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3890 items in total found

Working Papers | 1978

Stipulation and Exercise of Convertibility Options by Financial Institutions

Srivastava Uma Kant and Oza Nikhil M

The Dutt Committee suggested that when public sector financial assistance in any significant scale is provided, the project should necessarily treated as belonging to 'joint sector' with proper representation for the state. It also suggested that to bring about the concept of 'joint sector; in operation the financial institutions should insist on the whole or a part of their assistance in the form of loans and debentures being convertible into equity at their option. This study is designed to analyse their experience with respect to (i) stipulation of convertibility option (ii) decision criteria used for the exercise of option and related problems, and (iii) suggest alternative decision criteria which can incorporate risk and uncertainty involved in decision to convert or not to convert in case of profitable and loss making companies at the time of decision making. On the basis of analysis and findings several recommendation are presented to maximize gains from the exercise of convertibility options. Gains from convertibility option will, however, be limited because a large number of assisted companies which will be coming up for convertibility decision are not expected to achieve profitability or achieve profitability which is not alternative vis-a-vis lending rates. Even in case of those companies which turnout to be profitable, another constraining factor would be the large amount of holdings of investment institutions (which will continue to invest in profitable companies). This will restrict the actual amount of conversion within the total amount subject to conversion.

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Working Papers | 1978

Control of Shifting Cultivation: The Need for an Integrative Approach and Systematic Appraisal

Gupta Tirath

The paper proposes an analytical framework for assessing schemes for control of shifting cultivation. Necessary and sufficient conditions relating to per capita income, its growth rate, internal rate of return, availability of wage goods, bonus for compensating non-economic satisfaction foregone and land productivity are proposed. Several existing schemes have been examined against this broad framework. In the absence of complete data relating to these schemes, their qualitative assessment against the framework has been attempted. A forest-based scheme of commercial exploitation of bamboo plantation and processing has been proposed and found attractive at a first glance. Several general conclusions have been derived. Control of shifting cultivation will require an approach that includes a variety of programmes. Some shifting cultivation may still continue. Competencies in soil conservation, agronomy, horticulture, forestry, and processing industries are needed and a new multi-disciplinary department may be created. Above all, an approach that looks at the collectivity of people, rather than individuals, is needed for an effective use of available resources.

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Working Papers | 1978

Sales Incentive Decisions within an Attribution theory Framework

Dholakia Ruby Roy

Sales incentives are frequently used by marketers to launch new products or boost the sale of existing products. Two of the major decisions concerning the use of sales incentive are what size and what form of incentive to offer. While the objective is to influence overt purchasing behaviour, the underlying processes are of interest in explaining and predicting the magnitude of response. Attribution theory is used to provide a framework for these decisions and in understanding the process that leads to overt behaviour.

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Working Papers | 1978

Mean Variance Optimality Criteria for Discounted Markov Decision Process

Satia J K

The criteria of maximizing expected rewards has been widely used in Markov decision processes following Howard [2]. Recently considerations related to higher moments of rewards have also been incorporated by Jaquette [4] and Goldwerger [1]. This paper considers mean variance criteria for discounted Markov decision processes. Variability in rewards arising both out of variability of rewards during each period and due to stochastic nature of transitions is considered. It is shown that randomized policies need not be considered when a function of mean and variance (m - as) is to be optimized. However an example illustrates that policies which will simultaneously minimize variances for all states may not exist. We, therefore, provide a dynamic programming formulation for optimizing mi - asi for each state i. An example is given to illustrate the procedure.

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Working Papers | 1978

Concentration of Economic Power and Restrictive Trade Practices: Role of MRTP Act

Khurana Rakesh

This Paper reviews the historical background of public policy towards monopolies and restrictive trade practices, the development leading to enactment of MRTP Act in India and the impact which this Act has had on the concentration of economic power and restrictive trade practices. All the orders passed by the Government since the establishment of the Act till August 1977 in relation to concentration of economic power and all the judgements of the MRTP Commission delivered since the legislation of the Act till August 1976 have been analysed. Some results related to further concentration of economic power and role of MRTP Act, the arguments given by the applicants for approving their proposals regarding substantial expansion, establishment of new undertakings, amalgamation/mergers, acquisitions/take over as well as the arguments offered by government for approving or rejecting the proposal for the above, conditions imposed by the government while approving such proposals etc. have been reported. Some major dimensions of judgements of MRTP Commission in relation to restrictive trade practices and examination of cases of monopolistic trade practices have been outlines. Some suggestions for reorienting the MRTP Act to achieve its stated objectives and further research work needed in this area have been given.

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Working Papers | 1978

The Mediating Influence of Top Management Style on the relationship between External Environment and Organizational Structure: Test of Some Hypotheses

Khandwalla P N

Three styles of top management, labelled entrepreneurial, professional, and conservative, were empirically derived from cluster analysis of policies and practices data from a sample of companies. Eleven hypotheses were developed of the relationships between external environmental change and changes in certain dimensions of organizational structure, and the mediating effects of the three empirically derived styles on these relationships. A large number of predictions were supported. Implications of the findings were discussed.

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Working Papers | 1978

Management Training for Municipal Administration

Bhatt Anil

This paper, on the basis of some empirical evidence discusses some aspects of management applications and management training for municipal government. In particular it attempts to discuss the following questions: (1) What are the attitudes of the municipal officers towards modern management science? (2) How receptive they are to the idea of management training for municipal personnel? (3) What constraints and problems they see in this regard? (4) How do they perceive the overall environment which may have implications for management applications and training? (5) What should be the nature and scope of management training? (6) What preparation and rethinking would be needed on the part of management consultants and educators?

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Working Papers | 1978

International Trade in Textiles with Special Reference to South Asia

Wadhva Charan D and Mote V L

This study has been primarily concerned with the issues and perspectives on the historical evolution and working of the arrangements governing international trade in "textiles", particularly the last such arrangement, popularly called Multi Fibre Agreement (MFA). While the problems of both the developed and the developing countries in the field of world trade in textiles and their implications for structural changes in the pattern of a more rational international division of labour have been discussed, special attention has been paid to the problems of the developing "textile" exporting countries with special reference to the Southeast Asian countries. The study is divided into seven main sections. Section I provides an introduction and the approach adopted by this study. As a background to the problems to be studied, Section II highlights some recent trends in the growth of world textiles and clothing industries especially during the period 1970-75. Section III presents the historical evolution of the arrangements governing international trade in "textiles". The main features of design and organisational aspects of the MFA (especially the Textiles Surveillance Body) are discussed in Section IV. Section V provides an appraisal of the working of MFA. Section VI outlines a few suggestions for renegotiating the MFA which expired on December 31, 1977. The question of the desirability of the extension of the MFA approach to some other sectors is examined in Section VII. And summary & Conclusions of the Study are presented in Section VIII. A post-script contains some quick comments on the nature of the MFA which has been extended for the next four years.

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Working Papers | 1978

Impact of Inflation Accounting on Corporate Profits - A Study of 57 Indian Companies

Gupta Ramesh and Bhandari L C

The accounting profession all over the world is currently considering whether accountants should be required to adjust reported income for inflation. The limited objective of this article is to measure the impact of price-level accounting on reported profits and relevant financial ratios. The earnings of 57 companies covering 9 industries have been restated for a period of 7 years (1970-1976). The study shows that the impact of inflation on individual companies and industry groups varies greatly. The results with varying inflation rates emphasize the differential effects on companies of general price level adjustments and the significance of monetary gains and losses. The effects of restatement on dividend coverage and tax burden have been suitably highlighted.

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Working Papers | 1978

Accounting for Inflation - An Empirical Study

Gupta Ramesh

In recent years, there has been increasing criticism of financial statements prepared under the long-established cost conventions. The accounting profession all over the world has been debating various approaches to accounting for inflation. In this paper, we have attempted to restate the earnings of 57 companies adjusted for inflation and study its impact on relevant financial ratios. This article is in continuation to our earlier Working Paper No. 235.

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