Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses

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How Stable Are Corporate Capital Structures

Information and communications technologies (ICTs) have spread rapidly in the developing world. There has been considerable interest in the potential role ICTs, particularly mobile phones, have begun to play in the marketing of agricultural outputs in these countries. In this paper, we discuss the potential impacts ICTs may have on welfare, both in terms of potential efficiency gains (via improved arbitrage), and welfare transfers among agents in the supply chain (via reduced informational asymmetries and market power). We also review the recent empirical evidence for such effects.

Information, efficiency and welfare in agricultural markets

Policy-related risk and corporate financing behavior: Evidence from China’s listed companies

Net Operating Working Capital Behavior: A First Look

Purpose




The purpose of this paper is to investigate the existence of an optimal or target level of working capital for the Indian manufacturing firms, and whether firms intensely follow the target or not.




Design/methodology/approach




The paper uses cash conversion cycle as a measure of net working capital and employs partial-adjustment dynamic panel models to test its target-following behavior.




Findings




The empirical results show that there is no evidence of systematic target-following behavior of working capital for the Indian manufacturing firms. The results hold true even after dividing the sample into four groups depending on the sign and magnitude of deviation. The results further show that lack of target-following tendency is not quite influenced by varying firm-specific characteristics and, therefore, seems to be a systematic feature across firms in India.




Research limitations/implications




Scarcity of such working capital management studies across emerging economies, facing several financial constraints, limits the comparison of findings. Future studies should be conducted to confirm the results.




Practical implications




The findings imply that even though an optimal working capital might exist, emerging market firms may not be able to actively pursue it on account of several financial constraints and managerial considerations.




Originality/value




The study contributes to the scant existing literature on the target-following behavior of working capital management in the Indian manufacturing firms, representing a typical emerging market facing several financial constraints.

Financial constraints and optimal working capital – evidence from an emerging market

The paper highlights systematic deleveraging of firms in India and explores the factors contributing to such deleveraging. The paper further highlights that deleveraging is pervasive in manufacturing and non-manufacturing firms almost equally. The empirical findings of the paper suggest that most consistent theoretical determinants of corporate leverage fail to explain the decline in debt ratios of the firms. However, institutional deficiencies in the form of underdeveloped bond markets and decline in corporate investments were found to be significant in explaining the decline. The results suggest that firms could be credit rationed and hence losing value on account of such deficiencies.

Corporate financing and deleveraging of firms in India

Are working capital decisions truly short-term in nature?

Corporate financing and target behavior: New tests and evidence

Purpose




The paper explores the importance of mobile technology to enable diffusion of agriculture-related knowledge among farmers in India. The purpose of the paper is to evaluate the current socio-economic factors and challenges that impact the feasibility of m-governance project. The authors intend to explore different behavioral aspects of farmers, specifically their information seeking behavior to understand their communication ecosystem.




Design/methodology/approach




The authors have used multiple methods to analyze the significance of m-governance in current social dynamics. To achieve in depth understanding of farmer’s attitudes and opinion, the authors have conducted semi-structured interviews with farmers. The authors have also applied experimental observations to evaluate the actual effectiveness of information dissemination and the social dynamics behind the process. The secondary/archival data was also collected from the government offices and non-governmental organizations.




Findings




Findings explore the pattern of mobile usage among the farmers which could lead to interesting implications for the design and implementation of future m-governance projects. The research has also drawn some interesting implication on the feasibility of m-governance project.




Research limitations/implications




Because the findings are co-related with the prevalent socio-cultural dynamics, testing the findings in different context might add value to the proposed theory and its implications.




Originality/value




Considering the need and significance of agriculture-based reforms in rural India, present study offers guidance in devising an efficient communication medium among farmers and government. The authors infer from our field observations that the communication platform is vital for successfully reaching farmers for their overall welfare. The present work is based on findings which are drawn from the ground reality which helps in explicating inferences which are useful for implementation purpose.

Gaurav Singh Chauhan

Papers

Financial constraints and optimal working capital – evidence from an emerging market

Corporate financing and deleveraging of firms in India

Are working capital decisions truly short-term in nature?

Corporate financing and target behavior: New tests and evidence

Feasibility of m-governance in agriculture: insights from a multimodal study in rural India