Papers by Pardhasaradhi Madasu
Social Science Research Network, Sep 24, 2021
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Academia letters, Mar 19, 2022
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Social Science Research Network, 2020
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International Business Research, Aug 17, 2021
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Effulgence, 2022
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Sumedha Journal of Management, 2015
Testing the market efficiency and the effective functioning of the price discovery process of the... more Testing the market efficiency and the effective functioning of the price discovery process of the futures markets is one of the major areas of interest for both academicians and industry leaders. Several studies has examined the co-movement or co-integration of two or more indices of stock prices by using various econometric models. The present paper examines the historical performance of various indices published by Multi-Commodity Exchange of India and also explores the relationship between the spot and futures market. Descriptive Statistics were used to analyze the various characteristics of the time series data relating to the spot and futures indices of MCX. For the purpose of ascertaining the relationship between the Spot and the Futures commodity prices Granger Causality tests were performed and these tests have revealed the there is proof of informational flow between spot and futures market. The study reveals that certain commodities such as Energy, Agri and Metal have information flow between Spot and Futures market. In some cases there is bi-directional flow of information and in some other cases there is only uni-directional flow of information. To generalize the results further studies have to be made by comparing the data from various commodity exchanges within India and commodity exchanges across some of the emerging economies.
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Journal of critical reviews, 2020
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Social Science Research Network, Sep 24, 2021
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Academia Letters, 2022
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Prerana: Journal of Management Thought and Practice, 2020
The paper extends prior readability research through an examination of the readability levels in ... more The paper extends prior readability research through an examination of the readability levels in the letters to shareholders as published by constituent companies of BSE – 100 Index. Further, the study aims at finding the statistical significance of readability between the letters published by listed financial and non-financial firms. In total, 83 letters written by respective Chairpersons during FY 2019 were examined. Inspired by the extant literature, readability measurement formulae from computational linguistics named Fog Index was used to measure the readability of the letters. Readable.IO, an automated algorithm, has been used to get a score for Fog Index. The exiting body of literature on the readability of chairperson’s letters was mostly written in the context of developed financial markets. Very few studies of this nature have been conducted in emerging economies such as India. The present paper is expected to fill the research gap to a certain extent.
Keywords: Letter to shareholders, S&P BSE-100 Index, Readability, Fog Index, and Readable.IO.
JEL Classification: M41
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Gavesana - Journal of Management, 2015
The central banks world over have adopted and leveraged the technology for the betterment of the ... more The central banks world over have adopted and leveraged the technology for the betterment of the operations and the role of Reserve Bank of India (RBI) is prominent among such advancement activities. Today, the Government and financial market regulators are taking about the reduction in the usage of paper currency and moving towards the less cash economy. In this direction the introduction of Core Banking Services (CBS) for banks operating in India has given a major boost. As a central banker the RBI is committed to provide safe, efficient, accessible, inclusive, interoperable and authorized payment and settlement systems for the country and for achieving this objective it is imperative to have a wide usage of electronic payment system. The payment system is having many dimensions such as improvement in economic growth and financial inclusion. Countries like Sweden claims that it has already reached the peaks of having cashless economy. In this backdrop, the present paper has made an attempt to assess and report the progress made by the RBI in moving towards the 'Cashless' economy. The data analysis has shown that the progress of India towards the less cash economy is satisfactory when compared to the global and Asian peers.
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SuGyaan, 2018
Market regulators are concerned whenever they see that the various segments of markets are having... more Market regulators are concerned whenever they see that the various segments of markets are having an imbalanced growth and also to see that few inexperienced investors (especially individual retail investors) trade in complex nancial products. In Indian stock markets, the situation of imbalanced growth in cash and derivative segments is quite apparent. Even though it is well accepted principle that speculators are required for market, a high speculation is harmful in the long run. Along with high speculation in the derivative segment another concern is the naïve traders trading in the F&O segment without proper product knowledge. Both these issues are somewhat interrelated. In this backdrop, market regulator SEBI devided to bring in balanced growth and protect naïve investors. As a rst the market regulator has implemented compulsory physical settlement in the equity derivative segment. The new move of the regulator has implications for the market as a whole. The paper aims at providing an overview of mandatory physical settlement in equity derivative segment of Indian stock markets.
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SuGyaan, 2013
This study is motivated by the impressive growth of Islamic Finance Industry. Islamic investments... more This study is motivated by the impressive growth of Islamic Finance Industry. Islamic investmentsfollow the Shariah guidelines. Shariah is the Muslim law which regulates many aspects of a Muslim’slife including the type of investments allowed. The concept of Shariah has brought in major changesin the finance and investment world. In one way a new sub-segment named ‘Islamic Finance Industry’has taken shape. Islamic finance industry has undergone a transformation in the last few years.Today it has started asserting itself as an alternate system of finance. Diverse Shariah compliantfinancial products, which include banking products like savings and current accounts (based onWadia and Qard), (Mudarabah based) investment accounts, financing products such as Homefinancing and Ijarah, insurance products and capital market products like Mutual Funds, PortfolioManagement Services and Stock broking, are being offered in both Muslim and secular countries.Shariah prohibits investments in companies which indulge in business activities prohibited by Shariah.So, Shariah compliant stocks are those stocks whose income is not derived from prohibited activities.Stocks are screened for Shariah compliance by using certain Shariah screening norms. “TaqwaaAdvisory and Shariah Investment Solutions (TASIS) Pvt. Ltd” is the leading Shariah advisory institutionin India; it has formulated norms for Shariah screening of Indian stocks, which are widelyacknowledged and accepted in the country. Following the popularity of Shariah investments theinvestors were looking for a benchmark index that could be used for comparing the returns on theShariah compliant stocks. In 2006, S & P Dow Jones Indices introduced the S & P Shariah Indices.On Feb 19, 2013, S & P Dow Jones Indices and the Bombay Stock Exchange have created S & P BSE500 Shariah Index. This index was designed to represent all Shariah compliant stocks of the broadbased S & P BSE 500 Index. The present paper is an attempt to analyze the performance of theIndian Shariah Index.
Key Words: Islamic Finance, Shariah Compliant Stocks, and Shariah Index
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Gavesana Journal of Management, 2019
Pledgingsharesascollateralforborrowingiscommonforcorporateentities.Till-datesubstantialacademicre... more Pledgingsharesascollateralforborrowingiscommonforcorporateentities.Till-datesubstantialacademicresearchhas been conducted on the various aspects of corporate borrowing. Several research studies in accounting andfinance domain have been conducted on multiple issues relating to corporate borrowings. In disparity, minimalresearchhasbeendoneonthevariousdimensionsofpromoters/insider-ownersborrowingusingthefirm'ssharesascollaterals (Asija, Marisetty, & Rangan). If the pledging of promoters shares is for short-term working capitalrequirement,itcouldnotbeconsideredasrisk(Kumar,2015).Ontheotherhandifthecorporatesurvivesforlongerduration on the funds raised through pledging of shares than it may be concern for market regulators. The presentshares pledged by promotes of Indian companies is raising alarm among stakeholders. The promoters of Indianlisted companies pledged more than INR 1.2 trillion worth of shares in FY 2018 – 19, 60 percent higher than FY2017 – 18. The upper-level pledging of shares by promoters has put both borrowers and lenders at risk (Xavier,2019).Theeverincreasingpercentageofpromotersharesbeinggivenascollateralhashighlightedtheriskinvolved.Pledging of firm's shares by promoters is one of the issues that is ever debated in the context of corporategovernance.Insiders' share pledgingforbankloansisalong-standingcorporategovernanceissue(Wang&Chou,2016).Inthisbackdrop,thepresentpaperprovidesanoverviewofpromotersharepledginginIndiancapitalmarketsandtheperceivedimplicationsofthesepledgeddeals
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Global Management Review, 2020
Accounting narratives such as Letter-to-Shareholders (LtS) or MD&A have gained prominence among t... more Accounting narratives such as Letter-to-Shareholders (LtS) or MD&A have gained prominence among the accounting research community. Researchers have started analyzing these narratives through a computational linguistic lens. Among many of the narratives segments of Annual Reports, LtS, even though unaudited, is considered one of the critical narrative segments for investors and analysts alike. Clatworthy and Jones (2003) have mentioned that accounting narratives, such as LtS, are widely used and are considered vital while making investment decisions. Narratives in general and accounting narratives in specific are considered useful, provided they are 'Readable.' In this backdrop, the readability analysis of accounting narratives has gained currency. The present study is a longitudinal readability analysis of the LtS published by listed banking companies in India. In total, 301 LtS, which were published between FY 2007-08 to 2018-19, were analyzed using relevant readability metrics. The study results reveal that the LtS, as published by the sample companies during the sample period, could be categorized as 'Difficult' to read. Further, the readability has declined over the sample period, and the LtS has become more complex to read. Comparative readability analysis between LtS of public sector banks and private sector banks reveals that the readability of LtS, which were published by public sector banks is much lower than the private sector banks. The banks which were the part of any of the sectoral indices have published LtS, which were less readable than the LtS of banks, which are not part of any sector index. Based on this study's finding, it could be stated that the listed banking companies could be more proactive in published LtS that are more readable. The increase in readability would be more beneficial to the retail investors and better investment decisions by them.
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Global Management Review
Accounting narratives such as Letter-to-Shareholders (LtS) or MD&A have gained prominence among t... more Accounting narratives such as Letter-to-Shareholders (LtS) or MD&A have gained prominence among the accounting research community. Researchers have started analyzing these narratives through a computational linguistic lens. Among many of the narratives segments of Annual Reports, LtS, even though unaudited, is considered one of the critical narrative segments for investors and analysts alike. Clatworthy and Jones (2003) have mentioned that accounting narratives, such as LtS, are widely used and are considered vital while making investment decisions. Narratives in general and accounting narratives in specific are considered useful, provided they are 'Readable.' In this backdrop, the readability analysis of accounting narratives has gained currency. The present study is a longitudinal readability analysis of the LtS published by listed banking companies in India. In total, 301 LtS, which were published between FY 2007-08 to 2018-19, were analyzed using relevant readability metrics. The study results reveal that the LtS, as published by the sample companies during the sample period, could be categorized as 'Difficult' to read. Further, the readability has declined over the sample period, and the LtS has become more complex to read. Comparative readability analysis between LtS of public sector banks and private sector banks reveals that the readability of LtS, which were published by public sector banks is much lower than the private sector banks. The banks which were the part of any of the sectoral indices have published LtS, which were less readable than the LtS of banks, which are not part of any sector index. Based on this study's finding, it could be stated that the listed banking companies could be more proactive in published LtS that are more readable. The increase in readability would be more beneficial to the retail investors and better investment decisions by them.
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Management Today, 2016
Investors would invest in those financial markets which yield a decent return along with an optim... more Investors would invest in those financial markets which yield a decent return along with an optimal risk. One of the risk the investors would prefer to avoid is the 'Liquidity Risk'. All the major players in the financial markets (especially the players in the equity markets) would measure and monitor the 'Liquidity' in the markets on a regular basis and change their strategies accordingly. The liquidity across the various asset classes and across the markets is not same and requires different metrics to measure them. The present paper is an attempt to conduct a preliminary analysis of liquidity in equity segment of BSE and NSE. To have a comparative picture of liquidity across various popular global equity markets, initial analysis was conducted on select global equity markets by using parameters such as: Mcap.-to-GDP ratio, Turnover Ratio and Traded Value Ratio. On the same lines, liquidity at both BSE and NSE were analyzed. Apart from the said three ratios for measuring liquidity, the frequency of trading at the Indian stock exchanges has also been analyzed. The data for the study is drawn from secondary sources and the period of analysis depends on the availability of data for the said variable. The study shows that the Indian stock markets are relatively more liquid than the other stock markets in the emerging economies. The current study also confirms the earlier study that over a period of time NSE has gained more liquidity when compared to the peer BSE.
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Academia Letters, 2022
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Academia Letters, 2022
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Papers by Pardhasaradhi Madasu
Keywords: Letter to shareholders, S&P BSE-100 Index, Readability, Fog Index, and Readable.IO.
JEL Classification: M41
Key Words: Islamic Finance, Shariah Compliant Stocks, and Shariah Index
Keywords: Letter to shareholders, S&P BSE-100 Index, Readability, Fog Index, and Readable.IO.
JEL Classification: M41
Key Words: Islamic Finance, Shariah Compliant Stocks, and Shariah Index