In comparative political economy it has become commonplace to distinguish between two types of co... more In comparative political economy it has become commonplace to distinguish between two types of corporate governance systems. In shareholder systems, influence over company management is concentrated with institutional investors holding small percentages of companies' shares. In stakeholder systems, influence is shared between large shareholders, employees, the community, and suppliers and customers. This paper contributes to the literature addressing recent changes in the German variant of the stakeholder system by proposing a few new concepts. On the level of institutions, it is argued that the stakeholder system is not being replaced by a shareholder system in Germany. Rather, an augmented stakeholder system is emerging through the inclusion of institutional investors in the old stakeholder coalition of interests. On the level of practice, it is argued that negotiated shareholder value is being adopted in Germany. This German variant of shareholder value is distinct from Anglo-American practice because major changes implementing shareholder value must be negotiated within the augmented stakeholder coalition. As a result, performance incentives for employees tend to be less strong than is the case in the US and UK.
Using a sample of equities listed on the exchanges of 22 developed countries, we find that equity... more Using a sample of equities listed on the exchanges of 22 developed countries, we find that equity returns on customer industries lead the returns of supplier industries. This customer-supplier lead-lag effect is economically significant. Ranking supplier industries in ascending order based on lagged returns of customer industries, we find that an equally weighted portfolio that buys supplier industries with the highest lagged customer returns and short sells industries with the lowest customer returns yields up to 15% annual abnormal return. We also find that this customer-supplier lead-lag effect is more pronounced for small suppliers and for supplier industries with dispersed sales and higher relationship-specific investments with their customers. Overall, the lead-lag effect exhibits characteristics that are more consistent with the view that it is the result of a slow diffusion of value-relevant information.
Mutual funds have emerged as an important segment of financial markets and so far have delivered ... more Mutual funds have emerged as an important segment of financial markets and so far have delivered value to the investors. It has grown by leaps and bounds in last couple of years. But no industry can flourish without a proper regulatory mechanism in the place. These initiatives would help towards making the Indian mutual fund industry more vibrant and competitive. Since, the need of study has been aroused in order to see the factors influencing the retail investors to prefer investment regarding the mutual funds in Puducherry. The study is based on the formulation of the following null hypotheses: There is no significant relationship among the acceptance level of the retail investors belonging to different demographic profile towards factors influencing to invest in mutual funds. In order to study the factors influencing the retail investors to prefer investment in mutual funds in Puducherry, chi square test, analysis of one-way variance, student t-test, analysis of co-efficient of variation, multiple regression analysis, and percentage analysis have been employed. Chi square test was employed to measure the association between the demographic profile of the respondents and their satisfaction with investment in mutual funds and type of fund preferred. The present study looks at the small investors purchase behavior does not have a high level of coherence due to the influence of different purchase factors. If the study provokes the authority concerned to take some positive measures for expanding the scope of mutual funds investment.
Investment in stock market is one of the most popular type of investment. There are many conventi... more Investment in stock market is one of the most popular type of investment. There are many conventional techniques being used and these include technical and fundamental analysis. The main aim of every investor is to earn maximum possible return on investments. The main issue with any approach is the proper weighting of criteria to obtain a list of stocks that are suitable for investments. This paper proposes an improved method for stock picking using self-organizing maps and genetic algorithm based backpropagation neural networks. The stock selected using self-organizing maps and genetic algorithm based backpropagation neural networks outperformed the BSE-30 Index by about 30.17% based on one and half month of stock data.
International Refereed Research Journal ■ w ww ww w. .r re es se ea ar rc ch he er rs sw wo or rl... more International Refereed Research Journal ■ w ww ww w. .r re es se ea ar rc ch he er rs sw wo or rl ld d.
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