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Gaurav Kumar

Bio: Gaurav Kumar is an academic researcher from Indian Institute of Technology, Jodhpur. The author has contributed to research in topics: Market liquidity & Emerging markets. The author has an hindex of 4, co-authored 14 publications receiving 70 citations. Previous affiliations of Gaurav Kumar include Indian Institutes of Technology & University College Dublin.

Papers
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Journal ArticleDOI
TL;DR: In this article, a structural equation modeling (SEM) model was used to examine the relationship among attitude, social norms, perceived behaviour control, environmental consciousness, willingness to pay (WTP) premium and consumer purchase intention for environmentally friendly apparels.

125 citations

Journal ArticleDOI
TL;DR: In this article, a critical review of the frameworks currently available for modelling liquidity and its macroeconomic and firm specific drivers is provided. And the impact of liquidity on corporate finance decisions viz. dividends, firm valuation, stock split, capital structure etc.
Abstract: Liquidity is said to be the lifeblood of stock markets. It has prominent implications for traders, regulators, stock exchanges and the listed firms. In recent years a huge amount of literature has emerged that deals with liquidity. This article classifies and organises the literature and provides a critical review of the frameworks currently available for modelling liquidity and its macroeconomic and firm specific drivers. Commonality and intraday behaviour of liquidity in various markets is discussed under the umbrella of market microstructures. Subsequently, liquidity risk as a factor in Asset pricing is analysed taking various models in to consideration. Finally, the study reviewed the impact of liquidity on corporate finance decisions viz. dividends, firm valuation, stock split, capital structure etc.

18 citations

Journal ArticleDOI
TL;DR: Current research into the probiotic management of AP is provided, with a focus on understanding the mechanisms of their direct antagonistic activity against target pathogens and of their beneficial modulation of the immune system.
Abstract: Apical periodontitis (AP) is a biofilm-associated disease initiated by the invasion of dental pulp by microorganisms from the oral cavity Eradication of intracanal microbial infection is an important goal of endodontic treatment, and this is typically accomplished by mechanical instrumentation and application of sodium hypochlorite and chlorhexidine However, these agents are tissue-irritating at higher concentrations and cytotoxic Certain probiotics have been found effective in controlling marginal periodontitis, as evidenced by reduction of pathogenic bacterial loads, gains in clinical attachment levels, and reduced bleeding on probing In vitro studies have shown inhibitory activity of some probiotics against endodontic pathogens Similarly, in vivo studies in rats have demonstrated a positive immuno-modulatory role of probiotics in AP, as manifested by decreased levels of proinflammatory markers and increased levels of anti-inflammatory markers A role for probiotics in effecting a reduction of bone resorption has also been reported This review provides an outline of current research into the probiotic management of AP, with a focus on understanding the mechanisms of their direct antagonistic activity against target pathogens and of their beneficial modulation of the immune system

13 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the impact of various sources of systematic liquidity risk and idiosyncratic liquidity risk on expected returns in the Indian stock market and tested the liquidity-adju...
Abstract: This article examines the impact of various sources of systematic liquidity risk and idiosyncratic liquidity risk on expected returns in the Indian stock market. The study tested the liquidity-adju...

12 citations

Journal ArticleDOI
TL;DR: In this paper, the authors investigated commonality in liquidity on India's National Stock Exchange (NSE) using high frequency limit order book data and found that individual stock liquidity co-moves to a high degree with market liquidity and industry liquidity.

12 citations


Cited by
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Book ChapterDOI
01 Jan 2012
TL;DR: In this paper, a simple equilibrium model with liquidity risk is proposed, where a security's required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with the market return.
Abstract: This paper solves explicitly a simple equilibrium model with liquidity risk. In our liquidityadjusted capital asset pricing model, a security s required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with the market return and liquidity. In addition, a persistent negative shock to a security s liquidity results in low contemporaneous returns and high predicted future returns. The model provides a unified framework for understanding the various channels through which liquidity risk may affect asset prices. Our empirical results shed light on the total and relative economic significance of these channels and provide evidence of flight to liquidity. r 2005 Elsevier B.V. All rights reserved.

1,156 citations

DissertationDOI
01 Jan 2005
TL;DR: In this paper, the authors investigated the relationship between economic growth and financial development in developing countries over 1988-2001 and found that while banks performance has a negative impact on growth, stock markets positively promote growth.
Abstract: This thesis investigates the relationship between economic growth and financial development in developing countries over 1988-2001. Previous studies have generally used averaged data, for both developing and developed countries, and inappropriate estimation methods. In an attempt to reach some definitive conclusions, Generalised Method of Moments dynamic estimation is used with a newly collected panel of annual data to assess the relationship. The results show that while banks performance has a negative impact on growth, stock markets positively promote growth. To reach an overall conclusion about the impact of finance on growth and to solve the problems associated with the existence of multicollinearity among the different measures of financial development, principal components analysis is used to generate new, comprehensive measures of financial development. In assessing the link between the new measures and financial development and growth, the results support the existence of an overall positive relationship. The thesis also examines the behaviour of interest rates in developing and industrialised countries using individual and panel unit root tests. The results are sensitive to the choice of the test, country and time unit.

882 citations

Journal ArticleDOI
TL;DR: By using AI, commercial banks can reduce losses in lending, increase security in processing payments, automate compliance-related work, and improve customer targeting, according to a structured literature review.

79 citations

Journal ArticleDOI
TL;DR: In this paper , the authors used stimulus-organism-response theory (SOR) to propose a sequential mechanism of the interplay of antecedents and outcomes, theorising VR tourism as a sustainable tourism solution long into the future.
Abstract: The government-imposed COVID-19 pandemic control measures brought the tourism sector to a complete halt. However, virtual reality (VR) tourism offered people a way to escape the isolation. Media reports and research have noted heightened activity in VR tourism, which has been touted as “alternative tourism” and “eco-tourism”. However, scholars have yet to determine whether this shift is temporary or will persist after the pandemic is over. Questions also remain regarding the factors driving this behaviour. The present study uses stimulus-organism-response theory (SOR) to propose a sequential mechanism of the interplay of antecedents and outcomes, theorising VR tourism as a sustainable tourism solution long into the future. The model, tested by analysing 359 responses collected from VR users through Prolific Academic, confirmed the positive association of the environmental impact of touristic travel and pandemic travel anxiety with eco-guilt; pandemic travel anxiety, moreover, was also associated with attitude towards VR tourism. Furthermore, attitude towards VR tourism was positively associated with willingness to forgo the pleasure of in-situ tourism and post-pandemic VR tourism continuance intentions, with willingness also mediating the association between the other two. Finally, willingness partially mediated the association of attitude and fully mediated the association of eco-guilt with intentions.

48 citations

Posted Content
TL;DR: In this article, the relationship between macroeconomic factors and foreign portfolio investment volatility in South Asian countries is investigated and the results reveal that there exists a significant relationship between Macroeconomic factors, including high interest rate, currency depreciation, foreign direct investment, lower inflation and higher GDP growth rate.
Abstract: Macroeconomic factors play a pivotal role in attracting foreign investment in the country. This unique study investigates the relationship between macroeconomic factors and foreign portfolio investment volatility in South Asian countries. The monthly data is collected for the period ranging from 2000 to 2012 for four Asian countries i.e. China, India, Pakistan and Sri Lanka because monthly data is ideal for measuring portfolio investment volatility. For measuring volatility in foreign portfolio investment, GARCH (1, 1) is used because shocks are responded quickly by this model. The results reveal that there exists significant relationship between macroeconomic factors and foreign portfolio investment volatility. Thus, less volatility in international portfolio flows is associated with high interest rate, currency depreciation, foreign direct investment, lower inflation, and higher GDP growth rate of the host country. Thus findings of this study suggest that foreign portfolio investors focus on stable macroeconomic environment of country.

41 citations