentum effect before, during and after the financial crisis of 2007-2009 to check whether investors continue to follow the same strategy during crisis or their behavior undergoes any change. Also study examined the adequacy of rational CAPM models to explain momentum profits. The result evidenced a strong presence of economically and statistically significant momentum profit in Indian stock market equity returns. Therefore return chasing tendency of Indian investors is found to be persistent in the intermediate horizon in Indian context. Closer observation of the results reveals that, Indian investors are winners chasers rather than investor in past losers. Study also confirmed that investor's sentiments are volatile according to general market environment and inadequacy of rationalist equilibrium model to explain momentum profits. [ABSTRACT FROM AUTHOR]

Starting with a very simple question--Is there any relationship between trade deficit and fiscal deficit in India?--the present study attempts to evaluate the long-run relationship and causality between trade deficit and fiscal deficit with econometric models such as unit root, cointegration, error correction model and Granger causality test over the period 1980-2014. Individual modeling suggests that there exists a longrun relationship and causality between trade deficit and fiscal deficit and other macroeconomic variables during the study period. Overall results imply that fiscal deficit and macroeconomic factors have cointegrating relationship with trade deficit and should be given serious attention in the attempt to decrease trade deficit and fiscal deficit in India in future. [ABSTRACT FROM AUTHOR]

Multi-scale representations are effective in characterising the time-frequency characteristics of financial return series. They have the capability to reveal the properties not evident with typical time domain analysis. Given the aforesaid, this study derives crucial insights from multi scale analysis to investigate the co-movements between Indian and emerging Asian equity markets using wavelet correlation and wavelet coherence measures. It is reported that the Indian equity market is strongly integrated with Asian equity markets at lower frequency scales and relatively less blended at higher frequencies. On the other hand the results from cross correlations suggest that the lead-lag relationship becomes substantial as we turn to lower frequency scales and finally, wavelet coherence demonstrates that this correlation eventually grows strong in the interim of the crises period at lower frequency scales. Overall the findings are relevant and have strong policy and practical implications. [ABSTRACT FROM AUTHOR]

In this paper, we examine the possibility of price momentum strategy and the profitability thereof in the Indian equity market, which is one of the most promising emerging markets. We also analyze the magnitude of contribution made by losers' and winners' portfolios to momentum profit in the Indian context. The results show a strong presence of momentum phenomenon in the Indian context and also winners' portfolio contributes more to momentum return. [ABSTRACT FROM AUTHOR]