Abstract We examine whether professional money managers overreact to large climatic disasters. find that within a major disaster region underweight zone stocks much greater degree than distant and this aversion is related salience bias decreases over time distance from the disaster, rather superior information possessed by close managers. This overreaction can be costly fund investors for some especially salient disasters like hurricanes tornadoes: long-short strategy exploits generates...

Purpose The objective of paper is to examine status financial inclusion in India and study its determinants. Design/methodology/approach Panel fixed effects dynamic panel generalized methods moments (GMM) methodologies have been applied determinants inclusion. Additionally, Kendall's index rank concordance has derived test for convergence states achieving Findings Branch network unambiguous beneficial impact on Both proportion factories employee base turn out be significant penetration...

What economic forces limit mutual fund managers from generating consistent outperformance? We propose and test the hypothesis that buy-side competition other funds matters. make three contributions. First, we new style-based spatial methods to identify customized rivals of each fund. Second, construct dynamic, fund-specific measures generate skill as a fund’s outperformance relative its peers. Third, finally, show outperforming their future alpha when they face less competition. These...

We examine whether professional money managers overreact to large climatic disasters. find that within a major disaster region underweight zone stocks much greater degree than distant and this aversion is related salience bias decreases over time distance from the disaster, rather superior information possessed by close managers. This overreaction can be costly fund investors for some especially salient disasters like hurricanes tornadoes: long-short strategy exploits generates significant...

Purpose Decisions pertaining to working capital management have pivotal role for firms’ short-term financial decisions. The purpose of this paper is examine impact on profitability Indian corporate entities. Design/methodology/approach Both classical panel analysis and Bayesian techniques been employed that provides opportunity not only perform comparative but also allows flexibility in prior distribution assumptions. Findings It found longer cash conversion period has detrimental influence...

The objective of the study is to perform corporate distress prediction for an emerging economy, such as India, where bankruptcy details firms are not available. Exhaustive panel dataset extracted from Capital IQ has been employed purpose. Foremost, contributes by devising novel framework capture incipient signs Indian employing a combination firm specific parameters. strategy only enables enlarging sample distressed but also obtain robust results. analysis applies both standard Logistic and...

We examine the efficiency–outreach debate in context of Indian microfinance institutions (MFIs). employ stochastic distance function approach for 75 MFIs during 2004–2011. find that there are significant inefficiency effects but efficiency is improving over time. Among determinants inefficiency, average loan balance per borrower and number women borrowers appear to improve efficiency. This suggests more nuanced than presented literature depends on way outreach defined. Profitability, size...

Abstract We show that a new measure of buy-side competition explains momentum profits. The quintile spread is 1.11% when low and negligible high. Better alphas are attained with superior Sharpe Sortino ratios, no negative skewness, in more investible strategies featuring value-weighted portfolios large capitalization stocks. Stock characteristics traditionally related to do not explain our results. Tests based on long-term reversals, the trading patterns funds, their style peers, distant...

In the latest few decades, one of most indispensable objectives manufacturing firms is to identify how consumer will respond various marketing strategies for achieving their ultimate goal selling. The study behavior became a concern marketers, as they may learn consumers choose goods and services required meet multiple needs factors that influence choice. present focuses on independent variables such advertising, sales promotion schemes, attractive packaging, brand loyalty etc purchasing...

Abstract Margin capacity, defined as the aggregate excess debt capacity of investors buying securities on margin, strongly predicts (i) lower S&P 500 returns, (ii) growth in earnings, dividends, employment, and overall economic activity, (iii) higher macro, financial, policy uncertainty, (iv) interest rates, (v) tighter lending standards by banks, (vi) intermediary equity capital. High margin is a precursor, not response, to borrowing constraints volatility. It typically arises when...

What economic forces limit mutual fund managers from generating consistent outperformance? We propose and test the hypothesis that buy-side competition other funds matters. make three contributions in this regard. First, we new style-based spatial methods to identify customized rivals of each fund. Second, construct dynamic, fund-specific measures generate skill as a fund's outperformance relative its peers. Finally, show outperforming their future alpha when they face less competition....

The study examines factors influencing non-performing loans (NPLs) for Indian banks. analysis contributes by including restructured advances also in addition to standard measures of asset quality that provides comprehensive picture pressure on banks’ balance sheet. Moreover, Bayesian technique with multivariate t-distributed prior is applied robust estimation. Utilizing quarterly dataset from 2005 2015, strong persistence bad assets clearly evident. Bank-specific characteristics such as...

We examine how global institutional funds respond to news-based economic policy uncertainty (EPU) in the investment destination and home country. document a number of novel findings. First, on an average there exists negative flow-EPU relationship for funds. Second, we "home effect." An fund does not withdraw capital from country when EPU spikes country, but it is special feature G7 economies. Funds domiciled ex-G7 developing countries reduce allocation increases. Third, pecking order...

Trade credit transactions are quite common for businesses. The article carries out the trade analysis an emerging economy, namely Indian corporate sector employing rich information dataset covering multiple industries such as manufacturing, services, construction and others, since period of financial crisis including both firm specific macro-economic factors. annual spans 13 years from 2006 to 2018 period. Applying dynamic panel framework, it is found that inventory management macro...