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Gurusamy, S.
- Exploring the Factors Resisting Stock Market Participation among Indian Working Women: An Empirical Investigation
Abstract Views :529 |
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Authors
P. Hemavathy
1,
S. Gurusamy
2
Affiliations
1 Department of Commerce, University of Madras, Chepauk, Chennai–600005, IN
2 Board of Studies of Commerce, University of Madras, Chepauk, Chennai–600005, IN
1 Department of Commerce, University of Madras, Chepauk, Chennai–600005, IN
2 Board of Studies of Commerce, University of Madras, Chepauk, Chennai–600005, IN
Source
ANVESHAK-International Journal of Management, Vol 4, No 2 (2015), Pagination: 36-50Abstract
The beginning of 2014 has witnessed the escalating flow of capital, new pinnacle for benchmark indices and market capitalization which has carved out an investor's encouraging climate for investment. India has an awful retail participation in equity markets. There is an unambiguous upheaval to bring the retail investor back into the stock markets. Women are becoming one of the largest groups of investors across the globe. Many households shy away from stock markets, because of lack of adequate financial knowledge on stocks, the stock market working and asset pricing. This leads to stumpy retail participation putting the Indian stock markets in 'dilemma'. This study attempts to determine the factors which resist Indian working women from stock market participation considering equity as an Investment avenue. The researcher applies principal component factor analysis as the statistical tool to determine the stock market resistance factors. Results reveal that there exist five factors, namely, psychosomatic fear factor, risk factor, monetary factor, unawareness factor, information factor are the predominant factors which affect the women's participation in the Indian equity market. The researcher concludes that effective participation in the investor education programmes boost the women investor's confidence which enables them to get best insights of various equity oriented securities.Keywords
Financial Knowledge, Retail Investors, Working Women, Stock Markets, Cognitive Ability.
References
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- Andrew, C. (2006), “Worthington Predicting Financial Literacy in Australia, Financial Services Review, Vol. 15, pp. 59–79.
- Bernheim, B.D. and Garrett, D.M. (2003), “The Effects of Financial Education in the Workplace: Evidence from a Survey of Households”, Journal of Public Economics, Vol. 87, No. 7–8, pp. 1487–1519.
- Bertaut, C. and Starr-McCluer, M. (2001), Household Portfolios in the United States, in Household Portfolios (Eds) L. Guiso, M. Haliassos and T. Jappelli, MIT Press, Cambridge, MA, pp. 103-42.
- Bonaparte, Yosef and Kumar, Alok (2013), “Political Activism, Information Costs and Stock Market Participation”, Journal of Financial Economics, Vol. 107, Issue 3, pp. 760-786, P. 27.
- Cohen, J., Cohen P., West, S.G. and Aiken, L.S. (2003), “Applied Multiple Regression/Correlation Analysis for the Behavioral Sciences, (2nd ed.) Hillsdale, NJ: Lawrence Erlbaum Associates.
- Favilukis, Jack, “Inequality, Stock Market Participation and the Equity Premium”, Journal of Financial Economics, Mar. 2013, Vol. 107, Issue 3, p. 740–759, p. 20.
- Financial Finesse Inc (2011), “Gender Gap Remains in Financial Literacy: Women Still lag men in Financial Knowledge and Confidence”, Toledo Business Journal, Vol. 27, Issue 8, pp. 7–7, pp. 1–3
- Fletschner, Diana and Michael, R. Carter (2008), “Constructing and Reconstructing Gender: Reference Group Effects and Women's Demand for Entrepreneurial Capital”, Journal of Socio-Economics, Vol. 37, No. 2, pp. 672–693.
- Geng, Li (2004), “Information Sharing and Stock Market participation: Evidence from Extended Families”, Review of Economics & Statistics, Vol. 96, Issue 1, p. 151–160, P. 10.
- Geng, Li (2014), “Information Sharing and Stock Market Participation: Evidence from Extended Families”, Review of Economics & Statistics, Vol. 96, Issue 1, p. 151–160, P. 10.
- Georgarakos, Dimitris and PasiniGiacomo (2011), “Trust, Sociability and Stock Market participation”, Review of Finance, Vol. 15, Issue 4, pp. 693–725, p. 33.
- Heshmat, Nesma Ahmed (2012), “Non Professional Investors’ behavior: An Empirical Study of Female Saudi Investors”, International Journal of Commerce & Management, Vol. 22, Issue 1, p. 75–90, p.16.
- Hira, T.K. and Mugenda, O.M. (2000), “Gender Differences in Financial Perceptions, Behaviors, and Satisfaction”, Journal of Financial Planning, Vol. 13(2), pp. 86–92.
- Honghui Chen, Noronha, Gregory and Vijay Singal (2006), “S&P 500 Index Changes and Investor Awareness”, Journal of Investment Management, 2nd Quarter, Vol. 4, Issue 2, pp. 23–37, p. 15.
- HuiGuo (2004), “Limited Stock Market Participation and Asset Prices in a Dynamic Economy”, Journal of Financial and Quantitative analysis, Vol. 39, No. 3, pp. 75–84.
- Into, F.H. (2003), “Older Women and Financial Management: Strategies for maintaining independence”, Educational Gerontology, Vol. 29, No. 10, Nov-Dec, pp. 825–839.
- Jackson, Gary (2012), “Most Investors Lack Risk Awareness”, Fundweb, 30/04/2012, pp. 13-13, p. 1
- Kaustia, Markku and Torstila, Sami (2011), “Stock Market Aversion? Political Preferences and Stock Market, Participation”, Journal of Financial Economics, Vol. 100, Issue 1, pp. 98-112, p. 15.
- Khorunzhina, Natalia (2013), “Structural Estimation of Stock Market Participation Costs”, Journal of Economics Dynamics & Control, Vol. 37, Issue 12, p. 2928–2942, p. 15
- Lee, Kuan-Hui (2012), “Markov Model of Word-of-Mouth Effect and Stock Market Participation”, Seoul Journal of Business, Vol. 18, Issue 1, pp. 83–103, p. 21.
- Lauren, E. Wills (2011), “The Financial Education Fallacy”, American Economic Review: Papers and Proceedings, Vol. 101(3), pp. 429–434.
- Mahastanti, Linda Ariany and Hariady, Edy (2014), “Determining the Factors Which Affect the Stock Investment Decisions of Potential Female Investors in Indonesia”, International Journal of Process Management & Benchmarking, Vol. 4, Issue 2, p. 186–197, p. 12.
- Makarov, Dmitry S. and Schornick, Astrid V. (2010), “Planning Households’ Investment Behaviour”, INSEAD Working Papers Collection, Issue 44, pp. 1–23, p. 23.
- Smith, James P., John, J. McArdle and Willis, Robert (2010), “Financial Decision Making and Cognition in a Family Context”, The Economic Journal, Vol. 120, pp. 363–380.
- Alhenawi, Yasser and Elkhal, Khaled (2013), “Financial Literacy of US Households: Knowledge vs. Long Term Financial Planning”, Financial Services Review, Vol. 22, pp. 211–244.
- Bonaparte, Yosef and Fabozzi, Frank J. (2011), “Savings Selectivity Bias, Subjective Expectations and Stock Market Participation”, Applied Financial Economics, Vol. 21, pp. 119–130.
- Bonaparte, Yosef and Fabozzi, Frank J. (2011), “Savings Selectivity Bias, Subjective Expectations and Stock Market Participation”, Applied Financial Economics, 21, pp. 119–130.
- Zhou, Jie (2012), “Life-cycle Stock Market Participation in Taxable and Tax Deferred Accounts”, Journal of Economic Dynamics & Control, Vol. 36, Issue 11, pp. 1814-1829, p. 16.
- Indian Working Women’s Gold Obsession and Stock Market Dilemma:An Empirical Investigation
Abstract Views :507 |
PDF Views:204
Authors
P. Hemavathy
1,
S. Gurusamy
2
Affiliations
1 Department of Commerce, University of Madras, Chepauk, Chennai – 600 005, IN
2 Department of Commerce, University of Madras, Chepauk, Chennai- 600 005, IN
1 Department of Commerce, University of Madras, Chepauk, Chennai – 600 005, IN
2 Department of Commerce, University of Madras, Chepauk, Chennai- 600 005, IN
Source
AMBER – ABBS Management Business and Entrepreneurship Review, Vol 7, No 1 (2016), Pagination: 14-29Abstract
This paper attempts to investigate the adoring Gold market and panic-stricken Stock market in India by exploring the perception of Indian working women. The researcher analyses the influence of demographic variables and gold obsession factors on the Knowledge, Social, Psychological, and Demographic factors which affects the stock market participation. Results revealed that the working women need to be financially knowledgeable in order to manage their finances especially in the stock market. The researcher also finds that the gluttonous demand for gold in India that has been predominantly resisting the retail participation in the Indian equity market. Rigorous financial education will influence the Indian working women to revisit the Indian stock market.Keywords
Gold Obsession, Stock Market Participation, Capital Appreciation, Religious Factor, Social Factor, Working Women.Full Text
References
- Amalendu Bhunia and Somnath Mukhuti (2013). The Impact of domestic gold price on stock price indices – An empirical study of Indian stock exchanges, University Journal of Marketing and Business Research, Vol. 2(2)pp. 035-043
- Avainsh Pranjape (2005).Benefits of holding Gold. Economic and Political Weekly, Vol. 40, No.48 (Nov .26- Dec.2, 2005), pp. 4958-5132
- Baur, D.G (2011). Asymmetric Volatility in the Gold Market.”Working paper.http://ssrn.com/abstract=1526389
- Baur,D.G., and B.M. Lucey (2010). Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold. Financial Review 45(2): pp. 217-229
- Cai, J., Y.L. Cheng and M. Wong,(2001) What moves the Gold Market?, Journal of Futures Markets, Vol.21, No.3, pp:257-78
- Capie, F., T.C. Mills and G. Wood (2005), Gold as a Hedge against the Dollar? Journal of International Financial Markets, Institutions and Money, 15(4), pp. 343-52
- Chen, An-Sing, Lin, James Wuh (2014). The relation between gold and stocks: severe bear markets, Applied Economics Letters, Vol. 21 Issue 3, pp. 158-170. 13p.
- David Hiller, Paul Draper, and Robert Faff (2006). Do Precious Metals Shine? An Investment Perspective. Financial Analysts Journal, Vol. 62, No. 2, pp. 98-106
- Felton, J., Gibson, B., Sanbonmatsu, D. (2003). Preference for risk in investing as a function of Trait Optimism and Gender. The Journal of Behavioral Finance, 4, pp. 33– 40.
- Feng, Lei, and Mark S. Seasholes.(2004). Correlated Trading and Location. Journal of Finance,54(5), pp. 2117–2144.
- Glover, K and D Baur, (2012).The Destruction of a Safe Haven Asset? Applied Finance Letters, 1(1), pp. 8-15.
- GuisoLuigi, and TullioJappelli (2005). Awareness and Stock Market Participation. Review of Finance, pp. 537-567.
- Guiso, L., Sapienza, P., Zingales, L. (2003). People s opium? Religion and economic attitudes. Journal of Finance, 59. pp.137-163.
- Guiso, Luigi, Haliassos,Michalis, and TullioJappell i(2001).Household Portfolios. MIT Press,Boston, Journal of Monetary Economics 50, 1, pp: 225-282.
- Guiso, Luigi, Sapienza, Paola, and Luigi Zingales. (2004). The Role of Social Capital in Financial Development. American Economic Review 94, pp: 526-556.
- Guiso, Luigi, Sapienza, Paola, and Luigi Zingales. (2008). Trusting the Stock Market. Journal of Finance 63, pp: 2557-2600.
- Hong, H., Kubik, J., Stein, J., (2004). Social interaction and stock-market participation.The Jannarore, John, Investors Decide: In Gold We Trust, Wall Street Journal - Eastern Edition. 2/23/2009, Vol. 253 Issue 43, ppC10.
- Jordan (1998), ‘Demand is Constant/An Excessive Fondness’: For Indians, Ignoring World, All that Glitters is Gold’, International Herald Tribune (26 February)
- Kannan and Sarat Dhal, (2006), ‘India’s demand for Gold: Some issues for Economic Development and macroeconomic policy’, Indian Journal of Economics and Business, Department of Economic Analysis & Policy, Reserve Bank of India
- Keynes, J.M.(1913), “Indian Currency and Finance”, Gold in India, (London: Macmillan), pp: 69-70
- Kutan, A and T Aksoy (2004), Public Information Arrival and Gold Market Returns in Emerging Markets: Evidence from the Istanbul Gold Exchange, Scientific Journal of Administrative Development, Vol. 2, pp:13-26
- Lutter JL (2008), Consumer Behavior during Investment Gold Purchase in comparison to other Investment Instruments, PhD Thesis, Tallinn University, Baltic Film and Media School, Tallinn 2008
- Margarida Abreu and Victor Mendes (2009) ‘Financial literacy and Portfolio diversification’ Quantitative finance, Vol.10, No 5, pp: 515-528
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- Perception of Bank Customers on e-Banking Services - A Study with Special Reference to SBI Customers of Madras University Branch
Abstract Views :238 |
PDF Views:88
Authors
K. Janaki
1,
S. Gurusamy
2
Affiliations
1 Department of Commerce, University of Madras, Chepauk, Chennai - 600005, Tamil Nadu, IN
2 Department of Commerce, Chairperson – School of Business and Management Studies, University of Madras, Chepauk, Chennai – 600005, Tamil Nadu, IN
1 Department of Commerce, University of Madras, Chepauk, Chennai - 600005, Tamil Nadu, IN
2 Department of Commerce, Chairperson – School of Business and Management Studies, University of Madras, Chepauk, Chennai – 600005, Tamil Nadu, IN
Source
SAMVAD: International Journal of Management, Vol 16, No 2 (2018), Pagination: 17-24Abstract
e-Banking is an electronic mode of transaction. It enables any individuals, customers, financial institutions to have any transactions through the financial institution’s website. e-Banking typically connect to or be a part of the core banking system and is in contrast to the branch banking which was the traditional way of accessing to its customers. The aim of the research paper is to study the awareness of e-banking among the customers and their perception towards e-banking with regard to usage and its benefits. The author has adopted multiple regression analysis to examine the perception of customer towards e-banking with regard to usage and its benefits. With the previous work of factor analysis Principal Component method done, the variables are grouped into five factors as Gratification, Confirmation, Security, Reliability and Information. Therefore, it is concluded that there is a sharper estimation on the influence of security factors and the information factors on the perception of customers towards e-banking with special reference to SBI, Madras University branch.Keywords
Confirmation, Electronic Payment Transactions, Financial Institution, Gratification, Information, Reliability, Security.Full Text
References
- Daniel E. (1999). Provision of Electronic Banking in the UK and the Republic of Ireland. International Journal of Bank Marketing, 17 (2), 72–83.
- Fozia (2013). A Comparative study of customer perception toward e-Banking services provided by selected private and public sector bank in India. International Journal of Scientific and Research Publications, 3(9). 1 ISSN 2250-3153.
- Gurusamy, S. (2014). Banking Theory Law and Practice. 2nd Ed. EG-EULC, McGraw-hill, p. 347. ISBN: 978-81-8209-197-9. https://www.amazon.in/BankingTheory-Law-Practice-3e/dp/8182091977.
- Hussein M.I. & Aziz Ra El (2013). Investigating e-Banking service quality in one of Egypt’s banks: A stakeholder analysis. The TQM Journal, 25(5), 557 – 576, ISSN: 1754-2731.
- Kumbhar V.M, (2011). Factors affecting the customer satisfaction in e-Banking: Some evidences form Indian Banks management research and practice. Management Research and Practice, 3(4), 1−14.
- Sahoo R.K. & Swain S.C. (2012). Study of perceived value and performance of e-Banking in India with a special reference to Punjab National Bank. Indus Journal of Management and Social Sciences, 5(1), 64−75.
- Salhieh L., et. al. (2011). The assessment of e-Banking readiness in Jordan. International Journal of Islamic and Middle Eastern Finance and Management, 4(4), 325−342.
- Shanmugam M., et. al. (2015). Understanding customer perceptions of internet banking: the case of the UK. Journal of Enterprise Information Management, 28(5), 622 – 636. ISSN: 1741- 0398.
- Awareness of College Students in the Adoption of Social Networking Sites in Creating a New Learning Environment
Abstract Views :336 |
PDF Views:1
Authors
D. Monisha
1,
S. Gurusamy
2
Affiliations
1 Department of Commerce, University of Madras, Chepauk Campus, Chennai – 600005, Tamil Nadu, IN
2 Department of Commerce, Director of Planning Development, University of Madras, Chepauk Campus, Chennai – 600005, Tamil Nadu, IN
1 Department of Commerce, University of Madras, Chepauk Campus, Chennai – 600005, Tamil Nadu, IN
2 Department of Commerce, Director of Planning Development, University of Madras, Chepauk Campus, Chennai – 600005, Tamil Nadu, IN
Source
ANVESHAK-International Journal of Management, Vol 8, No 1 (2019), Pagination: 71-83Abstract
It is focused on understanding academicians’ intentions to meet the changed learning styles, preferences, and usage of social media for effective teaching, little is known about how students would use these social networking sites for learning besides their daily uses for gaming and communication especially in the student perception. Social media have great supported to students in academic related to improving in learning activities to success and motivation for students. In this study, an attempt has been made to identify the awareness of college students on social networking site and its applications in creating a learning environment and to explore the factors are significant in determine the usage of social networking sites in academic environment. It is made at from this research that certain factors are significant in determining the usage of social networking sites in creating a learning environment and these includes academic supports, consonance value, practical worth, reliability, comparative benefit and illustrated etc. the study reveals that increased use social networking sites in creating a new learning environment its helps to college students in efficient and better way.
Keywords
Academic, Learning Style, Social Media, Social Networking Site.References
- Akgündüz, D. & Akınoğlu, O. (2017). “The impact of blended learning and social media-supported learning on the academic success and motivation of the students in science education”, Education and Science, 2017, Vol. 42, pp. 69-90.
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- Bond, R. M., Chykina, V. & Jones, J. J. (2017). “Social network effects on academic achievement”, International Journal of Social Science, 2017, Vol. 54, No. 4, pp. 438-449.
- Fbrahimpour A, Rajabali F., Yazdanfar, F., Azarbad R., Nodeh, M. R., Siamian H. & Vahedi, M. (2016). “Social Network Sites as Educational Factors”, International Journal of Academy of Medical Science, Vol. 24, No. 2, pp. 134 – 138.
- Imlawi, J., Gregg, D. & Karimi, J. (2015). “Student engagement in coursebased social networks: The impact of instructor credibility and use of communication”, International Journal of Computers and Education, 2015, Vol. 88, pp. 84-96.
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- Manca, A. A., Ranieri B. M. (2016). “Facebook and the others. Potentials and obstacles of Social Media for teaching in higher education”, International Journal of Computers and Education, 2016, Vol. 95, pp. 216-230.
- Mora, H. M., Pont, M. T. S., Casado, G. D. & Iglesias, V. G. (2015). “Management of social etworks in the educational process”, International Journal of Computers in Human Behavior, 2015, Vol. 51, pp. 890-895.
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- Influence of Astrological Planetary Effects on Gold Price Volatility - An Empirical Investigation
Abstract Views :266 |
PDF Views:0
Authors
Affiliations
1 Department of Commerce, University of Madras, Chepauk, Chennai – 600005, Tamil Nadu, IN
2 Department of Commerce, University of Madras, Chepauk, Chennai - 600005, Tamil Nadu, IN
1 Department of Commerce, University of Madras, Chepauk, Chennai – 600005, Tamil Nadu, IN
2 Department of Commerce, University of Madras, Chepauk, Chennai - 600005, Tamil Nadu, IN
Source
ANVESHAK-International Journal of Management, Vol 7, No 2 (2018), Pagination: 224-234Abstract
There raises questions in the mind of the researchers that “Do moon phases influence the bullion markets”. This paper explores the impact of lunar cycle effects on gold price volatility by developing and examining the conditional volatility models in an attempt to confine the prominent features of volatility in bullion market during full moon and new moon periods. This study fills the gap of addressing a corroboration of time varying volatility, which exhibits clustering, high persistence and certainty and responds asymmetrically for positive and negative shocks exclusively during different lunar cycle periods. Results reveal that the impact of good news is less in times of full moon day’s gold price return series. Greater volatility exists during full moon days in gold prices. More influence of information comes from previous day’s volatility during full moon days. This researchers conclude that it is prosperous to buy gold during the new moon period. The gold price is highly volatile during the full moon days. People are more optimistic to buy gold exclusively during new moon day period rather than full moon day period.Keywords
Bullion Market, Full Moon Days, Gold, Lunar Cycle, New Moon Days, Volatility.References
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- Jannarore, J., (2009). “Investors Decide: In Gold we Trust”, Wall Street Journal - Eastern Edition, 2009, Vol. 253, No. 43, pp. C10.
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- [Yuan, K., Lu, Z., Qiaoqiao, Z. (2001). “Are Investors Moonstruck? Lunar Phases and Stock Returns”, Working Paper, University of Michigan Business School, 2001