| Do
Publicly Available Recommendations have Investment Value? Evidence from
the Indian Stock Market
-- Mohit
Gupta and Navdeep Aggarwal
s
make recommendations for stocks and many investors tend to follow them. This study
was conducted to examine whether following these recommendations helps in generating
`above normal' returns. The study was carried out with stock recommendations collected
from The Business Line, one of the most widely read financial newspapers. Performance
of the recommended stock was studied for time periods of one day, three days,
one week, one month, and three months. Nifty returns for the same period were
taken as the performance benchmark. It was found that the Indian stock market
presents a distinct behavior in this regard. However, on average, publicly available
recommendations do not produce any remarkable superior returns. Therefore,
the investors who follow these recommendations may only be incurring additional
transaction costs by following them and churning their portfolios. ©
2006 IUP . All Rights Reserved.
The
Indian Automobile Component Industry: Opportunities and Challenges with Special
Focus on Automobile Battery Sector
-- Sumitro
Mukherjee and Dipankar Dey
India
has the potential to be a global automotive power. The Government of India (GOI)
has formulated an automobile policy with a vision to establish a globally competitive
automobile industry in India by 2010. Concerted efforts are needed to take auto
manufacturing to a level of self-sustainability where the organizations shall
have volumes, ability to develop the requisite technology and meet the evolving
emission requirements. The auto components sector must also develop capacities,
train and induct small-scale manufacturers and workers into the sector so as to
compliment the efforts of auto manufacturers to be globally competitive. For this,
the government may encourage the formation of co-operatives of small manufacturers
to enable them to install an improved and environmentally-acceptable technology,
which could be shared by them while doing hazardous jobs. ©
2006 IUP . All Rights Reserved.
Foreign
Direct Investment, Spillovers, Linkages and Economic Development: A Case of China
and India
-- Prakash
Singh
Over
the last two decades, the policy stance of governments in emerging markets like
India and China clearly demonstrates that FDI is one of the most sought-after
instruments as a driver for economic growth through technology transfers, employment
generation, improved access to managerial expertise, global capital and product
markets, and marketing and distribution networks. Despite their adherence to different
political systems, China and India are aggressively pursuing economic liberalization
for growth. However, their strategic paths for economic development are remarkably
different. In the growth models pursued by them, China relies heavily on manufacturing
exports as a key anchor for sustainable acceleration in growth and integration,
whereas India's growth is driven more by the services sector. In this paper, the
author compares the two models and concludes that India's growth pattern is more
skewed as it has been well-proved that the growth of the IT sector does not have
strong linkages to the remainder of the Indian economy. China's model, on the
other hand, has been successful primarily because of the strong linkages it has
developed with all the sectors of economy, including agriculture, services and
manufacturing. The study also finds that as regards institutional framework, India
is better placed in terms of a world-class capital market and a robust banking
system. ©
2006 IUP . All Rights Reserved.
Collaborative
ERP for Small and Medium Industries
-- P
S S Prasad
The
three important resources of any manufacturing organization, irrespective of its
size, are men, material, and machines. Managing these resources is very important
for the development and survival of the organization. An efficient information
flow is a unique tool that will help the management to coordinate and utilize
these resources effectively. Automation of information management becomes mandatory
due to overwhelming magnitude of information generated in organizations. A number
of such information management tools have been developed over the years throughout
the world. Enterprise Resource Planning (ERP) is one such tool, which is developed
and supplied by more than 100 vendors. Initially, the developers focused on the
large-scale industries, which resulted in a product of very high cost that cannot
be afforded by small and medium enterprises (SMEs). But as outsourcing is the
order of the day, large industries need to be fully integrated with outsourcing
units, which are generally small and medium enterprises. Hence, only automation
of information and decision-making activities of only large enterprises cannot
serve the requirement of these information systems. Supply chain management, which
is gaining popularity throughout the world, demands complete integration of all
the players along the supply chain. These issues, along with the tangible and
intangible benefits of information systems, have forced the SMEs to opt for some
or the other form of information system. But due to the exorbitant cost of the
present full-fledged ERP systems, the trimmed versions of these packages are appearing
as an alternative solution for SMEs. However, these trimmed versions may be cost-compatible
but offer incomplete/partial solutions to SMEs. Hence, there is a need for finding
a better alternative to provide full-fledged information solutions without sacrificing
facilities, at suitable costs. This paper proposes and discusses collaborative
ERP on the idea of sharable ERP package for group of SMEs. ©
2006 IUP . All Rights Reserved.
Performance
of the New Indian Private Sector Banks: A Comparative Study
-- Sanjay
J Bhayani
The
broad objective of the banking sector reforms in India has been to increase efficiency
and profitability of the banks. For this purpose, the banking sector has been
opened for new private sector banks. As a result, various new private sector banks
have started their banking business. In this paper, the author analyzes the performance
of new private sector banks through the help of the CAMEL model. For the purpose,
four leading private sector banks—ICICI, HDFC, UTI and IDBI—have been
taken as sample. After making an analysis of the CAMEL parameters, the author
has assigned ranks to all the banks according to their performance in various
parameters of CAMEL, and then he assigns them overall ranking. For the purpose
of CAMEL analysis, the data of five years, i.e., from 2000-01 to 2004-05, has
been used. The findings of the study reveal that the aggregate performance of
IDBI is the best among all the banks, followed by UTI. ©
2006 IUP . All Rights Reserved.
Role
of Simulations—College Festivals in Developing Managerial Skills
-- Meena
Saxena and Arun Saxena
Academic
and business circles have now identified the need for appropriate management education
for imparting the requisite skills to job aspirants. The relevance of existing
curricula of management education, is being doubted upon worldwide. The employers
lament that the management graduates lack the skills and attitudes required to
work effectively. Apart from the quantitative skills, most other managerial skills
are essentially "soft-skills", e.g., interpersonal and communication
skills. While domain knowledge is necessary, managerial skills help individuals
convert their knowledge into effective action. Against this background, this paper
tries to identify the managerial skills which the employers look for in new recruits,
explores the role of college festivals in development of these skills in graduate
students, and compares the on-the-job performance of those who were involved in
college festivals as students and those who were not. ©
2006 IUP . All Rights Reserved. |
