Contemporary Reflections on Applied Finance

PREFACE

The contemporary narratives on financial economic analysis and practice stand today at a critical juncture where various aspects of economic and business policies and practices revolve around the best and most efficient utilization of resources and optimizing the outcomes of strategic decisions. Financial markets are evolving day by day and have become deepened, ultimately providing a great number of signals to complex networks of behaviors cutting across individuals, institutions, firms, governments, and the rest of the world. Various markets are not only interconnected in a liberal world today but are also very well-integrated globally as capital flows, monetary policies, and credit policies in the rest of the world have a larger bearing on the very efficient functioning of the financial system in India. 

Academic deliberations and ever-increasing empirical works in finance have helped the application of theory and professional practices. The prudent market-friendly interventions by the Reserve Bank of India (RBI) and the positive role of the Securities and Exchange Board of India (SEBI) managed to bring a sea change in the Indian financial system to cater to the needs of ongoing growth and development processes. Corporate and business practices including private consultancies have become more professional and complex. The data-generating agencies now provide more accurate and timely information for quick decision-making and also for empirical investigations. Therefore, it has become imperative for academia to deliberate current issues in the field of finance and provide meaningful research inputs for timely decisions by the stakeholders in the system. As against the background, The Indian Econometric Society (TIES) decided to motivate various institutions research to carry out specific theme-based debates on contemporary issues.  This book has emerged out of the academic fostering of TIES with research activities at regional levels by collaborating with the Department of Economics at St. Teresa College, Cochin. The Department has organized a two-day International Conference on Capital Markets and Finance. The event was jointly conducted by St. Teresa College, TIES, the National Institute of Securities Markets (NISM), and the Kerela Economic Association (KEA). The conference aimed at exploring the realm of knowledge on money and capital markets, corporate finance, monetary policies, and financial policies by connecting the issues to debt and derivatives markets and, to the trends in the national and global financial systems, The diverse set of academicians from across institutions including some from rest of the world participated and deliberated upon the proposed theme. This volume contains some of the important and selected papers from the said conference to the current burning issues in finance. 

We take this opportunity to thank the entire organizing committee led by Dr. Sajimol Augustine, the principal of St. Teresa College, for all the arrangements and the smooth conduct of the conference without her timely help and guidance, this exercise would not have been possible. Thanks are also due to Dr. S. Irudaya Rajan, President of KEA, Dr. Ajit Dayanandan, University of Alaska, and Mr. Sandip Ghose, Director, NISM for delivering special lectures on critical issues and thereby enriching the conference. We also would like to place on record our sincere indebtedness to Dr. Balwant Singh, and Dr. S. Muraleedharan for their special contributions to the conference proceedings. A good amount of research papers, case studies surveys, and empirical works have
been presented by academicians and policy analysts. We thank all those participants for contributing to the domain of finance. We will fail in our duty if the immense contributions of Dr. Thushara George and Dr. Nirmala Padmanabhan are not properly acknowledged. They are instrumental in shaping this volume. We would like to sincerely note the immense contributions of Mr. Baria Bhagirath Prakash and Dr. J. P. Parikh for assisting in editorial and proofreading works. Finally, we thank the publisher for bringing the volume in good shape and time. 

We only hope that this book finds its worthiness in your good hands.

Dr. C. A. Mary Liya Dr. K. Shanmugan

1. Indian Capital Market - Issues and Prospects - Keynote address- AJIT DAYANANDAN
2. A Case Study of State Bank Group- TAPAS KUMAR SETHY
3. An Empirical Study on the Impact of Derivative Trading on Spot Market volatility-RAJANI B. BHAT & SURESH V. N.
4. Financial Inclusion and Gender Gap-YUMNA KHAN & UMAIR ASHFAQUE
5. The Causal Linkage of Spot and Future Returns and their Volatility in the Commodity Market: An Econometric Approach-ANJANA. K.V & TRIPURA SUNDARI. C.U
6. Value Added Trade and Pro-Poor Growth in Agriculture Sector – A Case Study of India and Asean-VANDITA MISHRA & MAHUABHATTACHARJEE
7. Multi-scale Beta Estimation through Wavelets-AASIF SHAH, MALABIKADEO, QAISER FAROOQ AND ANJANA K
8. The Stock Market Index and the Foreign Exchange Rate: A Study of India in the Post-Liberalised Era- RAJ MADHAV & KARTIK NAIR
9. Volatility Spillover to Select Asian Stock Markets-SAIF SIDDIQUI, NEHA SETH & ARUSHI GAUR
10. Financial Inclusion and Technological Change-MALTESH ARALIKATTI & AMRUT JAKKALI
11. India’s foreign Trade policy and its Performance in the World Economy- K. KIRAN KUMAR
12. Commodities Futures Trading in India- SHIBILA. E & MOHAMMED RAFEEQUE
13. Trade Facilitation: Indian Status Prior to Ratification and Need Built Around MSMEs. -ZAHIDUL ISLAM DAR
14. Application of Quantile Regression in Stock Price Analysis- B. ABEL SUGIN
15. Paradigm Shift in Microfinance Sector after the New Financial Inclusion Policies in India- MUHAMMED SHAFI. M.K & ABDUL NOUFAL. M.
16. Sensitive Sector Lending by Banks in India- SALINI R CHANDRAN
17. Viability of Green Bonds in India: An Approach towards Sustainability Financing- NIBU VARGHESE
18. Demonetization - An Overview of its Impact on the Economy and the Stock Indices- JERRY JOHNY
19. Relevance of Financial Inclusion in India: Initiatives and Achievements- SHERLINE T.I. & SANITHA B. VINCENT
20. Financial Inclusion: A Panorama Canara Bank, Perumatty Panchayat in Palakkad District- S. AMBILI & SHAMILA V.U.
21. Ethics in the Financial Market- IRFAN AHAMMED & MEHROOF C.
22. Investment Attitude in Gold - A Study Based Investors’ Age, Education and Income Factors- JOPHY T. J. & VIPIN BENNY
23. Start-ups its Economic Importance and Government Policies Towards Start-ups Special Reference to Kerala State - MOHAMMED ROSHIF U & MOHAMMED RIYAS K. K