RESEARCH ON THE INDIAN CAPITAL

MARKET- A REVIEW

O.SANGEETHA*

CapitalMarketResearch
Wewerefacedwiththedifficultquestionaboutwhatcanbeclassifiedasaworkon
capitalmarkets.Avarietyofworkineconomics,accountingandfinancewouldhave
somelinkageswithcapitalmarkets.Worksincorporatefinancehavestronglinkages
withsecuritymarkets.Forourpurposetherefore,weconsideredworksfallingintoany
ofthefollowingcategoriesasthosebelongingtothefieldofcapitalmarkets:valuation
of stocks and functioning of the stock markets; valuation of bonds, convertible
debentures and market for debt; new issues market and merchant banking; market
efficiency;dividends,bonus&rightsissuesandratesofreturn;andperformanceand
regulationsofmutualfunds.

PeriodofReview
Wehaveprimarilyreviewedworkdoneinthefifteenyearsfrom1977to1992.In
addition,someworkspublishedin1993,whichwecouldreadilyaccesswhileanalyzing

*PGStudent,Economics,OsmaniaUniversityCollegeforWomen,Koti,Hyderabad

thedatacollectedfortheearlierfifteenyears,havealsobeenreviewed.Itwas not
consideredworthwhiletogofurtherbackintimebecauseoftwomainreasons:a)the
furtheronegoesbackintime,themoredifficultitbecomestoaccessworksdone,b)the
characteristicsofcapitalmarketinIndiahavechangedconsiderablyandthemarketin
theeightiesandninetieshaslittleresemblancewiththemarketinthesixtiesandearly
seventies.Wechose1977asacutoffyearforabreakfromthepastsinceitwasthis
yearinwhichtheMNCsoperatinginIndiawereforcedtodiluteforeignholdingunder
FERA.Thedilutionwasperhapsthegenesisoftheequitycultwhichgaveafilliptothe
Indiancapitalmarket.

ObjectiveofReview

Eventhisaspectofthereviewrequiredresolutionofsomekeyissues.Shoulditsimply
consistofannotatedbibliographiesoftheresearch?Shoulditbeacommentaryonthe
works done without drawing any inferences for the future, or should it be our
assessment about the emerging scenario in the Indian capital market based on the
researchoverthechosenperiod?Wedecidedtoprovideadetailedbibliographyatthe
endofthepaperandprovideacommentaryonthemoreseriousworksinthemainbody
ofthepaper.Inseveralareas,particularlywheretherehavebeendramaticchangesin
theregulatoryoroperatingenvironment,wehavealsoidentifiedthekindofresearch
thatisneeded.

TheSurveyProcess

WestartedasearchintheforrelevantinformationonresearchinIndiancapitalmarket.
WesearchedthroughthecontentsofallIndianjournalswhichcouldcontainpaperson
capital markets and also located books listed in the library catalogue. The list of
referencesprovidedattheendofpaperswereanothersourceoftracingtheworksdone
inthearea.Ascanbeexpected,wedidfacedifficultiessometimesinlocatingpapers
becausetheparticularvolumeinwhichthepaperhadappearedwasmissing,orthat
somenewjournalwasnotsubscribettobythelibraryatall.

However, despite our best efforts, abstracts of all works could not be obtained or
prepared.Insuchcasestheworkshavemerelybeenlistedinthebibliographyandnot
commenteduponinthepaper.

Theworkcompiledwascategorizedintosixdifferentareasandadetailedreviewof
theseispresentedinthefollowingsections.

ValuationofStocksandFunctioningofIndianStockMarket

Theworkinthisareacanbeclassifiedintothreebroadstrands:a)thosedealingwith

functioningofsecuritiesmarketsandfinancialinstitutionsoperatinginthesemarkets,b)
those pertaining to the investment decision making process of individuals, and c)
empiricalworkonIndianstockmarkets.

Oneoftheearlyworksonfunctioningofstockmarketsandfinancialinstitutionswasby
Simha,HemalataandBalakrishnan(1979).Bhole(1982)wroteacomprehensivebook
on the growth and changes in the structure of Indian capital markets and financial
institutions.Thebookwassubsequentlyupdatedandrevisedin1992.Severalbooks
havebeenwrittenonsecurityanalysisandinvestmentinIndianstockmarkets:Bhalla
(1983);Jain(1983),Sahni(1986),Singh(1986);Chandra(1990a),Raghunathan(1991),
Avadhani(1992);Yasaswy(1985,91,92a,92b)andBaruaetal(1992).Thesebooks
areprimarilywrittenforinitiatinglayinvestorstotechniquesforsecurityanalysisand
managementofinvestmentportfolios.Basu&Dalal(1993),Barua&Varma(1993a)
andRamachandran(1993)havecriticallyexaminedvariousfacetsofthegreatsecurities
scamof1992.

Severalstudies,forexample,Sahni(1985),Kothari(1986),Raju(1988),Lal(1990),
Chandra (1990b), Francis (1991a), Ramesh Gupta (1991a,c, 1992a), Raghunathan
(1991),Varma(1992a),L.C.Gupta(1992)andSinha(1993)commentupontheIndian
capitalmarketingeneralandtradingsystemsinthestockexchangesinparticularand
suggestthatthesystemsthereinareratherantiquatedandinefficient,andsufferfrom
major weaknesses and malpractices. According to most of these studies, significant
reformsarerequiredifthestockexchangesaretobegeareduptotheenvisagedgrowth

intheIndiancapitalmarket.

The investment decision making process of individuals has been explored through
experimentsbyBaruaandSrinivasan(1986,1987a,1991).Theyconcludethattherisk
perception of individuals are significantly influenced by the skewness of the return
distribution. This implies that while taking investment decisions, investors are
concernedabout thepossibilityofmaximumlosses inadditionto thevariabilityof
returns. Thus the mean variance framework does not fully explain the investment
decisionmakingprocessofindividuals.Gupta(1991b)arguesthatdesigningaportfolio
foraclientismuchmorethanmerelypickingupsecuritiesforinvestment.Theportfolio
managerneedstounderstandthepsycheofhisclientwhiledesigninghisportfolio.
AccordingtoGupta,investorsinIndiaregardequitydebenturesandcompanydeposits
asbeinginmoreorlessthesameriskcategory,andconsidermutualfunds,includingall
equityfunds,almostassafeasbankdeposits.Chandra(1989)discussesthemistakes
madebyindividualinvestorsindesigningtheirportfoliosandsuggestssuitableremedial
measures.

Inhisrecentbook,L.C.Gupta(1992)concludesthat,a)Indianstockmarketishighly
speculative;b)Indianinvestorsaredissatisfiedwiththeserviceprovidedtothembythe
brokers;c)marginsleviedbythestockexchangesareinadequateandd)liquidityina
largenumberofstocksintheIndianmarketsisverylow.Whileevidentlyapainstaking
work, the conclusions except `c' above seem to be built on wrong or questionable
arguments.

Mayya (1977), Barua and Raghunathan (1982) and Prabhakar (1989) examined
empiricallythehedgeprovidedbystocksandbullionagainstinflation.Thesestudies
foundthatwhilegoldprovidedcompletehedgeagainstinflation,silverandstockwere
only partial hedges against inflation. Rao and Bhole (1990) arrive at a similar
conclusionaboutstocks.However,astheseworkspertaintotheperiodpriortothe
booming1980'sand1990's,theconclusionthatstocksarenotaninflationhedgeisof
doubtfulvaliditytoday.Asimilarstudycoveringthemorerecentyearswouldbevery
usefulasonemayreachaverydifferentconclusion.Withaboomingstockmarketsince
thesecondhalfofeightiesandthestagnationintheinternationalpriceofgold,sucha
studymayfindthatstocksandnotgoldprovidecompletehedgeagainstinflation.

Theissueofinflationhedgehasalsobeenresearchedinthecontextofstocks.Varma
(1991)comparestheBSENationalIndex(Natex)whichcomprises100scripswiththe
Sensitive Index (Sensex) comprising 30 scrips and concludes that the Natex is a
sluggishindexwhichrespondstooslowlytomarketconditions.Changeswhichare
reflectedintheSensexonanydayarecompletelyreflectedintheNatexonlybythe
nextday.HefindsthatSensexismorevolatilethanNatex.Heconcludesforthisand
otherreasonsthatthosewhofollowtheNatexbecauseofitsgreatercomprehensiveness
andtheoreticalappealmaybemistaken.TheSensexneedstobetakenmoreseriouslyas
asoundmarketindex.

TheobserveddeficienciesoftheNatexraiseseveraldisturbingquestionsforfinance

theoristsandresearchers.Isthemarketforthelesswelltradedsecuritiesinthemarket
inefficient?DothescripsconstitutingtheSensexleadtheotherscrips?Ifso,canthis
relationshipbeusedtomakeextranormalreturns?DoestheBombaymarketleadother
exchanges which are also represented in the Natex? These issues call for further
research,especiallysincesuchquestionshavebeenraisedbymany,includingtheSEBI
oflate.

OnwhetherSEBIhasbeensuccessfulinimprovingthefunctioningofIndianstock
markets,theconclusionsaremixed.Francis(1991b),Barua(1993)).Dhillon(1993),in
his doctoral dissertation studies the regulatory policies of Bombay Stock Exchange
(BSE) over a four year period (July 1986 June 1990). His findings show that
regulatory authorities decide changes in their margin policy onthe basis ofmarket
activity.Hefindsthatthemarginsarepromptedbychangesinsettlementreturns,price
volatility,tradingvolumeandopenpositions.Grangercausalityresultsshowthatthere
islimitedcausalityinthereversedirection:marginchangesdonotaffectreturns,and
haveonlyalimitedimpactonpricevolatility,tradingvolumeandopenpositions.Event
study methodology applied to daily margins show similar results, except that daily
marginonsellersdonotappeartobeaffectedbymarketvariables.Further,thereisalso
evidence of under margining leading to excessively levered positions, thereby
increasingtheinsolvencyrisk.Theaboveresultsrevealthatregulationsthroughthese
instrumenthavehadonlyamarginalimpactonthedualobjectivesofcontrollingmarket

activityandinsolvencyrisk.

Pandya(1992)observesthatasaregulatoryanddevelopmentbody,SEBI'seffortsin
thedirectionofinvestorprotectionarevariedandunlimited.Themeasuresbroughtin
bySEBIbroadlycovermeasuresforallocativeefficiencyintheprimarymarketwith
fairdegreeoftransparency,reformsinthesecondarymarketforvisibleandmutual
funds,regulationofvariousmarketintermediariesandaboveallfortheprotectionof
theinvestingpublic.

Venkateshwar(1991)explorestherelationshipsoftheIndianstockmarketsasreflected
bytheBombayStockExchangeIndex,visavisotherprominentinternationalstock
markets.23internationalStockindicesareusedovertheperiod198387.Heconcludes
thatthereispracticallynomeaningfulrelationshipbetweentheBSEindexandother
internationalstockmarketindices,thoughtheBritishandSouthKoreanindicesare
inverselyrelatedtoBSE.

RaghunathanandVarma(1992a)pointoutthatanycomparisonoftheIndianstock
marketwiththoseelsewheremustbecarriedoutonacommoncurrencybase.Theyfind
thatindollarterms,theSENSEXreturnoverthe196092periodisonlyabout0.5%,
whileduringthesameperiodthereturnsintheU.S.(basedontheS&PIndex)andthe
Japanese(basedontheNIKEIindex)are6.1%and11.4%peryearrespectively.Over
thetwelveyearperiod198092,thedollarreturnsforSENSEX,S&PandNIKEI
indicesturnouttobe6.5%,10.65%and13.6%respectively.Forashorterspanofseven

years,namely198592,thereturnsforthethreeindicesturnouttobequitecomparable
at15%,13%and14%respectively.

VerylittletheoreticalworkhasbeendoneinthefieldofequityvaluationintheIndian
context.Evenwhensomeworkhasbeendone,itisamereextensionofthewellknown
worksofModiglianiandMiller.Forexample,RaghunathanandVarma(1991)provide
areasonablycomprehensivevaluationmodelwhichcapturesmostofthecomplexities
andsubtletiesofrealworld.ThemodeliscapableofsupportingboththeGordonand
MMtypeassumptionsabouttheinvestmentpolicyofthefirm.Itallowsforpersonal
taxeswithdifferentialtaxratesfordividends,interest,andcapitalgains.Themodelalso
takesintoaccountflotationcostsondebtandequity.Further,unlikeothermodelswhich
definecapitalgainsasincreaseinthebookvaluewhichinturnequalsretainedearnings,
thismodelinterpretscapitalgainsasincreaseinthemarketvalueoftheshare.Finally,
themodelismodifiedtotakeintoaccountthefactthatinflationerodestherealvalueof
thefirm'sassets,particularlythenetmonetaryworkingcapital.

SomeoftheothertheoreticalworksonvaluationpertaintotheIndiandebenturesand
bondswithunspecifiedconversionterms.Thesearediscussedunderthesectiononthe
valuationofbondsanddebentures.

Thereareseveralempiricalworkspertainingtothepricingofequities.Pandey(1981)
examinestheimpactofleverageonequitypricesandconcludesthatModiglianiMiller
hypothesis is not supported. However, the risk proxy used in the paper, namely,

coefficient of variation of net operating income, is highly questionable. Zahir and

Yakesh(1982)findthedividendpersharetobethemostimportantvariableaffecting
theshareprice,followedbydividendyield,bookvaluepershare,dividendcoverage
andthereturnoninvestment,inthatorder.Balakrishnan(1984)alsofindsthatthe
currentdividendandbookvaluepersharearemoreimportantdeterminantsofmarket
priceascomparedtoearningspershareanddividendcoverage.

BaruaandRaghunathan(1990a)usetheGordon'sdividendgrowthmodeltoshowthat
theprevailingP/EmultiplesintheIndiancapitalmarketaroundthesecondandthird
quarterof1990areonthehigherside.Sinha(1992)argues thatthehighP/Eratio
observedinMarch1992ispartlyattributabletoabnormallylowearningsduring1991
92andpartlytothehighP/EratiosofMNCs.Evenafteradjustingforthesetwofactors,
hefindstheP/Eratiotoberelativelyhigh.

ValuationofBonds,ConvertibleDebenturesandMarketforDebt

Indevelopedeconomies,bondmarketstendtobebiggerinsizethantheequitymarket.
InIndiahowever,corporatebondmarketisquitesmallcomparedtothesizeofthe
equitymarket.Oneofthemainreasonsforthisisthatalargepartofcorporatedebt,
being loan from financial intermediaries, is not securitised. The picture however is
undergoing a sea change in the last few years. An increasingly larger number of
companies are entering the capital market to raise funds directly form the market
through issue of convertible and nonconvertible debentures. The deregulations on

interest rates in the new liberalized environment is also resulting in innovative

instrumentsbeingusedbycompaniestoraiseresourcesfromthecapitalmarkets.

The book written by Sen and Chandrashekar (1986) was a compendium of rules,
regulationsandproceduresforissueofdebentures.ThearticlesbyAtmaramani(1984)
andPremchander(1989)dealwithchangesneededintheguidelinesgoverningissueof
debenturestoensurethattheinstrumentbecomespopularwithinvestors.

TheworkdonebyKapadia(1981),Kapoor(1981),Sinha(1983),Chaudhury(1985)
analyzetheusefulness ofconvertibledebentures (CDs)as aninstrumentforraising
resources from the capital markets. After stating that CDs have provided attractive
returnstoinvestors,ChaudhuryidentifieslackofliquidityandSinhaidentifiescapital
gainstaxastwopossibledampenerstoCDsfindingfavourwithinvestors.

BaruaandSrinivasan(1987b)andBaruaandRaghunathan(1990b)examinetheterms
on which convertible debentures are issued to investors. The former argue that the
extremelylowconversionprice(inrelationtotheprevailingshareprice)wasunfairto
theexistingshareholdersofthecompanyasitimpliedaforcedtransferofwealthtonew
shareholders.BaruaandRaghunathanfocusattentiononthecompulsoryconversionof
CDsintosharesandarguethatconversionoughttobeoptionalsothatCDswould
acquirethefeaturesofacalloption.BoththeselacunaeinthetermsonwhichCDscan
beissuedhavenowbeenremovedundertheguidelinesprevailingtoday.

Barua, Madhavan and Varma (1991) examine the case of CDs with unspecified

conversionterms.Suchsecurities,whichwereuniquetotheIndiancapitalmarkets,had
becomequitepopularinthelastfewyearsoftheeighties.Analyzingalargeissueof
CDswithunspecifiedtermstheyconcludedthatwhileundernormalcircumstancesone
wouldexpectthesharepricestogovernthepricesofCDs(sincethelatterissupposed
to be the derived security), if conversion terms are not specified, changes in the
expectationsabouttheconversiontermscouldstartaffectingthesharepricesthrough
the dilutioneffect.AnalyzingtheissuefurtherBaruaandVarma(1991a)developa
theoreticalmodelforvaluationofCDswithunspecifiedtermsandshowthataninvestor
inthesesecuritiescannotprotecthimselffrombothsourcesofrisk:changesinthevalue
ofthefirmandchangesintheconversionratio.TheyfinallyarguethatCDsshouldbe
allowedtobeissuedonlyonclearlyspecifiedterms.Thenewregulationsrequirethe
issuerstospecifytheconversiontermsclearlytherebyremovingamajorlacunawhich
existedearlier.

RaghunathanandVarma(1992b)examinethequalityofcreditratingbeingdoneby
CRISIL. They find that CRISIL's AAA ratings are not only not consistent with
internationalratingnormsbuttheyarealsointernallyinconsistent.Theyalsofindthat
thequalitativefactorslistedcannotsatisfactorilyexplaintheinconsistenciesfoundin
theratings.Extendingtheworkdoneearlier,RaghunathanandVarma(1993)findthata
naive model of simply taking an average value of all the variables considered by
CRISILforratingprovidesafarmoreconsistentratingofcompaniesthanthemodel
thatCRISILmayhaveusedtoactuallyratethecompanies.Basedontheaboveanalysis,
theyarguethatthereisaneedtoallowentryofprivateratingagenciestoensurethatthe

exerciseisdonemoremeaningfully.Sankar(1992)alsopointsoutseveralflawsin
CRISIL'screditratings.

AnoffbeatworkinthisareaisdonebyVarma(1989)onvaluationofspecialbearer
bonds.AvaluationmodelisdevelopedwhichextendstheCAPMtotakeintoaccount
theriskoftaxraidsonholdersofthesebondsforunearthingblackmoney.Theanalysis
showsthatthepricingofallotherassetsrelativetoeachotherwouldbeunaffectedby
thepresenceofblackmoneyintheeconomy.

Whileavarietyofworkhasbeendoneonconvertibleandnonconvertibledebentures,
inviewoftheseachangeintheregulatoryregime,afairamountofpastworkisonlyof
historicalsignificance,providinglittleguidetowhatkindofsituationwouldprevailin
thefuture.ThishasbecomeaverycriticalareaofresearchinIndiancapitalmarkets.

Baruaetal(1994)undertakeacomprehensiveassessmentoftheprivatecorporatedebt
market,thepublicsectorbondmarket,theGovernmentsecuritiesmarket,thehousing
financeandotherdebtmarketsinIndia.Thepaperismainlyadiagnosticstudyofthe
stateoftheIndiandebtmarket,recommendingnecessarymeasuresforthedevelopment
ofthesecondarymarketfordebt.Ithighlightstheneedtointegratetheregulateddebt
marketwiththefreedebtmarket,thenecessityformarketmakingforfinancingand
hedgingoptionsandinterestratederivatives,andtaxreforms.

NewIssueMarketandMerchantBanking

ThereisapaucityofresearchdoneinthenewissuemarketinIndia.Whatisworseis
thatmuchofwhateverlittleworkhasbeendone,datesbacktothelate1970'sandearly
1980's prior to the qualitative transformation that took place in the Indian equity
marketsinthe1980's.Moreover,theadventoffreepricingin1992haschangedthe
dynamicsofthenewissuemarketalmostbeyondrecognition.Allthismeansthatthe
bulkoftheworkbeingreviewedhereisofdoubtfulrelevanceintoday'scontext.

Italsomeansthatthenewissuemarketisoneoftheareaswheresubstantialresearch
needstobedoneintheyearsahead.Oneredeemingfeatureforresearchersinthisfield
isthevastlyimprovedqualityandcoverageofcommerciallyavailabledatabases.Data
whichearlierhadtobepainstakinglypiecedtogetherfromhundredsofprospectusesis
now available in machine readable form. This would, we hope, spur an increasing
amountofresearchonthisimportantarea.

Fromanacademicpointofview,themostsignificantworkinthefieldofnewissuesin
IndiaisthatofGujarathi(1981)whoexaminedthequestionoftheriskadjustedreturn
inthenewissuesmarket.Asinallstudiesofnewissues,thedifficultyofestimatingthe
risk(beta)ofnewlyissuedsecuritiesforcesGujarathitouseacomplicatedmethodology
forarrivingattheriskadjustedreturn.Hisconclusionisthatinvestorsinthenewissues
marketin1970'searnedanextranormalreturnofnearly2%permonth!

Khan(1977,1978)studiedtheroleofnewissuesinfinancingtheprivatecorporate
sectorduringthe1960'sandearly1970'sandconcludedthatnewissuesweredeclining
in importance. He also showed that with underwriting becoming almost universal,
institutionsliketheLICandtheUTIwerebecomingmajorplayers.

Jain(1979)shedmorelightonthisquestionwithananalysisofUTI'sroleinthenew
issuemarket.HearguedthatUTIlookedatunderwritingasamethodofacquiring
securitiesatlowcostratherthananarrangementforguaranteeingthesuccessofnew
issues.Inthecontextoftherapidlychangingstructureofthemerchantbankingindustry
inIndiatoday,adeeperanalysisofthemotivationsandstrengthsofdifferentplayers
wouldbehighlyuseful.

Chandra(1989a)andVarmaandVenkiteswaran(1990)criticallyexaminetheCCI
guidelinesforvaluationofsharesandpointoutthattheCCI'smethodologyis
fundamentallyflawed.WiththeabolitionoftheofficeoftheCCI,theissueofpricing
usingtheCCImethodologyhashoweverbecomeredundant.

AnshumanandChandra(1991)examinethegovernmentpolicyoffavouringthesmall
shareholdersintermsofallotmentofshares.Theyarguethatsuchapolicysuffersfrom
severallacunaesuchashigherissueandservicingcostsandlesservigilanceaboutthe
functioningofcompaniesbecauseofinadequateknowledge.Theysuggestthatthereis
aneedtoeliminatethisbiasasthatwouldleadtoabetterfunctioningcapitalmarket
andwouldstrengtheninvestorprotection.Withproportionalallocationbeingadvocated

bySEBI,ashiftinthepolicyisalreadyevident.However,thereappearstobesomere
thinking on proportional allocation after the recent experiences which clearly
demonstratethatsuchapolicycouldresultinhighlyskewedownershippatterns.

Muchoftheworkinthefieldofmerchantbankingisdescriptiveinnature.Dhankar's
book(1986)dealswithproceduralaspectsofmerchantbanking.Verma'sbook(1990),
on the other hand, deals with organization and management of merchant banking
function.

Bhatt(1980)makescertaingeneralobservationsonthemerchantbankingfunction.
According to him, the most important merchant banking functions are promotion,
financingandsyndicationofloansforprojectsinthecountryincludingforforeign
collaborations;investmentadvisoryservices,investmentmanagementandadviceon
jointventuresabroad.Suchmerchantbankinginstitutionscanalsoassistnonresident
IndiansininvestingtheirfundsinsharesofnewcompaniesinIndia,bonds,securities
etc.

Agrawal(1980)stressestheneedtoredefinetheunderwritingfunction.Heunderscores
theneedfordistinguishingunderwritingfrominvesting.Inhisopinionsucha
distinctiondoesnotexistinIndia.

Saha(1988)arguesthatthestrategyofmerchantbankersshouldnotbetodevelopan
instrumentforraisingcapitalfromthemarket,buttodevelopaprocessthatmakes
creation and delivery of the instruments possible in accordance with the pace and

requirementsoftheissuers.

Trikha(1989)highlightsthelackofprofessionalismofthemerchantbankersinIndiaas
regardstheirattitudetowardstheinvestingpublic.Theconcernhasbecomeevenmore
relevanttoday.

Noneofthepapersconcerningmerchantbankingarerigorousintermsofanalytical
investigationofthemerchantbankingindustry.WiththeopeningupoftheIndian
economy,merchantbankingisoneactivitywhichwouldbecomecrucialforsustained
economicdevelopment.Thisisoneareathereforewhereconcertedresearchisrequired.

MarketEfficiency

Threetypesofinformationalefficiency(weak,semistrongandstrong)havebeenwell
identifiedbyresearchersinthefieldofcapitalmarketsthroughouttheworld.

Weakefficiencystatesthatcurrentpricesfullyreflectalltheinformationcontainedin
thehistoryofpastpricesanddeniestheutilityofchartingandtechnicalanalysis.This
issue has been researched in India over a long period and the overwhelming
preponderance of evidence, for example, Barua (1980, 1987); Sharma (1983);
Ramachandran(1985);SharmaandKennedy(1977);Gupta(1985)isinfavourofweak
formefficiency.Therehavebeenonlyafewstudies(Kulkarni(1978)andChaudhury
(1991a,b,c))whichdidnotsupporttheweakefficiencyhypothesis.

In the light of the above evidence, the results of Bhat and Pandey (1987) appear
paradoxical.Onthebasisofaquestionnairesurvey,theyconcludethattheusersand
preparersofaccountinginformationinIndiadonotbelievethatthemarketisefficient
inanyofitsthreeforms.

Bhat(1988a)studiestherelationshipbetweentheregionalmarketindicesintheIndian
stockmarketovertheperiod197185usingmonthlydata.Hefindsthattheregional
priceindicatorsrespondimmediatelytotheallIndiaindex,butcautionsthathisstudyis
notadequatetoconcludetheexistenceofanintegratednationalmarket.

Semistrongformofefficiencydealswiththespeedwithwhichpubliclyavailable
informationisassimilatedbythemarketandincorporatedinmarketprices.The
evidenceonthisissueismixed.

Subramaniam(1989)foundthatinthecaseofpoliticalevents,themarketappearedto
respondmoreefficientlytoeventswhoseimpactonsharevalueswascharacterizedby
lowcomplexityandhighclarity.Themarketseemedtohavedifficultywithambiguous
andcomplexevents.Ramachandran(1985)andSrinivasan(1988)foundthatthemarket
wasbyandlargeefficientinrespondingtotheinformationcontentofbonusissuesand
rightsissuesrespectively.

Acloselyrelatedquestionistheextenttowhichsharepricesreflect(publiclyknown)
fundamentals.Dixit(1986)showsthatdividendisthemostimportantdeterminantof

shareprices.Thisisconsistentwithstandardtheoriesoffundamentalvalue.However,
Barua and Raghunathan (1990a), Sundaram (1991) and Obaidullah (1991), Sinha
(1992)castdoubtsonwhethertheobservedpriceearningsratiosareconsistentwith
fundamentalfactorslikedividendgrowthandpayoutratios.

AnotherrelatedquestioniswhetherthepricinginIndianmarketsisconsistentwiththe
riskreturnparitypostulatedbytheCapitalAssetPricingModel(CAPM).WhileVarma
(1988)andYalawar(1988)provideevidenceinfavouroftheCAPM,Srinivasan(1988)
argues that the CAPM relationship holds onlyin the long run. The validity ofthe
CAPMisimportantasmanytestsoftheefficientmarkethypothesisimplicitlyassume
thevalidityoftheCAPM.MoredetailedtestsoftheCAPMandalsoofthecompeting
ArbitragePricingTheoryareimportantareasforfutureresearch.

Barua and Raghunathan (1986) provide evidence of the systematic mispricing of

convertiblesecuritiesinviolationoftheriskreturnparityandarguethatthisrepresents
anarbitrageopportunity.Thoughthispaperprovokedaheateddebateonwhetherthe
arbitrage opportunity was really risk free, the mispricing of convertible securities
remainsanunexplainedanomaly.

Regardingthebehaviourofinterestratesandfixedincomesecurities,thereishardly
any research yet. Interest rates have been progressively freed since 1991 but the
transitiontoatotalfreemarketregimeislikelytobecompleteonlybythemid1990's.
The study by Nachane (1988) of the few interest rates that have historically been

subjecttosomeextenttomarketforcesassumessignificanceinthiscontext.Nachane
foundthatthemarketforlendablefundsasreflectedinthecallmarketrate,bazaarbill
rateandtheSBI Hundi rateisinefficient.TheFisherinehypothesisthatinterestrates
reflectanticipatedinflationisalsorejected.

Thethirdformofmarketefficiency(strongfrom)assertsthateveninsideinformation
which is not publicly available is reflected in market prices very rapidly. This
hypothesis is usually tested by evaluating the performance of mutual funds whose
managerscanbeexpectedtohavesomedegreeofinsideinformation.Theresearchin
thisfieldisdiscussedinaseparatesectionofthisreview.

Dividends,Bonus&RightsIssuesandRatesofReturn

Inauniqueworkofitskind,L.C.Gupta(1980,1981)examinesthecharacteristicsof
theratesofreturnonequitiesintheIndiancapitalmarketforafairlylargesampleof
276companiesoverasixteenyearperiodfrom196176.Heconcludesthattheratesof
return providedbyequities areunsatisfactorybecause:a)about20%ofreturns for
variousholdingperiodsarenegative,b)thereturnsprovideonlyapartialhedgeagainst
inflation,c)thefluctuationsinreturnsevenwithinayeararelargeenoughtoconclude
thattimingoftransactionsdecisionshavesignificantbearingonrealizedreturns,d)the
riskisconsiderableevenwheninvestmentismadeinaportfolioofsecuritiesandfor
longperiodsoftime.WhilethestudyisanimportantmilestoneinresearchinIndian
capitalmarket,giventheequitycultthatstartedafterforceddilutionbyMNCsbecause

ofFERAinthelateseventiesandtheriseintheequityreturnssincethesecondhalfof
eighties,theconclusionsofthestudyareunlikelytobevalidnowfortheIndianmarket.
Acomprehensivestudyofthatkindforthemorerecentperiodiscalledfor.

GujarathiandSrinivasan(1980)discusstheissueofdiscountcouponsbeingdistributed,
particularlybytextilemills,forpurchasingtheproductsofthecompanies.Theyargue
thatsuchcouponsareakintopaymentof(disguised)dividendswhichwouldnotbe
taxed.Srivastava(1984)doesacrosssectionstudyof327companiesfortheyear1982
83toconcludethathighdividendratesareassociatedwithhighermarketpricesof
securities.HethereforestatesthatthefamousModiglianiMillerModelthatdividends
havenoimpactonsharepricesisnotapplicableintheIndiancontext.Theanalysis
suffersfromseverallimitations,themostobviousbeingthefactthathadtheresearcher
examined the relationship between earnings and dividends, he would have in all
likelihood found that the higher dividend paying companies are also the ones with
higher earnings. Unless the hypothesis of spurious relationship between prices and
dividends because of both being related to earnings is examined and rejected, the
conclusion of the study would be suspect. Dholakia and Bhat (1986) attempt to
decomposetheriskinessofsharesintoriskindividendandriskincapitalgains.Their
studysuggeststhatthereisanegativerelationshipbetweendividendsandcapitalgains.

Researchonbonusissueshasdealtwithtwomainsetsofissues:(a)thebonuspolicy
andthepostbonusdividendpolicyofcompanies,and(b)theefficiencywithwhichthe
stockmarketassimilatesinformationaboutbonusissues.

Gupta(1991)arguesonthebasisofastudyof25largecompaniesoveratenyear
periodthatbonuspolicyofcompaniesischaracterizedbylowbonus,irregularintervals
andinconsistentpolicy.ThisisanareawhichneedsfurtherstudyasGupta'ssampleis
toosmalltoarriveatanydefinitiveconclusions.Infact,weknowtoolittleabouthow
companiesdecideonbonusissues;certainly,weknowlessaboutbonuspolicythan
aboutdividendpolicy.

Thereisconsiderablymoreworkonthepostbonusdividendperformance.Academics
have long argued that the real significance of bonus issues is that they signal
management'sperceptionofhigherprofitsanddividendsinfuture.Earlystudiesby
L.C.Gupta(1978)indicatedthatathirdofthecompaniesdidnotraisethedividend
quantum and that significant number even reduced the dividend. Gupta, in fact,
cautionedinvestorsnottobecarriedawaybythespeculativefervoursurroundingthe
bonus issue. Later studies, however, present a very different picture. Sarma (1993)
showsthatduringtheperiod19771988,anoverwhelmingmajorityofthebonusissues
wereaccompaniedbyincreaseddividendquantuminthebonusyearitself.Therangeof
increasewasalsolargeandinmanycases,theolddividendpercentagewasmaintained
ontheenlargedequitybase.Sarma'sstudyalsoindicatedthatthebonuspersehasno
effectonthesharevalueandsupportedtheviewthatbonusmerelysignalshigherfuture
profitsanddividends.

There is considerable evidence to suggest that the market assimilates information

regardingbonusissuesrapidlyandefficiently.Inanefficientmarket,thesharestarts
risinginanticipationofthebonusannouncementandcompletesitsriseimmediately
aftertheannouncement.Ramachandran(1985)andRamachandran(1992)bothprovide
evidencethatthisisso.Obaidullah(1992)alsoconcludesthatthereisnoevidenceto
suggestthatlearninglagsexistorthattheassimilationofinformationisslow.

Rightsissuesmadebelowmarketpricesaresimilartobonusissuesinsomerespects.In
fact,arightsissueatadiscountfromthemarketpricecanbedecomposedconceptually
intoabonusissueandarightsissueatmarketprices.Hingorani(1978)analysesthe
valueofrightssharesandillustratestheadvantagederivedbytheinvestor.

Srinivasan(1993)studiedtheefficiencyofthemarketinassimilatingtheinformation
contentofrightsissuesandconcludedthatthemarketwasbyandlargeefficient.
Oneunresolvedissueinthefieldofrightsandbonusissuesisthepricecorrectionon
theexbonusandexrightsdays.Whilethesecorrectionsarenotequaltothetheoretical
corrections,theissueiscomplicatedbytaxarbitrageconsiderationsandbyliquidity
effects.Thisunresolvedanomalydeservesfullerstudy.

Barua,MadhavanandRaghunathan(1987)showthatthebetacoefficientofasecurity,
whenreturnsaremeasuredusingdiscretetimeframe,varywiththelengthoftheperiod
usedforcomputationforreturns.Thesystematicriskofasecurityifsuchamethodis
usedwouldthereforedependontheassumptionabouttheholdingperiodofinvestors.

RaoandBhole(1990)haveexaminedtherealratesofreturnonequitiesintheIndian

marketfortheperiod195387.Theyconcludethatequitiesprovideonlyapartialhedge
againstinflation.Whilethelongtermrealratesofreturnarepositive,duringperiodsof
extraordinarilyhighinflation,therealratesofreturnarenegative.Thestudywould
havebeenmoreusefulhadthereturnsprovidedbybullionalsoanalyzedforthesame
period.Itwouldalsohavebeenusefultobreakupthelongperiodintosubperiodsto
determinewhetherthebehaviourofreturnswasdifferentfordifferentsubperiodsand
whetherreasonscouldbeascribedforanyobserveddifferences.Asobservedearlierin
thepaper,astheIndianstockmarkethasbeenboominginrecentyears,theconclusions
foramorerecentperiodcouldbequitedifferentfromtheconclusionsreachedinthe
study.

Ignatius(1992)hasdoneaninterestingstudycomparingthereturnsintheBSEwith
those intheNYSE.Hefinds amildlysignificant weekendeffectin thereturns on
equitiesinIndiaaswellasseasonalityinreturn,withthemonthofDecemberproviding
significantlyhighermonthlyreturn.Overall,thereturnpatterns intheBSEandthe
NYSEappeartobesimilar.Amorerigorousstudyofthiskindinvolvingothermarkets
wouldbeveryusefulatthepresentjuncturewhentheIndianmarkethasbeenthrown
opentoinvestmentbyforeigners,sincesuchastudycanassesswhethertherecouldbe
gainsfromportfoliodiversificationthroughinvestmentintheIndiancapitalmarkets.

PerformanceandRegulationofMutualFunds

ThefirstcloseendedmutualfundwasfloatedintheIndiancapitalmarketjustover

sevenyearsagoinSeptember1986.Today,therearemorethan130schemesinthe
market and the last few months have witnessed the entry of private sector in this
fledglingindustry.Giventhebriefhistory,itishardlysurprisingthatthereispaucityof
researchonMutualFunds.Oneoftheearliestempiricalresearchintheareawasdone
byBaruaandVarma(1990).TheyexaminedtheperformanceofMastershares,thefirst
closeendMutualFund,bothinterms ofNAVandmarketprices.Theyfoundthat
thoughintermsofNAVtheriskadjustedperformanceofMastershareswassuperiorto
themarket,intermsofmarketpricestheperformancewasinferiortothemarket.The
initialworkwasrefinedinthesubsequentpaperbythesameauthors(1991b)which
concluded that the performance of Mastershares from the point of view ofa small
investor (whose equity investment would primarily be in terms of holding of
Mastershares)waspoorwhilefromthepointofviewofalargeinvestor(forwhom
Mastershares would be one of the securities in the portfolio) the performance was
excellent.Theresearchraisedaninterestingissueaboutthepurposeofmutualfunds:if
theyaremeantprimarilyforsmallinvestors,thenMastershareshavefailedtoservethe
purpose.InanotherpaperBaruaandVarma(1993b)haveexaminedtherelationship
betweentheNAVandthemarketpriceonMastershares.Theyconcludethatmarket
pricesarefarmorevolatilethanwhatcanbejustifiedbyvolatilityofNAVs.Theprices
also show a mean reverting behaviour, thus perhaps providing an opportunity for
discoveringatradingruletomakeabnormalprofitsinthemarket.Sucharulewould
basicallyimplybuyingMastershareswheneverthediscountfromNAVwasquitehigh
andsellingMastershareswheneverthediscountwaslow.

Theearliestworkonevolvingaregulatoryframeworkforthefledglingindustrywas
donebyBarua,VarmaandVenkiteswaran(1991).Drawingheavilyontheregulatory
frameworkforoperationofmutualfundsintheU.S.A.(InvestmentCompanyActof
1940),theauthorsproposeddetailedguidelinesthatcouldbeadoptedformutualfunds
operatingintheIndiancapitalmarkets.

Theotherpapersonmutualfundsaredescriptiveinnatureandconjectureaboutthe
future scenario in the Indian capital market. Vidhyashankar (1990) concludes that
mutualfundswouldemergeasthepredominantinstrumentforsavingsbythehousehold
sectorbytheturnofthiscentury.Mahendra(1991)reachesasimilarconclusionwhen
hestatesthatmutualfundswoulddominatetheIndiancapitalmarkets.BalandMishra
(1990)conjecturethatmutualfundswouldplayanimportantroleindevelopingthe
Indiancapitalmarkets.

Inconclusion

Inabroadrangingreviewofthiskind,noamountofcareusuallysufficestosavethe
authorsfrombeingfoundguiltyofomissionsevenglaringomissions.Wetriedto
exerciseasmuchcareaspossibletoensurethatwedidnotmissanyresearchdoneafter
1977 on the Indian capital markets. Some omissions are bound to have occurred
because of reasons beyond our control. Though we put in fair amount of effort in
identifyingallrelevantinstitutions,itispossiblethatweperhapsdidnotwritetoall
institutionsengagedinresearchontheIndiancapitalmarkets.Sinceonly53institutions

respondedoutof118institutionswewroteto,itisquitepossiblethatsomeunpublished
researchworkshavenotbeenincludedintheworksreviewed.Wecanonlyregretsuch
omissions.Wewouldbegratefultothereadersofthispaperiftheybringtoournotice
suchomissionssothatwecouldmakethecoveragemorecomprehensiveinthenext
updateofthepaper.

Onthebasisoftheexerciseundertakenbyus,weconsideritobligatorytomakesome
briefcommentsonthestateofcapitalmarketresearchinIndia.

Certainareassuchasarbitragepricingtheory,optionpricingtheory,agencytheory,and
signallingtheoryarevirtuallyunresearchedintheIndiancontext.Besides,verylittle
theoreticalworkhasbeendonebyresearchersinIndia.

Amajormaladywithwhichmostoftheworkssufferfromisthelackofreferencing.
Unlikeinthemoredevelopedresearchenvironmentswhereanyacademicworkcanbe
tracedbacktotheoriginbyfollowingthereferencesbackwardintime,eachpieceof
researchinIndiaismoreorlessastandalonepiece.Itisnotunusualtocomeacross
papers without any references whatsoever! Where references exist, they are often
incomplete,besidesbeingonlycosmetic(notquiterelevanttothework),sothatitmay
bevirtuallyimpossibletofindacommonthreadacrossdifferentworks.Thesituationis
hardlyhelpedbythefactthatjournalsinIndiaareseldomrefereedinthetruesenseof
theword.

Considering the size, vintage and the extent of development of the Indian capital

market,thetotalvolumeofresearchonitappearstobewoefullymodest.Forexample,
thetotalnumberofresearchworks(eachbook,dissertationorpapercountedasawork)
overthe15yearspan(197792)for118potentialresearchinstitutionsisonly180
about0.1unitofworkperinstitutionperyear!Alargenumberofworksaremerely
descriptive or prescriptive without rigorous analysis. If one were to apply a strict
definitionofresearch,onemayhavetoexcludeabouthalfoftheworkscitedinthis
paper.Further,notonlyistheaverageresearchoutputverylowbutthedistributionof
workdonebytheinstitutionsandindividualsishighlyskewed.Tosomeextent,this
skewnessmighthavebeenexacerbatedbythefactthattheauthorsofthispaperhave
hadmorecompleteaccesstotheworksoftheirowninstitutionascomparedtoother
institutions. The main reason as to why Indian capital market is grossly under
researched is perhaps because of lack of availability of databases and computing
resources.Boththeselimitationsarebeingremovedandweareoptimisticthatoneis
likelytowitnessanexplosionofworkinthenearfuture.Thecurrentinterestofforeign
investorsintheIndiancapitalmarket,ifitissustained,wouldalsohelpgiveafillipto
research.

Bibliography
I.

Agrawal G D (1992), "Mutual Funds and Investors' Interest", Chartered

Secretary,Vol.22,No.1(Jan),p.23.

II.

Agrawal N C (1980), "Underwriting Operations in India: Reexamination

Needed",CharteredAccountant,Vol.28,No.11(May),p.10011005.

III.

AgarwalPC(1992),"SuggestionsonScriplessTrading",CharteredSecretary,
Vol.22,No.10(Oct),p.888.

IV.AnshumanAS&PrakashChandraR(1991),"SmallEquityShareholdings:The
Repurcussions",CharteredSecretary,Vol21,No.7(Jul),p.562.

V.AtmaramaniKA(1984),"IssueofNonConvertibleDebenturesbypubliclimited
companies",CharteredSecretary,Vol.14,No.7(Jul),p.463468.

VI.AvadhaniVA(1992),Investment&SecuritiesMarketsinIndia:Investment
Management,HimalayaPublishing,Bombay.p426.

VII.BalRK,MishraBB(1990),"RoleofMutualFundsinDevelopingIndian
CapitalMarket",

IndianJournalofCommerce,Vol.XLIII,p.165.

VIII.BalasubramaniamCS(1980),"IndexesofOrdinarySharePricesAn
Evaluation",ArthaVijnana,Vol.22No.4(Dec)p.552564.

IX.BalasubramaniamN(1993),CorporateFinancialPoliciesandShareholders
Returns:TheIndianExperience,HimalayaPublishing,Bombay,p.266.

X.

Balkrishnan (1984), "Determinants of Equity Prices in India", Management

Accountant,Vol.19,No.12(Dec),p.728730.

XI.BaruaSK(1980),"ValuationofSecuritiesandInfluenceofValueonFinancial
DecisionofaFirm",DoctoralDissertation,IndianInstituteofManagement,
Ahmedabad.

XII.BaruaSK(1981),"ShortrunPriceBehaviourofSecurities:SomeEvidenceof
IndianCapital",Vikalpa(AprJun)Vol.6,No.2,p.93100.

XIII.BaruaSK&RaghunathanV(1982),"InflationHedgeinIndiaStocksor
Bullion",WorkingPaperNo.429,(JulySept),IndianInstituteofManagement,
Ahmedabad.

XIV.BaruaSK&SrinivasanG(1982),"ExperimentonIndividualInvestment
DecisionMakingProcess",WorkingPaperNo.423,(AprJune),IndianInstitute

ofManagement,Ahmedabad.

XV.BaruaSK&RaghunathanV(1986),"InefficiencyoftheIndianCapitalMarket",
Vikalpa,Vol.11,No.3,(JulSept),p.225230.

XVI.BaruaSK(1987),"SomeObservationsontheReportoftheHighPowered
CommitteeonStockExchangeReforms",AnnualIssueofICFAI,December
1987.

XVII.BaruaSK,MadhavanT&RaghunathanV(1987),"ImplicationsofChangesin
theHolding,periodandOther,parametersonSystematicRiskandPerformance
of a Security", Working Paper No. 664, (JanMar), Indian Institute of
Management,Ahmedabad.

XVIII.BaruaSK&RaghunathanV(1987),"InefficiencyandSpeculationintheIndian
CapitalMarket",Vikalpa,Vol.12,No.3,(JulSept),p.5358.

XIX. Barua S K & Srinivasan G (1987a), "Investigation of Decision Criteria for

InvestmentinRiskyAssets", OMEGA:InternationalJournalofManagement
Science,Vol.15,No.3,p.247253.

XX.

Barua S K & Srinivasan G (1987b), "Setting the Terms for Convertible

DebentureIssues:ShouldtheSpiritofCompanyLawbeViolated?", Vikalpa,

Vol.12,No.1,(JanMar),p.5761.

RaghunathanV(1988),"TestingStockMarketEfficiencyUsing
XXI. BaruaSK &
RiskReturn
ParityRule:AReply(Notes&Comments)",Vikalpa,Vol.13,(JulSept),p.82
83.
SrinivasanG(1988),"TheDecisionProcessofIndividualsunder
XXII. BaruaSK &
Conditions
ofRisk:AnExperimentalStudy,InternationalJournalofManagement,Vol.5,
No.3,(Sept),
p.251
258.
XXIII.BaruaSK&RaghunathanV(1990a),"SoaringStockPrices:Defying
Fundamentals",Economic&PoliticalWeekly,Vol.25,No.46,Nov17,p.2559
2561.

XXIV.BaruaSK&RaghunathanV(1990b),"ConvertibleSecurities&Implied
Options",Vikalpa,Vol.15,No.4(OctDec),p.2328.

XXV.BaruaSK&VarmaJR(1990),"Mastershares:EnigmaticPerformance",
WorkingPaperNo.906,(OctDec),IndianInstituteofManagement,
Ahmedabad.

XXVI.BaruaSK&VarmaJR(1991b),"Mastershares:ABonanzaforLarge
Investors",Vikalpa,Vol.16,No.1(JanMar),p.2934.

XXVII.BaruaSK
&

VarmaJR(1991a),"IndianConvertibleBondswithUnspecified

Terms:A
ValuationModel",WorkingPaperNo.991,(JulSep),IndianInstituteof
Management,

Ahmedabad.
XXVIII.BaruaS
K

VarmaJR(1991),"Mastershares:MarketPrices
&

Divorcedfrom

Fundamentals",WorkingPaperNo.953,(JulSep),IndianInstituteof
Management,

Ahmedabad.

XXIX.BaruaSK,VarmaJR,VenkiteswaranN(1991),"ARegulatoryFrameworkfor
Mutual Funds", Economic & Political Weekly, Review of Management &
Industry,Vol.26,No.21,May25,p.5559.

XXX. BaruaSK,MadhavanT&VarmaJR(1991)"IndianConvertibleBondswith
UnspecifiedTerms:AnEmpiricalStudy",WorkingPaperNo.990,(OctDec),
IndianInstituteofManagement,Ahmedabad.

XXXI.BaruaSK&SrinivasanG(1991),"ExperimentonIndividualInvestment
DecisionMakingProcess",Sankhya,Vol.53,SeriesB,p.7488.

XXXII.BaruaSK,RaghunathanV&VarmaJR(1992),PortfolioManagement,

TataMcGraw

Hill,NewDelhi,p.256.

XXXIII.BaruaSK&VarmaJR(1992),"GorbachevBetas:TheRussianCoupand
TheMarketBlues",WorkingPaperNo.1054,(JulSept),IndianInstituteof
Management,Ahmedabad.

XXXIV.BaruaSK&VarmaJR(1993a),TheGreatIndianScam:StoryoftheMissing
Rs4000crore,VisionBooks,Delhi,p.160.

XXXV.BaruaSK&VarmaJR(1993),"SecuritiesScam:Genesis,Mechanicsand
Impact",Vikalpa,Vol.18,No.1(JanMar),p.312.

XXXVI.BaruaSK&VarmaJR(1993),"RBIAutonomyandtheIndianFinancial
Sector",Vikalpa,Vol.18,No.4(OctDec),p.1519.

XXXVII.BaruaSK(1993),"SEBI'sRegulatory,priorities:NeedforChange",
Unpublished,paperfortheMinistryofFinance,IndianInstituteofManagement,
Ahmedabad.

XXXVIII.BaruaSK&VarmaJR(1993b),"SpeculativeDynamics:TheCase
ofMastershares",

AdvancesinFinancialPlanningandForecasting,Vol.5,JaiPress,Greenwitch,
CT,USA.

XXXIX.BaruaSK,RaghunathanV,VenkiteswaranN&VarmaJR(1994),"Analysis
oftheIndianSecuritiesIndustry:MarketforDebt",WorkingPaperNo.1164,
IndianInstituteofManagement,Ahmedabad.

XL.BasuDebasish&DalalSucheta(1993),Scam:WhoWon,WhoLost,WhoGot
Away,UBSPublishers&Distributors,NewDelhi,p.294.

XLI.BhallaUK(1983),InvestmentManagement:SecurityAnalysisandPortfolio
Management,S.Chand,NewDelhi,p.391.

XLII.BhattMC(1980),"MerchantBankinginIndia:ItsContributiontoNational
Development",CharteredSecretary,Vol.10,No.10,(Oct),p.922.

XLIII.BhattRameshK(1981),"PitfallsofthePriceEarningsRatio",Chartered
Accountant,Vol.30,(July),p19.

XLIV. Bhat Ramesh & Pandey I M (1987), "Efficient Market Hypothesis :

UnderstandingandAcceptanceinIndia",WorkingPaperNo.691,(JulSept),
IndianInstituteofManagement,Ahmedabad.

XLV. Bhat Ramesh (1988a), "An Empirical Study of the Intertemporal Relations

AmongtheRegionalSharePriceIndicators",WorkingPaperNo.748,(Apr
Jun),IndianInstituteofManagement,Ahmedabad.

XLVI.BhatRamesh(1988),"MarketWideCommonalitiesinCorporateEarningsand
SignificanceTestsofAccountingBetas",WorkingPaperNo.750,(AprJun),
IndianInstituteofManagement,Ahmedabad.

XLVII.BhattacharyaCD(1981),"AStudyontheWealthRatiosofIndian
Companies",WorkingPaperNo.354,IndianInstituteofManagement,
Ahmedabad.

XLVIII.BhattacharyaCD(1981),"AStudyonShareValuationsofIndianCompanies",
WorkingPaperNo.355,IndianInstituteofManagement,Ahmedabad.

XLIX.BhattacharyaCD(1981),"VarianceAnalysistochancesinreturnof
Investment",WorkingPaperNo.365,(AprJun),IndianInstituteof
Management,Ahmedabad.

L.

BholeLM(1974), Investment,Interest&MonetaryPolicyinIndia,Bombay
University,Bombay.

LI.BholeLM(1980),"RetainedEarnings,DividendsandSharePricesofIndianJoint
StockCompanies",Economic&PoliticalWeekly,ReviewofManagement,

(Aug),p.M92100.

LII.BholeLM(1982),FinancialMarketsandInstitutions:GrowthStructureand
Innovations,TataMcGrawHill,NewDelhi,p.360,Iedition.

LIII.BholeLM(1992),FinancialInstitutions&Markets:StructureGrowthand
Innovations,IIEdition,TataMcGrawHill,Delhi,p.527.

LIV.BholeLM(1992),"ProposalsforFinancialSectorReformsinIndia:An
Appraisal(Perspectives)",Vikalpa,Vol.17,No.3(JulSep),p.39.

LV.ChandraPrasanna(1977),"ComparisonoftheAdditiveandMultiplicativeModels
ofStockValuation",Decision,Vol.4,No.1(Jan).

LVI.ChandraPrasanna(1989a),"PricingofPublicIssues",CharteredFinancial
Analyst,(JulAug),p.37.

LVII.ChandraPrasanna(1989),"IndividualPortfolioManagement:Mistakesand
Remedies",

CharteredFinancialAnalyst,(SepOct),p.35.

LVIII.ChandraPrasanna(1990b),"IndianCapitalMarket:PathwaysofDevelopment",
ASCIJournalofManagement,Vol.20,No.23(SeptDec),p.129137.

LIX.ChandraPrasanna(1990a),InvestmentGame:HowtoWin,TataMcGrawHill,
NewDelhi(1990),p.230.

LX.ChaudhurySK(1985),"ConvertibleDebenture:AnalysingYield&Risk",
ManagementAccountant,Vol.20,No.1(Jan),p.8688.

LXI.ChaudhurySK(1991a),"ShortRunBehaviourofIndustrialSharePriceIndices:
AnEmpiricalStudyofReturns,VolatilityandCovarianceStructure",Prajanan,
Vol.XX,AprJun,No.2,p.99113.

LXII.ChoudhurySK(1991b),"SesonalityinShareReturns:PrelimnaryEvidenceon
DayoftheWeekEffect",CharteredAccountant,Vol.40,No.5(Nov),p.407.

LXIII.ChaudhurySK(1991c),"ShortrunSharePriceBehaviour:NewEvidenceon
WeakformofMarketEfficiency",Vikalpa,Vol.16,No.4(OctDec),p.1721.

LXIV.ChawlaOP(1989),MoneyAndSecuritiesMarkets:EmergingTrends,NIBM
PuneConferencePapers(Ed).

LXV.DatarPA(1985),"ValuationofBonusShares",CharteredSecretary,Vol.XV,
No.3(March),p.156.

LXVI.DilbaghSB(1991),"IndianStockMarketSeasonality:ANote",Indian
EconomicJournal,Vol39,No.2,(OctDec),p.110119.

LXVII.DixitRK(1984),"TheBehaviourofSharePriceinIndia",Doctoral
Dissertation,PanjabUniversity,Chandigarh.

LXVIII.DixitRK(1986),BehaviourofSharePricesandInvestmentinIndia,Deep&
DeepPublications,NewDelhi,p.328.

LXIX.DhamejaNL(1978),"ControlofCompaniesandtheirDividend,practices",
Margin,Vol.10,No.2,(Jan),p.30.

LXX.DhankarJN(1986),ATreatiseonMerchantBanking,projectApprovaland
Financing,SkylarkPublications,NewDelhi.

LXXI.DhillonN(1993),"MarketRegulationsandStockMarketActivity",Doctoral
Dissertation,IndianInstituteofManagement,Ahmedabad.

LXXII.DholakiaRHandBhattRamesh(1986),"DividendRateandVariationinShare
Prices:AnExplorationintotheirInterrelationship",WorkingpaperNo.638,
IndianInstituteofManagement,Ahmedabad.

LXXIII.FrancisCK(1991a),"TowardsaHealthyCapitalMarket",Yojana,Vol.35,
Mar.115,p.1113.

LXXIV.FrancisCK(1991b),"SEBITheNeedoftheHour",SEDME,Vol.18(3),p.
3741.

LXXV.GahanP(1985),"ShorttermInvestmentvsDisinvestmentunderconditionsof
CertainityADecisionMakingApproach",TheIndianJournalofCommerce,
Vol.39,No.4.

LXXVI.GaneshR(1988),"ReturnonNetWorth:ACloseLook",CharteredSecretary,
Vol.18(9),p.774778.

LXXVII.GaraiS(1989),"CorporateOverAll,performanceasJudgedbyInvestors:A
CanonicalCorrelationAnalysisofEngineeringIndustrialUnits",Decision,Vol
16(1),p5365.

LXXVIII.GaraiS(1989),"CorporateOverall,performanceasJudgedbyInvestors:A
SecondLook",Decision,Vol.16,no.4,p267280.

LXXIX.GujarathiM&SrinivasanG(1980),"ShareholdersDiscountCouponsACaseof
DisguisedDividends",CharteredAccountant,Vol.27,No.9,March,p.83336.

LXXX.GujarathiM.(1981),"PerformanceofNewEquityShares:AnIndianExperience",

DoctoralDissertation,IndianInstituteofManagement,Ahmedabad.

LXXXI.GujarathiMahendra(1987),"DoNewEquityIssuesfetchExtranormalReturns?",
Vikalpa,Vol.12,No.4(OctDec),p.4350.

LXXXII.GuptaLC(1978),"BonusShares:Facts,Fiction&Policy",CharteredAccountant,
Vol.27,No2,p8590.

LXXXIII.GuptaLC(1980),"LongTermRatesofReturnonIndustrialEquitiesinIndia",
Economic&PoliticalWeekly,ReviewofManagement,August,p.M8592.

LXXXIV.GuptaLC(1981),RatesofReturnonEquities:TheIndianExperience,Oxford
University,press,NewDelhi.

LXXXV.GuptaLC(1987),ShareholdersSurvey:GeographicDistrubution,Manas
Publications,Delhi.,p.86.

LXXXVI.GuptaLC(1991),IndianShareholders:ASurvey,SocietyforCapitalMarket
ResearchandDevelopment,Delhi,p.174.

LXXXVII.GuptaLC(1992),StockExchangeTradinginIndia:AgendaforReform,Society
forCapitalMarketResearchandDevelopment,Delhi,p.123.

LXXXVIII.GuptaOP(1980),"ACaseforConvertibleDebenture"CharteredSecretary,Vol

10,No.5,(May),p.464466.

LXXXIX.GuptaOP(1985),BehaviourofSharePricesinIndia:ATestofMarketEfficiency,
National,NewDelhi.

XC.GuptaOP(1989),StockMarketEfficiencyandPriceBehaviour(TheIndianExperience),
AnmolPublications,NewDelhi,p.373.

XCI.GuptaRamesh(1978),"FiscalImplicationsofPriceLevelChangesandInvestment
Decisions",WorkingPaperNo.214,(AprJun),IndianInstituteofManagement.
Ahmedabad.

XCII.GuptaRamesh(1987),"IstheIndianCapitalMarketInefficientofExcessively
Speculative?",Vikalpa,Vol.12,No.2,(AprJun),p.2128.

XCIII.GuptaRamesh(1991a),"RevampingStockExchangeOperationsSomeSuggestions",
WorkingPaperNo.922,(JanMar),IndianInstituteofManagement,Ahmedabad.

XCIV.GuptaRamesh(1991b),"PortfolioManagement:TheProcessandItsDynamics",
WorkingPaperNo.923,(JanMar),TheIndianInstituteofManagement,Ahmedabad.

XCV.GuptaRamesh(1991c),"RegulationofSecuritiesMarketinIndia:SomeIssues

",CharteredSecretary,Vol.21,No.6(Jun).

XCVI. Gupta Ramesh (1992a), "Development of the Capital Market in India: A

RegulatoryPerspective",WorkingPaperNo.997,(JanMar),IndianInstituteof
Management,Ahmedabad.

XCVII.GuptaRamesh(1992),"ForeignStockListing:BenefitsandCosts",Chartered
Secretary,Vol.22,No.5(May),p.41011.

XCVIII.GuptaRamesh(1992),"OptionsTrading:APrimerandaProposal",Chartered
Secretary,Vol.22,No.10(Oct),p.883.

XCIX.GuptaSM(1991),"BehaviouralPracticesofBonusIssues",Chartered
Accountant,Vol39,No.12,p1010.

C.

HingoraniNL(1978),"ValueofRightsShares",Prajnan,Vol.VII,No.4(Oct
Dec),p.359367.

CI.IgnatiusRoger(1992),"TheBombayStockExchange:Seasonalitiesand
InvestmentOppurtunities",IndianEconomicReview,Vol.XXVII,No.2,p.223
227.

CII.JainPK(1979),"UTI&TheNewIssueMarket",ArthaVijnana,Vol.21,No.2

(June),p.218.

CIII.JainPK(1983),FinancialInstitutionsofIndia:AStudyofUTI,Triveni
Publications,NewDelhi.

CIV.JhambMahendra(1991),"MutualFundsDominateMarketCapital",Yojana,Vol.
35,July15,p.89.

CV.KapadiaMB(1981),"FinancingwithConvertibleDebentures",Management
Accountant,Vol.16,No.11,(Nov),p.534.

CVI.KapoorRC(1981),"ConvertibleDebentures:MajorFinancialConsiderations",
ManagementAccountant,Vol.16,No.7,(Jul),p.321.

CVII.KejriwalSR(1978),"ReservationofsharesforFinancialInstitutions",
CharteredSecretary,Vol.8,No.6(Jun),p.188189.

CVIII.KothariRajesh(1986),"ProfileofRecentDevelopmentsinIndianCapital
Market",Prashanika,HCMRIPA,Vol.XV,No.4(OctDec).

CIX.KhanMY(1977),"NewIssueMarketandCompanyFinance",Economic&
PoliticalWeekly,ReviewofManagement,Vol.12,p.M1121.

CX.KhanM.Y.(1978),NewIssuesMarketandFinanceforIndustryinIndia,Allied
Publishers,Bombay,p149.

CXI.KulkarniNSuresh(1978),"SharePriceBehaviourinIndia:ASpectralAnalysis
ofRandomWalkHypothesis",Sankhya,TheIndianJournalofStatistics,Vol.
40,SeriesD,p.135162.

CXII.LalJawahar(1992),"Investors'UnderstandingofInformation:SomeEvidence",
CharteredSecretary,Vol.22,No.3(Mar),p.211.

CXIII.LalT(1990),"PrimaryCapitalMarket:SomeReflections",Yojana,Vol.34,
June1630,p.912.

CXIV.MahapatraRP&SahuPK(1993),"ANoteonDeterminantsofCorporate
DividendBehaviourinIndiaanEconometricAnalysis",Decision,Vol.20(1),
p.122.

CXV.MayyaMR(1977),"DoEquitiesActasaHedgeagainstInflation?",Economic
&PoliticalWeekly,ReviewofManagement,Vol.12,(May),p.M6171.

CXVI.MayyaMR(1978),"DoStockExchangeshaveaFuture?",Economic&
PoliticalWeekly,ReviewofManagement,(Feb)Vol.13,p.M1925.

CXVII.MazumdarH(1959),BusinessInvestmentinIndia,J.B.WaltersPublishingCo.
Cromington.

CXVIII.MehtaNipunS(1992),OTCExchangeofIndia:TheStockExchangeforYou
andMe,JaicoPublishers,Bombay.

CXIX.MookerjeeRaju(1988),"TheStockMarketandTheEconomy:TheIndian
Experience",IndianEconomicJournal,Vol.36No.2(OctDec),p.3043.

CXX.NachaneDM(1988),"TheInterestPriceNexus:AnOldThemeRevisited",
Economic&PoliticalWeekly,Vol.23,Feb.27,p.421424.

CXXI.NarayanaswamyR(1989),"CapitalMarketEfficiencyandFinancial
Reporting",IIMBManagementReview,Vol.4No.2,p.5569

CXXII.ObaidullahM(1991),"ThePrice\EarningsRatioAnomalyinIndianStock
Markets",Decision,Vol18(JulSep),p183.

CXXIII.ObaidullahM(1992),"HowdoStockPricesReacttoBonusIssues?",Vikalpa,
Vol.17,No.1(JanMar),p.1722.

CXXIV.OjhaRajP(1973),"CorporateDividendPolicyinIndiaCottonTextile
Industry",UniversityofRajasthan,1973.

CXXV.PalahaSatinder(1991), CostofCapitalandCorporate,policy,withSpecial
ReferencetotheInfluenceofChangesinAccountingVariablesonStockPrices,
AnmolPublications,NewDelhi,p186.

CXXVI.PandeyIM(1981),CapitalStructureandtheCostofCapital,Vikas,New
Delhi.

CXXVII.PandyaVH(1992),"SecuritiesandExchangeBoardofIndia:ItsRole,
Powers,FunctionsandActivities",CharteredSecretary,Vol.22,No.9(Sept),p.
783.

CXXVIII.PasrichaS.N.(1979),"FixedInvestmentBehaviourinIndiaASurveyof
EconometricStudies",Margin,Vol12,p115130.

CXXIX.PatilRH(1987),"CantheStockExchangesSupporttheEnvisagedCapitalGrowth?",
Vikalpa,Vol.12,No.3,(JulSept),p.3143.

CXXX.PrabhakaranMalathy(1989),"DoEquitiesActasaHedgeagainstInflation?",
Economic&PoliticalWeekly,Vol.24,No.8,Feb25,p.2426.

CXXXI.Premchander(1989),"ProtectingDebentureholdersintheCapitalMarket",Vikalpa,
Vol.14,No.(JanMar),p.4346.

CXXXII.PuranikAlok(1992),"RoleofCorporateSecuritiesinHouseholdSavingandPrivate
Corporate Sector Financing during Eighties Some Empirical Observations",
CharteredSecretary,Vol.22,No.11(Nov),p.991.

CXXXIII.PurnanandamJ&HanumanthaRaoK.S.(1966),"CorporateDividendsandTarget,
payoutRatiosintheIndianCottonTextileIndustry19461963",JournalofIndustrial
Economics,VolXV.No.1,(Nov),p3843.

CXXXIV.RafatMubeen(1990),"CriticalFactorsInfluencingFinancingDecisions:Regulatory
Framework",ASCIJournalofManagement,Vol.20,No.23(SeptDec).

CXXXV.Raghunathan V & Srinivasan G (1985), "Investment Oppurtunities and Gordon's

StockValuationmodelANote",WorkingPaperNo.588,(OctDec),IndianInstitute
ofManagement,Ahmedabad.

CXXXVI.Raghunathan V & Srinivasan G (1987), "Target Debt Maintanence Under

Alternative Net Present Value Specifications and Implications for Investment and
Finance Decisions", Working Paper No. 669, (AprJun), Indian Institute of
Management,Ahmedabad.

CXXXVII.RaghunathanV(1991),StockExchangesandInvestments:StraightAnswersto100
NaggingQuestions,TataMcGrawHill,NewDelhi,p.176.

CXXXVIII.RaghunathanV&VarmaJR(1991),"MarketValuationModelUnderDifferential

Taxes,Inflation,RecurringInvestmentsandFlotationCosts",WorkingPaperNo.956,
(JulSep),IndianInstituteofManagement,Ahmedabad.

CXXXIX.Raghunathan V, Varma J R & Venkiteswaran N (1991), "The New Economic

Package andthe Agenda for the Restructuring the Financial Sector (Perspectives)",
Vikalpa,Vol.16,No.3(JulSep),p.311.

CXL.RaghunathanV&VarmaJR(1992a),"WhytheDollarsdonotFlowintoIndia",
UnpublishedPaper,IndianInstituteofManagement,Ahmedabad.

CXLI.RaghunathanV&VarmaJR(1992b),"CrisilRating:WhenDoesAAAmeanB?",
Vikalpa,Vol.17,No.2(AprJun),p.3542.

CXLII.RaghunathanV&VarmaJR(1993),"WhenAAAMeansB:TheStateofCredit
RatingInIndia",WorkingPaperNo.1141,IndianInstituteofManagement,
Ahmedabad.

CXLIII.RamachandranG(1989),"BehaviourofSharePricesAStatisticalAnalysis",
DoctoralDissertation,InstituteforFinancialManagementandResearch.

CXLIV.RamachandranG(1992),"InformationContentofBonusIssuesAnEmpirical
AnalysisintheIndianContext",WorkingPaperSeries,January,UnitTrustofIndia.

CXLV.RamachandranJ(1985),"BehaviourofStockMarketPrices,TradingRules,
Information&MarketEfficiency",DoctoralDissertation,IndianInstituteof
Management,Ahmedabad.

CXLVI.RamachandranKS(1993),ScanningtheScam:HowandWhyoftheSecurities
Scandal,NEOPublishingCompany,NewDelhi,p.199.

CXLVII.RamMohanTT(1980),"EquityIssuesbyNewUnits,patternsofPublic
Response",Economic&PoliticalWeekly,ReviewofManagement,Vol.15,(Nov),p.
M151156.

CXLVIII.RanganathamM&SubramanianV(1993),"WeakFormofEfficientMarkets
Hypothesis:ASpectralAnalyticalInvestigation",Vikalpa,Vol.18,No.2(AprJun)

CXLIX.RaoNarayanaKVSS&BholeLM(1990),"InflationandEquityReturns",
Economic&PoliticalWeekly,Vol.25,No.21,May26,p.M9196.

CL.RavishankarD.,"TheIndianStockMarketMechanismBadlaRatesandits
Implications",UnpublishedPaper,UTIInstituteofCapitalMarkets.

CLI.SahaA(1988),"MerchantBanking:Retrospect&Prospects",Yojana,VolXVII,No1,
1988,p6179.

CLII.SahniSK(1985),StockExchangesinIndia:Practices,Problems,Prospects,North

PublishingCorporation,NewDelhi,p344.

CLIII.SahuRK(1992),"ACriticalReviewoftheMutualFundRegulations",Chartered
Secretary,Vol.22,No.12(Dec),p.1076.

CLIV.SankarTL,MishraRKandNandagopalR(1992),"CreditRating:ANewConceptin
SecurityAnalysisinIndia",CharteredSecretary,Vol.22,No.5(May),p.412415.

CLV.SankaranVenkateshwar(1991),"TheRelationshipofIndianStockMarkettoOther
StockMarkets",IndianEconomicJournal,Vol.39,No.2(OctDec),p.105109.

CLVI.SarmaSNarasimha(1993),FinancialEconomicsofBonusShares:Implicationsforthe
ValueoftheFirm,AcademicFoundation,Delhi.,p144.

CLVII.SarojaS(1992),EmergingTrendsintheCapitalMarketinIndia,GlobalBusiness
Press,NewDelhi.

CLVIII.SastryVK(1966),"Dividends,InvestmentsandExternalFinancingBehaviourofthe
CorporateSectorofIndia",DoctoralDissertation,UniversityofPennsylvania.

CLIX.SenTM&ChandrashekarC(1986),AllAboutDebentures,Wadhwa&Company,
Allahabad.

CLX.SharmaJL&KennedyRE(1977),"AComparativeAnalysisofStockPriceBehaviour
ontheBombay,LondonandNewYorkStockExchanges", JournalofFinancial&
QuantitativeAnalysis,Vol.12,(Sept),p319414.

CLXI.SharmaJL(1983),"EfficientCapitalMarkets&RandomCharacterofStockPrices
BehaviourinaDevelopingEconomy",IndianJournalofEconomics,Vol.63,No.251
(OctDec),p.395.

CLXII.SinhaSidharth(1992),"TheHighPriceEarningsRatiointheIndianStockMarketand
InvestmentbyForeignFinancialInstitutions",UnpublishedPaper,IndianInstituteof
Management,Ahmedabad.

CLXIII.SinhaSidharth(1993),"TheBadlaMarketandFuturesandOptions",Unpublished
Paper,IndianInstituteofManagement,Ahmedabad(pendingpresentationinCBOT
FifthAnnualAsiaPacificFuturesResearchSymposium,March14/15,1994,Taipei).

CLXIV.SimhaSLN,HemalathaD&BalakrishnanS(1979),InvestmentManagement,
InstituteofFinancialManagementandResearch,Madras.

CLXV.SinghPreeti(1986),InvestmentManagement:SecurityAnalysisandPortfolio
Management,HimalayaPublishing,Bombay,p.579.

CLXVI.SinghSukhdev(1990),"ConvertibleDebenturesAnIncreasingTrend",Chartered

Secretary,Vol.XX,No.8(Aug),p.644.

CLXVII.SinhaN,p(1983),"ConvertibleDebenturesAnAnalyticalStudy",Chartered
Accountant,Vol.31,No.3(Sept),p.222.

CLXVIII.Srinivas Akella R & Greenbaum Stuart I (1992), "Innovations in Interest Rates,

Duration Transformation and Bank Stock Returns", Journal of Money, Credit &
Banking,Vol.24(1),p.2442.

CLXIX.SrinivasanNP&NarasimhanMS(1988),"TestingStockMarketEfficiencyusing
RiskreturnParityRule(Notes&Comments)",Vikalpa,Vol.13,(AprJun),p.6166.

CLXX.SrinivasanS.(1988),"TestingofCapitalAssets,pricingModelinIndian
Environment",Decision,Vol15,(JanMar),p.51.

CLXXI.SrinivasanS,MohapatraPKJ&SahuKC(1988),"UnderstandingShortrunStock
PriceMovementsthroughSystemDynamics",Decision,Vol15,No.1(JanMar).

CLXXII.SrinivasanR(1993)"SecurityPricesBehaviourAssociatedwithRightsIssueRelated
Events",DoctoralDissertation,IndianInstituteofManagement,Ahmedabad.

CLXXIII.SrivastavaRM(1984),"TestingModiglianiMillersDividendValuationModelin

Indian Context A Case Study of 327 Joint Stock Companies", Management

Accountant,Vol.19,No.11,(Nov),p.641642.

CLXXIV.SrivastavaRM(1991),"MerchantBankingInIndiaABrightFuture",Yojana,Vol.
35,May15,p.1213.

CLXXV.SubramaniamS.(1989),"TheImpactofPoliticalandEconomicEventsonStock
Behaviour",DoctoralDissertation,IndianInstituteofManagement,Ahmedabad.

CLXXVI.SubrahmanayamY(1977),"RoleofPreferenceSharesintheIndianCorporate
Sector",Economic&PoliticalWeekly,ReviewofManagement,Vol.12,(Nov),p.
M125141.

CLXXVII.SundaramSM(1991),"SoaringStockPrices",Economic&PoliticalWeekly,Vol.
26,No.18,May4,p.1184.

CLXXVIII.TrikhaKapil(1989),"MerchantBankers&PublicIssues",CharteredAccountant,
Vol.38,No.6(Dec),p.477.

CLXXIX.VarmaJR(1988),"AssetPricingModelsUnderParameterNonStationarity",
DoctoralDissertation,IndianInstituteofManagement,Ahmedabad.

CLXXX.VarmaJR&BaruaSK(1988),"EstimationErrorsandTimeVaryingBetasinEvent

StudiesANewApproach",WorkingPaperNo.759,(JulSept),IndianInstituteof
Management,Ahmedabad.

CLXXXI.VarmaJR(1989),"EquilibriumPricingofSpecialBearerBonds",WorkingPaper
No.817,(JulSept),IndianInstituteofManagement,Ahmedabad.

CLXXXII.VarmaJR&VenkiteswaranN(1990),"GuidelinesonShareValuation:HowFair
isFairValue?",Vikalpa,Vol.15,No.4(OctDec),p.310.

CLXXXIII.VarmaJR(1991),"IstheBSESensitiveIndexBetterthantheNationalIndex?",
WorkingPaperNo.988,(OctDec),IndianInstituteofManagement,Ahmedabad.

CLXXXIV.VarmaJR,Raghunathan,KorwarA&BhattMC(1992a),"TheNarasimham
CommitteeReportSomeFutureRamificationsandSuggestions",WorkingPaperNo.
1009,(JanMar),IndianInstituteofManagement,Ahmedabad.

CLXXXV.VarmaJR,RaghunathanV&BhattMC(1992),"CommentsonSEBI'sDraft
TakeoverCode",WorkingPaperNo.1010,(JanMar),IndianInstituteofManagement,
Ahmedabad.

CLXXXVI.VermaJC(1990),MerchantBanking:OrganisationandManagement,Tata
McGrawHill,NewDelhi,p.354.

CLXXXVII.VidhyashankarS(1990),"MutualFundsEmergingTrendsinIndia",Chartered

Secretary,Vol.XX,No.8(Aug),p.639.

CLXXXVIII.VenugopalanS(1992),"MutualFunds",CharteredSecretary,Vol.22,No.8
(Aug),p.691.

CLXXXIX.YalawarYB(1988),"BombayStockExchange:RatesofReturnandEfficiency",
IndianEconomicJournal,Vol.35,No.4(AprJun),p.68121.

CXC.YasaswyNJ(1985),EquityInvestmentStrategy,TataMcGrawHill,
NewDelhi.CXCI.YasaswyNJ(1991),GrowthStocks,VisionBooks,New
Delhi,p.208.

CXCII.YasaswyNJ(1992a),EmergingBlueChips:199293WithModelPortfolios
ofthe177HighfliersoftheYear,VisionBooks,NewDelhi,p.223.

CXCIII.YasaswyNJ(1992b),PSUStocksPickingtheWinners,VisionBooks,New
Delhi,p.206.

CXCIV.ZahirMA&KhannaYakesh(1982),"DeterminantsofStockPricesinIndia",
CharteredAccountant,Vol.30,No.8(Feb).

CXCV.ZahirMA(1992),"FactorsAffectingEquityPricesinIndia",Chartered
Accountant,Vol.XL,No.9,p.743748.