Indian Journal of Finance最新文献

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Applications of Machine Learning and Determinants of Dividend Decision : Evidence from Indian Firms 机器学习的应用和股利决策的决定因素:来自印度公司的证据

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-05-03 DOI: 10.17010/ijf/2023/v17i5/171154

Sandeep Vodwal, Vipin Negi

引用次数: 0

Pay with Confidence : A Thematic Analysis of User Intentions and Perceptions on Third-Party and Banking Payment Apps 放心支付：用户对第三方和银行支付应用的意向和认知的主题分析

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-05-01 DOI: 10.17010/ijf/2023/v17i5/172735

S. Pahari, A. Manna, Debasish Biswas

引用次数: 0

Market Warnings : Learning from the Short-Term Impact of COVID-19 on Stock Market Constituents 市场警告：从新冠肺炎对股市成分的短期影响中吸取教训

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-04-03 DOI: 10.17010/ijf/2023/v17i4/170094

C. Sharma, Archana Singh, Rajan Yadav

Purpose: The paper investigated the short-term impact of the lockdown announcement due to COVID-19 on various industries in India using firms' stock returns and credit ratings. Design/Methodology: The paper used event study methodology to analyze abnormal returns on stocks and credit rating changes of firms following the lockdown to understand the impact on the debt servicing of firms. Findings: The paper found a heterogeneous impact of lockdown on various industries. Pharmaceuticals, chemicals, FMCGs, and telecom sectors saw positive abnormal returns, while textiles, financial services, construction, services, cement, and automobile sectors were the worst affected. The paper also found that smaller companies were more susceptible to the effects of such lockdowns. Indian subsidiaries of foreign MNCs and Central Government-owned firms fared better than privately-owned domestic firms. The debt servicing ability of firms was unimpacted due to the debt relief package announced to mitigate the impact of the lockdown. Practical Implications: The paper's findings have implications for investors and managers who can make informed decisions in advance to reduce the risk to their investment if such a black swan event is expected. The paper's findings could help policymakers identify sectors that require immediate support due to the disruption from such an event. Originality: The paper is unique in investigating the impact of the lockdown due to COVID-19 on companies across different industries, with different ownership groups and sizes. We have not come across such a detailed study investigating the impact of COVID-19 on various industries in India. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.

目的：该论文利用公司的股票回报率和信用评级，调查了新冠肺炎封锁公告对印度各行业的短期影响。设计/方法：该论文使用事件研究方法分析了封锁后公司的股票异常回报和信用评级变化，以了解对公司偿债的影响。研究结果：该论文发现，封锁对各个行业的影响各不相同。制药、化工、快速消费品和电信行业出现了正异常回报，而纺织、金融服务、建筑、服务、水泥和汽车行业受到的影响最为严重。该论文还发现，规模较小的公司更容易受到此类封锁的影响。外国跨国公司和中央政府所有公司的印度子公司的表现要好于私营国内公司。由于宣布了旨在减轻封锁影响的债务减免计划，企业的偿债能力没有受到影响。实际意义：如果预计会发生这样的黑天鹅事件，该论文的发现对投资者和管理者具有启示，他们可以提前做出明智的决定，以降低投资风险。该论文的研究结果可能有助于决策者确定由于此类事件的干扰而需要立即支持的部门。原创：该论文在调查新冠肺炎封锁对不同行业、不同所有权群体和规模的公司的影响方面具有独特性。我们还没有看到如此详细的研究，调查新冠肺炎对印度各行业的影响。©2023，Associated Management Consultants Pvt.有限公司。保留所有权利。

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引用次数: 0

Evaluation of Nexus Between Short-Run Return Measures of IPOs in India 印度IPO短期回报率指标之间的相关性评估

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-04-01 DOI: 10.17010/ijf/2023/v17i4/172696

A. Singh, Kawal Gill, S. Kalra

引用次数: 0

Integration of Bond Markets and Portfolio Diversification : Evidence from the 2008 Global Financial Crisis 债券市场一体化与投资组合多元化:来自2008年全球金融危机的证据

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-04-01 DOI: 10.17010/ijf/2023/v17i4/172697

Ritesh Patel, Divyesh Gandhi, M. Patel, Tejas M. Modi

引用次数: 1

Impact of Economic Policy Uncertainty on the Indian Stock Market : An Empirical Investigation 经济政策不确定性对印度股市影响的实证研究

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-03-01 DOI: 10.17010/ijf/2023/v17i3/172672

Naman Kalra, Gaurav Gupta

引用次数: 0

Financial Contagion between Crude Oil, Gold, and Equity Sectors in India during COVID COVID期间印度原油、黄金和股票行业之间的金融传染

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-03-01 DOI: 10.17010/ijf/2023/v17i3/172670

V. Pandey

Purpose: This study examined the financial contagion between crude oil and gold prices with the equity prices of different sectors in the Indian equity market during the recent COVID crisis. Design/Methodology/Approach: Dynamic conditional correlation (DCC) GARCH model was employed to analyze the behavior of time-varying conditional correlation during the time of COVID-19. For examining the financial contagion, regression analysis was performed on the dynamic conditional correlation and the conditional volatilities of the different markets. Findings: The DCC model showed a sharp increase in correlations between markets during the COVID-19 wave. It also suggested the presence of financial contagion between the crude oil and gold markets and the different equity sectors. It also indicated that the COVID-19 effect on the conditional correlation between gold and equity sectors was temporary. In contrast, it increased the correlation between crude oil and the equity sectors. Practical Implications: The findings of this study have implications for portfolio diversification methods because higher correlations lower the benefits of diversification. Originality: This study examined the financial contagion during COVID-19 from crude oil and gold to equity sectors. Not all sectors react in the same way to changes in the prices of these commodities, and some may witness less impact compared to others during the crisis period, which makes it interesting for the study. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.

目的：本研究考察了在最近的新冠肺炎危机期间，原油和黄金价格与印度股市不同部门股票价格之间的金融传染。设计/方法/方法：采用动态条件相关性（DCC）GARCH模型分析新冠肺炎期间时变条件相关性的行为。为了检验金融传染，对不同市场的动态条件相关性和条件波动性进行了回归分析。研究结果：DCC模型显示，在新冠肺炎疫情期间，市场之间的相关性急剧增加。它还表明，原油和黄金市场以及不同的股票行业之间存在金融传染。它还表明，新冠肺炎对黄金和股票行业之间的条件相关性的影响是暂时的。相比之下，它增加了原油和股票行业之间的相关性。实际意义：这项研究的结果对投资组合多元化方法有意义，因为相关性越高，多元化的收益越低。原创：本研究考察了新冠肺炎期间从原油和黄金到股票行业的金融传染。并非所有部门对这些商品价格的变化都有相同的反应，在危机期间，一些部门的影响可能比其他部门小，这使得这项研究变得有趣。©2023，Associated Management Consultants Pvt.有限公司。保留所有权利。

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引用次数: 0

Performance of Conventional and Sustainable Index in Pre and During the COVID-19 Pandemic : A Comparative Analysis 新冠肺炎大流行前和大流行期间常规指数和可持续指数的表现：比较分析

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-03-01 DOI: 10.17010/ijf/2023/v17i5/172736

Manpreet Kaur Makkar, Atif Ghayas, Nitin Gupta

Purpose: There has been a significant increase in the demand for ESG (environmental, social, and governance) investment by investors in recent years. Investors are recognizing that companies that prioritize ESG factors in their operations are more likely to be sustainable and resilient in the long term. The purpose of this study was to examine whether the ESG-responsible firms are performing better than the other firms in the pre-COVID and during the COVID periods. The paper also tried to investigate the impact of COVID-19 cases on the index movement. Methodology: The study employed the descriptive analysis on the financial data of NSE NIFTY 500 and NIFTY 100 Enhanced ESG index. The EGARCH model was applied to estimate the effect of COVID-19 on the volatility of the NIFTY 100 Enhanced ESG index. Findings: The results showed that there was no leverage effect in the ESG index in both periods. That means that the ESG Index can act as a cushion during the pandemic period. The ESG Index outperformed the conventional market index, thus acting as a COVID-19 safe asset class. This gives an opportunity to investors and fund managers to diversify their risk by acting sustainably responsible for society. Practical Implications: This study compared the performance of ESG-indexed firms with that of other firms in the pre-COVID and during COVID time period to check whether there was any difference between them. This study provided empirical evidence for practitioners, policymakers, and academicians in support of ESG investment as it showed that the ESG Index performed better than the conventional index during the COVID period. Originality: This study used secondary data to study the performance of the EGS firms in the pre and during COVID period in order to compare with the other firms. In the context of India, this study may be the first one to compare the performance of the ESG firms with the normal firms in the pre and during the COVID period. © 2023, Associated Management Consultants Pvt. Ltd.. All rights reserved.

目的：近年来，投资者对ESG（环境、社会和治理）投资的需求显著增加。投资者认识到，从长远来看，在运营中优先考虑ESG因素的公司更有可能是可持续的和有弹性的。本研究的目的是检验负责ESG的公司在新冠疫情前和新冠疫情期间的表现是否优于其他公司。该论文还试图调查新冠肺炎病例对指数运动的影响。方法：本研究对NSE NIFTY 500和NIFTY 100增强ESG指数的财务数据进行描述性分析。EGARCH模型用于估计新冠肺炎对NIFTY 100增强型ESG指数波动性的影响。研究结果：结果表明，在这两个时期，ESG指数都没有杠杆效应。这意味着ESG指数可以在疫情期间发挥缓冲作用。ESG指数表现优于传统市场指数，因此成为新冠肺炎安全资产类别。这为投资者和基金经理提供了一个机会，通过对社会可持续负责来分散风险。实际意义：这项研究将ESG指数公司的业绩与其他公司在新冠疫情前和新冠疫情期间的业绩进行了比较，以检查它们之间是否存在任何差异。这项研究为从业者、政策制定者和学者提供了支持ESG投资的经验证据，因为它表明ESG指数在新冠疫情期间的表现优于传统指数。独创性：本研究使用二次数据研究了EGS公司在新冠疫情前和疫情期间的表现，以便与其他公司进行比较。在印度的背景下，这项研究可能是第一次将ESG公司在新冠疫情前和疫情期间的表现与正常公司进行比较。©2023，Associated Management Consultants Pvt.有限公司。保留所有权利。

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引用次数: 0

Diplomatic Associations and Exchange Rates : A Study on Russia-Ukraine War 外交交往与汇率：俄乌战争研究

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-03-01 DOI: 10.17010/ijf/2023/v17i3/172669

Sayantan Kundu, Aditya Banerjee

引用次数: 0

The Saga of Ruchi Soya Industries Limited : Could Credit Risk Models Predict Bankruptcy? 如池大豆工业有限公司的传奇：信用风险模型能预测破产吗？

Q2 Economics, Econometrics and Finance

Indian Journal of Finance

Pub Date : 2023-03-01 DOI: 10.17010/ijf/2023/v17i3/172673

Nidhi Gupta, Vandana Gupta

引用次数: 0

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