Research on the Indian Capital Market: A Review
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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- 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(03), pages 391-413, September.
- 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.
- 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.
- 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.
- 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.
- Barua, S. K. & Srinivasan, G, 1987. "Investigation of decision criteria for investment in risky assets," Omega, Elsevier, vol. 15(3), pages 247-253.
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