Volume-1 (Simsr International Finance Conference (SIFICO))
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| Paper Type | : | Research Paper |
| Title | : | Effects Of Monetary Policies On Asset Prices In India |
| Country | : | India |
| Authors | : | Akash Joshi |
Abstract: The saying goes, when United States (US) sneeze, the rest of the world catches a cold. Recent financial crisis has demonstrated that the monetary policies in US have spill over effects on rest of the world. To pull out the world economy from slowdown, many central banks have used unconventional monetary policies. US Fed and Indian central bank - Reserve Bank of India (RBI) had also used unconventional monetary policies. Those unconventional policies had affected the assets prices and capital inflows across the world.
[1]. D Arora, F X Rathinam, M S Khan ().India's Experience during Current Global Crisis: A Capital Account Perspective, Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.6, No.5, June 2010
[2]. Jiaqian Chen, Tommaso Mancini-Griffoli, and Ratna Sahay (2015, September). Sill Over, Finance & Development, September 2015
[3]. Reserve Bank of India's Annual reports for the period 2000 to 2014.
[4]. Various press releases of Federal Open Market Committee
[5]. Shaun K. Roache and Marina V. Rousset (2013, August). Unconventional Monetary Policy and Asset Prices, IMF Working Paper, WP/13/190
[6]. Marc Labonte (2014, February). Federal Reserve: Unconventional Monetary Policy Options, Congressional Research Service, 7-5700
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| Paper Type | : | Research Paper |
| Title | : | Route to Sustainable Growth in India-Subsidies Vs Investment |
| Country | : | India |
| Authors | : | Dr. Shaila Srivastava || Tamoghna Das || Partha Sarathi Banerjee |
Abstract: Successive governments have taken multiple measures to alleviate poverty through fiscal largesse. But most of these measures are aimed at reacting to the problem rather than targeting the root cause. With a high fiscal deficit, India cannot continue to afford such schemes. There is need to quantify the usefulness of these subsidies in terms of poverty eradication and their impacts on the national macros, given that still about one-third of the Indian population lives below the poverty line, and we do not have an effective public distribution system.
[1]. i India Government Budget Value. (2015, January 4). Retrieved on March 3, 2015 from
www.tradingeconomics.com/india/government-budget-value
[2]. ii Total Subsidy Bill at Rs 2.46 Lakh crore, (2014, February 18). Retrieved on March 3, 2015 from
www.newindianexpress.com/nation/Total-Subsidy-Bill-at-Rs-2.46-Lakh-crore/2014/02/18/article2062443.ece
[3]. iii Open Government Data Platform India (2015).Retrieved from http://data.gov.in
[4]. iv The Food Wastage & Cold Storage Developing Realistic Solutions Infrastructure Relationship In India.(2012).
Retrieved from
www.emerson.com/SiteCollectionDocuments/India%20Cold%20Storage%20Report%202013/Report_layout_Reduc
ed.pdf.
[5]. v India Government Budget Value. (2015, January 4). Retrieved on March 3, 2015 from
www.tradingeconomics.com/india/government-budget-value
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| Paper Type | : | Research Paper |
| Title | : | Impact of Non -Performing Assets on Stock Market Performance of listed bank stocks in India An empirical assessment of how the two stocks – NPA and Share are related |
| Country | : | India |
| Authors | : | Prof Deva Dutta Dubey || Pallawi Kumari |
Abstract: An asset, including a leased asset, becomes non-performing when it ceases to generate income for the bank and is then termed as Non-Performing Asset (NPA). RBI has defined NPA as a credit facility in respect of which the interest and / or installment of principal has remained 'past due' for a specified period of time as stipulated by RBI.
[1]. Ashis Satpathy, Samir Ranjan Behera and Sabat Kumar Digal (Xavier Institute of Management)- Macroeconomic Factors Affecting the NPAs in the Indian Banking System: An Empirical Assessments, The IUP Journal of Bank Management, Vol. XIV, No. 1, 2015
[2]. Ashly Lynn Joseph and Dr. M. Prakash( Jain University, Seshadripuram Educational Trust, Bangalore)- A Study on Analyzing the of NPA Level in Private Sector Banks and Public Sector Banks, International Journal of Scientific and Research Publications, Volume 4, Issue 7, July 2014 1 ISSN 2250-3153
[3]. Deepti Sahoo and Pulak Mishra-Structure, Conduct and Performance of Indian Banking Sector, VOL. 12, ISSUE 4, 2012, pp. 235–264 , DOI: 10.2478/v10135-012-0011-9
[4]. Julien Idier, Gildas Lamé and Jean-Stéphane Mésonnier: Tail market risk, bank equity volatility and bank financial structure: exploring the missing link, JEL Classification: C5, E44, G2
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| Paper Type | : | Research Paper |
| Title | : | Do Social, Environmental and Governance Concerns Reward Value to Firms? An Investigation of BSE-500 listed Firms |
| Country | : | India |
| Authors | : | Dr. Dipasha Sharma || Ms. Shagun Thukral |
Abstract: With the changing landscape of corporate in India, accountability of corporate towards social parities and environment is gaining momentum. The voluntary disclosures and reporting on social concerns and issues of the environment have received significant attention in recent times. In terms of reporting standards, corporate governance disclosures are aligned with the laws and regulations. However, environmental and social disclosures are still voluntary in nature. Considering the current scenario in India, the present study aims to assess whether due concerns to environmental, social and governance disclosures by the corporate reward the organization through any financial value or not. This study assesses the contextual liaison between environmental social and governance (ESG) disclosure scores and performance of BSE-500 listed firms. The objective of the study is to assess the impact of ESG disclosure on firm performance measured in accounting terms using ROA and market terms using Tobin's Q ratio. Keywords: Environmental Social and Governance disclosure, Firm Performance, Multivariate Regression
[1]. Benabou, R. and J. Tirole. (2010),"Individual and Corporate Social Responsibility". Economica, 77(305), 1-19
[2]. Cavaco, S. and Crifoz, P. (2010), "The CSR-Firm Performance Missing Link: Complementarity Between Environmental, Social and Business Behavior Criteria?" Ecole Polytechnique centre National De La Recherche Scientifique, Cahier no 2010-19
[3]. Gillan, S., Hartzell, J., Koch, A. and Starks, L. (2010), "Firms‟ Environmental, Social and Governance (ESG) Choices, Performance and Managerial Motivation"http://www.ie.edu/docs/workshopFinance/LAURASTARKS.pdf Doi: 16 Nov
[4]. Ioannou, I. & Serafeim, G. (2010), "What Drives Corporate Social Performance? International Evidence from Social, Environmental and Governance Scores". Harvard Business School, Working Paper 11-016
[5]. Pasquini-Descomps, H. & Sahut, J. (2013), "ESG Impact on Market Performance of Firms: International Evidence". IPAG Business School, Working Paper 2014-212http://www.ipag.fr/fr/accueil/la-recherche/publications-WP.html Doi: 16 Nov 2015
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| Paper Type | : | Research Paper |
| Title | : | Conceptual framework on market factors affecting investor's sentiments and the effect of behavioral pitfalls on investment decision making |
| Country | : | India |
| Authors | : | Haritha PH, Rashmi Uchil |
Abstract: Behavioral finance means investors behavior while investment in financial markets. It explain how, why, and where the investors invest capital. This concept investigates and explains the multidisciplinary field of psychology and sociology of financial behavior. In this market the individual investor's decisions are affected by psychological factors while buying and selling of stock, which is influenced by the price. The behavior of individual investors are based on investing the amount of fund in stock market. Investor's sentiment is a major role in stock market. Sentiment means investors attitude and opinion about stock market. . Investors tend to become optimistic and pessimistic in their decision making because of familiarity biases or due to the tendency for sensation seeking. It has become very necessary therefore to identify and categorize these factors and also to understand their implication on investment decision making.
[1]. A.Aris, Protopapadakis, M. J. Flannery, Macroeconomic Factors Do Influence Aggregate Stock Returns, The review of financial studies. 5 (3), 2002, 751-782.
[2]. A.H.Hussein, Factors influencing individual investor behavior in the UAE financial markets. Journal of Business, Vol.92, 2007
[3]. A.Shleifer, and L.H.summers, The noise trader approach to finance, Journal of Economic perspectives, Vol. 4 (2), 1990,19-33.
[4]. C.Antoniou, E.C.Galariotis, D.Read, Ambiguity aversion, company size and the pricing of earnings forecasts. European Financial Management 20, 2014,633–651
[5]. C.Fox, and A. Tversky, Ambiguity Aversion and Comparative Ignorance, Quarterly Journal of Economics, 110, 1995, 585–603.
[6]. D.Hirshliefer, Investor Psychology and Asset Pricing, Journal of Finance, 56(4),2001,1533–1598
[7]. D.M.Patterson, V. Sharma, Do Traders Follow Each Other at the NYSE?" Working Paper, University of Michigan-Dearborn,2006
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| Paper Type | : | Research Paper |
| Title | : | A Study on Impact of Oil Prices on Emerging Market Stock Indices |
| Country | : | India |
| Authors | : | Harnesh Makhija || P.S. Raghukumari |
Abstract: Stock indices are influenced by several economic and political factors. Some of the most influencing parameters affecting indices are inflation, interest rates, world events, currency exchange rates and commodity prices. One of the most volatile commodities in recent times in terms of its price fluctuation is crude oil price. Impact of crude oil price fluctuations on stock indices has been observed by many researchers in recent times. This paper attempts to analyze the short term and long term relationship between oil prices and stock market indices of emerging markets for the period July 2005 to June 2015 by using Vector Auto Regression (VAR) model.
[1]. Ciner, C., 2001, 'Energy shocks and financial markets: nonlinear linkages', Studies in Non-Linear Dynamics and Econometrics', No. 5, pp. 203-212.
[2]. Evangelia P., 2001, 'Oil price shocks, stock market, economic activity and employment in Greece'. Energy Economics, No. 23, pp. 511-532.
[3]. Hamilton, J.D., 1983, 'Oil and the macroeconomy since World War II', Journal of Political Economy', No. 91, pp. 228-248.
[4]. Huang, R.D., Masulis, R.W., 1996, 'Energy shocks and financial markets', Journal of Future Markets, No. 16, pp. 1-27.
[5]. Irene H & Perry S, 2008, 'Oil prices and the stock prices of alternative energy companies', Energy Economics, No. 30, pp. 998-1010.
[6]. Jones, C.M., Gautam, K., 1996, 'Oil and the stock markets', Journal of Finance, No. 51, pp. 463-491.
[7]. Jungwook P & Ronald A. R, 2008, 'Oil price shocks and stock markets in the U.S. and 13 European Countries', Energy Economics, No. 30, pp. 2587-2608.
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| Paper Type | : | Research Paper |
| Title | : | Behavioral Finance: An Insight into Investor's Psyche |
| Country | : | India |
| Authors | : | Dr. Kapil Arora |
Abstract: The field of finance, so far, has dealt with certain central paradigms derived from investor rationality, viz., portfolio allocation based on expected return and risk, risk-based asset pricing models, i.e., CAPM and other similar frameworks, the pricing of contingent claims, and the Miller-Modigliani theorem and its augmentation by the theory of agency. While these approaches revolutionized the study of finance and brought rigor into the field, many lacunae were left outstanding by the theories. For example, the traditional models had a limited role towards understanding trading volumes while focusing mostly on price data.
[1]. Agarwal, S., Driscoll, J.C., Gabaix, X., &Laibson, D. (2009). The Age of Reason: Financial Decisions Over the Lifecycle with Implications for Regulation. Brookings Papers on
[2]. Economic Activity, 2, 51-117.
[3]. Banerjee, A.V. (1992). A Simple Model of Herd Behavior. Quarterly Journal of Economics 107 (3), 797–817.
[4]. Barber, Brad M., and Odean, T. (2004). Are Individual Investors Tax Savvy? Evidence from Retail and Discount Brokerage Accounts. Journal of Public Economics, 88 (1), 419-442.
[5]. Bateman, H., Ebling, C., Geweke, J., Jordan, L., Stephen, S. & Susan, T. (2010). Economic Rationality, Risk Presentation, and Retirement Portfolio Choice. UNSW Australian School of Business research paper No. 2011ACTL02 (December).
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| Paper Type | : | Research Paper |
| Title | : | Performance Analysis of Commercial Banks Providing Microfinance in Rural Areas of Maharashtra |
| Country | : | India |
| Authors | : | Ms. Mrinal Savyanavar || Dr. Pankaj Trivedi |
Abstract: Microfinance is an important tool which provides microcredit to the low income People which do not have access to formal financial institutions. In India commercial banks have had a larger share in the providing microfinance right from the inception of microfinance program. In recent times, commercial banks have gone forward to strengthen SHG saving and credit linkages program. In the fiscal year 2014-15, ICICI Bank has planned to reach out to over two million women under self-help groups. SBI is maintaining its position as a leader among Commercial Banks in credit linking of SHGs.
[1]. J. Morduch, The microfinance promise, Journal of Economic Literature, 37, 1999, 1569-1614.
[2]. C. Ahlin, J. Lin, and M. Maio, Where does microfinance flourish? Microfinance institution performance in macroeconomic context, Journal of Development Economics, 95, 2011, 105-120.
[3]. R.P. Christen, R. Rosenberg, and V. Jayadeva, 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, 2004.
[4]. P. Richter, The integration of the microfinance sector in the financial sector in developing countries: the role that Apex mechanisms play in Uganda, in WIDER Conference, 2004: Finland.
[5]. J. Yaron, Successful rural finance institutions, World Bank Discussion Paper 150, Washington D.C.: World Bank 1992.
[6]. J.D. Von Pischke, Measuring the tradeoff between outreach and sustainability of micro-enterprise lenders, Journal of International Development, 8(2), 1996, 225-239.
[10] 10.Raja J, Ganesha (2000), "Mutual Funds, the Millennium Strategy", The Journal of The All India Management
Association, Vol. 39(10), pp.42-47.
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| Paper Type | : | Research Paper |
| Title | : | Study of Multiple Year Holding Period Equity Model and its Application on Stock Price Valuation: with Special Reference to FMCG Sector |
| Country | : | India |
| Authors | : | Dr.Nitin Tanted || Ayushi Bhandari |
Abstract: Finance professionals frequently value assets using fundamental valuation methods that discount the expected cash flows received by investors. Security analysis of FMCG companies with specific emphasis on fundamental analysis using dividend discount models is the focus of this research. The basic idea of the dividend discount models is that the intrinsic value of an equity share is a function of the earnings level, growth rate, and risk exposure of a company. These in turn depends to a great extent on the prospectus of the industry to which company belongs.
Keywords: Dividend Discount Model, Stock Price Valuation
[1]. Ackert, Lucy F, Brian F Smith (1993), "Stock price volatility, ordinary dividends, and other cash flow to shareholders‟, Journal of Finance, Vol.48(4), pp 1147-1160
[2]. C.R.J.M. Tilman (2009) "Explaining Equity Prices using a variable Risk Premium in a Three Stage Dividend Discount Model‟, Journal of Accounting and Economics, Vol. 14, pp147-165
[3]. Campbell, John Y, Shiller (1987), "Stock Prices, Earnings, Expected Dividends‟, the Journal of Finance, Vol.43, No. 3
[4]. Cochrane, John Y and Kyle, Albert S (1993) "Smart money, noise trading and stock price behaviour‟, Review of Economic Studies, vol.60 (1), pp 1-34
[5]. De Long, J Bradford & Andrei shleifer & Lawrence H. Summers & Robert J. Waldmann (1990), "Noise trader risk in financial markets‟, Journal of Political Economy, vol. 98(4), pp 703-708
[6]. Flavin M (1983) "Excess volatility in financial markets: a reassessment of the empirical evidence‟, Journal of Political Economy, pp 89-111
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| Paper Type | : | Research Paper |
| Title | : | Stock Indicators and Macroeconomic Aggregates in India: An empirical investigation |
| Country | : | India |
| Authors | : | Dr. Nupur Gupta-Bhattacharya |
Abstract: Examination of role of stock markets in economic growth is germane for emerging market economies and a country like India because there has been tremendous increase in stock market activities post financial liberalization. The movement of stock indices is highly sensitive to the changes in fundamentals of the economy and to the changes in expectations about the future prospects. Expectations are influenced by the micro and macro fundamentals which may be formed either rationally or adaptively on economic fundamentals, as well as by many subjective factors which are unpredictable and also non quantifiable. It is assumed that domestic economic fundamentals play determining role in the performance of stock market.
[1]. Agrawalla, R.K. and Tuteja, S.K., 2007. Causality between Stock Market Development and Economic Growth. Journal of Management Research, 7 (3), 158-168.
[2]. Ahmed, S., 2008. Aggregate Economic Variables and Stock Markets in India. International Research Journal of Finance and Economics, 14, March, 141-164.
[3]. Bhattacharya, B. & J. Mukherjee., 2003a. Causal Relationship between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance in India: An Empirical Analysis. In proceedings of the 5th Annual Conference on Money and
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| Paper Type | : | Research Paper |
| Title | : | Markov-Switching Approach to Analyze the Inflation Hedging Potential of Copper and Gold Futures |
| Country | : | India |
| Authors | : | Ritika Jaiswal || Rashmi Uchil |
Abstract: This study incorporates the time-varying cointegration approach under the regime-switching framework to investigate inflation hedging potential of gold and copper futures for the sample period from April 2005 to June 2015. Based on the test results of Brock, Dechert and Scheinkman (BDS) and Schwarz Information Criterion (SIC), linear Vector Error-Correction Model (VECM) for gold futures and nonlinear Markov-Switching Vector Error-Correction Model (MS-VECM) for copper futures are chosen. The results confirm the full inflation hedging potential of gold futures and partial hedging potential of copper futures. In addition, regime dependent analysis of copper futures series signifies the equal adjustment pattern of inflation index in each regime.
Keywords: Copper, Gold, Hedge, Inflation, Markov-switching.
[1]. S. Mahdavi and S. Zhou, Gold and commodity prices as leading indicators of inflation: tests of long-run relationship and predictive performance, Journal of Economics and Business, 49(5), 1997, 475-489. A. Anari and J. Kolari, Stock prices and inflation, Journal of Financial Research, 24(4), 2001, 587-602. [2]. C. Worthington and M. Pahlavani, Gold investment as an Inflationary Hedge: Cointegration Evidence with Allowance for Endogenous Structural Breaks, Applied Financial Economics Letters, 3(4), 2007, 259-262. [3]. K. Tiwari, Gold Investment as an Inflationary Hedge: Cointegration Evidence from India with Allowance for Structural Breaks and Seasonal Adjustment, Journal of Asian Business Management, 3, 2011, 165-176. [4]. J. Beckmann and R. Czudaj, Gold as an inflation hedge in a time-varying coefficient framework, The North American Journal of Economics and Finance, 24, 2013, 208-222. [5]. G. Gorton and K. G. Rouwenhorst, Facts and fantasies about commodity futures, Financial Analysts Journal, 62(2), 2006, 47-68. [6]. B. Erb and C. R. Harvey, The strategic and tactical value of commodity futures, Financial Analysts Journal, 62(2), 2006, 69-97. [7]. L. Spierdijk and Z. Umar, Are commodity futures a good hedge against inflation?, Journal of Investment Strategies, 3(2), 2014, 35-57.
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| Paper Type | : | Research Paper |
| Title | : | Impact of Peer groups pressure on underprivileged women's decision to join Self Help groups |
| Country | : | India |
| Authors | : | Rupali K. Gadkari |
Abstract: Women comprise almost half of the population of our country and they have been recognized as key driving forces of sustainable development. Providing equal opportunities to women is crucial for overall development of a country. The involvement of women in business and their position in the family as well as in the economic development and social change are essential. A large number of women work as marginal workers in our country. In order to make them a part of main stream, microfinance through Self Help Groups is an important instrument.
[1]. Batiwala (1999), "Empowerment of women and its Components", Women Studies, 11 (3), P.63
[2]. Beena Yadav (2011), "Swabhimaan: A Unique Financial Inclusion Initiative?", Kurukshetra, 59 (8), P.29 [3]. Chowdhury, S. S., & Chowdhury, S. A. (2011). Microfinance and Women Empowerment: A Panel Data Analysis Using Evidence from Rural Bangladesh. International Journal of Economics and Finance, 3(5), 86-96. Retrieved From Http://Search.Proquest.Com/Docview/904419964?Accountid=31551
[4]. Dasgupta R (2005), "Microfinance in India: Empirical Evidence, Alternative Models and Policy Imperatives", Economic And Political Weekly, Vol. XL, No. 12, Pp. 19-25.
[5]. De Aghion, B. (1999). On The Design Of A Credit Agreement With Peer Monitoring. Journal of Development Economics, 60(1), 79.
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| Paper Type | : | Research Paper |
| Title | : | Socio Legal Dimensions in Transitory phases of Green finance towards Green Economy and Sustainable Development. |
| Country | : | India |
| Authors | : | Dr. Swati Dheeraj Singh Rautela |
Abstract: The consequences of Globalization - with expanding production and consumption have resulted in overwhelming destruction of our environment, which include air, water and soil pollution, towards the commodification of natural commons, public environmental goods and services. The world community is fraught with the challenges of climate change, started to shift efforts towards creating a more sustainable planet and bringing down carbon emissions. United Nations Conference on Sustainable Development in 2012 (Rio+20) has forwarded the notion of "green economy', a follow-on concept from 'sustainable development1'. In this paper the author is deliberating on varied perspectives of green finance towards sustainable development.
[1]. Green Finance An Innovative Approach to Fostering Sustainable Economic Development and Adaptation to Climate Change. (September 2011), Published by: Deutsche Gesellschaft für Internationale Zusammenarbei, page no.9 www.enterprise-development.org/download(9). [2]. Keerthi, (February 2013), "A Study on Emerging Green Finance in India: Its Challenges and Opportunities International Journal of Management and Social Sciences Research, International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 Volume 2, No. 2,
[3]. Keerthi, (February 2013), "A Study on Emerging Green Finance in India: Its Challenges and Opportunities", International Journal of Management and Social Sciences Research, International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 Volume 2, No. 2, (11).
[4]. Ms. R. Sindhuja, (Jul-Dec 2015), "Emerging Trends and Challenges of Green Finance in India", International Journal of Applied Management & Business Utility Vol. 3 No. 2, eISSN: 2348-1382 (10.)
[5]. Sony Kapoor, Managing Director & Linda Oksnes, Research Associate With additional writing by Ryan Hogarth, Research Associate, (May 2011), "Funding the Green New Deal: Building a Green Financial System A policy maker report from Re-Define, green New Deal Series" Volume 6 (Published by the Green European Foundation, May 2011).page no‟s 47,48. (8).
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| Paper Type | : | Research Paper |
| Title | : | Estimating Moral Hazard in Indian Banks a Study of 6 Large Banks from India |
| Country | : | India |
| Authors | : | Deva Dubey || A S Binilkumar |
Abstract: Moral Hazard is a problem facing lenders across the world. The problem originated in economic
literature a few decades ago and there is ample geographical evidence of instances of Moral Hazard however,
there appears to be no method of measuring the same at the level of lenders or economies.
This paper attempts to provide a metric for estimating Moral Hazard in Indian banks using analytical
techniques. It presents a small step as an attempt at "quantifying‟ Moral Hazard in Indian banks and taking a
look at the problem at the macro / system level. It is open for discussion and debate as also for further inputs by
contemporary researchers.
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