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3721 items in total found

Working Papers | 1988

Estimation Errors and Time Varying Betas in Event Studies - A New Approach

Jayanth R. Varma and Samir K. Barua

The event study is one of the most powerful techniques for studying market efficiency. Over a period of time, researchers have made several modifications to the original methodology of Fama, Fisher, Jensen and Roll (1969). Nevertheless, the current methodology continues to suffer from several grave deficiencies. These deficiencies arise due to (a) a failure to take into account the variance covariance structure of the estimated abnormal returns (across time and across securities) and (b) fundamental shortcomings of the moving window technique used to deal with possible changes in the betas in the neighbourhood of the event. Our proposed methodology overcomes these deficiencies and provides statistically efficient estimates. We then extend the analysis to handle nonstationary parameters evolving according to a Kalman Filer model.

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Working Papers | 1988

The Medium to Long-Term Impacts of Falling Energy Prices and Welfare Changes in Agriculture Sector

Tewari Devi D

Since the first energy price shock of 1973 a number of studies have reported the impacts of rising energy prices on agriculture sector. However, in the recent years real energy prices are falling in the international market. Casually one tends to believe that falling energy prices are good to agriculture sector but this may be falsified in the medium-to long-run situations. This paper develops a conceptual model to examine various falling energy price impacts on agriculture sector, and more specifically verifies the hypothesis by using an empirical model of Saskatchewan agriculture, Canada. Findings suggests, at least for Saskatchewan, that producers will not be better-off under falling energy price regime.

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Working Papers | 1988

Personal Taxes, Inflation and Valuation Under Earnings Retention Reinvestment

Ragunathan V

Modigliani and Miller demonstrated the impact of corporate taxes on valuation. Miller, Jaffe and Modigliani among others further studied the impact of personal taxes on valuation. Amoako-Adu attempted to analyse the impact of dividend taxes on valuation. Hochman and Palmon studied the impact of inflation on the aggregate debt-asset ratio by incorporating the tax considerations of investors firms explicitly. Rashid and Amoako-Adu attempted a comprehensive analysis of the effect of inflation on the total market value. All these authors have outlined the essence of the impact of taxes and inflation on valuation quite correctly. However, MM's, Miller's and Hochman and Palmon's valuation models restrict themselves to the situation, where the investment is made only at time zero. When this is not the case, their model needs to be modified suitably. Amoako-Adu, and Rashid and Amoako-Adu's models were conceptually incorrect in that they ignored the effect of retentions and reinvestments of earnings on the market value of a firm. In this paper a comprehensive model is worked out to account for the effect of reinvested earnings on the market value of a firm. All the other models can be expressed as special cases of the model suggested in this paper.

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Working Papers | 1988

Growth of Tractors in India: Past and Future

Girja Sharan and Kayastha Sandeep

A casual, discrete, dynamic mathematical model to describe the growth of tractors in India has been proposed. It is able to describe the past pattern of growth quite closely, and yields results that are much better than possible from methods available in literature. Therefore, it has been used to outline scenarios till the year 2000. The model appears promising and needs to be tested further on independent set of data from individual states.

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Working Papers | 1988

Attitude Toward Computers: Development of a Scale

Chhokar J S and Deepti Bhatnagar

This study reports the development of an instrument to measure attitude toward computers. The importance of attitude in attaining the full potential of computerization is highlighted and possible uses for the attitude toward computers (ATC) scale are suggested.

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Working Papers | 1988

The Max-Min Solution for Variable Threat Games

Lahiri Somdeb

In this paper we obtain general inequality properties that max-min strategic solutions to Variable Threat Games satisfy under a set of very plausible assumptions.

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Working Papers | 1988

An Explanatory Study of Viewers Perceptions of Television Advertising

Gupta Nirmal

Study of Consumers' attitude towards advertising helps the advertisers in planning their advertising campaigns. By comparative evaluation of advertisements across different elements viz. Creative strategies, appeals and execution styles, the advertisers can select appropriate 'content mix' for their campaigns. The present study attempts to explore the role and effectiveness of different elements of an advertisement (i.e. Creative Strategy, appeal and execution style) on the Viewers' attitude for it. The study was carried out for 24 television advertisements and the overall attitude of 50 viewers was evaluated by using attitude measuring scales. Advertisements were selected after a comprehensive content analysis, of a large number of advertisements which classified them under different elements. The items on the attitude scales were chosen in such a manner so as to tap all three components (viz. Cognitive, affective and conative) of attitude. The study concluded that there was no significant association between the single element of an advertisement and viewers' attitude for it. No association was found even when combinations of two elements at a time were evaluated against viewers' attitude. It appears that viewers do not form attitudes for advertisements on the basis of one or two elements but they perceive it as an integrated whole.

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Working Papers | 1988

Redefinition of Social and Organisational Roles

Parikh Indira J and Garg Pulin K

This paper explores the institution of marriage and work organization as held by women. Both systems demand responses from women for which they are often not prepared. Their dreams of romanticised marriage and fantasy of togetherness often lead them to dis-illusionment and dis-enchantment. Their career aspirations without the reality appraisal of organisations and their own definition of systems lead them to frustrations. They are pulled and pushed between social and organization role demands, and their own entrenchment in stereotypes of role taking. The conflict between the desired and the aspired daughter-in-law, wife and mother roles on the one hand and desired, aspired professional and career role on the other hand creates conflicts, stress and guilt. Women get caught with the internalization of the normative prescriptive modalities of social and work systems. The role models from family, culture and history are insufficient and inadequate for meaningful responses. This paper explores those areas of role taking by women which can help redefine and redesign new responses in both the systems. It deals with the reinterpretation of existing roles and arriving at an integrated perspective for women which can bring convergence within both the systems of family and work. This paper suggests that women who encounter in themselves the women-person dilemma and take charge of their own destiny in their hands to give it a shape, form and a meaning finally come to make choices for the wellbeing of both themselves and the system. In the absence of such an integration, women when confronted with the turmoil of the two systems either become conformists or rebels or exile themselves and end up making compromises rather than choices.

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Working Papers | 1988

Industrial Sickness in India: Magnitude and Identification Criteria

Dholakia Bakul H

The main purpose of this paper is to examine the criteria used by official agencies to identify industrial sickness and highlight the limitations of such identification criteria especially in the context of the nature of remedial action that needs to be taken to deal with this problem. Available empirical evidence indicates that, in the case of large industrial units, industrial sickness appears to be more of an industry-specific problem than a general problem as such. Official yardsticks for identifying industrial sickness are based on the criterion cash loss and the criterion of net worth erosion. Such criteria have the undesirable effect of delaying the identification of isck units by at least a couple of years or more. The recent concept of "weak" units is also unlikely to achieve the purpose of detecting industrial sickness at the incipient stage. As a result, a large proportion of the identified sick units is found to be non-viable and, therefore not eligible for any rehabilitation package. Under these circumstances, restructuring the procedures adopted by the financial institutions for identifying industrial sickness and introducing appropriate systems for early detection and prevention of sickness appear to be the main long term remedy for this problem.

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Working Papers | 1988

A Lot Size Model with Discrete Transportation Costs

Gupta Omprakash K and Rao P Poornachandra

The classical Harris-Wilson inventory model does not explicitly account for the costs incurred in transporting goods from the supplier to the buyer. Either such costs are assumed to be fixed and considered part of the ordering costs or they are assumed to be variable and are included in the item costs. In many situations, however, it is observed that a fixed cost is incurred for a transport mode, (of a given capacity), such as a truck or wagon. The very nature of this type of transport mode requires hiring of an integer number of trucks or wagons. Therefore the transportation cost function becomes a discrete function. In this paper we develop an inventory model with discrete transportation costs, and present an algorithm for the optimal lot size. Finally an example is given to illustrate the methodology.

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