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1
Bhagwat, Shree, and Angad Singh Maravi. "THE ROLE OF FORWARD MARKETS COMMISSION IN INDIAN COMMODITY MARKETS." International Journal of Research -GRANTHAALAYAH 3, no. 11 (November 30, 2015): 87–105. http://dx.doi.org/10.29121/granthaalayah.v3.i11.2015.2919.
Повний текст джерелаАнотація:
This paper examines the role of Forward Markets Commission (FMC) in Indian Commodity Markets. The Results show important developments of Forward Markets Commission. Commodity futures and derivatives have a crucial role to play in the price risk management process, especially in agriculture sector. The significance of commodity derivatives has increased in the current scenario. India has long history of trade in commodity derivatives. Organized commodity derivatives in India started as early as 1875, barely about a decade after they started in Chicago. Since 2003, when commodity futures’ trading was permitted, commodity futures market in India has experienced an unprecedented boom in terms of the number of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities. There are 6 national and 16 regional commodity exchanges recognized and regulated by the FMC. Different types of commodities such as agricultural; bullion, plantation, energy etc. is traded on commodity exchanges in the country. So considering these points an attempt has been made to know the regulatory framework of commodity futures and derivatives market in India and various developments in Indian commodity market and commodity exchanges. This study is an attempt to investigate the performance of Forward Markets Commission in India and its role in Indian commodity market.
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G. C, Surya Bahadur, Ranjana Kothari, and Rajesh Kumar Thagurathi. "Volatility Spillover Effect in Indian Stock Market." Janapriya Journal of Interdisciplinary Studies 5 (July 21, 2017): 83–101. http://dx.doi.org/10.3126/jjis.v5i0.17842.
Повний текст джерелаАнотація:
The study aims to empirically examine the transmission of volatility from global stock markets to Indian stock market. The study is based on time series data comprising of daily closing stock market indices from National Stock Exchange (NSE), India and major foreign stock exchange of the three countries one each from America, Europe and Asia making the highest portfolio investment in Indian stock market. The study period covers 11 years from 1st January, 2005 to 31st December, 2015 comprising a total of 2731 observations. The Indian stock index used is CNX Nifty 50 and the foreign indices are S & P 500 from USA, FTSE 100 from UK, and Nikkei 225 from Japan. The results reveal that the Indian stock market return is co-integrated with market returns of US, UK and Japanese stock markets. Therefore, the return and hence volatility of Indian stock market is associated with global markets which depicts that it is getting integrated with global financial markets. The results provide empirical evidence for volatility transmission or volatility spillover in the Indian stock market from global markets. There exists inbound volatility transmission from US market to Indian stock market. The Indian and UK stock market have bi-directional volatility transmission. However, there exists presence of only outbound volatility transmission from Indian stock market to Japanese stock market. The volatility transmission from global markets to India is rapid with the spillover effect existing for up to three days only.Janapriya Journal of Interdisciplinary Studies, Vol. 5 (December 2016), page: 83-101
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G Nagarakatte, Sangeetha, and Natchimuthu Natchimuthu. "Return and volatility spillover between India, UK, USA and European stock markets: The Brexit impact." Investment Management and Financial Innovations 19, no. 1 (February 8, 2022): 121–34. http://dx.doi.org/10.21511/imfi.19(1).2022.09.
Повний текст джерелаАнотація:
The 2016 Brexit referendum created potential turmoil in financial markets. The purpose of this study is to examine the impact of the Brexit referendum on the return and volatility spillover between the EU, the UK, and the USA stock markets and the Indian stock market during the pre- and post-Brexit referendum period. The VAR and bivariate GARCH BEKK models were employed. The study results suggest that before the Brexit referendum, Indian stock market returns made no significant return spillover on the other markets. On the contrary, following the referendum, Indian stock returns significantly spilled over to France, Germany, the UK, and the USA stock market returns. The study results also identified a substantial increase in the bidirectional volatility spillover between India-France, India-UK, and India-USA during the post-Brexit referendum period. Therefore, the investors’ opportunity to invest simultaneously in India, UK, EU, and US stock markets for portfolio diversification is limited. India was affected mainly by its own past shocks before the Brexit referendum. However, after the Brexit referendum, Indian markets are getting more and more integrated with other markets. In order to reap the diversification benefits, a prudent investment strategy will need to be developed in the future, especially during times of economic and political uncertainty and market crisis.
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Jaiteley, Rudra. "A comparative Study of Chinese and Indian Stock Markets." Journal of Management and Strategy 12, no. 2 (May 18, 2021): 18. http://dx.doi.org/10.5430/jms.v12n2p18.
Повний текст джерелаАнотація:
Both China and India are developing countries with large population and low revenue. This article mainly makes a comparative analysis of the macro environment of Chinese and Indian stock markets and their perspective features. The aim is to investigate the relationships between Indian stock markets and Chinese stock markets. Using Indian and Chinese stock price daily data over the period 1991 to 2019, we found price and spillovers effect from Indian stock market to Chinese stock market and vice versa.
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Bhattacharya, Nupur Gupta, Shalini Talwar, and J. K. Sachdeva. "Cointegration among Equity Markets : A Study of Select South Asian Markets." Journal of Global Economy 10, no. 4 (December 21, 2014): 265–75. http://dx.doi.org/10.1956/jge.v10i4.365.
Повний текст джерелаАнотація:
 For the longest time the spotlight of study of co-movement between the markets was confined to the western markets and very few studies focused on Asian equity markets inter-linkages. The focus of research literature started shifting to Asia in the late 1990’s mainly on account of the South-East Asian crises in 1997-98.In Asia, apart from Japan and China, Hong Kong, Taiwan, Singapore, South Korea India and Thailand, have attracted the interest of international investors. In this paper, the linkages between the movements of the equity markets of these six nations are studied by applying Johansen’s Cointegration test and Vector Error Correction Method on the stock market data for a period spanning 2009 to 2013. The results obtained did not support a significant long run relationship among the chosen markets. In short run Singapore markets influenced Indian Markets negatively, Hong Kong Market was found to be influenced by Indian and Singapore market. Singapore market was found to be influenced by Indian market and its own lagged prices. South Korean markets were influenced in short term by Indian and Singapore markets. Thailand and Taiwanese markets were not influenced by any of these markets in short term.Â
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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.
Повний текст джерелаАнотація:
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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Ranganathan, Thiagu, and Usha Ananthakumar. "Market efficiency in Indian soybean futures markets." International Journal of Emerging Markets 9, no. 4 (September 9, 2014): 520–34. http://dx.doi.org/10.1108/ijoem-12-2011-0106.
Повний текст джерелаАнотація:
Purpose – The National commodity exchanges were established in India in the year 2003-2004 to perform the functions of price discovery and price risk management in the economy. The derivatives market can perform these functions properly only if they are efficient and unbiased. So, there is a need to properly evaluate these aspects of the Indian commodity derivatives market. The purpose of this paper is to test the market efficiency and unbiasedness of the Indian soybean futures markets. Design/methodology/approach – The paper uses cointegration and a QARCH-M-ECM-based framework to test the market efficiency and unbiasedness in the soybean futures contract traded in the National Commodity Derivatives Exchange (NCDEX). The cointegration test is used to test the long-run unbiasedness and market efficiency of the contract, while the QARCH-M-ECM model is used to test the short-run market efficiency and unbiasedness of the contract by allowing for a time-varying risk premium. The price data is also tested for presence of structural breaks using a Zivot and Andrews unit root test. Findings – The soybean contract is unbiased in the long run, but there are short-run market inefficiencies and also a presence of a time-varying risk premium. Though the weak form of market efficiency is rejected in the short run, the semi-strong market efficiency is not rejected based on the forecasts. Originality/value – This is the first paper to consider time-varying risk premium while performing the tests of market efficiency and unbiasedness on Indian commodity markets.
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Dhivya, R., M. Prahadeeswaran, R. Parimalaragan, C. Thangamani, and S. Kavitha. "Commodity Future Trading and Cointegration of Turmeric Markets in India." Asian Journal of Agricultural Extension, Economics & Sociology 41, no. 9 (June 27, 2023): 190–99. http://dx.doi.org/10.9734/ajaees/2023/v41i92031.
Повний текст джерелаАнотація:
The government has reduced its direct market intervention in order to promote private sector engagement based on market forces, Farmers in an agriculture-dominated economy like India suffer not only yield risk but also pricing risk. As a result, agricultural products are now more vulnerable to market risks related to pricing and other factors. The futures market has to decide the prices of a commodity on the basis of demand and supply. It is important to know about the bi-directional and unidirectional relationship between different market’s the prices and future and Spot markets in India, price discovery process and price forecasting in Indian agricultural commodities. Knowing about different market’s price Integration will help us to know the prevailing prices in various markets and also the impact of one market’s price on another. It will help the farmers to know the different pricing statuses in different markets. The study analyses the efficiency of commodity futures of turmeric traded in NCDEX for 2016-2022 and the cointegration of theNizamabad, Erode, Sangli and Cuddapah Markets of India. In agriculture, commodity futures and derivatives are essential to the process of managing price risk.
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Sharma, Gunjan. "A STUDY ON PERFORMANCE OF STOCKS OF BLUE CHIP COMPANIES IN INDIA." BSSS Journal of Management 14, no. 1 (June 30, 2023): 110–64. http://dx.doi.org/10.51767/jm1410.
Повний текст джерелаАнотація:
The main aims of this paper are to explain the discriminatory variables between the top 10 blue chip companies stocks in stock markets of the India. . Since there is relatively less empirical research on the stock selection in markets, with even less studies on the markets in the transition economies of India, this paper is designed to shed some light on the identification of blue chip stocks from Indian stock market. Results presented in this paper provide confirmatory evidence that the blue chip stocks from the selected stock markets of the Indian stock market can be identified by examining their dividend payout , Market price of share , EPS and relevant ratios were analyzed and research tools like Mean etc. The variables were tested with the help of hypothesis testing on the basis of ANNOVA to determine the performance of the selected stocks.
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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.
Повний текст джерелаАнотація:
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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Kumar, Brajesh, and Ajay Pandey. "Market efficiency in Indian commodity futures markets." Journal of Indian Business Research 5, no. 2 (May 31, 2013): 101–21. http://dx.doi.org/10.1108/17554191311320773.
Повний текст джерела
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Dey, Kushankur, and Debasish Maitra. "Can futures markets accommodate Indian farmers?" Journal of Agribusiness in Developing and Emerging Economies 6, no. 2 (November 14, 2016): 150–72. http://dx.doi.org/10.1108/jadee-08-2013-0029.
Повний текст джерелаАнотація:
Purpose It has become an ongoing debate whether Indian commodity futures markets can accommodate farmers. The purpose of this paper is to examine whether Indian commodity futures markets help rationalize farmers’ price expectation. The study starts with questions on the efficiency and other roles of commodity futures markets. Design/methodology/approach From a sectoral standpoint and economic importance, the study considers pepper, coffee, and natural rubber (NR) futures and spot markets. The efficiency of futures markets, divergence/convergence and causality between futures and spot markets have been studied by employing co-integrations, error correction and causality models. The sample period of the data are taken from the inception of futures trading. These three commodities are also compared on the basis of trading at the futures markets vs spot markets. Findings Analysis shows that though pepper futures market is informationally efficient in price discovery, while coffee and NR spot markets do the process faster. Pepper and coffee futures and spot prices exhibit the convergence; NR shows a sign of divergence. Unidirectional causality from pepper futures to spot market is observed wherein the former was weakly exogenous to the latter and while, bidirectional causality is observed in coffee and rubber. Coffee spot appears weakly exogenous while this remains inconclusive in the case of NR. Research limitations/implications The authors analyzed the futures markets in rationalizing the spot market price in three plantation crops in India. In order to make the study more generalizable, further research is warranted in other commodities including those prices of which are government regulated. Originality/value The paper is unique in terms of understanding the interaction or interrelationship between futures markets and spot markets and drawing inferences about the role of futures markets in price formation in plantation commodities like pepper, coffee and NR.
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Agnihotri, Shalini, and Kanishk Chauhan. "Modeling tail risk in Indian commodity markets using conditional EVT-VaR and their relation to the stock market." Investment Management and Financial Innovations 19, no. 3 (July 7, 2022): 1–12. http://dx.doi.org/10.21511/imfi.19(3).2022.01.
Повний текст джерелаАнотація:
Investment in commodity markets in India accelerated after 2007; this was accompanied by large price variability, hence, it becomes imperative to measure commodity price risk precisely. It becomes equally important to study the relationship between commodity price variability and the stock market. Hence, this study aims to calculate the tail risk of highly traded Indian commodity futures returns using the conditional EVT-VaR method for risk measurement. Secondly, the linkage between commodity markets and the stock market is also studied using the Delta CoVaR method. Results highlight the following points. There is risk transfer from the extreme increase/decrease in crude oil futures returns to the Nifty Index returns. Both extreme price increase or decrease of crude oil futures driven either by financial or a combination of financial and economic shocks affect the stock market. Zinc and Natural gas futures are not linked to the stock market, which means they can be useful in portfolio diversification. The findings suggest that, in Indian commodity markets, EVT-VaR is a useful tool for measuring risk. Only Crude oil futures shocks affect the stock market, and extreme integration between them becomes more prominent when oil shocks are driven by financial factors. Commodities other than Crude oil are not integrated with stock markets in India.
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Fayaz, Mohd, and Mumtaz Ahmed. "Fisheries Exports of India: A Constant Market Share Analysis." Indian Economic Journal 68, no. 1 (March 2020): 29–39. http://dx.doi.org/10.1177/0019466220959572.
Повний текст джерелаАнотація:
The present study analyses the performance of fisheries exports of India using revealed comparative advantage (RCA), revealed symmetric comparative advantage (RSCA) and the constant market share (CMS) analysis for the period 1980–2016. Indian exports of fisheries have shown a positive trend of comparative advantage in all the markets under consideration revealed by RCA and RSCA. However, CMS results show that for most of the markets, competitiveness had been the utmost crucial driving factor of change in the market shares of Indian fish exports over the study period.
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Sanogo, Issa. "Spatial Integration of the Rice Market: Empirical Evidence from Mid-west and Far-west Nepal, and the Nepalese-Indian Border." Asian Journal of Agriculture and Development 3, no. 1-2 (December 15, 2006): 139–56. http://dx.doi.org/10.37801/ajad2006.3.1-2.8.
Повний текст джерелаАнотація:
This paper studies the integration of rice markets in the mid-west and far-west districts of Nepal. The data were drawn mainly from the World Food Programme (WFP) database on Nepal. Results indicate that the rice markets of the hinterland are poorly integrated with the regional market of Nepalgunj. In contrast, price fluctuations are transmitted, both in the short and medium run, across the Indian-Nepali border between Nepalgunj and the Indian border districts of Rupedia and Jogbani. Large price differentials relative to transport costs indicate market inefficiencies in the mid-west and far-west districts of Nepal. Moreover, the poor road infrastructure determines the price differentials. Poor infrastructure impedes price correlation and convergence between these districts. Given its opendoor policy with India and the ongoing efforts to further align trade policies with the World Trade Organization, the findings suggest that Nepal would maintain its partnership with India and build an effective market surveillance system that covers the Indian border markets as well, to ensure food security in the short run. However, substantial investment in transport infrastructure is required to improve market integration and accessibility in the long run, especially in the hilly and mountainous areas.
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Mukhodobwane, Rosinah M., Caston Sigauke, Wilbert Chagwiza, and Winston Garira. "Volatility Modelling of the BRICS Stock Markets." Statistics, Optimization & Information Computing 8, no. 3 (July 25, 2020): 749–72. http://dx.doi.org/10.19139/soic-2310-5070-977.
Повний текст джерелаАнотація:
Volatility modelling is a key factor in equity markets for risk and portfolio management. This paper focuses on the use of a univariate generalized autoregressive conditional heteroscedasticity (GARCH) models for modelling volatility of the BRICS (Brazil, Russia, India, China and South Africa) stock markets. The study was conducted under the assumptions of seven error distributions that include the normal, skewed-normal, Student’s t, skewed-Student’s t, generalized error distribution (GED), skewed-GED and the generalized hyperbolic (GHYP) distribution. It was observed that using an ARMA(1, 1)-GARCH(1, 1) model, volatilities of the Brazilian Bovespa and the Russian IMOEX markets can both be well characterized (or described) by a heavy-tailed Student’s t distribution, while the Indian NIFTY market’s volatility is best characterized by the generalized hyperbolic (GHYP) distribution. Also, the Chinese SHCOMP and South African JALSH markets’ volatilities are best described by the skew-GED and skew-Student’s t distribution, respectively. The study further observed that the persistence of volatility in the BRICS markets does not follow the same hierarchical pattern under the error distributions, except under the skew-Student’s t and GHYP distributions where the pattern is the same. Under these two assumptions, i.e. the skew-Student’s t and GHYP, in a descending hierarchical order of magnitudes, volatility with persistence is highest in the Chinese market, followed by the South African market, then the Russian, Indian and Brazilian markets, respectively. However, under each of the five non-Gaussian error distributions, the Chinese market is the most volatile, while the least volatile is the Brazilian market.
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SINHA, KANCHAN, SANJEEV PANWAR, WASI ALAM, K. N. SINGH, BISHAL GURUNG, RANJIT KUMAR PAUL, and ANIRBAN MUKHERJEE. "Price volatility spillover of Indian onion markets: A comparative study." Indian Journal of Agricultural Sciences 88, no. 1 (March 24, 2023): 114–20. http://dx.doi.org/10.56093/ijas.v88i1.79636.
Повний текст джерелаАнотація:
To investigate the interdependence between Indian onion markets in terms of price volatility, the present study was conducted in four different vital onion markets in India, viz. Mumbai, Nashik, Delhi and Bengaluru. The long term monthly data, from March, 2003 to September, 2015 was collected from the website of agmarknet.nic.in. We have employed the VEC-MGARCH model to estimate mean and volatility spillover simultaneously among the different markets and also examined the nature of dynamic correlation using the DCC model. The presence of mean and volatility spillover was found between the markets. This type of significant interaction between the volatility of different markets is highly useful for cross market hedging and for sharing of common information by market participants. The empirical results also suggest for a very close observation on different market behavioral pattern since, “news” in one market may impact other market through the number of interdependencies. Key words: Dynamic conditional correlations, Market behavior, Price volatility spillover
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Seth, Neha, and Laxmidhar Panda. "Time-varying Correlation Between Indian Equity Market and Selected Asian and US Stock Markets." Global Business Review 21, no. 6 (August 7, 2019): 1354–75. http://dx.doi.org/10.1177/0972150919856962.
Повний текст джерелаАнотація:
The purpose of this article is to examine the dynamic relationship between the Indian stock market and the selected Asian and US stock markets during the post-crisis period. This article uses univariate GARCH (Generalized Autoregressive Conditional Heteroskedasticity) family models on daily observations from March 2009 to December 2015 to evaluate the volatility persistence and leverage effect on Asian developed (Japan, Singapore and Hong Kong) and emerging markets (India, China, Indonesia, Korea, Malaysia and Taiwan) along with the US stock market. AR (Autoregressive) ( 1 )-GARCH (1, 1)-ADCC (Asymmetric DCC) model is employed to find out the dynamic correlation between the Indian equity market and other selected stock markets. The results of the present study give evidence of the leverage effect in conditional volatility but not in conditional correlation, which implies that the rise in conditional volatility is more due to negative shocks than positive ones. On the other hand, dynamic conditional correlation (DCC) does not support any asymmetric effect for the time-varying correlation. The result of average conditional correlation shows the existence of higher diversification opportunities for Indian investors in Malaysian, Chinese and Japanese stock markets (having lower conditional correlation) than in Hong Kong, Indonesian and South Korean markets. The DCC fluctuates more in the cases of India with Singapore, Hong Kong and Indonesia over the sample period. It indicates that the stability of DCC is less reliable and the coefficient of correlation may not be used as a guide for portfolio decisions. But the cases of India with the USA, Japan and China show more stable conditional correlation coefficients. This article investigates the volatility persistence and time-varying relationship among Asian stock markets during the recent period, 2009–2015. The results of this article may be helpful in international portfolio planning and will contribute towards the literature on asymmetric time-varying relationships among Asian markets.
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(Pal), Suparna Nandy, and Arup Kr Chattopadhyay. "‘Indian Stock Market Volatility’: A Study of Inter-linkages and Spillover Effects." Journal of Emerging Market Finance 18, no. 2_suppl (June 21, 2019): S183—S212. http://dx.doi.org/10.1177/0972652719846321.
Повний текст джерелаАнотація:
The article attempts to examine interdependence between Indian stock market and other domestic financial markets, namely, foreign exchange market, bullion market, money market, and also Foreign Institutional Investor (FII) trade and foreign stock markets comprising one regional stock market represented by Nikkei of Japan and other stock market for the rest of the world represented by Standard & Poor’s (S&P) 500 of the USA. Attempts are also made to examine asymmetric volatility spillover, first, between the Indian stock market and other domestic financial markets and second, between the Indian stock market and global stock markets (represented by Nikkei and S&P 500) along with the foreign exchange market. To measure linear interdependence among multiple time series of financial markets multivariate Vector Autoregression (VAR) analysis, Granger causality test, impulse response function and variance decomposition techniques are used. For estima-ting the volatility spillover among the aforesaid markets Dynamic Conditional Correlation-Multivriate-Threshold Autoregressive Condi-tional Heteroscedastic (DCC-MV-TARCH) (1, 1) model is applied on daily data for a quite long period of time from 01 April 1996 to 31 March 2012. The results of multivariate VAR analysis, Granger causality test, variance decomposition analysis and impulse response function estimation establish significant interdependence between domestic stock market and different other financial markets in India and abroad. The results of DCC-MV-TARCH (1, 1) model estimation further show signi- ficant asymmetric volatility spillover between the domestic stock market and the foreign exchange market and also from the domestic stock market to bullion market and changes in gross volume of FII trade. We also find (a) both way asymmetric volatility spillover between the domestic stock market and the Asian stock market and (b) its unidirectional movement from the world stock market to the domestic stock market. The results of the study may help market regulators in setting regulatory policies considering the inter-linkages and pattern of volatility spillovers across different financial markets. JEL Classification: G15, G17
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Aurangabadkar, Sarira. "Strategies for Business Firms in Declining Markets." Journal of Global Economy 5, no. 2 (June 30, 2009): 173–81. http://dx.doi.org/10.1956/jge.v5i2.92.
Повний текст джерелаАнотація:
The economic crisis that has engulfed the world since 2007 has become serious by the first quarter of 2009.Many developed countries too are affected severely, namely the US, Germany, the UK and others. Fortunately, India as of now seems to be less affected, yet the winds of global recession are now felt. The Indian economy grew at an annual rate of 7.6% in the quarter ending in September, 2008. As per the projections of the government growth in the fiscal year, 2008-09 could be in the range of 7 to 8 %, which is, lower than 9% in the last year. The government has unveiled a multibillion dollar stimulus on 7th December, 2008 and 2nd January, 2009 respectively. The Reserve Bank of India has cut interest rates aggressively. India Inc has felt the heat of the global meltdown in the third quarter ending in December, 2008 where the income has dropped by a massive 23% points compared to the previous year. Indian manufacturing activity has contracted for the second consecutive month in December, 2008 to its lowest in more than three and half years. India’s exports too have declined by 12.1 % in October, 2008 showing a negative trend for the first time in the last five years.
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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.
Повний текст джерелаАнотація:
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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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.
Повний текст джерелаАнотація:
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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Rath, Devashis. "New Holland Tractors (India)." Asian Case Research Journal 06, no. 01 (June 2002): 55–84. http://dx.doi.org/10.1142/s0218927502000191.
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With the opening up of the Indian economy many multinational companies are making a foray into Indian markets. Diverse strategies are being adopted to compete and establish themselves among Indian consumers. One such multinational who has entered India is CNH, the world's largest agricultural equipment manufacturer. The fully owned subsidiary, New Holland Tractors (India) Pvt. Ltd., NHI in short, has targeted the vast Indian tractor market. This case is about how NHI has experimented with the concept of a team and process based organization in India. The case details the processes involved in setting up a team and process based organizational design as well as the current challenges.
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Ngan, Nguyen Thi, Nguyen Thi Diem Hien, and Hoang Trung Nghia. "The effects from the United States and Japan to emerging stock markets in Asia and Vietnam." Science & Technology Development Journal - Economics - Law and Management 3, no. 4 (February 9, 2020): 438–48. http://dx.doi.org/10.32508/stdjelm.v3i4.586.
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The subprime mortgage crisis in the United States (U.S.) in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.
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Varma, Yashraj, Renuka Venkataramani, Parthajit Kayal, and Moinak Maiti. "Short-Term Impact of COVID-19 on Indian Stock Market." Journal of Risk and Financial Management 14, no. 11 (November 18, 2021): 558. http://dx.doi.org/10.3390/jrfm14110558.
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The onset of the COVID-19 pandemic and lockdown announcements by governments have created uncertainty in business operations globally. For the first time, a health shock has impacted the stock markets forcefully. India, one of the major emerging markets, has witnessed a massive fall of around 40% in its major stock indices’ value. Therefore, we examined the short-term impact of the pandemic on the Indian stock market’s major index (NIFTY50) and its constituent sectors. For our analysis, we used three different models (constant return model, market model, and market-adjusted model) of event study methodology. Our results are heterogeneous and largely depend on the sectors. All the sectors were impacted temporarily, yet the financial sector faced the worst. Sectors like pharma, consumer goods, and IT had positive or limited impacts. We discuss the potential explanations for the same. These results may be useful for investors in safeguarding equity portfolios from unforeseen shocks and making better investment decisions to avoid large, unexpected losses.
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Singh, Amrinder, and Tarun Kumar Soni. "Price Transmission in Cotton Futures Market: Evidence from Three Countries." Journal of Risk and Financial Management 14, no. 9 (September 14, 2021): 444. http://dx.doi.org/10.3390/jrfm14090444.
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This study examines the price transmission between cotton prices in U.S., Indian, and Chinese futures markets. We focus on studying the long-run price movements using cointegration and alternate causality tests. The empirical results indicate the following: (a) the U.S. cotton futures market continues to be the most dominant market, and it leads price changes in India and China; (b) the cotton prices in India also impacts the cotton prices in China as we report a unidirectional relationship flowing from India to China; (c) there is duality of direction of price transmission for U.S. and Chinese commodity markets as we document bi-directional causality between U.S. to Chinese cotton futures for the entire period and uni-directional causality from U.S. to Chinese markets for the two sub-periods; (d) the long-term relationship between the three markets has seen a significant shift as documented by the absence of cointegration which may be due to changes in government policy, especially in India and China specifically after 2014. Overall, results provide support for further reforms especially for Indian and Chinese commodity exchanges so that they can play a vital role in the price discovery process especially for commodities that are largely produced or consumed in these economies.
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Sinha, Sonalika, and Bandi Kamaiah. "Estimating Option-implied Risk Aversion for Indian Markets." IIM Kozhikode Society & Management Review 6, no. 1 (January 2017): 90–97. http://dx.doi.org/10.1177/2277975216677600.
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What do nearly 1.5 lakh observations of options data say about risk preferences of Indian investors? This paper explores a nonparametric technique to compute probability density functions (PDFs) directly from NIFTY 50 option prices in India, based on the utility preferences of the representative investor. Use of probability density functions to estimate investor expectations of the distribution of future levels of the underlying assets has gained tremendous popularity over the last decade. Studying option prices provides information about the market participants’ probability assessment of the future outcome of the underlying asset. We compare the forecast ability of the risk-neutral PDF and risk-adjusted density functions to arrive at a unique index of relative risk aversion for Indian markets. Results indicate that risk-adjusted PDFs are reasonably better forecasts of investor expectations of future levels of the underlying assets. We find that Indian investors are not neutral to risk, contrary to the theoretical assumption of risk-neutrality among investors. The computed time-series of relative risk aversion overcomes the limitations of the VIX (implied volatility index) to yield a more reliable index, particularly useful for the Indian markets. Validity of the computed index is established by comparing with existing measures of risk and the relationships are found to be consistent with market expectations.
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Sehgal, Sanjay, Namita Rajput, and Rajeev Kumar Dua. "Price Discovery in Indian Agricultural Commodity Markets." International Journal of Accounting and Financial Reporting 2, no. 2 (August 10, 2012): 34. http://dx.doi.org/10.5296/ijafr.v2i2.2224.
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In this paper, the price discovery relationship for ten agricultural commodities has been examined. Price discovery is confirmed for all commodities except Turmeric. Price discovery results are encouraging given the nascent character of commodity market in India. However the market does not seem to be competitive. The findings have implications for policy makers, hedgers and investors and will help in deeply understanding the role of futures market in information dissemination. The commodity exchanges must strengthen their surveillance system for early detection on continuous basis of anomalous trading behaviour. These markets are becoming informationally mature and market regulators have taken adequate steps for market development. Forwards Market Commission (FMC) should be given adequate powers to regulate commodity market and penalise any insider trading and price manipulations. Well-organized spot markets must be developed, ensuring transparency and trading efficiency. Electronically traded spot exchanges must be developed and warehousing; testing labs as well as other eco-system linkages must be established to strengthen the derivative market trading mechanism for efficient price discovery mechanism.
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Raj, Aniket, Utkarsh Gupta, Prabhakar Tiwari, and Asheesh K. Singh. "Market power analysis of the Indian power market." International Journal of Engineering, Science and Technology 13, no. 1 (July 9, 2021): 39–47. http://dx.doi.org/10.4314/ijest.v13i1.6s.
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Emerging electricity reforms in the power market aims at removing the monopolistic oligopoly power market and promoting competition in the market by providing opportunities to more producers. This paper seeks to investigate various existing structures of the Power Market. Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL) facilitates transparent trading of electricity, a larger market spectrum and allows the participation of other players in the market. Market power is an indicator of an non-competitive market, that is increase in the market power will result in the degradation of competition. This research will help modify the current parameters (HHI Index and Concentration ratio) which are used for measuring the market power of the power markets. As there is always deviation in unconstrained cleared volume and actual cleared or scheduled volume, deviation arises due to the volume of electricity that could not be cleared because of congestion in the power exchange. The researchers have also examined the Indian Power market and analyzed different developed power markets of the world like the US Pennsylvania-New Jersey-Maryland Interconnection (PJM) and the Nordpool.
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Ali, Farman, Pradeep Suri, Tarunpreet Kaur, and Deepa Bisht. "Cointegration and causality relationship of Indian stock market with selected world markets." F1000Research 11 (November 1, 2022): 1241. http://dx.doi.org/10.12688/f1000research.123849.1.
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Background: The purpose of this study is to explore the trends and causes of established and emerging nations' stock market integration with India. The National Stock Exchange (NSE) indices act as a counterweight to international market indices. This study investigates the sustained interest of foreign investors in the Indian stock market in the wake of capital market reforms, as well as whether it moves in tandem with other markets in Asia and the United States. Methods: Our study examined the possibility of cross-country cointegration between the largest economies and indices around the world using multiple financial econometric models, such as Augmented Dickey-Fuller, Unit Root, Correlation, and Johansen Cointegration. Results: The findings of this study significantly support the notion that Indian and international financial markets are highly integrated. Vector error correction model indicates that the Indian market (NSE) is highly cointegrated with the US market (National Association of Securities Dealers Automated Quotations) and increased volatility signifies global contagion. Conclusion: A cursory examination of the data reveals distinct investment and portfolio diversification options for global investors. This could assist regulators in formulating more effective rules regarding price discovery processes.
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Ali, Farman, Pradeep Suri, Tarunpreet Kaur, and Deepa Bisht. "Cointegration and causality relationship of Indian stock market with selected world markets." F1000Research 11 (August 10, 2023): 1241. http://dx.doi.org/10.12688/f1000research.123849.2.
Повний текст джерелаАнотація:
Background: The purpose of this study is to explore the trends and causes of established and emerging nations' stock market integration with India. The National Stock Exchange (NSE) indices act as a counterweight to international market indices. This study investigates the sustained interest of foreign investors in the Indian stock market in the wake of capital market reforms, as well as whether it moves in tandem with other markets in Asia and the United States. Methods: Our study examined the possibility of cross-country cointegration between the largest economies and indices around the world using multiple financial econometric models, such as Augmented Dickey-Fuller, Unit Root, Correlation, and Johansen Cointegration. Results: The findings of this study significantly support the notion that Indian and international financial markets are highly integrated. Vector error correction model indicates that the Indian market (NSE) is highly cointegrated with the US market (National Association of Securities Dealers Automated Quotations) and increased volatility signifies global contagion. Conclusion: A cursory examination of the data reveals distinct investment and portfolio diversification options for global investors. This could assist regulators in formulating more effective rules regarding price discovery processes.
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Keshari, Aditya, Amit Gautam, and Vishal Kumar Singh. "Integrated Spillover Effect of Cross-Listed Stock Markets on the Indian Equity Market." Purushartha - A Journal of Management Ethics and Spirituality 15, no. 01 (July 10, 2022): 110–17. http://dx.doi.org/10.21844/16202115108.
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The increased integration due to cross-listing leads to the volatility spillover effect on the domestic market posing from the cross-listed global indices viz., Nifty 50 from India, Luxx 100 from Luxembourg, NASDAQ from the US, and FTSE_Aim 100 from the UK. Johansen Co-integration test is applied to check the level of integration, which is further checked by multivariate granger causality showing the causality pattern among the indices. GARCH (1,1) model is applied to examine the volatility spillover effect on the Indian Stock Market. The findings suggest that the series are co-integrated with one vector ‘v,’ which is confirmed by the Trace and Max-Eigen Test. The Multivariate Granger Causality test confirms the bivariate causal pattern between India and US markets, implying the dual effect. In contrast, the Luxembourg market is relatively exogenous, which gives investors an opportunity for portfolio diversification. ARCH term is significant in the GARCH (1,1) model showing that the past innovation in the time series leads to the present fluctuation in the Indian stock market. Also, the results show a significant spillover effect from the US and UK markets. Thus, this will assist the investors that by concentrating on the movement of these markets, they can take specific actions regarding portfolio management.
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Kharka, Damber S., M. S. Turan, and K. P. Kaushik. "Stock Market Integration in South Asia." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 1, no. 2 (July 25, 2012): 8–20. http://dx.doi.org/10.24297/ijmit.v1i2.1442.
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While the topic of stock market integration has been one of the highly researched area in the literature but focus had mostly been on the stock markets of developed economies. Few have focused on analyzing market integration in South Asian region and no inclusion of Bhutanese stock has been found in the literature in any of the earlier studies. The objective of this paper is to analyze market integration between Bhutanese, Indian and other indices in the region. We also analyzed whether other indices in the region are co-integrated with Indian stock market, as Indian market is more proficient in the region and can be believed to have influences on others. We analyzed all indices in the region on one to one basis (using pairwise co-integration test). We used weekly data from January 2006 to December 2011 period from the stock exchanges of (Bhutan, India, Nepal, Bangladesh, and Pakistan). Applying, Dickey-Fuller method, we tested unit root for each stock indices and used Johansen co-integration approach pairwise to test the long-term relationship between stock indices and multivariate approach to test market integration as a whole. We found that all indices are stationary at I(1) and confirmed no long-term relationship between Bhutanese stock with Indian and other regional stock markets. In fact we find no market integration either on one to one basis or for the south Asian market as a whole. Information on market integration should help market players in managing their investments in capital markets in a sustainable manner.
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MIHIR, DASH. "MARKET BEHAVIOR AND PRICE DISCOVERY IN INDIAN COMMODITY MARKETS." i-manager’s Journal on Management 11, no. 1 (2016): 12. http://dx.doi.org/10.26634/jmgt.11.1.8070.
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Pradhan, Swapna. "McDonald’s India – plotting a winning strategy." Emerald Emerging Markets Case Studies 8, no. 2 (June 26, 2018): 1–25. http://dx.doi.org/10.1108/eemcs-11-2017-0253.
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Subject area Business strategy. Study level/applicability The case has been written with the objective of enabling the students to understand the dynamics of a rapidly changing emerging market. It is structured for use at a Master-level course and an MBA audience in the subject of Business Strategy. Case overview The case details the growth story of American fast food chain McDonalds in West and South India markets. Westlife Development Limited (WDL) operates McDonald’s chain of quick service restaurants (QSR) in these markets; they entered the markets in the year 1996 and since then have adopted various market strategies such as investments in multiple format QSRs, aggressive rollouts of new QSRs, increase in product variants etc. for a sustained growth trajectory. However, the increased competition from both the national and international QSR brands and the new segment of competition from “techie” food aggregators challenges their prospects to maintain a number one position in these markets. As Amit Jatia – the Vice President of WDL − prepares his presentation for the scheduled Executive Leadership Team meeting, he seeks answers to two prime questions a) How could WDL once again regain the number one status in these markets? b) What best strategies the team needs to adopt to remain relevant to the Indian consumers? Expected learning outcomes The case study should enable the student: 1. To comprehend the complexities of the Indian QSR market and its competitive dynamics 2. To analyze the factors contributing to the growth of the India QSR sector. 3. To identify the market factors that led WDL to adapt their strategy to the market 4. To understand the significance of business strategy localization as adopted by WDL in the markets of West and South India. 5. To evaluate sources of competitive advantage for McDonald’s in the West and South India markets. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 11: Strategy.
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Tripathy, Ishita G., and Pawan Kumar. "Challenges of Indian MSME Exporters: A Review." SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies 46, no. 3 (September 2019): 189–95. http://dx.doi.org/10.1177/0970846419871113.
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The micro, small and medium enterprise (MSME) sector is considered as an engine of economic growth for India. This study aims to make an in-depth review of a few tariff and non-tariff barriers in the destination market to understand factors leading to access of these markets. The study underscores the importance for MSMEs to have access to comprehensive and updated information about their destination markets abroad. This article recommends government support for MSMEs to ensure effective access to destination markets.
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Subba Reddy, Dr M. Venkata, and Mahammed Saleem. "Impact of FII’s on Indian Stock Markets." Indian Journal of Applied Research 3, no. 4 (October 1, 2011): 303–7. http://dx.doi.org/10.15373/2249555x/apr2013/100.
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Dr. C.Shobha, Dr C. Shobha, and Dr T. Hanumantha raya. "An Insight into Derivative Markets: Indian Perspective." Indian Journal of Applied Research 1, no. 9 (October 1, 2011): 14–16. http://dx.doi.org/10.15373/2249555x/jun2012/6.
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Bönte, Werner, Ute Filipiak, and Sandro Lombardo. "Get in with a Foreigner: Consumer Trust in Domestic and Foreign Banks." International Journal of Economics and Finance 9, no. 6 (May 5, 2017): 38. http://dx.doi.org/10.5539/ijef.v9n6p38.
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Prior research suggests that trust plays an important role in an individual’s decision to participate in financial markets. This paper focuses on potential customers in retail banking markets and empirically investigates their trust in foreign banks and domestic banks. We argue that differences in customer trust can be related to three factors, namely bank-specific characteristics, individual characteristics of the potential customer and characteristics of the institutional environment. Using a large survey on the savings patterns of Indian households, we find that potential retail banking customers in India are less likely to trust foreign banks with their money than private Indian banks. However, our results also suggest that highly educated Indians using information sources such as the Internet, radio or newspaper, tend to have more confidence in foreign banks than in private Indian banks. Moreover, in regions with either more foreign bank branches or higher corruption levels the likelihood of consumers trusting Indian private banks more than foreign banks is lower than in other regions.
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Yadav, Miklesh Prasad, and Asheesh Pandey. "Volatility Spillover Between Indian and MINT Stock Exchanges: Portfolio Diversification Implication." Indian Economic Journal 67, no. 3-4 (December 2019): 299–311. http://dx.doi.org/10.1177/0019466220947501.
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We examine the spillover effect from the Indian stock market to Mexico, Indonesia, Nigeria and Turkey (MINT) stock markets in order to check if suitable diversification opportunities are available to global portfolio managers investing in India. We apply Granger causality test, vector auto-regression (VAR) and dynamic conditional correlation (DCC)–MGARCH to investigate the level of integration between India and MINT economies. We observe bidirectional causality between India and Nigeria, unidirectional causality in Mexico and Indonesia, while no causality is found between India and Turkey. Our VAR results suggest that none of the MINT economies impact the return of the Indian stock market; rather returns of the Indian stock market are more affected by their own lagged values. Finally, by applying DCC–MGARCH, we observe that there is no volatility spillover from India to any of the MINT economies. We recommend that portfolio managers investing in the Indian economy may explore MINT economies as possible destinations to diversify their risk. Our study has implications for both academia and portfolio managers.
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PRABHA, VINEET. "INDIAN DERIVATIVES MARKET - GLOBAL PERSPECTIVE." Turkish Journal of Computer and Mathematics Education 09, no. 01 (2018): 263–78. http://dx.doi.org/10.36893/tercomat.2018.v09i01.263-278.
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The presence of risk is a defining feature of most financial and commodity markets. The dynamics of demand and supply are the forces that, over the course of time, are responsible for causing price fluctuations in a variety of goods, including agricultural and nonagricultural products. The amount of international trade and business has significantly increased as a result of the globalisation and liberalisation wave that has been sweeping the globe over the course of the last two decades. Due to the quick and unpredictable changes in interest rates, exchange rates, and price of financial assets as a result of this, the business world is now exposed to an uncontrollable amount of financial risk. Given the current climate of extreme uncertainty in the business world, risk management is more crucial than ever. An impressive feat of financial engineering was the creation of the derivatives market. Risk associated with the underlying asset's fluctuating value was mitigated in a way that was both cost-effective and time-efficient. It has been relatively recent for India to experience the emergence and growth of a derivatives market. The derivatives market has grown exponentially in terms of both the number of contracts traded and the volume of contracts since it first opened in June of 2000. From Rs. 2365 crore in the previous fiscal year, 2000- 2001, the market's revenue increased to Rs. 110,104,82.20 crore in 2008-2009. In just eight years, India's derivatives market has grown to become one of the world's largest. This rapid expansion has allowed it to surpass the cash segment in terms of both turnover and the number of contracts traded. This research looks at the development of derivative trading, the nature of derivative products, the history of related policies and regulations, the current state of the derivatives market in India, and its potential in the years to come. Some of the space is also devoted to a discussion of the global derivatives markets and how they stack up against India's derivatives market.
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Ansari, Jugnu. "A new measure of competition in Indian loan markets." International Journal of Finance & Banking Studies (2147-4486) 2, no. 4 (October 21, 2013): 60–77. http://dx.doi.org/10.20525/ijfbs.v2i4.163.
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This study examines bank competition in the loan markets in India using a new competitiveness index, the Augmented Relative Profit Difference (ARPD). The ARPD quantifies the impact of marginal costs on performance, measured in terms of market shares. The theoretical foundation of the ARPD is robust when compared to other conventional measures. Applying this unbiased competition indicator to loan markets shows that financial reform has contributed to significant improvements in competition. Public sector banks and private sector banks are more competitive than foreign banks too. In addition, we find that the Indian loanmarkets are monopolistic in nature.
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Kharbanda, Varuna, and Archana Singh. "Lead-lag relationship between futures and spot FX market in India." International Journal of Managerial Finance 13, no. 5 (October 9, 2017): 560–77. http://dx.doi.org/10.1108/ijmf-01-2017-0001.
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Purpose The purpose of this paper is to study the lead-lag relationship between the futures and spot foreign exchange (FX) market in India to understand the price discovery mechanism and the relationship between these two markets. Design/methodology/approach The estimation of lead-lag relationship is realized in three steps. First unit root and stationarity tests (Augmented Dickey-Fuller, Phillips-Perron, and Kwiatkowski-Phillips-Schmidt-Shin) are applied to check the stationarity of the data. Second, cointegration tests (Engle and Granger’s residual based approach and Johansen’s cointegration test) are applied to determine long run relationship between the markets. Third, error correction estimation is carried out by applying Vector Error Correction Model (VECM) to determine the leading market. Findings The study finds that there is a long run relationship between the futures and spot market where the futures market has emerged as the leading market for the four currencies studied in the paper. Originality/value Majorly, the studies on Indian FX market limit themselves to identifying the efficiency of the market and the studies which talk about the lead-lag relationship focus on the Indian stock market. This paper enhances the existing literature on Indian FX market by exploring the less explored subject of the lead-lag relationship between futures and spot FX market in India.
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Ullah, Muhammad Usman Sana, Naveed Ul Haq, Hood Laeeq, and Ammar Aftab Raja. "Financial Contagion and Globalization: Evidence from South Asian Countries." International Business and Accounting Research Journal 2, no. 2 (July 6, 2018): 61. http://dx.doi.org/10.15294/ibarj.v2i2.40.
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This study investigates the contagion and globalization between the South Asian (Pakistan, India, Bangladesh and Sri Lanka) and five largest economies (US, UK, China, Japan and Germany) stock markets. Daily stock returns data from 1st July 1997 to 30th June 2015 consisting of total 4695 observation is analyzed. DCC GARCH is applied to calculate the conditional correlation coefficients to overcome the issue of heteroscedasticity. Null hypothesis of no globalization got rejected eleven times out of twenty while the hypothesis of no contagion got rejected six times. Further analysis of conditional correlation coefficients confirmed the impact of 9/11 attacks, Subprime mortgage crises and Europeans debt crises on the Indian market. Impact of 9/11 attacks also found on Pakistani and Sri Lankan stock exchanges, while Dhaka stock exchange remained independent of all shocks. In sum, the South Asian stock markets remained isolated from the global shocks except India. Isolation of South Asian stock markets from the global shocks is due to their lower integration with the global markets. This study provides some useful recommendations to the investors and policy makers. Results suggests that Indian stock exchange get contagion impact from the major economies, so authorities of India should have to take measure to decouple the market from the global shocks. The markets of Bangladesh, Sri Lanka and Pakistan are not properly integrated with global financial system, so the authorities of these countries should have to take proper steps to liberalize the markets. This paper presents the first empirical study on financial contagion and globalization of South Asian countries.
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Thapa, Bishal. "What’s Ailing Indian Energy Markets?" Hydro Nepal: Journal of Water, Energy and Environment 14 (October 14, 2014): 10–12. http://dx.doi.org/10.3126/hn.v14i0.11245.
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Krishnan, R., and Conan Mukherjee. "Volatility in Indian Stock Markets." Journal of Emerging Market Finance 9, no. 1 (April 2010): 71–93. http://dx.doi.org/10.1177/097265271000900104.
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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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Parida, Rashmi Ranjan, and Sangeeta Sahney. "Exploration of Indian rural markets and marketing." Asia Pacific Journal of Marketing and Logistics 30, no. 2 (April 9, 2018): 297–308. http://dx.doi.org/10.1108/apjml-12-2016-0241.
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Purpose The purpose of this paper is to draw qualitative insights about Indian rural markets and marketing. First, the key aspirations of the rural customers are listed; then the paper explores an understanding about this potential market among marketing professionals; and finally, issues and concerns of customers in the Indian rural market are discussed. Design/methodology/approach In order to achieve the objectives, qualitative methodologies were used. An interview approach was adopted to identify the aspirations of rural customers. To draw insights into the perspectives of marketing professionals, focus group discussions (FGDs) and open online responses along with content analysis were used. FGDs were conducted to obtain insights pertaining to issues and concern from rural customers. Findings The paper enlists and ranks the key aspirations of Indian rural customers; a well-furnished concrete house tops the list followed by acquisition of land and property. The marketing professionals discuss their understanding of rural markets from the perspective of brand consciousness to the wave of changes they see. The rural customers speak about how children are new opinion leaders to the cultural threat they perceive. Research limitations/implications The Indian rural market, where roughly 12 percent of the global population resides, provides umpteen business opportunities. An understanding of the rural market would help marketers and business organizations build appropriate market strategies to tap the market. Originality/value The paper attempts to explore an understanding on the Indian rural market, which has not been researched extensively. The research frame work is holistic and involves the views and perspectives of key stakeholders.
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Rajib Mallik. "Regulated Agricultural Markets in 21st Century: An Outline of their Future Role in Tripura." Restaurant Business 118, no. 11 (November 21, 2019): 625–36. http://dx.doi.org/10.26643/rb.v118i11.11546.
Повний текст джерелаАнотація:
Agricultural regulated markets are immensely important for economic growth of a state and as well as for a country. In many India states, Government has taken several steps to streamline the regulated market system; however, improper functioning of most of the regulated markets and other handicaps has not changed the conditions noticeably. Yet, a major part of rural markets are working outside the frame of regulated market. As a matter of fact, many Indian states are mostly dominated by private traders causing a hassle in the overall development of the regulated markets. To improve the prevailing conditions of these markets, a study on market regulation becomes very essential. The paper overviewed the present status, growth and development, overall performances, problems and prospects of the regulated markets of Tripura. It provides few guidelines for the primary producers to get the best possible returns from the agricultural regulated markets. An outline of their (regulated markets) future role in 21st Century has also discussed in this paper.
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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.
Повний текст джерелаАнотація:
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.