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ELSS has evolved as a popular investment option in India for people seeking both tax savings and possible capital growth. The purpose of this study is to provide a comprehensive comparative assessment of five distinct ELSS offered by mutual funds, with an emphasis on their performance in comparison to the NIFTY 50 Index, a benchmark representing the performance of the top 50 firms listed on India’s NSE. The study digs into a number of crucial aspects, including as historical returns, risk measures, portfolio diversification, expense ratios, and tax benefits, to assess the viability of each ELSS for investors looking to maximize their tax-saving investments while obtaining high returns. We also look at the performance of these funds to gauge their diversification and adherence to market trends. The findings of this study will assist investors in selecting ELSS funds for their investment portfolios. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to empirically examine environment, social, and governance (ESG) as an effective strategy to reduce major impediments for a corporation in the form of costs of capital (COC) and systematic risk, especially for emerging markets such as India. Design/methodology/approach: A sample of 114 Indian firms from eight prominent industries based on Thomson Reuters classification (TRBC) are used in the study. A panel regression with industry-fixed effects is carried out to account for industry heterogeneity. For robustness, the authors also carry out a matched sample analysis. Findings: The authors observe a negative and significant relationship between ESG performance with COC and systematic risk, respectively. For the pillar-wise analysis, the authors observe that only governance performance is negatively and significantly related to COC whereas the environmental and social performances are negative and insignificant. For ESG pillar level analysis for beta, the authors observe that all pillars are negative and significant, thus making a case for how firms can fine-tune their ESG strategies according to each pillar. Research limitations/implications: As the ESG concept is still in a very nascent stage, data availability is a definite challenge in India. Practical implications: As ESG is increasingly becoming relevant for multiple stakeholders, this study aims to provide evidence that can potentially guide the regulators, practitioners, and academicians to address the contemporary needs of these stakeholders, while also doing good for the firm in the traditional sense. Social implications: The transition to a sustainable economy is a challenge for emerging economies, especially for a country like India where stakeholders are not only varied but also huge in number. With this study's contribution towards an incremental understanding of ESG, Indian regulators and policymakers can bring forward mandates as to ESG compliances that are rewarding for the firms and give them enough impetus towards complying with ESG norms. Originality/value: The extant literature on ESG majorly discusses the relationship between ESG performance and financial performance. This study addresses the lacuna of the relationship of ESG with COC and beta in the Indian context. [ABSTRACT FROM AUTHOR]

Sensex has experienced significant volatility over the past decade, with several large swings in both directions driven by a variety of economic, political, and global factors. The European debt crisis (2011-2012), General Elections (2014), Demonetization (2016), COVID-19 pandemic (2020) witnessed wide range of volatility in the stock market. In this article, an attempt has been made to showcase the volatility of IT sector comprising four Top IT companies for 12 months (February 2022 to February 2023). Volatility in the Sensex can be measured by the standard deviation of the daily returns of the index. Monthly changes in prices and monthly fluctuations in returns, average return, standard deviation and beta is calculated to show how IT companies' stocks are volatile in relation to IT sector as a whole. In this research paper discussion has been made on how investment decision can be taken based on risk return statistics. IT sector is a major contributor to India's GDP in recent years, with the country becoming a leading destination for IT services and outsourcing. It is expected to continue to grow due to the increasing demand for digital services and solutions in India and globally. [ABSTRACT FROM AUTHOR]

A significant number of activities have been moved online because of the quick development of communication technology. Subsequently, these activities have become more versatile and proficient. The growth in the number of individuals utilising the web has led to the thought of a virtual world with other business peculiarities known as cryptographic forms of money in order to empower money-related activities including purchasing, selling, and exchanging. Since virtual money isn't dependent upon similar degrees of oversight and guideline as conventional monetary standards, most countries have decided to prohibit it from their financial frameworks. This paper investigates the ongoing legitimateness of cryptocurrency in India and the impact of potential government activities on these monetary standards. The study also focuses special attention on Bitcoins by analysing the history, pros and cons, development, and legal status of Bitcoins in India. [ABSTRACT FROM AUTHOR]

Equity mutual funds are a popular way for small investors to pool risk capital. The Government of India created the Equity-Linked Savings Scheme i.e., ELSS mutual funds in 1992 to encourage such an investment culture by providing tax benefits to the investors along with healthy returns. However, the tax benefits are accompanied by certain regulatory provisions. These provisions appear to increase the investment risk associated with these vehicles. So, the question arises whether the historical performance analysis of ELSS funds reflects higher investment risk? Do ELSS funds outperform Benchmark Indexes in terms of risk-adjusted returns? This study attempts to address these issues by examining the performance of the selected ELSS Funds over the last ten years. [ABSTRACT FROM AUTHOR]

This paper investigates the presence of beta anomaly in the Indian market and tries to explore the reasons behind its existence. The beta anomaly does exist in India, but the negative relationship between beta and alpha is not because of the positive relationship between beta and idiosyncratic volatility (IVOL) and negative between IVOL and alpha. Further, on the basis of raw returns, the betting against beta (BAB) premium is very small in comparison with size and value premiums. Size effect is the strongest with a difference of 2.7% per month between small and big stock returns. On risk adjusted basis (CAPM), BAB premium is less than one-fourth of the size premium. But, market, size and value factors alone are not able to explain the variation in returns of low beta stocks. The introduction of the BAB factor in the Fama-French 3 factor model makes the alpha zero. In sum, the presence of BAB effect is observed in the Indian market though it is very small in respect to the size effect. Transaction costs may easily nullify the BAB premium. [ABSTRACT FROM AUTHOR]

Portfolios of companies with high book-to-market (BTM) ratio (low Price-To-Book (PB) ratios, Value firms) outperform those with companies with low BTM ratio (high PB ratios, Growth firms). In literature, this is known as the Value Anomaly. This anomaly is related to the third factor in the three-factor model of Fama and French, and is commonly used to explain the cross section of returns. Studies on the Value Anomaly in the Indian Stock Markets have yielded mixed results. Using a longer span of data and a larger set of companies, this study explores and observes the Value Anomaly in the Indian Stock Market. The contribution of size and systematic risk towards the behaviour of the Value Anomaly is studied. We observe that Value Anomaly exists in India, but with growth portfolios outperforming value. A critical analysis reveals possible linkages to firm size. [ABSTRACT FROM AUTHOR]

Indian Investors are risk averse and thus they prefer to invest in safe securities giving them decent returns. There are lots of investment alternatives available to them. But according to past experience, Mutual Fund Industry is having the safest image. Number of investors investing in this industry is rising day-by-day, so it becomes important for them as well as fund houses to know the performance of their mutual funds. In this paper, an attempt has been made to study the performance of selected balanced schemes of mutual funds based on risk-return relationship models and various measures. Balanced schemes of mutual funds are the ones which are mostly preferred by Indian investors because of their balanced portfolio in equity and debt. A total of 30 schemes offered by various mutual funds have been studied over the time period September 2007 to August 2010 (3 years). The analysis has been made on the basis of mean return, beta risk, total risk, Sharpe ratio, Treynor ratio and Jensen Alpha. The overall analysis finds HDFC (Growth) Mutual fund being the best performer and JM Financial (Dividend) Mutual fund showing poor below-average performance when measured against the risk-return relationship models. [ABSTRACT FROM AUTHOR]

The present study examines the returns of 100 mutual fund schemes per unit of market risk during the period 1st April, 2000 to 31st March, 2008. The sample comprises53 growth schemes, 20 tax planning schemes, 11 balanced schemes and 16 income schemes. Modest attempt has been made in this study to infer whether the risk profiles of sample schemes are in conformity with their investment objectives or not. The study also examines whether high beta funds have actually produced high returns over a period of this study or not. The study period 2000-2008 has been segregated into two sub-periods, sub-period I (2000-2004) and sub-period II (2004-2008) to ascertain whether the performance of mutual fund schemes varied during the two sub-periods as these were bear and bull phases. [ABSTRACT FROM AUTHOR]

In this paper we attempt to find whether earnings management affects dividend policy. We use discretionary accruals as a measure of earnings management. We first calculate total earnings by using the Sloan's model (1996) and non-discretionary accruals using Jones model27. We then arrive at the discretionary accruals by taking the difference between the above two. We take the total dividend pay-out of our sample firms and then perform regression to find whether discretionary accruals are influencing the dividend policy. Our findings reveal that the discretionary accruals is an influencing factor in the dividend pay-out. We also find that, firm ownership, free cash flow and beta are also influencing variables. [ABSTRACT FROM AUTHOR]

Mutual funds have emerged as an intermediary for wealth creation for investors with varied objectives and varied risk -return appetites, without having to go through the rigmarole of direct investments in equity, which are more volatile, need professional and technical know-how. However, the industry has not been immune from recent economic turbulences including the recent Subprime crisis in 2008, Euro-zone crisis of 2010 and a slowdown in the global financial markets in recent years. The falling Net Asset Values (NAV) have been eroding investor's wealth and confidence. The paper attempts a comparative analysis of the performance of selected private and public sector mutual funds. Findings indicate that public sector mutual funds have been better performers than their private sector counter parts. Further public sector funds have been ranked higher under the Sharpe and Treynor ratio, whereas private sector funds have been ranked higher under the Jensen's Alpha. [ABSTRACT FROM AUTHOR]

This paper attempts to study the portfolio evaluation of selected equity growth schemes using volatility measures such as Standard Deviation, Beta and R squared and the risk adjusted evaluation methods such as Sharpe, Treynor, Jensen's Alpha and Sortino measures. Researchers only emphasized on secondary data sources and selected 12 Mutual Fund schemes of 6 mutual fund institutions and the period of study is kept limited for 5 years i.e. from 2007-08 to2011-2012. To test the significance; Independent t-test and one way ANOVA is used. [ABSTRACT FROM AUTHOR]

Three fundamental factors that determine the rate of growth of a nation are efforts, capital and knowledge. Among these, increasing capital formation has been considered as the most important factor in forecasting economic growth especially of the underdeveloped economies. To balance the requirement for over all developmental and to cater the apatite of expanding economies, financial institutions and capital markets in India and abroad emerged to mitigate the chronic problem of inadequacy of long term funds. The past decade in many ways has witnessed tremendous market sentiment in India. It has grown radically a battery of financial institutions stock exchanges and other intermediaries at the country and state level came into existence, amount raised from the market, the number of listed stocks, market capitalization, trading volumes and turnover on stock exchanges, and investor population. Despite the expansion of the securities market and reformatory measures taken by the GOI very small percentage of household savings are chanalized into the securities market. This indicates a lack of awareness and lingering confidence of the investors in the securities market. Primary objective of investing reserves in securities by the investors is to maximize earnings and to keep funds liquid and safe. The astute investment policy involves setting out investment objective, reviving investment needs of the investors, relevant policy guidelines with respect to size of the investment portfolio, approach of investment portfolio, effective portfolio diversification, maturity of the investment trading in securities, switching etc. Constructed portfolios should be revisited time and again in the light of external and internal developments and desired changes should be made in order to achieve optimum results. Thus, the present study tried to asses the applicability of Sharpe's single Index Model in Indian security market and to analyze construction of optimal portfolios with minimum and maximum return. By using Treynor Measure, Sharpe Measure, Jensen Measure, Fama's Measure, constructed portfolio which can work in Indian Security Market optimally. For the study purpose past 4 four years daily base data has been taken of renowned one benchmark 30 stocks BSE sensitive Index containing different Indian stocks. Considered input values for the model are the security returns, unsystematic variance of security return, beta values of securities and market variance. [ABSTRACT FROM AUTHOR]

The study tests whether beta as envisaged in CAPM is the determinants of the security and portfolio returns. Further the study also tests whether the intercept of the CAPM is equal to the risk-free rate of return as envisaged in the standard form of theory. The study is based on BSE Sensex companies. The overall results, based on percentage and log returns show that the intercept is equal to the risk-free rate of return but the beta does not explain the variation in individual security returns and portfolio returns in Indian capital market. Therefore, we conclude that CAPM does not hold for the Indian market. [ABSTRACT FROM AUTHOR]

The study tests intercept, the seven combinations of three variables(β, Size and ln(BE/ME); β, Size and E/P; β, E/P and ln(BE/ME); β, Size and Rm-Rf ; β, Rm-Rf and ln(BE/ME); β , Rm-Rf and E/P; Rm-Rf , Size and ln(BE/ME)) to determine the security/portfolio returns. The results show that intercept is not significantly different from zero. Further the result shows that all the seven different combinations explain the variation in security returns. In case of market value weighted portfolios, of the seven different combinations, six combinations explain the variation in portfolio returns. In case of equal weighted portfolios, of the seven different combinations, only two combinations explain the variation in portfolio returns. Overall results indicate that beta in combination with, excess market returns and company factors like size, earnings to price ratio and book-to-market ratio significantly explain the returns in three factor model. Therefore, we can infer that both market and company factors are necessary to understand asset pricing in Indian capital market. [ABSTRACT FROM AUTHOR]

Beta is a widely accepted measure of systematic risk and is used by practitioners for capital budgeting, portfolio formation, and performance evaluation. It is important to know whether beta is stationary overtime and to identify the factors that may help forecast it. Since beta represents co-movement with the market, it is pertinent to check if betas of individual stocks and portfolios change over bull and bear market phases. Regression analysis, paired t-tests, and correlation analysis were used to study beta for 158 stocks and 15 portfolios in the Indian stock market over 12 years from 1991 to 2002. Regression analysis indicates that alpha and beta were not significantly different for majority of the individual stocks and portfolios during the alternating market phases. Paired t-tests, on the other hand, shows evidence of non-stationarity in some of the alternating periods and stationarity between all bull periods. Analysis of the control groups also reveal that the overall period was not stationary. Although correlation between pairs of periods was fairly high and significant in some cases, it was not consistent group-wise and was at odds with the t-tests in some cases. Overall, the evidence of non-stationarity of beta between bull and bear periods was not consistent and cannot be put to practical use. [ABSTRACT FROM AUTHOR]