IDEAS home Printed from https://ideas.repec.org/p/iim/iimawp/wp01242.html
   My bibliography  Save this paper

Research on the Indian Capital Market: A Review

Author

Listed:
  • 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.

Suggested Citation

  • Barua, Samir K. & Ragunathan V & Varma, Jayanth R., 1994. "Research on the Indian Capital Market: A Review," IIMA Working Papers WP1994-02-01_01242, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:wp01242
    as

    Download full text from publisher

    File URL: https://www.iima.ac.in/sites/default/files/rnpfiles/1994-02-01jrvarma.pdf
    File Function: English Version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sharma, J. L. & Kennedy, Robert E., 1977. "A Comparative Analysis of Stock Price Behavior on the Bombay, London, and New York Stock Exchanges," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 12(3), pages 391-413, September.
    2. Roger Ignatius, 1992. "The Bombay Stock Exchange: Seasonalities and Investment Opportunities," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 27(2), pages 223-227, July.
    3. Varma, Jayanth R., 1989. "Equilibrium Pricing of Special Bearer Bonds," IIMA Working Papers WP1989-08-01_00893, Indian Institute of Management Ahmedabad, Research and Publication Department.
    4. Barua, Samir K. & Madhavan, T. & Ragunathan V, 1987. "Implications of the Changes in the Holding Period and other Parameters on Systematic Risk and Performance of a Security," IIMA Working Papers WP1987-03-01_00740, Indian Institute of Management Ahmedabad, Research and Publication Department.
    5. Barua, Samir K. & Varma, Jayanth R., 1992. "Gorbachev Betas The Russian Coup and Market Blues," IIMA Working Papers WP1992-09-01_01130, Indian Institute of Management Ahmedabad, Research and Publication Department.
    6. Barua, Samir K. & Ragunathan V & Varma, Jayanth R. & Venkiteswaran N, 1994. "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.
    7. Bhattacharya C D, 1981. "A Study of the Wealth Ratios of Indian Companies," IIMA Working Papers WP1981-03-01_00430, Indian Institute of Management Ahmedabad, Research and Publication Department.
    8. Bhat Ramesh, 1988. "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.
    9. Barua, Samir K. & Madhavan, T. & Varma, Jayanth R., 1991. "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.
    10. Varma, Jayanth R. & Ragunathan V & Dixit R, 1992. "Comments on SEBI Draft Takeover Code," IIMA Working Papers WP1992-02-01_01086, Indian Institute of Management Ahmedabad, Research and Publication Department.
    11. Bhat Ramesh, 1988. "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.
    12. Barua, Samir K. & Ragunathan V, 1982. "Inflation Hedge in India-Stocks or Bullion," IIMA Working Papers WP1982-07-01_00505, Indian Institute of Management Ahmedabad, Research and Publication Department.
    13. Gupta Ramesh, 1978. "Fiscal Implications of Price Level Changes and Investment Decisions," IIMA Working Papers WP1978-05-01_00290, Indian Institute of Management Ahmedabad, Research and Publication Department.
    14. Akella, Srinivas R & Greenbaum, Stuart I, 1992. "Innovations in Interest Rates, Duration Transformation, and Bank Stock Returns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(1), pages 27-42, February.
    15. Barua, S. K. & Srinivasan, G, 1987. "Investigation of decision criteria for investment in risky assets," Omega, Elsevier, vol. 15(3), pages 247-253.
    16. Barua, Samir K. & Varma, Jayanth R., 1991. "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.
    17. Bhat Ramesh & Pandey I M, 1987. "Efficient Market Hypothesis: Understanding and Acceptance in India," IIMA Working Papers WP1987-07-01_00767, Indian Institute of Management Ahmedabad, Research and Publication Department.
    18. Ragunathan V & Varma, Jayanth R., 1993. "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.
    19. Dholakia, Ravindra H. & Bhat Ramesh, 1986. "Dividend Rate and Variation in Share Prices: An Exploration into their Inter-Relationship," IIMA Working Papers WP1986-11-01_00714, Indian Institute of Management Ahmedabad, Research and Publication Department.
    20. Varma, Jayanth R., 1990. "Mastershares: Enigmatic Performance," IIMA Working Papers WP1990-12-01_00982, Indian Institute of Management Ahmedabad, Research and Publication Department.
    21. Barua, Samir K. & Varma, Jayanth R., 1991. "Mastershares: Market Prices Divorced From Fundamentals," IIMA Working Papers WP1991-08-01_01029, Indian Institute of Management Ahmedabad, Research and Publication Department.
    22. Ragunathan V & Varma, Jayanth R., 1991. "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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. B.S. Bodla, 2005. "Efficiency of the Indian Capital Market: An Empirical Work," Vision, , vol. 9(3), pages 55-63, July.
    2. Barua, Samir K. & Varma, Jayanth R., 1994. "Financial Sector Reform: Institutional and Technological Imperatives," IIMA Working Papers WP1994-04-01_01253, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Molyneux, Philip & Pancotto, Livia & Reghezza, Alessio & Rodriguez d'Acri, Costanza, 2022. "Interest rate risk and monetary policy normalisation in the euro area," Journal of International Money and Finance, Elsevier, vol. 124(C).
    4. Joon-Ho Hahm, 2004. "Interest rate and exchange rate exposures of banking institutions in pre-crisis Korea," Applied Economics, Taylor & Francis Journals, vol. 36(13), pages 1409-1419.
    5. Gagari Chakrabarti, 2011. "Financial crisis and the changing nature of volatility contagion in the Asia-Pacific region," Journal of Asset Management, Palgrave Macmillan, vol. 12(3), pages 172-184, August.
    6. Elisabetta D¡¯Apolito & Vincenzo Pacelli, 2017. "What Influences Bank Stock Prices in Times of Crisis? An International Survey," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(6), pages 1-14, June.
    7. Salvatore Perdichizzi, 2017. "The impact of ECBs conventional and unconventional monetary policies on European banking indexes returns," DISCE - Working Papers del Dipartimento di Economia e Finanza def059, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    8. Neeraj, & Panigrahi, Prasanta K., 2017. "Causality and correlations between BSE and NYSE indexes: A Janus faced relationship," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 481(C), pages 284-313.
    9. Sumon Kumar Bhaumik & Manisha Chakrabarty & Ali M. Kutan & Ekta Selarka, 2021. "How Effective are Stock Market Reforms in Emerging Market Economies? Evidence from a Panel VAR Model of the Indian Stock Market," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(4), pages 795-818, December.
    10. Alok Kumar Mishra, 2004. "Stock Market and Foreign Exchange Market in India: Are they Related?," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 5(2), pages 209-232, September.
    11. Salvatore Perdichizzi & Matteo Cotugno & Giuseppe Torluccio, 2022. "Is the ECB’s conventional monetary policy state‐dependent? An event study approach," Manchester School, University of Manchester, vol. 90(2), pages 213-236, March.
    12. Marcus T. Allen & Jeff Madura & Kenneth J. Wiant, 1995. "Commercial Bank Exposure and Sensitivity to the Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 129-140.
    13. Bharati, Rakesh & Nanisetty, Prasad & So, Jacky, 2006. "Dynamic gap transformations: Are banks asset - transformers or brokers? or both?," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(1), pages 36-52, February.
    14. Yash Pal Taneja, 2012. "Stock Market Integration: A Study of World’s Major Stock Exchanges with Special Reference to India," Vision, , vol. 16(2), pages 109-120, June.
    15. Subrata ROY, 2021. "Volatility Forecasting, Market Efficiency and Effect of Recession of SRI Indices," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(627), S), pages 259-284, Summer.
    16. Hiremath, Gourishankar S & Bandi, Kamaiah, 2012. "Variance ratios, structural breaks and nonrandom walk behaviour in the Indian stock returns," MPRA Paper 48710, University Library of Munich, Germany.
    17. Hiremath, Gourishankar S & Kumari, Jyoti, 2014. "Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India," MPRA Paper 58378, University Library of Munich, Germany.
    18. Muhammad Irfan & Maria Irfan, 2011. "Weak Form Efficiency of Pakistan Stock Market using Non-Parametric Approaches," Journal of Social and Development Sciences, AMH International, vol. 2(6), pages 249-257.
    19. Sakshi Khanna & Amit Srivastava & Yajulu Medury, 2015. "The Effect of Macroeconomic Variables on the Capital Structure Decisions of Indian Firms: A Vector Error Correction Model/Vector Autoregressive Approach," International Journal of Economics and Financial Issues, Econjournals, vol. 5(4), pages 968-978.
    20. Ushna Akber & Nabeel Muhammad, 2014. "Is Pakistan Stock Market Moving towards Weak-Form Efficiency? Evidence from The Karachi Stock Exchange and the Random Walk Nature of Free-Float of Shares of KSE 30 Index," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(6), pages 808-836, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iim:iimawp:wp01242. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/eciimin.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.