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1 – 10 of 13Abhijeet Chandra, Kantesha Sanningammanavara and A. Satya Nandini
The purpose of this paper is to survey retail investors to study the determinants of their investment behaviour and show that individual heterogeneity and financial factors such…
Abstract
Purpose
The purpose of this paper is to survey retail investors to study the determinants of their investment behaviour and show that individual heterogeneity and financial factors such as gender, age, educational status, income, and investment levels determine their trading behaviour across three domains; however, features such as marital status and occupation do not play any significant role in shaping their trading behaviour.
Design/methodology/approach
Structured surveys are conducted on retail and small investors using the brokerage services of a firm. Data collected from primary methods are used for statistical analysis in ANOVA and multiple regression frameworks.
Findings
The authors also report that retail investors’ self-perceived confidence as a function of both expected and unexpected changes in the market and personal factors largely determines trading behaviour of retail investors and that self-perceived confidence level and self-reported portfolio size are positively associated implying that (over-)confident retail investors tend to believe that their investment skills being superior are bound to perform better and thus they typically hold larger than average investment portfolios.
Practical implications
These findings are significant because research on cross-sectional variance of individual investment behaviour explains how investor heterogeneity plays a critical role in investment and asset allocation decisions. Investors, researchers, and practitioners would use the results for financial decision making specifically related to personal finance, behavioural portfolio management, and investment advisory.
Originality/value
This paper is an empirical approach to explore the retail investor behaviour using psychometric approach with respect to self-perceived confidence and other perceived measures of investor behaviour. The authors contribute to the emerging set of literature on investor behaviour and behavioural finance.
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Sudipta Majumdar and Abhijeet Chandra
The purpose of the study is to investigate, synthesize and critically evaluate empirical research findings on the behavioral traits of fund managers from 1994 to 2024. The…
Abstract
Purpose
The purpose of the study is to investigate, synthesize and critically evaluate empirical research findings on the behavioral traits of fund managers from 1994 to 2024. The ultimate goal is to provide a unified body of literature on three broad topics: first, fund managers' demographic and professional characteristics, such as age, gender, level of education and years of industry experience; second, fund managers' social and political connections; and third, fund managers' behavioral biases that lead to irrational investment decisions.
Design/methodology/approach
The relevant papers from selected journals were discovered and manually validated using the Scopus database. From 317 retrieved documents, 57 relevant articles were chosen and analyzed after the forward and backward search of the existing articles.
Findings
This paper presents a categorized summary of behavioral factors that have gained a foothold in influencing the behavior of fund managers in fund management research, with several studies demonstrating their significance leading to improved prediction and model precision, as this review indicates. In addition, the study summarized the contributions of prior empirical studies within the aforementioned three major categories and illustrated their consequences.
Originality/value
The present study contributes to the understanding of the effects of behavioral finance theories on fund managers by providing meaningful explanations of their behavioral traits based on empirical evidence and existing trends and knowledge gaps, both of which can influence the future direction of research.
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Abhinav Kumar Rajverma, Arun Kumar Misra, Sabyasachi Mohapatra and Abhijeet Chandra
The purpose of this paper is to examine the influence of ownership structure and dividend payouts over firm’s profitability, valuation and idiosyncratic risk. The authors further…
Abstract
Purpose
The purpose of this paper is to examine the influence of ownership structure and dividend payouts over firm’s profitability, valuation and idiosyncratic risk. The authors further investigate if corporate performance is sector dependent.
Design/methodology/approach
The study employs signaling and bankruptcy theories to evaluate the influence of ownership structure and dividend payout over a firm’s corporate performance. The authors use a panel regression approach to measure the performance of family owned firms against that of widely held firms.
Findings
The study confines to firms operating out of emerging markets. The results show that family owned firms are dominant with concentrated ownership. The management pays lower dividend leading to lower valuation and higher idiosyncratic risk. The study further illustrates that family ownership concentration and family control both influence firm performance and level of risk. The findings indicate that information asymmetry and under diversification lead to increased idiosyncratic risk, resulting in the erosion of firm’s value. Results also confirm that firms paying regular dividends are less risky and, hence, command a valuation premium.
Originality/value
The evidence supports the proposition that information asymmetry plays a significant role in explaining dividend payouts pattern and related impacts on corporate performance. The originality of the paper lies in factoring idiosyncratic risk while explaining profitability and related valuation among emerging market firms.
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The purpose of this paper is to examine the direction of causality between foreign institutional investment (FII) trading volume and stock market returns in the Indian context…
Abstract
Purpose
The purpose of this paper is to examine the direction of causality between foreign institutional investment (FII) trading volume and stock market returns in the Indian context. There is evidence of uni‐directional causalities from stock returns to FII flows across various sample periods. The paper attempts to establish whether net FII trading volume causes variations in stock market returns or vice versa.
Design/methodology/approach
Using daily data on three different measures of FII trading volume as proxy for FII trading behaviour and S&P CNX Nifty returns, Granger‐causality approach is applied to investigate the bi‐directional causality between net FII trades and returns.
Findings
Bi‐directional causality between net FII investment and Indian stock market return is observed. In general, the FIIs seem to be chasing the Indian stock market returns. It is found that FII trading behaviour resulting in heavy trading volumes may cause variations in stock market returns only in the very short‐term, but afterwards, it is the stock market returns which cause changes in FII trading behaviour.
Research limitations/implications
Since foreign equity investors monitor the movement of stock prices, and furthermore, the role of FIIs' exerting impact on Indian stock markets tends to be growing, the authorities will have to develop an environment where FIIs would maintain their positions with confidence, thereby making the markets, as well as investments, more stable. This research considered only stock market returns to test its relationship with three measures of FII trading volume; more macroeconomic as well as microeconomic variables may further be considered for the purpose.
Originality/value
The paper contributes some empirical evidence using three different measures of FII trading volume as proxy of FII trading behaviour, and its bi‐directional relationship with Indian stock market returns.
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Bappaditya Biswas and Abhijeet Bag
It is a well-known fact that economic development and rise in the volume of trade due to globalization have led to more production which has further led to the increase in the…
Abstract
It is a well-known fact that economic development and rise in the volume of trade due to globalization have led to more production which has further led to the increase in the emission of carbon dioxide in the environment. Under the backdrop, the aim of this chapter is to examine the relationships among per capita CO2 emissions as the proxy for exploitation of the environment with international trade and per capita GDP in India. It analyzed cointegration and short-run causal relationships between the variables based on a time series data set for the period of 1979–2018. The data found to be stationary at first integration; hence the researchers ran cointegration. The study found that the carbon emissions are an outcome of economic growth and more and more trade with the foreign countries.
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Abhijeet Bag, Sarbapriya Ray and Mihir Kumar Pal
In India, economic reforms adopted in 1991 in form of LPG (Liberalization-Privatization-Globalization) removed numerous barriers to grow and offered opportunities to improve…
Abstract
In India, economic reforms adopted in 1991 in form of LPG (Liberalization-Privatization-Globalization) removed numerous barriers to grow and offered opportunities to improve productivity, particularly, for the manufacturing sector. But the rationale that manufacturing sector acted as main contributor to country's economic growth via GDP growth (called “engine of growth”) for a long time in India has been challenged now a day. The growing significance of the services sector across the world exhibits that at the present time, the services sector could become the new engine of economic growth in developing economies like India. The present study seeks to bring to light whether manufacturing is acting as an “engine of growth” at inter-state level in India or not and the cross section result indicates that potency of manufacturing growth and agricultural growth is gradually slowing down as a conforming part of economic growth and service sector is taking leading position in accelerating engine of growth in India.
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Each stage in disaster management faces different challenges concerning information gathering, sharing, interpretation and dissemination. However, a comprehensive understanding of…
Abstract
Purpose
Each stage in disaster management faces different challenges concerning information gathering, sharing, interpretation and dissemination. However, a comprehensive understanding of different information and communication technology (ICT) systems utilised for humanitarian disaster management is limited. Therefore, the paper follows a systems thinking approach to examine ten major man-made and/or natural disasters to comprehend the influence of ICT systems on humanitarian relief operations.
Design/methodology/approach
A longitudinal, multi-case study captures the use of ICT tools, stakeholders involvement, disaster stages and zones of operations for relief operations over the past two decades. A systems thinking approach is utilised to draw several inferences and develop frameworks.
Findings
Multiple ICT tools such as geographic information systems, online webpages/search engines, social media, unmanned aerial vehicles/robots and artificial intelligence are used for rapid disaster response and mitigation. Speed and coordination of relief operations have significantly increased in recent years due to the increased use of ICT systems.
Research limitations/implications
Secondary data on the past ten disasters is utilised to draw inferences. The developed ICT-driven model must be validated during upcoming humanitarian relief operations.
Practical implications
A holistic understanding of a complex inter-relationship between influential variables (stakeholders, disaster stages, zones of operation, ICT systems) is beneficial for effectively managing humanitarian disasters.
Originality/value
Broadly classifying the ICT systems into surveillance, decision support and broadcasting systems, a novel ICT-enabled model for humanitarian relief operations is developed.
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Bjorn John Stephen, Surabhi Suchanti, Devendra Jain, Harshdeep Dhaliwal, Vikram Sharma, Ramandeep Kaur, Rajeev Mishra and Abhijeet Singh
Neglected tropical diseases (NTDs) are a set of infectious diseases that primarily affect low-income countries situated near the equator. Effective diagnostic tools hold the key…
Abstract
Purpose
Neglected tropical diseases (NTDs) are a set of infectious diseases that primarily affect low-income countries situated near the equator. Effective diagnostic tools hold the key to stemming the spread of these infectious diseases. However, specificity is a major concern associated with current diagnostic protocols. In this regard, electrochemical deoxyribonucleic acid (DNA) biosensors could play a crucial role, as highlighted by renewed interest in their research. The purpose of this study was to highlight the current scenario for the design and development of biosensors for the detection of NTDs related pathogens. This review highlights the different types of factors involved and the modifications used to enhance sensor properties.
Design/methodology/approach
The authors discuss the potential of electrochemical DNA biosensors as efficient, affordable diagnostic tools for the detection of pathogens associated with NTDs by reviewing available literature. This study discusses the biosensor components, mainly the probe selection and type of electrodes used, and their potential to improve the overall design of the biosensor. Further, this study analyses the different nanomaterials used in NTD-based electrochemical DNA biosensors and discusses how their incorporation could improve the overall sensitivity and specificity of the biosensor design. Finally, this study examines the impact such techniques could have in the future on mass screening of NTDs.
Findings
The findings provide an in-depth analysis of electrochemical DNA biosensors for the detection of pathogens associated with NTDs.
Originality/value
This review provides an update on the different types and modifications of DNA biosensors that have been designed for the diagnosis of NTD-related pathogens.
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