Investment In India Research Articles

The impact of financialization on the efficiency of commodity futures markets

The pronounced inflow of financial capital from index investors over the last 15 years and the accompanying substantial fluctuations in commodity futures markets have aroused public and academic interest. A common accusation made in this context is that commodity index traders (CITs) negatively influence the quality of commodity futures markets and keep them far from fundamentally justified price levels. In this paper, we focus on quantifying market efficiency, and investigate empirically the suggested effect of CITs over the period from 1999 to 2019 for 34 commodity futures markets. In contrast to recent studies, we find empirical evidence that the financialization positively affected the market efficiency of indexed commodity futures markets. Consistently, we observe that the degree of commodity index trader activity is associated with higher degrees of informational efficiency.

The Big Three and board gender diversity: The effectiveness of shareholder voice

In 2017, “The Big Three” institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by identifying candidates beyond managers’ existing networks and by placing less emphasis on candidates’ executive experience. Firms also promoted more female directors to key board positions, indicating firms’ responses went beyond tokenism. Our results highlight index investors’ ability to effectuate broad-based governance changes and the impact of investor buy-in in increasing corporate-leadership diversity.

The Investment Balance Index and its Role in Economic Diversity: Sultanate of Oman, North al Batinah Governorate: Sohar Province as an Example

Purpose: The study aimed to clarify the reflection of the disparity in the growth of the productive sectors on the degree of economic diversification in the Sultanate of Oman, and to propose work according to the standards of the Tawazun Investment Index as an attempt to reduce the disparity and achieve balance in the growth of the non-oil productive sectors, and to find out the extent to which investor segments are satisfied with working according to those standards in an environment investment. Theoretical Framework: Many studies that dealt with the issue of economic diversification agreed that despite the many and great efforts that the guardian authorities worked on translating to achieve the goal and strategy of economic diversification, they did not reach the desired level, and this reflects the lack of a specific theory in itself capable of resolving this problem and that it is necessary to focus On other aspects, to find out the extent to which economic diversification programs can succeed and reach the level of complete or required diversification. Design/Methodology/Approach: The descriptive and analytical methods were used to cover the theoretical aspect of the study, and the statistical method was used to address the analytical aspects of the subject of the study through a questionnaire designed specifically for this purpose, and the questionnaire was unpacked and analyzed through the statistical analysis program (SPSS). Findings: The results showed that the outputs represented in the growth of the non-oil productive sectors are a reflection of the inputs represented in the number of economic institutions and establishments and the number of workers in the non-oil productive sectors. The results of the statistical analysis showed that all forward-looking economic policies to enable the investment climate are important and serve the investment climate. Practical and Social Implications: This study proposes working according to the Tawazun Investment Index criteria as an attempt to maximize the economic diversification programs in the Sultanate of Oman. Originality/Value: This study provides researchers and decision-makers in the Sultanate of Oman with illumination for an attempt to address the problem of economic diversification and the use of practical solutions to maximize economic diversification programs by working according to the criteria of the proposed Tawazun Investment Index.

Effect of Mixed Organic Acids and Multivitamins Supplementation Program in Drinking Water of Broilers Raised under Opened House Conditions

The research aims to study the effect of mixed organic acids and multivitamins supplementation program in drinking water of broilers raised under opened house conditions on performance, carcass characteristics and caecal bacteria counts of broilers. This study was conducted on 7-days-old male chicks and a total of 160 broiler chicks were randomly divided into 4 groups of 4 replicates with 10 birds/replicate. Four treatments were as follows: Group 1 had no added feed additive (CO; control), Group 2 took organic acids (OA) added into drinking water at 1 ml/L, Group 3 was supplemented with vitamins (VM) at 1 g/L, during 7 to 35 days of age. VM and OA were added to Group 4 from 7 to 21 days of age and from 22 to 35 days of age, respectively. All birds received commercial feed throughout the experiment until 42 days old. The results revealed that the VO group had a higher final weight than the control group, and the VM groups (P<0.01). All of the broilers that received drinking water supplements showed higher body weight gain (WG) and production index (PI) than those in the control group (P<0.01). The carcass percentages and carcass quality of all groups were not significantly different (P>0.05), but the spleen percentages of the OA and VO groups were higher than the other groups (P<0.05). Adding organic acids and vitamins in the drinking water resulted in the broiler chickens having significantly higher lactic acid bacteria than the control group (P<0.01). The VO and OA groups had significantly higher returns on investment than the control group (P<0.01). Therefore, under opened house conditions, the supplementation of VM at 7 to 21 days of age and OA at 22 to 35 days of age, respectively, in drinking water resulted in the best production index and return of investment. Also E. coli concentration in caeca reduced in the broilers.

The Need of Cognitive Behavioural Therapy (CBT) for Capital Market Investors of Northern India – An Empirical Analysis

The sudden and rapid growth of Indian capital markets has not only attracted global attention but has also propelled Indian people to invest in the markets, but there is a sizeable portion of such investors who have not actually been supposedly rational at making investment decisions and have ended up committing behavioural blunders with their capital market investment decisions which are giving them mental trauma and sleepless nights.
 This study is the first of its kind on a global level where a total of 168 randomly selected capital market investors were asked to fill up a survey questionnaire aimed at testing the presence of five most prominent cognitive disorders (anxiety, panic attack, addiction, anger and eating disorder) among the capital market investors of India and the extent to which these disorders impact the stock investment decisions of Indian investors.
 The results of the study show that cognitive disorders are not only closely associated with the investment decisions of Indian investors but also carry a significant impact on their market investment decisions. Moreover, there are considerable differences in opinions of investors across their socio-demography at 95% significance level (p<0.05) which gives a clear indication that Indian investors do need cognitive behavioural therapy to become more refined and sagacious at making capital market investments.
 CBT has proven to be very helpful in treating a variety of mental illnesses in the past. Therefore, owing to the presence of cognitive disordersamongcapital market investors of India CBT can be of great help in developing an understanding of capital markets among investors by making them mindful of the unfavorable and frequently unreasonable considerations which adversely affect their sentiments, temperaments and subsequent market earnings.

Drivers of corporate investment in India: The role of firm-specific factors and macroeconomic policy

India's investment slowdown has proved detrimental to India's growth trajectory. Prior literature has addressed the investment slowdown at macro and micro levels; however, the asymmetric effect of firm-specific variables on India's investment drivers has been overlooked. This study attempts to bridge the gap by employing firm-level data from 2001 to 2019. The findings reveal that the investment slowdown has been asymmetric with respect to the firm size and leverage, particularly in the construction, mining, and service sectors. Furthermore, this study finds that the positive impact of a higher leverage rate on investment is offset amidst a tight monetary phase stance. Nevertheless, the investment rate of over-leveraged firms has slowed because of higher interest payments and increased retained earnings. This leverage impact intensified during a contractionary monetary policy phase. In addition, Tobin's Q emerges as relevant only for investments related to firms in the sectors of manufacturing and nonfinancial services.

A new hybrid method with data-characteristic-driven analysis for artificial intelligence and robotics index return forecasting

Forecasting returns for the Artificial Intelligence and Robotics Index is of great significance for financial market stability, and the development of the artificial intelligence industry. To provide investors with a more reliable reference in terms of artificial intelligence index investment, this paper selects the NASDAQ CTA Artificial Intelligence and Robotics (AIRO) Index as the research target, and proposes innovative hybrid methods to forecast returns by considering its multiple structural characteristics. Specifically, this paper uses the ensemble empirical mode decomposition (EEMD) method and the modified iterative cumulative sum of squares (ICSS) algorithm to decompose the index returns and identify the structural breakpoints. Furthermore, it combines the least-square support vector machine approach with the particle swarm optimization method (PSO-LSSVM) and the generalized autoregressive conditional heteroskedasticity (GARCH) type models to construct innovative hybrid forecasting methods. On the one hand, the empirical results indicate that the AIRO index returns have complex structural characteristics, and present time-varying and nonlinear characteristics with high complexity and mutability; on the other hand, the newly proposed hybrid forecasting method (i.e., the EEMD-PSO-LSSVM-ICSS-GARCH models) which considers these complex structural characteristics, can yield the optimal forecasting performance for the AIRO index returns.

A Market Analysis of Potential Investment in Green Bonds and it’s Contribution to Sustainable Development

Since 1880, there has been an average annual increase in the ambient temperature of about 0.8° Celsius, which is what causes global warming. As a result of continued climate change, ocean water has become more acidic, and rising carbon levels have encouraged the development of green bonds. These bonds designed to benefit the environment. As people's understanding of sustainable development has expanded. The amount of money received through the selling of Programs that support the use of renewable energy sources, the growth of agriculture, fisheries, and poultry, as well as clean transportation, afforestation, the preservation of biodiversity, moderate fossil fuel consumption, and the slowed rate of global warming are funded with the help of green bonds. Studies show that some investors look for green bonds that give a fixed income as well as environmental protection and decision-making that takes into account positive societal effects or environmental benefits. The economy must embrace and promote the growing trend of green bonds. The principal of green bonds is paid out regularly to investors, and interest is paid when the bond matures. Bonds issued by corporations’ bear dividends. The World Bank's support for green bonds, the impact Indian green bonds have on Indian investors, and other topics are covered in this essay. An analysis of SBI's 2019 "green bonds" is provided in this essay. This essay makes an effort to give a comprehensive overview of the benefits and potential of green investments in order to assist sustainable development. There is a brief list of projects that were started using green bonds. This study includes a number of illustrations to support the global and Indian green bond issues. The issuance volumes for 2021, 2020, and 2019 are shown on this page. It has been suggested how the money raised by green bonds in 2021, 2020, and 2019 will be used for various purposes

Investment Factors and Decision Behavior Affecting to Real Estate Investment Decision

This study examines industry's significance to a nation's economic development and to the expansion of its many stakeholders cannot be overstated. Out of all the sector's stakeholders, the investor is the one who takes on the most risk. When it comes to an investor's propensity to invest in the actual market, certain elements have the biggest impact on their motivation and behaviour, while others have the least. Real estate returns vary depending on the area. This is supporting the expanding field of Real Estate research. The behavioural factor like over confidence, education, and religion was examined, and it was discovered that religious factors impact Indian investors' decisions to invest in real estate. This is advancing the field of research in the real estate industry. The goal of this investigation is to discover the tactics exploited by Indian developers to optimize monetary benefit from multiple real estate investments. A critical element to take into account when making investments in Indian property investment is the financial side. The way of decision for investment are dependent on various variable that differ from case to case, nature of the area, financial capability of investor, risk and policies, which make the behaviour of real estate dynamic through uncertainty and volatility. This makes the decision making for all the investors in real estate difficult. Various investment models present in real estate investment decision making are identified and compared in terms of variable associated, cater to level of risk, assumption, type of decision, metrics and investment types. This research International Journal of Scientific Research in Engineering and Management (IJSREM) Volume: 07 Issue: 03 | March - 2023 Impact Factor: 7.185 ISSN: 2582-3930 © 2023, IJSREM | www.ijsrem.com DOI: 10.55041/IJSREM18222 | Page 2 will serve as a guide to investors, developers and builders. It will provide a prior knowledge to take a decision on investment in commercial properties of offices and retail. Keywords: Financial Study, Real Estate, Investor’s Decision, Real Estate Investment, Real Estate Investment Factor, Real Estate Sector.

Study of the Modal Evolution of the Causal Relationship between Crude Oil, Gold, and Dollar Price Series

The rise and fall of crude oil prices, gold prices, and US dollar exchange rates is of great significance to investors. It is necessary to explore the evolution characteristics of the causal relationship between crude oil, gold, and US dollar, so as to provide reference for investors. We selected the ICE Brent crude oil continuous futures, the ICE WTI crude oil continuous futures, the NYMEX light crude oil continuous futures, the COMEX gold continuous futures, and the US dollar index as the research objects. Based on the theory of pattern causality, the causal relationship between crude oil, gold, and US dollar is divided into positive causal relationship (T), negative causal relationship (F), and disordered causal relationship (D). The causal modal evolution network of crude oil and gold prices against the US dollar index (BWCGG-U) and the causal relationship modal evolution network of the US dollar index on the price of crude oil and gold (U-BWCGG) were constructed. Complex network and sliding window are used to study the evolution characteristics of short-term causality between crude oil and gold and US dollar in 60 days. The results show that (1) the modes of causality between crude oil, gold, and the US dollar index are constantly changing, with a few key modes. The key modes are often transmitted to themselves. (2) The most critical modes of two networks are all FFFF, and the negative causality between gold and the US dollar index is more stable. Investors based on the gold (dollar index) price to judge the dollar index (gold futures) investment program are more reliable. (3) When crude oil and gold show causal modes of FFFF and DDDF, respectively, the emergence and transformation of the modes can be maintained for a period of time to provide a certain guarantee for investors’ investment. However, its internal conversion rate is high, which needs to be judged in combination with the actual situation to improve the forecasting ability.

Location Determinants of Indian OFDI: Insights from Panel Data Analysis

The present study attempted to analyze the determinants affecting Indian Outward Foreign Direct Investment (OFDI) during the second generation of globalization. The results showed that economic factors like trade openness and natural resource trade of the host country were highly significant variables for Indian OFDI. The case of non-economic factors such as political stability and non-violence remained significant variables for Indian investment, but the regulatory quality was not noteworthy. The study suggested that to expand the growth of OFDI, and the government could search for other suitable markets that were less capital-intensive or used underdeveloped technology. So, India has an alternative to improve its trade relations with African and Asian markets.

Research on the Investment Value of Growth Enterprise Market Stocks in China

To study the value investment of stocks, this paper randomly selects 30 stocks from China's Growth Enterprise stock market. Based on financial statement data disclosed by listed companies, firstly select relevant sixteen indicators that can reflect the companies' financial status from four aspects of solvency, risk status, operating condition, and profitability. Then construct the stock value investment index system by using the factor analysis of the principal component method. Extract four factors and calculate the factor scores of 30 listed companies. Finally, according to the results of factor analysis, using the k-means cluster analysis method, the stocks of 30 listed companies are divided into three categories: ordinary stocks, risk stocks, and potential stocks. The results show that the mediocre stocks in the GEM make up the majority, and there are fewer high-yield, high-risk and potential stocks. Provide investment advice based on the characteristics of investors to help investors reduce investment risks and maximize returns.

Performance of Mutual Funds in India: A Study with Reference to Select Equity Multi-Cap Funds

Indian Mutual Fund Industry has witnessed enormous expansion in terms of growth of Assets under Management (AUM), from a meagre Rs. 25 crores in 1964 to Rs. 36.59 lakh crores in August 2021. Equity Multi-cap mutual funds tend to invest in stocks of companies across the stock market irrespective of sector and size. As a result, these funds provide much-needed diversification. In a direct plan, the investor decides to invest directly in mutual funds without routing the investment through any distributor or agent. Due to the absence of an intermediary commission, the direct plan has a lower expense ratio than a regular plan which leads to higher returns.
 Since the outbreak of COVID-19, the stock markets have experienced an extensive crisis with severe dampening effects in the entire global scenario. It has affected the Indian Mutual Fund Industry as well. However, irrespective of all negative signs, the impact of COVID-19 has created a ray of hope towards rebuilding self-confidence for Indian investors during the last year in this new normal landscape.
 In this backdrop, the present research paper focuses on examining the performance of direct plans of four open-ended Equity Multi-cap Mutual Funds [Baroda Multi-Cap Fund (BMF), ICICI Prudential Multi-Cap Fund (IPMF), Invesco India Multi-Cap Fund (IIMF) and Nippon India Multi-Cap Fund (NIMF)] based on certain parameters. This secondary data-based study covers 8 years (2013-2021). The criterion for selecting the funds was net assets above Rs.1,000 crores as of 31.08.2021. Results reveal that the funds provided double-digit returns during the entire study period. IPMF and NIMF performed poorly and remained riskier than the benchmark during the entire study period. Further, NIMF remained the riskiest fund throughout the study period. IIMF remained the best performer in the 1-year, 5-year and 8-year periods in terms of risk-adjusted return. NIMF remained the most aggressive fund and BMF remained the most defensive fund during the entire study period. The fund managers of IIMF succeeded in quality stock-picking in 1-year, 5-year and 8-year. The fund managers of NIMF performed miserably throughout the study period and failed in quality stock picking. RSQ values portray that BMF was the most successful fund in terms of diversification during the entire study period.

The driving effect of digital economy on green transformation of manufacturing

Under the double pressure of economic downturn and climate deterioration, the Chinese government needs to use the “double carbon” policy to drive the green transformation of the manufacturing industry. This article takes A-share manufacturing listed companies as the research object, constructs the enterprise digital economy investment index by text analysis and expert scoring method, and represents the degree of green transformation by enterprise green total factor productivity. At the theoretical level, the impact mechanism of the digital economy empowering green transformation in the manufacturing industry is hypothesized. The relevant hypotheses were tested through econometric empirical evidence, and the econometric model significantly passed the robustness test, proving that the digital economy empowers the development of green transformation in the manufacturing industry significantly. This article reveals that the digital economy promotes the green total factor productivity of enterprises by enhancing their innovation capability, improving the efficiency of production factor flow, and increasing their emission costs, but the factor intensity and the nature of enterprise owners will have different effects on the green transformation of the manufacturing industry enabled by the digital economy. This article explores the internal mechanism of green transformation development in the digital economy-enabled manufacturing industry and provides empirical evidence for enterprises to formulate development strategies and for governments to issue guiding policies.

Do trust in financial institution and financial literacy enhances intention to participate in stock market among Indian investors during COVID-19 pandemic?

This research aims to investigate the significance of trust in financial institution and financial literacy in the investment decision-making of individual investors during the COVID-19 pandemic and investigates the strength of the theory of planned behavior (TPB) in this framework. This study considered a structured questionnaire to collect data from 460 individual investors of different districts in four states of India. For testing the research hypotheses, SPSS and PLS-SEM were taken into consideration. The findings enlighten that elements of TPB, i.e. attitude (ATT) and subjective norms (SNs), are significantly associated with investment intentions (INT) while perceived behavioral control (PBC) displays an insignificant association with INT. Furthermore, along with the original components of the TPB model, Trust in financial institution (TFI) and Financial Literacy (FL) were also incorporated in the model, which shows a significant affect on investors’ intention to invest in the stock market. The results stated that TFI is the most significant factor that enhances investors’ intention to participate in stock market during COVID-19 pandemic. The study describes that during the phase of uncertainty like COVID-19 pandemic trust is the most important factor that enhances investors’ participation in the stock market. Authors suggest SEBI and other financial institutions should promote trust and trusting behavior in financial institutions as it is significant not only from the perspective of financial development but also to empower the individuals to gain from institutional services as well as to guard them, from possible negative effects (like financial frauds), which are more likely to be present outside of regulatory boundaries. This study is one of the initial attempts in the context of the Indian Stock Market to introduce TFI as a dual (both mediating and moderating) variable between the basic constructs of TPB. Further, the study also examines the importance of trust in financial institution and financial literacy in enhancing investors’ intention to participate in stock market during COVID-19 pandemic.

Determinants of intra-regional capital flows in South-Asia - a multilevel generalized structural equation modelling based gravity analysis of intra-SAARC FDI

ABSTRACT In this study, various determinants of intra-SAARC capital flows in terms of FDI have been investigated using Multilevel Generalized Structural Equations Model. Analysis proves (i) bulk of intra-SAARC FDI is found to be market-seeking or horizontal, indicating scarcity of vertical investment linkages between affiliate countries; (ii) the financial sector among SAARC nations need a significant development before expecting a positive relationship between intra-regional FDI and financial development; (iii) political fragility is not found to hinder intra-SAARC FDI and (iv) while intra-regional FDI in SAARC is dominated by Indian investments, Bangladesh and Sri Lanka are also rising as prominent regional investors.

MEASURING THE EFFICIENCY OF INDEX FUNDS: EVIDENCE FROM INDIA

The purpose of this study is to analyse the technical efficiency of Index funds using data envelopment analysis (DEA) and to assess the reasons of inefficiency. Based on secondary data collected from the annual reports of the Association of Mutual Funds in India, this study examined the efficiency performance of the top Index funds available to Indian investors from the year 2018 to 2022 using radial measurers (BCC) of data envelopment analysis. The results show that the average efficiency of Index funds was 83.04 percent during the study period, and the average efficiency of index funds was almost stable during the study period. Only 10 percent of the index funds operated efficiently during the study period. The least amount of slack was found in the input "expense ratio". This reiterates that investment risk is the cause of the funds' inefficiency and not the associated expenses. This study is first of its kind that has assessed the of Indian index funds and therefore holds important insights for regulators, policy makers and practitioners.

Fund family versus mutual fund performance: evidence from the Indian investors’ perspective

Fund family versus mutual fund performance: evidence from the Indian investors’ perspective

A Comparative Risk-adjusted Performance Evaluation of South African SRI Funds and the FTSE/JSE over the Covid-19 Period

Socially responsible investing is a growing investment philosophy that has gained profound interest in both the local and international context. Socially conscious investors are seeking alternative ways to make more responsible investment choices, especially since the Covid-19 pandemic. Although financial markets experienced a significant decrease owing to the pandemic, a more positive outcome was eminent by an increased demand in SRI products during this period. The aim of this study was to evaluate the performance of local SRI funds before, during and after the Covid-19 period. Comparatively evaluating the performance relative to the FTSE/JSE Responsible Investment Index and All Share Index, will assist investors (those with a heightened desire to invest responsibly) to establish if SRI funds were able to provide higher risk-adjusted returns than the comparable SRI and general equity markets. The results indicated that although larger returns were produced by SRI funds during the Covid-19 period and that significant differences were found relative to the two indices, SRI funds were not able to consistently outperform either index. Thus, socially conscious investors are likely to achieve higher risk-adjusted returns from the SRI index, although not receiving diversification benefits from investing in funds.

Governing Behaviours of Impact Investors in India: A Path to Balance Double Bottom Line

Impact investors need to consider both financial and social outcomes when making investments. Impact investors find governance to be a very critical aspect in guiding the investment decisions of impact investors to balance their double bottom lines. This research study tries to evaluate the role of the governing behaviour of impact investors on the financial performance and social impact of their investments. The structural model is used to describe the link between the governing behaviour of impact investments and their financial and social performance. The findings show that agency-oriented governing behaviour is significantly and positively related to financial performance, whereas stewardship-oriented governing behaviour is significantly and positively related to social impact.