Modelling Stock Returns in India: Fama and French Revisited

Since reforms, Indian security market has gone through significant changes and as result the efficiency of many models developed earlier might have been affected. The same may be true with three factors CAPM. This study aims to test the validity of three factors CAPM model proposed by Fama and French (1993) in changed Indian context. For the study, assessment period is 1999-2013 and BSE-500 has been taken as proxy for market. Results show that in Indian market, no size effect and a weak value effect exists but size or value of stocks cannot discriminate stocks robustly. Beta is significant and none of the three factors alone can explain the variations in the expected return but two or three factors together can explain to some degree. The ability of three factors CAPM in explaining the expected return increases during low GDP growth period and falls during high GDP growth period.

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Impact of Globalization on Distribution of Income, Poverty and Inequality in India

This paper uses qualitative analysis for assessing the impact of the globalization on distribution of income, poverty and inequality in India and arrives as different conclusions. It has been concluded that the absolute poverty in India with the increasing globalization has fallen significantly by at the same time inequity has increased. To measure globalization KOF Index has been used and for inequality Gini Index has been used.

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Socio-Cultural Impact of Globalization in India

This paper is analysing and summarising the impact of globalisation on social and cultural values of India. For this, a number of research papers have been reviewed, presented and corroborated in this paper. In this paper social and cultural issues like gender inequality, equal opportunities, family structure and values, social security net, life style, administration, education, technology, healthcare system, festivals, language, music, literature, cinema, television and drugs and trafficking been discussed on the basis of prior research works. The findings from those works have been summarized and presented in this paper.

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Opportunities for Growth and Investment in Jammu and Kashmir

The economic base of Jammu and Kashmir has turned so weak as a result of continued disturbances in the state that finances of the state are almost dependent on central grants in aids. However, there are huge opportunities in hydro-power generation, transportation, tourism, pharmaceuticals, biotechnology, information technology, horticulture, seri-culture, dairy products, food processing and real estate etc. but it could not be exploited in lack of private investment in the state’s economy due to the law and order situation. If there is proper policy response from the government and the confidence of the private investors is restored, these opportunities can be exploited over short to medium span of time. As a result, not only centers like Srinagar and Jammu but many other centers like Anantnag, Samba, Baramula and Pulwama would also be turned into hub for economic activities.

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