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Article
Publication date: 27 June 2018

Arvind Mahajan

The purpose of this paper is to answer a fundamental question – are individual stock picks by a particular internet investment community informative enough to beat the market? The…

148

Abstract

Purpose

The purpose of this paper is to answer a fundamental question – are individual stock picks by a particular internet investment community informative enough to beat the market? The author observes that the stock picks by the CAPS community are reflective of existing information and portfolios based upon CAPS community stock rankings do not generate abnormal returns. The CAPS community is good at tracking existing performance but, it lacks predictive ability.

Design/methodology/approach

The study uses a unique data set of stock ratings from Motley Fools CAPS community to determine the information content embedded in these ratings. Observing predictive ability of this web-based stock ratings forum will raise questions about the efficiency of the financial markets. The author forms stock portfolios based on stocks’ star ratings, and star rating changes, and test if the long-short portfolio strategy generates significant α after controlling for single, and multi-factor asset pricing models, such as Fama-French three-factor model and Carhart four-factor model.

Findings

The paper finds no evidence that the CAPS community ratings contain “information content,” which can be exploited to generate abnormal returns. CAPS community ratings are good at tracking existing stock performance, but cannot be used to make superior forecasts to generate abnormal returns. The findings are consistent with the efficient market hypothesis. Furthermore, the author provides evidence that CAPS community ratings are themselves determined by stock performance rather than the other way around.

Originality/value

The study employs a unique data set capturing the stock ratings of a very popular web-based investment community to evaluate its ability to make better than random forecasts. Besides applying well-accepted asset pricing models to generate α, the study conducts causality tests to discern a causal relation between stock ratings and stock performance.

Details

Journal of Advances in Management Research, vol. 15 no. 3
Type: Research Article
ISSN: 0972-7981

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Article
Publication date: 4 August 2023

Anita Mendiratta, Shveta Singh, Surendra S. Yadav and Arvind Mahajan

This paper aims to assess the impact of corporate social irresponsibility (CSiR) media coverage on firm performance in India. It also analyses the effects of the environment…

292

Abstract

Purpose

This paper aims to assess the impact of corporate social irresponsibility (CSiR) media coverage on firm performance in India. It also analyses the effects of the environment, social, governance, and cross-cutting issues on firm performance.

Design/methodology/approach

The paper utilizes a sample of Indian firms from the Reprisk® database, amounting to 1,103 CSiR media coverage counts for 693 firm-year annual observations from 2008 to 2015. Further, Reprisk® segregates comprehensive CSiR coverage counts into the environment, social, governance and cross-cutting issues, for which the study runs the fixed effects panel regression. The study takes year-fixed effects, industry-fixed effects and clustered standard errors at the industry level.

Findings

The results of this study indicate that CSiR coverage negatively influences the firm performance of Indian firms. All issues, including social, governance and cross-cutting, except environmental issues, negatively impact firm value in India.

Practical implications

The involvement of firms in CSiR costs the firms financially and drives down firm performance. Social issues, including community and employee-related matters, governance issues and cross-cutting issues, also reduce the firm performance.

Social implications

The insignificant environmental impact on firm performance does not indicate that environmental issues have no detrimental consequences. Instead, it might need more stakeholders' awareness to understand the harmful implications of environmental issues on society.

Originality/value

Limited studies have explored CSiR in India so far. The study is novel as it analyses the Reprisk® database and its segregation of media counts into the environment, social, governance and cross-cutting issues in the Indian context.

Details

Journal of Advances in Management Research, vol. 21 no. 1
Type: Research Article
ISSN: 0972-7981

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Article
Publication date: 1 May 1991

Arvind Mahajan and Dileep R. Mehta

The issue of exposure management, a significant subset of international financial management, is closely intertwined with the notions of foreign exchange risk and exchange market…

334

Abstract

The issue of exposure management, a significant subset of international financial management, is closely intertwined with the notions of foreign exchange risk and exchange market efficiency. Since value is a function of risk, that makes an understanding of these notions germane to those who seek value in global markets. This study finds earlier attempts specifying exchange market efficiency inadequate and those dealing with foreign exchange risk deficient in generating prescriptions for exposure management. The paper focuses on the notion of the market hierarchy (goods, financial and foreign exchange) and the inter‐relationships among the markets. It helps the reader understand the theoretical constructs underlying prevailing schemes for foreign exchange exposure management. Most importantly, it identifies situations under which exposure management is relevant and potentially rewarding. It also points out circumstances when existing dictates for management will yield benefits only by accident. The paper offers some specific alternative suggestions to guide managers in making informed and logical decisions.

Details

Managerial Finance, vol. 17 no. 5
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 28 October 2013

Grace W.Y. Wang, Arvind Mahajan and Ruby P. Kishan

– The purpose of this paper is to study the effectiveness of market discipline on banks’ risk-taking behavior based on how swiftly banks respond to market information.

1112

Abstract

Purpose

The purpose of this paper is to study the effectiveness of market discipline on banks’ risk-taking behavior based on how swiftly banks respond to market information.

Design/methodology/approach

A simplified incentive model provides the necessary justification for two types of market disciplines: first, monitoring by uninsured market participants, and second, risk premium in terms of interest spread required by risk-averse depositors. Panel data regression is carried out for both surviving and failed US banks for the period 1999:Q4-2007:Q3 to examine the role of market discipline, bank capital, and macroeconomic shocks.

Findings

The paper finds that banks which failed during 2007:Q4-2010:Q4 suffered from fundamental weaknesses in their asset quality relative to the surviving banks prior to the crisis.

Originality/value

The paper focusses on two questions: In what circumstance does market monitoring exist? And how can market incentives affect banking firms’ actions? The first question is studied in a simplified incentive model that provides justification for two types of market discipline. Given that, the effectiveness of market discipline is empirically tested, using the US banking data in the period leading up to a surge in the number of bank failures in 2007-2010. The paper's results show that failed institutions with large size were relatively less responsive to early warning signals of declining uninsured deposits and rising deposit spread.

Details

Journal of Advances in Management Research, vol. 10 no. 3
Type: Research Article
ISSN: 0972-7981

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Article
Publication date: 1 January 1989

Steven P. Mooney and Kate Mooney

Provides a review and synthesis of the finance literature regardingforeign investment and the real estate literature dealing with foreigninvestment in US real estate. Addresses…

306

Abstract

Provides a review and synthesis of the finance literature regarding foreign investment and the real estate literature dealing with foreign investment in US real estate. Addresses the motivations for investing in US real estate, including the potential for increased returns as well as the potential for risk reduction. Proposes an investment decision making model indicating factors that foreign investors need to consider when investing in US real estate.

Details

Journal of Valuation, vol. 7 no. 1
Type: Research Article
ISSN: 0263-7480

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Book part
Publication date: 1 February 2007

Deepa Chandrasekaran and Gerard J. Tellis

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

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Article
Publication date: 15 April 2020

Janpriy Sharma, Mohit Tyagi and Arvind Bhardwaj

Presented work gives comparative review of food supply chain (FSC) under various notions related to its conceptualisation, operationality and technological advancements in lieu

1005

Abstract

Purpose

Presented work gives comparative review of food supply chain (FSC) under various notions related to its conceptualisation, operationality and technological advancements in lieu with Industry 4.0 revolution. In Indian scenario, the impression of FSC seems in a scattered way that cannot be directly useful for an organisation, to overcome this scattering, a framework has been developed to consolidate the previous research works and exploration of new trends in food supply chain management (FSCM) in context to Indian scenario.

Design/methodology/approach

This article encapsulates the essence of various research articles and reports retrieved from databases of Emerald and Elsevier's Science direct, clustering the various notions related to FSC in Indian context. To visualise the one-sight view of related works, a pictorial representations have also been appended.

Findings

This article explains the general aspect of FSC and its linkage in context to Indian system. Presented work outlays both empirical and theoretical approaches trending from last 15 years. As research count in context to Indian FSC is lacking, so this work will be a road map for expedition in direction of FSCM, in era of research.

Practical implications

Findings and suggestion in this work can expanded in various industries related to food, helping to turn their fortune and enrichment of Indian FSC.

Social implications

Food is binding word for all the commodities, and its effective supply chain management is a big boon for economy of country along with large employment generation for people directly/indirectly associated with this industry. This article covers a generalise approach from ground level framework to a level of advancement which fulfil technological aspects, future needs and upcoming trends in lieu to need of developing nation.

Originality/value

As limited research is done in Indian FSCM, this work to bridge this gap along with a well-defined framework which going to explore FSC. This work is going to be facilitation for researchers of this area as no major review for Indian context has not been published.

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Case study
Publication date: 12 August 2024

Harleen Mahajan and Ranjana Dureja

The students will be able to understand the diversity and inclusivity in the recruitment process and different sources of recruitment from the context of school’s managed by the…

Abstract

Learning outcomes

The students will be able to understand the diversity and inclusivity in the recruitment process and different sources of recruitment from the context of school’s managed by the government (state schools); execute job analysis thereby clearly mentioning objectives and performance metrics for the post of principal in the government (state schools); align the succession planning efforts with the organization’s strategic objectives and long-term vision; and evaluate the role of a leader involving integrity, fairness, transparency and accountability and applying ethical principles in decision-making and actions.

Case overview/synopsis

The case study exhibits the dilemma faced by a principal Mrs Veena Gandhi in the year 2020–2022 when manpower shortage was the major challenge being faced by the government-run schools in New Delhi NCR. She inculcated inventiveness and practicality in the teaching of elementary education in Nigam Pratibha Vidyalaya. The school’s philosophy was based on creating a learning environment for students so that they could express them, learn and memorize concepts, and had joyful learning. The school managed 50% of the teaching staff, as most of the teachers were promoted to Sarvodaya Vidyalaya run by the department of education in New Delhi. Whereas other teachers were not recruited for the same position which created a demand and supply gap among teaching staff. Now she was going to be retired in January 2023 and was facing a dilemma about her next successor, who could carry forward the philosophies of value-based teaching. She wanted to have such a successor who could carry forward the legacy of the school, but as the school was government-run and the appointment was seniority-wise complete freedom was not in her hands to choose the next principal. By keeping in mind the constraints of authority and entitlement after retirement, she wanted to have the best person for the job who would understand and implement the art integration in teaching and learning.

Complexity academic level

The case study further engaged the students of BBA in their HR class in reviewing the recruitment and selection strategies in general and succession planning in particular with class discussion. It also targets teaching job analysis concepts to them. Furthermore, it helps them to understand value-based prepositions from the point of view of leaders and comprehend how decisions impact organizational philosophies and culture.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS6: Human resource management.

Details

Emerald Emerging Markets Case Studies, vol. 14 no. 3
Type: Case Study
ISSN: 2045-0621

Keywords

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Article
Publication date: 4 September 2019

Gordhan K. Saini, Arvind Sahay and Gurumurthy Kalyanaram

This paper aims to examine three important questions: What would be the effects of pricing at the lower end of a wide vs narrow latitude of price acceptance (LPA) on consumer…

935

Abstract

Purpose

This paper aims to examine three important questions: What would be the effects of pricing at the lower end of a wide vs narrow latitude of price acceptance (LPA) on consumer choice of the bundle? How would the nature of a bundle frame (i.e. discount on bundle vs discount on components) and discount frame (i.e. discount as absolute off vs discount as percentage off) influence the preference given to a price level that is at the wide or narrow end of the LPA? Would the effect be significantly different if the bundle components were complementary vs if they were non-complementary?

Design/methodology/approach

The authors carried out two studies using between-subject experimental design. In Study 1, the authors used 2 (LPA: wide/narrow) × 2 (complementarity: yes/no) × 2 (bundle frame: together/separate) design, and in Study 2, the authors replaced bundle frame with discount frame (i.e. absolute off/percentage off).

Findings

The authors find that the LPA effect is likely to outweigh the complementarity effect; however, a combined effect of complementarity and bundle frame is stronger than the LPA effect. Also, for a wide (narrow) LPA product bundle, absolute off (percentage off) discount frame is more attractive.

Practical implications

Managers should use bundling strategy with complementary products having wider LPA. In case of wide LPA and complementary products, both together and separate frame could be the best bundling strategy while in case of narrow LPA and complementary products, together frame could be the best bundling strategy.

Originality/value

The main contribution relates to the role LPA plays in consumer evaluation of a bundle offer and its interaction with complementarity and discount frame. The authors apply the range hypothesis principles (i.e. price-attractiveness judgments are based on a comparison of market prices to the endpoints of a range of evoked prices) in the bundling context and extend the earlier work in the area of complementarity and discount frame.

Details

Journal of Consumer Marketing, vol. 36 no. 7
Type: Research Article
ISSN: 0736-3761

Keywords

Available. Content available
Book part
Publication date: 15 May 2023

Free Access. Free Access

Abstract

Details

Contemporary Studies of Risks in Emerging Technology, Part B
Type: Book
ISBN: 978-1-80455-567-5

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