Volume-1 (SIMSR International Finance Conference (SIFICO) 2017)
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| Paper Type | : | Research Paper |
| Title | : | Herding in Indian Stock Markets: An Evidence from Information Technology Sector |
| Country | : | India |
| Authors | : | Dr. Ashish Kumar || Ms Bharti |
Abstract: The present study examines the existence of herding amongst the investors and market participants in Indian equity market. The study distinct itself from previous other studies as it looks for herding patterns specifically in a sectoralindex (IT)in contrast to the multi-sectoral benchmark index in an emerging economy.For determining the existence of herding the methodology of Chang et al. (2000)based on cross sectional absolute deviation (CSAD) has been employed.The analysis is based on the daily closing values of CNX Nifty IT index and its constituents' scripts for a period of 6 years ranging from April 1, 2009 to October 31, 2015..........
Keywords: Herding, Cross Sectional Absolute Deviation, Equity Market, Bull and Bear Phase, Asset Pricing.
[1]. Avery, C. &Zemsky, P. (1998), "Multidimensional uncertainty and herd behavior in financial markets", The American Economic Review, Vol. 88 No.4, pp. 724–748.
[2]. Avramov, D., Chordia, T., Goyal, A. (2006), "Liquidity and autocorrelations in individual stock returns," The Journal of Finance, Vol. 61, No. 5, pp 2365-2394.
[3]. Banerjee, A. (1992), "A simple model of herd behavior", Quarterly Journal of Economics, Vol. 107 No. 3, pp. 797–818.
[4]. Belhoula, M., Naoui, K. (2011), "Herding and positive feedback trading in American Stock Market: A two co-directional behavior of investors," International Journal of Business and Management, Vol. 6 No. 9, pp. 244 - 252.
[5]. Bhaduri, S. &Mahapatra, S. (2012), "Applying an alternative test of herding behavior: A case study of the Indian stock market," MPRA Paper 38014, University Library of Munich, Germany
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| Paper Type | : | Research Paper |
| Title | : | Assessment of Value Proposition Drivers for a Micro Enterprise |
| Country | : | India |
| Authors | : | Dr. Deepa Pillai || Dr. Leena Dam |
Abstract: The passion, vigor and enthusiasm with which a micro enterprise is started, many a times die an untimely death due to the visionary limitation. This is more pronounced in case of first generation entrepreneurs who face constraints of experience, finance, support and chivalry. Micro Enterprise entrepreneurs born out of textbook knowledge are more susceptible to external failures. This paper investigates the relevance of entrepreneurial attributes and challenges that are prerequisite for the success of micro entity.......
Keywords: Micro enterprises, Sustainable, Entrepreneur, Small Business.
[1] Abor, J., &Biekpe, N. (2006).Small Business Financing Initiatives in Ghana. Problems and Perspectives in Management, 4(3), 69-77
[2] Barnir, A. and K. Smith (2002), 'Interfirm Alliances in the Small Business: The Role of Social Networks', Journal of Small Business Management, Vol. 40, No. 3
[3] Cook P, Nixson F. 2005. Finance and small and medium-sized enterprise development. In Finance and Development: Surveys of Theory, Evidence and Policy, Green CJ, Kirkpatrick CH, Murinde V. Edward Elgar: Cheltenham.
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| Paper Type | : | Research Paper |
| Title | : | Micro-Credit Groups' Socio-Economic Functions' to Sustainability of Government Revolving Funds in Murang'a County, Kenya |
| Country | : | Kenya |
| Authors | : | John Njangiru Mungai (Ph.D) || Muathe Sma (Ph.D) |
Abstract: The government of Kenya overtime has formulated a series of revolving funds to counter the poverty in the rural areas and to make the citizens living in these sections to earn a decent living, through their on-going income-generating activities. The most common is the Youth Enterprise Development Fund and the Women Enterprise Fund. There have been issues on the loan repayment affecting sustainability of the revolving funds. The main focus of this study was to analyze the loan repayment and sustainability issues of government revolving funds in Murang'a County. The study was guided by the following specific objective:- to examine the implication of socio-economic functions of groups to government revolving funds sustainability............
Keywords: Collateral, Deprivation, Poverty, Revolving Fund and Sustainability
[1] Canterbery, E. (1997). A vita Theory of Personal Income Distribution,. Florida State University, journal Vol 46, No.1.
[2] Central Bank of Kenya, (2012). Banking Review. Bank Report Retrieved from www.cetralbank.go.ke, 2012.
[3] Chweya, L. (2006) Constituency Development Fund: A Critique, Department of Political Science and Public Administration, University of Nairobi http://www.africanexecutive.com/modules journal.
[4] Cooper,D., & Schindler, P. (2008).International Edition: Business Research Methods. (8thed.); New Delhi; MacGraw-Hill. Bulletin.
[5] Desta, A. (2009). Do Microcredit Programs Alleviate Poverty and Foster Environmentally Sustainable Development? A Review of African Case Studies, Professor of Sustainable Economic Development, Dominican University of California
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| Paper Type | : | Research Paper |
| Title | : | Analysis of Efficiency of Microfinance Providers in Rural Areas of Maharashtra |
| Country | : | India |
| Authors | : | Ms. Mrinal Savyanavar || Dr. Pankaj Trivedi |
Abstract: In recent years, microfinance has regarded as a vital tool for poverty alleviation as well as to promote microenterprise particularly in the developing countries like India. However, the major challenge that the microfinance industry facing is the sustainability of microfinance providers. The efficiency of microfinance providers is an important parameter for sustainable growth of microfinance providers in rural areas. The present study is an attempt to analyze the efficiency of microfinance providers operating in rural areas.Financial data has been collected from 218 microfinance providers that involved in microfinance activity in Sangli district, state of Maharashtra.............
Keywords: Microfinance, Efficiency, Sustainability
[1] Adams, D. D., Graham, H. (1984). Undermining development with cheap credit, boulder, west view press. ADB (Asian Development Bank), Finance for the Poor. Microfinance Development Strategy, Manila,1.
[2] Bennett and Cuevas (1996) Sustainable banking with the poor Journal of International Development ,8(2):145-152
[3] Buchenau and Meyer,(2007). Christen, R. P., Rosenberg, R. (2004). Financial institutions with a 'double bottom line': implications for the future development of microfinance. CGAP Occasional Papers No. 8, Consultative Group to Assist the Poor, The World Bank, Washington, DC.
[4] Chaves, R. A., and Gonzalez-Vega, C. (1996). The design of successful rural financial intermediaries: Evidence from Indonesia. World Development, 24(1), 65-78.
[5] DeMel, S., and McKenzie, D. (2008). Returns to capital in microenterprises: Evidence from a field experiment. The Quarterly Journal of Economics, 123(4), 1329-1372
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| Paper Type | : | Research Paper |
| Title | : | Gold Monetization Scheme - Old Wine in New Bottle!!! |
| Country | : | India |
| Authors | : | Prof. Paramjeet Kaur || Dr. Shreya Virani |
Abstract: India's love for gold is well well-known and recognized. The country shares a unique relationship with gold that is both complex as well as enthralling. Gold in India finds universal acceptance across jewelers, traders and investors offering instant liquidity. It acts as a store of money and is sometimes used to park unaccounted money...........
Keywords - Gold Monetisation scheme, Gold Deposit Scheme.
[1]. Anand, R. and Tulin, V. (2014), "India‟s Current Account Deficit from the Savings - Investment Perspective", India: Selected Issues, IMF Country Report No. 14/58, January 10, 2014, pp. 1-45
[2]. Balaji, K. and Maheshwari, R. (2014), "A Paradigm Shift in the Buying Behaviour of Indians towards Gold Jewellery – A Theoretical Approach with Reference to the Growth of Branded Retailers", Indian Journal of Applied Research, Volume 4, Issue 2, February 2014, pp. 11-13.
[3]. Gallagher, R. David and Reuben Segara. (2011). The Performance and Trading Characteristics of Exchange - Traded Funds. Working paper, The University of New South Wales, pp. 1 – 23
[4]. Gayathri, V. and Dhanabhakyam. (2014). Co-integration and Causal Relationship between Gold price and Nifty – An Empirical Study. Abhinav International Monthly Refereed Journal of Research in Management & Technology, Volume 3, Issue 7, July, 2014, and pp. 14- 21.
[5]. Goyal, A. and Joshi, A. (2011). Performance appraisal of Gold ETFS in India. Elixir International Journal, Elixir Fin. Mgmt, 32 (2011), pp. 2057-2060
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| Paper Type | : | Research Paper |
| Title | : | Reverse Mortgage Loan Option- A Liquidity Management Tool for Senior Citizens amidst Changing Demographics of India |
| Country | : | India |
| Authors | : | Prof. Kavita Ingale |
Abstract: This article intends to study a Reverse Mortgage Loan Scheme (RML), a relatively new financial planning tool introduced by Government of India in 2007-08 for senior citizens to provide them an additional source of income by unlocking the value in home equity. The paper presents the operational guidelines of RML scheme and proposes to study the need of this product against the backdrop of changing social and demographic structure
Keywords: senior citizen, reverse Mortgage Loan (RML), home equity, demographics of India, social structure
[1]. Jasmindeep Kaur Brar, Reverse Mortgage; It's potentials in Indian, Pranjana � Vol 14, No 1, Jan-Jun, 2011
[2]. Nicole Maestas Kathleen J. Mullen David Powell, The Effect of Population Aging on economic growth, the labour force and productivity Working Paper 22452 http://www.nber.org/papers/w22452
[3]. Virmani Arvind ,A Tripolar World: India, China and US, ICRIER MAY 18, 2005
[4]. Wade D. Pfau ,Understanding the Line of Credit Growth for a Reverse Mortgage, FPAJournal.org March 2016,Journal of Financial Planning
[5]. Senior Citizens Guide , revised edition, 2016 complied and published by Policy Research and Development Department Help Age India, www.helpageindia.org
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| Paper Type | : | Research Paper |
| Title | : | Sensitive Sector Elasticity of incremental GNPA of Indian banks - An empirical assessment |
| Country | : | India |
| Authors | : | Deva Dutta Dubey || Pankaj Trivedi |
Abstract: Reserve Bank of India has stipulated exposure norms and appropriate risk weights for banks in India.Bank exposure to certain sectors need to be carefully managed and monitored regularly in view of stability of the financial system.Study of credit allocation and sectoral or geographic distribution of bank credit provides an understanding of the contribution of bank credit towards economic growth and financial inclusion as well as its role in maintaining financial stability. Three sectors viz real estate, capital markets and commodities have been classified under the head of "Sensitive Sectors‟ for banks. These sectors have been deemed to be sensitive for the stability of banks considering the (often violent) price fluctuations in the underlying asset/ product markets........
Keywords: NPA, Sensitive Sector Exposure of Banks, PSU Banks, Private Sector Banks, Scheduled Commercial Banks
[1] Annual Policy Statement, RBI, 2009
[2] RBI Master Circular on Exposure Norms
[3] RBI Review of Monthly Economy (2006)
[4] Report on Trends and Progress in Banking, Reserve Bank of India, various issues.
[5] Shodhganga, Chapter VIII
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| Paper Type | : | Research Paper |
| Title | : | Role Played by Mutual Funds as an Institutional player in Corporate Governance of Listed Companies in India |
| Country | : | India |
| Authors | : | Mrs Rinkal Sanghavi || Dr Pankaj Trivedi |
Abstract: With the quantum of ownership by Indian Mutual Funds as an institutional investors in equity shares of listed companies, the manner in which they cast votes, and the extent to which the vote cast is aligned with interest of investors, becomes an important aspect towards improving corporate governance practices adopted by corporates in India and thus development of securities market as a whole. The papers aims to examine the role played by Indian Mutual Funds in improving corporate governance in India, by determining whether Mutual Funds play a role of a active shareholder in India who acts against company's management when decisions made by latter are not in interest of investors........
[1]. SEBI Website; Mutual Fund; Monthly Cumulative Report, April. 2016
[2]. SEBI Website; Circulars; March 2010 and April 2014
[3]. IOSCO report captioned "Collective Investment Schemes (CIS) as Shareholders: Responsibilities and Disclosure"; September 2003
[4]. Harvard Business Review, July-August 1991 publication
[5]. World Economic Forum
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| Paper Type | : | Research Paper |
| Title | : | A Study on Innovation in Banking and its Impact on Customer Satisfaction |
| Country | : | India |
| Authors | : | Dr. Jitendra K. Sharma |
Abstract: Innovation through information technology (IT) has made inroads everywhere and banking is no exception to it. Whether it is private or public sector bank, everywhere innovation is the buzzword and technological breakthrough is witnessing new avenues of success. Competition is compelling everyone to move ahead and faster. Now, the working in public sector banks has been changing and customers are sensing the wave of innovation. These banks, which were working traditionally are now coming out and reaching to audience through billboards; FM radio and all possible media.........
Keywords: Customers, innovation, private sector banks, public sector banks satisfaction
[1] Pahuja, A. and Kaur, D., (2007). Technology in Banking: A study of E-banking preferences of service class, Gyan Management, Vol. 1 (2), pp. 88-97.
[2] Prabhakaran, S. and Satya, S. (2003). An Insight into Service Attributes in Banking Sector, Journal of Services Research, Vol. 3 (1), pp. 14-24.
[3] Gaur, S. S., and Waheed, K. A. (2003). Motivations to use Interactive Technologies in Marketing: A study in Indian Service Businesses, Journal of Services Research, Vol. 3 (1), pp. 38-56.
[4] Bhat, M. A., (2005). Service Quality Perception in Banks: A Comparative Analysis, Vision, Vol. 9 (1), pp. 59-70.
[5] Malhotra, P. and Singh, B. (2007). Determinants of Internet banking adoption by banks in India, Internet Research, Vol. 17 Iss: 3, pp.323 – 339
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| Paper Type | : | Research Paper |
| Title | : | Evaluation of Weak form of Market Efficiency Theory for Selected five Companies From Nifty |
| Country | : | India |
| Authors | : | Mr. Pushkar Dilip Parulekar |
Abstract: Since the introduction of "Efficient Market Hypothesis" (EMH) or Market efficiency theory by Professor Eugene Fama there has been a lot of research supporting and contracting the theory. There are three variants to the theory "weak", "semi-strong", and "strong" form. The weak form of the EMH claims that prices of traded assets (e.g., stocks, bonds or commodity) already reflect all the past price and volume information about the asset. The semi-strong form of the EMH claims that prices reflect all publicly available information including past price and volume data and that prices instantly change to reflect new public information........
Keywords: Efficient Market Hypothesis(EMH), weak form of EMH, Runs Test, Autocorrelations
[1]. Eugene Fama (May, 1970): Efficient Capital Markets, A Review of Theory and Empirical Work, The Journal of Finance, Vol. 25, No. 2:382-417
[2]. Paul Cootner (1964)-"The Random Character of Share Market Price", Retrieved from http://www. haas.berkeley.edu/groups/finance/WP/rpf101.pdf
[3]. Andrew W. Lo & A. Craig MacKinlay (1999) , ,"A Non-Random Walk Down Wall Street" : Princeton University Press
[4]. Poshakwale, S (1996), "Evidence on Weak Form Efficiency and Day of the Week Effect in the Indian Share Market." Finance India 10, no. 3: 605-616.Retrived from http://citeseerx.ist. psu.edu/viewdoc/download? doi=10.1.1.470. 3815&rep=rep1&type=pdf
[5]. Gupta, O.P., and V.Gupta. (1997), "A Re-examination of Weak-form Efficiency of Indian Share Market." Finance India 11, no. 3: 619-632.
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| Paper Type | : | Research Paper |
| Title | : | Recapitalization of Public Sector Banks - Will it reduce the Non-Performing Asset Levels |
| Country | : | India |
| Authors | : | Shraddha Kokane || Dr Shriram Nerlekar |
Abstract: The research paper studies the relationship between the Non Performing Asset levels of public sector banks with Capital Adequacy Ratio of each bank over a period of time. The study is an attempt to confirm whether the measure of recapitalization of public sector banks by pushing Rs 25000 crore in the year 2016 & 2017 followed by Rs 10000 in the year 2018 and 2019 will reduce the NPA levels of public sector banks. Secondary data has been collected from RBI website over the period; from the financial years 2009 to 2015 across the banking groups- nationalized, SBI & Associates........
Keywords: Public Sector Banks, Capital Adequacy Levels, Non-Performing Assets, Recapitalization, JEL: G21, G28, G29
[1]. Rajeev, M., & Mahesh, H. P. (2010). Banking sector reforms and NPA: A study of Indian commercial banks.
[2]. Rajaraman, I., Bhaumik, S., & Bhatia, N. (1999). NPA variations across Indian commercial banks: Some findings. Economic and Political Weekly, 161-168.
[3]. Khurana, A., & Singh, M. (2010). NPA management: A study of new private sector banks in India. Indian journal of finance, 4(9), 3-13.
[4]. Prasad, G. V., &Veena, D. (2011). NPAS in Indian banking sector-trends and issues. Journal of Banking Financial Services and Insurance Research,1(9), 67-84.
[5]. Siraj, K. K., & Pillai, P. S. (2013). Efficiency of NPA Management in Indian SCBs-A Bank-Group Wise Exploratory Study. Journal of Applied Finance and Banking, 3(2), 123.
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| Paper Type | : | Research Paper |
| Title | : | An Intelligent Approach for Option Pricing |
| Country | : | India |
| Authors | : | Vijayalaxmi || C.S.Adiga || H.G.Joshi |
Abstract: Option pricing is one of the exigent and elementary problems of computational finance. The paper aims to determine the option price and time to exercise the option. In order to optimize the model, Ant Colony Optimization Technique (ACO) has been used here and complete simulation is done using MATLAB 2015a simulation environment. Emphasis is also given on comparing the proposed method with the other existing models and come up with an optimum model for option pricing which will benefit traders and risk managers to obtain the computed results very fast with high accuracies.......
Keywords: Financial derivatives, Option pricing, Ant Colony Optimization
[1] Ashutosh Nigam and Yogesh K. Agarwal.,Journal of Applied Operational Research (2013) 5(3), 96–104 David Martens, Tony Van Gestel, Manu De Backer .,Raf Haesen,Jan Vanthienen, Bart Baesens.,Credit Rating Prediction Using Ant Colony Optimization,2008
[2] K. Forqandoost Haqiqi ,T. Kazemi.,Ant colony optimization approach to portfolio optimization.,2012 International Conference on Economics, Business and Marketing Management
[3] Kambiz Forqandoost Haqiqi and Tohid Kazemi,Ant Colony Optimization Approach to Portfolio Optimization – A Lingo Companion, International Journal of Trade, Economics and Finance, Vol. 3, No. 2, April 2012
[4] Sameer Kumar, Ruppa K. Thulasiram, Parimala Thulasiraman.,A Bioinspired Algorithm to Price Options, ACM,2008
[5] T. Karthikeyan, J. Mohana Sundaram., A Study on Ant Colony Optimization with Association Rule, International Journal of Advanced Research in Computer Science and Software Engineering, 2012