Informatics Publishing Limited

Rajib Bhattacharya ¹, Sharmila Maity ²

Affiliations
1 Budge Budge Institute of Technology, Kolkata, IN
2 Sikkim Manipal University, Gangtok, Sikkim, IN

Abstract

The globalisation spree among the emerging economies is enhancing the integration of the economies of the world with their own economies. India is no exception as it is evidenced by the increasing FDI flow and cross-border mergers and acquisitions not only in monetary values but also in number of countries involved. This trend can be accelerated, if the work force of our country as well as those of other nations of the world become more appreciative of each others' cultural aspects. One way to augment mutual appreciation of each others' cultures is knowledge of foreign languages, i.e., languages of different nations. This facilitates cross-cultural management and synergistic utilisation of cultural diversities. With increasing degree of globalisation, more and more countries are coming in contact with each other through trade and commercial activities. The dependence on English as the global language is thus diminishing fast. Knowledge of different national languages offers significant benefits like harnessing overseas opportunities, accessing cultural riches of immigrant communities, and reducing cultural clashes. The benefits of knowing different foreign languages include assisting in grasping another way of thinking, enhancing memory, critical thinking, and study skills. In business, communication and negotiation skills improve with knowledge in foreign languages. Students form the future of any economy. This paper aims at assessing the awareness of and attitude towards learning non-English foreign languages among higher secondary, graduation and post-graduation students, both from professional and academic streams in the city of Kolkata and suburbs. The paper also suggests ways to motivate students to learn foreign languages along with their normal course of study. This will help them to enhance their employability not only in India but also abroad. Moreover, at a macro level, the quality of human capital in India will be held in higher esteem by the global community. Prospective sectors in India e.g. social work, medicine, law, international business, community organising, foreign service, journalism, hospitality, education, etc. will be highly benefited, if the linguistic capability of the work force is enhanced by the knowledge of other foreign languages as there will be more international participation both inward and outward in these sectors. This will pave the way for accelerated integration of the Indian economy with the global economy.

Keywords

Globalisation, Culture, Cross-Cultural Management, Cultural Diversity, Foreign Languages, Students, Employability, Quality of Human Capital.

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Rajib Bhattacharya ¹

Affiliations
1 Army Institute of Management, Judges Court Road, Alipore, Kolkata – 700027, West Bengal, IN

Abstract

The Micro, Small & Medium Enterprise [MSME] sector occupies a prominent position in the Indian economy. This sector offers some unique features like high employment generation capacity, significant contribution to the GDP and foreign exchange earnings of the nation as well as the power to remove regional imbalances in industrialization. The MSME units cater to markets inaccessible to or ignored by large industries. However, in spite of such benefits, the units in the MSME sector suffer from certain inherent limitations which, coupled with adverse factors external to the units, bring about business failures and hinder the development of this sector. Traditional risk management approach envisages application of advanced and complex quantitative techniques which is usually beyond the capacity of entrepreneurs of MSME sector in India. This paper aims to suggest a qualitative approach towards implementing Enterprise Risk Management (ERM) for sustainable development of the MSME units in India through the process of certain pro-active decision making.

Keywords

Pro-Active Decisions, Qualitative Approach, Sustainable Development, ERM, MSME.

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Shuvashish Roy ¹, Rajib Bhattacharya ²

Affiliations
1 Hazrat Khajar Bashir Unani Ayurvedic Medical College & Hospital Foundation, Jamalpur, BD
2 Institute of Business Management, National Council of Education Bengal, Kolkata, West Bengal, IN

Abstract

Objectives: This study attempts to identify homogeneous clusters of constituent companies of the CNX NIFTY Mid Cap 50 Index in the Indian markets based on valuation ratios.

Methods: Nine selected valuation ratios of the fifty constituent companies of the CNX NIFTY Mid Cap 50 Index have been considered for the three consecutive years from 2015-16 to 2017-18. The values were standardized to facilitate cluster analysis. Hierarchical and K-Means cluster analysis have been done to identify the clusters of homogeneous stocks in terms of valuation ratios.

Findings: It has been observed that the stocks in all the three years under study, showed two clusters. Mostly there were clear groupings of stocks into the two clusters. A few occasional events have been observed where companies from one sector have been distributed in both the clusters. On an overall basis, considering all the three years under study, Banking, Chemicals, Power & Iron & Steel Industries have been found to have homogeneous valuation ratios. On the other hand, Automobiles, Information Technology, Industrial Gas & Fuels, Healthcare, Agriculture Construction Materials constitute the other cluster. The findings of the study leads to the conclusion that valuation ratios can be used as categorizing factors in clustering of companies across sectors in the mid cap segment of the Indian market.

Applications: Investors in equity shares may use the information about cluster membership based on valuation ratios in deciding the constitution of their portfolios.

Keywords

Cluster Analysis, Midcap Stocks, CNX NIFTY Midcap 50 Index, Valuation Ratio.

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Shuvashish Roy ¹, Rajib Bhattacharya ²

Affiliations
1 Hazrat Khajar Bashir Unani Ayurvedic Medical College & Hospital Foundation, Jamalpur, BD
2 Institute of Business Management, The National Council of Education Bengal, Kolkata, West Bengal, IN

Abstract

Investors in equity shares look for two basic aspects while investing i.e. consistently rising returns with a decreasing or at least stabilized level of risk involved. Amidst the numerous stocks available in the market which differ widely on the basis of different aspects i.e. segment, sector, industry, market capitalization etc. it becomes a challenge for the investor to form a diversified portfolio where heterogeneity of the constituent stocks is the main criterion. Thus it is imperative that the basis be finalized on which the heterogeneity of the stocks shall be determined. Traditionally portfolios have been constituted on the basis of low coefficient of correlation of returns from the constituent stocks. The dissimilarity of co-movement of returns from stocks has traditionally been attempted to be maximized in portfolios. Another method of grouping similar stocks by using data mining approach is fast gaining popularity. This approach uses clustering technique to group homogeneous stocks on the basis of a set of selected criteria. These criteria can be financial ratios, indices or any other related matrices. Advanced versions of this technique can group homogeneous time series data as well. This paper attempts to identify homogeneous clusters of companies in the Indian small-cap segment based on valuation ratios. Valuation ratios have been selected to be the grouping criteria as these were not been used in earlier studies by researchers and scholars. The small cap companies in India have been chosen for this study for its better resilience and recovering potential compared to mid cap and large cap companies. The companies constituting the CNX NIFTY Small Cap 50 Index have been considered in the study.

Keywords

Cluster Analysis, Valuation Ratios, Small Cap Sector, CNX NIFTY Mid Cap 50 Index.

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Rajib Bhattacharya ¹, Shuvashish Roy ², Sarmistha Sarma ³

Affiliations
1 Department of Finance, International School of Business and Media, Kolkata, IN
2 Department of Finance, Hazrat Khajar Bashir Unani Ayurvedic Medical College and Hospital Foundation, BD
3 Department of Management Studies, Institute of Innovation in Technology and Management, IN

Abstract

Entrepreneurship is an important factor of production. It is considered as a source of innovative change. Thus, it catalyzes enhancement in sustainable economic development of a nation. Entrepreneurship is inseparably interlinked with flexibility and knowledge. These two factors have gained importance as a source of competitive edge in the present globalized & interconnected economy. Entrepreneurship prevents concentration of economic activities, income and wealth and promotes decentralized development of commerce, trade and industry. This in turn, leads to removal of regional and industrial imbalance. Development of entrepreneurial activities and sustainable development in entrepreneurship have gained priority in the national agenda across the world. Entrepreneurship is even more crucial for developing countries as it has high employment elasticity and potential for earning foreign exchange. However, entrepreneurship is essentially a behavioural aspect. Hence culture has a causal relationship with entrepreneurship. This paper aims at assessing the role of Hofstede’s dimensions of culture in developing entrepreneurship in nations by using the technique of linear multi-variate regression.

Keywords

Entrepreneurship, Hofstede’s Dimensions of National Culture, Linear Multivariate Regression.

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Rajib Bhattacharya ¹, Arindam Das ², Shuvashish Roy ³

Affiliations
1 Associate Professor, Globsyn Business School, Kolkata, West Bengal,, IN
2 Professor, Department of Commerce, The University of Burdwan, Golapbag, Burdwan, West Bengal, IN
3 Financial Advisor, Hazrat Khajar Bashir Unani Ayurvedic Medical College & Hospital Foundation, Jamalpur, BD

Abstract

Cryptocurrencies have recently emerged as a popular asset class, with investors having high risk appetite and speculative attributes. They are not backed by physical assets, such as commodities or real currencies; they are purely speculative assets having high volatility. Regulatory authorities across the globe have conflicting rules regarding cryptocurrencies. Recent studies on volatility of cryptocurrencies have primarily addressed univariate volatility analysis and volatility spillover between cryptocurrencies and other asset classes, mostly stocks and commodities. This study has three objectives. Firstly, it considers six prominent cryptocurrencies, i.e., Bitcoin, Ethereum, Binance Coin, Cardano, Tether, and Ripple, and examines the nature of asymmetrical volatility in them using EGARCH and TGARCH techniques. Secondly, it examines whether there are volatility spillovers between the cryptocurrencies as well as from one of the most popular global fear indices, i.e., CBOE volatility index, using dynamic conditional correlation (DCC). Thirdly, it further measures the total and directional volatility spillover among the cryptocurrencies using the Diebold-Yilmaz index. This study has found that Ethereum and Ripple may be used to construct a portfolio. There exists long-term volatility spillover among all the cryptocurrencies; however, there is no short-term spillover of volatility. Volatility of Binance Coin, Cardano, and Ripple influence and are influenced the most by volatilities of other cryptocurrencies.

Keywords

Cryptocurrency, Volatility Spillover, EGARCH, TGARCH, Dynamic Conditional Correlation (DCC), Diebold-Yilmaz Index

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Rajib Bhattacharya ¹, Shuvashish Roy ², Sarmistha Sarma ³

Affiliations
1 Department of Finance, International School of Business and Media, IN
2 Department of Finance, Hazrat Khajar Bashir Unani Ayurvedic Medical College and Hospital Foundation, BD
3 Department of Management, Institute of Innovation in Technology and Management, IN

Abstract

The increasing volatility in stock, commodities and foreign exchange markets compel investors and scholars to look for strategies which would immunize the investors against the unprecedented movement of the markets. Investors are often at dilemma to take correct positions to offset the risks in the market. This effort to offset market risk led to discovery of several market-neutral investment strategies of which a very popular one is Pairs Trading. It essentially involves taking opposite positions in two highly correlated assets. This study is on identifying pairs of stocks in the National Stock Exchange (NSE) which are suitable for pairs trading. The method of cointegration, both in long and short run, have been utilized in this study. Related statistical concepts of autocorrelation and stationarity have also been used in the study.

Keywords

Pairs Trading, NSE, Cointegration, Autocorrelation, Stationarity

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