Department of Economics and Finance

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Author: search.filters.author.Kumar, AryaSubject: search.filters.subject.Economics

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    Are India's young founders redefining the rules of startup success?
    (India Today, 2025-10-16) Kumar, Arya
    The Indian economy needs job creators, for which multiple initiatives have been introduced by the Government to give a push to entrepreneurship and innovation. The policy initiatives on multiple fronts have resulted in building a vibrant startup ecosystem over years. More than 117 startups have become unicorns, out of a total number of 4.15 Lakh (0.75 Lakh women led) startups, growing at 12–15 percent per annum, having provided employment to around 17.28 Lakh persons. This could happen with an improvement in the Global Innovation Index (GII) from 81st in 2015 to 39th in 2024, a leap of 42 spots, demonstrating substantial progress in the innovation ecosystem and a jump in Ease of Doing Business from 142nd in 2014 to 63rd in 2020, reflecting efforts to simplify regulations and promote a business-friendly environment.
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    Market anomalies and investor behaviour
    (Inder Science, 2022) Sharma, Aditya; Kumar, Arya
    Market anomalies hint at inefficiency of stock markets. The research on the root cause of market anomalies points from time to time towards investor behaviour. The paper contributes to the research through investigation of the existence and probable source of three key anomalies in Indian stock markets, namely: momentum, size and value anomaly. The paper adopts Jegadeesh and Titman's methodology for finding the existence and Du and Watkin's decomposition technique for exploration of sources. The paper develops different strategies in order to calculate excess returns utilising these anomalies and decomposes the obtained profit to test for the sources. The results obtained point towards multiple sources indicating the role of investor behaviour along with the risk factors as the underlying cause. The overall contribution of the paper is highlighting the inefficiency in Indian stock markets while also pointing towards a certain influence of investor behaviour in Indian equity markets.