August 2017 |
Name | : | Index |
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Name | : | The Relationship between Spot and Future Markets in India: Evidence from BSE Sensex and S&P CNX Nifty |
Author | : | Dr. N. S. Pandey, D. Ezhil Vembu, Dr. Meenu Pandey |
Abstract | : |
This paper makes an attempt to find out the causal relationship
between spot and future market of Indian Stock Exchanges. Indian
Derivatives market gives significant development of Indian Capital
markets. The study is based on secondary data. The period of study
covers for six years i.e. from January 2010 to December 2015. Unit
root test, Johansen Co-integration test, Granger Causality test and
graphical analysis have been used for this study. And the study found
that there is an existence of co integration between spot and future
market and the price movement of spot and future are similar. Further
the study has identified that there is causality between of BSE sensex
and S&P CNX nifty spot and future market.
Keywords: Spot, Future, Unit Root Test, Johansen Co-integration,
Granger Causality.
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Name | : | Stochastic Dominance Efficiency due to Options in the Portfolio |
Authorhor | : | Dr. Peeyush Bangur, Dr. Manish Kant Arya, Ruchi Maheshwari |
Abstract | : |
In this paper we investigated the performance of different option
strategies with help of mean variance criterion, capital asset pricing
model and stochastic dominance models. The strategies we have used
were necked strategy (pure stock strategy), writing out of the money
covered call and buying in the money protective put. For this purpose
we have chosen the 10 companies which were listed on the nifty (index
of national stock exchange) during the data period. The data period
starts from 1st April 2010 to 31st March 2014. Our results from MV
criterion shows that due to presence of leverage effect and excessive
gain the mean return was increased after the introduction of ITM
protective put and OTM covered call and concluded that these
strategies dominate one another by MV criterion. Further we have
applied the systematic risk coefficient, Sharpe ratio, and Treynor and
Jensen indices for the measurement of results through the CAPM and
concluded that, ITM protective put was superior to OTM covered call
and necked strategy. While both hedge strategy were superior to pure
stock strategy. In the end we analysed the dominancy performance of
the strategies over the other and found that ITM protective put and
covered call dominates the pure stock strategy in the first stochastic
dominance at 1% level of significance. Also our results confirms that
by adding options especially in the money protective put improve the
wealth of investor, as efficiency can be improved by the adding put to
portfolio.
Keywords: Covered call option, protective put option, , meanvariance
approach, Capital asset pricing model, stochastic dominance
test.
JEL Code: G11
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Name | : | Public - Private Project Finance in Kazakhstan's Business |
Author | : | Dana A. Eshimova, Azamat R. Oinarov |
Abstract | : |
The paper examines the key mechanisms of the public-private project
financing. On the example of Kazakhstan, a Central Asian country, the
paper reflected the empirical evidences of how project finance could
adapt to the conditions of a developing country. The study developed
the model of public-private project financing. The paper
recommended that each such public-private project financing model
should adapt to specific multiple stakeholder interests. The outcomes
of the study may be useful for potential investors in developing
countries as well as broad end users.
Keywords: Public-private Sector Project Finance, Corporate Finance,
Investor Confidence, Risk Allocation, Management.
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Name | : | Expatriates' Cultural Intelligence and Work Outcomes in China |
Author | : | Barbara Diemer |
Abstract | : |
Purpose – International assignment failures cost an organization
roughly 3 to 4 times an expatriate's annual salary with the most
expatriate failures cited for work assignments in China. Previous
scholarly research identified cultural intelligence (CQ) as being
influential to expatriate work outcomes. The purpose of this study was
to examine the relationships among a subset of Cultural Intelligence
(CQ) predictor variables and work outcome related dependent
variables.
Design/methodology/approach – Correlation and regression analysis
were performed to determine whether a relationship exists between
sub-dimensions of CQ including (a) cognitive CQ, (b) metacognitive
CQ, (c) motivational CQ, and (d) behavioral CQ and the expatriate
work outcomes of (a) work adjustment, (b) work performance, (c)
work effectiveness, and (d) job satisfaction. The study included selfreported
measurements collected via online surveys from 253
expatriates with work experience in China.
Findings – Pearson correlation test results and multiple linear
regression analysis indicated significant predictive relationships
between CQ and work adjustment, CQ and work effectiveness, CQ and
work performance, and CQ and job satisfaction. Specifically, the
motivational CQ variable had a statistically significant predictive
power for work adjustment, work effectiveness, work performance,
and job satisfaction. These findings suggest that the CQ construct may
help to assess one aspect of expatriate assignment readiness.
Research limitations/implications - A significant limitation of the
study was the self-report nature of the survey. Common method
variance could occur because of self-reporting of the study variables.
The participants might provide more positive and proactive types of
responses than what occurred in their lived experience. Another
limitation of the study is that survey participants received notification
of availability of the survey through expatriate related LinkedIn
groups. Using snowball-sampling techniques, survey participants
forwarded the survey link to other expatriates. This sampling method is
not random and therefore could introduce some bias to the study
results.
Practical Implications – The implications of this study include the
utilization of CQ in better identification, selection, and training of
employees for international assignments; improvement of expatriate
work outcomes; reduction of expatriate turnover; and reduction of
expatriate assignment costs.
Barbara Diemer
421 Wyndon Road
Ambler, PA 19002
www.pbr.co.in 37
Pacific Business Review International
Social implications - The social change benefits encompass
the improvement of intercultural communications and
relationship building competencies of business
professionals. Positive communication and newly
established relationships with international partners and
expatriates may lead to increased levels of foreign direct
investment (FDI) in emerging economies and domestically
in the United States. The inflows of FDI can potentially fuel
increased economic prosperity and employment
opportunities in emerging economies. The increase in
business opportunities in Brazil, Russia, China, and India
(the BRICs) led to emerging middle classes in previously
poor communities. The increase of middle classes in
emerging countries can lead to greater economic prosperity
globally.
Originality/value – Quantitative analysis regarding the
relationship between CQ and work outcomes for expatriates
working in China does not currently exist in the scholarly
research.
Keywords – Expatriate, Cultural Intelligence (CQ), Work
adjustment, Work performance, Work effectiveness, Job
satisfaction
Paper type – Research paper
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Name | : | Attractiveness of Celebrity Endorsed Advertisements, Brand Acceptance, Brand Recall and Buying Behavior: An Empirical Study |
Author | : | Dr. Manish Mittal |
Abstract | : |
Celebrity endorsements are the advertisements in which any
individual who enjoys public recognition uses this recognition on
behalf of a consumer good by appearing in it. Celebrities like movie
actors, sports persons, television stars are widely used by marketers in
advertisements to influence brand choice behavior of consumers. They
have demographic and psychological connect with the target audience
and hence are often employed by advertisers to lend their personality to
a product or brand The study investigates whether celebrity
endorsements make such advertisements more appealing to the
consumers and whether they have positive influence on brand choice
& buying behavior. It is based on primary data collected with the help
of a self administered, structured closed ended questionnaire from
residents of Indore city in central India during November –December,
2016. The data analysis tools included frequency analysis, Descriptive
analysis and one sample test of means (t test) and correlation
(Pearson's) analysis. Linear Regression analysis was employed to
measure the relationship between advertisement attractiveness, brand
acceptance & recall and consumer's buying behavior. The analysis of
data was carried out using Statistical Package for the Social Sciences
(SPSS) 20.0 for Windows. The results of the study provides evidences
that the consumers find celebrity endorsed advertisements as
attractive, attention grabbing, effective and have positive influence on
brand acceptance & recall. Celebrity endorsements were not found to
have a positive influence on buying behavior of the consumers. The
present study also indicates that consumers do not find celebrity
endorsed advertisements to be believable and trustworthy and they are
skeptical about the information provided in them. These findings
suggest that there is a need of rethinking on the part of advertisers in the
way the celebrities are used and projected in the advertisements to
elicit favorable purchase intention responses.
Keywords: Celebrity Endorsement, Advertisement, Brand
Acceptance, Brand Recall, Buying Behavior.
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Name | : | The Impact of Demonetization on frequency of using Internet Banking Services with reference to selected cities of Gujarat |
Author | : | Ms. Nita Meghani, Dr. Anjali Gokhru |
Abstract | : |
India has demonetized before: First time on 12th Jan 1946 (Saturday),
second time on 16th Jan 1978 (Monday), Third time on 8th November
2016 (Tuesday). Globally, information technology has brought about
far-reaching changes in banking industry. With cash transactions
facing a reduction, alternative forms of payment have been seen a
surge in demand. Digital transaction systems, e wallets and apps,
online transactions using e-banking, usage of Plastic money (Debit and
Credit Cards), etc. are definitely having substantial increases in
demand during demonetization. This should eventually lead to
strengthening of such systems and the infrastructures required. The
objective of the present paper is to examine and analyze the progress
made by Internet Banking in Gujarat during Demonetization.
Keywords: Demonetization, Internet Banking, Internet Banking
Services, Benefits, Semantics etc.
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Name | : | Ambidextrous Supply Chain: The New Model for Supply Chain Excellence |
Author | : | Mohd. Mehdi, Salma Ahmed |
Abstract | : |
In this world of ever growing competition, organizations are focusing
on excellence in every aspect of their operation to gain competitive
advantage. The success of organizations largely depends on their
supply chains. This has given rise to competition among supply chains.
Many supply chains focus on exploiting the available resources which
brings the problem of obsolescence and scarcity of resources to them.
Whereas many other supply chains focus on exploration only and
hence they fall into the failure trap because of not being able to garner
the benefits of even a single idea or exploration. Hence supply chains
need to have a balance of both exploitation and exploration. It should
exploit the existing resources while continue to explore the new
opportunities and ideas. And hence become an Ambidextrous Supply
Chain.
The purpose of this study is to rank the enablers of exploitation and
exploration according to their relative impact on a supply chain. The
supply chain managers can then focus on these enablers in order to
orient their supply chains as an ambidextrous supply chain. Analytic
Hierarchy Process (AHP) based approach has been applied to perform
the pair-wise comparisons to measure the relative significance of
enablers (criteria). Pair-wise comparisons of enablers of exploitation
and exploration were performed by the experts from industry as well as
academia. The results were synthesized by calculating the geometric
mean of the matrices and finally deriving the priority and respective
rank of each enabler of exploitation and exploration. The study
concluded that support of top management, internal relations,
information technology and information sharing are the major
enablers of exploitation while transformational leaders, tailored
approaches, customer relations, structure of the organization and
technology are the major enablers of exploration which affect the
supply chain of the organization.
Keywords: Ambidextrous Supply Chain, Exploitation Enabler,
Exploration Enabler, Analytic Hierarchy Process (AHP).
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Name | : | Problems and Grievance Handling System in DTH TV Services |
Author | : | Ms. Kamalpreet Kaur, Dr. Amar Inder Singh |
Abstract | : |
This study was done to study the contentment level of consumers
regarding the consumer grievance redressal system of DTH TV
Services and to investigate the problems faced by DTH TV users in
Punjab. Convenience sampling was used to select the sample from
urban and rural area of Punjab. Three districts from urban area and
three districts from rural area were selected on the basis of the highest
urban population and highest rural population respectively. The study
was based on the primary and secondary data. The primary data was
collected with the help of structured questionnaire. The collected data
was analysed by using Frequency analysis, Percentage analysis and
Garrett Ranking Techniques. The study found that in urban areas, most
of the respondents were satisfied with the 24*7 accessibility of DTH
service provider at call centre but they were dissatisfied because of the
redressal which was not made within 24 hours. In rural areas also most
of the respondents were satisfied with the 24*7 accessibility of DTH
service provider at call centre but they were dissatisfied with toll free
number provided to make call without any charges. The most
significant problem faced by the DTH users was Signal problem. DTH
companies should solve these problems and make the customer
experience good at grievance handling system.
Keywords: DTH TV, Problems, Grievance Handling, Signal
Problems, Toll Free
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Name | : | An Overview of the Production Practices and Trade Mechanism of Saffron in Kashmir Valley (India): Issues and Challenges |
Author | : | Dr. Akhter Ali, Prof. (Dr.) Iqbal Ahmad Hakim |
Abstract | : |
Saffron is an important cash crop of Kashmir valley and the state offers
India a credit of being one of the major saffron producing countries of
the world, but since last few years the productivity and exports of this
crop has virtually shown a declining trend. This research paper looks at
available literature with respect to current practices followed in
production and trade of saffron in Kashmir valley and highlights the
flaws in these practices and stresses on the need for using modernized
ways for increased production and productivity. It also highlights
ample scope for maximizing the export of this crop provided the
sincere efforts are made through organized way of marketing this
product.
Keywords: Saffron, Cash crop, Kashmir, Productivity, Exports,
Decline, Organized marketing.
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Name | : | Social Sector Development in Punjab |
Author | : | Dr. Vikram Chadha,Ishu Chadda |
Abstract | : |
The development economists and policy makers are unanimous in
their view that the development of social sector is most crucial for
accelerated economic development with adequate emphasis on social
justice. However, only increase in social sector expenditure will not be
adequate. Policy makers should also focus on efficient allocation of
resources to target the actual deprived sections of population, so that
gains of increased expenditure can stream down to the lower mass of
population. The thrust of development programmes aim to reach the
needy sects of our society which require the utmost attention. The
planners are conscious of the reality that unless the fruits of economic
growth percolate down to the lowest runs of the society, real
development and welfare is meaningless. The main concern is to
improve national and individual welfare through multiple pathways
including more productivity, more earning, improving health,
enriching lives through empowerment and gives the better
opportunities i.e. creating greater equity through opportunity. This
paper observed the impact of various social sector development
programmes on Punjab economy during the period of 2007 to 2016.
The results evidently clarify that there is significant reduction in
poverty in Punjab due to expenditure incurred on social services
accompanied by the inclusive growth. Any improvement in these may
bring about little growth but it is a vital component of development.
Keywords: Social Sector, Punjab, Economic Development.
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Name | : | Financial Forecasting: An Empirical Study on Box –Jenkins Methodology with reference to the Indian Stock Market |
Author | : | Mulukalapally Susruth |
Abstract | : |
The purpose of this study is to apply the Box-Jenkins methodology to
the Indian stock market and forecast the stock prices it is found that the
post-sample forecasting the accuracy of ARIMA model is generally
better than much simpler time series methods. The ARIMA model, also
known as the Box-Jenkins model or methodology, is commonly used
in analysis i.e., identification, estimation & diagnostic checking and
forecasting. ARIMA Modelling have been done using data of daily
closing prices of S&P BSE 500 Index and NIFTY 500 Index. This
study would like to compare the application of three forecasting
methods for predicting stock prices, the ARIMA time series method,
Moving average method and Holt & Winters exponential method.
ARIMA(0,1,1) and ARIMA(2,1,2) is considered as the best model
based on the fact that it satisfies all the conditions for the Goodness of
Fit. The developed stock price predictive model with the ARIMA
indeed, the actual and predicted values of the developed stock price
predictive model are slightly close. The empirical results obtained
reveal the superiority of ARIMA model over simpler time series
methods by using MAPE (Mean Absolute Percentage Error).
Keywords: ARIMA model, Box-Jenkins, Time series forecasting,
MAPE.
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Name | : | Effect of Demographics on Materialism: An Empirical Study |
Author | : | Dr. Sapna Parashar, Dr. Sanjay Jain |
Abstract | : |
Materialism can be defined as the extent to which individuals engage
in managing their identity by acquiring or using the products. It is a set
of centrally held beliefs about the prominence of possessions in one's
life. The present research studies and measures the materialism and its
sub components amongst the college students. The overall materialism
score was found to be on lower side. However among the sub traits of
materialism; mean score of possessiveness was highest followed by
envy and non-generosity. The materialism and its sub traits were
analyzed w.r.t. demographic variables; like gender, education and
income and it was found that gender significantly impacts the
materialism whereas income and education have no impact on
materialism.
Keywords: Materialism, Possessiveness, Envy, Non-Generosity,
Consumer behavior
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Name | : | How does Board Attributes and Shareholding Pattern effect Firm's Financial Performance: Empirical Evidence from Consumer Goods Sector in India |
Author | : | Dr. Seema Malik |
Abstract | : |
Purpose – This paper examines the effect of corporate governance
attributes on the financial performance of BSE (Bombay Stock
Exchange) listed consumer goods (FMCG and durables) firms in India
over the period 2004-2014.
Design/methodology/approach – In order to draw the empirical
results, corporate governance attributes like the shareholding pattern
and Board Attributes are used as the key independent variables and
three financial performance measures i.e. Return on Assets (ROA),
Return on Equity (ROE), and Earnings per Share (EPS) are used as
dependent variables. Panel data methodology is used to find out
empirical results.
Findings – The promoters' shareholding and Foreign Institutional
Investors' shareholding was significantly and positively related to the
performance. Board size and the percentage of directors having board
interlocking were negatively and significantly related with financial
performance.
Practical implications – The study recommends that firms in
consumer goods sector should increase the promoters' shareholding
and foreign institutional shareholding as both of them has positive
linkages with the firm's financial performance. Large size of board can
face the problems of co-ordination, communication and decisionmaking.
On the other hand, firms should reduce their board size and try
to include those directors in the board who does not have board
interlocking as board size and board interlocking has negative impact
on the financial performance of the firms under study. The board
interlocking impaired the firms' performance because of busy board
not performing their monitoring task effectively.
Keywords: India, Consumer Goods, Corporate Governance,
Financial performance, Panel data
Paper type: Research paper
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Name | : | An Empirical Analysis of Factors affecting the Loan Repayment Performance of Microfinance Institutions |
Author | : | Kashif beg, Hajam Abid Bashir |
Abstract | : |
Andhra Pradesh Microfinance Crisis 2010 triggered by accounts of
suicides, rising debt stress among over-indebted clients of some of
India's biggest microfinance institutions (MFIs): SKS Microfinance,
Spandana, Share, and others. The Non-Performing Assets (NPAs) of
Andhra MFIs were at an all-time high over 96 %. Thereby, smaller
emerging MFIs shut down their business operations. This is a matter of
concern for Microfinance sector and the causes of declining recovery
rate to be analyzed. Therefore the important issue of rising Non-
Performing Assets (NPAs) has been examined. The study used panel
data over the period 2006 to 2013 withdrawn from MIX (Microfinance
information Exchange) market of Andhra MFIs. The findings revealed
that important determinants of loan repayment performance are yield
on gross loan portfolio, average loan balance per borrower adjusted by
GNI per capita, labour cost to assets ratio and percentage of female
clients. Moreover, the findings revealed that increasing interest rates
resulted in increasing loan delinquencies and increasing share of
women borrower in loan portfolio reduces loan defaults.
Keywords: MFI's, Non-Performing assets, Women borrowers,
Microfinance crises 2010.
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Name | : | Decentralization of Solid Waste Management in Delhi: An Opportunity for Revenue Generation |
Author | : | Mritunjay Kumar |
Abstract | : |
Solid waste management is the major problem worldwide. Waste is generated by human activities like domestic, industrial,
and agricultural and so on. . Over 40 million tons municipal waste is generated in India .Here open and illegal dumping is a
common practice. Less than 9% of wastes are scientifically treated in India. Municipal corporations spent their 80%
(approximate) budget on transportation and collections. In the study data was collected from journals, Government reports
and publications, personal observation during visiting different places and structured interview with MCD officials. The
objective of study is to finding the way to reduce the waste at the source or at community level in Delhi and what are the
different alternatives through which waste can be converted into resources. This study will be helpful in the further planning
of waste management and how effectively waste may be converted into different useful product and make the environment
clean and healthy for the people.
Keywords: Waste Management, Revenue, Decentralization, Solid waste.
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Name | : | Regulatory Transformation and its Impact on LIC of India: A Brief Sketch |
Author | : | Pooja, Dr. S. N. Jha |
Abstract | : |
Life insurance business in India was nationalised in the year 1956, and LIC of India came into existence since September 1,
1956. After viewing competition in the market due to introduction of LPG policy in 1991, a need was felt to liberalise the
insurance market in India. As a result, in the year 2000, Insurance Regulatory and Development Authority (IRDA) was setup
as a regulatory body to regulate control and supervise the insurance business in India. After such regulatory transformation,
private life and non-life insurers were allowed to enter in the Indian market. Remarkable changes has been seen in life
insurance market onwards 2000, because private and foreign players entered in the market with new technologies, huge
funds, and thus gave a cut throat competition to LIC of India. Consequently, through this paper an attempt has been made to
analyse the impact of regulatory transformation on LIC of India, and to compare the performance of Corporation over all
private life insurers in post reforms era.
Keywords: Benefits Paid, Commission, Investment Income, Market Shares, Operating Ratio, Policies Issues, Premium
Underwritten.
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Name | : | Editorial |
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Name | : | corporate snapshot |
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Name | : | Economic Update |
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Name | : | stats window |
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