Ritesh Patel

Bio: Ritesh Patel is an academic researcher from Nirma University of Science and Technology. The author has contributed to research in topics: Stock exchange & Granger causality. The author has an hindex of 7, co-authored 29 publications receiving 123 citations. Previous affiliations of Ritesh Patel include Kadi Sarva Vishwavidyalaya.

Pre & Post-Merger Financial Performance: An Indian Perspective

Abstract: The paper compares the before and after merger position of long term profitability with respect to selected Indian banks for a period of 2003-04 to 2013-2014 The financial performance is evaluated on the basis of various variables The study found a negative impact of merger on return on equity, return on assets, Net profit ratio, yield on advance and yield on investment However, variables, namely, the Earnings per Share, Profit per employee and Business per employee have shown positive trend and grown after the merger It has been observed that after the merger, the Assets, Equity, Investment and advances of all banks increases, but due to underutilization, their respective yield decreases On a contrary, the business per employee and profit per employee have increased due to optimum utilization of human resources By applying the Comparative Analysis, the paper also assesses the financial performance of acquiring bank with the banking industry The Bank of Baroda and Oriental bank of commerce has found decreases in Yield on Advances and yield on investment as compared to average of all banks in the post-merger period State bank of India & IDBI Bank has higher business per employee and profit per employee as compared to industry average

A Study on Perception and Attitude of Students Regarding Factors Which They Consider While Making Selection of Institute in MBA Programme in Gujarat State

Abstract: Education is one among the necessary service of human beings. Now a day, MBA is one of the career choices student make to pursue their post graduation studies. The objective of study is to analyze how various factors has influence on the decision of students in selecting institute for master degree. For detail study, the questionnaire was developed and all factors which can affect institute selection decision are divided into eight categories namely, Placement related factors, extra co-curricular activities related factors, infrastructure related factors, student related factors, faculty related factors, academics related factors, advertisement related factors & other factors. Study was carried out by use of factor analysis & means score analysis. The study was undertaken with sample of 150 students. While selecting the institute, placement activities done by the institute, computer lab facility, suggestion from friends and family, career goal of the students, positive word of mouth, experience of the faculty, guidance from the counselor, specialization offered and course provided by the institute, brand name of the institute & geographic location are mostly considered by students.

Co-Movement and Integration Among Stock Markets : A Study of 14 Countries

Abstract: This paper explored the comovement among 14 stock markets, namely BSE, BVSP, FTSE -100, Hang Seng, JKSE, KSE, KSE (Korea), MXX, NASDAQ, NIKKI, RTS, SSE, SSMI, and TSEC. Daily index of all stock markets covering a period from January 1, 1998 to January 31, 2017 were used. The correlation analysis showed that BSE remained somewhat positively correlated with Hang Seng (0.45), FTSE-100 (0.32), MXX (0.27), NASDAQ (0.24), and BVSP (0.23). Results of Granger causality test indicated that the returns of BSE were dependent on BVSP, FTSE - 100, and MXX only. Outcome of Johansen cointegration test indicated that there was a long run relationship among selected stock markets. From this present study, FIIs (foreign institutional investors), individual investors, institutional investors, public investors, and HNIs (high net worth individuals) will be benefited. All these stakeholders can take their decisions for their investments in the overseas markets by looking at the short-term and long-term integration of BSE with other selected markets.

Impact of Economic Value Added (EVA) on Share Price: A Study of Indian Private Sector Banks

Abstract: Many Indian banks are discovering the key to their long-term growth does not lie in products and services alone but in assets that can never be replicated, that is, their unique relationship with customers, employees, suppliers and distributors, investors and the communities they serve. The objective of this study was to determine shareholders value (in terms of economic value added) of selected private sector banks during the last five years. I.e. since 2004-05 to 2009-2010. From study it was found that in year 2010, ICICI Bank has maximum NOPAT. The value of EVA was ranging from 14.48% to 91.14% during 2010. A coefficient of determination of 17.37% was highest in Induslnd bank, which indicates that about 17.37% of the variation in stock price of Indulsand (the independent variable) can be explained by the relationship to EVA of Induslnd bank (the dependent variable). Only Kotak Mahindra bank has positive correlation between Kotak Mahindra Bank EVA & Kotak Mahindra Bank share prices. Rest of banks, has negative relation between their respective EVA & share price. Hypotheses were developed to test significant impact of EVA on stock price of bank & that hypothesis was tested by using ANOVAs. For none of the bank EVA has Impact on share price, except EVA by Kotak Mahindra bank did have significant impact on stock price of Kotak Mahindra bank.

A study on perception and attitude of students regarding factors which they consider while making selection of institute in mba programme in gujarat state

Abstract: Education is one among the necessary service of human beings. Now a day, MBA is one of the career choices student make to pursue their post graduation studies. The objective of study is to analyze how various factors has influence on the decision of students in selecting institute for master degree. For detail study, the questionnaire was developed and all factors which can affect institute selection decision are divided into eight categories namely, Placement related factors, extra co-curricular activities related factors, infrastructure related factors, student related factors, faculty related factors, academics related factors, advertisement related factors & other factors. Study was carried out by use of factor analysis & means score analysis. The study was undertaken with sample of 150 students. While selecting the institute, placement activities done by the institute, computer lab facility, suggestion from friends and family, career goal of the students, positive word of mouth, experience of the faculty, guidance from the counselor, specialization offered and course provided by the institute, brand name of the institute & geographic location are mostly considered by students.Key words: Placement, Institute selection, Infrastructure, FacultyINTRODUCTION:A man without education is almost like a ship without a rudder. Education is gaining prime importance in today's competitive scenario. MBA is the common abbreviation used for Masters of Business Administration. MBA is one of the most common career choices amongst the youth in India today. This is purely because of the benefits that the course offers. More and more MBA schools and management institutes are coming up in India. There are more than thousand institutes all across the country that offers full time residential MBAs. Distance learning MBA, online MBA and part time executive MBAs are also gaining momentum. With the growing needs of the industry for world class managers, the institutes offering MBAs has also gone up in the last few years.LITERATURE REVIEW:Joseph Sia Kee Ming has prepared a research paper on title, "Institutional Factors Influencing Students' College Choice Decision in Malaysia: A Conceptual Framework" Intense competition in the higher education sector in Malaysia has forced many universities to become "entrepreneurs" and implement marketing strategies in recruiting students both locally and abroad. The objective of this paper is to develop a conceptual framework to explore the institution factors that influence students' college choice decision in Malaysia. The independent variables that have been identified to have influenced of students' college choice decision are location, academic programme, college reputation, educational facilities, cost, availability of financial aid, employment opportunities, and advertising, Higher Education Institutions (HEIs), representatives and campus visit.A study on tile, "Factors Influencing Students' College Choice at Traditional and Metropolitan Universities" was prepared by Emad M. Wajeeh & Ted Micceri. The college choice is a decision influenced by a number of demographic, economic, social, political, and institutional factors. Different types of students chose to attend certain universities on the basis of one or more factors that link directly to their characteristics and needs. Major factors cited in the literature to influence college choice are: the advice of parents, academic reputation of the institution, availability of the desired program, availability of financial aid, cost of attending the institution, and the location of the institution. However, the relative importance of these factors is largely determined by the characteristics of the student and the types of the university (metropolitan or traditional).A research was carried out by John G. Cannon, John H. Hillison, Thomas W. Broyles & Virginia Tech on title, "Factors influencing Gifted and Talented Students' College Decisions" The agricultural industry is much different than it was 50 or even 20 years ago. …

Long and short term dynamic causal transmission amongst international stock markets

Abstract: This paper investigates the dynamic causal linkages amongst nine major international stock price indexes. In order to gauge the causal transmission patterns we employ very recent methods of: (i) vector error-correction modeling and (ii) level VAR modeling with possibly integrated and cointegrated processes, advocated by: (i) Toda and Phillips (Econometrica, 61 (1993) 1367) and (ii) Toda and Yamamoto (J. Econometrics, 66 (1995) 225), respectively. The paper illustrates how such methods may be appropriately augmented in a compatible fashion to unearth previously unfounded linkage properties inherent amongst a system of stock price indexes. In particular, we demonstrate that previous research, by using ordinary difference VARs, ignored an important component of linkages displayed purely over the long run. This untapped evidence essentially provides robust and very useful information to international financial analysts and investors. At a substantive level, results of this study tend to support the contention offered by several studies in the literature of significant interdependencies between the established OECD and the Asian markets, and also the leadership of the US and UK markets over the short and long run. The levels VAR, however, illustrate the Japanese market's influence as an additional long run leader. Findings seem to be plausible given that these three markets (US, UK and Japan) have consistently contributed over 75% of global stock market capitalization over the major part of the sample under consideration. At a methodological level, this analysis also provides a primer for the wealth of applied financial econometric research focusing on dynamic causal inference which involve systems containing possibly integrated and cointegrated processes.

Global Stock Markets Development and Integration: with Special Reference to BRIC Countries

Abstract: In a country like India where the stock market is undergoing significant transformation with liberalization measures, and the analysis of the nature of integration with other developed and emerging markets would not only give an idea of the possible gains to be reaped out of portfolio diversification from Indian market, but may also provide some indication of the vulnerability of the country’s stock market in case of a regional financial crisis and consequent reversal of capital flows from the region. In the context the study examined the integration of the stock market among the BRIC (Brazil, Russia, India and China) economies in general and their integration with the developed countries stock markets such as US, UK and Japan, which can be analyzed by using the Granger causality, Johansen co integration and Error correction Mechanism methodology, based on daily data for the period January1998- Aug 2009. The results of co integration shows co integration relationship found between BRIC countries and Developed countries namely USA, UK and Japan. The results of Error correction model reveal that Sensex, Nikki225, moscowtimes, FTSE 100, and Bovespa are significant. It implies that these markets share the forces of short run adjustment to long run equilibrium.

Takeovers, restructuring, and corporate governance = 接管、重组与公司治理

Abstract: I. TAKEOVERS AND MERGERS IN PRACTICE. 1. The Takeover Process. 2. The Legal and Regulatory Framework. Appendix A: Legal Due Diligence Preliminary Information Request. 3. Accounting for M&As. 4. Deal Structuring (Methods of Payment, Taxes, Collars, Contingent Payouts.) II. M&As IN THEORY AND PRACTICE. 5. Strategic Processes. 6. Theories of Mergers and Tender Offers. Appendix A: Measurement of Abnormal Returns. Appendix B: Chemical Industry Case Study. 7. The Timing of Merger Activity. 8. Empirical Tests of M&A Performance. Appendix A: Analysis of a Recent M&A Sample. III. VALUATION-THE STRATEGIC PERSPECTIVE. 9. Alternative Approaches to Valuation. Appendix A: Derivation of Revenue Growth Valuation Formulas. 10. Increasing the Value of the Organization. Appendix A: Calculating Growth Rates. IV. RESTRUCTURING. 11. Restructuring and Divestitures. Appendix A: Restructuring in the Diversified Natural Gas Industry in the 1990s. 12. Empirical Tests of Corporate Restructuring and Divestitures. Appendix A: Analysis of a Sample of Recent Divestitures. 13. Financial Restructuring. V. M&A STRATEGIES. 14. Alliances and Joint Ventures. 15. ESOPs and MLPs. 16. Going Private and Leveraged Buyouts. Appendix A: Relation between WACC and CCF Models. Appendix B: Relation between CCF and APV Models. 17. International Takeovers and Restructuring. VI. STRATEGIES FOR CREATING VALUE. 18. Share Repurchases. 19. Takeover Defenses. 20. Corporate Governance and Performance. 21. Merger Arbitrage. 22. Implementation and Management Guides for M&As.