Business Analyst Journal

This paper aims to examine the listing day returns provided by BSE SME IPOs over and above the market indices namely, S & P CNX Nifty, S & P BSE Sensex and BSE SME IPO Index. Further it identifies the different factors that explain the market-adjusted abnormal returns on listing. The results show that on average SME IPOs not only provide positive returns on the listing day but also outperform the Nifty, Sensex and BSE SME IPO Index. The linear regression analysis provides evidence supporting the information asymmetry, ex-ante uncertainty and signalling hypothesis. Favourable underwriter reputation signals good firm quality creating greater investor interest on listing day and higher abnormal returns. A second possibility could be that under-pricing is done to ensure that the SME issue is a success. This study has practical implications for market regulators to minimise the IPO listing delay in order to make the SME platform more attractive for investors and issuers.

The EMH assumes that the stock market is free from the impact of various anomalies. It is efficient and working normally, no one can earn extra profits by using the extra information and exploiting it. One of the most crucial anomaly identified by the researchers is January effect, believe that more investment and returns in the month of January and least returns in December with higher selling. The same anomaly with tax loss selling hypothesis effect was tested in the research. The study did not find the existence of this anomaly in the Indian Stock Market. Though, the seasonality was observed in the stock market but not the January anomaly effect as presumed by the researchers.

Cash dividend and shares repurchase announcements are said to have informational content concerning the value of the firm. The paper attempts to present the results of the study on the impact of cash dividends and shares repurchases decisions on returns, liquidity and risk profile of the firms. It examines whether the age and size of the firm affect the cash dividend and shares repurchase decisions of the firms. In operational terms, it aims to assess the management perception of cash dividend and shares repurchase announcements and the underlying motives for issuing them in Indian context. For the purpose, the study has employed the event study methodology and the pre-test and post-test research design to evaluate the changes. The uniqueness of this study emanates from the fact that it is perhaps the first attempt (to the best of the authors’ knowledge) of its kind based on both the primary and the secondary data evidences at providing the views, motivations and impact behind the cash dividend and shares repurchase decisions and their announcements. It is perhaps the first attempt of its kind comprising of a large sample of BSE 500 index companies. With a substantially larger data set, the present study is expected to provide credible results.

Brands are considered as marketer’s tool for creating product differentiation which cannot be easily copied and replicated. A brand positioning can become a core competitive advantage in different perspectives of the matter. Taj Mahal is not only a monument of world repute, but it is a brand in itself. Positioning Taj Mahal as a brand involves a creative exercise listing down the ideas, benefits and features to convey to its target tourists. This paper studies the competitive advantage of brand positioning of Taj Mahal in tourism today through an empirical study, and how it should be marketed as a brand, especially through digital portals. The experiential marketing, positive brand image, virtual identity, are some of the measures to be adopted in branding the Taj. For a positioning strategy ‘Taj’ can be conveyed as unique brand personality of its own in Heritage tourism.

Purpose of this study is to deliberate upon the young consumer behaviour towards branded apparel in Delhi and NCR & to understand concept of branded apparel, to observe brand awareness for different apparel brands, to analyse factors responsible for brand recognition, discover significant factors which persuade a consumer to choose any brand among from available brands; to study factors creating brand association & to analyse how brand loyalty is beneficial to marketers. The study is descriptive in nature based on primary data for analyses of results. A structured questionnaire was formulated using likert scale, multiple grid, multiple choice questions administered to 400 young consumers (Age 15-34 Years) including both males and females varying from professional, businessman, student or job seekers using conveniencе sampling from differеnt placеs of Dеlhi and NCR. The results were analysed based on demographic profile (work status, age, gender, education and income) which was the subject under study for this paper. This vital information can help the companies in better understanding customer needs & deliver them the products. Today buying has become a delightful experience rather than mere satisfaction. Following the еntry of sevеral new brands, the brandеd segmеnt has grown at 25% annually. This represеnts a shift from unbrandеd to the brandеd segmеnt which is mainly due to factors like, rising income levels of Indians, changing demographics, improvements in standard of living and increasing brand consciousness especially for young consumers in Delhi and NCR. Thus, marketer’s should devise attractive consumer strategies to bring more loyalty towards their brands in young consumers to avoid brand shifting. Brand loyal consumers respond positively to a brand changes in terms of price, quality, competition, variety. This study is also useful for the researchers in understanding the entire branding process and how each stage in branding is important to ultimately ensure brand loyalty.

The present study is an attempt to compare two assets viz. Gold and INDIA VIX against three assets Nifty Index, Rupee-Dollar Exchange Rate, Crude so as to identify which of the two assets could be considered as the right prescription for an Indian investor as a hedge and which asset could prove as a safe haven or a rescue asset during adverse market conditions. The study considers daily closing prices of five variables for the period April 1, 2008 - March 31, 2019. The study employs both traditional tools like OLS Regression (with Dummy Variable) and also newer techniques like quantile regression to achieve the stated objective. Further both linear and non linear models have been constructed and study also includes a separate section for the period of Sub Prime Crisis to judge the behaviour of our variables during these times. The results of the study using OLS Model clearly showed that INDIA VIX does appear to perform its role as a safe haven asset in weak to moderate form against Nifty return while gold fails completely in this role. On the other hand , results from quantile regression do give a clue that gold might work as a safe haven against different assets, this however comes with a very low probability and the same is true for INDIA VIX. The quantile regression however throws some evidence that gold might also act as a hedge against Nifty Return while INDIA VIX could be suitable hedge against crude. Further the results of variability in returns during the sub prime crisis was noticed in case of gold as the dummy for sub prime was found to be statistically significant.

There is no single God but many Gods in Economics. It is said that there are at least 20 schools of economic thinking. Here is a nice little book of densely packed profound polythiestic writings that are an antidote to the monotheistic mainstream economics which has come under hard hitting attack, for example, by Radford (2017) which is worth reading at length as follows: “Many people are wasting far too much time talking about economists as if they study the economy. They don’t. They really and truly don’t. They live in a post-fact world…economists had been steadfastly denying fact, ignoring reality, and living in a wonderland of their own creation…Economists study economics. And economics is not the economy. It is a self-contained set of ideas, models, theories, mathematical intricacies, and axioms, that are designed to provide exciting intellectual sport for those so inclined to busy themselves with such activity.

Causal relationship between the exchange rate and government deficit has a long time debate in economic circle. A number of theories emerged in the past explained their relationship, but still it is inconclusive. This paper attempts to investigate the dynamic relation between exchange rate and government deficit in India during a period from April 2001 to March 2017. The results of VAR Granger causality found unidirectional causality that moves from exchange rate to government deficit. ARDL co-integration test results exhibit no long run relation between the variables. The results of Impulsive Response Function indicate that government deficit responses positively to the one SD shock in exchange rate; exchange rate, in the similar fashion responses positively to the one SD shock in government deficit. The variance decomposition results indicated that a shock to the exchange rate causes 2.069 percent fluctuation in the government deficit in short run and up to 9.04 percent in long run, while a shock to government deficit does not cause any fluctuation in the exchange rate in short run and in long run a shock to government deficit causes 3.65 percent fluctuation in the exchange rate that is very less.

Non-Performing Assets (NPAs) are one of the indicators indicating the performance of banks in India. As Indian Financial system is banking dominated, its health reflects the health of the economy. This paper discusses the Gross NPA, Gross Advances and thus the Asset Quality of Public Sector banks, Private Sector banks and Foreign banks from 2008-2018. The objectives of the paper are to analyse the trends in banking sector, highlight individual banks and understand few dynamics. The data is mainly secondary in nature collected from the RBI website. The study finds that Public Sector banks have deteriorating performance than other banks in the period. The asset quality deteriorated to 11.2% in 2018 as highest peak. It also found that there exists positive relation of Gross NPA ratio among PSB, PV and FB. Also there was significant difference in the Gross NPA (in amount) and Gross NPA ratio of different structure of banks measured by ANOVA. PSB advances are less affected by Gross NPA as compared to others.

Organisational justice is one the widely applicable concept in industrial relation in 21st century. It aims to provide justice to its employees in terms of resource allocation, procedural fairness and fair employee’s treatment in all spare of organisation system. The concept of justice is more important for service sector industry due to huge human capital employed in service industry. Banks are major employer in service sector industry of India. Thus bank employees’ organisation justice perception is critically important for banking organisation. Organisation justice as a multidimensional construct previously has been defined as two factor, three factors and four factor construct. This study is an attempt to confirm dimensionality of organisation justice perception in banking. For the purpose of this study data has been collected though questionnaire from the private and public sector banks in Gurugram City. To confirm the dimensionality of organisation justice perception, a confirmatory factor analysis was applied on data using Amos 18.0. Result confirms the four factor model of organisation justice (distributive, procedural, interpersonal and informational justice).