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2757 items in total found

Working Papers | 1991

Revamping Stock Exchange Operations - Some Suggestions

Gupta Ramesh

Stock Exchanges have been playing a major role in mobilizing private savings for industrial growth. With increasing participation of general public in securities association of themselves to regulate trading and to protect the interests of member brokers, is proving to be inadequate and detrimental to the interests of general investing public. With frequent market closures any payment crisis, the need has arisen to reexamine the system and suggest suitable regulatory policy measures which would focus on invisible but effective maintenance of market discipline and depend on strengthening of professional and financial support services which will make market work as they should. This paper examines some of these issues and suggests the following policy measures: 1. Collect margins on gross business and not on net business of a broker 2. Insulate investment business from speculative trading 3. Complete automation of stock exchange operations 4. Provide explicitly for investor protection in bye-laws of the stock exchanges 5. Strict enforcement of rules and regulations 6. Nominate active and knowledgeable public representatives on governing boards of exchanges 7. Establishment of unified regulatory body

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Working Papers | 1991

The Egalitarian Equivalent Solution to Bargaining Problems in Economic Environments

Lahiri Somdeb

In this paper we set up an analytical framework to study bargaining (or object division) problems in economic environments, propose some new solutions and study the egalitarian equivalent bargaining solution. This analysis extends bargaining solutions defined on a restricted set of environments (corresponding to equal initial endowments) to a more general class of bargaining problems).

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Working Papers | 1991

Lease Accounting Practices in India

Pandey I M

Accounting for leases is a debatable subject in spite of variety of standards having been issued by the professional accounting bodies all over the world. Two important issues relate to the treatment of lease rentals and the disclosure of leased assets in the financial statements. Opinions are divided whether leased assets should be replaced by lessees or lessors. The Indian position is also confused and divided. In this paper, we have provided an evaluation of the accounting standards followed in USA,UK and the international accounting standards. We have also critically reviewed Exposure Draft and Guidance Note issued by the Institute of Chartered Accountants of India. A study of the practices of Indian companies with regard to the accounting of leases reveals the following: (a) operating method of treating lease rentals is followed; (b) leased assets are shown as own assets on historical basis in the balance sheets by leasing companies; (c) straight-line depreciation method is followed to depreciate the leased assets while written down value method is used incase of owned assets; (d) leased obligations are disclosed in footnotes by some lessees; (e) Indian companies consider leasing as an off-balance-sheet transaction; (f) Indian accounting practices are generally in line with legal prescriptions as under Indian Companies Act, 1956 and Income Tax Act, 1961.

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Working Papers | 1991

Revealed Preference and Independence of Irrelevant Alternatives: A Note

Lahiri Somdeb

Our objective here is to establish an equivalence between the IIA axiom which plays a significant role in axiomatic models of bargaining, and a generalization of WARP which plays a significant role in demand analysis.

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Working Papers | 1990

Mastershares: Enigmatic Performance

Jayanth R. Varma

In this paper we have examined the performance of Mastershares, the first all equity close ended growth fund established by the Unit Trust of India (UTI) in the country, using the various portfolio performance measures that have been suggested in the literature. We found that while in terms of return on the Net Asset Value (NAV) the fund has out-performed the market, in terms of returns based on Market Prices it has shown a mixed performance. On further investigation, we inferred that the excellent performance in terms of NAV could neither be ascribed to selectivity nor to timing of decisions. The explanation possibly lies in UTI's acquisition of stocks in the primary market as well below prevailing market prices and in the manner of allocation of stocks to various funds managed by the Trust. Our analysis also revealed that the market quite irrationally inflates the volatility of the market price of Mastershares as compared to the volatility observed in the NAV. This observation which implies market inefficiency is in line with the recent researches done in the developed capital markets.

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Working Papers | 1990

A Regulatory Framework for Mutual Funds

Jayanth R. Varma and Venkiteswaran N

The financial services industry in the Indian economy is undergoing a sea change. One major change that has taken place in the last few years is the establishment of a large number of mutual funds. It is widely recognized that the mutual funds provide small investors the benefit of more efficient management of their investments. At the moment, only public sector banks and financial institutions are permitted to set up these funds. However, there is increasing pressure to allow such funds to be set up in the private sector. The time has therefore come to bring in appropriate legislation to govern the functioning of mutual funds. In this paper, we discuss the various issues connected with operation of mutual funds and then propose a set of regulations to ensure that they fulfil the role they are expected to. In proposing these regulations, we have drawn heavily upon the Investment Company Act of 1940, the US legislation on operation of investment companies.

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Working Papers | 1990

A Note on the Indian Motor Vehicle

Dixit R, Mathew Dilip, and G. Raghuram

This note describes the history of the Indian Motor Vehicles Industry and its current status. There are a number of manufacturers in the public, joint and private sectors. Several new manufacturers also intend to enter the industry, with either their own or foreign technologies. This paper also examines some of the issues that should be taken into account when framing a policy for this industry.

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Working Papers | 1990

Growth Performance of Niger Crop: A State Wise Analysis

Rao V M

Bihar, Madhya Pradesh, Maharashtra are the major producers of Niger seed in India. Despite alteration in their relative shares, these four states together continue to dominate the scene in terms of area and production. Most of the estimated trend functions have reasonably good predictive when judged using theirs inequality coefficient. Fluctuations increase, and production are more in Orissa while yield fluctuations are more in Maharashtra. Tribal farmers are no less responsive to changing price levels and other factors. In order to how high adoption rates, technology developed should suit the tribal social, cultural and economic practices.

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Working Papers | 1990

Safety Management in Transportation

Mathew Dilip, Chhokar J S, Rekha Jain, and G. Raghuram

This paper presents a framework for identification and analysis of issues in Safety Management in Transportation. The paper analyses Safety Management in the three modes of transport namely Road, Rail and Air. Safety Management in each of these three modes is examined by 1. Identifying the legislation governing the specific mode of transport 2. Listing the various agencies involved in safety management and roles and tasks of these agencies and their interface to other external agencies. 3. Analysis of the nature of accidents and international comparisons on salient parameters (wherever possible) 4. Identifying remedial action possible for better safety management of the user and the vehicle and 5. Analysis of the role of infrastructure and the enforcement agencies. On all these dimensions, the paper presents the current state of affairs and suggests areas for improvement. The paper also raises issues relevant to safety management in these areas.

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Working Papers | 1990

Influencing Social Behaviour: Segment Specification and Formulation of Ad. Strategy

S Mukhopadhyay

The study illustrates the use of means-end chain analysis in sharpening of segment for advertising to influence social behaviour. MECCAs model has been used to develop the ad strategy.

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