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3853 items in total found

Journal Articles | 2021

The impact of COVID-19 on tail risk: Evidence from Nifty index options

Sobhesh Kumar Agarwalla, Jayanth R. Varma, and Vineet Virmani

Economic Letters

We investigate the impact of COVID-19 using multiple forward-looking measures of uncertainty in Indian stock markets using liquid Nifty index options. The WHO declaration of COVID-19 as a pandemic coincides with a sharp rise in all measures of uncertainty considered, including option-implied volatility smiles, risk-neutral density, skewness, and kurtosis. We find that while subsequent government-imposed lockdowns and monetary easing induced a near-normalization of skewness and kurtosis, the volatility level remained elevated, demonstrating the importance of higher moments in capturing uncertainty during a pandemic. Structural breaks identified using the Bai–Perron methodology closely track the dates of significant announcements or interventions.

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Journal Articles | 2021

Designing and driving crowdsourcing contests in large public service organizations

B S Kiran and Rajat Sharma

Research-Technology Management

Overview: When designed and driven efficiently, crowdsourcing can leverage the power of collective intelligence and yield innovative solutions. To date, the crowdsourcing literature has focused on exemplary corporate initiatives and less on crowdsourcing contests in public service organizations (PSOs), which have a diverse ecosystem. Existing literature has only sparsely studied the design aspect of crowdsourcing as a process. We explored crowdsourcing contests hosted by two large PSOs, Deutsche Bahn and Indian Railways, from a process perspective. We created a six-stage framework for crowdsourcing contests that other PSOs can use. We highlight the need for effective internal and external marketing to enhance the effectiveness of crowdsourcing in PSOs. With structured efforts, crowdsourcing contests can help PSOs cocreate impactful solutions by seamlessly blending internal and external knowledge and efforts.

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Books | 2021

Hospitality financial management and contextualized decision making

Nan Hua, Barry Bloom, Agnes DeFranco, Toni Repetti, Twila Mae Logan, Dipendra Singh Mann, Peng Liu, Prashant Das and Arun Upneja

Kendall Hunt

Books | 2021

The Black Box: Innovation and public policy in India

Rakesh Basant

Penguin Random House

Journal Articles | 2021

Central bank gold reserves and sovereign credit risk

Sawan Rathi, Sanket Mohapatra, and Arvind Sahay

Finance Research Letters

Gold holdings with central banks are often considered to play a stabilizing role in times of crisis. This paper performs a cross-country panel data analysis of developed and developing countries to determine whether gold holdings of central banks contribute to sovereign creditworthiness. Our analysis confirms that an increase in central bank gold reserves reduces the credit default swap (CDS) spreads of a country. We also observe that during global crisis and country-specific crisis episodes, the role of central bank gold becomes even more important. In robustness tests, we account for potential endogeneity of central bank gold reserves using a Generalized Method of Moments (GMM) approach. The findings highlight the importance of gold in central bank reserves and indicate a positive role of gold in mitigating a nations external vulnerabilities in an uncertain global economic environment.

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Journal Articles | 2021

The implications of economic uncertainty for bank loan portfolios

Sanket Mohapatra and Siddharth M. Purohit

Applied Economics

This paper analyses the impact of economic uncertainty on the composition of bank credit across household and firm loans. Using bank-level data spanning 40 developed and developing countries, we find that higher economic uncertainty is associated with an increase in the relative share of household credit in the loan portfolio of banks. This change in composition of credit may result from banks efforts to reduce the overall riskiness of their loan portfolios, since corporate loans are generally viewed as riskier than household loans. This shift is more pronounced for weakly-capitalized banks, which may face greater risks during economic shocks, and for larger banks, which may be riskier due to complex business models and more market-based activities. The variation in our main findings by banks capitalization and size suggests that they arise from changes in bank credit supply in response to greater uncertainty. The baseline results hold for a range of robustness tests. Our study highlights the role of aggregate uncertainty in micro-level outcomes and are relevant for bank capital regulation and the conduct of macroprudential policy.

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Books | 2021

Elephants and cheetahs: The beauty of operations

Saral Mukherjee

Penguin Random House

Books | 2021

Applied advanced analytics

Arnab K. Laha

Springer

Books | 2021

Demystifying leadership: Unveiling the Mahabharata code

Asha Kaul and Vishal Gupta

Bloomsbury

Books | 2021

Special Topics and Particular Occupations, Professions and Sectors - Handbooks of workplace bullying, emotional abuse and harassment Vol 4

Premilla D'Cruz, Ernesto Noronha, Loraleigh Keashly and Stacy Tye-Williams

Springer

IIMA