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Working Papers | 2008

Volatility Modeling, Seasonality and Risk-Return Relationship in GARCH-in-Mean Framework: The Case of Indian Stock and Commodity Markets

Brajesh Kumar and Priyanka Singh

This paper is based on an empirical study of volatility, risk premium and seasonality in risk-return relation of the Indian stock and commodity markets. This investigation is conducted by means of the General Autoregressive Conditional Heteroscedasticity in the mean model (GARCH-in-Mean) introduced by Engle et al. (1987). A systematic approach to model volatility in returns is presented. Volatility clustering and asymmetric nature is examined for Indian stock and commodity markets. The risk-return relationship and seasonality in risk-return are also investigated through GARCH-in-Mean modeling in which seasonal dummies are used for return as well as volatility equation. The empirical work has been carried out on market index S&P CNX Nifty for a period of 18 years from January 1990 to December 2007. Gold prices from 22nd July 2005 to 20th February 2008 and Soybean from October 2004-December 2007 are also considered. The stock and commodity markets returns show persistence as well as clustering and asymmetric properties. Risk-return relationship is positive though insignificant for Nifty and Soybean where as significant positive relationship is found in the case of Gold. Seasonality in risk and return is also found which suggests the asymmetric nature of return, i.e. negative correlation between return and its volatility.

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Working Papers | 2008

Choice of a Retail Store and Retail Store Format: A Hierarchical Logit Model

Tripathi Sanjeev and Piyush Kumar Sinha

The literature on store choice has mainly studied the store attributes, and ignored the consumer attributes in store choice. Even when, the consumer attributes have been incorporated the strength of relationship has been weak. Also, the literature on store choice has completely ignored format choice, when studying store choice. The paper argues for incorporating both the shopper attributes in store choice, and the store formats. Shopper attributes can be captured through the demographic variables, as they can be objectively measured, and these also capture a considerable amount of attitudinal and behavioural variables. The paper proposes to link store choice, format choice and consumer demographic variables, through a hierarchical logistic choice model in which the consumers first choose a store format and then a particular store within that format. A nested logit model is developed, and the variables predicting the choice probabilities are identified. The requirement of data for the empirical analysis is specified, the model has not been verified in the absence of empirical data but the operationalization of variables is done.

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Working Papers | 2008

Urban Development Strategy for Bihar: A Management Perspective

Prem Pangotra and Govil Astha

Bihar is among the least urbanized states in India with a level of urbanization just above 10% in 2001. The present study suggests a four-stage strategy for the urban development of Bihar. The stages are- (i) Increase in the rate of urbanization (ii) Increase in the resources of Urban Local Bodies (ULBs) (iii) Improvement in delivery of urban services, and (iv)Local economic development for employment generation in cities. The current state of finances of ULBs in Bihar is very poor on account of low yield of own revenue sources and low level of grants. The quality of services provided by ULBs in Bihar, measured by expenditure on these services is inferior in comparison to standard benchmarks and other selected cities in India. The location quotient analysis of cities in Bihar reveals lack of industrial development, and reliance on primary activities for employment. Positive correlation between economic growth and share of service sector in employment and negative correlation between economic growth and primary sector employment justify the need for efforts towards development of industrial and service sectors in the state.

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Working Papers | 2008

Salesperson's Customer Orientation: A Reconceptualization and a New Definition

Ramendra Singh and Abraham Koshy

This study critically examines the existing domains, conceptualizations and operationalizations of the salesperson's customer orientation constructs present in the literature. The widely used Salesperson orientation-Customer orientation (SOCO) construct (its domain, definition and scale) is examined in detail, and several inconsistencies were found. We also examine other individual-level and organizational-level orientation constructs, including market orientation, in order to appropriately delineate the boundaries of the salesperson's customer orientation construct. Based on a comprehensive review of literature on the marketing concept, and related literatures on several other relevant orientation constructs, we suggest a new definition of this mid-level construct. Not only is our new definition more encompassing (to include all activities of the salesperson related to customers, and not just their interactions with the customers) but is also more forward-looking (salesperson's enhanced role not just as need-fulfiller, but more as customers' value co-creator). We sincerely hope that the new definition suggested by us would encourage scale development efforts from researchers, that would aid in further reducing (if not removing)the several inconsistencies present in the literature related to salespersons' customer orientation, and its effect on their performance and effectiveness.

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Working Papers | 2008

Union Imperatives from Unionized White Collar Employees Perspective: The Case of Tata Employees Union

Anita Sarkar and Biju Varkkey

The paper examines the attitude of white collar unionized employees' towards their union and management under three key themes-work related dimensions, union related dimensions and staff members' loyalty towards union and management. The investigation is based on survey and informal interviews of white collar employees of Tata Centre, the corporate head-office of Tata Steel, India. The analysis suggests the existence of dual loyalty amongst those surveyed. For work related dimensions (e.g. job assignments, recruitment, salary determination, training, career) this aspiring segment believe that management has more influential role to play than the union. Management increasingly is curbing the power distance between unionized members and the officers to reinforce the loyalty of this white collar segment. However, staff members are still loyal towards the union, since union performs an important role of job security provider, which members' value. The paper also captures changing role of union over its sixty-one years of existence and the areas of improvement, based on its members' perception.

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Working Papers | 2008

Managerial Challenges in Addressing HIV/AIDS: Gujarat State AIDS Control Society (GSACS)

K. V. Ramani, Dileep Mavalankar, Tirupati Devanath, and Vijaya Sherry Chand

The spread of HIV/AIDS is not merely a problem of public health; it is also an economic, political, and social challenge that threatens to hinder decades of progress in different parts of Gujarat. There is an urgent need to significantly scale-up public health interventions that work to make a meaningful impact. While NGOs and community based organizations have a critical role to play in implementing these interventions amongst the various population groups, the government must shoulder the overall responsibility for planning, coordinating, mobilizing, and facilitating the various HIV/AIDS prevention, care and treatment services in the state. Generally, the departments of HIV/AIDS are dominated by doctor-managers who lack training in management. This working paper was developed with objective of enhancing the skills of the program implementers. In this paper, in first three chapters we describe the overall situation of HIV/AIDS globally and nationally. Major challenges in managing sentinel surveillance, behavior surveillance, targeted interventions and its subcomponents have been described in chapter four. Issues related to integration of HIV/AIDS activities with reproductive health has also been discussed in the chapter. In chapter five, we present a few case studies from Gujarat State AIDS Control Society. These cases focus on the managerial issues in the following areas: Project Management, Blood Bank Management, VCTC/ICTC Management, Behavioral Surveillance and MIS for Targeted Interventions. These case studies bring out the ground level realities and can help participants develop insights for better management of the HIV/AIDS programme.

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Working Papers | 2008

A study on the Current Role of SME's in the Indian IT Industry and Hypotheses on an Ecosystem for their Sustenance and Evolution

Prashant John and Rajanish Dass

This paper looks at the current challenges faced by the SME's in the Indian IT industry and formulates hypotheses on how an intermediary can create an ecosystem to ensure the sustenance and evolution of these firms. The play out in the industry is expected to such that the larger companies in the Indian IT sector will move up the value chain and as they do so they will increasingly move out of the body shopping mode that constitutes the lower end of the outsourcing spectrum. This creates an opportunity and a necessity for the emerging companies and SME's to fill the void.

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Working Papers | 2008

Indo-US Trade in Wheat and Mango: A Game-Theoretic Approach to SPS Standards

Satish Y. Deodhar and Siddhartha K. Rastogi

The gradual elimination of quotas and tariffs from international agricultural trade has given way to non-tariff barriers such as the SPS measures. SPS standards are mostly based solely on agro-biological scientific evidence. However, over-cautiousness in standard setting may lead to trade distortions and lower welfare. We summarise various approaches used to study SPS restrictions, propose a game theoretic approach to assess strategic interaction between two trading partners, and juxtapose the cost-benefit analysis to estimate payoffs of the game. As a topical application of the proposed approach, we pick up the case of potential Indo-US trade in mangoes and wheat. Estimates of the payoffs, which are the net changes in welfare, would suggest whether or not complete ban is justifiable in terms of economic welfare, and, what levels of SPS restrictions may be optimal.

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Working Papers | 2008

Modeling and Simulation of Condensation on Plastic Condenser Cooling under Night Sky

Girja Sharan and T. Madhavan

The Kutch region of north-west India is hot and semiarid, chronically short of drinking water. Dew forms frequently in the areas near the coast, over a span of eight-month (October- May) coinciding with the entire dry part of the year. Dew water is potable and safe. Dew harvest systems - devices to condense and collect dew - have been developed which could be installed on building roofs (condenser-on-roof), open ground (condenser-on-ground) and on frames (condenser-on-frames). The key component is the condenser, made of thin plastic film insulated underneath, which cools at night by radiative exchange with cloud-free sky. Condensation occurs when the film cools to or below the dew point of the surrounding air and humidity level is high - upwards of 85%. Over the season of eight months, 15-20 mm of dew water can be harvested. In this region where rainfall is very erratic and in normal years only 300 mm, harvested dew water can be an appreciable supplement. It can also be a small but critical supply for plants in nurseries. Design principle of efficient dew condenser is discussed and dew water collection in some recently installed working systems reported.

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Working Papers | 2008

Maternal Health Situation in India: A Case Study

Kranti S Vora, Dileep Mavalankar, K. V. Ramani, Mudita Upadhaya, and Bharati Sharma

Maternal Health Services are one of the basic health services to be provided by nay government health system as pregnant women are one of the most vulnerable victims of dysfunctional health system, India, in spite of rapid economic progress is still farm away from the goal of lowering maternal mortality to less than 100 per 100,000 live births. It still accounts for 25.7% maternal deaths. The maternal mortality in India varies across the states. Geographical vastness and socio-cultural diversity make implementation of health sector reforms a difficult task. The chapter analyses the trends in maternal mortality and various maternal health programs implemented over the years including the maternal health care delivery system at various levels including the recent innovative strategies. It also identifies the reasons for limited success in maternal health and suggests measures to improve the current maternal health situation. It recommends improvement in maternal death reporting, evidence based, focused, long term strategy along with effective monitoring of implementation for improving Maternal Health situation. It also stress the need for regulation of private sector and proper Public Private Partnership (PPP) policy together with a strong political will for improving Maternal Health.

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