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Arora, Neha
- Bull and Bear Phases:An Empirical Perusal of Indian Stock Market
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Authors
Affiliations
1 Department of Commerce, Delhi School of Economics, University of Delhi, IN
2 Department of Commerce, Delhi School of Economics, University of Delhi, Delhi, IN
1 Department of Commerce, Delhi School of Economics, University of Delhi, IN
2 Department of Commerce, Delhi School of Economics, University of Delhi, Delhi, IN
Source
International Journal of Financial Management, Vol 6, No 2 (2016), Pagination: 11-24Abstract
In general, any one known to stock market is acquainted with the phenomenon of bull and bear phases, but whether the traders or investors put air to these phases while making a decision to buy, sell, or stay invested. The present paper attempts to identify and analyse the two most popular market phases, i.e. bull and bear, for better investment decisions with the use of Bry and Boschan Algorithm and time series data. Further, it seeks to analyse the distributional characteristics of the variances in stock returns and search evidence of asymmetries, if any, in volatility under different market conditions which may help to shed light on the bull and bear phases of Indian equity market. The study arrange for evidence that in bull markets, stock prices run far ahead of earnings and for fairly long periods of time. The paper indicates 12 bull and bear phases in the Sensex and Nifty during the sample period of 19 years with the associated factors responsible for the shift of bull and bear market phases. The results provide considerable support for the view that markets choose to ignore adverse possibilities and react with zest to favourable possibilities and market declines can partly be explained by increases in risk.Keywords
Bull Market, Bear Market, Volatility, Bry and Boschan Algorithm.
- Regional Growth Differentialsin Indian Manufacturing Sector: A Convergence Analysis
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Authors
Affiliations
1 Mata Ganga Girls College, Tarn Taran 143401, Punjab, IN
2 Punjab School of Economics, Guru Nanak Dev University, Amritsar 143005, Punjab, IN
1 Mata Ganga Girls College, Tarn Taran 143401, Punjab, IN
2 Punjab School of Economics, Guru Nanak Dev University, Amritsar 143005, Punjab, IN
Source
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 62, No 3 (2020), Pagination: 239-256Abstract
The paper examines the efficiency variations as well as the convergence analysis of efficiency levels in Indian manufacturing sector during pre- and post-reforms period spanning from 1980/81 to 2014/15. Using non- parametric approach of data envelopment analysis (DEA), the mean scores of technical efficiency (TE) as well as scale efficiency (SE) have been computed for sixteen major Indian states. Results of the study revealed an average efficiency (inefficiency) to the tune of 76 per cent (24 per cent) in Indian manufacturing sector as a whole. Further, the decomposition analysis of technical inefficiency into pure technical inefficiency (PTE) and scale inefficiency (SE) revealed pure technical inefficiency (also known as managerial inefficiency) as the dominant source of overall technical inefficiency inthese states. In case of convergence analysis, results of the study confirm the presence of convergence during pre-reforms period only, which totally disappeared during the post-reforms period. It implies that the phenomenon of “learning by doing” is almost missing in these manufacturing states. Further, the analysis reveals that the process of economic reforms has failed to render a positive impact to narrow down the inequalities or improving the efficiency of Indian manufacturing sector.References
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