The IUP Journal of Applied Finance

ISSN: 0972-5105

A 'peer reviewed' journal indexed on Cabell's Directory, and also distributed by EBSCO and Proquest Database

It is a quarterly journal that showcases empirical research in applied finance. It provides research papers on Business environment, Trade and free trade agreements, Tariff liberalization, Imports and exports, FDI, Equity markets, Debt markets, Corporate finance, Financial services, Financial risk management, Portfolio management, International finance, Bank efficiency and regulation, Structural transformation, Regulatory efficiency, etc.

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Focus Areas
  • Business Environment
  • Regulatory Environment
  • Equity Markets
  • Debt Market
  • Corporate Finance
  • Financial Services
  • Portfolio Management
  • International Finance
  • Risk Management
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Exploring the Impact of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange
International Listing of Depository Receipts and Shareholder Value
Performance Evaluation of Exchange Traded Funds of India
Contents : (April 2021)

Exploring the Impact of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange
Nikhil Chandra Shil and Anjuman Tasnuva Kotha

Stock markets in Bangladesh have been suffering from shocks at gaps of around five years regularly. Due to these market failure experiences, stock markets in Bangladesh have undergone serious policy reforms in different instances to improve market efficiency. Out of the two stock markets, Dhaka Stock Exchange (DSE) is the main bourse of the country. In this paper, policy reforms have been grouped into 12 categories with reference to different time frames and a total of 3,113 Daily Market Return Index from 2006 to 2018 have been captured to explore the impact of each policy reform on market efficiency. Both nonparametric tests (Kolmogorov-Smirnov test and Run test) and parametric tests (autocorrelation and ARIMA test) are conducted in support of market efficiency. While market return index is used as independent variable, market efficiency is used as dependable variable to draw statistical inferences. The analysis reveals that the market is not efficient even in weak form; the market return is not normally distributed, and it lacks randomness and dependency, which violates the nature of random walk model. Amid all these negative connotations, the result reports an improvement in dependency parameter which becomes insignificant over the years due to the reform initiatives the market is going through. From the recent behavior of data is assumed that if this trend continues, the market return will follow random walk model and the market will become weak form efficient.

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Article Price : ₹ 50

International Listing of Depository Receipts and Shareholder Value
Rajeev Kumar

Indian companies have been permitted to raise funds by the issue of Depository Receipts (DRs). These DRs are issued in the international capital markets. The DRs as issued by the Indian companies are listed on the leading global stock exchanges like the Nasdaq, the New York Stock Exchange (NYSE), London Stock Exchange and the Luxembourg Stock Exchange. 72 Indian companies have listed their 85 DRs on the foreign capital markets between May 1992 and June 2001. Due to the enhanced interest in the DR programs by the Indian companies and the subsequent listing on international exchanges, the need to study this topic arises. Many Indian companies that have shown keen interest to issue DRs and list on international stock exchanges. In this paper, an attempt has been made to understand the impact of international listing of American Depository Receipts/Global Depository Receipts (ADRs/GDRs) as issued by the Indian companies on their shareholder value in the domestic capital market by using event study instead of analysis methodology.

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Article Price : ₹ 50

Performance Evaluation of Exchange Traded Funds of India
Richu and Suresh K Mittal

The purpose of this paper is to evaluate the performance of Exchange Traded Funds (ETFs) operating in India before 2009. The performance of ETFs has been evaluated with geometric mean, standard deviation, beta, tracking error, Treynor ratio, Sharpe ratio and Jensen's alpha. It was found that some ETFs outperformed their benchmark and some underperformed their benchmark. But by testing the significance of difference, the study concluded that there is no significant difference between the performance of ETF and performance of its benchmark. The study will help the investors and managers in better understanding the performance of ETFs. ETF is an innovative product in India. There is limited study in India on ETF which is comprehensive enough to include a longer period. Originality of this study lies in its longer period of data.

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Article Price : ₹ 50

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