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Joshi, Himanshu
- FX Equity Exposure and foreign Exchange Rate Sensitivity of Stock Prices:A Study of Exporting and Importing FIRMS in India
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 33, No 4 (2016), Pagination: 1-11Abstract
Volatile foreign exchange rates may adversely affect a firm's revenues streams, cost structure, operating cash flows, net cash flows and even its equity prices. Present paper is an attempt to measure various foreign exchange exposures like FX Operating Exposure, FX Net Cash Flow Exposure, and FX Equity Exposure for Indian exporting and importing firms. Exporting firms includes firms from three industries namely, Information Technology, Automobile, and Textile, while importing firms include Oil&Gas sector firms. FX Equity Exposures are calculated by considering the respective firm's FX Operating Exposures, financial leverage, and use of foreign currency/home currency debt. A listed firm can also estimate its FX equity exposure using regression between actual stock returns and percentage changes in FX value of foreign currency. Regression based estimation presents the post hedging position of FX equity exposures, while calculated FX equity exposures are based on raw data, without considering the off-balance sheet hedging instruments like forwards, futures, options and currency swaps. Results shows that regression based method yields significantly lower value of FX equity exposure in comparison to the operating exposure based method.Keywords
FX Operating Exposure, Unhedged FX-Equity Exposure, Un-hedgeable FX-Equity Exposure, Forward Contracts, Foreign Currency Debt.
- Global Game Change:How the Global Southern Belt Will Reshape Our World by John Naisbitt and Doris Naisbitt, Sage Publications India Pvt. Ltd., Pages 246, Price Rs. 595/-
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 33, No 4 (2016), Pagination: 80-81Abstract
The book titled "Global Game Change" by John and Doris Naisbitt parleys about the emergent drivers in the global economy, shifts in geopolitical and economic importance. It elucidates the processes of socioeconomic and political changes that are progressively transforming the world from a Western centric to multi centric economic society. It talks about eroding hegemony of the West. Currently West seems to have it all: social stability, economic and technological progress, and wealth.- From Start-Up to Global Success:The Zensar Story
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 34, No 1 (2016), Pagination: 87-88Abstract
I have come to know about the Zensar through a Harvard Case Study on the same by Garvin and Tahilyani. The Zensar Case Study appraises the relationship between corporate culture and performance growth of the company, describes the process of revitalizing an organization and moving it along a high-growth path. The case study provides a vital integration of various interdisciplinary areas of business management such as corporate culture, growth strategies, McKinsey's 7s Model, Corporate Social Responsibility and triple bottom line. The book titled "From Start-Up to Global Success: The Zensar Story" by Ganesh Natarajan and Prameela Kalive is an extended account of all the above ingredients that played a crucial role in the success story of Zensar by the protagonist himself.- Saving Capitalism from the Capitalists:World Capitalism and Global History by Harmut Elsenhans, Sage Publications India Pvt. Ltd., 2015, Pages 324, Price Rs. 995/-
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 33, No 3 (2015), Pagination: 83-83Abstract
The success of capitalism has raised the standard of living of the mass of the population in capitalist countries. However, the quest of capitalism and market fundamentalism has brought about numerous problematic tendencies. Even as incomes have increased, there has been acute increase in economic inequalities within countries and across the globe. Capitalism has brought about alienation and periodic cyclical booms and busts, with mass insecurity and poverty for large number of people despite the enrichment of even many.- Constructing International Equity Portfolio for BRIC Nations Using Modified Global CAPM Returns
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 35, No 1 (2017), Pagination: 25-34Abstract
International portfolio diversification allows a reduction in risk, relative to intra-national diversification, by offsetting individual country risk factors and hence reduces portfolio systematic risk to the 'world' risk factors alone. Paper illustrates the case of international diversification for four emerging markets namely, Brazil, Russia, India, and China using standard mean variance portfolio optimization method. Traditional mean variance optimization method requires calculation of historical returns, variances, and covariance for portfolio components. However, historical returns, variances and covariance are not the best predictor of future returns of the underlying assets, and thus it results into suboptimal portfolio of the underlying assets. To overcome this limitation paper construct a portfolio using a theoretical asset pricing model, namely Global CAPM. The Global CAPM uses U.S. treasury rates for risk free rate (Rf$), and MSCI World Index is used as a proxy for market return. The Global CAPM is further adjusted for country specific political risk factors for all the four countries under study using sovereign yield spread.Keywords
Global CAPM, International Diversification, Portfolio Optimization, Emerging Markets.References
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- Harvey, C. (1995). Predictable risk and returns in emerging markets. Review of Financial Studies, 8, 773-816.
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- Madhavan, V. (2013). Bivariate co-integration and time varying co-movements of MIST equity markets with the developed stock markets of the world. Indian Institute of Management Lucknow Working Paper No. 201213/27
- Mishra, D., & O'Brien, T. (2001). A comparison of cost of equity estimates of local and global CAPMs.
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- Stulz, R.M. (1999). Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance. 12 (3), 8-25.
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- Rise Like A Phoenix:Scripting Corporate Turnarounds, by Pradip Chanda, Sage Publications India Pvt. Ltd, Delhi, 2017, Pages 171, Price Rs. 395/-
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
Source
Abhigyan, Vol 35, No 1 (2017), Pagination: 74-74Abstract
Markets change, consumer habits and attitudes change, new products often revolutionize how consumer needs are met, new competitors aggressively play predatory price cards and e-tailers disrupt business through traditional channels. Many companies fail to realize the impact of these changes on their business model product, positioning, price, customer profile et al. on time and make the cardinal error of hanging on to traditional business models and processes. The results are inevitable, a slide down a tortuous path towards bankruptcy or sickness.
- The Essential Book of Corporate Governance
Abstract Views :224 |
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
Source
Abhigyan, Vol 35, No 3 (2017), Pagination: 75-76Abstract
Throughout most of the 19th century, large-scale business enterprises were still owned and run mainly by their founders, often with capital and management provided by a closed group of private financiers who also served on their board. But towards the end of the century, to take advantage of economies of scale resulting from a wave of industrial revolution, such closely held companies increasingly chose to fund their now larger investments opportunities with public equity. Therefore, ownership of these companies got dispersed among millions of investors with relatively small holdings.- Disinvestment and Firm Performance- A Comparative Analysis of Strategic Sale vs. Public Offerings by Indian Public Sector Enterprises
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 36, No 1 (2018), Pagination: 21-30Abstract
The state owned enterprises tend to suffer from operational and financial inefficiency due to severe agency problem and lack of market discipline. Disinvesting the state's stake in the state owned firms to either a strategic partner or offloading it to the general public or financial institutions, is considered as one of the effective solution to the agency problem of these firms. Sale of stake to the strategic partner is supposed to inculcate profit maximization objective in state owned firms and offloading minority stake to the general public and/or financial institutions is supposed to bring the firm under stock market monitoring mechanism, and better analyst coverage.
In the present paper, two modes of disinvestment are compared and contrasted for pre and post disinvestment performance of firms on certain parameters such as valuation, financial leverage, and operating efficiency. Paper found no statistically significant difference between pre and post disinvestment valuation ratios, financial leverage, and operating efficiencies for either of the data sets, i.e., minority sales as well as strategic sales. However, results indicate that strategic sale as a mode of disinvestment improves the valuation, operating efficiency and financial leverage for the firm.
Keywords
Disinvestment, Strategic Sale, Public Offering, Agency Problem, Public Sector Enterprises.References
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- A Complete Guide to the Futures Markets (Second Edition)by Jack D. Schwager & Mark Etzkorn, Wiley India Pvt. Ltd. 2017, Pages 704, Price Rs. 899/-
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
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Abhigyan, Vol 36, No 1 (2018), Pagination: 75-75Abstract
A Complete Guide to the Futures Markets by Schwager and Etzkorn is part of Wiley Trading series, which features books by traders who have survived the market's ever changing temperament and have prospered – some by reinventing systems, others by getting back to the basics. This book is a comprehensive resource for analysis of and trading in futures markets. It covers a wide spectrum of topics related to futures trading ranging from technical analysis, trading systems, and fundamental analysis to options, spreads, and practical trading principles. Clear, concise, and to the point, this fully revised and updated second edition provides a solid foundation in futures market basics, details key analysis and forecasting techniques, explores advanced trading concepts, and illustrates the practical application of these ideas with hundreds of market examples.- Moral Fiber: A Practical Guide to Living Our Values, Shawn Vij, Wiley India Pvt. Ltd., No. of Pages: 180, Price: Rs. 399
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1 Associate Professor, FORE School of Management, New Delhi, IN
1 Associate Professor, FORE School of Management, New Delhi, IN
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Abhigyan, Vol 37, No 4 (2020), Pagination: 63-64Abstract
Excessive emphasis on shareholders' value creation drives the modern corporate world, which leads to cutthroat competition not just at the corporate level but also amongst the employees within a corporate entity. Performance evaluation systems and compensation plans are designed around the themes of corporate profitability, growth, and career development with no efforts to develop a culture of shared happiness and progressive values. All this gives way to destructive behaviors and damaging work environments. Shawn Vij, a successful business leader and consultant for major Fortune 100 companies, became inspired to write the book Moral Fiber after a close spiritual encounter with His Holiness the Dalai Lama. In Moral Fiber, Vij shares his "awakening" through hard-won insights on ethical business practices and how they can be leveraged for personal and professional growth. Filled with tips, tales, and tools to identify and eliminate toxic behaviors and motivators, as well as priceless lessons from top industry leaders and powerful research from academics, Moral Fiber is the ultimate guidebook on how to create a thriving business and career while staying true to who you are and what you believe. Taking an innovative and secular approach to business ethics, Moral Fiber guides us to strikes a delicate balance between capitalism and compassion to improve human conditions.Keywords
No keywords- Moral Fiber: A Practical Guide to Living Our Values, Shawn Vij, Wiley India Pvt. Ltd., No. of Pages: 180, Price: Rs. 399
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1 FORE School of Management, New Delhi, IN
1 FORE School of Management, New Delhi, IN
Source
Abhigyan, Vol 38, No 1 (2020), Pagination: 63-64Abstract
No Abstract.- The Amazon Management System, Ram Charan & Julia Yang, Wiley India Pvt. Ltd., No. of Pages: 162 Price: Rs. 999/-
Abstract Views :193 |
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Authors
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1 Associate Professor, FORE School of Management, New Delhi, IN
1 Associate Professor, FORE School of Management, New Delhi, IN