Faculty & Research

Research Productive

Show result

Search Query :
Area :
Search Query :
3848 items in total found

Working Papers | 1987

The Decision Process of Individuals under Conditions of Risk: An Experimental Study

Samir K. Barua and Srinivasan G

Theoretical models in finance are many a time based on unrealistic assumptions about the behaviour of individuals. Empirical validation of the models is expected to vindicate the assumptions. However, in most situations, the approaches used for empirical validations suffer from serious limitations, either because of the nature of data used or because of the testing procedures used. Hence, the doubts about the underlying assumptions on individual behaviour remain unresolved. In this paper, an attempt has been made to study some common beliefs about behaviour of individuals in risky situations, through a controlled experiment. The results indicate that some oft-believed behavioural traits are indeed true, and the theories based on assumptions which are counter to these beliefs, need to be reconsidered.

Read More

Working Papers | 1987

Male and Female Managers in United States and India: A Study of Change Agent Styles Personality Factors and Biographical Differences

Ottaway Richard N and Deepti Bhatnagar

This paper reports results of a study conducted to investigate the differences in male and female managers in America and India. Two samples were used, one male and one female, in each country. The samples were matched cross-culturally for comparability in age, education, and level of management in the company. The Indian data were collected from participants attending management development programmes at the Indian Institute of Management, Ahmedabad. The American data were collected from attendees at MBA programs (evening and weekend further education for practicing managers) in business schools in New Jersey. Three questionnaires were used for data collection. Hall and Williams Change Agent Questionnaire was used to collect data on change style. Personality data was collected on Cattell's Sixteen Personality Factor Questionnaire. The biographical questionnaires collected data on educational level, managerial level, age, salary, area of work, type of industry etc. Analysis of data showed the female managers to be significantly different from the male mangers. These differences were across all the three areas that were inveighed, namely, change agent styles, personality factors, and biographical characteristics. The female mangers used the credibility style of introducing change more often than the male managers. Female managers emerged as more hardworking, achievement-driven, having higher standards, experiencing greater conflict and being more hurting than their male counterparts. Female managers were younger, more educated and less paid than male mangers. A comparison of the American female managers with Indian female managers showed the former to be further behind the salary of male American managers than their Indian counterparts while being comparable in education and job status.

Read More

Working Papers | 1987

Growth Variations Across Developing Countries: How Much and Why?

Gupta G S

The paper examines the extent and the causes of variations in economic growth across twenty-nine developing countries. The sample countries come from Asia, Africa, and South/Central America. It finds that while Brazil, Cameroon and Korea have witnessed a relatively higher growth rates; Chile, Ethiopia, Ghana, India, and Jamaica have experienced lower growth rates during the Sixties and Seventies. The principal factors responsible for varying performances are found to be the saving/investment rate, export, government expenditure, price distortions and multi-national corporations economic penetration rate. While the first three factors promote economic growth, the last two hamper it.

Read More

Working Papers | 1987

Demand for Money: An Empirical Examination of Unsettled Issues for India

Gupta G S

The paper examines the unsettled issues on the demand for money function with a particular reference to India. It uses the annual time series data for the period 1954-55 through 1982-83. A special feature of the study is that it generates a uniform series on the narrow money concept (M1) for the whole sample period, and employs the same for empirical estimation and testing. The principal findings are: a. Both the narrow and wide concepts of money are well explained by the well-known and limited number of arguments in the money demand function. Thus, on this criterion, either definition of money is equally acceptable. b. Permanent income is more relevant than the measured income in the money demand function. c. The ratio of non-agricultural income to agricultural income was found to be irrelevant argument in the money demand function. This, in some sense, argues against the hypothesis of different money demand elasticities with respect to the two components of aggregate incoem. d. Short-term rate of interest has proved to be the relevant interest rate in the money demand function.

Read More

Working Papers | 1987

A Project is a Compound - Not a Mixture: Conceptual Problems in Valuation

Ragunathan V and Srinivasan G

There is considerable literature in the field of finance concerning the valuation of negative cash flows. Consequently, it is widely held that a project should be valued by valuing each component of the project's cash inflows and outflows separately, either by discounting the cash flowing at appropriate RADRs or by using the certainty equivalent approach. This paper discusses the implicit inadequacies in using the above approach for project evaluation and recommends valuing the Net Cash Flow of the project either by using a single RADR or using the certainty equivalent framework.

Read More

Working Papers | 1987

Values, Design and Development of Strategic Organizations

Garg Pulin K and Parikh Indira J

This paper explores the connotations of concepts of social development, Organizations and values in the Indian society. Social Development has so many meanings that no coherent action seems to emerge. The Indian scene, in recent decades, is also animated by an unprecedented effloresce of all varieties of organizations : governmental, non-governmental and private voluntary ones. Some of these are definitely engaged in social development. These organizations tend to operate more as structures held together by leaders with charisma who good, cajole, tempt, reward and punish the organization members for producing outputs and results. A fully functioning organization involves two modalities-the institutional and structural, with their support systems. The institutional modality (representing coherence of philosophy, mission, and direction) requires sentient systems to sustain the process of meaning-making in organization. The structural modality (representing the congruence of concepts of business, strategy goals, etc.) requires management and administrative systems to make organizations functionally effective. In the second section, the paper provides a brief narrative on the values (normative, phenomenological, and existential) that get internalized in organizations through various mechanisms and interfaces. Thereafter, a comparative analysis of the different ethos (Indian and western) at inter-play in Indian organizations is provided. These illustrations highlight the cultural context of Indian organizations wherein both the ethos and the design are neither congruent nor convergent with the values operative in role taking processes. Hence, greater ingenuity, innovativeness and adaptiveness are needed for designing strategic organizations, Particularly for social development. It is necessary to identify the institutions needed to foster the sentient-investment of the community for initiating new organizations. Furthermore, there is a need for creating institutions of debriefing to create a shared, concrete concept of organizational reality in terms of demands and policies. The organizational model being outlined in our paper endeavours to harmoniously blend the value considerations and structural exigencies in the design of developmental organizations.

Read More

Working Papers | 1987

Role and Conduct of Monetary Policy

Gupta G S

The paper contains the text of the lecture delivered by the author at a seminar organized by the Department of Economics, M.S.University, Baroda under its UGC Special Assistance Programme during December 20-21, 1986. It highlights the state of the art with regard to the role and conduct of monetary policy, and throws some light on this aspect for India. In particular, it argues that monetary policy is significant not only with regard to the price level and in the long-run, but also with respect to real GNP and in the short-run. Further, it supports whole-heartedly many of the recommendations of the Chakravarty Committee on the way the monetary policy should be conducted in India.

Read More

Working Papers | 1986

Creating Demand Systems in Drought Prone Regions: Random Thoughts and Personal Field Notes from a Group Action-Research Project-Journal-II

Anil K. Gupta

Indian Institute of Management, Ahmedabad had initiated an action-research project in three districts with similar ecological and social stress but dissimilar administrative system. A group of faculty members from Centre for Management in Agriculture and Public Systems Group pursued the idea of creation of demand groups of poor by the local bureaucracy on itself. The hope was that generation of this demand might help in counteracting the demand from vested interests resulting in unfair distribution of resources, information and services. The first journal of this project was written by late Prof. Ravi J. Mathai and the draft (written in 1983) reported here was expected to be the second journal. However, it never could be discussed in the group at length and hence remains author's individual understanding and account of a group action-research endeavour. It is hoped that various hypothesis which were generated might provoke more comprehensive, sustained and meaningful explorations by other colleagues. The ethical issues in initiating an endeavour of this sort without taking it to its logical conclusions will be discussed separately.

Read More

Working Papers | 1986

Pricing Policy of Forest Based Cellulosic Raw Materials for the Paper Industry in India

Gupta Tirath

The state governments and the paper making companies have been entering into long term agreements which specify duration of supply of agreed quantities of bamboo and pulpwood, royalty rates (note price), extent and frequency of revision in royalty rates, etc. the royalty rates have been extremely low mainly because these products from natural forests were trated as free goods. Though the rates have been enhanced by 300 to 400 per cent during the last 10 years, yet the principles for determining them have not been specified in a logical and accepted framework. On the contrary, conscious and unconscious attempts have been made at evading the issues. In this paper, logic and practicability of a number of suggested bases for pricing (not royalty) have been assessed. None of them can fully satisfy the concerned parties but, in the short run, a combination of past and current royalty rates, general price index, market price of comparable goods, etc. can be used for fixing administered prices of the natural forest products used by the manufacturing sector. The most viable alternative in the long run could be the cost of production from manmade plantations. The total demand for palpable materials need not be met from manmade plantations. The yield from natural forests can be substantially enhanced, and possibly at lower marginal costs. Experiences of pricing the materials from plantation crops should be available in not too distant a future, and should be usable for pricing the materials from natural forests with adjustments for differences in harvesting and handling costs, quality, etc. Pricing of outputs from industrial plantations raised by the forestry system need not necessarily equal the production costs. Adjustments on lower or higher side may have to be made to achieve wider socio-economic objectives: reduction in quantity of chemicals, power, water, consumer per unit of the industrial outputs; changes in the mix of conventional and unconventional raw materials; etc. An exercise for assigning weights to the variables can be carried out to facilitate objective policy formulation. Some of the prerequisites for that would be dispensation of current tensions between governments/forestry system and the industry and their willingness to share the quantitative and qualitative information.

Read More

Working Papers | 1986

Demand-Supply Management of Forest Based Cellulosic Raw Materials for the Paper Industry in India

Gupta Tirath

The study focuses on bamboo and hardwoods which are the most important cellulosic raw materials for the paper and paperboards industry in India. There are perceptions of acute scarcities of these goods caused by rapid growth of the industry, competing demands, spurt of through regarding conflicts between environmental quality and production of tangible goods, inadequate management of natural wealth in the form of forest land, etc. Feasibilities of a few conventional and unconventional measures to enhance the productivity of common property wastelands in and outside the regular forest areas have been assessed. These include provision of additional approach roads and bridges, reduction of waste in harvesting, marginal technological changes such as use of portable mini chippers, improved silvicultural and biological management of natural forest areas, broader interpretation of the term plantations to able to harness the established root stock of hardy tree species, etc. It has been reasoned that productivity of two-thirds of India's forest land can be substantially enhanced within 8-10 years without making intensive use of capital and trained manpower, and this is the surest way to resolve the conflict between industrial and other uses of the forest produce, to obviate the need for conscious demand management, and to manage and enhance the quality of biophysical environment.

Read More
IIMA