A review of research on the Indian capital market from 1977-1992 found that while the total volume of research appears modest given the size of the Indian market, certain areas are virtually unresearched. Most works were descriptive or prescriptive without rigorous analysis. Research on stock valuation and market functioning can be categorized into studies on market institutions, individual investment decisions, and empirical analyses. Very little theoretical work has been done to extend models to the Indian context. More recent research is needed to examine issues like market efficiency and the role of market indices given changes in the market.
This document discusses a comparative study of the Indian stock market and its international counterparts. It analyzes trends, similarities, and patterns in activities and movements between the Indian stock exchanges (BSE and NSE) and exchanges in other countries from 1995 to 2006. The study finds that Indian stock markets have become more integrated with global markets and react in tandem with global cues. It concludes that Indian exchanges are ready to further integrate if regulations are relaxed and a variety of instruments are introduced.
This document provides an overview of the Indian stock market and Indiabulls Securities, an Indian retail brokerage firm. It discusses the history of stock trading in India dating back to the 18th century. It also outlines the objectives and roles of brokerage firms in helping investors minimize risk and maximize returns. The document examines Indiabulls Securities and compares it to its competitors in the Indian retail brokerage market. It analyzes the financial performance and competitive strategies of Indiabulls Securities.
The document provides information on two major stock exchanges in India:
1) The Bombay Stock Exchange (BSE) is the oldest stock exchange in Asia, located in Mumbai. It has over 5,112 listed companies and is the 6th largest exchange in Asia.
2) The National Stock Exchange (NSE) was established in 1992 to provide nationwide trading. It launched two indices, Nifty 50 and NSE Midcap, to track movements in the stock market. Nifty 50 tracks the performance of 50 large companies and NSE Midcap tracks mid-sized companies.
The document is a project report submitted as a partial fulfillment for an MBA degree. It analyzes the fundamental and technical analysis of India's top five IT companies - TCS, Infosys, Mahindra Satyam, HCL and Wipro. The report includes an introduction to the Indian capital market and stock exchanges. It also provides profiles of the selected IT companies and the research methodology used in the project. The analysis includes calculation of key financial ratios for fundamental analysis and use of technical analysis tools like RSI, MACD, moving averages and stochastic to analyze stock price movements.
Equity research fundamental and technical analysis and its impact on stock p...ramoo07
This document provides a project report on equity research and analysis conducted at Reliance Money. It includes an introduction to the company, objectives of the project, research methodology used, data presentation and analysis, findings, suggestions and conclusions. The report was submitted in partial fulfillment of an MBA degree and analyzes the impact of fundamental and technical analysis on stock prices. It acknowledges those who provided guidance and assistance with the project.
fundamental and technical analysis of equitiesabhishek
This document provides an overview of fundamental analysis for evaluating investments in stocks. It discusses analyzing the political, economic, and industry factors that can influence a company. Specifically, it outlines analyzing the business cycle of an industry, competitive landscape, demand drivers, and other key metrics like revenues, profits, margins. The goal of fundamental analysis is to understand the intrinsic value of a company's stock by examining its financials and operations in the context of macroeconomic conditions.
A project report on overview of indian stock marketProjects Kart
The document provides an overview of the Indian stock market, including its history dating back nearly 200 years. It discusses the two major stock exchanges in India - the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). It provides details on the establishment of NSE in 1992 to modernize Indian stock trading, and its role in reforming practices and increasing trading volumes through electronic trading and settlement methods. Trading at NSE includes both wholesale debt and capital markets.
Comaparative study of indian stock market with otherMisbah Choudhary
This document compares the Indian stock market to other Asian markets. It finds that the Indian market has the highest compound annual growth rate of returns over 5 years and 1 year compared to markets in Hong Kong, Indonesia, Malaysia, Japan and Korea. The Indian market also shows weak correlation to these other markets, indicating it provides diversification benefits for international investors. Overall, the study finds the Indian stock market delivers strong returns with low correlation to other Asian markets, making it an attractive investment option for the Asia Pacific region.
This document discusses a comparative study of the Indian stock market and its international counterparts. It analyzes trends, similarities, and patterns in activities and movements between the Indian stock exchanges (BSE and NSE) and exchanges in other countries from 1995 to 2006. The study finds that Indian stock markets have become more integrated with global markets and react in tandem with global cues. It concludes that Indian exchanges are ready to further integrate if regulations are relaxed and a variety of instruments are introduced.
This document provides an overview of the Indian stock market and Indiabulls Securities, an Indian retail brokerage firm. It discusses the history of stock trading in India dating back to the 18th century. It also outlines the objectives and roles of brokerage firms in helping investors minimize risk and maximize returns. The document examines Indiabulls Securities and compares it to its competitors in the Indian retail brokerage market. It analyzes the financial performance and competitive strategies of Indiabulls Securities.
The document provides information on two major stock exchanges in India:
1) The Bombay Stock Exchange (BSE) is the oldest stock exchange in Asia, located in Mumbai. It has over 5,112 listed companies and is the 6th largest exchange in Asia.
2) The National Stock Exchange (NSE) was established in 1992 to provide nationwide trading. It launched two indices, Nifty 50 and NSE Midcap, to track movements in the stock market. Nifty 50 tracks the performance of 50 large companies and NSE Midcap tracks mid-sized companies.
The document is a project report submitted as a partial fulfillment for an MBA degree. It analyzes the fundamental and technical analysis of India's top five IT companies - TCS, Infosys, Mahindra Satyam, HCL and Wipro. The report includes an introduction to the Indian capital market and stock exchanges. It also provides profiles of the selected IT companies and the research methodology used in the project. The analysis includes calculation of key financial ratios for fundamental analysis and use of technical analysis tools like RSI, MACD, moving averages and stochastic to analyze stock price movements.
Equity research fundamental and technical analysis and its impact on stock p...ramoo07
This document provides a project report on equity research and analysis conducted at Reliance Money. It includes an introduction to the company, objectives of the project, research methodology used, data presentation and analysis, findings, suggestions and conclusions. The report was submitted in partial fulfillment of an MBA degree and analyzes the impact of fundamental and technical analysis on stock prices. It acknowledges those who provided guidance and assistance with the project.
fundamental and technical analysis of equitiesabhishek
This document provides an overview of fundamental analysis for evaluating investments in stocks. It discusses analyzing the political, economic, and industry factors that can influence a company. Specifically, it outlines analyzing the business cycle of an industry, competitive landscape, demand drivers, and other key metrics like revenues, profits, margins. The goal of fundamental analysis is to understand the intrinsic value of a company's stock by examining its financials and operations in the context of macroeconomic conditions.
A project report on overview of indian stock marketProjects Kart
The document provides an overview of the Indian stock market, including its history dating back nearly 200 years. It discusses the two major stock exchanges in India - the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). It provides details on the establishment of NSE in 1992 to modernize Indian stock trading, and its role in reforming practices and increasing trading volumes through electronic trading and settlement methods. Trading at NSE includes both wholesale debt and capital markets.
Comaparative study of indian stock market with otherMisbah Choudhary
This document compares the Indian stock market to other Asian markets. It finds that the Indian market has the highest compound annual growth rate of returns over 5 years and 1 year compared to markets in Hong Kong, Indonesia, Malaysia, Japan and Korea. The Indian market also shows weak correlation to these other markets, indicating it provides diversification benefits for international investors. Overall, the study finds the Indian stock market delivers strong returns with low correlation to other Asian markets, making it an attractive investment option for the Asia Pacific region.
A comparative study of structure of indian stock exchange and selected intern...Amin Humone
This document is a dissertation report submitted to Savitribai Phule Pune University by Amin Humone for their Master of Business Administration degree. The report conducts a comparative study of the structure of the Indian stock exchange with selected international stock exchanges. It includes chapters on the conceptual background, literature review, research methodology, data analysis and interpretation, findings, suggestions, and conclusion. Key stock exchanges that will be compared include the National Stock Exchange and Bombay Stock Exchange in India, as well as exchanges from the US, Hong Kong, Russia, and South Korea.
This document is a project report submitted as part of an MMS program. It analyzes the telecom sector of the Indian economy through equity research. The project was guided by Prof. Mayur Malviya and conducted during an internship at BMA Wealth Creators Ltd. The report includes an executive summary, introduction, history of the organization, basic concepts of equity analysis including fundamental and technical analysis, and a live study of stock charts. The objective is to analyze telecom companies, assess their viability as investments, estimate future performance, and determine appropriate investment positions.
FUNDAMENTAL & TECNICAL ANALYSIS OF KARYAVA STOCK EX.docFUNDAMENTAL & TECNICAL...Babasab Patil
This document provides a summary of a project report on fundamental and technical analysis of a company. It includes an executive summary that outlines the research objectives, process, findings and recommendations. The key findings are that fundamental factors like management discussion, audited financial reports and cash flow statements provide important insights. Technically, short and long term support and resistance levels are identified for the stock and market. The recommendations are that long term investors can include the stock and buy at the fair value identified through fundamental analysis. Short term investors should consider support and resistance levels. Both fundamental and technical analysis should be used.
The document lists potential topics related to finance, HR, and marketing. Under finance, topics include currency derivatives, mutual funds, online trading, assets management, share markets, dematerialized accounts, IPOs, and securities analysis. HR topics cover areas like recruitment, training, performance management, and retention. Marketing topics range from customer relationship management and satisfaction to distribution channels, branding, and dealer perception.
SIP REPORT Risk management mechanism in Stock Exchange How efficient is itsmriti35rekha
The document is a report on risk management mechanisms in stock exchanges and their efficiency. It discusses how Bhubaneswar Stock Exchange (BhSE) manages risks at different levels - for traders, investors and at the exchange level. It presents case studies of past securities scams in India and their impact. The report aims to analyze BhSE's risk management framework and understand how it works to ensure fair transactions and reduce systemic risk to build investor confidence.
1. The Indian stock broking industry has seen significant growth and consolidation over the past few decades. The top 10 brokerage firms now control over 66% of the market.
2. Revenues from equity broking have remained flat in recent years due to declining cash volumes and futures trading. However, the commodity and currency segments have seen higher growth rates.
3. While large brokerage firms have profit margins around 17%, mid-sized and small firms have lower margins of 9.5-10.5% respectively. Cost rationalization will be challenging due to competitive pressures.
TRADING IN STOCK EXCHANGE FUNDAMENTAL AND TECHENICAL ANALYSISBiswajeet Samal
This document summarizes a student project report on stock trading in the Indian stock exchange. The report includes an introduction to the Indian securities market and objectives of understanding long-term investment returns and tracking market movements. It describes the scope as focusing on fundamental and technical analysis of selected companies. Methodology included collecting data from secondary sources like newspapers and the Bhubaneswar Stock Exchange primary source. The report also includes sections on the theoretical framework of investment and stock exchanges, fundamental analysis of Tata Motors, and technical analysis of SBI using indicators like RSI, MACD, SMA and EMA. It concludes that technical analysis helps identify best investment timings and recommends collecting information and expert advice before investing in stocks.
A project on analysis of derivatives and stock broking at apollo sindhooriBabasab Patil
This document provides an analysis of derivatives and stock broking at Apollo Sindhoori Capital Investment Ltd. It discusses derivatives such as futures and options, and the role of stock broking in the capital market. It also describes ASCI Computer Share Private Ltd., a joint venture that provides registry management services. The objectives of the analysis are to understand derivatives products and trading, the stock broking process, and the services offered by ASCI. Methodology includes collecting primary data from ASCI clients and secondary data from websites, magazines and newspapers.
Indian Stock Broking Industry & Franchisee Business Model (2015)Sumit Kumar Singh
This document is a summer project report submitted by Sumit Kumar Singh to Prof. Srinjay Sengupta of Aditya Institute of Management Studies and Research in partial fulfillment of the requirements for a Master of Management Studies degree. The report analyzes the Indian stock broking industry and SMC Global Securities Ltd.'s franchise business model based on a summer internship conducted by the author at SMC Global Securities Ltd. The report includes an introduction to the company, the stock broking industry, and the author's department. It then identifies problems and objectives of the study.
The document is a summer training report on equity analysis of infrastructure firms. It includes an analysis of 5 infrastructure companies - GMR, DLF, Unitech, Reliance Industrial Infrastructure and Jaiprakash Associates. The analysis includes both fundamental analysis using techniques like discounted cash flow valuation and technical analysis using tools like MACD, RSI and moving averages. The report also includes projections of the cash flows and intrinsic valuation of DLF using a discounted cash flow model.
The document is a project report on trend analysis of the Indian stock exchange for Ventura Security Limited. It includes an introduction, objectives to analyze trends in different sectors and the stock exchange's market position. It also covers the history of Ventura Securities and an overview of the capital market in India. The findings show that 55% of investors invest in the equity market while 45% choose traditional investments. Major investors select the oil and gas, automobile, and banking sectors. Factors like market trends, price earnings ratio, dividends, and profitability influence their company selections.
comparative study on various brokerage firmsRajat Sarda
The document is a summer training report submitted by Rajat Sarda for his Bachelor of Commerce degree. It provides a comparative study of various brokerage firms and was completed under the guidance of his professor Ms. Neeti Panwar. The report includes an introduction, profiles of organizations studied, a literature review, analysis of major players in the industry, a comparative analysis and interpretation of brokerage firms, and conclusions and recommendations.
The document provides details about a project report submitted for a Master of Business Administration degree. It discusses a study conducted on consumer perception and behavior regarding Verka dairy products in Punjab, India. The report includes an introduction covering the dairy cooperative Milkfed and Verka Milk Plant in Mohali. It then discusses the research methodology, data analysis, conclusions, SWOT analysis, and recommendations from the study.
Industry internship project report presentation (IIFL)Debashish sahoo
1) The document is an industry internship project report presented by Debashish Sahoo on technical analysis of NIFTY at India Infoline Ltd.
2) Technical analysis uses historical price and volume data to identify trends and predict future market movements. Key aspects of technical analysis include price, time, volume, and sentiment.
3) The report analyzes NIFTY price data over 4 months, identifies trends using indicators like MACD and moving averages, and examines chart patterns like double tops and head and shoulders.
This document is a project report submitted by T. Srinivas for a post graduate diploma in management. The project report studies derivatives (futures and options) at Sharekhan Stock Broking Co. Ltd. The report includes an introduction, company profile of Sharekhan, literature review on relevant topics like the derivatives industry and regulation, data analysis of specific stocks, findings and conclusions. The objective is to analyze investors' familiarity and awareness of derivatives and study profits/losses from trading various derivative instruments.
This document provides an overview of a project report submitted by Lucy Chatterjee to MAEER's MIT School of Business on a comparative analysis of the equity and derivatives markets. The report includes an introduction on the background and history of the Bombay Stock Exchange, Religare's company profile and competitive advantages, objectives and methodology of the study. It also outlines the contents which discuss data analysis of equity benefits, risks and types of margins. The report compares futures, forwards and options, and provides findings on practical situations and a comparative analysis of traded values in the F&O and cash segments.
This document discusses the Indian automobile industry and its potential as an investment option. It aims to analyze the industry through a fundamental analysis of the past growth performance, economy, industry life cycle, and SWOT analysis. Three companies - Tata Motors, Mahindra & Mahindra, and Maruti Suzuki - will be chosen for financial and non-financial analysis. Technical analysis will also be conducted to determine the intrinsic value and future price directions of company shares. Recommendations will be provided based on the analysis.
Finance project report on a study on financial derivatives ...Mba projects free
This document is a study on financial derivatives (futures and options) submitted for a Master's degree in Business Administration. It discusses the emergence and growth of derivatives markets as a way for economic agents to hedge against price risks. Derivatives derive their value from an underlying asset and are used by banks, firms, and investors for hedging, speculation, and arbitrage. The main types of derivatives are futures, options, warrants, LEAPS, baskets, and swaps. The study analyzes derivatives trading in India and examines how it impacts market volatility.
This document provides a review of research on the Indian capital market from 1977 to 1992. It summarizes that the total volume of research appears modest given the size of the Indian capital market. Many studies were descriptive without rigorous analysis. Certain areas like arbitrage pricing theory were unresearched. While individual investment decision making and stock market functioning were researched, little theoretical work was done. With improved data and computing resources, more research is expected in the future.
Performance of PE Ratio as an Technical IndicatorSangamesh K.S
The document provides an overview of an internship at BMA Wealth Creators Ltd, a brokerage firm in Bangalore. The internship included introductions to the company's financial products, calculating metrics like MTM, assisting with opening Demat accounts, conducting technical and fundamental stock analysis, and tracking assigned stocks. The 12-week training covered both practical and theoretical aspects of working in a brokerage firm. Overall, the internship provided experience in finance, marketing, and operations.
A comparative study of structure of indian stock exchange and selected intern...Amin Humone
This document is a dissertation report submitted to Savitribai Phule Pune University by Amin Humone for their Master of Business Administration degree. The report conducts a comparative study of the structure of the Indian stock exchange with selected international stock exchanges. It includes chapters on the conceptual background, literature review, research methodology, data analysis and interpretation, findings, suggestions, and conclusion. Key stock exchanges that will be compared include the National Stock Exchange and Bombay Stock Exchange in India, as well as exchanges from the US, Hong Kong, Russia, and South Korea.
This document is a project report submitted as part of an MMS program. It analyzes the telecom sector of the Indian economy through equity research. The project was guided by Prof. Mayur Malviya and conducted during an internship at BMA Wealth Creators Ltd. The report includes an executive summary, introduction, history of the organization, basic concepts of equity analysis including fundamental and technical analysis, and a live study of stock charts. The objective is to analyze telecom companies, assess their viability as investments, estimate future performance, and determine appropriate investment positions.
FUNDAMENTAL & TECNICAL ANALYSIS OF KARYAVA STOCK EX.docFUNDAMENTAL & TECNICAL...Babasab Patil
This document provides a summary of a project report on fundamental and technical analysis of a company. It includes an executive summary that outlines the research objectives, process, findings and recommendations. The key findings are that fundamental factors like management discussion, audited financial reports and cash flow statements provide important insights. Technically, short and long term support and resistance levels are identified for the stock and market. The recommendations are that long term investors can include the stock and buy at the fair value identified through fundamental analysis. Short term investors should consider support and resistance levels. Both fundamental and technical analysis should be used.
The document lists potential topics related to finance, HR, and marketing. Under finance, topics include currency derivatives, mutual funds, online trading, assets management, share markets, dematerialized accounts, IPOs, and securities analysis. HR topics cover areas like recruitment, training, performance management, and retention. Marketing topics range from customer relationship management and satisfaction to distribution channels, branding, and dealer perception.
SIP REPORT Risk management mechanism in Stock Exchange How efficient is itsmriti35rekha
The document is a report on risk management mechanisms in stock exchanges and their efficiency. It discusses how Bhubaneswar Stock Exchange (BhSE) manages risks at different levels - for traders, investors and at the exchange level. It presents case studies of past securities scams in India and their impact. The report aims to analyze BhSE's risk management framework and understand how it works to ensure fair transactions and reduce systemic risk to build investor confidence.
1. The Indian stock broking industry has seen significant growth and consolidation over the past few decades. The top 10 brokerage firms now control over 66% of the market.
2. Revenues from equity broking have remained flat in recent years due to declining cash volumes and futures trading. However, the commodity and currency segments have seen higher growth rates.
3. While large brokerage firms have profit margins around 17%, mid-sized and small firms have lower margins of 9.5-10.5% respectively. Cost rationalization will be challenging due to competitive pressures.
TRADING IN STOCK EXCHANGE FUNDAMENTAL AND TECHENICAL ANALYSISBiswajeet Samal
This document summarizes a student project report on stock trading in the Indian stock exchange. The report includes an introduction to the Indian securities market and objectives of understanding long-term investment returns and tracking market movements. It describes the scope as focusing on fundamental and technical analysis of selected companies. Methodology included collecting data from secondary sources like newspapers and the Bhubaneswar Stock Exchange primary source. The report also includes sections on the theoretical framework of investment and stock exchanges, fundamental analysis of Tata Motors, and technical analysis of SBI using indicators like RSI, MACD, SMA and EMA. It concludes that technical analysis helps identify best investment timings and recommends collecting information and expert advice before investing in stocks.
A project on analysis of derivatives and stock broking at apollo sindhooriBabasab Patil
This document provides an analysis of derivatives and stock broking at Apollo Sindhoori Capital Investment Ltd. It discusses derivatives such as futures and options, and the role of stock broking in the capital market. It also describes ASCI Computer Share Private Ltd., a joint venture that provides registry management services. The objectives of the analysis are to understand derivatives products and trading, the stock broking process, and the services offered by ASCI. Methodology includes collecting primary data from ASCI clients and secondary data from websites, magazines and newspapers.
Indian Stock Broking Industry & Franchisee Business Model (2015)Sumit Kumar Singh
This document is a summer project report submitted by Sumit Kumar Singh to Prof. Srinjay Sengupta of Aditya Institute of Management Studies and Research in partial fulfillment of the requirements for a Master of Management Studies degree. The report analyzes the Indian stock broking industry and SMC Global Securities Ltd.'s franchise business model based on a summer internship conducted by the author at SMC Global Securities Ltd. The report includes an introduction to the company, the stock broking industry, and the author's department. It then identifies problems and objectives of the study.
The document is a summer training report on equity analysis of infrastructure firms. It includes an analysis of 5 infrastructure companies - GMR, DLF, Unitech, Reliance Industrial Infrastructure and Jaiprakash Associates. The analysis includes both fundamental analysis using techniques like discounted cash flow valuation and technical analysis using tools like MACD, RSI and moving averages. The report also includes projections of the cash flows and intrinsic valuation of DLF using a discounted cash flow model.
The document is a project report on trend analysis of the Indian stock exchange for Ventura Security Limited. It includes an introduction, objectives to analyze trends in different sectors and the stock exchange's market position. It also covers the history of Ventura Securities and an overview of the capital market in India. The findings show that 55% of investors invest in the equity market while 45% choose traditional investments. Major investors select the oil and gas, automobile, and banking sectors. Factors like market trends, price earnings ratio, dividends, and profitability influence their company selections.
comparative study on various brokerage firmsRajat Sarda
The document is a summer training report submitted by Rajat Sarda for his Bachelor of Commerce degree. It provides a comparative study of various brokerage firms and was completed under the guidance of his professor Ms. Neeti Panwar. The report includes an introduction, profiles of organizations studied, a literature review, analysis of major players in the industry, a comparative analysis and interpretation of brokerage firms, and conclusions and recommendations.
The document provides details about a project report submitted for a Master of Business Administration degree. It discusses a study conducted on consumer perception and behavior regarding Verka dairy products in Punjab, India. The report includes an introduction covering the dairy cooperative Milkfed and Verka Milk Plant in Mohali. It then discusses the research methodology, data analysis, conclusions, SWOT analysis, and recommendations from the study.
Industry internship project report presentation (IIFL)Debashish sahoo
1) The document is an industry internship project report presented by Debashish Sahoo on technical analysis of NIFTY at India Infoline Ltd.
2) Technical analysis uses historical price and volume data to identify trends and predict future market movements. Key aspects of technical analysis include price, time, volume, and sentiment.
3) The report analyzes NIFTY price data over 4 months, identifies trends using indicators like MACD and moving averages, and examines chart patterns like double tops and head and shoulders.
This document is a project report submitted by T. Srinivas for a post graduate diploma in management. The project report studies derivatives (futures and options) at Sharekhan Stock Broking Co. Ltd. The report includes an introduction, company profile of Sharekhan, literature review on relevant topics like the derivatives industry and regulation, data analysis of specific stocks, findings and conclusions. The objective is to analyze investors' familiarity and awareness of derivatives and study profits/losses from trading various derivative instruments.
This document provides an overview of a project report submitted by Lucy Chatterjee to MAEER's MIT School of Business on a comparative analysis of the equity and derivatives markets. The report includes an introduction on the background and history of the Bombay Stock Exchange, Religare's company profile and competitive advantages, objectives and methodology of the study. It also outlines the contents which discuss data analysis of equity benefits, risks and types of margins. The report compares futures, forwards and options, and provides findings on practical situations and a comparative analysis of traded values in the F&O and cash segments.
This document discusses the Indian automobile industry and its potential as an investment option. It aims to analyze the industry through a fundamental analysis of the past growth performance, economy, industry life cycle, and SWOT analysis. Three companies - Tata Motors, Mahindra & Mahindra, and Maruti Suzuki - will be chosen for financial and non-financial analysis. Technical analysis will also be conducted to determine the intrinsic value and future price directions of company shares. Recommendations will be provided based on the analysis.
Finance project report on a study on financial derivatives ...Mba projects free
This document is a study on financial derivatives (futures and options) submitted for a Master's degree in Business Administration. It discusses the emergence and growth of derivatives markets as a way for economic agents to hedge against price risks. Derivatives derive their value from an underlying asset and are used by banks, firms, and investors for hedging, speculation, and arbitrage. The main types of derivatives are futures, options, warrants, LEAPS, baskets, and swaps. The study analyzes derivatives trading in India and examines how it impacts market volatility.
This document provides a review of research on the Indian capital market from 1977 to 1992. It summarizes that the total volume of research appears modest given the size of the Indian capital market. Many studies were descriptive without rigorous analysis. Certain areas like arbitrage pricing theory were unresearched. While individual investment decision making and stock market functioning were researched, little theoretical work was done. With improved data and computing resources, more research is expected in the future.
Performance of PE Ratio as an Technical IndicatorSangamesh K.S
The document provides an overview of an internship at BMA Wealth Creators Ltd, a brokerage firm in Bangalore. The internship included introductions to the company's financial products, calculating metrics like MTM, assisting with opening Demat accounts, conducting technical and fundamental stock analysis, and tracking assigned stocks. The 12-week training covered both practical and theoretical aspects of working in a brokerage firm. Overall, the internship provided experience in finance, marketing, and operations.
A Comparative Study of Working Capital Management of Selected Paper Companies...RHIMRJ Journal
This research paper describes paper companies is core sector for any of the country. Working Capital Management
has its impact on liquidity as well profitability. The impact on effectiveness and profitability of working capital is tried to find
out by measuring the fluctuation in fixed assets, current assets and sales. The industry plays a vital role in development of
economics of enterprises as well as country. So at this financial appraisal of paper companies will be very useful to many of
its stakeholders. This research paper mainly based on the secondary data. Its main objectives are to evaluate the liquidity
position of the paper companies. For use ratio analysis for accounting tools and statistical tools for getting results like as
average, S.D. C.V. Maximum and Minimum and used One way ANOVA test. Mainly included two ratios in this research
paper like as current ratio and quick ratio.
This document provides an introduction to a study comparing HDFC and ICICI mutual funds. It discusses the objectives of the study, which are to understand mutual funds and their workings, compare the performance of HDFC and ICICI funds in terms of risk and returns, and understand investor preferences toward mutual fund investments. A literature review is also provided covering past research on mutual fund performance evaluation. The methodology discusses data collection from primary and secondary sources and tools for analysis including tables, charts and graphs.
This document is a project report submitted by Hardeep Singh Hundal, a student of MBA IV semester at Global Business School in Hubli, Karnataka, India. The project examines the derivatives market in India and was conducted over a period of 3 months from April to June 2012 under the guidance of Dr. Ramakant Kulkarni and Mr. Shankar Habib at Hindustan Financial Services. The report includes an introduction to derivatives, the objectives and methodology of the project, analysis of the derivatives market, findings and recommendations.
This document discusses the analysis of stock price movements in India's automobile industry. It begins by introducing the context of increased globalization and competition in the automobile industry. The study focuses on analyzing stock price data of automobile companies listed on the Bombay Stock Exchange over a 5-year period from 2012 to 2017. It aims to examine stock price movements and measure risk using beta coefficients. The methodology section outlines the sampling of 3 automobile companies, data collection from secondary sources like stock exchange websites, and statistical analysis tools used like averages, variances, and beta. The limitations include the use of secondary data and limited time period and company scope.
A comparative study of JPX and ASX (Chapter 1 to 2)Sho Yamauchi
The document provides a comparative study of the Japan Exchange Group (JPX) and Australian Securities Exchange (ASX) from 2011 to 2015. It discusses the background and history of both exchanges. JPX was formed in 2013 and includes the Tokyo, Osaka, Nagoya, Sapporo, and Fukuoka exchanges. The ASX was established in 1987 by integrating six state-based exchanges. The document aims to compare the organizational structure, functions, liquidity, and performance of the two exchanges based on annual reports and other sources.
This document provides information about a project report submitted by Hardeep Singh Hundal to Karnataka University, Dharwad on "A Study of Derivatives Market in India". It includes a certificate from the director of Global Business School certifying the project work was completed at Hindustan Financial Services from April to June 2012 under the guidance of Dr. Ramakant Kulkarni and Mr. Shankar Habib. It also includes a declaration by Hardeep Singh Hundal and an acknowledgement of those who provided guidance and support. The executive summary provides an overview of the project work analyzing investor behavior and understanding derivatives markets in India.
The document provides an overview of initial public offerings (IPOs) in India. It discusses the key stages of an IPO process, including the role of intermediaries in verifying company documents and managing the public issue. It also outlines the objectives, scope, limitations and research methodology for analyzing IPO behavior and performance. The roles of the regulatory bodies like SEBI and stock exchanges like NSE and BSE in facilitating IPOs are summarized.
Influence of ADR on Underlying Stock PricesProjects Kart
Globalization has opened the door for the investors to avail various investment avenues across the globe. American Depository Receipt (ADR) is one such opportunity to the investing community. The ADR is a proxy for the Indian shares to enable them to be traded in the American stock exchanges. Various studies conducted on Depository Receipts (DRs) have shown that the trading on the DR sin the foreign market has its influence in the home country’s stock in terms of price, volatility and volume. This interested me and this project is concerned about studying “Whether the price fluctuations of ADR affect the corresponding Indian share prices?”
After the liberalization of the economy in 1991, the corporatist started sourcing their capital from both domestic and foreign markets. The Indian shares cannot be directly listed in the American stock exchanges. ADRs have been very helpful in this purpose. So a custodian bank receives the shares as deposit and issues receipt to the market. These receipts are issued in appropriate ratio to the shares deposited with the depository. The market players in the stock exchanges trade these receipts.
This document discusses money, income, and employment in India. It begins with an overview of the quantity theory of money and the Indian money market. It then discusses methods for measuring national income, including the output, income, and expenditure approaches. Key figures from the advance estimate of India's national income for 2013-2014 are provided. The document concludes with a section on employment that notes the distinction between organized and unorganized sectors in India.
This document is a summer training report submitted by Karan Saraf to BCIPS, Dwarka in partial fulfillment of the requirements for a Bachelor of Business Administration degree. It discusses Karan's summer internship at Sharekhan Ltd, where he learned about the stock market, equity and derivatives trading, and Sharekhan's products and services. The report includes sections on the history and key features of the Indian stock market and exchanges, regulators like SEBI and RBI, and an overview of the brokerage industry in India.
ANALYSIS OF MARKET INDICES AND COMPONENT STOCKS - PART 2abhipray
The document discusses various stock market indices in India, including sectoral indices. It provides details on the S&P BSE Mid Cap Index and S&P BSE Small Cap Index such as their performance over the last year, constituent numbers, launch dates and sectoral weightages. A table shows the 3 yearly comparison of returns for the Sensex, Mid Cap and Small Cap indices. The document also lists some examples of sectoral indices including the S&P BSE Auto Index, S&P BSE FMCG Index and S&P BSE BankEx Index.
A STUDY ON ROLE OF SEBI AS A REGULATORY AUTHORITY IN INDIAN CAPITAL MARKETAndrea Porter
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1. Research on the Indian Capital Market:
A Review
Samir K. Barua
V. Raghunathan
Jayanth R. Varma
Indian Institute of Management
Ahmedabad-380015
February 1994
2. Research on the Indian Capital Market: A Review
by
S.K. Barua, V. Raghunathan and J.R. Varma
Abstract
In this paper we present a review of research done in the field of
Indian capital markets during the fifteen years from 1977 to 1992.
The research works included in the survey were identified by two
search procedures. Firstly, we wrote to 118 Indian university
departments and research institutions requesting information on the
works done in this field in their department/institution. After three
reminders, we obtained responses from 53 institutions.
Simultaneously, we searched through various Indian journals in our
library, located books listed in the library catalogue and traced
through the list of references provided in various research works.
Considering the size, vintage and development of the Indian capital
market, the total volume of research on it appears to be woefully
modest - about 0.1 unit of work per institution per year! Moreover, a
large number of works are merely descriptive or prescriptive without
rigorous analysis. Certain areas such as arbitrage pricing theory,
option pricing theory, agency theory, and signalling theory are
virtually unresearched in the Indian context. Besides, very little
theoretical work has been done by researchers in India. However,
with improved availability of databases and computing resources,
and with increasing global interest in Indian markets, we expect an
explosion of work in the near future.
3. Research on the Indian Capital Market: A Review1
- S.K. Barua, V. Raghunathan and J.R. Varma
A review paper on research done in any field invariably presents considerable difficulties. What
comprises research? What should be the period of review? What should be the objective of a review?
How does one ensure the coverage is comprehensive? It is clear that such questions as above are
bound to generate varied answers. The difficulty of the task increases manifold in Indian conditions
where institutional addresses are difficult to obtain at one place, ready bibliographies are rare,
referencing in published research is hardly comprehensive, and reprints are difficult to obtain. We
would therefore begin by briefly outlining the basis on which the review of research on Indian capital
markets has been done in this paper.
Research Definition
It is not our objective to debate about what kind of work can be regarded as "research". For the
purpose of the review, research has been defined as doctoral dissertations, papers published in
academic journals, books (including expository, but excluding obviously popular books) and working
papers or occasional unpublished papers (where such information was available) on Indian capital
markets. We have not reviewed articles published in the popular media such as financial dailies,
business magazines and other popular magazines and journals. We have also excluded dissertations
for masters degrees, reports of government committees or commissions, seminar and conference
papers. We have also largely excluded publications in foreign journals. It is possible that, in the
process, the list of works reviewed may have excluded some excellent works published in popular
media or included some sub-standard works published in academic journals. This narrowing of the
coverage of the review on the above lines became necessary when we realized that it would be a truly
Herculean task to include every kind of published and unpublished work on the Indian capital markets
in and outside India.
1
The authors are all members of finance faculty at the Indian Institute of Management, Ahmedabad. The authors
gratefully acknowledge the able and painstaking research assistance provided by Ms. Lakshmi Ramanan. This
work is partially supported by a research grant from the Indian Institute of Management, Ahmedabad.
4. Scope of Capital Market Research
We were next faced with another difficult question about what can be classified as a work on capital
markets. A variety of work in economics, accounting and finance would have some linkages with
capital markets. Works in corporate finance have strong linkages with security markets. For our
purpose therefore, we considered works falling into any of the following categories as those
belonging to the field of capital markets: valuation of stocks and functioning of the stock markets;
valuation of bonds, convertible debentures and market for debt; new issues market and merchant
banking; market efficiency ; dividends, bonus & rights issues and rates of return; and performance
and regulations of mutual funds.
Period of Review
We have primarily reviewed work done in the fifteen years from 1977 to 1992. In addition, some
works published in 1993, which we could readily access while analyzing the data collected for the
earlier fifteen years, have also been reviewed. It was not considered worthwhile to go further back in
time because of two main reasons: a) the further one goes back in time, the more difficult it becomes
to access works done, b) the characteristics of capital market in India have changed considerably and
the market in the eighties and nineties has little resemblance with the market in the sixties and early
seventies. We chose 1977 as a cut-off year for a break from the past since it was this year in which
the MNCs operating in India were forced to dilute foreign holding under FERA. The dilution was
perhaps the genesis of the equity cult which gave a fillip to the Indian capital market.
Objective of Review
Even this aspect of the review required resolution of some key issues. Should it simply consist of
annotated bibliographies of the research? Should it be a commentary on the works done without
drawing any inferences for the future, or should it be our assessment about the emerging scenario in
the Indian capital market based on the research over the chosen period? We decided to provide a
detailed bibliography at the end of the paper and provide a commentary on the more serious works in
the main body of the paper. In several areas, particularly where there have been dramatic changes in
the regulatory or operating environment, we have also identified the kind of research that is needed.
2
5. The Survey Process
In order to ensure that the coverage was as exhaustive as possible, we wrote to 118 Indian university
departments, institutes of management and other relevant autonomous research institutions in October
1992, requesting them to send us a list along with the abstracts of all the works (doctoral dissertations,
published and unpublished papers in academic journals and books) done in the field of capital market
and financial services in their department/institution. Financial services was included so as to ensure
that areas such as mutual funds and merchant banking were not excluded from the response. We did
not spell out any specific areas as we thought it best to let the respondents interpret research in capital
market and financial services in its widest possible sense. We exercised our judgement on what work
would qualify for inclusion under the area of capital market only after we received the responses.
In the first round, we received responses only from 9 departments/institutions. Subsequently, we sent
three reminders, at intervals of one month each. The first reminder brought in 18 more responses; the
second brought in another 13 and the third reminder 13 more responses, bringing the total number of
respondents to 53. However, of these, only 28 institutions reported that some research had been done
in the field of capital market and financial services by them.
Simultaneously, we started a search in the library of the Indian Institute of Management, Ahmedabad,
for relevant information on research in Indian capital market. We searched through the contents of all
Indian journals which could contain papers on capital markets and also located books listed in the
library catalogue. The list of references provided at the end of papers were another source of tracing
the works done in the area. As can be expected, we did face difficulties sometimes in locating papers
because the particular volume in which the paper had appeared was missing, or that some new journal
was not subscribet to by the library at all. Wherever we had information about the institute affiliation
of the author/s, we wrote to the institute for a copy of the work or at least an abstract of the work.
The final list thus is the result of these two search procedures. However, despite our best efforts,
abstracts of all works could not be obtained or prepared. In such cases the works have merely been
listed in the bibliography and not commented upon in the paper.
The work compiled was categorized into six different areas and a detailed review of these is presented
in the following sections.
3
6. Valuation of Stocks and Functioning of Indian Stock Market
The work in this area can be classified into three broad strands: a) those dealing with functioning of
securities markets and financial institutions operating in these markets, b) those pertaining to the
investment decision making process of individuals, and c) empirical work on Indian stock markets.
One of the early works on functioning of stock markets and financial institutions was by Simha,
Hemalata and Balakrishnan (1979). Bhole (1982) wrote a comprehensive book on the growth and
changes in the structure of Indian capital markets and financial institutions. The book was
subsequently updated and revised in 1992. Several books have been written on security analysis and
investment in Indian stock markets: Bhalla (1983); Jain (1983), Sahni (1986), Singh (1986); Chandra
(1990a), Raghunathan (1991), Avadhani (1992); Yasaswy (1985, 91, 92a, 92b) and Barua et al
(1992). These books are primarily written for initiating lay investors to techniques for security
analysis and management of investment portfolios. Basu & Dalal (1993), Barua & Varma (1993a) and
Ramachandran (1993) have critically examined various facets of the great securities scam of 1992.
Several studies, for example, Sahni (1985), Kothari (1986), Raju (1988), Lal (1990), Chandra
(1990b), Francis (1991a), Ramesh Gupta (1991a,c, 1992a), Raghunathan (1991), Varma (1992a),
L.C. Gupta (1992) and Sinha (1993) comment upon the Indian capital market in general and trading
systems in the stock exchanges in particular and suggest that the systems therein are rather antiquated
and inefficient, and suffer from major weaknesses and malpractices. According to most of these
studies, significant reforms are required if the stock exchanges are to be geared up to the envisaged
growth in the Indian capital market.
The investment decision making process of individuals has been explored through experiments by
Barua and Srinivasan (1986, 1987a, 1991). They conclude that the risk perception of individuals are
significantly influenced by the skewness of the return distribution. This implies that while taking
investment decisions, investors are concerned about the possibility of maximum losses in addition to
the variability of returns. Thus the mean variance framework does not fully explain the investment
decision making process of individuals. Gupta (1991b) argues that designing a portfolio for a client is
much more than merely picking up securities for investment. The portfolio manager needs to
understand the psyche of his client while designing his portfolio. According to Gupta, investors in
India regard equity debentures and company deposits as being in more or less the same risk category,
and consider mutual funds, including all equity funds, almost as safe as bank deposits. Chandra
4
7. (1989) discusses the mistakes made by individual investors in designing their portfolios and suggests
suitable remedial measures.
In his recent book, L.C. Gupta (1992) concludes that, a) Indian stock market is highly speculative; b)
Indian investors are dissatisfied with the service provided to them by the brokers; c) margins levied by
the stock exchanges are inadequate and d) liquidity in a large number of stocks in the Indian markets
is very low. While evidently a painstaking work, the conclusions except `c' above seem to be built on
wrong or questionable arguments.
Mayya (1977), Barua and Raghunathan (1982) and Prabhakar (1989) examined empirically the hedge
provided by stocks and bullion against inflation. These studies found that while gold provided
complete hedge against inflation, silver and stock were only partial hedges against inflation. Rao and
Bhole (1990) arrive at a similar conclusion about stocks. However, as these works pertain to the
period prior to the booming 1980's and 1990's, the conclusion that stocks are not an inflation hedge is
of doubtful validity today. A similar study covering the more recent years would be very useful as
one may reach a very different conclusion. With a booming stock market since the second half of
eighties and the stagnation in the international price of gold, such a study may find that stocks and not
gold provide complete hedge against inflation.
The issue of inflation hedge has also been researched in the context of stocks. Varma (1991)
compares the BSE National Index (Natex) which comprises 100 scrips with the Sensitive Index
(Sensex) comprising 30 scrips and concludes that the Natex is a sluggish index which responds too
slowly to market conditions. Changes which are reflected in the Sensex on any day are completely
reflected in the Natex only by the next day. He finds that Sensex is more volatile than Natex. He
concludes for this and other reasons that those who follow the Natex because of its greater
comprehensiveness and theoretical appeal may be mistaken. The Sensex needs to be taken more
seriously as a sound market index.
The observed deficiencies of the Natex raise several disturbing questions for finance theorists and
researchers. Is the market for the less well traded securities in the market inefficient? Do the scrips
constituting the Sensex lead the other scrips? If so, can this relationship be used to make extra normal
returns? Does the Bombay market lead other exchanges which are also represented in the Natex?
These issues call for further research, especially since such questions have been raised by many,
including the SEBI of late.
5
8. On whether SEBI has been successful in improving the functioning of Indian stock markets, the
conclusions are mixed. Francis (1991b), Barua (1993)). Dhillon (1993), in his doctoral dissertation
studies the regulatory policies of Bombay Stock Exchange (BSE) over a four year period (July 1986 -
June 1990). His findings show that regulatory authorities decide changes in their margin policy on
the basis of market activity. He finds that the margins are prompted by changes in settlement returns,
price volatility, trading volume and open positions. Granger causality results show that there is
limited causality in the reverse direction: margin changes do not affect returns, and have only a
limited impact on price volatility, trading volume and open positions. Event study methodology
applied to daily margins show similar results, except that daily margin on sellers do not appear to be
affected by market variables. Further, there is also evidence of under margining leading to
excessively levered positions, thereby increasing the insolvency risk. The above results reveal that
regulations through these instrument have had only a marginal impact on the dual objectives of
controlling market activity and insolvency risk.
Pandya (1992) observes that as a regulatory and development body, SEBI's efforts in the direction of
investor protection are varied and unlimited. The measures brought in by SEBI broadly cover
measures for allocative efficiency in the primary market with fair degree of transparency, reforms in
the secondary market for visible and mutual funds, regulation of various market intermediaries and
above all for the protection of the investing public.
Venkateshwar (1991) explores the relationships of the Indian stock markets as reflected by the
Bombay Stock Exchange Index, vis-a-vis other prominent international stock markets. 23
international Stock indices are used over the period 1983-87. He concludes that there is practically no
meaningful relationship between the BSE index and other international stock market indices, though
the British and South Korean indices are inversely related to BSE.
Raghunathan and Varma (1992a) point out that any comparison of the Indian stock market with those
elsewhere must be carried out on a common currency base. They find that in dollar terms, the
SENSEX return over the 1960-92 period is only about 0.5%, while during the same period the returns
in the U.S. (based on the S & P Index) and the Japanese (based on the NIKEI index) are 6.1% and
11.4% per year respectively. Over the twelve year period 1980-92, the dollar returns for SENSEX, S
& P and NIKEI indices turn out to be 6.5%, 10.65% and 13.6% respectively. For a shorter span of
seven years, namely 1985-92, the returns for the three indices turn out to be quite comparable at 15%,
13% and 14% respectively.
6
9. Very little theoretical work has been done in the field of equity valuation in the Indian context. Even
when some work has been done, it is a mere extension of the well known works of Modigliani and
Miller. For example, Raghunathan and Varma (1991) provide a reasonably comprehensive valuation
model which captures most of the complexities and subtleties of real world. The model is capable of
supporting both the Gordon and MM type assumptions about the investment policy of the firm. It
allows for personal taxes with differential tax rates for dividends, interest, and capital gains. The
model also takes into account flotation costs on debt and equity. Further, unlike other models which
define capital gains as increase in the book value which in turn equals retained earnings, this model
interprets capital gains as increase in the market value of the share. Finally, the model is modified to
take into account the fact that inflation erodes the real value of the firm's assets, particularly the net
monetary working capital.
Some of the other theoretical works on valuation pertain to the Indian debentures and bonds with
unspecified conversion terms. These are discussed under the section on the valuation of bonds and
debentures.
There are several empirical works pertaining to the pricing of equities. Pandey (1981) examines the
impact of leverage on equity prices and concludes that Modigliani-Miller hypothesis is not supported.
However, the risk proxy used in the paper, namely, coefficient of variation of net operating income,
is highly questionable. Zahir and Yakesh (1982) find the dividend per share to be the most important
variable affecting the share price, followed by dividend yield, book value per share, dividend
coverage and the return on investment, in that order. Balakrishnan (1984) also finds that the current
dividend and book value per share are more important determinants of market price as compared to
earnings per share and dividend coverage.
Barua and Raghunathan (1990a) use the Gordon's dividend growth model to show that the prevailing
P/E multiples in the Indian capital market around the second and third quarter of 1990 are on the
higher side. Sinha (1992) argues that the high P/E ratio observed in March 1992 is partly attributable
to abnormally low earnings during 1991-92 and partly to the high P/E ratios of MNCs. Even after
adjusting for these two factors, he finds the P/E ratio to be relatively high.
7
10. Valuation of Bonds, Convertible Debentures and Market for Debt
In developed economies, bond markets tend to be bigger in size than the equity market. In India
however, corporate bond market is quite small compared to the size of the equity market. One of the
main reasons for this is that a large part of corporate debt, being loan from financial intermediaries, is
not securitised. The picture however is undergoing a sea change in the last few years. An
increasingly larger number of companies are entering the capital market to raise funds directly form
the market through issue of convertible and non-convertible debentures. The deregulations on interest
rates in the new liberalized environment is also resulting in innovative instruments being used by
companies to raise resources from the capital markets.
The book written by Sen and Chandrashekar (1986) was a compendium of rules, regulations and
procedures for issue of debentures. The articles by Atmaramani (1984) and Premchander (1989) deal
with changes needed in the guidelines governing issue of debentures to ensure that the instrument
becomes popular with investors.
The work done by Kapadia (1981), Kapoor (1981), Sinha (1983), Chaudhury (1985) analyze the
usefulness of convertible debentures (CDs) as an instrument for raising resources from the capital
markets. After stating that CDs have provided attractive returns to investors, Chaudhury identifies
lack of liquidity and Sinha identifies capital gains tax as two possible dampeners to CDs finding
favour with investors.
Barua and Srinivasan (1987b) and Barua and Raghunathan (1990b) examine the terms on which
convertible debentures are issued to investors. The former argue that the extremely low conversion
price (in relation to the prevailing share price) was unfair to the existing shareholders of the company
as it implied a forced transfer of wealth to new shareholders. Barua and Raghunathan focus attention
on the compulsory conversion of CDs into shares and argue that conversion ought to be optional so
that CDs would acquire the features of a call option. Both these lacunae in the terms on which CDs
can be issued have now been removed under the guidelines prevailing today.
Barua, Madhavan and Varma (1991) examine the case of CDs with unspecified conversion terms.
Such securities, which were unique to the Indian capital markets, had become quite popular in the last
few years of the eighties. Analyzing a large issue of CDs with unspecified terms they concluded that
while under normal circumstances one would expect the share prices to govern the prices of CDs
(since the latter is supposed to be the derived security), if conversion terms are not specified, changes
in the expectations about the conversion terms could start affecting the share prices through the
8
11. dilution effect. Analyzing the issue further Barua and Varma (1991a) develop a theoretical model for
valuation of CDs with unspecified terms and show that an investor in these securities cannot protect
himself from both sources of risk: changes in the value of the firm and changes in the conversion
ratio. They finally argue that CDs should be allowed to be issued only on clearly specified terms.
The new regulations require the issuers to specify the conversion terms clearly thereby removing a
major lacuna which existed earlier.
Raghunathan and Varma (1992b) examine the quality of credit rating being done by CRISIL. They
find that CRISIL's AAA ratings are not only not consistent with international rating norms but they
are also internally inconsistent. They also find that the qualitative factors listed cannot satisfactorily
explain the inconsistencies found in the ratings. Extending the work done earlier, Raghunathan and
Varma (1993) find that a naive model of simply taking an average value of all the variables
considered by CRISIL for rating provides a far more consistent rating of companies than the model
that CRISIL may have used to actually rate the companies. Based on the above analysis, they argue
that there is a need to allow entry of private rating agencies to ensure that the exercise is done more
meaningfully. Sankar (1992) also points out several flaws in CRISIL's credit ratings.
An off-beat work in this area is done by Varma (1989) on valuation of special bearer bonds. A
valuation model is developed which extends the CAPM to take into account the risk of tax raids on
holders of these bonds for unearthing black money. The analysis shows that the pricing of all other
assets relative to each other would be unaffected by the presence of black money in the economy.
While a variety of work has been done on convertible and non-convertible debentures, in view of the
sea change in the regulatory regime, a fair amount of past work is only of historical significance,
providing little guide to what kind of situation would prevail in the future. This has become a very
critical area of research in Indian capital markets.
Barua et al (1994) undertake a comprehensive assessment of the private corporate debt market, the
public sector bond market, the Government securities market, the housing finance and other debt
markets in India. The paper is mainly a diagnostic study of the state of the Indian debt market,
recommending necessary measures for the development of the secondary market for debt. It
highlights the need to integrate the regulated debt market with the free debt market, the necessity for
market making for financing and hedging options and interest rate derivatives, and tax reforms.
9
12. New Issue Market and Merchant Banking
There is a paucity of research done in the new issue market in India. What is worse is that much of
whatever little work has been done, dates back to the late 1970's and early 1980's prior to the
qualitative transformation that took place in the Indian equity markets in the 1980's. Moreover, the
advent of free pricing in 1992 has changed the dynamics of the new issue market almost beyond
recognition. All this means that the bulk of the work being reviewed here is of doubtful relevance in
today's context.
It also means that the new issue market is one of the areas where substantial research needs to be done
in the years ahead. One redeeming feature for researchers in this field is the vastly improved quality
and coverage of commercially available databases. Data which earlier had to be painstakingly pieced
together from hundreds of prospectuses is now available in machine readable form. This would, we
hope, spur an increasing amount of research on this important area.
From an academic point of view, the most significant work in the field of new issues in India is that of
Gujarathi (1981) who examined the question of the risk adjusted return in the new issues market. As
in all studies of new issues, the difficulty of estimating the risk (beta) of newly issued securities forces
Gujarathi to use a complicated methodology for arriving at the risk adjusted return. His conclusion is
that investors in the new issues market in 1970's earned an extra normal return of nearly 2½% per
month!
Khan (1977, 1978) studied the role of new issues in financing the private corporate sector during the
1960's and early 1970's and concluded that new issues were declining in importance. He also showed
that with underwriting becoming almost universal, institutions like the LIC and the UTI were
becoming major players.
Jain (1979) shed more light on this question with an analysis of UTI's role in the new issue market.
He argued that UTI looked at underwriting as a method of acquiring securities at low cost rather than
an arrangement for guaranteeing the success of new issues. In the context of the rapidly changing
structure of the merchant banking industry in India today, a deeper analysis of the motivations and
strengths of different players would be highly useful.
Chandra (1989a) and Varma and Venkiteswaran (1990) critically examine the CCI guidelines for
valuation of shares and point out that the CCI's methodology is fundamentally flawed. With the
10
13. abolition of the office of the CCI, the issue of pricing using the CCI methodology has however
become redundant.
Anshuman and Chandra (1991) examine the government policy of favouring the small shareholders in
terms of allotment of shares. They argue that such a policy suffers from several lacunae such as
higher issue and servicing costs and lesser vigilance about the functioning of companies because of
inadequate knowledge. They suggest that there is a need to eliminate this bias as that would lead to a
better functioning capital market and would strengthen investor protection. With proportional
allocation being advocated by SEBI, a shift in the policy is already evident. However, there appears
to be some re-thinking on proportional allocation after the recent experiences which clearly
demonstrate that such a policy could result in highly skewed ownership patterns.
Much of the work in the field of merchant banking is descriptive in nature. Dhankar's book (1986)
deals with procedural aspects of merchant banking. Verma's book (1990), on the other hand, deals
with organization and management of merchant banking function.
Bhatt (1980) makes certain general observations on the merchant banking function. According to
him, the most important merchant banking functions are promotion, financing and syndication of
loans for projects in the country including for foreign collaborations; investment advisory services,
investment management and advice on joint ventures abroad. Such merchant banking institutions can
also assist non resident Indians in investing their funds in shares of new companies in India, bonds,
securities etc.
Agrawal (1980) stresses the need to redefine the underwriting function. He underscores the need for
distinguishing underwriting from investing. In his opinion such a distinction does not exist in India.
Saha (1988) argues that the strategy of merchant bankers should not be to develop an instrument for
raising capital from the market, but to develop a process that makes creation and delivery of the
instruments possible in accordance with the pace and requirements of the issuers.
Trikha (1989) highlights the lack of professionalism of the merchant bankers in India as regards their
attitude towards the investing public. The concern has become even more relevant today.
None of the papers concerning merchant banking are rigorous in terms of analytical investigation of
the merchant banking industry. With the opening up of the Indian economy, merchant banking is one
11
14. activity which would become crucial for sustained economic development. This is one area therefore
where concerted research is required.
Market Efficiency
Three types of informational efficiency (weak, semi-strong and strong) have been well identified by
researchers in the field of capital markets throughout the world.
Weak efficiency states that current prices fully reflect all the information contained in the history of
past prices and denies the utility of charting and technical analysis. This issue has been researched in
India over a long period and the overwhelming preponderance of evidence, for example, Barua (1980,
1987); Sharma (1983); Ramachandran (1985); Sharma and Kennedy (1977); Gupta (1985) is in
favour of weak form efficiency. There have been only a few studies (Kulkarni (1978) and Chaudhury
(1991a,b,c)) which did not support the weak efficiency hypothesis.
In the light of the above evidence, the results of Bhat and Pandey (1987) appear paradoxical. On the
basis of a questionnaire survey, they conclude that the users and preparers of accounting information
in India do not believe that the market is efficient in any of its three forms.
Bhat (1988a) studies the relationship between the regional market indices in the Indian stock market
over the period 1971-85 using monthly data. He finds that the regional price indicators respond
immediately to the all India index, but cautions that his study is not adequate to conclude the
existence of an integrated national market.
Semi strong form of efficiency deals with the speed with which publicly available information is
assimilated by the market and incorporated in market prices. The evidence on this issue is mixed.
Subramaniam (1989) found that in the case of political events, the market appeared to respond more
efficiently to events whose impact on share values was characterized by low complexity and high
clarity. The market seemed to have difficulty with ambiguous and complex events. Ramachandran
(1985) and Srinivasan (1988) found that the market was by and large efficient in responding to the
information content of bonus issues and rights issues respectively.
A closely related question is the extent to which share prices reflect (publicly known) fundamentals.
Dixit (1986) shows that dividend is the most important determinant of share prices. This is consistent
with standard theories of fundamental value. However, Barua and Raghunathan (1990a), Sundaram
12
15. (1991) and Obaidullah (1991), Sinha (1992) cast doubts on whether the observed price earnings
ratios are consistent with fundamental factors like dividend growth and payout ratios.
Another related question is whether the pricing in Indian markets is consistent with the risk return
parity postulated by the Capital Asset Pricing Model (CAPM). While Varma (1988) and Yalawar
(1988) provide evidence in favour of the CAPM, Srinivasan (1988) argues that the CAPM
relationship holds only in the long run. The validity of the CAPM is important as many tests of the
efficient market hypothesis implicitly assume the validity of the CAPM. More detailed tests of the
CAPM and also of the competing Arbitrage Pricing Theory are important areas for future research.
Barua and Raghunathan (1986) provide evidence of the systematic mispricing of convertible
securities in violation of the risk return parity and argue that this represents an arbitrage opportunity.
Though this paper provoked a heated debate on whether the arbitrage opportunity was really risk free,
the mispricing of convertible securities remains an unexplained anomaly.
Regarding the behaviour of interest rates and fixed income securities, there is hardly any research yet.
Interest rates have been progressively freed since 1991 but the transition to a total free market regime
is likely to be complete only by the mid 1990's. The study by Nachane (1988) of the few interest rates
that have historically been subject to some extent to market forces assumes significance in this
context. Nachane found that the market for lendable funds as reflected in the call market rate, bazaar
bill rate and the SBI Hundi rate is inefficient. The Fisherine hypothesis that interest rates reflect
anticipated inflation is also rejected.
The third form of market efficiency (strong from) asserts that even inside information which is not
publicly available is reflected in market prices very rapidly. This hypothesis is usually tested by
evaluating the performance of mutual funds whose managers can be expected to have some degree of
inside information. The research in this field is discussed in a separate section of this review.
13
16. Dividends, Bonus & Rights Issues and Rates of Return
In a unique work of its kind, L.C. Gupta (1980, 1981) examines the characteristics of the rates of
return on equities in the Indian capital market for a fairly large sample of 276 companies over a
sixteen year period from 1961-76. He concludes that the rates of return provided by equities are
unsatisfactory because: a) about 20% of returns for various holding periods are negative, b) the
returns provide only a partial hedge against inflation, c) the fluctuations in returns even within a year
are large enough to conclude that timing of transactions decisions have significant bearing on realized
returns, d) the risk is considerable even when investment is made in a portfolio of securities and for
long periods of time. While the study is an important milestone in research in Indian capital market,
given the equity cult that started after forced dilution by MNCs because of FERA in the late seventies
and the rise in the equity returns since the second half of eighties, the conclusions of the study are
unlikely to be valid now for the Indian market. A comprehensive study of that kind for the more
recent period is called for.
Gujarathi and Srinivasan (1980) discuss the issue of discount coupons being distributed, particularly
by textile mills, for purchasing the products of the companies. They argue that such coupons are akin
to payment of (disguised) dividends which would not be taxed. Srivastava (1984) does a cross section
study of 327 companies for the year 1982-83 to conclude that high dividend rates are associated with
higher market prices of securities. He therefore states that the famous Modigliani-Miller Model that
dividends have no impact on share prices is not applicable in the Indian context. The analysis suffers
from several limitations, the most obvious being the fact that had the researcher examined the
relationship between earnings and dividends, he would have in all likelihood found that the higher
dividend paying companies are also the ones with higher earnings. Unless the hypothesis of spurious
relationship between prices and dividends because of both being related to earnings is examined and
rejected, the conclusion of the study would be suspect. Dholakia and Bhat (1986) attempt to
decompose the riskiness of shares into risk in dividend and risk in capital gains. Their study suggests
that there is a negative relationship between dividends and capital gains.
Research on bonus issues has dealt with two main sets of issues: (a) the bonus policy and the post
bonus dividend policy of companies, and (b) the efficiency with which the stock market assimilates
information about bonus issues.
Gupta (1991) argues on the basis of a study of 25 large companies over a ten year period that bonus
policy of companies is characterized by low bonus, irregular intervals and inconsistent policy. This is
14
17. an area which needs further study as Gupta's sample is too small to arrive at any definitive
conclusions. In fact, we know too little about how companies decide on bonus issues; certainly, we
know less about bonus policy than about dividend policy.
There is considerably more work on the post bonus dividend performance. Academics have long
argued that the real significance of bonus issues is that they signal management's perception of higher
profits and dividends in future. Early studies by L.C. Gupta (1978) indicated that a third of the
companies did not raise the dividend quantum and that significant number even reduced the dividend.
Gupta, in fact, cautioned investors not to be carried away by the speculative fervour surrounding the
bonus issue. Later studies, however, present a very different picture. Sarma (1993) shows that during
the period 1977-1988, an overwhelming majority of the bonus issues were accompanied by increased
dividend quantum in the bonus year itself. The range of increase was also large and in many cases,
the old dividend percentage was maintained on the enlarged equity base. Sarma's study also indicated
that the bonus per se has no effect on the share value and supported the view that bonus merely
signals higher future profits and dividends.
There is considerable evidence to suggest that the market assimilates information regarding bonus
issues rapidly and efficiently. In an efficient market, the share starts rising in anticipation of the
bonus announcement and completes its rise immediately after the announcement. Ramachandran
(1985) and Ramachandran (1992) both provide evidence that this is so. Obaidullah (1992) also
concludes that there is no evidence to suggest that learning lags exist or that the assimilation of
information is slow.
Rights issues made below market prices are similar to bonus issues in some respects. In fact, a rights
issue at a discount from the market price can be decomposed conceptually into a bonus issue and a
rights issue at market prices. Hingorani (1978) analyses the value of rights shares and illustrates the
advantage derived by the investor.
Srinivasan (1993) studied the efficiency of the market in assimilating the information content of rights
issues and concluded that the market was by and large efficient.
One unresolved issue in the field of rights and bonus issues is the price correction on the ex-bonus and
ex-rights days. While these corrections are not equal to the theoretical corrections, the issue is
complicated by tax arbitrage considerations and by liquidity effects. This unresolved anomaly
deserves fuller study.
15
18. Barua, Madhavan and Raghunathan (1987) show that the beta coefficient of a security, when returns
are measured using discrete time frame, vary with the length of the period used for computation for
returns. The systematic risk of a security if such a method is used would therefore depend on the
assumption about the holding period of investors.
Rao and Bhole (1990) have examined the real rates of return on equities in the Indian market for the
period 1953-87. They conclude that equities provide only a partial hedge against inflation. While the
long term real rates of return are positive, during periods of extraordinarily high inflation, the real
rates of return are negative. The study would have been more useful had the returns provided by
bullion also analyzed for the same period. It would also have been useful to break up the long period
into sub-periods to determine whether the behaviour of returns was different for different sub-periods
and whether reasons could be ascribed for any observed differences. As observed earlier in the paper,
as the Indian stock market has been booming in recent years, the conclusions for a more recent period
could be quite different from the conclusions reached in the study.
Ignatius (1992) has done an interesting study comparing the returns in the BSE with those in the
NYSE. He finds a mildly significant weekend effect in the returns on equities in India as well as
seasonality in return, with the month of December providing significantly higher monthly return.
Overall, the return patterns in the BSE and the NYSE appear to be similar. A more rigorous study of
this kind involving other markets would be very useful at the present juncture when the Indian market
has been thrown open to investment by foreigners, since such a study can assess whether there could
be gains from portfolio diversification through investment in the Indian capital markets.
16
19. Performance and Regulation of Mutual Funds
The first close ended mutual fund was floated in the Indian capital market just over seven years ago in
September 1986. Today, there are more than 130 schemes in the market and the last few months have
witnessed the entry of private sector in this fledgling industry. Given the brief history, it is hardly
surprising that there is paucity of research on Mutual Funds. One of the earliest empirical research in
the area was done by Barua and Varma (1990). They examined the performance of Mastershares, the
first close end Mutual Fund, both in terms of NAV and market prices. They found that though in
terms of NAV the risk adjusted performance of Mastershares was superior to the market, in terms of
market prices the performance was inferior to the market. The initial work was refined in the
subsequent paper by the same authors (1991b) which concluded that the performance of Mastershares
from the point of view of a small investor (whose equity investment would primarily be in terms of
holding of Mastershares) was poor while from the point of view of a large investor (for whom
Mastershares would be one of the securities in the portfolio) the performance was excellent. The
research raised an interesting issue about the purpose of mutual funds: if they are meant primarily for
small investors, then Mastershares have failed to serve the purpose. In another paper Barua and
Varma (1993b) have examined the relationship between the NAV and the market price on
Mastershares. They conclude that market prices are far more volatile than what can be justified by
volatility of NAVs. The prices also show a mean reverting behaviour, thus perhaps providing an
opportunity for discovering a trading rule to make abnormal profits in the market. Such a rule would
basically imply buying Mastershares whenever the discount from NAV was quite high and selling
Mastershares whenever the discount was low.
The earliest work on evolving a regulatory framework for the fledgling industry was done by Barua,
Varma and Venkiteswaran (1991). Drawing heavily on the regulatory framework for operation of
mutual funds in the U.S.A. (Investment Company Act of 1940), the authors proposed detailed
guidelines that could be adopted for mutual funds operating in the Indian capital markets.
The other papers on mutual funds are descriptive in nature and conjecture about the future scenario in
the Indian capital market. Vidhyashankar (1990) concludes that mutual funds would emerge as the
predominant instrument for savings by the household sector by the turn of this century. Mahendra
(1991) reaches a similar conclusion when he states that mutual funds would dominate the Indian
capital markets. Bal and Mishra (1990) conjecture that mutual funds would play an important role in
developing the Indian capital markets.
17
20. In conclusion
In a broad ranging review of this kind, no amount of care usually suffices to save the authors from
being found guilty of omissions - even glaring omissions. We tried to exercise as much care as
possible to ensure that we did not miss any research done after 1977 on the Indian capital markets.
Some omissions are bound to have occurred because of reasons beyond our control. Though we put
in fair amount of effort in identifying all relevant institutions, it is possible that we perhaps did not
write to all institutions engaged in research on the Indian capital markets. Since only 53 institutions
responded out of 118 institutions we wrote to, it is quite possible that some unpublished research
works have not been included in the works reviewed. We can only regret such omissions. We would
be grateful to the readers of this paper if they bring to our notice such omissions so that we could
make the coverage more comprehensive in the next update of the paper.
On the basis of the exercise undertaken by us, we consider it obligatory to make some brief comments
on the state of capital market research in India.
Certain areas such as arbitrage pricing theory, option pricing theory, agency theory, and signalling
theory are virtually unresearched in the Indian context. Besides, very little theoretical work has been
done by researchers in India.
A major malady with which most of the works suffer from is the lack of referencing. Unlike in the
more developed research environments where any academic work can be traced back to the origin by
following the references backward in time, each piece of research in India is more or less a stand
alone piece. It is not unusual to come across papers without any references whatsoever! Where
references exist, they are often incomplete, besides being only cosmetic (not quite relevant to the
work), so that it may be virtually impossible to find a common thread across different works. The
situation is hardly helped by the fact that journals in India are seldom refereed in the true sense of the
word.
Considering the size, vintage and the extent of development of the Indian capital market, the total
volume of research on it appears to be woefully modest. For example, the total number of research
works (each book, dissertation or paper counted as a work) over the 15 year span (1977-92) for 118
potential research institutions is only 180 - about 0.1 unit of work per institution per year! A large
number of works are merely descriptive or prescriptive without rigorous analysis. If one were to
apply a strict definition of research, one may have to exclude about half of the works cited in this
18
21. paper. Further, not only is the average research output very low but the distribution of work done by
the institutions and individuals is highly skewed. To some extent, this skewness might have been
exacerbated by the fact that the authors of this paper have had more complete access to the works of
their own institution as compared to other institutions. The main reason as to why Indian capital
market is grossly under-researched is perhaps because of lack of availability of databases and
computing resources. Both these limitations are being removed and we are optimistic that one is
likely to witness an explosion of work in the near future. The current interest of foreign investors in
the Indian capital market, if it is sustained, would also help give a fillip to research.
19
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LXXII. Dholakia R H and Bhatt Ramesh (1986), "Dividend Rate and Variation in Share Prices: An
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LXXIII.Francis C K (1991a), "Towards a Healthy Capital Market", Yojana, Vol. 35, Mar.1-15, p. 11-
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LXXIV.Francis C K (1991b), "SEBI - The Need of the Hour", SEDME, Vol. 18(3), p. 37-41.
LXXV.Gahan P (1985), "Short term Investment vs Disinvestment under conditions of Certainity - A
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LXXVI.Ganesh R (1988), "Return on Net Worth : A Close Look", Chartered Secretary, Vol. 18 (9),
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LXXVII.Garai S (1989), "Corporate Over-All, performance as Judged by Investors: A Canonical
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24
27. LXXIX.Gujarathi M & Srinivasan G (1980), "Shareholders Discount Coupons - A Case of Disguised
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LXXX.Gujarathi M. (1981), "Performance of New Equity Shares: An Indian Experience", Doctoral
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XCIII. Gupta Ramesh (1991a), "Revamping Stock Exchange Operations - Some Suggestions",
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25
28. XCV. Gupta Ramesh (1991c), "Regulation of Securities Market in India: Some Issues ", Chartered
Secretary, Vol. 21, No. 6 (Jun).
XCVI. Gupta Ramesh (1992a), "Development of the Capital Market in India: A Regulatory
Perspective", Working Paper No. 997, (Jan-Mar), Indian Institute of Management,
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XCVII. Gupta Ramesh (1992), "Foreign Stock Listing: Benefits and Costs", Chartered Secretary, Vol.
22, No. 5 (May), p. 410-11.
XCVIII.Gupta Ramesh (1992), "Options Trading: A Primer and a Proposal", Chartered Secretary,
Vol. 22, No. 10 (Oct), p. 883.
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CIV. Jhamb Mahendra (1991), "Mutual Funds Dominate Market Capital", Yojana, Vol. 35, July
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CV. Kapadia M B (1981), "Financing with Convertible Debentures", Management Accountant,
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CVI. Kapoor R C (1981), "Convertible Debentures : Major Financial Considerations",
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CVII. Kejriwal S R (1978), "Reservation of shares for Financial Institutions", Chartered Secretary,
Vol. 8, No. 6 (Jun), p. 188-189.
CVIII. Kothari Rajesh (1986), "Profile of Recent Developments in Indian Capital Market",
Prashanika, HCM-RIPA, Vol. XV, No. 4 (Oct-Dec).
CIX. Khan M Y (1977), "New Issue Market and Company Finance", Economic & Political
Weekly, Review of Management, Vol. 12, p. M11-21.
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26
29. CXI. Kulkarni N Suresh (1978), "Share Price Behaviour in India : A Spectral Analysis of Random
Walk Hypothesis", Sankhya, The Indian Journal of Statistics, Vol. 40, Series D, p. 135-162.
CXII. Lal Jawahar (1992), "Investors' Understanding of Information: Some Evidence", Chartered
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CXIII. Lal T (1990), "Primary Capital Market : Some Reflections", Yojana, Vol. 34, June 16-30, p.
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Weekly, Review of Management, Vol. 12, (May), p. M61-71.
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CXVIII.Mehta Nipun S (1992), OTC Exchange of India : The Stock Exchange for You and Me, Jaico
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CXIX. Mookerjee Raju (1988), "The Stock Market and The Economy : The Indian Experience",
Indian Economic Journal, Vol. 36 No. 2 (Oct-Dec), p. 30-43.
CXX. Nachane D M (1988), "The Interest-Price Nexus : An Old Theme Revisited", Economic &
Political Weekly, Vol. 23, Feb.27, p. 421-424.
CXXI. Narayanaswamy R (1989), "Capital Market Efficiency and Financial Reporting", IIMB
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of Rajasthan, 1973.
CXXV. Palaha Satinder (1991), Cost of Capital and Corporate, policy, with Special Reference to the
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CXXVII.Pandya V H (1992), "Securities and Exchange Board of India: Its Role, Powers, Functions
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27
30. CXXVIII.Pasricha S.N. (1979), "Fixed Investment Behaviour in India - A Survey of Econometric
Studies", Margin, Vol 12, p 115-130.
CXXIX.Patil R H (1987), "Can the Stock Exchanges Support the Envisaged Capital Growth?",
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CXXX.Prabhakaran Malathy (1989), "Do Equities Act as a Hedge against Inflation?", Economic &
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CXXXI.Premchander (1989), "Protecting Debentureholders in the Capital Market", Vikalpa, Vol.
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CXXXII.Puranik Alok (1992), "Role of Corporate Securities in Household Saving and Private
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CXXXIII.Purnanandam J & Hanumantha Rao K.S. (1966), "Corporate Dividends and Target,
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CXXXIV.Rafat Mubeen (1990), "Critical Factors Influencing Financing Decisions: Regulatory
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CXXXV.Raghunathan V & Srinivasan G (1985), "Investment Oppurtunities and Gordon's Stock
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Management, Ahmedabad.
CXXXVI.Raghunathan V & Srinivasan G (1987), "Target Debt Maintanence Under Alternative Net
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CXXXVII.Raghunathan V (1991), Stock Exchanges and Investments: Straight Answers to 100
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CXXXIX.Raghunathan V, Varma J R & Venkiteswaran N (1991), "The New Economic Package and
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CXLI. Raghunathan V & Varma J R (1992b), "Crisil Rating : When Does AAA mean B?", Vikalpa,
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CXLII. Raghunathan V & Varma J R (1993), "When AAA Means B: The State of Credit Rating In
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28
31. CXLIII.Ramachandran G (1989), "Behaviour of Share Prices - A Statistical Analysis", Doctoral
Dissertation, Institute for Financial Management and Research.
CXLIV.Ramachandran G (1992), "Information Content of Bonus Issues - An Empirical Analysis in
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29
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CLXIII.Sinha Sidharth (1993), "The Badla Market and Futures and Options", Unpublished Paper,
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CLXIV.Simha S L N, Hemalatha D & Balakrishnan S (1979), Investment Management, Institute of
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CLXVII.Sinha N, p (1983), "Convertible Debentures - An Analytical Study", Chartered Accountant,
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33. CLXXIV.Srivastava R M (1991), "Merchant Banking In India - A Bright Future", Yojana, Vol. 35,
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CLXXXIX.Yalawar Y B (1988), "Bombay Stock Exchange : Rates of Return and Efficiency", Indian
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31
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32