Faculty & Research

Research Productive

Show result

Search Query :
Area :
Search Query :
2758 items in total found

Working Papers | 1993

SEBIs Regulatory Priorities: Need for Change

Jayanth R. Varma and Samir K. Barua

Genesis and Function: SEBI was created in 1988 to reform and regulate the securities markets in India. It was given statutory powers in 1992 and assigned the following functions and responsibilities: · Make rules and regulations for various agencies connected with the securities markets. · Supervise and monitor the functioning of these agencies, including stock exchanges, to ensure that they follow the rules. · Protect investors from fraudulent and unfair trade practices. · Conduct necessary research for its function and undertake education and training of investors and intermediaries. Reforms and Impact: the two main areas where SEBI took initiative after receiving statutory powers were: a) making rules for financial intermediaries, b) supervision and monitoring of functioning of stock exchanges. The reforms initiated by SEBI have met with only limited success. The main reasons for this are: · The reforms are piecemeal and do not fit into a larger cohesive plan of action. · The reforms are hastily conceived and implemented, without adequate time and effort being spent on wider consultations and feedback form market participants and experts. · The reforms attempt to make minor changes in the current antiquated method of operation of the markets, which create more friction and confrontation and little real benefit it terms of making markets more efficient. Need for New Focus: The mission of SEBI needs to be reinterpreted as making the Indian securities markets informationally more efficient. This implies that SEBI should attempt to ensure that: · Reliable information is available to all market participants with increasing frequency. · The cost of transactions in the market is reduced and the ease of transactions is improved. Achieving the Mission: A Radical departure from the current method of functioning is needed to achieve the new mission. The strategic shift in SEBI's plans would involve the following: · Giving top priority to use of Information Technology to bring in scrip-less trading and computerized clearance and settlement trading systems. · Bringing the accounting and corporate disclosures standards on par with standards in the developed securities markets. · Restructuring the markets to achieve an integrated, automated system of trading in all types of securities to ensure best possible service to all investors through greater competition and improved dissemination of information. · Professionalizing the financial analysts function through training programmes. · Changing the staffing pattern of SEBI by recruiting professionals rather than depending on personnel on deputation from various government departments. Role of the Government: To ensure that SEBI does not get degraded by personal ambitions and the pressure of the larger system, the government must do the following: · Clearly define the role and jurisdiction of the various agencies that have supervisory and regulatory authority over various aspects of the securities industry. · Change the composition of the Board to include experts from the field of finance, accounting and economics. · Ask SEBI to prepare a five year perspective plan with details about reforms contemplated and their schedule of implementation.

Read More

Working Papers | 1993

How Firms Make Technological Improvement: Observation from a Field Study

Ramanarayan S

The paper presents observational data impressionistic accounts emerging from a study aimed at understanding the determinants of technological dynamism, and the role that publicly funded technology institutions play in facilitating product or process innovations in industrial firms. The study covered 23 foundries, 13 polymer units, and 3 technology institutions. Firms were found to obtain new technologies largely through foreign collaborations. They focused their technology efforts on assimilation of technology and adaptation for local conditions or local volumes. Several factors were found to be inhibiting technology development efforts: short term planning horizons of the management; perceived absence of connection between technological sophistication and commercial success; inadequate attention to development of markets to utilize the benefits flowing from technology development; high costs of modernization; and absence of reliable quality inputs and infrastructure which keeps managers mired in routine, survival concerns. The study identifies some factors which contributed to technological fervour: inclusion of technology concerns on the management agenda and conscious attention to technological aspects; processes and mechanisms for encouraging technological innovation; attention to linkage and integration processes to institutionalize technological changes; upgradation of technological capability through careful HRD efforts; new and exciting corporate strategies that can serve as frameworks for technology plan; and active networking with technology institutions, suppliers, customers, industry associations etc. The paper examines the implications of the findings for roles of senior managers. To meet the technological challenges, two sets of roles become very important: entrepreneurial role that is aimed at discovering new possibilities and displaying high level of initiative to implement innovations, and leadership role that is oriented to meeting the needs of change by mobilizing and energizing members toward a common vision.

Read More

Working Papers | 1993

An Axiomatic Characterization of the Lexicographic Utilitarian Collective Utility Function

Lahiri Somdeb

In this paper we axiomatically characterize the family of lexicographic utilitarian collective utility functions. As a by-product we obtain the utilitarian collective utility function by imposing a shift anonymity condition. Finally we axiomatically characterize the family of rank k-dictator collective utility functions, as a corollary to or main characterization theorem.

Read More

Working Papers | 1993

Quasi-Utilitarian Choice Function for Multiattribute Choice Problems

Lahiri Somdeb

This paper was written when I was visiting the Centre for Research in Economics and Statistics (CREST), ENSAE (France) during November and December 1993 on a French government fellowship. I would like to thank my hosts for the congenial research environment which made writing this paper possible.

Read More

Working Papers | 1993

Indian Economic Forecast 1 December, 1993

Rastogi A B

The government has begun preparing the people for the second phase of reforms by frequently pointing out that the next phase of reforms would be harsher but enrich their lives later. The tougher decisions about liberalisation in the field of labour law, agricultural reform and privatisation are still on anvil. The budget is not going to set the markets sizzling. It is widely expected that the next budget would be investor friendly and corporate sector would be given more importance this year. Markets are already discounting that and reaching new heights. Our growth forecast for 1993-94 remains at 4.2% and inflation rate (WPI) around 7.6%. However, balance of payment scenario has changed markedly in medium term as a result of lower crude oil prices, exceptional growth in exports and foreign investments. In medium term, GDP is expected to grow above 6.5% while inflation remains around 6%.

Read More

Working Papers | 1993

An Area of Study as a Discursive Field: Some Notes on Method and an Inquiry into the Challenge of Moral Education

Giri Ananta

This is a paper on the nature of modern academic disciplines and an inquiry into the origin of their boundaries in the discourse of modernity and their contemporary inadequacy in the face of the challenges of the present and also those of the future. The paper argues that there is a need now to move from disciplinary boundaries to areas of study, while conceptualizing areas of studies as discursive fields, and not as bounded systems. The paper discusses at great length the methodological issues involved in the study of discursive field, particularly in its description and explanation. The present inquiry contextualizes these issues with specific reference to the question of moral education in modern societies.

Read More

Working Papers | 1993

The Dialectic Between Globalization and Localization: Women, New Economic Policy and Strategies of Cultural Reproduction

Giri Ananta

The economic arrangement of all social systems is now in the midst of a fundamental restructuring, necessitated by the crisis of varieties of command economies and bureaucratic regulation of production, distribution and exchange. New economic policy is meant to free the economy from the shackles of the state and create more opportunities for both the producers and consumers. New economic policy, which emerged in advanced industrial societies, is now in a phase of global diffusion. But new economic policy valorizes the industrial and post-industrial mode of production and consumption and is bent upon destroying all other modes of livelihood, which are based upon centuries of experiments in self-sustenance and are less dependent upon market. New economic policy promotes global integration of our societal economies but is blind to the problem of articulation i.e. how “less familiar strategies of social reproduction” articulate with “world economic and political as well as cultural processes”. But the key question here is can the western style of life be universalized? Would our globe survive if the contemporary pattern of consumption prevalent in Western Europe and North America be universalized? This provides the challenge to preserve multiple strategies of production and reproduction not only for the survival of little enclaves but also for the long-term interests of mankind and the Mother Earth. This calls for a critical reflection on the dialectic between localization and globalization, anthropology and economics. The dynamics of new economic policy also raises the unattended questions of “functioning and capabilities”. The paper aims at discussing varieties of programmes of economic reconstruction which seeks to provide more support to vulnerable sections of society and forms of livelihood, not simply to perpetuate their dependence but to enhance their capabilities in the pursuit of a more meaningful integration between “food and freedom”. While looking into the vulnerablility of women in our globalized economy, the paper seeks to explore how we can preserve and universalize less familiar strategies of social and cultural reproduction by universalizing the feminine principle of “Shakti” in the face of the power of the new economy and its global onslaught.

Read More

Working Papers | 1993

Endogenous Technological Innovation for Sustainable Development: The Case of Agriculture Pest Management

Pastkaia A R

With growing pressure from environmental movements, governments are being forced to rethink policies from the view-point for Sustainable Development (SD). SD would enable societies/communities to maintain if not augment the very natural base on which they subsist. The costs of such development would not be externalized either over time or nature. The transition to SD calls for (a) supply of technological, institutional and cultural innovations and (b) suitable policy that would draw upon these innovations while facilitating the emergence of further innovation. Certain characteristics of SD innovations set them apart from conventional ones: a) they tend to be location specific b) they tend to rely on internal resources c) they generate minimal or zero environmental externalities and d) they incorporate concern for future generations and therefore require a longer time – frame for evaluation. Location specific technology may have limited scope for diffusion. However the science behind the technology can be diffused over large areas, allowing people in different locations to evolve innovative solutions specific to their own socio-ecological conditions. These differences from conventional innovations imply that the nature of policy support needed will also be different. A theory on innovations for SD would be instrumental in a) providing criteria for screening of SD innovations and b) determining the mix of policy activities needed to support them. The literature on theory of innovations has focused mainly on exogenous innovations which rely on exogenous knowledge systems and supply of external resources. In the process innovation theories such as Theory of Induced Innovation etc. have tended to neglect autonomous, endogenous innovation occurring at grassroots level. This study aims at achieving an understanding of heuristics used by grassroot innovators, through study of technological innovations for SD, in the context of agricultural pest management. Institutional and cultural innovations will be included only when they are found in association with the technological innovations being studied. The innovators will be studied at three levels a) innovation b) innovator c) early user and/or early discontinuer. A multiple case study method will be adopted. Innovations will be selected on the basis of sustainability criteria. Informal and iterative interview method will be used to develop case studies. The case studies are expected to illuminate the heuristics used by SD innovators as well as the key variables that influence their evolution and use. Key variables include contextual variables (ecological, economic, social) and personal variables (knowledge base, value system). The interrelationship between heuristics and key variables would form the basis of a theory of innovation for SD. A major contribution of this study will be to make possible the discrimination of heuristics for innovation on the basis of sustainability criteria. However the insights gained would help in remodeling not just policy support for innovation, but also in strengthening capabilities of grassroot innovators, voluntary groups and academic activists.

Read More

Working Papers | 1993

Transfer Payments and Other Determinants of Working Poverty in Canada 1971-90

Ravindra H. Dholakia and Dholakia Archana R

Government policy of reducing transfer payments drastically is based on arguments of strong preference for leisure by the beneficiaries. Since this has direct bearing on working poverty, empirical evidence on the relationship between the incidence of working poverty and transfer payments in Canada is presented in the paper. Different categories of working poor are considered separately and determinants identified. Impact of unemployment benefits and other transfer payments on working poverty is examined holding other factors constant. Our findings suggest that cuts in transfer payments are likely to impose considerable social costs in terms of raising the incidence of working poverty in Canada.

Read More

Working Papers | 1993

Interactions Between Corporate Strategy and Financial Strategy: Some Propositions for Practicing Managers

Korwar Ashok

This paper discusses the implications of corporate strategy choices for financial strategies of the firm, and the implications of finance theory for strategic decision-making of the firm. Some propositions of potential practical use to managers are advanced here. One set of propositions relates to the kinds of financial strategies implied by a given corporate strategy, another set relates to the implications of finance theory for strategic planning and decision-making, and the third set relates to the potential use of financial policies in implementing specific corporate strategies.

Read More
IIMA