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3721 items in total found

Working Papers | 1987

Efficient Market Hypothesis: Understanding and Acceptance in India

Bhat Ramesh and Pandey I M

Inspite of some empirical evidence in favor of the capital market efficiency in weak form and mildly in favor of semi-strong form, the capital markets participants allege that the market is excessively speculative and inefficient. The objective of this study therefore is to assess the extent of the users and preparers of accounting information in India are aware of the efficient market hypotheses (EMH) and accept the empirical findings on EMH in the Indian context. The research methodology used is he one developed by Mayer-Sommer. A questionnaire was sent to 600 preparers and users who were divided into four groups: (1) the chief financial executives; (2) academicians; (3) chartered accountants; and (4) cross-section of investors and brokers. One hundred and sixty questionnaires were returned duly filled in by the respondents. The analysis reveals that the various-category respondents deny the existence of market to be efficient in any of its three forms. It is important to note these findings relate only to attitudes and perceptions in the understand ing acceptance of EMH.

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Working Papers | 1987

Optimum Ordering Interval of Inventory with Random Price Functions: A Sample Path Analysis

Lahiri Somdeb

In this paper we extend the analysis of optimum ordering interval for inventory, carried out by Mukherjee(2), to incorporate random price schedules observed by firms. We obtain the expression for optimum cycle length by minimizing the expected total cost per unit time. In effect we carry out a sample path analysis. We also study the relationship between optimal interval and probability distributions in the polar case of constant decay rate and a Bernoulli probability measure.

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Working Papers | 1987

Workers and Management: A Socio-Historical Perspective

Parikh Indira J

This paper explores the changing patterns of relationships between workers and the management in industry over the last century and half. Three concepts are presented of worker-management relations. Mono-community of works the dual community, and the unified community. Each community has unique structure and relationships. The paper further explores the genesis of the three patterns and differentiates between the Indian and European pattern. It identifies some of the sources of conflict in the context of socio-cultural variables over a period of time. It is hoped that exploration of the socio-historical and developmental perspective may provide a better understanding and appreciation of the multi-faced phenomenon of worker-management relations. The paper suggests that the task ahead of worker-management relations is to create a setting where cooperative effort is unified in a system of belonging, where the roles are differentiated, where a sense of psychological security is generated and where both the organizational and individual goals acquire convergence and fulfillment.

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Working Papers | 1987

Causality Between Money and Price Level in India Revisited

Sharma Ram Lal

In this study we have used Granger's test of causality as interpreted by Sims and found out that causality is semi directional from money to price level. This conclusion is independent of the type of definition of money used and is valid whether we choose time period characterized by fixed exchange rate regime or flexible exchange rte regime.

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Working Papers | 1987

Industrial Conflict: Trends and Determinants

Verma Pramod

The objective of this study is to assess the growth of industrial conflict during the phases of economic development from 1921 to 1984 and to identify the economic and institutional factors which could have influenced conflict over this period. Three indicators of conflict, viz., industrial disputes, workers involved, and mandays lost, have been considered. Both trends and cycles have been identified. These differ for three sub-periods, 1921-38; 1939-60; and, 1961 to 1978. There are also differences for the three indicators. Nevertheless data indicate similar increase in conflict, with cyclical changes. The determinants of conflict also differed from one sub-period to another. In the first period, rising prices, and political events and trade union history were the leading factors. The second period was marked by the increasing influence of wages and consumer price index. For the third period, wages, inter-union rivalry, and political events explained the growth in conflict. The need for further research in economic and social history is indicated by the study.

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Working Papers | 1987

Social Movements: An Organization Theory Perspective

Chakrabarti Indranil

The paper first reviews the available literature on social movements (SM). Following emerge: (1) Classical literautre on SMs have missed out or tended to ignore the organizational aspects of SMs (Section I) (2) The more contemporary literature on SMs do have organizational focus; however, their theorization is based on an inadequate understanding of SMs and its relationships with the relevant organization. Further, they do not justify why and how the collectives in question qualify to be deemed as organizations (Section II) Section III attempts to rectify the above lacunas, and in the process provide a theoretical framework for SMs with due (and very important) place for organization theory. It puts forth the concept of social movement Kernel (SMK), the core of any SM, that guides and leads a SM. Section IV seeks to establish that the SMK is indeed an organization, by comparing SMKs with various definitions of organizations, borrowed from the standard works in organization theory. This opens a wide gamut of possible theorization on SMK, and hence also on SM, because of the close relationship between the two. A preliminary attempt towards this is made in Section V, where ten propositions are put forth, mainly relating SMKs to SMs. The last Section (VI) seeks to briefly highlight the likely usefulness of the study.

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Working Papers | 1987

A Differential Game in Advertising

Lahiri Somdeb

A general dynamic oligopolistic price-advertising model is formulated and open-loop nash solutions are derived. A detailed discussion of long run equilibrium solutions is given. Conditions for global stability are discussed.

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Working Papers | 1987

Industrial Relations in Gujarat: An Exploratory Study

Verma Pramod

It has generally been recognized that the state of industrial relations in Gujarat has undergone a subtle change. Data on industrial disputes appear to support this view. It is also argued that increasing tension in labour-management relations could be traced to accelerating pace of industrial development, followed by the growth of the tertiary sector. To substantiate this hypothesis, a survey of establishments in manufacturing and non-manufacturing sectors was undertaken. Out of 100 units approached, 41 units responded to a structured questionnaire. This survey, which covered a wide cross-section of economic activity, indicates that the employers have just begun to luse systematic methods of selection and promotion of employees, that the differentials between the lowest and the highest pay is still substantial, and that these units have not experienced any considerable extent of conflict between the employers and the employees. Employers, however, feel that the employees are less than satisfied in relation to some of the personnel practices and disciplinary methods use din the organizations. Moreover, the employers do not have a negative view about the employees, but they do feel that the unions are politically inclined and their leadership is politically motivated. At the same time, there is also a feeling that the state intervention is not conducive to the development of harmonious industrial relations.

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Working Papers | 1987

Institutional Credit for Green Revolution and Dry-Farming Areas in India

Desai B M, Gupta V K, and Gurdev Singh

This paper examines the relationship between the degree of agricultural progress and institutional credit. More specifically it examines the relationship between the proportion of area covered under HYVs of foodgrains and (a) the density of Rural Financial Institutions (RFIs), (b) various types of agricultural credit, and (c) default rate of 'direct' agricultural credit from the cooperatives. Moreover, it also examines the relationship between this default rate and various types of cooperative credit for agriculture. These relationships are examined by utilizing cross sectional data of 10 states in India for 3 years. The paper found that the degree of agricultural progress is positively associated with the density of RFIs and overall amount of credit per hectare. Secondly similar relationship was found for the share of credit for (a) agricultural input subsystem, (b) stability and growth of current production in agricultural production subsystem, and (c) 'kind' credit in short-term crop loans. The paper also found that the default rate of 'direct' cooperative credit for agricultural production subsystem was inversely related to the share of (a) agricultural input subsystem credit in 'indirect' credit, (b) stability and growth of current production credit in 'direct' credit for agricultural production subsystem and that of (c) 'kind' credit in short-term crop loans for agricultural production subsystem from the cooperatives. The paper makes recommendations about how to increase the share of these three types of credit in dry farming areas. These recommendations are made because these types of credit have direct bearing on improving factor productivities, loan recoveries, growth rate in agricultural production and value added, and viability of RFIs.

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Working Papers | 1987

Effect of Changing Taxation and Depreciation Policies on the Leasing Industry

Samir K. Barua and Ragunathan V

In the recent years the government's policy of reducing the corporate tax rate and increasing the depreciation rate has been welcomed by the industrial sector. The changes so obviously benefit the sector that it appears incredible that there could be an industry which may not benefit from the changes. In this paper we present an analysis which shows that these changes reduce the spread available to the lessors and the leasees to strike a lease deal which is beneficial to both the parties. This would necessarily reduce the margins available to the leassors and affect the viability of the leasing industry in the long run.

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