AN EMPIRICAL STUDY OF RETURN-VOLUME RELATIONSHIP FOR INDIAN MARKET

Generally there is a common belief that returns and trading activities have a strong positive relationship. This paper analyzes return-volume relationship in Indian context, both in contemporaneous as well as lead- lag. Initial screening of returns and trading activity data shows some idiosyncratic aspect of Indian market although a positive return- activity relationship is acknowledged. This study also documents the dissimilarity in relationship for positive and negative changes in prices. As regards lead-lag relationship, this paper finds strong evidence of volume causing returns than vice-versa.Trading volume, Price change, contemporaneous relationship, lead-lag relationship, systematic irregularities, ARIMA filtering, Haugh test, Granger Sims Causality

FORECASTING EXCHANGE RATE :A Uni-variate out of sample Approach

In this paper we tried to build univariate model to forecast exchange rate of Indian Rupee in terms of different currencies like SDR, USD, GBP, Euro and JPY. Paper uses Box-Jenkins Methodology of building ARIMA model. Sample data for the paper was taken from March 1992 to June 2004, out of which data till December 2002 were used to build the model while remaining data points were used to do out of sample forecasting and check the forecasting ability of the model. All the data were collected from Indiastat database. Result of the paper shows that ARIMA models provides a better forecasting of exchange rates than simple auto- regressive models or moving average models. We were able to build model for all the currencies, except USD, which shows the relative efficiency of the USD currency market.Exchange rate forecasting, univariate analysis, ARIMA, Box- Jenkins methodology, out of sample approach

IMPACT OF MERGERS AND AMALGAMATION ON THE PERFORMANCE OF INDIAN COMPANIES

This paper is an attempt to evaluate the impact of Mergers on the performance of the companies. Theoretically it is assumed that Mergers improves the performance of the company due to increased market power, Synergy impact and various other qualitative and quantitative factors. Although the various studies done in the past showed totally opposite results. These studies were done mostly in the US and other European countries. I evaluate the impact of Mergers on Indian companies through a database of 40 Companies selected from CMIE’s PROWESS, using paired t- test for mean difference for four parameters; Total performance improvement, Economies of scale, Operating Synergy and Financial Synergy. My study shows that Indian companies are no different than the companies in other part of the world and mergers were failed to contribute positively in the performance improvement.Mergers, Amalgamation, Acquisition, Horizontal Mergers, Vertical Mergers, Backward Integration, Foreword Integration, Circular Mergers, Conglomerate Mergers, Congeneric Mergers,

INDIAN TAKEOVER CODE IN SEARCH OF EXCELLENCE (A CASE STUDY APPROACH)

M&A and Takeovers are the powerful ways to achieve corporate growth, but because of their complex nature, to protect the interest of all the parties, curb the malpractices and to facilitate orderly development these activities are regulated by a takeover code in most part of the world. In India after liberalization Govt. started to regulate these activities by introducing a takeover code. This code has gone through various major and minor changes since then to respond the challenges it faced during implementation and also to overcome its shortcomings. My study is an attempt to discover what challenges it faced and what changes were incorporated in the code over the period of time. Whether these successive changes are leading Indian takeover code in a proper direction, also what are the major shortcomings of the code at present. What are the critical issues, which need immediate attention to make it more effective. In the paper I tried to explain these challenges by quoting major controversial takeover battles after 1990s.Indian Takeover Code, Threshold limit, Conditional Offer, Cripping facility, Trigger point, Negotiated offer, Bail-out takeover

A test of Integration between Emerging and Developed Nation’s Stock Markets

This paper makes an attempt to examine the financial integration between emerging countries and developed countries. Stock market data for six countries USA, CANADA, UK, India, Malaysia and Singapore have been used for the purpose of the study. Cointegration was tested on the basis of various alternative techniques. Results contradict existing literatures and suggest that although developments at international level significantly influence national stock markets, but they are driven mainly by the developments at domestic level. Study also indicates that world equity market is segmented; where developed nations and emerging markets have made separate grouping. In case of India we find that it is positively correlated with all the markets, but this relationship is not highly positive.Financial markets Integration, Johansen test, VAR-ECM, Engle- Granger Two stage method, Developed nations, Developing Nations.

AN EMPIRICAL STUDY OF CLIMATE CHANGE EFFECTS AND AGRICULTURE VULNERABILITY

This review describes that due to rapid globalization, vulnerability in different areas affects human life. With rapid population growth, securing the inherent vulnerability of this relationship, whether social, economic, or environmental, has to be central to efforts to achieving sustainable development. The vulnerability of agricultural systems varies with geographic location, time, socioeconomic conditions, and environmental resources. The capacity to mitigate and to adapt to climate-change impacts is strongly related to the future development paths. The socioeconomic and, even more so, the technological characteristics of different futures strongly affect emissions, hence the extent and pace of the impacts of climate change, as well as the capability of societies to adapt to and mitigate climate change. The presented review gives a brief idea about empirical analysis of climate change and agricultural vulnerability and how it affects human life.climate change, vulnerability, adaptivity, food security, stress, Agricultural and Food Policy, Environmental Economics and Policy, Farm Management,