International Journal of Education and Management Studies

Manpreet Kaur ¹, Navdeep Aggarwal ¹, Mohit Gupta ¹

Affiliations
1 Department of School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab, IN

Abstract

This study focused combining two popular investment strategies viz., financial statement analysis and momentum strategy with focus on low book-to-market stocks. In order for the result to be practically useful all sorts of transaction costs as well as the trade restrictions were duly incorporated. Using a combination of Mohanram (2005) and Jegadeesh and Titman (1993) framework among low book-to-market stocks, it was found that financial statement analysis helped identifying such stocks among low book-to-market stocks which produce significant excess returns across holding periods of 3, 6, and 12 months. On combining this strategy with pure momentum, significant improvement in returns were seen across 3 and 6 months formation period for all holding periods of 3,6, and 12 months. Significant Jensen's Alpha figures corroborated these results. However, for 12 months formation period, the value addition by momentum declined and became negative for 12 months holding period. This shows a combination of financial statement analysis and momentum among low book-to-market stocks can bring significant improvement in returns; the results however are restricted to short formation periods only.

Keywords

Financial Statement Analysis, Momentum, Low Book-To-Market Stocks.

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Avneet Kaur ¹, Sandeep Kapur ¹, Mohit Gupta ¹

Affiliations
1 School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab, IN

Abstract

Although there exist many empirical studies on forward contracts to hedge the currency risk, the evidence for other types of derivatives like currency options are in minority. The literature regarding option payoffs especially in context of Indian foreign exchange contracts is very less. The present study fills this gap and has tried to assess the profitability of payoffs from adopting bearish option strategies on USD-INR. The study was done for a period of 68 months from October 2010 to June 2016. Strategies namely long put, short call and bear call spread were employed on USD-INR. Amongst all the strategies, 2% OTM short call performed better with least coefficient of variance. It was found that returns from option strategy for each of moneyness applied is not significantly different from zero. The returns from all the three bearish option strategies was further compared with the help of one-way ANOVA. It was found that there was no significant difference at 5% level of significance.

Keywords

Long Put, Short Call, Bear Call Spread, Bearish, USD-INR.

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Dilraj Kaur ¹, Mohit Gupta ¹, Navdeep Aggarwal ¹

Affiliations
1 Department of School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab, IN

Abstract

The aim of present study is to assess the significant firm specific attributes as important determinants of FII shareholding. Quarterly shareholding values of top 50 shares in terms of FII shareholding collected from 1st April 2010 to 31 st December 2017 was regressed upon by quarterly values of firm specific attributes. The important and significant firm specific attributes were found to be age of company, return on assets, market capitalization, dividend yield, beta of company, net profit margin and issue ofADR/ GDR.

Keywords

FII, Indian Stock Market, Firm Specific Attributes.

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Jaspreet Kaur ¹, Mohit Gupta ¹

Affiliations
1 School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab, IN

Abstract

Agriculture is the largest sector of the Indian economy. The success of the Indian economy is reliant on the growth of the agricultural sector. One of the essential components for the development of the agricultural sector is credit. Credit is crucial for developing a successful and sustainable farming system. Agricultural production in India depends upon millions of small and marginal farmers. Thus, for agriculture to reach its full potential as a lucrative sector, more and more farmers must have access to sufficient, timely, and affordable institutional loans is crucial. In this paper, the need and institutional arrangements for agriculture credit have been discussed. In India, agricultural credit is disbursed through a multi-agency network. Further, this paper describes the evolution of the institutional structure through a number of changes in government policy that made the use of institutional sources for agricultural loans instead of non-institutional sources. This paper observes that there has not been constant growth in agricultural credit over the years. It has undergone extremely dramatic changes. This helps to understand the impact of the policy measures on agricultural credit with respect to agricultural Gross Domestic Product (GDP). The changing share of different formal institutions, namely Scheduled Commercial Banks (SCBs), Co-operative Institutions, Regional Rural Banks (RRBs), and Micro-Finance Institutions (MFIs) in the overall institutional credit to agriculture has been taken into consideration. In last, the study presents the recent measures such as digitization of land records, land leasing structure, digital innovations in agriculture, various government schemes, etc. taken to expand the reach of institutional credit in the agriculture sector.

Keywords

agricultural credit, institutional credit, non-institutional credit, agricultural GDP.

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