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The IUP Journal of Applied Economics
ISSN: 0972-6861
A ‘peer reviewed’ journal indexed on Cabell’s Directory,
and also distributed by EBSCO and Proquest Database

Jan'18

Previous Issues

The IUP Journal of Applied Economics is a quarterly economics journal that analyzes the issues of micro, macro, development and energy economics. IJAE provides research articles on industrial economics, public finance, industry, and agricultural and rural economics.

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  • Financial Economics
  • International Finance
  • Energy Economics
  • Environmental Economics
  • Labor Economics
  • Development Economics
  • Agriculture and Rural Economics
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The Effect of Political Instability and Terrorism on Tunisian Financial Market
Pre-Acquisition Performance Analysis of Indian Target Firms
Equity Risk Exposure: A Case of Indian Banking Industry
Oil Price Shocks and Their Impact on the Indian Economy: Evidence from Sign Restricted SVAR Model
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Contents
(Jan 2018)

The Effect of Political Instability and Terrorism on Tunisian Financial Market

--Hassen Kobbi and Mouna Abdelhedi

This paper aims to investigate the effect of political instability and terrorism on Tunisian financial market. Estimation of Power ARCH model between 2005 and 2015 provides support for the negative effect of informal political instability (assassinations and revolution), formal political instability (major government crises and a number of major constitutional changes) and terrorism on the Tunisian financial market. Moreover, the results highlight assassination as a source of political risk, as it has more significant and greater effect on stock market returns as compared to other sources of political instability. Thus, this result is very important for government authorities who should create a security system for all people and in particular for the members of the political parties to ensure the stability and performance of the Tunisian financial market.

Pre-Acquisition Performance Analysis of Indian Target Firms

--Gaurav Barick and Sheeba Kapil

The purpose of this paper is to compare the pre-acquisition performance of domestic and cross-border Indian target firms. Past studies suggest that foreign investors mostly acquire well-performing domestic firms, while domestic target firms invest more often in poorly performing firms. But in India’s case, this theory could differ due to the distinct factors impacting the relative costs and benefits, like the availability of cheap assets in India due to high bank NPA, the economic inefficiencies due to lack of technology and the capital-regulatory constraints. By studying 133 target firms, the study finds that foreign acquirers select those targets which have viable product line, good network, and large asset size with low cash holdings. On the other hand, domestic investors acquire those target firms which have high public holdings and generate handsome top-line products in comparison to their industry peers but struggle to convert this top line into a reasonable bottom line.

Equity Risk Exposure: A Case of Indian Banking Industry

--Md. Danish and Aaqib Ahmad Bhat

Global market integration and increase in trading activities have magnified the financial system complexities and increased the degree of riskiness. Value-at-Risk (VaR) has been universally accepted as a measure of market risk in financial institutions. In this study, using the data of NSE-Nifty Bank Index and indices of SBI and ICICI Bank over a sample period from January 3, 2005 to November 19, 2014, an attempt has been made to analyze the market exposure in Indian banking industry by employing various methods of VaR. The study reveals that there is greater market turbulence during the financial crisis period than the pre- and post-crisis periods through all the three techniques of VaR. Moreover, bifurcating the full sample into three sub-samples (pre-crisis, crisis and post-crisis periods) seems to assure robustness, thereby validating the applicability of VaR methods for the Indian banking sector. Further, backtesting through Kupiec test revealed that historical simulation approach accounts for less statistical noise than other methods of estimating VaR.

Oil Price Shocks and Their Impact on the Indian Economy: Evidence from Sign Restricted SVAR Model

--Chaithanya Jayakumar, Anoop S Kumar and Marco P Tucci

In this paper, ‘a sign restricted Structural Vector Autoregression’ (SVAR) model has been employed to understand the macroeconomic impact of oil shocks on the Indian economy. Following the identification procedure of Baumister et al. (2010), three types of shocks have been identified using sign restrictions, namely, an oil supply shock, oil demand shock created by global economic activity, and oil-specific demand shock. The results based on quarterly data from 1996 Q1 to 2013 Q4 indicate that output growth and inflation in the Indian economy react very differently to different shocks in oil prices.

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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