ESG index is Good for Socially Responsible Investor in India

At present time sustainable development is a most concerning phenomenon in almost all parts of the world, mostly in developing countries like India and China. Since almost every country is facing the sustainability challenges distressed with environmental, social, governance and financial crisis, sustainable development has become a universal goal. This paper examines whether ESG(Environment Socially Governance)stocks portfolio (represented by S&P ESG) outperforms the blue chip stocks portfolios and the market portfolio in the Indian stock market, by using absolute rate of return and the risk adjusted measures viz Sharpe ratio and Treynor ratio, Jensen ratio and the CAPM. During the period 30th jan2008 to 30th September 2013, we find that ESG   stocks portfolios has outperformed the blue chip and  market portfolios .ESG stocks portfolios is found to be highly correlated with blue chip and market portfolios in India stock market. By Using absolute rate of return we find that the ESG stocks portfolio generated higher return than the blue chip and the market portfolio. Monthly mean return on ESG stocks portfolios is found to be higher than the other two stocks portfolios though not significant. Using risk adjusted measures – Sharpe ratio and Treynor and Jensen ratio, we find that ESG stocks portfolio outperform the market. Moreover, ESG stocks portfolio is most aggressive portfolio as it is found to have high systematic risk and the total risk than the other two portfolios. Further regression results shows that high ESG stocks portfolio is providing higher abnormal returns as compared to blue chip stocks portfolio and market portfolio. Daily results are also found to be consistent with the monthly returns. The findings have important implications for the investors who are socially responsible as they can start investing in such stocks to reap higher return as compared to that of the market.

Relationship between Stock Price and Macroeconomic Variables: Empirical Evidence from the Asia-Pacific Region

<p><strong>Abstract: </strong>This paper examines the relationship between stock price and various macroeconomic variables (economic growth, inflation, money supply, exchange rate and interest rate) in Asia-Pacific region for the period from 1998Q3 to 2021Q1. The study considered ten countries of Asia-Pacific region, i.e., India, Malaysia, Hong Kong, Singapore, South Korea, Japan, China, Indonesia, Philippines and Thailand. The study employed panel unit root tests, panel cointegration tests, dynamic ordinary least square (DOLS) estimator and panel vector error correction model to study the long-run and short-run relationship among the variables. The findings suggest that there exists a robust long-run economic relationship between stock price and various macroeconomic variables. In short-run, the study reveals a complex network of causal relation using Granger causality test. The results of DOLS estimation show that coefficients of economic growth, inflation, money supply and exchange rate are positive except interest rate which is negative and significant at 5% level.</p><p><strong>JEL Classification:  </strong>G10, E44, C23, N25</p><p><strong>Keywords: </strong>Stock Price, Macroeconomic Variables, Panel Data Analysis, DOLS, Asia-Pacific Region</p&gt

Abstracts of Scientifica 2022

This book contains the abstracts of the papers presented at Scientifica 2022, Organized by the Sancheti Institute College of Physiotherapy, Pune, Maharashtra, India, held on 12–13 March 2022. This conference helps bring researchers together across the globe on one platform to help benefit the young researchers. There were six invited talks from different fields of Physiotherapy and seven panel discussions including over thirty speakers across the globe which made the conference interesting due to the diversity of topics covered during the conference. Conference Title:  Scientifica 2022Conference Date: 12–13 March 2022Conference Location: Sancheti Institute College of PhysiotherapyConference Organizer: Sancheti Institute College of Physiotherapy, Pune, Maharashtra, Indi