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Research on the Indian Capital Market: A Review

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  • Barua, Samir K.
  • Ragunathan V
  • Varma, Jayanth R.

Abstract

In this paper we present a review of research done in the field of Indian capital markets during the fifteen years from 1977 to 1992. The research works included in the survey were identified by two search procedures. Firstly, we wrote to 118 Indian university departments and research institutions requesting information on the works done in this field in their department/institution. After three reminders, we obtained responses from 53 institutions. Simultaneously, we searched through various Indian journals in our library, located books listed in the library catalogue and traced through the list of references provided in various research works. Considering the size, vintage and development of the Indian capital market, the total volume of research on it appears to be woefully modest - about 0.1 unit of work per institution per year! Moreover, a large number of works are merely descriptive or prescriptive without rigorous analysis. Certain areas such as arbitrage pricing theory, option pricing theory, agency theory, and signalling theory are virtually unresearched in the Indian context. Besides, very little theoretical work has been done by researchers in India. However, with improved availability of databases and computing resources, and with increasing global interest in Indian markets, we expect an explosion of work in the near future.

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Bibliographic Info

Paper provided by Indian Institute of Management Ahmedabad, Research and Publication Department in its series IIMA Working Papers with number WP1994-02-01_01242.

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Handle: RePEc:iim:iimawp:wp01242

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References

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  1. Varma, Jayanth R. & Ragunathan V & Chhabra H S & Bhatt M C, . "Narasimham Committee Report - Some Further Ramifications and Suggestions," IIMA Working Papers WP1992-02-01_01085, Indian Institute of Management Ahmedabad, Research and Publication Department.
  2. repec:iim:iimawp:956 is not listed on IDEAS
  3. repec:iim:iimawp:988 is not listed on IDEAS
  4. Varma, Jayanth R. & Barua, Samir K., . "Estimation Errors and Time Varying Betas in Event Studies - A New Approach," IIMA Working Papers WP1988-07-01_00835, Indian Institute of Management Ahmedabad, Research and Publication Department.
  5. Varma, Jayanth R., . "Equilibrium Pricing of Special Bearer Bonds," IIMA Working Papers WP1989-08-01_00893, Indian Institute of Management Ahmedabad, Research and Publication Department.
  6. repec:iim:iimawp:750 is not listed on IDEAS
  7. repec:iim:iimawp:817 is not listed on IDEAS
  8. Varma, Jayanth R. & Venkiteswaran N, . "A Regulatory Framework for Mutual Funds," IIMA Working Papers WP1990-12-01_00983, Indian Institute of Management Ahmedabad, Research and Publication Department.
  9. Barua, Samir K. & Varma, Jayanth R., . "Gorbachev Betas The Russian Coup and Market Blues," IIMA Working Papers WP1992-09-01_01130, Indian Institute of Management Ahmedabad, Research and Publication Department.
  10. repec:iim:iimawp:953 is not listed on IDEAS
  11. repec:iim:iimawp:1141 is not listed on IDEAS
  12. Varma, Jayanth R., . "Is the BSE Sensitive Index Better than the National Index?," IIMA Working Papers WP1991-12-01_01064, Indian Institute of Management Ahmedabad, Research and Publication Department.
  13. Barua, Samir K. & Ragunathan V & Varma, Jayanth R. & Venkiteswaran N, . "Analysis of the Indian Securities Industry: Market for Debt," IIMA Working Papers WP1994-01-01_01240, Indian Institute of Management Ahmedabad, Research and Publication Department.
  14. Bhat Ramesh, . "Market-Wide Commonalities in Corporate Earnings and Significance Tests of Accounting Beta," IIMA Working Papers WP1988-05-01_00826, Indian Institute of Management Ahmedabad, Research and Publication Department.
  15. repec:iim:iimawp:691 is not listed on IDEAS
  16. repec:iim:iimawp:906 is not listed on IDEAS
  17. Barua, Samir K. & Varma, Jayanth R., . "Indian Convertible Bonds with Unspecified Terms: A Valuation Model," IIMA Working Papers WP1991-12-01_01067, Indian Institute of Management Ahmedabad, Research and Publication Department.
  18. Barua, Samir K. & Madhavan, T. & Varma, Jayanth R., . "Indian Convertible Bonds with Unspecified Terms: An Empirical Study," IIMA Working Papers WP1991-12-01_01066, Indian Institute of Management Ahmedabad, Research and Publication Department.
  19. Bhat Ramesh & Pandey I M, . "Efficient Market Hypothesis: Understanding and Acceptance in India," IIMA Working Papers WP1987-07-01_00767, Indian Institute of Management Ahmedabad, Research and Publication Department.
  20. repec:iim:iimawp:759 is not listed on IDEAS
  21. Ragunathan V & Varma, Jayanth R., . "When AAA Means B: The State of Credit Rating in India," IIMA Working Papers WP1993-09-01_01217, Indian Institute of Management Ahmedabad, Research and Publication Department.
  22. Bhat Ramesh, . "Am Empirical Study of the Intertemporal Relations Among the Regional Share Price Indicators," IIMA Working Papers WP1988-05-01_00824, Indian Institute of Management Ahmedabad, Research and Publication Department.
  23. Varma, Jayanth R., . "Mastershares: Enigmatic Performance," IIMA Working Papers WP1990-12-01_00982, Indian Institute of Management Ahmedabad, Research and Publication Department.
  24. Barua, Samir K. & Varma, Jayanth R., . "Securities Scam Genesis, Mechanics and Impact," IIMA Working Papers WP1992-09-01_01131, Indian Institute of Management Ahmedabad, Research and Publication Department.
  25. repec:iim:iimawp:1009 is not listed on IDEAS
  26. Barua, Samir K. & Varma, Jayanth R., . "Mastershares: Market Prices Divorced From Fundamentals," IIMA Working Papers WP1991-08-01_01029, Indian Institute of Management Ahmedabad, Research and Publication Department.
  27. Ragunathan V & Varma, Jayanth R., . "Market Valuation Model Under Differential Taxes, Inflation, Recurring Investments and Flotation Costs," IIMA Working Papers WP1991-08-01_01032, Indian Institute of Management Ahmedabad, Research and Publication Department.
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