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The IUP Journal of Applied Finance
ISSN: 0972-5105
A ‘peer reviewed’ journal indexed on Cabell’s Directory,
and also distributed by EBSCO and Proquest Database

Oct'16

Previous Issues

The IUP Journal of Applied Finance is a quarterly finance journal that showcases empirical research in applied finance. IJAF provides research articles on business environment, regulatory environment, equity markets, debt markets, corporate finance, financial services, portfolio management, international finance and risk management.

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Focus Areas
  • Business Environment
  • Regulatory Environment
  • Equity Markets
  • Debt Market
  • Corporate Finance
  • Financial Services
  • Portfolio Management
  • International Finance
  • Risk Management
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Financial Crises and Stock Market Behaviors in Emerging Markets
The Effects of Tunisian Privatization on Stock Market Dynamics During the Period 1995-2001
Inward Foreign Direct Investment and Economic Development of Developed Countries: Panel Regression Approach
Determinants of Financial Performance of Indian Life Insurance Sector: Panel Evidence
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Contents
(Oct 2016)

Financial Crises and Stock Market Behaviors in Emerging Markets

--Taner Sekmen and Mercan Hatipoğlu

This study investigates the effects of the US subprime crisis and the Eurozone debt crisis on stock market behaviors in terms of the volatility of return or risk and asymmetry issues by using GARCH, E-GARCH and GARCH-M methodologies and the daily stock return series, which consists of 2,609 observations from the period June 3, 2004 to June 3, 2014 for selected emerging markets. The findings indicate that the emerging markets exhibit some common patterns in different boom and bust periods. Regardless of the region, economic size, period and the source of the crisis, the study concludes that nearly all markets have strong and significant volatility clustering in the stock return and asymmetric behaviors, which indicates that negative shocks have a greater impact on volatility than positive shocks.

Article Price : Rs.50

The Effects of Tunisian Privatization on Stock Market Dynamics During the Period 1995-2001

--Fakhri Issaoui and Salem Brahim

The aim of this paper is to explain why an efficient privatization policy should transit through stock markets. Indeed, in theory, this method can be considered as the best for several reasons: more justice, more equity, more transparency. Also, this modality has showed its ability to imply the majority of socioeconomic groups around, one of the less popular policies especially in the less developed countries. The analyses of the Tunisian case showed that restructuring of public companies (through the stock market) had created a dynamic in the financial market size, improved market performance, and an increase in the number of savers-investors.

Article Price : Rs.50

Inward Foreign Direct Investment and Economic Development of Developed Countries: Panel Regression Approach

--K V Bhanu Murthy and Manoj Kumar Sinha

The economic basis of globalization lies in multilateralism. The intended impact of globalization is global allocative efficiency because Foreign Direct Investment (FDI) spearheads the dispersal of capital across the globe. So, it can be said about FDI that multilateralism implies importing capital from a variety of sources as may be most efficient rather than restricting them to a bilateral basis. This forms the motivation of this paper. This paper has used Principal Component Analysis (PCA) and panel regression approaches. The study builds up a methodology for measuring and testing the determinants of the patterns of inward FDI of developed countries. These determinants are a large set of developmental variables. The study evolves a set of six composite indices by using PCA, namely, human resource, infrastructure, labor, market, trade openness and resource. The annual growth rate is 11% while that of the top 10 developed countries of the world experience a significantly lower growth rate, i.e., 3.4% (= 0.111 – 0.077). Infrastructure is highly elastic at 1.72. In the case of the top 10 countries, the determinants of inward FDI that are significant and positive are labor, market and resource.

Article Price : Rs.50

Determinants of Financial Performance of Indian Life Insurance Sector: Panel Evidence

--P Suganthi and S Rajaram

This paper attempts to examine the relationship between financial performance and their determinants in the case of Indian life insurance sector. This study is carried out using panel data of 10 companies for 10 years from 2005 to 2014. The financial performance is indicated by Return on Assets (ROA) and the independent variables chosen are claims ratio, growth in gross premiums, leverage, liquidity, capital, size, solvency, risk retention ratio and tangibility. Multicollinearity test is applied and found that leverage has a strong correlation with other independent variables and hence eliminated from the model. The results of panel regression test point that liquidity, size, solvency and risk retention ratio are not significantly related to financial performance and claims ratio, growth in gross premiums, capital and tangibility are negatively related to financial performance.

Article Price : Rs.50

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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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