Parikalpana: KIIT Journal of Management

Sathya Swaroop Debasish ¹

Affiliations
1 P.G. Dept. of Business Management, Fakir Mohan University, Vyasa Vihar, Balasore - 756019, IN

Abstract

The belief that trading activity in equity futures markets can lead to excess volatility in spot equity markets is widely held. The popular opinion is that equity index futures allow traders to obtain market-wide risk exposure with substantially lower transaction costs than if spot positions are taken. Trading on NIFTY futures was introduced on the 12th of July 2000. This study aims to study the impact of the introduction of stock index futures on the volatility of the Indian spot markets. The change in the volatility is compared not only in absolute levels of volatility but also in terms of the structure of the volatility, which was measured by Chow test. Weekly volatility series were constructed from daily spot closing prices for NSE Nifty index. The data set consisted of 558 weekly observations from April 1997 to April 2007. The study considered six different measures of volatility including the Figlewski (1981) volatility measure. A general dynamic linear regression model was constructed to explain spot volatility. The investigation utilized the GARCH family of statistical models like GARCH-M and I-GARCH model, to investigate volatility in NSE Nifty spot prices both before and after the onset of futures trading. The tests confirmed that there was no structural change after the introduction of futures trading. The GARCH analysis revealed that whilst the pre-futures sample was integrated the post-futures sample was stationary. This observation implies that the persistence of shocks has decreased since the onset the derivative trading. Further, it is evidenced that spot returns volatility is less important in explaining spot returns after the advent of futures trading in NSE Nifty index. Results from the regression analysis are consistent with the majority of previous studies in that they reveal no apparent change in volatility. In conclusion we find no evidence to suggest that there has been a spillover of volatility from the futures to the spots market in NSE Nifty index. Our results imply that futures markets serve their prescribed role of improving pricing efficiency and providing a hedging vehicle which lessens the importance of volatility.

Keywords

Futures, Stock Index, GARCH, NSE Nifty, JEL Classification: G13, G15.

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Sathya Swaroop Debasish ¹, Sarmistha Sarma ²

Affiliations
1 Department of Business Management, Fakir Mohan University, Balasore, Orissa, IN
2 Delhi College of Advanced Studies (Affiliated to GGSIP University), New Delhi, IN

Abstract

Banking sector in recent times have been faced by numerous challenges of constantly providing better services towards achieving customer delight. Past research in customer satisfaction and service quality has resulted in increasing research efforts to look at new ways to evaluate these concepts. In the present era , the emphasis is on Customer Delight(CD) so as to exceed customer's expectations. The objective of this study is to identify the factors that create 'customer delight' and to measure the level of such 'delight' in the sample banks studied. This study has employed Kano's model of customer satisfaction in measuring level of 'delight' factors in the Indian banking segment. The total sample size of the study is 200 customers with 50 from each of the 4 selected banks under study and our study area is New Delhi. . In case of SBI it is seen that quick service, parking space and add on facilities like services for senior citizens , differently abled are 'Must-be' features whereas in case of Bank of Baroda ,it is Quick Service, Parking space and low paper work that are 'Must-be' . It is found that among the ICICI Bank customers that they are largely indifferent to working hours and add on facilities for senior citizens and differently abled. Further, it is found that Prompt reply, Branch availability, wide acceptability of debit and credit cards and longer working hours are the delighter factors whichwhen fulfilled delight the customer and on their non-fulfilment dissatisfy them.

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Amit Vikram ¹, Mohammad Israrul Haque ², Ganesh Singh ³, Sathya Swaroop Debasish ⁴

Affiliations
1 Cognizant Technology Solutions, IN
2 Department of Business Administration, Aligarh Muslim University, IN
3 All India Management Association- Centre for Management Education, IN
4 Dept. of Business Administration, Utkal University, Bhubaneshwar, Odisha, IN

Abstract

The design of Knowledge management adoption depicts similarity to the design proposed in 'Technology Acceptance Model (TAM)' and 'Extended Technology Acceptance Model (TAM2)' holding varied adoption enablers, suggested by Davis 1989. The purpose of this paper is to identify the relationship between KM adoption enablers and demographic variables prevalent in Indian ITES organizations within Delhi NCR. Due to ordinal nature of data, 'multiple-ordinal regression' was applied. The demographic variables are considered independent while KM adoption variables/enablers are considered dependent for this research.

The outcomes from of 'multiple-ordinal regression' showcase that maximum number of statistically significant outcomes were in case of the KM adoption enabler 'Perceived Usefulness' holding likelihood of lower cumulative scores in most cases with lowest scores from the independent variables '18-28 years' age group and 'Admin' department.

This research study has proposed a knowledge management adoption framework for Indian ITES organization that can be used as guidelines to develop KM adoption and augmentation strategies.

Keywords

Knowledge Management, Technology Acceptance Model, Multiple-Ordinal Regression.

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Shekhar Mishra ¹, Sathya Swaroop Debasish ²

Affiliations
1 Department of Business Management, C.V. Raman College of Engineering, Bhubaneswar, PIN: 752054, IN
2 Department of Business Administration, Utkal University, Bhubaneswar, 751004, IN

Abstract

The present paper analyses the association between global crude oil price, exchange rate, inflation and stock market in Indian economic scenario. The paper employs Vector Auto Regression Model on monthly data from April 2001 to March 2017. The monthly data has been sourced from official website of Energy Information Agency (EIA), Reserve Bank of India (RBI) and Bombay Stock Exchange (BSE). The analysis reveals the variables being integrated of Order I (1) and negates the possible existence of long run relationship among them. The analysis shows the negative relationship between stock index and inflation and positive association with exchange rate and WTI crude oil price. The paper also indicates the indicates the WTI crude oil price increase cause increase in inflation and exchange rate depreciation. Although the increase in WTI crude oil price has a favourable impact on BSE Index, the paper necessitates the need of decrease in reliance upon crude oil price so as to curb the increase in inflation and exchange rate depreciation. The policymakers need to devise policies to keep control on the increase in inflation and conserve the foreign exchange.

Keywords

WTI, Inflation, Exchange Rate, Vector Auto Regression Model.

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