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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

Oct'17

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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  • Labor Economics
  • Development Economics
  • Agriculture and Rural Economics
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Insider Trading as a Menace: An Indian Perspective
Technical Efficiency and Its Determinants: A Stochastic Frontier Analysis of Sugar Mills in Uttar Pradesh
Infrastructure, Growth and Poverty Nexus in India: A State-Level Analysis
The Baby Shortage in Italy: An Empirical Investigation on Inter-Country Adoptions
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Contents
(Jul 2017)

Insider Trading as a Menace: An Indian Perspective

--Shallu Arora, Meena Sharma and A K Vashisth

This research paper examines the price behavior of equity shares of companies that indulge in insider trading of their securities. Further, it also analyzes whether reporting delays and industry differences have any impact on the magnitude of abnormal returns. A sample of 1,101 insider transactions by insiders of Bombay Stock Exchange (BSE) listed companies for the period April 1, 2009-March 31, 2013 has been utilized for analysis purpose, which includes 524 buy transactions and 577 sell transactions. The impact of insider transactions on share prices is ascertained by examining the abnormal returns on the date of transaction by using the market model. The findings of the study reveal that insiders are able to earn abnormal returns during one month post the event, whereas in the long run, the profits almost disappear. Time duration of reporting trades to stock exchange and industry differences impact the direction and magnitude of stock market returns.

Technical Efficiency and Its Determinants: A Stochastic Frontier Analysis of Sugar Mills in Uttar Pradesh

--Abdulla and Mohd Izhar Ahmad

This paper disaggregates and explores the components of efficiency that contribute to the change in output, scale of production and technical efficiency of sugar mills in Uttar Pradesh. The efficiency concept defines the maximum level of output that can be obtained by using the same level of inputs in the production of a firm or industry. The investigation of inefficiency effect is obviously useful for the growth and development of sugar mills. To measure the efficiency level and its determinants of sugar mills operating in Uttar Pradesh by applying Stochastic Frontier Approach (SFA), data of 115 sugar mills for the year 2011-12 was collected. It is found that the public limited company is most efficient, while the public corporations are least efficient. However, the next best performing mills belong to individual proprietors. In terms of ownership, the state and central government (jointly) owned and wholly owned private sugar mills are found to be more efficient than others. Further, the sugar mills’ years of operation has positive relationship with efficiency, but does not contribute significantly. High efficiency is associated with privately owned sugar mills. There is no difference between efficiency levels location-wise. It has been found that sugar mills are working at constant returns to scale, and the efficiency level can be changed by changing the scale. The technical changes would help the decision makers to realize the strengths and weaknesses that contribute to the growth and development of sugar mills. associated macroeconomic regimes in India. The paper aims to analyze the volatility spillovers and other relationships of the Indian rupee (INR) with respect to the US dollar (USD), Canadian dollar (CAD), British pound (GBP), Swiss franc (CHF) Japanese yen (YEN) and the euro (EUR) for the period 1973-2012. The study makes use of GARCH family models. The results show that the daily exchange rates of all the currencies considered exhibit volatility persistence and conditional autocorrelation. It is also found that the impact of exchange rate innovations on the conditional variance of the foreign exchange return series varies across the macroeconomic regimes.

Infrastructure, Growth and Poverty Nexus in India: A State-Level Analysis

--P Srinivasa Rao

The present study attempts to assess the growth momentum of the infrastructure and economic growth across the major states in India during 1972 to 2012 and 1971 to 2011. It explores the causal linkages that exist between the different types of infrastructural services—Economic Overhead Capital (EOC), Social Overhead Capital (SOC) and the Composite Index of Infrastructure Development (CIID)—Per Capita Net State Domestic Product (PCNSDP) and poverty reduction. The index of both EOC and SOC are proxies for physical and human capital respectively. The EOC index refers to the growth of irrigation, transportation, energy, post and communication, banking and financial, while the SOC index represents health and educational services. The estimated CIID values comprise both EOC and SOC in a single index. Hence, infrastructure is the necessary condition to attain efficient economic growth with low levels of incidence of poverty ratio by widening external economies at the sectoral and regional levels. In contrast, increased variance in access to basic infrastructural services at the state level resulted in reducing the convergence tendency of income. Simultaneously it enhanced the divergence in PCNSDP and deteriorated the welfare of the people. As a result, Higher Infrastructure Development States (HIDs) are growing faster in income and non-income segments. On the contrary, the level of productivity and convergence tendency of income and non-income development indicators is unfavorable to the Lower Infrastructure Development States (LIDs). Eventually, LIDs, particularly, Bihar, Uttar Pradesh, Assam, Odisha, Madhya Pradesh and Rajasthan, are under the acute condition of deficiency of basic infrastructural facilities, and it led to curtailed growth performance of the states with higher levels of poverty ratio.

The Baby Shortage in Italy: An Empirical Investigation on Inter-Country Adoptions

--Chiara Oldani

Adoption is a choice that affects individuals in various ways; but regardless of its enormous social relevance, socioeconomic literature has devoted little attention to this phenomenon in Italy, the first-ranked country in the world for inter-country adoptions relative to its population following the ratification of The Hague Convention. Inter-country adoption can increase the number of children in the population, but in Italy, it is a long and expensive procedure for a family, and its costs are opaque. This paper describes Italy’s adoption system by highlighting the role of accredited bodies and reporting government statistics as well as data from the very first survey on Italian inter-country adoptions. The demand for adoptive children is empirically investigated as the relation between parental satisfaction and the characteristics of both the procedure itself and those of the adoptive children. The findings show that adoptive parents’ satisfaction is inversely correlated with the child’s age, the duration of the adoption procedure and the size of the accredited body.

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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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