Management Studies - Publications

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  • Item
    An empirical analysis of Australian superannuation fund expenses
    ( 2004-12-01) Malhotra, D. K. ; Martin, R. ; Marisetty, Vijay
    This study investigates the determinants of expense ratios of Australian superannuation funds. No prior research on this topic exists despite the importance of expense ratios for fund selection. We relate expense ratios to fund age, size, investment objective, sales charges, fund family membership, risk-adjusted return, and wholesale/retail category. Average expense ratios for wholesale funds are considerably lower than those of retail funds. For retail funds, expense ratios are positively related to investment objective and sales charge, and negatively related to fund age. For wholesale funds, they are negatively related to investment objective and positively related to fund age and size. © World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research.
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    A cross-cultural empirical analysis of person-organization fit measures as predictors of student performance in business education: Comparing students in the United States and India
    ( 2005-01-01) Westerman, James W. ; Vanka, Sita
    Preliminary research examining the influence of P-O fit on the effectiveness of learning, training, and development in business education indicates a potential to extend the P-O fit domain to predict student outcomes in the classroom (Westerman, Nowicki, & Plante, 2002). Our purpose in this study is to examine the effectiveness of three person-organization fit measures (values congruence, personality congruence, and work environment congruence) in predicting performance and satisfaction in management training and education cross-culturally, using data sets from students in India and the United States. Data was collected from 194 students in four sections of management classes taught by four instructors from higher educational institutions in the Western U.S. and India. The results indicated that student-professor personality congruence was a significant predictor of student performance, and classroom environment congruence was a significant predictor of both student satisfaction and performance in the United States. No P-O fit measure was predictive of student outcomes in India. Results and implications are discussed. © Academy of Management Learning & Education.
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    Introducing non-linear dynamics to the two-regime market model: Evidence
    ( 2005-09-01) Woodward, George ; Marisetty, Vijaya B.
    The existing two-regime asset-pricing models do not reach a consensus, either in the definition of bull and bear market conditions or in the modelling of beta non-stationarity. We apply a logistic smooth transition regression model to address the beta non-stationarity issue. Using eight different definitions of bull and bear market conditions, we intend to ascertain the most appropriate definition with which to capture the non-linear dynamics of security returns. We find, through a series of linearity tests, that the Logistic Smooth Transition Market (LSTM) model provides an adequate description of the data generating process. Further, we explore the adequacy of a duration dependent description of market conditions in our model. Often we find that the 4-month lagged yield spread is a more appropriate definition of market condition than is a coincident economic indicator, excess market returns and a moving average of excess market returns. We also find duration dependence in market conditions. © 2005 Board of Trustees of the University of Illinois. All rights reserved.
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    On the choice of superannuation funds in Australia
    ( 2006-06-01) Langford, Benjamin R. ; Faff, Robert W. ; Marisetty, Vijaya B.
    Using a sample of Australian retail and wholesale superannuation funds to proxy for choice and limited choice alternatives, respectively, we investigate the costs and benefits of providing choice to investors. We find that investors who have choice don't respond to fees. Also, loads - typical of the choice environment - are likely to be a dead-weight loss borne by investors. Employees who involuntarily contribute to (employer) funds, tend to pay the lowest fees. Given these results, the advantages of choice become questionable. Our results show that managers of limited choice funds achieve greater positive abnormal returns than retail fund managers. The analysis of flows provides insight into why choice funds do not perform better than limited choice funds. Investors are not responding to historical performance as predicted. © Springer Science + Business Media, LLC 2006.
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    Price reaction to rights issues in the Indian capital market
    ( 2008-06-01) Marisetty, Vijaya B. ; Marsden, Alastair ; Veeraraghavan, Madhu
    This study examines securities price reaction to announcements of rights issues by listed Indian firms during the period 1997-2005. We document a positive but statistically insignificant price reaction to such announcements. The price reaction is significantly more negative for firms with a family group affiliation compared to firms with no family group affiliation. The notable differential price reaction between firms with and without a family group affiliation can be explained by the "tunneling hypothesis." For firms affiliated with a family group, we surmise that investors perceive that the proceeds of the rights issue may be misused for the benefit of the controlling shareholder. We also find that higher levels of individual shareholding in the firm are associated with a more positive price reaction to the announcement. © 2007 Elsevier B.V. All rights reserved.
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    Analysing the performance of managed funds using the wavelet multiscaling method
    ( 2008-07-01) In, Francis ; Kim, Sangbae ; Marisetty, Vijaya ; Faff, Robert
    We propose a new approach for investigating the performance of managed funds using wavelet analysis and apply it to an Australian dataset. This method, applied to a multihorizon Sharpe ratio, shows that the wavelet variance at the short scale is higher than that of the longer scale, implying that an investor with a short investment horizon has to respond to every fluctuation in the realized returns, while for an investor with a much longer horizon, the long-run risk associated with unknown expected returns is not as important as the short-run risk. Using multihorizon Sharpe ratios of six groups of managed funds, we find that none of the fund groups are dominant over all time scales. © 2007 Springer Science+Business Media, LLC.
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    Determinants of foreign direct investment and volatility in South East Asian economies
    ( 2009-01-01) Vadlamannati, Krishna Chaitanya ; Tamazian, Artur ; Irala, Lokanandha Reddy
    The objective of this paper is to identify and examine the determinants of barriers to foreign direct investment (FDI) in South East Asian economies. Based on our theoretical groundings, we identify potential barriers under four categories, namely macroeconomic policy factors, political factors, institutional factors and socioeconomic factors. Using cross-sectional time-series data for 17 South East Asian economies from 1996 to 2005, we test these set of barriers against per capita FDI inflows and volatility in FDI inflows using fixed effects pooled regression analysis. In the process, we also check as to how fragile our results are to the small but important changes, which we bring in the conditioning information set using robustness check. Our empirical evidence suggests that all the possible set of barriers identified have significant negative effect on per capita FDI and positive impact on volatility in FDI inflows. We therefore suggest that there is an urgent need to find the solutions to break these barriers that are acting as stumbling blocks in attracting FDI of their actual potential. © 2009 Taylor & Francis.
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    Personality and national culture: Predictors of compensation strategy preferences in the United States of America and India
    ( 2009-07-17) Westerman, James W. ; Beekun, Rafik I. ; Daly, Joseph ; Vanka, Sita
    Purpose - The purpose of this paper is to examine the relationships between individual personality and compensation package preferences and whether cross-cultural differences exist in these preferences in the USA and India. Design/methodology/approach - A survey methodology was used and subjects included 175 MBA students of two universities, one in the USA and one in India. Measurement instruments included a Big Five personality measure and a compensation pay strategy typology. Findings - Results indicated a significantly different pattern of results between subjects in the two countries. In the India sample, introversion was a significant predictor of a security/commitment pay strategy and extroversion and neuroticism were significant predictors of performance-driven pay strategies. In the US sample, none of the personality variables was predictive of pay strategy preferences. Practical implications - Multinational firms should reconsider "one-size-fits-all" compensation plans and tailor strategies to fit the profile of their workforce. Originality/value - The paper provides empirical data indicating that relationships exist between personality and pay package preferences, and that these relationships differ by culture. © Emerald Group Publishing Limited.
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    Group affiliation and the performance of IPOs in the Indian stock market
    ( 2010-02-01) Marisetty, Vijaya B. ; Subrahmanyam, Marti G.
    We document the effects of group affiliation on the initial performance of 2,713 initial public offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation: the "certification" and the "tunneling" hypotheses. We lend support to the latter by showing that the underpricing of business group companies is higher than that of stand-alone companies. Furthermore, we find that the long-run performance of IPOs, in general, is negative. We also find that Indian investors over-react to IPOs and their over-reaction (proxied by the oversubscription rate) explains the extent of underpricing. © 2009 Elsevier B.V. All rights reserved.
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    Information content of IPO grading
    ( 2010-09-01) Deb, Saikat Sovan ; Marisetty, Vijaya B.
    In the year 2007, Indian capital market regulator-SEBI, introduced a unique certification mechanism for IPOs whereby all IPOs have to undergo mandatory quality grading by independent rating agencies. In this paper we argue that such objective, independent and exogenous certifying mechanism provides a better opportunity to test the well established certification hypothesis, especially in the context of emerging markets with institutional voids. Using a sample of 163 Indian IPOs we test the efficacy of IPO grading mechanism. We find, grading decreases IPO underpricing and positively influences demand of retail investors. Grading reduces secondary market risk and improves liquidity. However, grading does not affect long run performance of the IPOs. IPO grading successfully capture firm size, business group affiliation and firm's quality of corporate governance. Our findings imply that, in emerging markets, regulator's role to signal the quality of an IPO contributes towards the market welfare. © 2010 Elsevier B.V.
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    Are price limits really bad for equity markets?
    ( 2010-10-01) Deb, Saikat Sovan ; Kalev, Petko S. ; Marisetty, Vijaya B.
    Despite widely documented criticisms, price-limit rules are present in many equity markets around the world. Using a game-theoretic model, we argue that, if the cost of monitoring a market is high, price-limit rules are beneficial. Empirical tests based on a cross section of 43 equity markets across five continents support our theoretical prediction. We find that the probability of the existence of price-limit rules is greater in markets that incur higher monitoring costs due to poorer business disclosure, more corruption and less efficiency in legal, regulatory and technological environments. © 2010.
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    Assessing the quality of the Indian Rail Services: Examining the applicability of Grönroos model for developing Railqual
    ( 2010-10-15) Prasad, M. Devi ; Shekhar, B. Raja
    The growing competition among organizations for survival in the market is making every organization towards improving their service quality. To improve service quality the measurement and its subsequent management is essential . The study evaluated the passenger Rail Service quality of Indian Railways on the basis of modified Grönroos Technical and Functional Quality model with modified attributes. This study identified the attributes to evaluate the quality of Railway Passenger Services and develops a comprehensive instrument "RAILQUAL", which can be used by the Railways for collecting feedback from passengers and then to monitor, control and improve the service quality. © 2010 IEEE.
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    Corporate governance survey: A holistic view for altruistic practice. Corporate governance practice: Interview with N R Narayana Murthy, founder, Infosys Technologies
    ( 2011-03-01) Marisetty, Vijaya B.
    Taking a holistic approach, this survey paper first reviews the literature on the four pillars of corporate governance, namely, investors, managers, directors, and law and regulation, and then integrates the four components to achieve a unified framework. Attempting to bridge the gap between principles and practice, the paper also incorporates the views of N R Narayana Murthy, founder member of Infosys, one of the most respected corporate governance practice leaders. The emphasis in Infosys, Mr. Murthy revealed, was not on any of the four dimensions but on the value system, ethics and integrity, and the focus on the competition was through better engagement with employees and customers. © 2010.
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    Global markets exposure and price efficiency: An empirical analysis of order flow dynamics of NYSE-listed Indian firms
    ( 2011-12-01) Kumar, Kiran ; Mamidi, Varsha ; Marisetty, Vijaya
    We examine the effect of global competition for order flows, which arise due to listing of American Depository Receipts (ADRs) by six Indian firms on the NYSE, on the local market. Using order imbalance data for six months pre- and post-listing periods, which captures order flow dynamics, we show that price formation is more efficient in the post-listing period compared to pre-listing period. We also provide additional evidence on the local market quality due to ADRs listing. © 2011 Elsevier B.V.
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    Global markets exposure and price efficiency: An empirical analysis of order flow dynamics of NYSE-listed Indian firms
    ( 2011-12-01) Kumar, Kiran ; Mamidi, Varsha ; Marisetty, Vijaya
    We examine the effect of global competition for order flows, which arise due to listing of American Depository Receipts (ADRs) by six Indian firms on the NYSE, on the local market. Using order imbalance data for six months pre- and post-listing periods, which captures order flow dynamics, we show that price formation is more efficient in the post-listing period compared to pre-listing period. We also provide additional evidence on the local market quality due to ADRs listing. © 2011 Elsevier B.V.
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    Panel data approach to identify factors correlated with equity market risk premiums in developed and emerging markets
    ( 2012-01-01) Ariff, M. ; Marisetty, Vijaya B.
    Traditional time series or cross-sectional regression procedures yield mixed evidence on maintained hypotheses about the determinants of international equity returns. This paper re-examines how three theory-suggested factors affect equity returns and how the test results may differ between developed and the Asian emerging markets. However, on pooling observations, our estimated coefficients are much more accurate, and yield theory-consistent results. Using the panel data method, we find that the equity returns, specified as risk premiums of developed and emerging markets, appear to be determined by variations within the equity markets using all three theory-suggested factors. In the emerging Asian markets, the risk premiums are affected more by the variation over time in income growth while the variations in the other two factors affect the equity premiums as within market variation effects. © 2012 Copyright Taylor and Francis Group, LLC.
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    Effectiveness of computer based management simulations - A case study
    ( 2012-11-01) Naraharisetty, Padmaja ; Vanka, Sita
    Management simulations are designed to provide experiential learning bridging the gap between theory and practice. The purpose of this study is to understand the factors that promote the effectiveness of computer based business simulations in management education. The study was conducted in a premier B-School based in Hyderabad. The knowledge component of the course is often delivered to the learners as participative classroom based lectures and business simulations for courses in operations research, strategy and marketing are offered to provide an effective immersive learning experience. This paper explores the effectiveness of simulations in management education in terms of: Learning assimilated from the simulation? Team dynamics observed? Ease of use of simulation? Realism in simulation. The paper reports findings of a survey administered to the students of an executive program offered for experienced working professionals at the B-School'sHyderabad campus in India. The paper also puts forth enhancement measures that can be taken up to make the learning process more effective. © 2012 IEEE.
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    Challenges faced by women: BPO sector
    ( 2012-12-01) Jyothi, P.
    Workplace stress and pressures confronted by an employee due to conflicting role demands and their desire to lead a fulfilling life have brought certain issues to the forefront. Retaining talent and making the workplace enjoyable have been the endeavors of behavioral scientists. BPO jobs demand specific behaviors from their employees, which might result in individual stress. In the context of skill shortages, work-family issues came to be viewed primarily as a recruitment and retention matter. The challenges faced by women while working in a BPO sector are varied, and organizations need to take several initiatives to handle the attrition levels. © 2012, IGI Global.
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    CSR guidelines for Indian companies
    ( 2013-01-01) Singh, Punam ; Sarkar, Shulagna
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    Flexible price limits: The case of Tokyo Stock Exchange
    ( 2013-04-01) Deb, Saikat Sovan ; Kalev, Petko S. ; Marisetty, Vijaya B.
    Daily price limits are criticized for their role in disrupting price adjustment process. We propose a flexible price limits mechanism as an alternative to daily price limit rules. First, we identify volatility spill-over and consecutive price limit hits as the source for disrupting informed trading. Later, we propose flexible price limits that can be implemented by using predicted probability of volatility spill-over and consecutive price limit hits. We provide empirical evidence in support of flexible price limits' efficiency by using 5 years intra-day data of stocks listed on the Tokyo Stock Exchange. © 2012.