Business Analyst Journal

The current study makes an attempt to investigate the month-wise seasonal variation in returns (& also volatility of returns) of four sector specific indices viz. Nifty Auto, Nifty FMCG, Nifty Pharma and Nifty Real Estate of National Stock Exchange for the ten year period April 2009 to March 2019. Besides this, the study would also investigate spill-over of volatility from one sector specific index to another and also ascertain asymmetries in their return and return volatility. The data for the purpose of the study includes log transformed monthly returns of the four sampled sector specific indices. The methodology employed for this purpose include OLS (NW) Regression for testing seasonal impact in returns and GARCH(1,1) framework for ascertaining seasonal impact in return volatility. Further for asymmetry of returns, ‘T’ GARCH Model has been employed & for spill-over impact, residual squared error terms has been included in the GARCH Model. The results of the study showed that seasonal variation in returns did exist in some of the sector specific indices. In terms of results of asymmetry in volatility, only one index Nifty Auto was found to have asymmetric returns , on the other hand the spill-over impact from one sector to another was not visible from the results. The data was also tested for stationarity using DF-GLS test & all sector specific indices were found to be I(1) stationary.

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.

Over the last two decades, there has been a rapid advancement in telecommunication infrastructure, particularly in the field of wireless technology. This has facilitated an immense growth in Mobile commerce (m-commerce), thereby making it an increasingly important part of our daily lives. Moreover, there has been recent evolution in mobile technologies like 3G, 4G and massive upspring in the use of mobile devices (especially smartphones). With this, m-commerce have provided various significant opportunities for telecom companies and mobile service providers to create and offer new value added services such as mobile wallets to their customers. The purpose of this paper is to examine the overall status and the increasing relevance of mobile banking or payment services in India. Further, the objective of this study is to analyze and gain a meaningful insight into the various key drivers and inhibitors that has an impact on consumer’s value perception and thus influences their behavioural intention to adopt and use an innovative technology which is wireless or Mobile banking (m-banking) in this context. For this we have conducted an extensive review of extant literature in context of m-banking adoption with respect to various developed and developing countries by using ‘NVivo 11 Plus’. The findings highlighted that the most commonly applied model by majority of the studies for understanding m-banking adoption is technology acceptance model and its various extensions. Furthermore, it was revealed that the most significant facets or attributes of adoption are compatibility, perceived usefulness, perceived risk, perceived trust and attitude in both developing and developed countries.

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.

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.

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.