Hybrid journal (It can contain Open Access articles) ISSN (Print) 1460-6712 - ISSN (Online) 1741-8062 Published by Inderscience Publishers[451 journals]
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Authors:Reshma Nikhat Pages: 95 - 115 Abstract: Retailing is vending unswervingly to the end users for their personal use, offline and online modes that is brick and click strategies are used to have a better space felt in the market. The service expectations of the customers help in development and sustainable growth, therefore understanding the buying behaviour paradigms has become necessity of the marketer for its survival. Customer expectations are based on how the customers do selective attention, distortion and retention, for perceptions. Retail store services depend on various factors; in this paper the researcher has tried to identify these. The FDI policy has increased the competition for the local market and opened a new door to the global marketers, simultaneously changing the buying pattern, opening better service options and service providers. Customer takes the product for trial, repeat it if they like and gets delighted when they are satisfied, the findings of this study provide important guidelines for framing marketing strategies and identifying factors to get the word WOW from the customer. Emerging as the most dynamic and fast paced expected to reach US$120 billion by 2020. Keywords: expectations; organised retailing; perception; service provider; service satisfaction Citation: International Journal of Financial Services Management, Vol. 11, No. 2 (2021) pp. 95 - 115 PubDate: 2022-01-17T23:20:50-05:00 DOI: 10.1504/IJFSM.2021.120350 Issue No:Vol. 11, No. 2 (2022)
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Authors:R. Ganesh, S. Thiyagarajan, G. Naresh Pages: 116 - 133 Abstract: The aim of all investors is to assess the securities price correctly and to take best investment decisions. However, the influence of bias in their decisions ends up in irrational decisions. Two important biases that influence their rational decision is overconfidence bias and disposition effect. The present study examines the presence of both these biases in Indian stock market during the period 1st April 2005 to 31st March 2019 and to inspect how long these biases persist in the market portfolios with the help of Vector Autoregression (VAR) and impulse response function. Nifty 500 index is considered as a proxy to represent Indian stock market and constituent stocks of Nifty 50 index is considered as a proxy to represent the market portfolio in the present study. The study finds evidence of overconfidence bias in the investment in overall market and in selected portfolio, but could not find disposition effect in the market portfolio investments. Keywords: market portfolio; overconfidence bias; loss aversion bias; disposition effect; sunk cost Citation: International Journal of Financial Services Management, Vol. 11, No. 2 (2021) pp. 116 - 133 PubDate: 2022-01-17T23:20:50-05:00 DOI: 10.1504/IJFSM.2021.120362 Issue No:Vol. 11, No. 2 (2022)
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Authors:G.S. David Sam Jayakumar, A. Sulthan, W. Samuel Pages: 134 - 148 Abstract: This paper proposes an Entropy Divergence (ED) which is the difference between the two Shannon's differential entropies for multivariate discrete and continuous distributions. This is illustrated based on the multivariate version of the central limit theorem to evaluate the divergence between the multivariate scaled normal distribution (f) and scaled student's t distribution (g). This helps to firmly establish the exact distribution of ED, and its density is visualised in terms of Meijer G function. Moreover, the authors derived the distribution of the difference (D) between two EDs in terms of the sum of p-variate independent Fisher's-Z variable plus a normalising constant. Similarly, the moments of the two cases are derived which are visualised through digamma and poly-gamma functions. The percentage points of ED distribution of p-variates are computed at 5% and 1% significance level for respective degrees of freedom. Plots show the percentage points (discrepancy distance) between the multivariate distribution (normal) of financial time series and the distribution of cross-section data (student's t) graphically. The proposed ED is applied to test the sphericity of Nifty 50 stock returns in National Stock Exchange. Similarly, D-statistic is used to check the equality of two Shannon's differential entropy, where returns are grouped based on the demonetisation crisis as before and after in India. Keywords: entropy divergence; Shannon's differential entropy; multivariate normal distribution; multivariate t distribution; Meijer G-function; Fisher's-Z variable; moments; percentage points; demonetisation Citation: International Journal of Financial Services Management, Vol. 11, No. 2 (2021) pp. 134 - 148 PubDate: 2022-01-17T23:20:50-05:00 DOI: 10.1504/IJFSM.2021.120359 Issue No:Vol. 11, No. 2 (2022)
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Authors:G.S. David Sam Jayakumar, A. Sulthan, W. Samuel Pages: 149 - 162 Abstract: Agri-plantation commodities are prone to price uncertainties and pose risk to value chain participants in managing their affairs in a sustainable manner. Indian agri-plantation sector consists significantly of small and marginal farmers with fragmented landholdings facing challenges in access to agri-inputs, finance, good agricultural practices, market information, technical-know how etc. including price risk. In this regard, the Government of India has been implementing several measures for economic empowerment and to strengthen collective bargaining power through formation of farmer producer organisations. This descriptive case study focusing on agri-plantation commodity explored price risk management practices of a cardamom farmer producer organisation of Kerala and their challenges in mitigating price risk. This study finds non-usage of financial services instruments of derivatives such as Commodity Futures contracts by FPOs due to lack of awareness and poor knowledge in hedging. Keywords: agri-plantation; commodities; commodity derivatives; farmer producer organisation; price risk management Citation: International Journal of Financial Services Management, Vol. 11, No. 2 (2021) pp. 149 - 162 PubDate: 2022-01-17T23:20:50-05:00 DOI: 10.1504/IJFSM.2021.120361 Issue No:Vol. 11, No. 2 (2022)
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Authors:Anshi Goel, Vanita Tripathi Pages: 163 - 182 Abstract: This study attempts to disentangle the effect of liquidity and information asymmetry on the pricing of securities at Bombay Stock Exchange with a sample of S&P BSE 500 stocks for a time span ranging from 1st April 2000 to 31st March 2017. Firstly, we checked for the stationarity of liquidity and information premium, then employed regression models and finally Granger causality test to identify the cause and effect relationship between them. Empirical evidence indicates the stationarity of liquidity and information premium and a significantly positive relationship is observed between them. Also, it shows that information premium Granger causes liquidity premium, therefore, information factor might not be independent of liquidity factor as it contains information that helps in predicting liquidity premium. This implies that liquidity-based trading strategy and information-based trading strategy can be used by investors mutually rather than distinctly to reap abnormal returns. Keywords: liquidity premium; information premium; stock returns; Bombay Stock Exchange Citation: International Journal of Financial Services Management, Vol. 11, No. 2 (2021) pp. 163 - 182 PubDate: 2022-01-17T23:20:50-05:00 DOI: 10.1504/IJFSM.2021.120363 Issue No:Vol. 11, No. 2 (2022)
Hybrid journal (It can contain Open Access articles)
[451 journals]
