Abstract

Objectives: The study examines the nature of pricing of IPOs in the Indian primary market over the last one and half decades (2000-01 to 2015-16). Further, we have tried to explain the rationality behind mispricing of IPOs in terms of general stock market movements. To be specific, the focus is on how does the prior general stock market behavior affects pricing of IPOs.

Methods: We have collected data through different sources, like, prime database, the official websites of BSE and NSE. For the purpose of evaluating the objectives of the study, ordinary least square (OLS) method is used to estimate parameters. In this context, two opposite situations of market (i.e., positive reactions and negative reactions) are used to predict the average return of IPOs. In addition, some descriptive statistical techniques of data analysis were also applied in our study to analyze data and draw conclusions.

Findings: It is seen that like the evidences of the developed market and other emerging markets IPOs are also underpriced in India. Like developed market in India also the book building method is gaining importance over the years. Interestingly, it is found that if market return reacts positively prior to issuance of IPOs average underpricing would be higher compared to the alternative situation. However, from the results of the estimated analysis, it is documented that general stock market movements do not have any significant role in explaining underpricing of IPOs in India.

Applications: From the estimated results of the study, it is apparent that underpricing of IPOs is persistent in India immediately after listing. Further, it is also appeared that unlike developed markets, in India prior stock market movements does not have any significant role in explaining underpricing phenomenon.

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Abstract

Objective: (1) To critically evaluate the effectiveness of these two flagship schemes in fulfilling and implementing the objectives as enshrined in the policy guidelines. (2) To make a comparative analysis of the performances of the schemes in two different political set up namely, the Left front ruled government and the Trinamool congress ruled government and lastly. (3) To make future policy recommendations.

Methodology: Meta-analysis using SPSS software package was meticulously done to decipher the financial lapses obtained from the voluminous unpublished audit reports on fifteen sample Panchayats. Meta-analysis actually helps summarizing the unclassified various observations. The model encompasses problem formulation, data collection, data evaluation, data analysis and interpretation and public presentation.

Findings: The reality check through this unique meta-analysis approach using data from the unpublished local audit reports of the respective village Panchayats with regards to the functioning of the two important flagship schemes namely, MGNREGS and IAY at disaggregated level during 2005-06 to 2015-16 in Bankura district, West Bengal revealed that their overall performances for both security of livelihood especially for providing enough man-days of employment and women empowerment were subversive in nature and not at all in commensurate with the stated objectives as enshrined in the guidelines. It became clear that during the left front rule not a single village Panchayat could fulfil this minimum criterion of providing 100 man-days of guaranteed employment and the situation during the TMC Rule did not improve rather deteriorates. The change in political establishments did not alter the situation significantly.

Application/Improvement: Meta-analysis approach for analysing the effectiveness of the two important flagship schemes is very rare and we have not come across this type of study so far.

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Abstract

Objectives: Fruits production plays a significant role for improvement of economic wellbeing in the country. We have examined growth and instability of selected fruit crops and crop-groups namely, mango, banana, papaya, guava, litchi, other fruit groups, all fruits combined, total foodgrains, total non-food grains and all crops combined in West Bengal vis-a-vis India and also in Burdwan, a district of West Bengal during 2000-01 to 2014-15.

Methods: Here unconditional and conditional annual compound growth rates have been measured by fitting appropriate trend equations when the underlying series are found to be respectively stationary and non-stationary. Instability of those selected crops has been measured by using Cuddy-Della Valle index. The secondary data on area, production and productivity are collected from different issues of Statistical Abstract of West Bengal, Statistical abstract of India, Horticultural Handbook of India and RBI Handbook.

Findings: The production growth rates of crop-groups are found to be significantly positive in West Bengal and India. But in case of all fruits combined, Burdwan experienced significantly positive growth in its production. The production growth rate of papaya is significantly positive in Burdwan, West Bengal and also in India. The production growth rates of mango and litchi are significantly found to be positive in the country as well as in the state.

Application: The production instability of crop-groups except non-food grains is low compared to the individual fruit crops in our study areas. No positive relationship between growth and instability is found here in fruits farming.

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