The Integration of World Capital Markets

never let my schooling interfere with my education.” Twain’s wry observation lives on, manifested in perceptions of corporate recruiters that course grades and coursework are often inadequate indicators of the skills needed for success in today’s business reality. Surveys of recruiters regarding the characteristics they most value in graduating students consistently show interpersonal and/or leadership skills at the very top of the list (cf., Eberhardt, McGee, & Moser, 1997). In addition, an explosion of recent attention to concepts such as emotional and successful intelligence (cf., Goleman, 1995; Mayer, Caruso, & Salovey, 2000; Sternberg, 1999) has further fueled the notion that there is more to “real world” success than cognitive and/or academic ability. Moreover, interpersonal skills are likely to demand increased attention by organizations as teams become a standard mode of operation (Cascio, 1995). While there is growing consensus regarding the primacy of interpersonal skills, there is less agreement on the antecedents of such skills. One intuitive notion is that extracurricular activities are a place where students look to utilize, and perhaps refine and develop, their interpersonal skills. Career counselors, student advisors and recruiters commonly impress on students the importance of being “well-rounded” and the dangers of being perceived by recruiters as one dimensional or just “book smart.” As one director of university internship programs commented, “I’d take a solid C+ marketing graduate who can shoot from the hip and is comfortable with people, and has a good work ethic, over a 3.5 USING EXTRACURRICULAR ACTIVITY AS AN INDICATOR OF INTERPERSONAL SKILL: PRUDENT EVALUATION OR RECRUITING MALPRACTICE?

Extracurricular activity as an indicator of interpersonal skill: Prudent evaluation or recruiting malpractice?

A Random-Difference Series for Use in the Analysis of Time Series (Journal of the American Statistical Association, vol. 29,934, pp. 11–24 (data cut))

The Information in Option Volume for Future Stock Prices

We investigate how the relation between gold prices and the U.S. Dollar has been affected by the recent turmoil in financial markets. We use spot prices of gold and spot bilateral exchange rates against the Euro and the British Pound to study the pattern of volatility spillovers. We estimate the bivariate structural GARCH models proposed by Spargoli e Zagaglia (2008) to gauge the causal relations between volatility changes in the two assets. We also apply the tests for change of co-dependence of Cappiello, Gerard and Manganelli (2005). We document the ability of gold to generate stable comovements with the Dollar exchange rate that have survived the recent phases of market disruption. Our findings also show that exogenous increases in market uncertainty have tended to produce reactions of gold prices that are more stable than those of the U.S. Dollar.

Gold and the U.S. Dollar: Tales from the Turmoil

The purpose of this paper is to identify factors relevant for financial inclusion (FI) and establish a model that shows how these factors lead to economic development (ED) through FI.,Primary data were collected through structured questionnaire. Out of 350, 311 respondents accurately filled the questionnaire. The data were collected from rural areas of Tamil Nadu. Exploratory factor analysis has been applied to evaluate drivers/factors relevant for FI. Confirmatory factor analysis has been applied to establish reliability and validity of the identified factors. A structural model has been proposed and empirically tested for ED through FI.,The main findings of the current paper are as follows: online banking (OB), understanding banking services (UBS) and financial literacy (FL) are the drivers of FI; FI can lead to ED, as the proposed model of ED, through FI, is supported in the paper (χ2/degree of freedom and CMIN/degree of freedom are less than 3; GFI and AGFI are more than 0.90 and 0.85, respectively). Behavior of the people, with respect to mode of financial transactions, has changed due to demonetization. (The χ2 test for mode of financial transaction is significant).,The geographical reach of the sample should cover the whole India. The sample should also have equal representation from rural and urban areas.,The identified factors for FI (OB, UBS and FL) should be more focused to bring about better results for FI in India. These factors can lead to a more effective execution of FI initiatives. In addition to this, policy makers can be confident of relying upon FI as a tool for ED.,The identified three drivers for FI have not been explored earlier. In addition to this, ED (through FI) in the form of structural model has also not been tested earlier. Government of India can realign their policies toward FI by using findings of this paper. In addition to increasing the access of formal financial system to masses, more thrust can be given to OB and FL for better results of FI in India.

Financial inclusion and socioeconomic development: gaps and solution

Stock market volatility plays a very important role in making or marring the fortunes of investors. The study of volatility becomes more important during extreme conditions such as financial crisis. This paper through GARCH, TGARCH and EGARCH models analyses and compares the volatility before and after the financial crisis of 2008. The study has been conducted on the emerging economies and comes out with quite interesting results. It concludes that the impact of the crisis on the volatility and leverage effect has been significant on the stock markets of different nations but the direction of the impact has been mixed.

The financial crisis of 2008 and stock market volatility – analysis and impact on emerging economies pre and post crisis

The purpose of this paper is to study the general trends in the area of dividend policy which will help to identify fertile research streams in this area with a potential for further investigation.,To conduct a systematic literature review, the authors use a three-step methodology to collect resources and thus evaluate the research work done in the area of dividend policy. First, the necessary data are extracted from the Scopus database using the relevant keywords. The initial search results are then narrowed down to include only English language journal publications which are stored in the file. Finally, this file is used as primary data for data analysis. Data analysis is done using bibliometric and network analysis tools to recognize the trends in dividend policy to help researchers identify emergent areas for future work to be done.,This study reveals that research in the area of dividend policy is rapidly expanding since 2005; affiliation statistics show that majority of the publications are done in the USA and the UK; and many questions linked to dividend decision remain unanswered, especially in respect of emerging markets.,There is a need to organize the literature and understand the different areas that have been explored by many researchers. This study attempts to recognize the important research studies, determine the current areas of research attention, provide an understanding for current research interest and provide guidelines for future studies in the area of dividend policy.

Bibliometric study on dividend policy

This study aims to determine whether a firm’s dividends are influenced by the sector to which it belongs. This paper also examines the explanatory factors for dividends across individual sectors in India. This longitudinal study uses balanced data consisting of companies listed on the National Stock Exchange (NSE) of India for 12 years—from 2006 to 2017. Pooled ordinary least squares (POLSs) and fixed effects panel models are used in our estimation. We find that size, profitability, and interest coverage ratios have a significant positive relation to dividend policy. Furthermore, business risk and debt reveal a significantly negative relation with dividends. The findings on profitability support the free cash flow hypothesis for India. However, we also found that Indian companies prefer to follow a stable dividend policy. As a result of this, even firms with higher growth opportunities and lower cash flows continue to pay dividends. We also find evidence that dividend policies vary significantly across industrial sectors in India. The results of this study can be used by financial managers and policymakers in order to make appropriate dividend decisions. They can also help investors make portfolio selection decisions based on sectoral dividend paying behavior.

https://www.mdpi.com/1911-8074/12/3/110/pdf

Sectoral Analysis of Factors Influencing Dividend Policy: Case of an Emerging Financial Market

Banks are facing varied issues worldwide. The existing set of performance measures of banks lack a cohesive and concerted approach for adequate fulfilment of the purpose. This study proposes a holi...

https://journals.sagepub.com/doi/pdf/10.1177/09722629211034417

Shailesh Rastogi

Papers

Financial inclusion and socioeconomic development: gaps and solution

The financial crisis of 2008 and stock market volatility – analysis and impact on emerging economies pre and post crisis

Bibliometric study on dividend policy

Sectoral Analysis of Factors Influencing Dividend Policy: Case of an Emerging Financial Market

Banks in India: A Balancing Act Between Profitability, Regulation and NPA: