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Article
Publication date: 8 April 2021

Anurag Bhadur Singh and Priyanka Tandon

The present study tries to explore the various fund attributes that influence the mutual fund performance. Further, study examined the effect of mutual fund attributes namely, Net…

Abstract

Purpose

The present study tries to explore the various fund attributes that influence the mutual fund performance. Further, study examined the effect of mutual fund attributes namely, Net Asset Value (NAV), Portfolio turnover ratio (PTR), fund size (AUM), expense ratio (ExpR) and fund age (Age) on mutual fund's performance using gross return and risk-adjusted performance measures.

Design/methodology/approach

The study evaluated balanced panel data (short panel) comprising 81 Indian equity mutual fund schemes for the period of 2013–2019. The study estimated relationship between fund attributes (Net asset value, Portfolio turnover ratio, Fund age, fund size and Expense ratio) and fund performance (using gross return and risk-adjusted performance measures), through panel data regression using fixed-effects model as suggested by Hausman specification test on transformed data (due to high multicollinearity), with cluster-robust estimators due to the presence of heteroskedasticity in the model.

Findings

The findings of the study suggested that using gross return as fund performance measure, PTR, NAV, AUM, Age exhibit significant relationship with the fund performance whereas using risk-adjusted performance measures (Treynor ratio and Jensen alpha) NAV and ExpR significantly influences the fund performance. Identification of the significant relationship between fund characteristics and fund performance offers valuable insights to the investors and fund managers for rationally managing their portfolio with the ultimate objective of the wealth maximization.

Research limitations/implications

The study considered only 81 equity mutual fund schemes. Some of the data were not available at the time of the study due to the policy of the company. The present study contributes significantly in examining the expected association between fund attributes and fund performance in the context of Indian mutual fund industry where this relationship were explored less.

Practical implications

The findings of the present study will help the investors to take the rational investment decision with the ultimate objective of maximum return with minimal risk. The findings also offer significant germane to the stakeholders in making rational decision-making process.

Originality/value

There is dearth of study concerning the relationship between mutual fund characteristics and fund performance with respect to Indian mutual fund industry. Therefore, study provides valuable insights to the area of the portfolio selection and management with respect to Indian mutual funds.

Details

Benchmarking: An International Journal, vol. 29 no. 1
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 6 April 2023

Akanksha Jumde and Nishant Kumar

This paper aims to focus on compliance of workplace sexual harassment-related provisions under Indian companies and securities law, based on an empirical analysis of companies’…

Abstract

Purpose

This paper aims to focus on compliance of workplace sexual harassment-related provisions under Indian companies and securities law, based on an empirical analysis of companies’ sexual harassment-related disclosures contained within their directors’ annual reports (ARs). Specifically, sections devoted to sexual harassment-related disclosures, inbuilt within directors’ ARs for the financial year 2019–2020 for a selected sample of companies listed under the National Stock Exchange, have been analysed.

Design/methodology/approach

To examine the nature of companies’ disclosures to demonstrate their compliance with statutory requirements under the POSH law, aligned with the Companies (Accounts) Rules, 2014 and Securities and Exchange Board of India’s regulations, an empirical-based, descriptive content analysis of ARs of 200 listed companies were used.

Findings

This study primarily finds that the majority of companies from the sample have disclosed to have prepared a corporate-level policy, as required under the POSH law. As also required under the POSH law, companies, reportedly, have constituted an Internal Complaints Committee to adjudicate and dispose of incidents related to sexual misconduct reported at their workplaces. However, companies lack in disclosing qualitative information, with sufficient detail, on many important aspects related to prevention and resolution of reported cases of workplace sexual harassment.

Originality/value

This paper adds to the broader narrative of the lacunae within the disclosure and reporting requirements on enhancing the liabilities of the companies to prevent and address sexual harassment under India’s corporate and securities regulations.

Details

International Journal of Law and Management, vol. 65 no. 4
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 25 October 2019

Gurmeet Singh, Satish Kumar, Satbir Singh Sehgal and Shashi Bhushan Prasad

This paper aims to depict the erosion performance of two HVOF-coated micron layers (Colmonoy-88 and Stellite-6) on pump impeller steel (SS-410) by using Taguchi's method…

Abstract

Purpose

This paper aims to depict the erosion performance of two HVOF-coated micron layers (Colmonoy-88 and Stellite-6) on pump impeller steel (SS-410) by using Taguchi's method. Taguchi's array (L16) was used to optimize the erosion wear (in terms of weight loss) by using four influencing parameters such as rotational speed, solid concentration, average particle size and time which were varied at four different levels.

Design/methodology/approach

The experiments were carried out by using a Ducom slurry tester with rotational speed in the range of 750-1,500 rpm, solid concentration of 35-65 per cent by weight, time period of 75-210 min and average particle sizes in the range of < 53 to 250 µm. Bottom Ash with a nominal size range of < 53 to 250 µm was used as erodent. The process parameters were optimized by using Taguchi's method. The ANOVA method was used to validate the results given by Taguchi's method.

Findings

The results revealed that the presence of both carbides and borides and the additional presence of Cr in Colmonoy-88 coating enhancing the slurry erosion resistance of Colmonoy-88 coating. Moreover, the chromium and tungsten carbide particles help in increasing the bond strength between the coating and the substrate material. Further, it was also found that the time was the most dominant factor as compared to other factors.

Originality/value

The very less work has been reported on optimization of erosion wear response of Colmonoy-88 and Stellite-6 coatings by using different design of experiment techniques. Further, the erosion wear mechanism of both coatings has been studied by using image j analysis software.

Details

Industrial Lubrication and Tribology, vol. 72 no. 3
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 25 September 2018

Gurmeet Singh, Satish Kumar and Satbir S. Sehgal

This paper aims to optimize the erosion wear analysis of slurry impeller material. Stainless steel (SS-410) was used as the pump impeller material. This erosion test was…

Abstract

Purpose

This paper aims to optimize the erosion wear analysis of slurry impeller material. Stainless steel (SS-410) was used as the pump impeller material. This erosion test was established to influence the rotational speed, solid concentration, time period and particle size. Fly ash was used as the erodent material.

Design/methodology/approach

The erosion wear experiments were performed at different particle size, rotational speed, time duration and solid concentration (by weight). These tests were performed at four different speeds of 750, 1,000, 1,250 and 1,500 rpm, and the time durations of these experiments are 75, 120,165 and 210 min. For protective coating, high-velocity oxygen-fuel spray process was used for depositing WC-10Co-4Cr coating on stainless steel. To investigate the influence of controlled process parameters on slurry erosion wear of pump impeller material, Taguchi method was used.

Findings

Results show that significant improvement in erosion wear resistance has been observed by using WC-10Co-4Cr coating. The process parameters affecting the erosion wear loss were in following order: time > rpm > concentration > particle size. The means of signal-to-noise ratio of stainless steel SS410 with and without coating vary from 93.56 to 54.02 and from 86.02 to 48.18, respectively.

Originality/value

For the erosion wear rate of both uncoated and coated stainless steel, the most powerful influencing factor was identified as time. The erosion test reveals that the coating exhibits ductile erosion mechanism and shows better erosion wear resistance (approximately two times) compared to uncoated stainless steel.

Details

Industrial Lubrication and Tribology, vol. 70 no. 9
Type: Research Article
ISSN: 0036-8792

Keywords

Article
Publication date: 24 September 2021

Amitabh Anand, Ritu Tripathi, Anjana Karumathil and Tanvika Kalra

Advanced bibliometric methods have emerged as key tools in mapping the history and trends of a discipline. This paper aims to demonstrate on applying various bibliometric methods…

316

Abstract

Purpose

Advanced bibliometric methods have emerged as key tools in mapping the history and trends of a discipline. This paper aims to demonstrate on applying various bibliometric methods to track a journal’s impact and review its knowledge contribution. In doing so, the authors take the case of IIMB Management Review (IMR) journal focused on management discipline, in consideration of its 10 years of publication presence.

Design/methodology/approach

Using bibliometric and Scopus metric methods, the authors map and analyze the productivity of IMR Journal and map its knowledge contributions.

Findings

The authors identify the IMR journal’s impact, its growth, the most prolific authors/affiliations, key research hotspots, cross-country collaboration and emerging trends over the past decade.

Originality/value

A 10-year longitudinal review helps the target group identify the main themes. It also provides key empirical insights to the journal editorial board and library managers for future planning and growth of the journal.

Details

Global Knowledge, Memory and Communication, vol. 71 no. 8/9
Type: Research Article
ISSN: 2514-9342

Keywords

Open Access
Article
Publication date: 1 July 2024

Abdul Moizz and S.M. Jawed Akhtar

The study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in…

1326

Abstract

Purpose

The study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in the presence of structural breaks.

Design/methodology/approach

The study employed the autoregressive distributed lag (ARDL) bounds test and the Error Correction Model to assess long- and short-term causal relationships. The study also used non-frequentist Bayesian inferences for the validity of estimation robustness. The Bai–Perron test is used to identify breakpoint dates for the Indian stock market index, and the Granger Causality test is employed to ascertain the direction of causality.

Findings

The F-bounds test reveals cointegration among the variables throughout the examined period. Specifically, the weighted average call money rate (WACR), inflation (WPI), currency exchange rate (EXE), and broad money supply (M3) exhibit statistical significance with precise signs. Furthermore, the study identifies the negative impact of the COVID-19 outbreak in March 2020 on the Indian stock market.

Research limitations/implications

Although the study provides significant insights, it is not exempt from constraints. A significant limitation is selecting a relatively limited time period, specifically from April 2008 to September 2023. The limited time frame of this study may restrict the applicability of the results to more comprehensive economic settings, as dynamics between the monetary policy and the stock market can be influenced by multiple factors over varying time periods. Furthermore, the utilisation of the Weighted Average Call Money Rate (WACR) rather than policy rates such as the Repo rate presents an additional constraint as it may not comprehensively account for the impacts of particular policy initiatives, thereby disregarding essential complexities in the connection between monetary policy variables and financial markets.

Practical implications

The findings of the study suggest that investors and portfolio managers should consider economic issues while developing long-term investing plans. Reserve Bank of India should exercise prudence to prevent any discretionary measures that may lead to a rise in interest rates since this adversely affects the stock market. To mitigate risk, investors should closely monitor the adjustment of monetary policy variables.

Social implications

The study has important social implications, especially regarding the lower levels of financial literacy among investors in India. Considering the complex nature of the study’s emphasis on monetary policy adjustments and their impact on the stock market. Investors face the risk of significant losses due to unexpected adjustments in monetary policy. Many individuals may need help understanding how policy changes impact their investments. Therefore, RBI must consider both price and financial stability when formulating monetary policies. Furthermore, market participants should consider the potential impact of fluctuating monetary policy variables when devising their long-term investment strategies. Given that adjustments in interest rates can markedly affect stock market dynamics, investors must carefully assess the implications of monetary policy decisions on their portfolios.

Originality/value

The study uses dummy variables in the ARDL model to represent structural breaks that emerged from the COVID-19 pandemic (as determined by the Bai–Perron multiple breakpoint test). The study also used the Perron unit root test to find out the stationary of the series in the presence of structural breaks. Additionally, the study also employed Bayesian inferences to affirm the robustness of the estimates.

Details

Asian Journal of Economics and Banking, vol. 8 no. 3
Type: Research Article
ISSN: 2615-9821

Keywords

Article
Publication date: 14 September 2010

Antoine G. Farhat and Talar M. Fossian

Lebanese meals rich in vitamin C are taken for granted to contain this vitamin without consideration of its losses during the cooking and storing processes. This paper aims to…

Abstract

Purpose

Lebanese meals rich in vitamin C are taken for granted to contain this vitamin without consideration of its losses during the cooking and storing processes. This paper aims to examine the impact of different cooking pots, refrigeration and conventional reheating or via microwaving (MWR) on vitamin C depletion.

Design/methodology/approach

Two samples of three meals rich in vitamin C (AB: Aadas Bhamoud made of lentils and Swiss chard; CS: cauliflower stew; ML: Meloukhieh made of Jew's mallow) were analyzed in triplicates when they were raw, cooked in double based stainless steel (DBSS) or pressure cookers (PCs), refrigerated at 4 C for 48 h, and when reheated in an open pot or in a microwave reaching 70 C. The titration with 2,6‐dichlorophenolindophenol method was used for vitamin C analysis.

Findings

Relative vitamin C losses throughout the processing stages were 37.64, 65.43 and 79.00 percent for ML, CS and AB, respectively. DBSS tended to deplete vitamin C less than PC. AB lost 34.4 and 49.2 percent vitamin C with DBSS and PC, respectively; CS lost 52.3 and 57.5 percent with DBSS and PC, respectively; and ML lost 16.3 and 27.4 percent with DBSS and PC, respectively. Vitamin C loss at refrigeration was significant for both cooking pots used for the meals AB and ML but not for CS. Reheating resulted in further significant losses across meals and reheating methods.

Practical implications

The study highlights the importance of avoiding unnecessary cooking practices to minimize vitamin C depletion and more accurately estimating its daily intake.

Originality/value

The study presents for the first time the quantification of vitamin C losses in Lebanese meals subjected to different processing types and stages.

Details

Nutrition & Food Science, vol. 40 no. 5
Type: Research Article
ISSN: 0034-6659

Keywords

Article
Publication date: 1 February 2004

K. Saharan, N. Khetarpaul and S. Bishnoi

Ricebean (RB‐32) contained significantly (p < 0.05) higher amounts of total soluble (5.6g/100g) and non‐reducing sugars (5.0g/100g) than fababean (VH‐82‐1). On the other hand, the…

368

Abstract

Ricebean (RB‐32) contained significantly (p < 0.05) higher amounts of total soluble (5.6g/100g) and non‐reducing sugars (5.0g/100g) than fababean (VH‐82‐1). On the other hand, the contents of starch and reducing sugars were more in fababean (53.2g/100g; 608.7mg/100g) than those in ricebean (50.7g/100g; 547.3mg/100g). The starch digestibility (mg maltose released/g meal) of whole raw seeds and husk of ricebean and fababean was 30.8; 6.3 and 42.1; 6.3, respectively. Due to soaking, sprouting and dehulling, a significant (p < 0.05) improvement occurred in in vitro starch digestibility of both ricebean and fababean. Germination for 24 hours in ricebean and 48 hours in fababean was found to be the best as it could improve the starch digestibility to the extent of 100 to 90 per cent over the control.

Details

Nutrition & Food Science, vol. 34 no. 1
Type: Research Article
ISSN: 0034-6659

Keywords

Article
Publication date: 12 February 2018

Savita Rani, Rakhi Singh, Rachna Sehrawat, Barjinder Pal Kaur and Ashutosh Upadhyay

Pearl millet (Pennisetum glaucum) is a rich source of nutrients as compared to the major cultivated cereal crops. However, major factors which limit its utilization are the…

1354

Abstract

Purpose

Pearl millet (Pennisetum glaucum) is a rich source of nutrients as compared to the major cultivated cereal crops. However, major factors which limit its utilization are the presence of anti-nutritional factors (phytate, tannins and polyphenols) which lower availability of minerals and poor keeping quality because of higher lipase activity. Therefore, this paper aims to focus on the impact of different processing methods on the nutrient composition and anti-nutritional components of pearl millet.

Design/methodology/approach

This is a literature review study from 1983 to 2017, focusing on studies related to pearl millet processing and their effectiveness in the enrichment of nutritional value through reduction of anti-nutritional compounds.

Findings

From the literature reviewed, pearl millet processing through various methods including milling, malting, fermentation, blanching and acid as well as heat treatments were found to be effective in achieving the higher mineral digestibility, retardation of off flavor, bitterness as well as rancidity problems found during storage of flour.

Originality/value

Through this review paper, possible processing methods and their impact on the nutrient and anti-nutrient profile of pearl millet are discussed after detailed studied of literature from journal articles and thesis.

Details

Nutrition & Food Science, vol. 48 no. 1
Type: Research Article
ISSN: 0034-6659

Keywords

Article
Publication date: 8 May 2017

Sanjay Sehgal and Sonal Babbar

The purpose of this paper is to perform a relative assessment of performance benchmarks based on alternative asset pricing models to evaluate performance of mutual funds and…

Abstract

Purpose

The purpose of this paper is to perform a relative assessment of performance benchmarks based on alternative asset pricing models to evaluate performance of mutual funds and suggest the best approach in Indian context.

Design/methodology/approach

Sample of 237 open-ended Indian equity (growth) schemes from April 2003 to March 2013 is used. Both unconditional and conditional versions of eight performance models are employed, namely, Jensen (1968) measure, three-moment asset pricing model, four-moment asset pricing model, Fama and French (1993) three-factor model, Carhart (1997) four-factor model, Elton et al. (1999) five-index model, Fama and French (2015) five-factor model and firm quality five-factor model.

Findings

Conditional version of Carhart (1997) model is found to be the most appropriate performance benchmark in the Indian context. Success of conditional models over unconditional models highlights that fund managers dynamically manage their portfolios.

Practical implications

A significant α generated over and above the return estimated using Carhart’s (1997) model reflects true stock-picking skills of fund managers and it is, therefore, worth paying an active management fee. Stock exchanges and credit rating agencies in India should construct indices incorporating size, value and momentum factors to be used for purpose of benchmarking.

Originality/value

The study adds new evidence as to applicability of established asset pricing models as performance benchmarks in emerging market India. It examines role of higher order moments in explaining mutual fund returns which is an under researched area.

Details

Journal of Advances in Management Research, vol. 14 no. 2
Type: Research Article
ISSN: 0972-7981

Keywords

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