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Article
Publication date: 8 July 2019

Udayan Sharma and Madhumita Chakraborty

In the current study, the significance of extreme positive returns has been investigated in the pricing of stocks in the Indian equity market. This study aims to understand if…

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Abstract

Purpose

In the current study, the significance of extreme positive returns has been investigated in the pricing of stocks in the Indian equity market. This study aims to understand if investors in India have a preference for lottery-like stocks. The existing literature provides support for MAX effect in several countries, where risk seeking in the form of gambling is an acceptable form of social behavior, suggesting a preference for lottery-like stocks. This motivates the authors to investigate whether such preference for lottery-like stocks is prevalent in a country such as India with a different cultural setting, where gambling is not socially and legally encouraged.

Design/methodology/approach

The MAX effect is tested in the Indian market for the period from January 2003 to March 2017. The average number of firms per month in this study is 2,949. Univariate and bivariate portfolio-level analyses, as well as Fama MacBeth regressions, are conducted to observe the difference between average raw and risk-adjusted returns between the stocks lying in the highest and lowest MAX deciles. Several tests have been performed for checking the robustness of the findings.

Findings

Unlike the extant literature, the authors have not found any evidence of a negative relationship between extreme positive returns and expected returns. The univariate and bivariate analyses suggest that high MAX deciles over-perform low MAX deciles. Fama Macbeth regressions also do not support the negative relationship documented for other markets. This suggests that investors are not euphoric about lottery-like stocks in India. One may devise profitable trading strategies by going long on high MAX deciles and short on low MAX deciles.

Originality/value

This study finds a behavioral aspect of Indian investors, which seems to be in contrast to that of other countries. While there is a strong preference for lottery-like stocks in other markets, investors in India do not end up overpaying for such stocks in the market. This tendency might be an outcome of a different social and regulatory setting in India. In view of the fact that India is increasingly becoming an important investment destination, it becomes important to devise investment strategies based on the peculiarities of this market rather than simply extrapolating the findings of other markets.

Details

Studies in Economics and Finance, vol. 38 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

Available. Open Access. Open Access

Abstract

Purpose

In addition to agriculture, energy production, and industries, potable water plays a significant role in many fields, further increasing the demand for potable water. Purification and desalination play a major role in meeting the need for clean drinking water. Clean water is necessary in different areas, such as agriculture, industry, food industries, energy generation and in everyday chores.

Design/methodology/approach

The authors have used the different search engines like Google Scholar, Web of Science, Scopus and PubMed to find the relevant articles and prepared this mini review.

Findings

The various stages of water purification include coagulation and flocculation, coagulation, sedimentation and disinfection, which have been discussed in this mini review. Using nanotechnology in wastewater purification plants can minimize the cost of wastewater treatment plants by combining several conventional procedures into a single package.

Social implications

In society, we need to avail clean water to meet our everyday, industrial and agricultural needs. Purification of grey water can meet the clean water scarcity and make the environment sustainable.

Originality/value

This mini review will encourage the researchers to find out ways in water remediation to meet the need of pure water in our planet and maintain sustainability.

Details

Arab Gulf Journal of Scientific Research, vol. 42 no. 3
Type: Research Article
ISSN: 1985-9899

Keywords

Available. Content available
Book part
Publication date: 17 February 2023

Free Access. Free Access

Abstract

Details

Transformation for Sustainable Business and Management Practices: Exploring the Spectrum of Industry 5.0
Type: Book
ISBN: 978-1-80262-278-2

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Case study
Publication date: 21 November 2019

Sunil Sharma and Parvinder Gupta

The case describes the first four years of Dhruva, a tax advisory firm set up by Dinesh Kanabar, ex-Deputy CEO of KPMG. Dinesh and other founding partners had worked with the…

Abstract

The case describes the first four years of Dhruva, a tax advisory firm set up by Dinesh Kanabar, ex-Deputy CEO of KPMG. Dinesh and other founding partners had worked with the Big-4 firms and were familiar with some of the tensions in the overall ecosystem of Professional Services Firms. Dinesh wanted to build a distinctive professional service firm driven by values of cooperation, high quality work, transparency and stewardship. Very early in its journey, Dhruva's founding team decided that they would use organizational culture as the North Star for guiding decisions related to growth, internal organization design and even admission of new members including Partners. The first four years turned out to be highly successful for the firm. Since inception, it was ranked as Tier-1 firm in the tax advisory space. It was apparent that the firm had succeeded in building a model of alternate organizational paradigm for professional service firms. The next challenge was to test the scalability of this model as the firm embarked on an ambitious growth journey.

Details

Indian Institute of Management Ahmedabad, vol. no.
Type: Case Study
ISSN: 2633-3260
Published by: Indian Institute of Management Ahmedabad

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Article
Publication date: 15 January 2020

Sameer Sharma

The Prevention of Money Laundering Act (the PMLA/the Act) was enacted in India in 2002. Since then, Indian courts have had to deal with two interconnected issues owing to the…

229

Abstract

Purpose

The Prevention of Money Laundering Act (the PMLA/the Act) was enacted in India in 2002. Since then, Indian courts have had to deal with two interconnected issues owing to the nature of the offence of money laundering (ML) as conceived in the Act itself. The first issue relates to the independence of the offence of ML from the conviction of the underlying offence; and the second is the manner in which the PMLA operates – whether it does so retrospectively or prospectively. The purpose of this paper is to delve into these questions as there is no definitive and binding answer provided for by the courts. It aims to provide normative answers to the above-mentioned questions to enable better functioning of the Act.

Design/methodology/approach

This research paper examines international conventions relating to ML, reports by inter-governmental bodies, the statutory language of the Act and judgements rendered by courts.

Findings

The paper goes on to conclude that for fulfilling the purpose of the Act, the offence of ML must be considered separate from the conviction of the predicate offence. As a result, it also concludes that the Act must apply in instances where the predicate offence was committed prior to its inclusion in the Act’s Schedule if the act of ML occurs after such inclusion.

Originality/value

There does not exist any scholarly literature addressing the judiciary’s interpretation of the Act regarding the said two issues in a systematic fashion. Added to this is the fact that there exist uncertainty and ambiguity because of conflicting judgements. By analyzing international instruments, the phraseology of the Act and contradictory case-law, this paper attempts to find definitive solutions to the said two questions in a purposive manner.

Details

Journal of Money Laundering Control, vol. 23 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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