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Jesudasan, Smita
- Wealth Creation in the Indian Pharmaceutical Sector an EVA Approach
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Affiliations
1 St Francis Institute of Management and Research, Borivali (W), Mumbai–103, IN
2 Department of Business Administration, St Joseph Engineering College, Mangalore–28, IN
1 St Francis Institute of Management and Research, Borivali (W), Mumbai–103, IN
2 Department of Business Administration, St Joseph Engineering College, Mangalore–28, IN
Source
SFIMAR Research Review, Vol 9, No 2 (2014), Pagination: 21-27Abstract
Economic Value Added for the sample 30 Pharmaceutical companies listed on the National Stock Exchange, India and that formed part of the S&P CNX 500 was calculated for the period of five years, from 1st April 2006 to 31st March 2011. Majority of the pharmaceutical companies showed positive Economic Value Added. This represents that the pharmaceutical companies were able to add value and create wealth for their shareholders. The study is an aid to the investors to make investment decisions and helps them to achieve their long term objective of wealth maximization.
- Stock Price Response to Dividend Announcements : (Evidence from National Stock Exchange, India)
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Authors
Affiliations
1 St Francis Institute of Management and Research, Borivali (W), Mumbai, 103, IN
2 Alumnus, Department of Business Administration, St Joseph Engineering College, Vamanjoor, Mangalore — 28, IN
1 St Francis Institute of Management and Research, Borivali (W), Mumbai, 103, IN
2 Alumnus, Department of Business Administration, St Joseph Engineering College, Vamanjoor, Mangalore — 28, IN
Source
SFIMAR Research Review, Vol 10, No 1 (2015), Pagination: 48-61Abstract
The impact of dividend announcements on the share prices has been studied by many researchers. Majority of the studies have revealed that dividend change announcements have a positive association with share returns in the period around the dividend announcement. This study adds to the literature focusing on the shareholders reactions to the dividend announcements. Average Abnormal Returns (AAR) and Cumulative Average Abnormal Returns (CARR) for 30 days prior to the dividend announcement and 30 days post the dividend announcement has been computed using Market Model (MM), Market Adjusted Model (MAM), Mean Adjusted Model (MeAM) and Raw Model (RM) for Interim Dividend Announcements, Final Dividend Announcements and the combination of Interim&Final Dividend Announcements for a period of 4 years from calendar year 2010 to 2013. The findings have confirmed that Dividend announcements affect the returns and the Indian market is inefficient in its semi-strong form.- Does the Behaviour of Commodity Stock Prices in India Constitute a Random Walk?
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Authors
Affiliations
1 St. Francis Institute of Management & Research, Mumbai, IN
1 St. Francis Institute of Management & Research, Mumbai, IN
Source
SFIMAR Research Review, Vol 11, No 1 (2016), Pagination: 41-55Abstract
Prices of underlying securities reveal informational content in an efficient market. The crux of the efficient market hypothesis [EMH] is that, at any point of time, stocks truly reflect in their market prices all the informational content. Such prices are fair to an extent that an investor cannot beat the market either through stock selection or market timing. The study is conducted to test whether the stock prices of companies engaged in the commodity sector confirm to a random walk approach. The random walk model states that companies 'stock prices are truly reflective of their fair values'. The daily returns of the Nifty Commodities Index and 30 companies listed on the National Stock Exchange are computed for the five-year calendar period from 1st January, 2011 to 31st December, 2015. Autocorrelation, Runs Test and GARCH Model (1,1) are the statistical tests used to empirically investigate, whether the price change at any point of time is influenced by the price changes that occurred during the preceding periods. The empirical evidence suggests that the stock prices of companies engaged in the commodity sector do not follow a random walk.Keywords
EMH, Random Walk, Autocorrelation, Runs Test, GARCH (1,1) Model.References
- Beck, T. and Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking and Finance, 24 (3), 423 – 442.
- Capitaline Databases. (2016). Corporate database. Retrieved fro Capitaline, Data bases: http://www.capitaline.com.
- Chatfield, C. The Analysis of Time Series: An Introduction. London: Chapman and Hall, 1980.
- Fama, E. (1965), The Behaviour Of Stock Market Prices. The Journal of Business, 38(1), 34–105.
- Fama (1970). Efficient Capital Markets: A Review Of Theory And Empirical Work. Journal of Finance, 25(2), 383–417.
- Goldsmith, R.W. (1969). Financial Structure and Development. New Haven: Yale University Press.
- Khan, A. Q., Ikram, S., and Mehtab, M. (2011). Testing weak form market efficiency of Indian capital market: Acase of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). African Journal of Marketing Management, 3(6), 115–127.
- Lane. (2012). Financing Commodities Markets presented to the CFA Society of Calgary. Calgary, Alberta.
- Mallikarjunappa, T. and D'Souza, J. J. (2015). Does the Indian Stock Market Exhibit Random Walk? Paradigm, 19(1), 1–20.
- McKinnon, R. (1973). Money and Capital in Economic Development. Washington, D.C.: Brookings Institution.
- MCX. (2011). Commodity Insights Year Book 2011. Retrieved from https://www.mcxindia.com/educationtraining/ publications/archived-series/commodityinsightsyearbook.
- Nisar, S., and Hanif, M. (2012). Testing Weak Form Of Efficient Market Hypothesis: Empirical Evidence From South-Asia. World Applied Sciences Journal, 17(4), 414–427.
- An Analysis of the Solvency Position of Scheduled Urban Co-Operative Banks in India
Abstract Views :239 |
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Authors
Affiliations
1 SFIMAR, Borivali (W), Mumbai-400103, IN
2 ALUMNUS-MMS, SFIMAR, Borivali (W), Mumbai-400103, IN
1 SFIMAR, Borivali (W), Mumbai-400103, IN
2 ALUMNUS-MMS, SFIMAR, Borivali (W), Mumbai-400103, IN
Source
SFIMAR Research Review, Vol 11, No 2 (2016), Pagination: 17-36Abstract
Solvency is a term that refers to an enterprise's state of financial health. Solvency refers to an enterprise's capacity to meet its long-term financial commitments. A solvent company is one that owns more than it owes; in other words, it has a positive net worth and a manageable debt load. The essential aspect of the study is to analyse the solvency position of Scheduled Urban Cooperative Banks in the Indian industry despite the pressure of keen competition and monetary environment. Investors, debt holders and regulators are interested in the solvency analysis and overall financial profile of co-operative banks to understand how well their assets and managed and debt is serviced.
The study considers 33 co-operative banks in India for the analysis of solvency position. Springate Model, Fulmer Model, Altman Z Score and Altman Z" Score are the research models considered to examine their solvency position. The results provide evidence that Bombay Mercantile Cooperative Bank Limited fails to meet the cut-off of all the solvency models and therefore is in a risky position, followed by Rajkot Nagrik Sahakari Bank Ltd., Janalaxmi Co-operative Bank Ltd. and Mapusa Urban Cooperative Bank of Goa Ltd.
References
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- A Cross-Country Evaluation of Financial Inclusion and its Linkage with Growth and Development
Abstract Views :259 |
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Authors
Affiliations
1 Finance, St Francis Institute of Management and Research, Borivali W, Mumbai - 400 103, IN
2 St. Francis Institute of Management and Research, Borivali W, Mumbai - 400 103, IN
1 Finance, St Francis Institute of Management and Research, Borivali W, Mumbai - 400 103, IN
2 St. Francis Institute of Management and Research, Borivali W, Mumbai - 400 103, IN
Source
SFIMAR Research Review, Vol 13, No 1 (2018), Pagination: 39-57Abstract
The study measures the status of Financial Inclusion across the globe for the twelve-year period 2005-16. The Index of Financial Inclusion (IFI) is measured through the normalized Euclidean approach cited by Sarma (2008) taking into account the indicators of access to and usage of financial services. Principal Components Analysis technique has been employed to derive the weightage of the indicators in determining the index. The study endeavours to explore the contribution of financial inclusion towards growth and development of the countries through the statistical technique, Granger-Causality. It suggests a bi-directional relationship of the country's financial inclusion towards growth and development.Keywords
Financial Inclusion, Granger Causality, Growth and Development, Access and Usage of Financial Services.References
- Beck, T. A., Demirguc-Kunt, & Levine, R. (2007). Reaching out: Access to and use banking services across countries. Journal of Financial Economics, 85, 234-66.
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- Zins. A. & Weill, L. (2016). The Determinants of Financial Inclusion in Africa. Review of Development Finance, 6(1),46-57.
- Anomalies in the Indian Stock Market
Abstract Views :197 |
PDF Views:1
Authors
Affiliations
1 St Francis Institute of Management and Research, IN
1 St Francis Institute of Management and Research, IN
Source
SFIMAR Research Review, Vol 14, No 1 (2019), Pagination: 10-20Abstract
The paper studies three anomalies in the Indian equity market - size, value and price movement after dividend announcement. The size anomaly delivered positive returns, value anomaly has not delivered positive returns in the period of study. While the entire period average return to value anomaly is negative, maximum returns delivered by the anomaly is approximately 18%. Also, dividend announcements affect the returns reflected in the stock price changes in some days. Having said that returns to these anomalies are transitory.References
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