Department of Economics and Finance

Permanent URI for this collectionhttp://localhost:4000/handle/123456789/1929

Browse

Now showing 1 - 6 of 6

Deliberate underpricing and after-market mispricing in Indian IPO market: Stochastic frontier approach
(Emerald, 2023-07) Pandey, Ranjan; Debata, Byomakesh
This paper aims to study the underpricing phenomenon of initial public offerings (IPOs) of 355 Indian companies issued from 2007 to 2019. The research question this paper empirically examines is whether Indian corporate executives deliberately underprice IPOs from its fair value to attract investors, thereby causing an abnormal spike in the prices on the listing day. The findings of this study challenge a commonly held notion of leaving money on the table by IPO issuing companies. Of the overall average listing day returns of 17%, the deliberate premarket underpricing component is found to be mere 5.3%, while the remaining price fluctuation is, inter alia, a result of market momentum along with the unmet demands of impatient investors.
Does Technological Progress, Trade, or Financial Globalization Stimulate Income Inequality in India?
(Korea Science, 2021) Giri, Arun Kumar; Pandey, Ranjan; Mohapatra, Geetilaxmi
The main purpose of the present research is to analyze the effects of trade, financial globalization, and technological progress on income inequality in the Indian economy over the period from 1982 to 2018. For this purpose, the study uses economic growth, financial globalization, trade openness, technological development, and economic inequality variables with appropriate proxies. The study employs the Auto Regressive Distributed Lag (ARDL) approach to co-integration and VECM based Granger causality approach to estimate both the short-run and long-run relationship and causality among variables. Using the ARDL bounds test, the study finds a long-run co-integrating relationship existing among the variables in the model. The study confirms the existence of a positive and significant impact of technological progress on income inequality. Further, globalization's limited impact reflects two offsetting tendencies; trade globalization is associated with a reduction in income inequality, while financial globalization is related to an increase in inequality. The results of VECM based Granger causality approach further confirm that technological progress, trade, and financial globalization causes income inequality both directly and indirectly through economic growth and inflation. In case of India, the results of this research can significantly facilitate stakeholders and policymakers in devising policies towards effective globalization and technological innovation for inclusive growth.
Investor attention and IPO returns: evidence from Indian markets
(Emerald, 2023-05) Pandey, Ranjan; Debata, Byomakesh
The regulatory design of Indian stock market provides us with the opportunity to disaggregate initial returns into two categories, i.e. voluntary premarket underpricing and post market mispricing. This study explores the impact of investor attention on the disaggregated short-run returns and long-run performance of initial public offerings (IPOs).
Measuring performance of farmer producer organisations using data envelopment analysis
(Emerald, 2024-02) Krishna, M.; Pandey, Ranjan
Farmers producer organisations (FPOs) play the most crucial role in the agriculture supply chain system, aiming to redress the balance between farming and marketing activities of agricultural produce. The purpose of this study is to assess the performance of FPOs using data envelopment analysis (usually referred to as DEA) on 34 FPO units selected from the state of Rajasthan
Modelling persistence in conditional volatility of asset returns
(Inder Science, 2017) Kumar, Arya; Pandey, Ranjan
Studies on volatility forecasting models indicate superior performance of generalised autoregressive conditional heteroscedasticity (GARCH) type models in the modelling conditional variance of asset returns. The utility of GARCH parameters lies in their ability in explaining the persistence of the conditional variance. The estimate of persistence provides a quantitative measure of the impact of a sudden significant change in the asset return on its future volatility. This study attempts to analyse the magnitude and time-evolving pattern in the persistence of conditional volatility using data on S%P CNX NIFTY 50 (henceforth, Nifty) benchmark index. The GARCH (1, 1) model is fitted on daily returns and a simple iterative scheme is used to re-estimate GARCH parameters on samples of different sizes and different time periods. The GARCH estimates obtained through repeated estimations furnish empirical evidence on the nature and consistency of the persistence parameter. Findings of the study confirm high persistence in the volatility process and indicate a positive relationship between the conditional volatility and volatility persistence.
Women on boards: quota fillers or contributing members? Evidence from Indian IPO firms
(Inder Science, 2024-05) Debata, Byomakesh; Pandey, Ranjan
Gender quotas on company boards have been a popular instrument for authorities looking to promote inclusion. India is one of the first emerging markets to implement gender quotas. India has accepted gender quotas by enacting the Corporations Act of 2013, which requires all publicly traded companies to have at least one female director. Using a hand-collected dataset on various board features, the current study intends to investigate the influence of board gender diversity on IPO listing gains. The study's findings show that the rule enacted under the Companies Act boosted gender diversity among enterprises after 2015, but not to the extent that it should have. Firms which, at face value, seemed to be complying with gender quotas actually end up appointing members from their own family and these quotas does not serve the purpose.