Pub Date : 2023-04-05DOI: 10.1177/22785337221148807
S. Vengadesh, P. Chinna, K. Aravindaraj
In our study, we applied bibliometric analysis techniques to explore the research trends in goods transportation. The Scopus database is selected for our research works. Since the extracted datasets from the Scopus database are effectively useful for bibliometric and descriptive analysis using VOSVIEWER software and MS-EXCEL. This study used six research contributions to find out descriptive statistics such as year—wise publications trend, document type, publisher contribution summary, percentage of articles vs subject category, the contribution of authors and their countries based on the total number of publications and their corresponding total citations, the reputation of documents and journals according to the total citations that occurred over the period by performing citation analysis, the intellectual structures of goods transportation by performing co-citation analysis with co-cited authors, to identify the trends involving goods transportation by performing keywords co-occurrence analysis, and to know the research gaps and further research directions on goods transportation. This research study has found gradual results of goods transportation from 2000 to 2021 and performed network analysis to get the intellectual structure and emergent themes in goods transportation, such as dangerous goods transportation, railway goods transportation, technology enhancement in goods transportation, and sustainability perspectives. This study was limited to documents that were retrieved from the largest database Scopus. Those which are not incorporated here are not part of the study, which may or may not affect our research findings. To the best of our knowledge, this is the first attempt at the evolution of documents about goods transportation by using bibliometric tools.
{"title":"A Bibliometric Analysis of Research Trends in Goods Transportation Using the Scopus Database","authors":"S. Vengadesh, P. Chinna, K. Aravindaraj","doi":"10.1177/22785337221148807","DOIUrl":"https://doi.org/10.1177/22785337221148807","url":null,"abstract":"In our study, we applied bibliometric analysis techniques to explore the research trends in goods transportation. The Scopus database is selected for our research works. Since the extracted datasets from the Scopus database are effectively useful for bibliometric and descriptive analysis using VOSVIEWER software and MS-EXCEL. This study used six research contributions to find out descriptive statistics such as year—wise publications trend, document type, publisher contribution summary, percentage of articles vs subject category, the contribution of authors and their countries based on the total number of publications and their corresponding total citations, the reputation of documents and journals according to the total citations that occurred over the period by performing citation analysis, the intellectual structures of goods transportation by performing co-citation analysis with co-cited authors, to identify the trends involving goods transportation by performing keywords co-occurrence analysis, and to know the research gaps and further research directions on goods transportation. This research study has found gradual results of goods transportation from 2000 to 2021 and performed network analysis to get the intellectual structure and emergent themes in goods transportation, such as dangerous goods transportation, railway goods transportation, technology enhancement in goods transportation, and sustainability perspectives. This study was limited to documents that were retrieved from the largest database Scopus. Those which are not incorporated here are not part of the study, which may or may not affect our research findings. To the best of our knowledge, this is the first attempt at the evolution of documents about goods transportation by using bibliometric tools.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44047568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-05DOI: 10.1177/22785337221148543
Isha, Deepa Mangala
The study investigates the influence of company-specific characteristics, such as firm age, firm size, performance, leverage, capital intensity ratio, and assets growth, on earnings management. The study also examines the influence of such characteristics on earnings management in group-affiliated and standalone firms. The final sample consists of 248 companies listed on the Bombay Stock Exchange. The research takes place from 2012–2013 to 2018–2019. Signed discretionary accruals and signed discretionary current accruals are used as proxies for measuring earnings management. The findings show that the firm’s age, performance, and leverage are all positively associated with signed discretionary accruals. However, the capital intensity ratio has a negative relationship. Further, group firms are less likely to indulge in earnings management practices as compared with standalone firms. Also, the firm age and performance have positive relation, and capital intensity ratio has negative relation with signed discretionary accruals for group firms. In the case of standalone firms, firm size, performance, and leverage have a positive association whereas capital intensity has a negative association. The results of the present study give insight to financial analysts, regulators, investment analysts, credit rating agencies, etc., to keep an eye on manipulative reporting practices done by companies of different characteristics and ownership attribute.
{"title":"Influence of Company Characteristics on Earnings Management in Group Affiliated and Standalone Firms: Evidence from India","authors":"Isha, Deepa Mangala","doi":"10.1177/22785337221148543","DOIUrl":"https://doi.org/10.1177/22785337221148543","url":null,"abstract":"The study investigates the influence of company-specific characteristics, such as firm age, firm size, performance, leverage, capital intensity ratio, and assets growth, on earnings management. The study also examines the influence of such characteristics on earnings management in group-affiliated and standalone firms. The final sample consists of 248 companies listed on the Bombay Stock Exchange. The research takes place from 2012–2013 to 2018–2019. Signed discretionary accruals and signed discretionary current accruals are used as proxies for measuring earnings management. The findings show that the firm’s age, performance, and leverage are all positively associated with signed discretionary accruals. However, the capital intensity ratio has a negative relationship. Further, group firms are less likely to indulge in earnings management practices as compared with standalone firms. Also, the firm age and performance have positive relation, and capital intensity ratio has negative relation with signed discretionary accruals for group firms. In the case of standalone firms, firm size, performance, and leverage have a positive association whereas capital intensity has a negative association. The results of the present study give insight to financial analysts, regulators, investment analysts, credit rating agencies, etc., to keep an eye on manipulative reporting practices done by companies of different characteristics and ownership attribute.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49386083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-30DOI: 10.1177/22785337221148884
Jisha Gopi, S. Subramoniam
Entrepreneurship is of utmost importance in a country’s economic development. Starting one’s own business is not easy and it is even more difficult to sustain in this highly competitive environment. This research helps understand the relative importance of challenging factors that hinders the growth of an enterprise resulting in an entrepreneur deciding whether to continue the business or exit it in the early phase itself. The analytic hierarchy process (AHP) is the technique used here to determine the relative position of these factors in persuading an entrepreneur’s decision to continue or exit the business. A thorough literature review identified the key challenging factors in early-stage entrepreneurship related to, Finance, Administration, Personal, Product & Market, Environment, and Human Resources. Pairwise comparison is done by collecting the opinions of eight specialists from the industry and from academia, for formulating the reciprocal matrix and analysis using AHP. The finding of this study helps entrepreneurs identify the major hurdles and their impact on the successful launch or growth of their enterprise. On the other side, this research can also be useful for the Government and other support agencies in framing policies, to wipe out hurdles that pave way for a conducive entrepreneurial environment.
{"title":"Establishing the Relative Importance of Challenges in Early-stage Entrepreneurship using Analytical Hierarchy Process","authors":"Jisha Gopi, S. Subramoniam","doi":"10.1177/22785337221148884","DOIUrl":"https://doi.org/10.1177/22785337221148884","url":null,"abstract":"Entrepreneurship is of utmost importance in a country’s economic development. Starting one’s own business is not easy and it is even more difficult to sustain in this highly competitive environment. This research helps understand the relative importance of challenging factors that hinders the growth of an enterprise resulting in an entrepreneur deciding whether to continue the business or exit it in the early phase itself. The analytic hierarchy process (AHP) is the technique used here to determine the relative position of these factors in persuading an entrepreneur’s decision to continue or exit the business. A thorough literature review identified the key challenging factors in early-stage entrepreneurship related to, Finance, Administration, Personal, Product & Market, Environment, and Human Resources. Pairwise comparison is done by collecting the opinions of eight specialists from the industry and from academia, for formulating the reciprocal matrix and analysis using AHP. The finding of this study helps entrepreneurs identify the major hurdles and their impact on the successful launch or growth of their enterprise. On the other side, this research can also be useful for the Government and other support agencies in framing policies, to wipe out hurdles that pave way for a conducive entrepreneurial environment.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49609481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The advent of modernity has changed the sports landscape of the world, wherein all barriers, especially gender discrimination, have been broken, with men and women competing shoulder to shoulder in the sports arena. However, the sports landscape in India is completely different, as all the major sports activities are dominated by men. The aim of this study is to classify and rank the barriers that deter women’s participation in sports in India. For achieving this objective, a multi-criteria decision-making technique of Interpretive Structural Modelling (ISM) and MICMAC analysis has been used for relative ranking and classification of barriers that lead to gender discrimination in sports in India. The study encapsulates significant barriers that hinder women from actively participating in sports in India. The findings of our study suggest that economic barriers, lack of sporting infrastructure and culture, lack of potential career opportunities, knowledge barriers, and socio-cultural barriers are vital reasons that have implications for limiting women’s participation in sports and society alike. From a policy perspective, the proposed model will help identify the key barriers that ought to be addressed to bridge the gap between men and women in the sports sector in India.
{"title":"The Missing Gender: Examining the Barriers to Women’s Participation in Sports in India","authors":"Debashree Das, Patanjal Kumar, Aasheesh Dixit, Vivek","doi":"10.1177/22785337221148557","DOIUrl":"https://doi.org/10.1177/22785337221148557","url":null,"abstract":"The advent of modernity has changed the sports landscape of the world, wherein all barriers, especially gender discrimination, have been broken, with men and women competing shoulder to shoulder in the sports arena. However, the sports landscape in India is completely different, as all the major sports activities are dominated by men. The aim of this study is to classify and rank the barriers that deter women’s participation in sports in India. For achieving this objective, a multi-criteria decision-making technique of Interpretive Structural Modelling (ISM) and MICMAC analysis has been used for relative ranking and classification of barriers that lead to gender discrimination in sports in India. The study encapsulates significant barriers that hinder women from actively participating in sports in India. The findings of our study suggest that economic barriers, lack of sporting infrastructure and culture, lack of potential career opportunities, knowledge barriers, and socio-cultural barriers are vital reasons that have implications for limiting women’s participation in sports and society alike. From a policy perspective, the proposed model will help identify the key barriers that ought to be addressed to bridge the gap between men and women in the sports sector in India.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47128243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-28DOI: 10.1177/22785337221148806
A. Ganguly, J. Farr
The COVID-19 global pandemic, over the last year and a half, has managed to create massive disruptions in global supply chains and exposed their vulnerabilities, thereby reemphasizing the importance of resiliency. The current study aims to identify and prioritize, through the quantitative decision-making technique of Interpretive Structural Modelling (ISM), a set of barriers to resiliency for the pharmaceutical supply chain in India. The rationale behind choosing the Indian pharmaceutical supply chain was that the pharmaceutical sector in India supplies over half of the global demand for vaccines and generic drugs, and the trajectory of growth is indicated around US$100 billion by the year 2025, along with exporting pharmaceutical products to nearly 200 destination countries. The findings of the current study are expected to aid the decision-makers in evaluating the relative criticality and the interrelationship between the potential (and critical) barriers to supply chain resiliency, and in turn to develop strategic plans. This, in turn, can help to combat unforeseen supply chain disruptors such as COVID-19. This methodology and the findings of the study can be generalized for other supply chains.
{"title":"An Interpretive Structural Modelling (ISM) Approach to Evaluate Barriers to Resiliency in Indian Pharmaceutical Supply Chains","authors":"A. Ganguly, J. Farr","doi":"10.1177/22785337221148806","DOIUrl":"https://doi.org/10.1177/22785337221148806","url":null,"abstract":"The COVID-19 global pandemic, over the last year and a half, has managed to create massive disruptions in global supply chains and exposed their vulnerabilities, thereby reemphasizing the importance of resiliency. The current study aims to identify and prioritize, through the quantitative decision-making technique of Interpretive Structural Modelling (ISM), a set of barriers to resiliency for the pharmaceutical supply chain in India. The rationale behind choosing the Indian pharmaceutical supply chain was that the pharmaceutical sector in India supplies over half of the global demand for vaccines and generic drugs, and the trajectory of growth is indicated around US$100 billion by the year 2025, along with exporting pharmaceutical products to nearly 200 destination countries. The findings of the current study are expected to aid the decision-makers in evaluating the relative criticality and the interrelationship between the potential (and critical) barriers to supply chain resiliency, and in turn to develop strategic plans. This, in turn, can help to combat unforeseen supply chain disruptors such as COVID-19. This methodology and the findings of the study can be generalized for other supply chains.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46952199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-28DOI: 10.1177/22785337221148575
Jaya Gupta, P. Misra
Accelerated structural transformations characterize the workplace post-pandemic. A lifelong learning ecosystem must be built to ensure a smooth and inclusive transition since generational diversity is ubiquitous in contemporary organizations. The present phenomenological qualitative study attempts to explore generational diversity from the lens of lifelong learning construct across the three prominent generations, X, Y, and Z, present in the workforce. The data collected from 24 semi-structured telephonic interviews were analyzed using text mining and topic modeling. The results suggest differences and similarities among the members of different generations. The topics derived waxed and waned across generations. While the drive to engage in continuous learning varied across generational cohorts, the preferred mode for engaging in it was similar. The study provides insights that could help enhance the effectiveness of human resource management practices and firms’ competitiveness during tough times. Further, the findings contribute to the existing literature by adopting machine learning as a tool to extract and decode the latent topics across the three generational cohorts.
{"title":"Unravelling Lifelong Learning in Multi-Generational Workforce Using Text Mining","authors":"Jaya Gupta, P. Misra","doi":"10.1177/22785337221148575","DOIUrl":"https://doi.org/10.1177/22785337221148575","url":null,"abstract":"Accelerated structural transformations characterize the workplace post-pandemic. A lifelong learning ecosystem must be built to ensure a smooth and inclusive transition since generational diversity is ubiquitous in contemporary organizations. The present phenomenological qualitative study attempts to explore generational diversity from the lens of lifelong learning construct across the three prominent generations, X, Y, and Z, present in the workforce. The data collected from 24 semi-structured telephonic interviews were analyzed using text mining and topic modeling. The results suggest differences and similarities among the members of different generations. The topics derived waxed and waned across generations. While the drive to engage in continuous learning varied across generational cohorts, the preferred mode for engaging in it was similar. The study provides insights that could help enhance the effectiveness of human resource management practices and firms’ competitiveness during tough times. Further, the findings contribute to the existing literature by adopting machine learning as a tool to extract and decode the latent topics across the three generational cohorts.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42775506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-16DOI: 10.1177/22785337221148537
Laxmidhar Samal, Sudhansubala Das
The article is an attempt to evaluate the price discovery functions and hedging effectiveness of the aluminum futures market in India. The article identifies the influential direction of price discovery and hedging effectiveness of the aluminum futures market of India. It has especially focused on the aluminum futures market of India for a period ranging from 2013 to 2020. Augmented Dicky-fuller test, PP test, Cointegration test, exogeneity Wald test, Wald co-efficient test, Granger causality test, variance decomposition and minimum variance hedge ratio are employed to achieve the objective of the study. The study finds a bi-directional causality effect between aluminum’s cash and the futures market. Therefore, the Spot and futures markets of aluminum influence each other in the price discovery. The findings of variance decomposition suggest that the futures market of aluminum implies weak exogenoity on spot. Similarly, futures prices reflect strong endogeneity. The hedge ratio of sub-sample and full sample period indicates that there is a lack of hedging effectiveness of aluminum futures. The study will help the hedgers to decide the number of futures positions they need to take to manage their spot exposure. It will help the futures market regulators to examine the stability of the market and other participants to design hedging and arbitrage strategies.
{"title":"Hedging Effectiveness and Influential Direction Between Spot and Futures Market of Aluminium: An Evidence from India","authors":"Laxmidhar Samal, Sudhansubala Das","doi":"10.1177/22785337221148537","DOIUrl":"https://doi.org/10.1177/22785337221148537","url":null,"abstract":"The article is an attempt to evaluate the price discovery functions and hedging effectiveness of the aluminum futures market in India. The article identifies the influential direction of price discovery and hedging effectiveness of the aluminum futures market of India. It has especially focused on the aluminum futures market of India for a period ranging from 2013 to 2020. Augmented Dicky-fuller test, PP test, Cointegration test, exogeneity Wald test, Wald co-efficient test, Granger causality test, variance decomposition and minimum variance hedge ratio are employed to achieve the objective of the study. The study finds a bi-directional causality effect between aluminum’s cash and the futures market. Therefore, the Spot and futures markets of aluminum influence each other in the price discovery. The findings of variance decomposition suggest that the futures market of aluminum implies weak exogenoity on spot. Similarly, futures prices reflect strong endogeneity. The hedge ratio of sub-sample and full sample period indicates that there is a lack of hedging effectiveness of aluminum futures. The study will help the hedgers to decide the number of futures positions they need to take to manage their spot exposure. It will help the futures market regulators to examine the stability of the market and other participants to design hedging and arbitrage strategies.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44952356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1177/22785337221148545
M. Sharma, Geetilaxmi Mohapatra, A. K. Giri
The research used the Autoregressive Distributive Lag (ARDL) model to examine the long- and short-term impact of changes in currency rates and global income on tourist demand in India employing monthly data from 2003 (1) to 2020 (12). We find that exchange rate volatility, global income, and tourism demand are all significantly interrelated. A 15% convergence to the long-run equilibrium path of tourism demand occurs in line with the pace of adjustment through the channel of global income and currency rate. Positive and substantial effects of rising global income are shown over the short and long terms. There is, nevertheless, a positive short-term relationship between currency depreciation and visitor numbers. Additionally, the Toda–Yamamoto method is used for Granger non-causality. The results point to a one-way causal relationship between the currency exchange rate and the number of visitors. It has also been shown that there is a causal relationship in both directions between the demand for tourism and global GDP. The nation is in a special position due to its location, physical characteristics, cultural heritage, and other comparative advantages. According to the findings, a stable currency rate and global income are the two most important factors in increasing tourist interest in India.
{"title":"The Determinants of Inbound Tourism Demand in India: New Evidence from ARDL Co-Integration Approach","authors":"M. Sharma, Geetilaxmi Mohapatra, A. K. Giri","doi":"10.1177/22785337221148545","DOIUrl":"https://doi.org/10.1177/22785337221148545","url":null,"abstract":"The research used the Autoregressive Distributive Lag (ARDL) model to examine the long- and short-term impact of changes in currency rates and global income on tourist demand in India employing monthly data from 2003 (1) to 2020 (12). We find that exchange rate volatility, global income, and tourism demand are all significantly interrelated. A 15% convergence to the long-run equilibrium path of tourism demand occurs in line with the pace of adjustment through the channel of global income and currency rate. Positive and substantial effects of rising global income are shown over the short and long terms. There is, nevertheless, a positive short-term relationship between currency depreciation and visitor numbers. Additionally, the Toda–Yamamoto method is used for Granger non-causality. The results point to a one-way causal relationship between the currency exchange rate and the number of visitors. It has also been shown that there is a causal relationship in both directions between the demand for tourism and global GDP. The nation is in a special position due to its location, physical characteristics, cultural heritage, and other comparative advantages. According to the findings, a stable currency rate and global income are the two most important factors in increasing tourist interest in India.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42710014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1177/22785337221148558
Medha Kulkarni, Leena B. Dam, Feeroj Nasirkhan Pathan, Vaibhav Vasundekar
The purpose of the present study was to empirically examine the efficacy of statutory disclosures in the Indian mutual fund industry. Whether the disclaimers aid investors in their decision-making process was investigated. The study made a distinction between type of investors (novice and seasoned investors) as disclaimers affect differently on investor’s belief, attitude and ability to take informed decision. Survey was conducted using a structured questionnaire to evaluate the responses of 388 investors, consisting of 243 novice and 145 seasoned investors. Data was analyzed using mean comparison, independent t-test, and logistic regression model. Results revealed that statutory disclaimers were less effective on seasoned investors compared to novice investors. This suggests seasoned investors process the disclaimer information differently. Novice investors systematically process the disclaimers of mutual fund advertising, and their investment decision was meaningfully affected by the disclaimers. The study offers specific suggestions for stakeholders working in the area of behavioral finance, highlighting the importance of considering the dual process theory of information processing. To the best of authors knowledge, this study is the first of its kind to evaluate the efficacy of mandatory disclaimers in the Indian mutual fund industry, providing unique insights for future research in the field.
{"title":"Evaluating Efficacy of Statutory Disclaimers of Mutual Funds on Novice and Seasoned Investors","authors":"Medha Kulkarni, Leena B. Dam, Feeroj Nasirkhan Pathan, Vaibhav Vasundekar","doi":"10.1177/22785337221148558","DOIUrl":"https://doi.org/10.1177/22785337221148558","url":null,"abstract":"The purpose of the present study was to empirically examine the efficacy of statutory disclosures in the Indian mutual fund industry. Whether the disclaimers aid investors in their decision-making process was investigated. The study made a distinction between type of investors (novice and seasoned investors) as disclaimers affect differently on investor’s belief, attitude and ability to take informed decision. Survey was conducted using a structured questionnaire to evaluate the responses of 388 investors, consisting of 243 novice and 145 seasoned investors. Data was analyzed using mean comparison, independent t-test, and logistic regression model. Results revealed that statutory disclaimers were less effective on seasoned investors compared to novice investors. This suggests seasoned investors process the disclaimer information differently. Novice investors systematically process the disclaimers of mutual fund advertising, and their investment decision was meaningfully affected by the disclaimers. The study offers specific suggestions for stakeholders working in the area of behavioral finance, highlighting the importance of considering the dual process theory of information processing. To the best of authors knowledge, this study is the first of its kind to evaluate the efficacy of mandatory disclaimers in the Indian mutual fund industry, providing unique insights for future research in the field.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44042926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-10DOI: 10.1177/22785337221148878
A. Roy
The cryptocurrency market is characterized by extremely high volatility. In the present study, we show the predictive ability of conditional EVT models in the cryptocurrency market during the price upsurge of 2020–2021. Taking high-frequency intraday data of four popular cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Binance coin, we compare the accuracy of different competing models in estimating intraday value at risk (VaR) and expected shortfall (ES). The present study focuses on the extreme value theory (EVT) for modeling the tail of the distribution to forecast the measures of intraday VaR and ES. The study confirms the fat-tailed behavior of intraday returns of all four cryptocurrencies. Further, the study shows the magnitudes of high negative shocks are more than the positive ones for the returns of all four cryptocurrencies. The study uses suitable GARCH-family models such as apARCH, EGARCH, and CGARCH in the ARMA-GARCH framework. Using a two-stage approach the study shows how GARCH-EVT models with skewed student’s— t distribution outperform the predictability of conditional EVT with standard normal distribution as well as the unconditional EVT models in predicting intraday VaR and ES. The result of the study is useful for risk managers, day traders, and also for machine-based algorithmic trading.
{"title":"Intraday Risk Management of Cryptocurrency Returns During 2020–2021 Upsurge: A Conditional EVT Approach","authors":"A. Roy","doi":"10.1177/22785337221148878","DOIUrl":"https://doi.org/10.1177/22785337221148878","url":null,"abstract":"The cryptocurrency market is characterized by extremely high volatility. In the present study, we show the predictive ability of conditional EVT models in the cryptocurrency market during the price upsurge of 2020–2021. Taking high-frequency intraday data of four popular cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Binance coin, we compare the accuracy of different competing models in estimating intraday value at risk (VaR) and expected shortfall (ES). The present study focuses on the extreme value theory (EVT) for modeling the tail of the distribution to forecast the measures of intraday VaR and ES. The study confirms the fat-tailed behavior of intraday returns of all four cryptocurrencies. Further, the study shows the magnitudes of high negative shocks are more than the positive ones for the returns of all four cryptocurrencies. The study uses suitable GARCH-family models such as apARCH, EGARCH, and CGARCH in the ARMA-GARCH framework. Using a two-stage approach the study shows how GARCH-EVT models with skewed student’s— t distribution outperform the predictability of conditional EVT with standard normal distribution as well as the unconditional EVT models in predicting intraday VaR and ES. The result of the study is useful for risk managers, day traders, and also for machine-based algorithmic trading.","PeriodicalId":37330,"journal":{"name":"Business Perspectives and Research","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45106652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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