Academic journal article IUP Journal of Applied Economics

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Academic journal article IUP Journal of Applied Economics

Focus

Article excerpt

The current issue consists of four research papers. In the first paper, "Insider Trading as a Menace: An Indian Perspective", the authors, Shallu Arora, Meena Sharma and A K Vashisth, have attempted to examine the price behavior of equity shares of companies that indulge in insider trading. The study analyzes whether reporting delays and industry differences have any impact on the magnitude of abnormal returns using a sample of 1,101 insider transactions by insiders of Bombay Stock Exchange (BSE) listed companies for the period from April 1, 2009 to March 31, 2013. The findings reveal that insiders are able to earn abnormal returns during one month post the event, whereas in the long run, the profits almost disappear. The results indicate that the reporting delays significantly impact the abnormal returns of insider trades and the magnitude of abnormal return was high and significant in both 2-4 days and 5-10 days delay sub-samples. The results further reveal that insiders who delay the reporting of insider trades by more than 10 days, trade due to some other reasons than taking advantage of price sensitive information. Industry-wise results depict that chemical industry, financial industry, food and agro-based industry, textile industry and miscellaneous services had positive and significant abnormal returns.

In the second paper, "Technical Efficiency and Its Determinants: A Stochastic Frontier Analysis of Sugar Mills in Uttar Pradesh", the authors, Abdulla and Mohd Izhar Ahmad, have attempted to explore the components of efficiency that contribute to the change in output, scale of production and technical efficiency of 115 sugar mills in Uttar Pradesh adopting Stochastic Frontier Approach for the year 2011-12. The findings reveal that the public limited company type mills are most efficient, while the public corporation type mills are least efficient. The study further highlights that sugar mills are working at constant returns to scale, and the efficiency level can be changed by changing the scale. The authors opine that the technical changes would help the decision makers to realize the strengths and weaknesses that contribute to the growth and development of sugar mills.

In the third paper, "Infrastructure, Growth and Poverty Nexus in India: A State-Level Analysis", the author, P Srinivasa Rao, has attempted to examine the growth momentum of the infrastructure and economic growth across the major states in India using the Composite Index of Infrastructure Development (CIID) for the period from 1972 to 2012 and 1971 to 2011. …

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