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Editorial Board A Refereed Monthly International Journal of Management
Prof. B. P. Sharma
(Editor in Chief)
Prof. Mahima Birla
(Editor)
Prof. Harshita Shrimali
(Consultative Editor)
Dr. Khushbu Agarwal
(Additional Editor)
Ms. Asha Galundia
(Circulation Manager)

 Editorial Team

Dr. Devendra Shrimali
Dr. Dharmesh Motwani
Mr. Jinendra Vyas
 
                                              
June 2014

 Name : Editorial
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 Name : IS STOCK MARKET A LEADING BAROMETER? –An Empirical Approach (A Study in context of National Stock Exchange of India Limited)
 Author : Dr. Sheetal Kapoor
 Abstract :
Stock Markets are looked up as an effective barometer in depicting the mood or swings of the economic activities in any country. With economies being globalised, there exists every possibility of stock markets suffering setbacks and is evident from the random movement of stock market indices. The occurrences of toppling of an economy owing to recession, market crash etc has questioned the very prima facie existence of the stock market whether stock markets are wrongly connoted as “barometer” of the economy. The present paper tries to evaluate the predictive ability of the stock market in context of India. The present paper deploys Granger Causality as a tool to investigate the predictive ability of stock exchanges with respect to economic activities. The data for Gross Domestic Product (GDP) is imbibed in the study as a cumulative representation of economic activity and the returns of S&P CNX Nifty are taken as a cumulative representation of stock exchanges in India. The empirical results pinpoint that stock prices Granger Cause the economic activities.
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 Name : Impact of Multi Brand Foreign Direct Investment In Retail Sector In India
 Authorhor : Dr. Harinder Singh Gill, Komal
 Abstract :
Retail Sector is one of the most important pillars of Indian economy and it is growing at a phenomenal pace. Foreign Direct Investment (FDI) in retail sector plays an integral role in the economic growth. FDI in Multi-brand retail can be seen as an important reform to revive the economy and to ease supply side pressures especially in unorganized sectors. At present India does not allow FDI in multi-brand retail but permits up to 51 percent. This was done with a primary motive of giving a boost to organized retailing in India. However, there's another equally strong lobby that has been opposing this idea tooth and nail. They claim that it will mop away the corner shops in every locality and chuck inhabitants out of the jobs and bring unthinkable melancholy. The Government cap over FDI in retail, like in many other sectors, has been essentially a personification of the dilemma that confronts policy makers about whether opening up FDI in retail would be a boon or bane for the retail sector. This Research Paper makes a modest attempt of developing an insight as to what are the trends in the Indian Retail Industry and to the benefits and drawbacks of FDI in retail sector. It has also focused on the perception of consumers, industrialists, academicians and policy makers in respect of the organized and unorganized retailers keep on changing. The organized and unorganized retailers are also in a dilemma about the perception of the different segments.
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 Name : Production, Sale and Employment Trends in village industries: A Study of Punjab
 Author : Dr Mini Goyal, Dr Pratibha Goyal ,Dr Sukhmani
 Abstract :
Development of village industries is important on account of growing population pressure in rural areas, rapid expansion of labour force especially among the marginal farmers and landless agricultural labourers, inadequate opportunities for non-agricultural work, limitation of organized sector in absorbing labour force, prevalence of substantial under employment on one hand and the capacity of village industries for creating employment opportunities on the other hand. The present study was undertaken to examine the growth of production, sale and employment in these industries in the preliberalization and post-liberalization periods and to analyse the problems hampering their growth. Time series data regarding production, sale and employment were taken from secondary sources and was analysed with the help of compound annual growth rates and percentages. It was found that compound annual growth rates of production, sale and employment have come down in the post liberalization period in case of all village industries except in 'khani oil' and 'non edible oil and soap'. Poor availability of credit, lack of marketing facilities, competition from medium and large scale industries etc are the major problems of this sector.
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 Name : Impact of Union budget on NIFTY
 Author : Aabha Singhvi
 Abstract :
Union budget is one of such important policy factor which brings volatility and greater returns to the stock market. If investor can take wise and informed decision well in advance before the declaration of budget and after the declaration of budget he, may gain good returns out of this. Generally past researches are done by taking shorter period so in this study researcher has taken a longer period i. e. from 1996 to 2013 which covers 21 total budgets, and this time period was again divided into short term (3 days), medium term (15 days), long term (30 days) before and after the declaration of the union budget. The findings are that there is no significant impact of union budget on the NSE index called NIFTY.

In this study, S&P CNX NIFTY (a well-diversified 50 stock index accounting for 24 sectors of the economy) is being used to check whether announcement of union budget has any impact on these or not in 60 days' time span. Index is used for a purpose such as bench marking fund portfolios, index based derivatives, structured products, ETFs and index funds. S&P CNX NIFTY stocks represent about 64.38% of the total free float market capitalization of the universe of the stocks traded on NSE as on March 31, 2011.

Fact about Budgets:

The National Stock Exchange (NSE) is stock exchange located at Mumbai, India. It is the 11th largest stock exchange in the world by market capitalization and largest in India by daily turnover and number of trades, for both equities and derivative trading. NSE has a market capitalization of around US$1 trillion and over 1,652 listings as of July 2012. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the NSE NIFTY (National Stock Exchange fifty), an index of fifty major stocks weighted by market capitalization.
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 Name : Stock Market Linkages: Examining the case of Emerging South Asian Markets
 Author : Sharon Prakash, Santhosh Kumar
 Abstract :
This study examines the linkages among emerging stock markets belonging to the South Asian Association for Regional Cooperation (India, Pakistan, Sri Lanka and Bangladesh) and the Global economy. The study employs daily closing prices of eminent market indices from a time period 2004-2013. A Johansen Cointegration-Error Correction procedure was employed to check for long and short equilibrium relationships among the markets. Increasing liberalisation and deregulation of these markets may have lead to significant linkages. The results points to the existence of inter linkages among all the markets as well as with the Global economy in the short and long run. The study finds relevance for co-ordinated monetary policies as fluctuations in important macroeconomic variables could be transmitted to the other markets.
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 Name : Type of Relationship between Buyer and Key-input Supplier: Exploring via CIT Approach
 Author : Rashi Taggar
 Abstract :
In supply chains, to reduce the uncertainties and to enhance sustainability, the relationships are developed and managed between buyer and supplier. As it becomes difficult to maintain close relationship with all the suppliers, the buyers tend to choose the 'best' ones. The conceptual characteristics of these best relationships have been explored in this study with the help of critical incident technique, an inductive and flexible approach of analyzing the type of relationship between buyer and key-input supplier. Although the key-input supplier is the one who provides the strategic goods to the buyer but the type of relationship explored in this study of 150 organizations have not depicted the strategic relationship. Thus, the suggestions deliberated on the characteristics of relationship have been made.
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 Name : Ethical Issues in Marketing of Higher Educational Institutes with Social Networking Sites
 Author : Bhautik Sheth
 Abstract :
The world of marketing is moving ahead with virtual world called online social media. Social networking is a marketing method that uses social networks to build one's business presence on the internet. It is one of the most popular methods besides forum marketing that is available to internet users today. Websites like Facebook, Youtube and LinkedIn among others have gone from just social interaction spaces to a supporting marketing program as well. With all this popularity, there are a few ethical issues that a marketer needs to know in order to become successful at social network advertising campaign. In this paper, I am trying to explore the possible ethical issues which can take place while using Social Networking Sites as a marketing tool for higher educational institutes. I have explored the social and networking features that bring together the students and educational institutes in the way which generate lots of interest at both the sides. The primary objective of this study is to understand the ethical use of Social Networking Sites by the higher educational institutes for the purpose of marketing. The secondary objective is to understand how the marketing done through such Social Networking Sites attracts the students towards institutes. Finally, I discuss what I see as the marketing value of Social Networking Sites in certain contexts and suggest a course for future research and development.
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 Name : Anti-Manual Scavenging Efforts in India: An Evaluation with respect to Labour Welfare
 Author : Jyoti Kumari
 Abstract :
Labour are very important assets of an economy. Therefore, welfare of labour is the prime responsibility of any government. Labour welfare was started in 1837. But still our country is facing the problem of inhuman practice of manual scavenging in the era of globalization and technological advancement. This paper attempts to provide some facts behind the enactment of new act, “The Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013”, in the evaluation of the past act and schemes of the governmentand reason for its failure to abolish and rehabilitate the manual scavengers to solve their problems to achieve the objective of labour welfare in real sense.
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 Name : Consideration of Sources of Information as Selection Criteria in Mutual Fund Purchase for Retail Investors
 Author : Paawan Singh , Geetha Iyer
 Abstract :
Mutual funds, as investment avenues, have not only contributed to the Indian growth story but have also helped families tap into the success of the Indian Industry. Ideally, mutual funds provide opportunities for small investors to participate in the capital market without assuming a very high degree of risk. However, the ever increasing competition in the industry has exposed the investors to a plethora of schemes, new products and options that very often manage to confuse the investor of how a choice is to be made. Thus, while narrowing down on a particular scheme an investor takes into a count a number of factors which are provided to him/her through a number of sources. . Empirical evidence has found sources of information as an important determinant for mutual fund purchase. Several Researches have found relative importance of sources of information for the retail investors. This study aims at establishing whether these sources of information are considered to be important selection criteria in themselves or not. Also, an attempt is made to identify the most popular sources of information among retail investors.
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 Name : An Analytical Study of the Collisions of Macroeconomic Variables on Indian Economy and Stock Market
 Author : Suraksha ,Dr. Kuldip Singh Chhikara
 Abstract :
The present paper is an endeavour to highlight the impacts of foreign exchange reserves, current account, and capital account on GDP, Sensex, Nifty and fiscal deficit. The study is purely based on secondary data the analysis of which was made through the application of Karl Pearson's coefficient of Correlation and Multi Regression OLS model (Ordinary Least Square). The study found that the current account (CAD)is the most important predictor of GDP, BSE, NSE and fiscal deficit with R square values of .861, .506, .685 and .887 respectively; and coefficient of correlation (-ve) of -.928, -.711, - .828, and -.942 respectively. Though, the current account is a significant factor for all outcome variables yet its impact on GDP and fiscal deficit has been greater than other two outcomes; and the aggregate impact of all the predictors jointly showed more impact on BSE (R2change= 22.6 per cent)than other outcome variables. It was further indicated through the results that if all the three selected independent factors remain constant, then also there are other factors as well which explain GDP, BSE, NSE, and fiscal deficit up to 21103.16, 2704.8, 99.341, and 1113.4 units.
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 Name : Impact of Macroeconomic Variables on Sectoral Indices in India
 Author : Dr. L.K. Tripathi, Arpan Parashar, Swati Jaiswal
 Abstract :
The key objective of this paper is to examine the long term relationship between selected external macroeconomic variables and different sectoral indices at National Stock Exchange (NSE). For the purpose of study five macro economic variables such as Exchange Rate (USD), Crude Oil prices, Foreign Institutional Investments, Current Account Balance and Foreign Exchange Reserves have been used to magnify the impact of external macroeconomic variables on different sectors of Indian economy represented by Sectoral Indices at National Stock Exchange (NSE) viz. CNX Auto, CNX Bank, CNX Energy, CNX FMCG and CNX IT. The monthly statistical data for above mentioned variables have been used for eight years covering the period from April 2005 to March 2013. In order to examine the relationship among these variables Multiple Regression equation model (Galton, 1877) has been employed using SPSS-16. The results so obtained reveal high correlation among the variables and suggest that amongst all macroeconomic variables only Foreign Institutional Investment (FII) affects all sectoral indices however rest of the macroeconomic variables selectively affect different sectoral indices in India.
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 Name : Profitability of State Bank of India: An Analysis
 Author : Dr. Kingshuk Adhikari, Nitashree Barman, Pinkumoni Kashyap
 Abstract :
The paper attempts to analyse the profitability of State bank of India for the period of seven years. Apart from studying the trend of different components of both income and expenditure, performance of the bank has been analysed with the parameters like OPTWF, ROA, ROE, ROI and EPS. There is a significant difference not only between the components of income but also across the components of expenditure. The paper concludes that the profitability performance of the SBI is not consistent during the study period. The bank should focus more on diversification of income and should also curtail operating expenses in order to improve profitability performance.
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 Name : Economic and Societal Impact of Global Counterfeiting and Piracy
 Author : Saurabh Verma, Rajender Kumar, P. J. Philip
 Abstract :
Counterfeiting and piracy in international trade has become a global problem of immense magnitude. Counterfeiting is a victimless crime representing up to 10% of the Global trade. Counterfeiting is a social issue of 21st century, becoming a significant threat to the global economies and society. Counterfeiters don't discriminate and present in almost each and every industry. Counterfeiters aim is to target any product where a profit can be made, with no respect to the safety of the products or its effects on the consumers. Counterfeit batteries can explode, Fake automobile spare parts can collapse and counterfeit alcohol can take lives. Counterfeiting in recent times has gone well outside the national limits and includes the illegal production and distribution of fake versions of renowned, popular and respected brand name products affecting a wide range of organizations. These contraband products are manufactured and sold in economies or in markets where they go unregulated and escape normal tax and tariff payments. They expose consumers to health, safety and quality risks and levy costs on society at large, in terms of employment and crime. A recent study conducted by Business Action to Stop Counterfeiting and Piracy (BASCAP) indicates the global value of counterfeit and pirated goods, currently estimated at US$600- 650 billion, is likely to more than double by 2015. Along with smuggling, counterfeiting and fake have become major contributors towards generation of black money, which in turn encourages criminal activities which includes terrorism. Fake and smuggled goods combine to make a $600 billion industry, which has grown by 10,000 percent in the past two decades (IACC). The present study will find out the wider economic and social effects of counterfeiting and piracy at a global level and will analyze the role of social media in curbing counterfeiting and piracy.
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 Name : Training and Development Practices in Small and Medium Enterprises : Exploring A Conceptual Framework
 Author : Rajni Khosla, P.K. Sharma
 Abstract :
Development of SMEs is crucial to almost all economies in the world, and especially to those with major employment and income distribution challenges. This sector contributes immensely to GDP, social cohesion, employment and local development. While most literature focuses on enabling external environment, little efforts focused on building internal capabilities, mainly training, the input facilitating firm performance by building employee competencies. Training provides learners with the knowledge and skills needed for their present job and nurtures the future potential of the human force to meet ever changing global requirements. The study intends to probe into the present scenario of HRD with special reference to training and development in small and medium enterprises thereby identifying gaps if any, to establish the need of further research in the area and present a suggestive framework towards progressive development of SMEs. The study found that the perception of employers and employees towards training needs to be revamped. Informal unstructured training planned on the basis of need generated at work place is adopted where focus on technical aspect is relatively more with minimal attention to generic essential skills which impact the attitudes and behavior of employees in the longer course of activities.
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 Name : Risk Return Trade Off: Evidence from Monthly Return of Banking industry in Dhaka Stock Exchange
 Author : Md. Qamruzzaman ACMA
 Abstract :
The paper aims at assessing the risk return relations of banking sector stock in Dhaka stock exchange. A sample of 29 listed banks were selected from Dhaka Stock Exchange. Various statistical tools were accompanied with risk adjusted performance measures suggested by Jenson, Treynor and Sharpe are employed widely known as Treynor ratio, Sharpe ratio, and Jensen's alpha. This study found that samplestocks was showndownward trend in regards to annualized monthly return in comparison to market return. According to CAPM about 60% of sample stocks were shown positive results but lower than risk free rate means no market risk premium to investors.Risk adjusted measures also shown that all stocks were under performing with less diversification opportunities. Correlation matrix shown that The City Bank and Uttara Bank Limited with 80% has an option to create portfolio.
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 Name : SIT on Black Money: Historic Decision of the Modi Government
 Author : Prof. B.P. Sharma
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 Name : The Exchequer, Vodafone and the Government
 Author : Dr. Ashwani Mahajan
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 Name : Differentiated Bank Licences : Emergence of a New Bank Structure
 Author : Dr. Dhiraj Jain
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 Name : CORPORATE SNAPSHOT-WORLD June 2014
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 Name : ECONOMIC UPDATE GLOBAL & INDIAN JUNE 2014
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 Name : STATS WINDOW
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