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Journal articles on the topic 'Indian capital market'
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Shah, Bhavin S. "Current Issues In Indian Capital Market." Indian Journal of Applied Research 1, no. 7 (October 1, 2011): 1–3. http://dx.doi.org/10.15373/2249555x/apr2012/1.
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Bhole, L. M. "The Indian Capital Market at Crossroads." Vikalpa: The Journal for Decision Makers 20, no. 2 (April 1995): 29–41. http://dx.doi.org/10.1177/0256090919950203.
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With the objective of developing a balanced perspective on the role of industrial securities market in India, this paper by Bhole analyses major trends, changes, problems, and issues relating to primary and secondary markets over a period of 40 years and suggests various reforms for restoring the health of the capital market.
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Kumar, Atul, and T. V. Raman. "Testing Market Efficiency of Indian Capital Market." Review of Professional Management- A Journal of New Delhi Institute of Management 14, no. 1 (June 1, 2016): 29. http://dx.doi.org/10.20968/rpm/2016/v14/i1/109400.
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Barua, S. K., and V. Raghunathan. "Inefficiency of the Indian Capital Market." Vikalpa: The Journal for Decision Makers 11, no. 3 (July 1986): 225–30. http://dx.doi.org/10.1177/0256090919860305.
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Efficient pricing of securities and maintenance of parity between risk and return are absolutely essential for a well-functioning capital market. In this paper, S K Barua and V Raghunathan discuss a clear case of observed inefficiency in the Indian capital market. They show, taking the case of Reliance, that an investor can earn returns incommensurate with the degree of risk assumed by operating on rights issues of shares and convertible debentures simultaneously in forward and cash markets. Although the government policy of granting a low premium on rights shares and convertible debentures aids inefficiency, the market is also to be blamed since it is unable to adjust quickly the prices of securities so that the returns earned are in line with the risks assumed.
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Srivastava, Aman. "Indian Capital Market: An Overview." Review of Professional Management- A Journal of New Delhi Institute of Management 2, no. 2 (December 1, 2004): 47. http://dx.doi.org/10.20968/rpm/2004/v2/i2/101075.
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Dr.S., Kanthimathinathan. "A Study on Indian Money Market, Capital Market and Banking Legislations." International Journal of Research in Arts and Science 3, Special Issue, 2017 (May 31, 2017): 21–25. http://dx.doi.org/10.9756/ijras.8152.
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Parmar, Parag P. "Research on the Indian Capital Market: A Review." Paripex - Indian Journal Of Research 3, no. 3 (January 15, 2012): 72–73. http://dx.doi.org/10.15373/22501991/mar2014/80.
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Tigari, Harish, and R. Aishwarya. "Capital Markets in India: A Conceptual Framework." Shanlax International Journal of Economics 8, no. 1 (December 1, 2019): 53–59. http://dx.doi.org/10.34293/economics.v8i1.1321.
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The history of Indian capital market goes back to the 18th century when the securities of East Indian company was traded. The contribution of Indian capital market for the sustainability of Indian economy is considerably since the year 1890’s. The capital market plays a role in terms of wealth distribution and economic development of a country like India. Capital market acts as a transformer of savings into capital investment. The capital market has witnessed a major reforms since the implementation of New Economic Policy 1991 and thereafter. The Indian government and SEBI have adopted the various reforms in order to enhance the performance of Indian stock exchanges. The present study tries to analyze the recent reforms in Indian capital market from the year 2010 onwards. The present research is largely based on the secondary data. The statistical facts and figures regarding the growth and development of the capital market was available from various journals, publications and websites.
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Gupta, Ramesh. "Is the Indian Capital Market Inefficient or Excessively Speculative?" Vikalpa: The Journal for Decision Makers 12, no. 2 (April 1987): 21–28. http://dx.doi.org/10.1177/0256090919870203.
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In the July-September 1986 issue, Vikalpa published an article by S K Barua and V Raghunathan on “Inefficiency of the Indian Capital Market.” Based on the way the markets actually function, Ramesh Gupta questions in this article the validity of the assumptions used in arguing that the Indian capital market is inefficient. Far more than inefficiency; the problem with the Indian market is its excessively speculative character, by permitting trading on low margins in carry forward transactions. He also makes suggestions on how to restrict speculation and protect the interest of investors.
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Sukla, Shivam, Deepak Babu, Sudhir Kumar Shukla, and Dinesh Prasad. "The Need of Cognitive Behavioural Therapy (CBT) for Capital Market Investors of Northern India – An Empirical Analysis." Lumbini Journal of Business and Economics 11, no. 1 (April 25, 2023): 214–30. http://dx.doi.org/10.3126/ljbe.v11i1.54330.
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The sudden and rapid growth of Indian capital markets has not only attracted global attention but has also propelled Indian people to invest in the markets, but there is a sizeable portion of such investors who have not actually been supposedly rational at making investment decisions and have ended up committing behavioural blunders with their capital market investment decisions which are giving them mental trauma and sleepless nights.
This study is the first of its kind on a global level where a total of 168 randomly selected capital market investors were asked to fill up a survey questionnaire aimed at testing the presence of five most prominent cognitive disorders (anxiety, panic attack, addiction, anger and eating disorder) among the capital market investors of India and the extent to which these disorders impact the stock investment decisions of Indian investors.
The results of the study show that cognitive disorders are not only closely associated with the investment decisions of Indian investors but also carry a significant impact on their market investment decisions. Moreover, there are considerable differences in opinions of investors across their socio-demography at 95% significance level (p<0.05) which gives a clear indication that Indian investors do need cognitive behavioural therapy to become more refined and sagacious at making capital market investments.
CBT has proven to be very helpful in treating a variety of mental illnesses in the past. Therefore, owing to the presence of cognitive disordersamongcapital market investors of India CBT can be of great help in developing an understanding of capital markets among investors by making them mindful of the unfavorable and frequently unreasonable considerations which adversely affect their sentiments, temperaments and subsequent market earnings.
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Rajeev Pundir. "Rajeev Pundir." Journal of Global Economy 17, no. 2 (July 11, 2021): 105–13. http://dx.doi.org/10.1956/jge.v17i2.621.
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Put not your trust in money, but put your money in trust.”A capital market can provide huge impetus to the development of any economy .so, it can be said that the growth and sustainability of capital markets plays an important role towards the development of the economy. It is being observed that huge fluctuations are happening in Indian capital market in recent past, but with the help of proper mechanism, which is being observed in India and after examining various risk factors involved in capital markets, we attempt to say that the growth which has been observed in Indian capital market in recent past is a realty, but not a myth. Right from the independence, thanks to steps initiated by the Indian government especially after the post liberalization era. A huge growth has been observed in the aspects of quality and quantity. Huge increase has been observed in the volumes of trade. We know that capital markets play a vital role in Indian economy, the growth of capital markets will be helpful in raising the per-capita income of the individuals, decrease the levels of un-employment, and thus reducing the number of people who lies below the poverty line. With the increasing awareness in the people they start investing in capital markets with long-term orientations, which would provide capital inflows to the sectors requiring financial assistance.“Hedge risk; make the derivatives market your investment option”Derivative is finally engineered instruments which derive its value from price of a specific asset. Value of Equity Derivatives is derived from share price of any company or share index. In India trading of two types of derivatives are permitted – Futures and Options. Derivatives trading desks face a growing number of challenges – more sophisticated derivative instruments, fiercer competition, and stricter risk reporting and compliance requirements. It is now common to trade options with multi-asset-class underlying instruments quoted in different currencies, such as an option offering the best return between a Brazilian bond and a U.S. stock index. Investor uses the derivatives as an edged sword. Derivatives instruments are like a mother’s womb that cares of her baby (Investor) from volatility in the market. In nutshell this study is an effort to analyze the trading mechanism which has been followed by the investors in current scenario.
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Shaleen Suneja , Ashish Kumar. "Formation Of Strong Indian Capital Market – From The Annals Of History." Journal of Namibian Studies : History Politics Culture 34 (June 3, 2023): 323–38. http://dx.doi.org/10.59670/jns.v34i.1486.
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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.
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Marisetty, Nagendra, and Pardhasaradhi Madasu. "Corporate Announcements and Market Efficiency: A Case on Indian Capital Market." International Journal of Business and Management 16, no. 8 (July 12, 2021): 71. http://dx.doi.org/10.5539/ijbm.v16n8p71.
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Capital markets being the backbone of the economy, are expected to be functioning efficiently. Efficiently-priced financial markets are considered a catalyst for the economic growth of the nations (Malkiel, 2010). Efficient markets are the reflection of security valuations. In an informationally efficient market, no one can beat the market and make abnormal returns based on the information because the information is instantaneously observed in the stock prices. The current paper analyses the market efficiency of three of the most popular corporate events, i.e., announcement of cash dividends, bonus issues, and stock split in the Indian context. The sample is 2253 pure cash dividend announcements (627 large-caps, 552 mid-caps, and 1074 small-caps), 152 bonus issue announcements (49 large-caps, 33 mid-caps, and 70 small-caps), and 181 stock split announcements (35 large-caps, 34 mid-caps, and 112 small-caps) were used for this study. Event methodology market model used to calculate Average Abnormal Returns (AAR) and Cumulative Average Abnormal Returns (CAAR).
The results of the study have few findings which are contradictory to the existing literature on market efficiency. The cash dividend announcements have shown evidence for market efficiency, and results are contrary to Gupta et al. (2012), but the results are similar to Mishra (2005). Bonus issue announcements also have shown evidence for a semi-strong form of efficiency, test results identical to Dhar and Chhaochharia (2008), Kumar and Mittal (2015). Stock split announcements have not shown market efficiency, and the effect is similar to the study of Lakshmi and Roy (2012) and contrary to Chavali and Zahid (2011). Our results also support the premise that the emerging countries depict evidence of market efficiency (Bechev, 2003). Finally, we conclude that market efficiency results differ based on corporate announcements and market capitalization.
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Manjunatha, T., and T. Mallikarjunappa. "Bivariate Analysis of Capital Asset Pricing Model in Indian Capital Market." Vikalpa: The Journal for Decision Makers 34, no. 1 (January 2009): 47–60. http://dx.doi.org/10.1177/0256090920090104.
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Capital Asset Pricing Model (CAPM) establishes the relationship between risks and returns in the efficient capital markets. A review of studies conducted for various markets in the world reveals that researchers have used a number of methodologies to test the validity of CAPM. While some studies have supported the validity of CAPM, some others have revealed that beta alone is not a suitable determinant of asset pricing and that a number of other factors could explain the cross-section of returns. This paper has attempted to test the validity of the combination effect of the two parameter CAPM to determine the security⁄portfolio returns. The results show that: Intercept is not significantly different from zero. The combination of sizei and ln(BE/ME)i explains the variation in security returns under both percentage and log returns series. The combination of βi and ln(BE/ME)i, βi and (Rm-Rf)i, sizei and (E/P)i, and (E/P)i and (BE/ME)i explains the variation in security returns when log return series is used and the combination of βi and (Rm-Rf)i explains the variation in security returns when percentage return series is used. In case of portfolios, the combination of βp and Rm-Rf explains the variation of portfolio returns when portfolios formed with market value weights under both percentage and log returns and βp and ln(BE/ME)p explain the portfolio percentage returns when market value weights are used. It is observed that while combinations of some of the independent variables, as opposed to the univariate variable considered in Manjunatha and Mallikarjunappa's (2006) paper, explain the variations in security⁄portfolio returns, the other combinations do not explain the variation in the security⁄portfolio returns. Further analysis in this paper has shown that beta, with some of the combinations of the independent variables, explains the variation in security⁄portfolio returns. However, beta alone, when considered individually in the two parameter regressions, does not explain the variation in security⁄ portfolio returns. This casts doubt on the validity of the standard form of CAPM. In the light of these findings, it can be concluded that beta alone is not sufficient to determine the expected returns on the securities⁄portfolios. The empirical findings of this paper would be useful to financial analysts in the Indian capital market. Further research on the combination of market factors, firms' specific factors, and macroeconomic factors is needed to enlarge the understanding of modern finance and to cover fresh ground to unravel the mysteries and ramifications of the CAPM puzzle.
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De Sarkar, Partha, Surendra S. Yadav, and D. K. Banwet. "Integration of Indian Capital Markets with Global Markets: An Empirical Study." Vision: The Journal of Business Perspective 6, no. 2 (July 2002): 73–79. http://dx.doi.org/10.1177/097226290200600207.
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From 1997 onwards, the effect of globalization is becoming evident in the Indian capital markets. The stock prices of Indian companies and the stock market indices have been driven not just by the macro and micro factors of the Indian economy. Events in other parts of the world have also increasingly started having an impact. This is in stark contrast to the situation in the insular days prior to 1991, when major policy changes were made by the Indian government to open up the economy. The increased volatility of stock markets and reduction in controls over capital movements across borders has reflected in the stock prices in India. This paper aims at validating that indeed globalization has found its way into the Indian capital markets. It estimates the extent of correlation between the major world stock markets in USA, UK, Japan and Hong Kong with the Indian Stock Market Index like the BSE Sensex and also how portfolio fund flows have affected its movement. The study restricts itself to the period between January 1997 and June 2000. In brief, this paper seeks to: establish the relationship between the Bombay 30 Stock Sensitivity Index (SENSEX) and the global indices mentioned above like Dow Jones Industrial Average, NASDAQ Composite of USA, FTSE100 of UK, Nikkei 225 of Japan and the Hang Seng of Hong Kong. look at how portfolio funds flows have been affecting the Indian stock market.
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Kumar, Sujit. "Capital controls and capital flow volatility during global shocks: Indian experience." Asian Journal of Economics and Empirical Research 10, no. 1 (January 18, 2023): 20–30. http://dx.doi.org/10.20448/ajeer.v10i1.4414.
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This paper examines the issue of capital controls in India and their effectiveness in stabilizing the capital flow volatility in the economy. It documents the evolution of the capital controls regime in India since its economic liberalization in 1991 and focuses on India’s experience with capital controls in the period leading up to the Global Financial Crisis (GFC) of 2008 until the taper tantrum aftermath in 2013. We construct a capital controls index based on data from the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER). The index shows careful ease of capital controls by Indian policymakers in the financial sectors, i.e., the capital market, money market and direct investment, over the 2001–2008 period. The index further shows that the process of decontrol in the capital market stagnated during 2009–2014 due to the GFC to insulate the Indian economy from global shocks. This paper further explores the impact of capital controls in managing capital flow volatility in the context of the GFC. Using the tobit estimation approach, we show that capital controls effectively reduce capital flow volatility in the pre-GFC period followed by a limited impact post-GFC. This complements the capital account liberalization process during pre-GFC period. Our findings support India’s prudent approach to capital account management as financial markets evolve to manage risk efficiently in a large economy.
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Tulsian, R. P., and Rohit Kumar Shrivastav. "Trend Analysis of the Indian Capital Market." Indian Journal of Research in Capital Markets 7, no. 2-3 (September 10, 2020): 23. http://dx.doi.org/10.17010/ijrcm/2020/v7i2-3/154511.
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Premchander. "Protecting Debentureholders in the Indian Capital Market." Vikalpa: The Journal for Decision Makers 14, no. 1 (January 1989): 43–46. http://dx.doi.org/10.1177/0256090919890106.
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Debentures have become popular for raising capital by new and existing companies as a result of recent amendments to the guidelines governing debenture issues. However, these guidelines do not provide safeguards to debentureholders against erosion of the value of debentures. Premchander identifies the risks that debentureholders have to reckon with and discusses the nature of covenants that debentureholders should impose on company shareholders. He suggests certain modifications to guidelines for protecting the interests of investors.
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Nath, Golaka C., and Y. V. Reddy. "Indian Debt Market – Realities & Issues." Management and Labour Studies 28, no. 2 (May 2003): 89–124. http://dx.doi.org/10.1177/0258042x0302800201.
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Traditionally Indian banking system provided the much-needed financial support to industry and commerce. Till the onset of financial sector reforms in early 1990s the Indian industry depended heavily on banks and development financial institutions for their working capital and long-term projects respectively. Capital was scarce and hence, needed rationing to areas and sectors where the government wanted and prioritized. The existence of Controller of Capital Issues was the guiding force behind investment where public support was needed. At the time of its liberation from the British in 1947 India had only the traditional commercial banks and these banks were small and owned by private companies who had other interests in business and promoted banks to channelize resources to their activities. It was no different from earlier fragmented banking system of the USA. These banks supplied shorter maturity credit for working capital needs of the industry and commerce as major infrastructure, manufacturing facilities, etc. were financed by the Government through priorities in Five Year Plans. Public sector undertakings were set up to achieve the industrial self reliance objective of the nation. The role of creating capital formation was shifted primarily to the PSUs. The banks were willing to fund basically the working capital requirements of the credit-worthy borrowers on the security of tangible assets. These PSUs were funded through budgetary support as well as support from the DFIs. Thus emerged a well-knit structure of national and state level development financial institutions (DFIs) for meeting requirements of medium and long-term finance of all range of industrial units, from the smallest to the very large ones. Government as well as Reserve Bank of India nurtured DFIs through various types of financial incentives and other supportive measures.
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Barua, S. K., and V. Raghunathan. "Inefficiency and Speculation in the Indian Capital Market." Vikalpa: The Journal for Decision Makers 12, no. 3 (July 1987): 53–58. http://dx.doi.org/10.1177/0256090919870306.
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Is the Indian capital market inefficient? Does it reward low risk takers with high returns? Barua and Raghunathan argued (“Inefficiency of the Indian Capital Market,” ‘Vikalpa,July-September 1986) that the Indian capital market was inefficient, based on an illustration. Ramesh Gupta contended, in a response article entitled “Is the Indian Capital Market Inefficient or Excessively Speculative?” (Vikalpa, April-June 1987), that their conclusion was erroneous as it was based on many assumptions and a hypothetical example. Barua and Raghunathan re-examine their risk-return evaluation in the light of the actual developments over the last year in the case illustration used earlier. They argue that their conclusion on market inefficiency remains valid, notwithstanding the many changes in the assumptions.
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Yadav, Ms Pooja, and C. A. Dr D. S. Patil. "An Empirical Study on Efficient Market Hypothesis of Indian Capital Market NSE Sectorial Indices." International Journal of Trend in Scientific Research and Development Special Issue, Special Issue-FIIIIPM2019 (March 20, 2019): 222–25. http://dx.doi.org/10.31142/ijtsrd23108.
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H., Maurya,, and Kulkarni, P. "Fintech In Indian Capital Markets." CARDIOMETRY, no. 24 (November 30, 2022): 843–48. http://dx.doi.org/10.18137/cardiometry.2022.24.843848.
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The advent of advanced digital technologies has already caused disruptions across many industries. The financial services sector is also collaborating with Fintech to transform digitally. Post- demonetization, the Indian government created a favorable environment for Fintech. Many new financial products are brought in by new start-ups. Fintech has created a paradigm shift in availingof Financial Services. The primarily data-driven capital markets have been positively affected by Fintech. However, the technology implementation is still at a very nascent stage, and there are impediments and challenges along the way. This paper studies the application of advanced digital technologies in Indian capital markets through secondary research. It analyses gaps addressed by advanced digital technologies. It opens new avenues for potential breakthroughs and the impediments and challenges for implementing the technology. Fintech is an abbreviation for financial technology, which offers alternative technologies for banking and non-banking finance services. Fintech is a new term in the finance sector. The primary goal of this paper is to examine the opportunities and problems in the fintech sector. It describes the fintech industry’s evolution and the current financial technology (Fintech) in the Indian finance market. Fintech makes transfers safer for consumers by digitizing them. The advantages of Fintech platforms include lowering operating costs and a user-friendly interface. Indian Fintech services have the maximum growth in the country. Its services will alter the habits and behavior of Indian financial institutions.
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Sharma, Gunjan, Tarika Singh, and Suvijna Awasthi. "Determinants of Trading Decision: An Experiential Examination." GIS Business 13, no. 1 (February 5, 2018): 1–9. http://dx.doi.org/10.26643/gis.v13i1.3301.
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In the midst of increasing globalization, the past two decades have observed huge inflow of outside capital in the shape of direct and portfolio investment. The increase in capital mobility is due to contact between the different economies across the globe. The growing liberalization in the capital market leads to the growth of various financial products and services. Over the past decade, the Indian capital market has witnessed numerous changes in the direction of developing the capital markets more robust. With the growing Indian economy, the larger inflow of funds has been fetched into the capital markets. The government is continuously working on investor’s education in order to increase retail participation in the Indian stock market. The habits of the risk-averse middle class have been changing where these investors started participating in the Indian stock market. It is an explored fact that human beings are irrational and considering this fact becomes imperative to investigate factors that influence the trading decisions. In this research, ‘an attempt has been made to investigate various factors that affect the individual trading decision’. The data has been collected from various stockbroking firms and from clients of those stockbroking firms their opinions were recorded by means of a questionnaire. Data collected through the structured questionnaire, 33 questions were prepared which was given to the 330 respondents on the basis of convenience sampling out of which 220 individuals filled questionnaire, the total of 200 questionnaires was included in the study after eliminating the incomplete questionnaire. Various factors are being explored from the literature and then with the help of factor analysis some of the most influential factors have been explored. Factors like overconfidence, optimism, cognitive bias, herd behavior, advisory effect, and idealism are the factors which influenced the trading decision of the investors the most. Such kind of a study is contributing in the area of behavioral finance as a trading decision is an important aspect while investing in the stock market. And this kind of study would be helping and assisting financial advisors to strategies for their clients in making the right allocation and also the policy maker and market regulators to come up with better reforms for the Indian stock markets.
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Sehrawat, Neeraj, Amit Kumar, Narander Kumar Nigam, Kirtivardhan Singh, and Khushi Goyal. "Test of capital market integration using Fama-French three-factor model: empirical evidence from India." Investment Management and Financial Innovations 17, no. 2 (May 22, 2020): 113–27. http://dx.doi.org/10.21511/imfi.17(2).2020.10.
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Integration or segmentation of markets determines whether substantial advantages in risk reduction can be attained through portfolio diversification in foreign securities. In an integrated market, investors face risk from country-specific factors and factors, which are common to all countries, but price only the later, as country-specific risk is diversifiable. The aim of this study is two-fold, firstly, investigating the superiority of the Fama-French three-factor model over Capital Asset Pricing Model (CAPM) and later using the superior model to test for integration of Indian and US equity markets (a proxy for global markets). Based on a sample of Bombay Stock Exchange 500 non-financial companies for the period 2003–2019, the data suggest the superiority of Fama-French three-factor model over CAPM. Using the Non-Linear Seemingly Unrelated Regression technique, the first half of the sample period (2003–2010) shows evidence of market segmentation; however, the second sub-period (2011–2019) shows weak signs of market integration, which is supported by the Johansen test of cointegration, suggesting that Indian market is gradually getting integrated with global markets.
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Paliwal, Minakshi, and S. D. Vashishtha. "FIIs and Indian Stock Market: A Causality Investigation." Comparative Economic Research. Central and Eastern Europe 14, no. 4 (May 11, 2012): 5–24. http://dx.doi.org/10.2478/v10103-011-0024-0.
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While the volatility associated with portfolio capital flows is well known, there is also a concern that foreign institutional investors might introduce distortions in the host country markets due to the pressure on them to secure capital gains. In this context, present chapter attempts to find out the direction of causality between foreign institutional investors (FIIs) and performance of Indian stock market. To facilitate a better understanding of the causal linkage between FII flows and contemporaneous stock market returns (BSE National Index), a period of nineteen consecutive financial years ranging from January 1992 to December 2010 is selected. Granger Causality Test has been applied to test the direction of causality.
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Barua, Samir K., V. Raghunathan, and Jayanth R. Varma. "Research on the Indian Capital Market: A Review." Vikalpa: The Journal for Decision Makers 19, no. 1 (January 1994): 15–32. http://dx.doi.org/10.1177/0256090919940102.
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The Indian capital market has been attracting considerable attention in recent years especially after the opening up of the Indian economy. As a result, several researchers have addressed various issues pertaining to the capital market in India. What has been the trend of research in this field over the last 15 years? This article by Barua, Raghunathan, and Varma examines this issue and provides a comprehensive review on the nature of research in the field of capital market in India. In the process, it also identifies research gaps and research issues that need attention from researchers.
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Hungund, Bilal, and Shilpa Rastogi. "Predictive Optimized Model on Money Markets Instruments With Capital Market and Bank Rates Ratio." International Journal of Data Analytics 4, no. 1 (March 9, 2023): 1–20. http://dx.doi.org/10.4018/ijda.319024.
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The money market and the capital market of the Indian financial markets have a symbiotic relationship in the development of the Indian economy. The nature and the characteristics of the markets differ to a large extent as the money market ensures liquidity in the system through the monetary policy by the regulators; capital markets propel and act as the engine driver for the economy in the long term. Therefore, the final throughput of the economy is the aggregation of the output of both the markets. Does that imply that the development of both markets is parallel in nature or is any one superior to the other or are they competitors? To understand the influence of one over the other the research was undertaken through a correlation matrix and time series model. A predictive model was further constructed for predicting the volume of money market instrument on the basis of fourteen days historical.
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Sehgal, Sanjay, and I. Balakrishnan. "Contrarian and Momentum Strategies in the Indian Capital Market." Vikalpa: The Journal for Decision Makers 27, no. 1 (January 2002): 13–20. http://dx.doi.org/10.1177/0256090920020103.
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The study attempts to evaluate if there are any systematic patterns in stock returns for the Indian market. The empirical findings reveal that there is a reversal in long-term returns, once the short-term momentum effect has been controlled by maintaining a one year gap between portfolio formation period and the portfolio holding period. A contrarian strategy based on long-term past returns provides moderately positive returns. Further, there is a continuation in short-term returns and a momentum strategy based on it provides significantly positive payoffs. The results in general are in conformity with those for developed capital markets such as the US.
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Dr. Cirappa I B and Tejashwini K C. "A Study on Derivative Market in India." International Journal of Engineering and Management Research 12, no. 3 (June 13, 2022): 97–101. http://dx.doi.org/10.31033/ijemr.12.3.13.
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Since 1991, thanks to economic policy liberalization, the Indian economy has entered an era in which Indian businesses can no longer disregard global markets. Prior to the 1990s, the prices of a variety of commodities, metals, and other assets were carefully regulated. Others, which were not rolled, were primarily dependant on regulated input costs. As a result, there was no uncertainty and, as a result, no price fluctuations. However, in 1991, when the process of deregulation began, the prices of most items were deregulated. It has also resulted in the exchange being partially deregulated, easing trade restrictions, lowering interest rates, and making significant advancements in foreign institutional investors' access to the capital markets, as well as establishing market-based government securities pricing, among other things. Furthermore, portfolio and securities price volatility and instability were influenced by market-determined exchange rates and interest rates. As a result, hedging strategies employing a variety of derivatives were exposed to a variety of risks. The Indian capital market will be examined in this study, with a focus on derivatives.
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Rajnathan, Premkumar. "THE RELATIONSHIP BETWEEN CRUDE OIL PRICES AND STOCK MARKET: THE INDIAN CASE." Finance & Accounting Research Journal 2, no. 1 (June 22, 2020): 1–11. http://dx.doi.org/10.51594/farj.v2i1.98.
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Crude oil is influencing every productivity activity of human life either directly or indirectly. The prices of crude oil also influence the international financial markets. This influence connects the oil market with that of capital market since stock market provides it necessary resources for investment and financing the production. In this study, the objective was to test the relationship between crude oil prices and selected sectors of Indian economy. Furthermore, the study also tests the effects of international crude oil prices on the Indian stock exchange market. The main objective was to test the conditional correlation of the crude oil price and equity returns of selected sectors of the Indian economy as well as the performance indicators of the Indian stock market using bivariate volatility models.
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Bodla, B. S. "Efficiency of the Indian Capital Market: An Empirical Work." Vision: The Journal of Business Perspective 9, no. 3 (July 2005): 55–63. http://dx.doi.org/10.1177/097226290500900305.
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This paper examines the weak form efficiency of Indian capital market. For this, two tests, namely the runs test and serial correlation test have been applied. The study is based on stock price daily data for three years from January 2001 through December 2003. The results of the runs test have given a clear-cut inkling of the existence of weak form market efficiency in the Indian securities market. Similarly, the serial correlation analysis based on its coefficients confirms the weak form hypothesis of efficient market. This finding, thus, reduces the probability of continuously making extra profits by forecasting the security prices.
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Patel, Naitik J. "Indian Capital Market Able to Get Faith or Still the Doom Continues." Journal of Advances and Scholarly Researches in Allied Education 15, no. 4 (June 1, 2018): 38–40. http://dx.doi.org/10.29070/15/57228.
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Nadaf, Allauddin Abdulisaq. "A Microstructure Study of Indian Corporate Bond Market: A Review." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 03 (March 18, 2024): 1–5. http://dx.doi.org/10.55041/ijsrem29390.
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This Review study explores various dimensions of the Indian capital market, encompassing both equity and bond markets. It delves into the influence of equity market factors, macroeconomic variables, and corporate bond market growth on the overall financial landscape. The relationship between equity market returns, equity market volatility (VIX), and the rupee-dollar exchange rate on bond yields. They highlight that increasing volatility in the equity market leads to a higher demand for fixed income securities, subsequently reducing bond returns. The underscores the significance of a robust corporate bond market for financial system stability, credit availability, and mitigating corporate sector crises. It reviews the growth of the Indian corporate bond market and its implications for monetary, fiscal, and economic variables. The results indicate that a comprehensive corporate bond market does not exhibit a significant positive or negative association with these variables. However, GDP emerges as a crucial factor for India's bond market development, particularly in terms of foreign participants. Lastly, the influence of macroeconomic variables on the Indian corporate bond market over a 23-year period. They reveal a significant correlation between corporate bond market issuance and foreign exchange reserves. Through multiple regression analysis, they found that all selected variables, except GDP and trade openness, significantly explain the volumes of corporate bonds. Collectively, their findings contribute to a comprehensive understanding of the interplay between equity market dynamics, corporate bond market growth, and macroeconomic factors in the Indian capital market. The study provides valuable insights for policymakers and investors, aiding in informed decision-making regarding investment strategies, market stability, and economic growth.
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Shukla, Rashmi. "Corporate Financing in India: Some Stylized Facts of an Emerging Economy." International Journal of Management Excellence 5, no. 2 (June 30, 2015): 599–622. http://dx.doi.org/10.17722/ijme.v5i2.807.
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This paper investigates the corporate financing trends in an emerging economy; India. The study reveals some stylized facts prevalent in the Indian financial markets and how Indian firms are accessing their capital requirements. In-depth analysis has been performed on the balance sheet data of Indian nonfinancial firms during time period 1992-2012. Study focused on the capital financing received as debt, equity and related forms. Trends showed that debt ratios in India remain low and falling over years, while equity ratios remain rising. As a share of total debt, bank financing rose during this period; while non-bank debt declined, which suggests the underdeveloped Indian corporate debt market. At the same time equity market infrastructure has enabled many firms to look for high equity finance; study shows the increased use of internal financing for most of the firms’ asset creation. Overall, the paper suggests that, firms in India seems to be deprived of the availability of credit through poor debt market infrastructure and highlights the contemporary corporate financing issues.
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Patel, Samveg A. "Foreign Institutional Investment and Stock Market Returns: Evidence from Indian Capital Market." IIMS Journal of Management Science 4, no. 2 (2013): 143. http://dx.doi.org/10.5958/j.0976-173x.4.2.011.
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Abhin, J., P. Diljith, and A. Ananth. "Impact of Dividend Policy Determinants on Indian Capital Market." Asian Journal of Management 9, no. 2 (2018): 880. http://dx.doi.org/10.5958/2321-5763.2018.00139.7.
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Bangur, Peeyush. "Performance of strip option strategy on Indian capital market." International Journal of Financial Services Management 10, no. 2 (2020): 128. http://dx.doi.org/10.1504/ijfsm.2020.110225.
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Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (January 2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.
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This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpricing varies from country to country and issue to issue in the same country. The underpriced IPO leaves money on the table which is a cost (loss of capital) for the company and the same becomes a gain for the investors in the form of positive initial returns on the underpriced shares. Though underpricing is a cost for the issuing company, the issuing company underprices the issue. There are many theoretical explanations for underpricing of IPOs. This is an empirical study which aims to find out the factors which are causing underpricing in India. The underpricing of IPOs is a serious problem for any economy. On the one hand, high underpricing tendency in the primary market discourages IPOs issued by those companies which cannot afford or do not want underpricing (leaving money on the table). On the other hand, it creates arbitrage activities in the secondary market and in the grey market. The underpricing of IPOs thus hampers the growth opportunities and creates instability in the secondary market. In India, introduction of book building mechanism of IPOs in 1998 aimed to reduce underpricing because in the book building mechanism, offer price of the issue is determined on the basis of market feedback. The present study on 227 book-built IPOs for the period of 2004 to 2009 found that the average underpricing during this period was 28 per cent while the maximum underpricing was around 242 per cent. Thus underpricing of IPOs is still an issue of concern.
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Khudoykulov, Khurshid. "Asset-pricing models: A case of Indian capital market." Cogent Economics & Finance 8, no. 1 (January 1, 2020): 1832732. http://dx.doi.org/10.1080/23322039.2020.1832732.
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Dhankar, Raj S., and Rohini Singh. "Application of CAPM in the Indian Stock Market A Comprehensive Reassessment." Asia Pacific Business Review 1, no. 2 (July 2005): 1–12. http://dx.doi.org/10.1177/097324700500100202.
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There is conflicting evidence on the applicability of Capital Asset Pricing Model in the Indian stock market. Data for 158 stocks listed on the Bombay Stock Exchange was analyzed using a number of tests from 1991–2002, the period which roughly coincides with the period after liberalization and initiation of capital market reforms. Taken in aggregate the various empirical tests show that CAPM is not valid for the Indian stock market for the period studied.
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Garg, Mukesh. "Large price decline, price reversal and firm characteristics: A comparative study of 2008 financial crisis." Corporate Ownership and Control 8, no. 2 (2011): 334–53. http://dx.doi.org/10.22495/cocv8i2c3p2.
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On October 10, 2008 share price declined significantly in most capital markets and market rebounded on October 13, 2008. The market decline on October 10, 2008 and a price reversal on October 13, 2008 was one of the largest in the history of most capital markets making it a very significant event period. A firm level comparison is done in three significant and distinctly different capital markets, Australia, India and U.K from an international portfolio diversification perspective. Results show investors of domestic U.K. firms reacted more negatively to high leverage and large liability firms compared to Australian and Indian investors. Overall, differences are found in firm characteristics and reaction across the three markets during the large price change period.
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Nagar, Gautam Buddh. "The Impact of Real Estate Investment Trusts (REITs) on the Indian Commercial Real Estate Market: A Study of Investor Perception and Market Performance." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 05 (May 2, 2024): 1–5. http://dx.doi.org/10.55041/ijsrem33024.
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The introduction of Real Estate Investment Trusts (REITs) in India has marked a significant evolution in the country's commercial real estate landscape. This paper examines the multifaceted impact of REITs on the Indian commercial real estate market, focusing on key dimensions such as liquidity, transparency, investor access, and market development. Firstly, REITs have enhanced liquidity in the commercial real estate sector by providing investors with a liquid avenue to invest in income-generating properties, thereby reducing the traditionally illiquid nature of real estate investments. This increased liquidity has facilitated capital flow into the market and stimulated transaction activity. Secondly, REITs have contributed to greater transparency in the Indian real estate market. By mandating regular disclosures and adherence to stringent governance standards, REITs have improved information symmetry between investors and property developers, leading to a more efficient allocation of capital and reduced investment risk. Thirdly, the introduction of REITs has widened investor access to commercial real estate assets. Individual investors, institutional funds, and foreign investors now have the opportunity to participate in the market through REIT investments, thereby diversifying their portfolios and potentially earning stable returns from rental income and capital appreciation. Furthermore, REITs have played a pivotal role in the development of the Indian commercial real estate market. Their presence has spurred the professionalization of property management practices, encouraged the adoption of international standards, and catalyzed the growth of ancillary industries such as real estate services and financial advisory firms.
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Dayanandan, Ajit, and Jaspreet Kaur Sra. "Accrual management and expected stock returns in India." Journal of Accounting in Emerging Economies 8, no. 4 (November 5, 2018): 426–41. http://dx.doi.org/10.1108/jaee-08-2016-0073.
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Purpose The purpose of this paper is to examine whether the stock market in India is efficient in the semi-strong form. Design/methodology/approach The study uses financial and stock market data of 1,135 listed Indian companies (non-financial) during 2003–2011 collected from Capital IQ to estimate discretionary accruals (DA) using modified Jones model (1995). The study also examines using the widely used Mishkin (1983) test to whether equity market prices accruals in India. The study is conducted for profit/loss-making firms separately as well as for a hedge portfolio of firms based on the lowest to highest accruals. Findings The empirical study of DA of 1,135 listed Indian companies (non-financial) during 2003–2011 shows that the estimated average DA of the corporate sector in India comes to 1 percent of the total assets of these firms. An empirical analysis whether equity market prices DA in India finds no evidence of investors/market pricing DA. Empirical evidence also finds that the results are invariant for profit/loss-making firms as well as portfolio of firms based on the lowest to highest accruals in the Indian context. The empirical evidence shows that the Indian equity market is inefficient with regard to the incorporation of accruals in expected returns of stocks. Research limitations/implications This study builds on the previous literature on accrual pricing in the context of the USA and developed markets. The study extends the empirics to the one of the largest emerging market economy – India. This issue is important not only to investors, but also to policy makers and researchers because the mispricing of accruals could potentially lead to misallocation of capital. The study has implications for stock/firm valuations and cost of equity/capital. Originality/value This is the first study for the pricing of accruals and test of semi-strong efficiency of the Indian stock market.
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Upadhyaya, Tanka Prasad. "A Study on Changing Role of Foreign Institutional Investors (FIIs) in Indian Capital Market." Cognizance Journal of Multidisciplinary Studies 2, no. 7 (July 30, 2022): 66–76. http://dx.doi.org/10.47760/cognizance.2022.v02i07.005.
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The commencement of financial sector reform initiated in early 1990’s changed India’s policy on development strategy absolutely. The preliminary approach of financing current account deficit mainly by way of debt flows and official development assistance has altered to harnessing non-debt creating capital flows. Under this approach since September 14, 1992; Foreign Institutional Investors (FIIs) were allowed to invest in financial instruments in India and consequently Indian financial markets have changed greatly in its volume, size, depth and nature. FIIs are important to emerging economies because they bring funds and capital to businesses in developing countries. Foreign institutional investors play a very important role in any economy, since these are the big companies such as investment banks, mutual funds etc, who invest considerable amount of money in the Indian markets. These investors typically include hedge funds, mutual funds, insurance companies and investment banks among others. FIIs generally hold equity positions in foreign financial markets. Due to this, the companies invested in by FIIs generally have improved capital structures due to healthy inflow of funds. Thus, FIIs facilitate financial innovation and growth in capital markets. The entry of an FII can cause a drastic swing in domestic financial markets. It increases demand for local currency and directs inflation. Therefore, there are restrictions put by the managing authority of a country on how much stake FIIs can hold in the domestic company. This ensures that the FII’s influence on the company is limited, so as to avoid exploitation. However, not every FII will make an FDI in the country it is investing in. FIIs directly impact the stock market of the country, its exchange rate and inflation. FIIs can invest in listed, unlisted, and to-be-listed companies on the stock markets, in both the primary and secondary markets. This paper tries to analyse the changing role of FIIs in Indian capital markets because of their increasing share in the market.
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Upadhyaya, Tanka Prasad. "A Study on Changing Role of Foreign Institutional Investors (FIIs) in Indian Capital Market." Cognizance Journal of Multidisciplinary Studies 2, no. 7 (July 30, 2022): 66–76. http://dx.doi.org/10.47760/cognizance.2022.v02i07.005.
Full textAbstract:
The commencement of financial sector reform initiated in early 1990’s changed India’s policy on development strategy absolutely. The preliminary approach of financing current account deficit mainly by way of debt flows and official development assistance has altered to harnessing non-debt creating capital flows. Under this approach since September 14, 1992; Foreign Institutional Investors (FIIs) were allowed to invest in financial instruments in India and consequently Indian financial markets have changed greatly in its volume, size, depth and nature. FIIs are important to emerging economies because they bring funds and capital to businesses in developing countries. Foreign institutional investors play a very important role in any economy, since these are the big companies such as investment banks, mutual funds etc, who invest considerable amount of money in the Indian markets. These investors typically include hedge funds, mutual funds, insurance companies and investment banks among others. FIIs generally hold equity positions in foreign financial markets. Due to this, the companies invested in by FIIs generally have improved capital structures due to healthy inflow of funds. Thus, FIIs facilitate financial innovation and growth in capital markets. The entry of an FII can cause a drastic swing in domestic financial markets. It increases demand for local currency and directs inflation. Therefore, there are restrictions put by the managing authority of a country on how much stake FIIs can hold in the domestic company. This ensures that the FII’s influence on the company is limited, so as to avoid exploitation. However, not every FII will make an FDI in the country it is investing in. FIIs directly impact the stock market of the country, its exchange rate and inflation. FIIs can invest in listed, unlisted, and to-be-listed companies on the stock markets, in both the primary and secondary markets. This paper tries to analyse the changing role of FIIs in Indian capital markets because of their increasing share in the market.
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Mukesh, Kalathiya Zeel, and Dr Shalini R. "A Study on Impact of Foreign Institutional Investors on Indian Capital Market Volatility." International Journal of Research Publication and Reviews 5, no. 4 (April 11, 2024): 8442–47. http://dx.doi.org/10.55248/gengpi.5.0424.10138.
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D, Lazar, and Yaseer K M. "Empirical Validity of CAPM through Security Market Line and Non Linearity Tests: Indian Experience." Journal of Management and Science 1, no. 2 (June 30, 2013): 236–44. http://dx.doi.org/10.26524/jms.2013.29.
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Capital Asset Pricing Model (CAPM) is one of the important talk factors in finance and it has been widely discussed and tested in different capital markets throughout the world.This study examines the validity of capital asset pricing model in Indian Capital Market by using the data of 70 companies listed in BSE 100 index The study used Black, Jensen and Scholes (1972) methodology and Fama Macbeth methodology (1973) to test the empirical validity of the model. The results showed linear relationship between beta and return, and also it showed weakness in explaining the various assumptions of CAPM.
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Marvadi, Chetana. "EVALUATING THE EFFECT OF MACROECONOMIC INDICATORS ON INDIAN STOCK MARKET IN POST LIBERALISATION ERA." Sachetas 1, no. 3 (August 26, 2022): 97–101. http://dx.doi.org/10.55955/130011.
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Due to liberalisation and globalisation policies of Indian government in 1991, Indian capital market has undergone tremendous changes. Indian capital market has proved to be a key driver of modern market-based economy and has acted as the major source of raising resources for Indian corporates, leading to financial development and economic growth of India. Macroeconomic variables play a vital role in framing government policy decisions. The present study attempts to evaluate the impact of macroeconomic variables on the performance of the Indian stock market during the study period 1993-94 to 2018-2019. Gross Domestic Product, Broad Money, Crude oil Price, Current deficit and Foreign Exchange Reserve have been used as Macroeconomic Indicators whereas; Sensex and Nifty have been used as Stock Market performance to study the research objectives. Step-wise Backward Elimination Method of Multiple Regression Analysis has been used. It is found that GDP and FER are the significant variables in explaining the variations of Sensex whereas FER, CD and COP are the significant variables contributing to the variations of NSE Nifty
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Rani, Neelam, Surendra S. Yadav, and Naliniprava Tripathy. "Capital structure dynamics of Indian corporates." Journal of Advances in Management Research 17, no. 2 (November 11, 2019): 212–25. http://dx.doi.org/10.1108/jamr-12-2017-0125.
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Purpose The purpose of this paper is to examine the capital structure determinants and speed of adjustment (SOA) toward the target capital structure of firms. Design/methodology/approach The study has used the generalized method of moments (GMM) model and two-stage least squares (TSLS) to the panel data of 3,310 Indian firms, from January 2000 to March 2018, to determine the adjustment speed toward target capital structure. Further, the study employed a fully modified ordinary least square technique to shed light on the dynamic nature of the adjustment process. Findings The results of the GMM estimations indicate that Indian firms are adjusting their capital structure toward the target rate of 10.38 percent per year. Similarly, the findings of TSLS estimate specify a SOA of 15.49 percent per year. The low adjustment speed suggests the prevalence of higher adjustment costs of Indian firms. Research limitations/implications Future research can be undertaken by including certain macroeconomic factors such as GDP, inflation and the interest rate, which also affect the SOA since firms are pretentious by market conditions while designing capital structure for firms. Practical implications In the current financial and regulatory set-up when there are frequent perturbations in the capital market, the study will be valuable for regulators, firms and academicians. The work would enable the concerned stakeholders to manage their scare resources and capital effectively by a better way to make informed decisions. It will facilitate managers of young companies to identify and regulate the factors that are more pertinent for them to make flexible financial decisions concerning the capital structure. Originality/value The study amplifies on previous studies and provides new insights on the speed of the adjustment process of Indian firms, helping to modify and refine their capital structures toward the optimum capital structure. This will not only enhance the financial flexibility in the capital structure of Indian corporates but also be of great value to the policymakers and other stakeholders.
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Kumar, Umesh. "Macroeconomic Signals and Indian Real Estate Firms." International Journal of Economic Policy 3, no. 1 (January 16, 2023): 1–16. http://dx.doi.org/10.47941/ijecop.1181.
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Purpose: India's real estate sector has been growing in size and influenced the country's economic growth. This paper studies the link between listed real estate firms in India and macro-economic activities and growth. Therefore, it examines the effect of rural production, foreign inflows, capital market growths, and money flows on the activities of real estate firms listed in the Indian stock exchanges.
Methodology: The paper uses data of 65 listed real estate firms from 2001 to 2016. It uses a multivariate regression model to examine the relationship, and the effect of the rural economy, financial markets, international flows, and money flows on real estate firms. The regression models use firm-specific measures and different determinants of macroeconomic variables for the analysis.
Findings: The findings suggest that macroeconomic variables signal a potential increase in the real estate industry's performance. An increase in foreign direct investment leads to increasing real estate activities. Personal remittances bring more revenues for real estate firms but not the stock returns of these firms. Capital markets growth has limited influence on this sector. Money flows, notably savings, positively affect the real estate industry. However, the rural economy does not significantly affect real estate activities.
Unique Contribution to Theory, Policy and Practice: The study proposes that Indian real estate sector needs more transparent and regulatory structures to reap the benefits of the expected growth of the economy. Government should bring policies to capital market reform specifically towards real estate industry to generate interests among domestic and international investors in this sector.