Bücher von Anirban Ghatak

O objectivo deste estudo é construir um Índice de Divulgação Corporativa e examinar se a pontuação obtida a partir do índice actua como um substituto da Qualidade da Governação Corporativa. Esta Tese examina se a pontuação obtida no Índice de Divulgação da Governança Corporativa (CGD) pode servir como uma proxy da qualidade da Governança Corporativa (CG), estabelecendo assim uma relação positiva com o desempenho financeiro das empresas. Esta Tese deu a entender que a pontuação de governação empresarial varia significativamente entre empresas de grande, pequena e média capitalização na amostra seleccionada de empresas. Foi validado que existe uma diferença estatisticamente significativa nas pontuações da CGD questionar sábia e dimensionalmente.

L'objectif de cette étude est de construire un indice de divulgation d'informations sur les entreprises et d'examiner si le score obtenu à partir de l'indice sert d'indicateur de la qualité de la gouvernance d'entreprise. Cette thèse examine si le score de divulgation de la gouvernance d'entreprise (CGD) peut servir d'indicateur de la qualité de la gouvernance d'entreprise, établissant ainsi une relation positive avec la performance financière de l'entreprise. Cette thèse a montré que le score de gouvernance d'entreprise varie de manière significative entre les grandes, les petites et les moyennes capitalisations de l'échantillon d'entreprises sélectionné. Il a été validé qu'il existe une différence statistiquement significative entre les scores de gouvernance d'entreprise en fonction des questions et des dimensions.

El propósito de este estudio es construir un Índice de Divulgación Corporativa y examinar si la puntuación obtenida a partir del índice actúa como proxy de la Calidad del Gobierno Corporativo. Esta Tesis examina si la puntuación obtenida en el Índice de Divulgación del Gobierno Corporativo (IDGC) puede servir como proxy de la calidad del Gobierno Corporativo (GC), estableciendo así una relación positiva con los resultados financieros de las empresas. Esta tesis ha revelado que la puntuación del gobierno corporativo varía significativamente entre las empresas grandes, pequeñas y medianas de la muestra seleccionada. Se ha validado que existe una diferencia estadísticamente significativa en las puntuaciones de GC en función de las preguntas y las dimensiones.

Lo scopo di questo studio è costruire un indice di Corporate Disclosure ed esaminare se il punteggio ottenuto dall'indice agisce come proxy della qualità della Corporate Governance. Questa tesi esamina se il punteggio della Corporate Governance Disclosure (CGD) può servire come proxy della qualità della Corporate Governance (CG), stabilendo così una relazione positiva con la performance finanziaria aziendale. La tesi ha evidenziato che il punteggio di corporate governance varia in modo significativo tra le società a grande, piccola e media capitalizzazione del campione selezionato. È stato convalidato che esiste una differenza statisticamente significativa nei punteggi della CGD a seconda delle domande e delle dimensioni.

Ziel dieser Studie ist es, einen Corporate Disclosure Index zu erstellen und zu untersuchen, ob die aus dem Index resultierende Punktzahl als Proxy für die Qualität der Corporate Governance dient. In dieser Arbeit wird untersucht, ob der Wert der Corporate Governance Disclosure (CGD) als Proxy für die Qualität der Corporate Governance (CG) dienen kann und damit eine positive Beziehung zur finanziellen Leistung des Unternehmens herstellt. Diese Arbeit hat gezeigt, dass der Corporate-Governance-Score in der ausgewählten Stichprobe von großen, kleinen und mittelgroßen Unternehmen signifikant variiert. Es wurde bestätigt, dass es statistisch signifikante Unterschiede bei den CGD-Werten nach Fragen und Dimensionen gibt.

Cel'ü dannogo issledowaniq qwlqetsq postroenie indexa korporatiwnogo raskrytiq informacii i izuchenie togo, mozhet li pokazatel', poluchennyj na osnowe ätogo indexa, sluzhit' w kachestwe koswennogo pokazatelq kachestwa korporatiwnogo uprawleniq. V dannoj dissertacii rassmatriwaetsq, mozhet li pokazatel' raskrytiq informacii o korporatiwnom uprawlenii (CGD) sluzhit' koswennym pokazatelem kachestwa korporatiwnogo uprawleniq (KU), tem samym ustanawliwaq polozhitel'nuü swqz' s korporatiwnymi finansowymi pokazatelqmi. V dannoj dissertacii bylo ustanowleno, chto pokazatel' korporatiwnogo uprawleniq znachitel'no war'iruetsq mezhdu krupnymi, malymi i srednimi kompaniqmi w otobrannoj wyborke kompanij. Bylo podtwerzhdeno, chto suschestwuet statisticheski znachimaq raznica w ballah KKU po woprosam i izmereniqm.

L'étude résume les résultats de l'étude de l'effet des systèmes de gouvernance d'entreprise sur la performance de la gestion du fonds de roulement dans les entreprises cotées en Inde de différents secteurs. Pour la recherche, un échantillon de cent vingt-quatre entreprises pour la période 2015 à 2019 a pris quinze éléments de gouvernance d'entreprise et quatre composantes du fonds de roulement dans les rapports annuels. Une étude de régression a été réalisée pour déterminer l'influence explicative du mélange de composantes de la gouvernance d'entreprise sur les composantes du fonds de roulement. Les résultats de l'analyse montrent que les structures de la gouvernance d'entreprise ont un impact significatif sur la gestion du fonds de roulement, indiquant le plus grand impact sur les passifs courants. Les conséquences de ces résultats sont que les conseils d'administration ont un rôle important à jouer dans la qualité de la gestion du fonds de roulement des entreprises qu'ils contrôlent. Par conséquent, ils devraient continuer à fournir des politiques réalisables sur la gestion du fonds de roulement et rester vigilants dans la recherche de feedback sur leur mise en ¿uvre.

The purpose of this study is to construct a Corporate Disclosure Index and examine if the score attained from the index acts as a proxy of Corporate Governance Quality. This Thesis examines if Corporate Governance Disclosure (CGD) score can serve as a proxy for Corporate Governance (CG) quality, thereby establishing a positive relationship with corporate financial performance. This Thesis gave insights that the corporate governance score does vary significantly across large, small and mid-cap companies in the selected sample of companies. It has been validated that there is statistically significant difference in the CGD scores question wise and dimension wise.

IPO valuation has been done across the various countries. Many researchers have done analysis related to initial returns and long run performance of IPO. As far as Indian IPO market is concerned, it provides a natural setting for the purpose of valuing IPO¿s. IPO in India takes two routes: either a fixed price issue or a book building process. This study has been carried out to see the IPO valuation from the perspective of sponsor and after launch effects. This includes various anomalies prevailing in the market such as under-pricing phenomenon, under performance etc. For this purpose a sample of 498 IPO¿s were taken initially which has been decreased to 357 IPO¿s due to lack of data related to them. IPO which have gone public between 2000 to 2010 have been considered. For the purpose of carrying out the analysis, factors have been divided into three segments: fundamental factors, risk factors and signaling factors. The study reveals that it is the fundamental factors which affect the pricing of the IPO most. The performance , it is affected by both the fundamental and risk factors. Signal factors also impact both but the influence is low in comparison to precious study done.

Master's Thesis from the year 2014 in the subject Business economics - Investment and Finance, grade: A, University of Calcutta, language: English, abstract: The present study is conducted to test the efficiency of Indian options market. Very few studies have been conducted to test the efficiency of Indian derivatives market and especially Indian options market. This study is essential for testing the price discovery of the Indian options market. This study is motivated by lack of evidence and fills this gap by providing hitherto unavailable evidence on efficiency of the Indian options market. The purpose of the study is to test the efficiency of Nifty stock options. The study is done using trading data for 1 month. Market efficiency is tested by examining the validity of the put-call parity and of the hedging strategy. Black-Scholes model of option pricing is used to determine the fair option prices in this study. In case of mispricing of options contracts, hedging test is conducted to ascertain whether above normal returns are possible by taking advantage of the mispricing. In hedging test returns are calculated after the trader closes his position in the spot market. These returns are then compared to risk-free returns. When transaction costs are not taken into account, the hedging returns were more than the risk free returns for some stocks which showed that the market is inefficient. But after transaction costs are considered these returns became negative and ascertained that the market is efficient. Put-call parity test in the absence of the transaction costs showed that options market is inefficient. However in the presence of these costs, the hypothesis of market efficiency is accepted. The present study will help to get useful insights so that the options markets can be made more efficient as healthy financial markets are backbone of any financially healthy country. Furthermore, financial markets should be efficient and efficiency helps to prevent any kind of frauds in the financial markets.

This study endeavors to inspect the complete financial web of those Indian companies, which were acquired during 1990-2013. This is to observe if the contents of the acquired companies¿ financial statements will provide me with a useful measuring yardstick for bench-marking and to identify further companies, which face a high chance of becoming an acquisition target. The research concludes that the ratios which have the highest predictive power are the profitability ratios and solvency ratios. Among these, return on capital employed and debt equity ratio were seen to classify the companies most accurately.Due to the unavailability of certain financial ratios, the variables size is limited. Inclusion of other variables, perhaps even non-financial variables, could have provided more useful insights. This study is also limited to the manufacturing sector only. Companies that are looking to acquire, can depend on my results and narrow down their targets. Firms that want to avoid being acquired, can strategically strategically change those particular ratios, that they know are being used by acquirers to target them.