There is a large body of finance literature that has tested and validated dividend policy decisions mainly focused on the effect of the dividend announcement and the impact it has on the post announcement drift. But very few studies have tested the determinants of the cumulative abnormal return (CAR) surrounding […]
There is no doubt that mobile money is bringing the under-served and the excluded population into the main stream financial services corridors. Based on the FinScope surveys, mobile money is becoming one of the enablers of financial inclusion. In an increasing number of developing countries, a number of poor people […]
In this paper, monthly effect in Egyptian stock market is investigated for the period January 2007 to July 2015. After examining the random walk hypothesis of the return series, a Seasonal Auto regressive Moving Average (SARMA) model is specified to test the monthly effect in Egyptian Stock market. The results of […]
In the present paper an attempt has been made to study dividend policy of Mumbai based companies of India. The study tries to assess the level of perceived awareness about models and use of dividends policies, analyses the factors affecting dividend distribution decisions and evaluates the impact of the same […]
The paper empirically examines the impact of corporate governance on the cash holding of the firms. The components of corporate governance are measured by board size, board meeting, audit committee members, directors remuneration and non executive directors and the cash holding is measured with the log of average cash and […]
In the option pricing theory, two important approaches have been developed to evaluate the prices of a European option. The first approach develops an almost closed-form option pricing formula under a specific GARCH process (Heston & Nandi, 2000). The second approach develops an analytical approximation for computing European option prices […]
Commensurate with this exponential growth in the depth and breadth of derivative markets and the range of financial products traded therein, there needs to be developed a comprehensive mathematical framework to support the, hitherto, empirically established features of trading strategies involving these instruments. It is the objective of this article, […]
Financial institutions have witnessed numerous episodes of financial crises all over the world during the last four decades. The researchers, academicians and policy makers in the field of finance studied these episodes extensively and to mitigate the risk involved in these crises have proposed several measures in the financial literature, […]
The crucial role that implementation of Code of Corporate Governance plays on protecting the rights of minorities, shareholders, local as well as foreign investors cannot be denied. Companies all over the world are required to implement their respective Code of Corporate Governance for avoiding agency conflicts between companies management and […]
Beta Coefficient, as a measurement statistic of systematic risk of securities, was initially explained by Sharpe as a slope of simple linear regression function using rate of return on a market index as independent variable and a securitys rate of return as dependent variable. National Stock Exchange (NSE), the leading […]
According to Reserve Bank of India (RBI) Governor, public sector banks are having stressed accounts equivalent to over Rs.7 lakh Crores including non-performing assets (NPA) and restructured loans (News Asia, 2016). RBI has also pointed out that gross NPA of public sector banks has risen to 6.03% during June 2015 […]
In a bank-dominated financial system like India, the strength of the overall financial system or financial stability highly depends on the soundness of banks. Indian Banking system proved to be strong and resilient during the global financial crisis of 2008. But of late, there has been increased concerns about the […]
The equity derivatives market in India has undergone remarkable changes in terms of instruments introduced. Introduction of single stock futures, amidst great misgivings, was solely responsible for placing Indian exchanges in the topmost position in the global scenario. Till 2006-07, single stock futures were the most traded instruments in the […]
The belief that stock market provides hedge against inflation has been put to test by many researchers over the past few decades. The present study aims at testing the Fisher effect in the Indian context. We have used monthly data, from July 2006 to June 2016, of the National Stock […]
Significant listing day returns for IPOs is a phenomenon that is observed when companies go public. Using a larger timeframe (1999-2014), we attempt to determine the long-run performance of underpriced IPOs issued in an emerging economy such as India during the hot and cold IPO markets for 36-months. The results […]
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