Vol. 7(5) May 2014
Studies on Cost Benefit Analysis in Appraisal of Infrastructure
Projects: A Critical Review
Chaudhuri Sumana and Hegde D. S.
The article aims to primarily focus on the economic and
social costs and benefits of infrastructure projects which form an important aspect
of project appraisal and evaluation techniques. The major approachesto social cost
benefit analysis are considered, building the concept from the fundamentals of applied
welfare economics. In the case of economic appraisal and evaluation of infrastructure
projects using CBA as a tool, it remains as a potentially viable and unexplored
area of research.Various methodologies like European Commission Guidelines, OECD
Manual, UNIDO Guidelines and the World Bank approach could be effectively applied
for CBA of infrastructure projects.
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Hull and White Model to price Credit Risk Mitigation
Warrants
Qingfeng Wang and Zhi Di
Credit Risk Mitigation (CRM) including Credit Risk Migration
Agreements (CRMA) and Credit Risk Mitigation Warrant (CRMW) were made available
to Chinese institution investors since 2010. To our best knowledge, there are no
existing models specifically designed to price CRMW in literature. In this study,
we applied Hull and White model to price five CRMWs. Findings of this paper can
help investors when buying a CRMW.
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A study on IPOs Performance in Indian Capital Market
Ishwara P.
In this paper an attempt has been made to evaluate the
post issue performance of IPOs in Indian capital market. Capital market constitutes
the channel through which the capital resources generated in the society are made
available for economic development of the nation. An initial public offering occurs
when a company first sells common shares to investors in the public. Generally,
the company offers primarily shares this way, although sometimes secondary shares
are also sold as IPO’s. Going public means a company is switching from private ownership
to public ownership. Going public raises cash and provides many benefits for a company.
A company that is planning an IPO appoints lead managers to help it decide on an
appropriate price at which the shares should be issued. Historically, IPOs both
globally and in the US have been underpriced. The effect of initial under pricing
an IPO is to generate additional interest in the stock when it first becomes publicly
traded. This can lead to significant gains for investors who have been allocated
shares of the IPO at the offering price. However, under pricing an IPO results in
"money left on the table" i.e. lost capital that could have been raised for the
company, had the stock been offered at a higher price. The danger of overpricing
is also an important consideration. If a stock is offered to the public at a higher
price than the market will pay, the underwriters may have trouble meeting their
commitments to sell shares. In order to analysis post issue performance, IPOs made
during year 2011, 2012 and 2013 from various companies are taken into account. The
information regarding issue price, list price and latest trading price were collected
from various sources. The per cent of increase/decrease from its list price has
been calculated. Amid volatile equity market, Indian companies mopped up 1,619 crore
in 2013 through initial public offerings, the lowest level in 12 years. As many
as 11 companies had raked in 6,835 crore through the initial share-sale programme
in 2012 against three firms that garnered 1,619 crore last year. This was the lowest-level
of fund raising via IPO since 2001, when only 296 crore were garnered through this
route. Fund-raising through IPOs had touched all time high of 37,535 crore in 2010.
In the nutshell, most of the securities are trading below their list price and registered
losses.
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Role of Microfinance in Promoting Microenterprises
- Indian Scenario
Padma Narayan B.
MSME sector plays a pivotal role in providing employment
and income by contributing significant percentage to manufacturing output of the
nations. In India, microenterprises account for 94.94% and 99.83% in registered
and unregistered categories respectively in MSMEs. Microfinance institutions provide
microcredit for microenterprises to generate employment and income for low income
households to achieve the objective of poverty alleviation. The existing strategies
and approaches of microfinance institutions need to be revisited to promote sustainable
microenterprises. The present paper suggests innovative strategic mechanism at business
and operational levels of MFOs to play a crucial role in promoting microenterprises.
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The Individual Differences of Ethical Decision Makers
Zhang Na and Zhang Jian
This article reviews the multitude of individual factors
in empirical studies of ethical decision-making. Variables related to an individual
decision maker examined in this review are gender, philosophy, 3E (Education, Employment
and Experience), cultural values, age, personality, cognitive moral development,
awareness, religion and locus of control. This review identifies the individual
variables that have been empirically tested in an effort to uncover what is known
and what we need to know about the factors that are hypothesized as determinants
of ethical decision makers in the enterprise.
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A Study on Online Shopping Experience and Customer
Satisfaction
Hamza V. K. and Saidalavi K.
The purpose of this study is to explore the influences
of online shopping perceived benefits namely Convenience, Pricing and Wider Selection
towards Online Customer Satisfaction and Word of Mouth. The data has been collected
on convenience from 385 respondents who experienced at least one online shopping
in the last year. Four hypotheses has been tested empirically with the help of Partial
Least Square Structural Equation Modeling (PLS-SEM) and the results are significant.
The results of the study state that convenience during the online shopping, wider
alternatives for selection and low price significantly influence online customer
satisfaction in Indian context.
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Level of stress experienced by Saurashtra University
employees: Towards developing a stress management
Jadav Vaju B.
The research determined the level of stress experienced
by Saurashtra University employees. Sample of Respondents were taken from the three
levels of positions- the top management, middle management and Rank and File. The
Rahe and Holmes stress questionnaire was used to collect the data. The researcher
has tried to establish the relationship of level of stress experienced with personal
characteristics like age, gender, number of family members and income and job position.
It was found from the research that the middle level employees experienced the highest
degree and level of stress compared to the other job positions. As to the relationship
job position is correlated with job stress but personal characteristics are not
correlated to job stress. The research provided a stress management program for
the employees of the University because it was determined that productivity and
stress are negatively correlated. It is imperative to minimize and controlled the
stress to make employees more productive.
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Green Business as a Sustainable Career for Women Entrepreneurs
in India- An Opinion Survey
Sumathi K., Anuradha T. S. and Akash S. B.
The growing commitment to sustainable principles has
increased the demand for new green products and services. Businesses and consumers
are looking for better ways to reduce waste, minimize our impact on the environment
and leave a cleaner, greener world for our children and grandchildren. The growing
emphasis on protecting the environment translates into opportunities for entrepreneurs
— women with ideas, energy and smart strategies to start and operate their own green
businesses and organizations. Being a green business, owner can offer meaningful
employment that is economically rewarding, socially responsible and environmentally
beneficial. At the same time, it can help women looking to balance their family
lives with their professional ambitions. The green economy offers women a win-win
situation, to engage their values and achieve financial success. Therefore the present
study is focusing on identifying the opportunities for women entrepreneurs in green
business and also researcher made an effort to analyze their perception regarding
opportunities in the same.
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Comprehensive Leadership Review – Literature, Theories
and Research
Busse Ronald
This article provides a comprehensive literature review
on leadership. The author sheds light on the historical foundation of leadership
theories and then elucidates modern leadership approaches. After contrasting leadership
and management, the article touches the overcome trait theories, summarizes the
still prevailing behavioral and relational approaches and gives insights into the
latest research on the efficiency of the transformational leadership style. The
article critically combines historical leadership fundamentals with implications
for current practicing managers.
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