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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

July'18

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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  • Business Environment
  • Regulatory Environment
  • Equity Markets
  • Debt Market
  • Corporate Finance
  • Financial Services
  • Portfolio Management
  • International Finance
  • Risk Management
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Dynamic Relationship Between Institutional Investors and Indian Stock Market: An Empirical Analysis
Three-Factor Model of Asset Pricing: Empirical Evidence from the Indian Stock Market
Financial Literacy and Financial Inclusion in Rajasthan, India: An Empirical Study
Circle-Wise Performance Evaluation: A Case Study of KSFC
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Contents
(July 2018)

Dynamic Relationship Between Institutional Investors and Indian Stock Market: An Empirical Analysis

--P Sathish and K Sakthi Srinivasan

Stock market consists of a variety of investors. Among these, Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) are key parts of investment influx. This paper examines the causal relationship that may exist between institutional investors and Indian stock market by using Granger causality test. The sample consists of 1,194 daily observations on FIIs, DIIs and Nifty returns for five years starting from 2011 to 2015. The individual component of gross purchase and gross sales of FIIs and DIIs are considered to analyze the trading behavior in Indian stock market. CNX Nifty is taken as market proxy of Indian stock market for analyzing with econometric tools. The results find that both institutional investors (FIIs and DIIs) are influenced by each other’s actions in the Indian stock market. The trading behavior of FIIs and DIIs are opposite to each other in Indian stock market. The estimated model also brings out the fact that a movement in market index does influence the FIIs and DIIs’ investment pattern.

Article Price : Rs.50

Three-Factor Model of Asset Pricing: Empirical Evidence from the Indian Stock Market

--Mobin Anwar and Sanjay Kumar

Prediction of price fluctuations has always been interesting for academicians, practitioners and investors. However, price fluctuations can never be exactly predicted, but some trends can be drawn in price fluctuations. The first landmark in stock pricing was Capital Asset Pricing Model (CAPM) given by William Sharpe in 1964. After that a deluge of pragmatic evidence came up and challenged the CAPM. Despite being criticized by several researchers, CAPM became a basis for the development of other models. Fama and French gave a three-factor model and claimed that it better explains the price fluctuations of stocks than CAPM, and the anomalies of CAPM are captured by the three-factor model. The present study is an attempt to find the explanatory power of Fama and French three-factor model in the Indian stock market and covers the period from April 1, 2009 to March 31, 2016. The Fama and French three-factor model failed to capture the individual asset returns. On the other hand, it explains the portfolio asset returns sorted on the basis of size and value. A significant effect of market risk premium, size premium and value premium was detected on the returns of the assets.

Article Price : Rs.50

Financial Literacy and Financial Inclusion in Rajasthan, India: An Empirical Study

--Lokesh Vijayvargy and Priti Bakhshi

The study aims to understand and assess the financial literacy, financial inclusion and awareness levels of common masses in Rajasthan, India. The study is descriptive in nature. It used a structured non-disguised questionnaire and probability cluster sampling methodology to collect data from 1,205 residents of Rajasthan. 30 clusters were selected for this purpose with a sample size ranging from 2 to 20 in each cluster. The findings reveal that most of the population in Rajasthan still trust banks more than any other financial institution and treat banks as the safest option to save their money. The study also focuses on the kind of training interventions required in Rajasthan towards financial literacy.

Article Price : Rs.50

Circle-Wise Performance Evaluation: A Case Study of KSFC

Inchara P M Gowda

With the objective of reaping the benefits of both the smallness and bigness, large-scale organizations divisionalize their operations into a few segments (divisions, departments, etc.). After providing the necessary facilities and powers to these divisions, they are made accountable for the results. Hence, one can find a few accounting entities within each of such business entities. This is because of the reason that the overall performance of the organization depends on the performance of their segments, and this is true even in the case of banking and financial companies such as the Karnataka State Financial Corporation (KSFC). As the corporation has a vast geographical area (i.e., entire Karnataka State) to serve, it has 32 branch offices, and for operational purpose, the state is divided into four circles with 7-9 branch offices in each circle. The performance of corporation depends, to a greater extent, on the performance of its circles and their branch offices. Against this backdrop, the present paper makes an attempt to evaluate the performance of circles using six variables and the data for 10 years, 2007-08 to 2016-17.

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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