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ThesisItem Embargo Effect of Job stress on Presenteeism: A study of employees in hotel industry in Punjab(Punjab Agricultural University, 2023) Pravleen Kaur; SukhmaniUnlike absenteeism, Presenteeism is less talked topic in hotel industry. Presenteeism is working while sick, which causes loss of productivity, health status and workplace epidemics. The present study aims to examine the extent and causes of job stress, study the level of presenteeism, evaluate the effect of job stress on presenteeism and study the strategies adopted by the employees to cope up with the job stress. A structured questionnaire was used and the sample was selected on the basis of multistage stratified random sampling technique. In the first stage of sampling, four districts of Punjab were selected i.e. Ludhiana, Amritsar, Jalandhar and Bathinda on random basis from the list of districts with highest number of hotels in it. Hotels in the selected districts were divided into two categories: one-category of the hotels with 3 stars and above status while the other with the star status below 3 or no star status. A proportionate sample of 100 employees working in these hotels was taken making the sample of 100 from each district. This made the total sample of 400 respondents. Mean, S.D, One- sample t- test, independent t- test, chi- square, factor analysis were applied to accomplish the objectives of the study. It was found that majority of the employees experienced medium level of job stress. In case of extent of job stress, majority of the statements were found to be significant at 5 per cent level of significance. The effect of job stress on presenteeism among employees was analysed using regression modelling and it was found that job stress has significantly negative effect on presenteeism.ThesisItem Restricted Impact of cognitive and emotional biases and risk attitude on financial behavior: A study of employees in universities of Punjab(Punjab Agricultural University, 2023) Batra, Nitish; Aggarwal, NavdeepBehavioral finance is a combination of economics and finance with behavioral and psychological theories. Under behavioral biases, emotional biases come from the feelings, intuition whereas cognitive biases occur due to the misunderstanding of data, faulty reasoning. Emotional and cognitive biases and risk attitude lead to faulty financial decisions and current study helps in avoiding such mistakes and risk attitude is defined as chosen response to perception of uncertainty. The aim of the current study is to find the relationship between demographics and financial attributes, and risk attitude and to study the impact of selected cognitive and emotional biases and risk attitude on financial behavior. For studying these factors primary data is collected with the help of predesigned structured questionnaire from teaching and non-teaching staff of universities of Punjab. The exploratory factor analysis is used on first 200 respondents (100 teaching and 100 nonteachings) to developing the factors and reliability and validity is checked by using confirmatory factor analysis on remaining 400 respondents. Then impact of behavioral biases and risk attitude on financial behavior is analyzed using Amos. The finding can use by universities’ staff and other investors in understanding these biases and how to avoid them as far as possible. The financial planners and portfolio managers can design best portfolio for their clients after considering all the biases and their risk attitude and behavior of individuals. It helps the society to make better decision maker for their investment and they will understand about tricks in which they lose money.ThesisItem Embargo Study of effect of demographics and behavioral biases on equity investor behavior(Punjab Agricultural University, 2023) Jaspreet Kaur; Aggarwal, NavdeepAccording to the theory of behavioral finance, an investor is irrational. Different behavioral biases affect the decision-making of stock investors. The present study aims at developing scales of various behavioral biases and studying the combined effect of demographics and behavioral biases on investment behavior of equity investors. A structured questionnaire is used and data is collected from randomly selected stock investors of Ludhiana city. The sample is split into two parts. The first 250 respondents are taken to check the reliability and for conducting an exploratory factor analysis. It is done to check the purity of the scale and for the development of the factors. Then confirmatory factor analysis is carried out on the next 504 respondents. This research study makes a significant contribution to the literature related to behavioral biases by developing a reliable and valid scale for different behavioral biases of stock investors. The biases include appetite for financial risk, overconfidence, social herding, overreaction, anxiety, impulsivity, information sources, and psychological biases. The combined effect of demographics and behavioral biases on investment in defensive shares, growth shares, cyclic shares, and asset turnaround shares is analyzed using AMOS. The present study can be used by policymakers and market analysts to predict the investor behavior and for making any policies regarding the stock market. Market advisories can give relevant advice and feedback to the stock investors by making them understand these biases and how it affects their decision and helping them to reduce these biases for better decision-making.ThesisItem Restricted Adoption and Relevance of Social Media in Agribusiness: A Study of Punjab(Punjab Agricultural University, Ludhiana, 2022) Amanjit Kaur; Ramandeep SinghThe present study has been undertaken to study the perception, attitude and adoption of social media by selected agripreneurs and understand the relevance of social media adopted by different agribusiness stakeholders in Punjab. Further, an attempt has been made to understand the entrepreneurial and agribusiness challenges and prospects of social media. The primary data were collected with the help of four structured and non-disguised questionnaires specifically designed for agripreneurs and other agribusiness stakeholders. To fulfill the first objective of the study, the primary data were collected from 200 agripreneurs, who got their training from the Punjab Agricultural University (PAU) in the last five years. The results demonstrated their positive perception and attitude towards using social media for their agribusiness activities. Facebook, WhatsApp, Instagram and Twitter were revealed as effective social media platforms for posting agribusiness updates among agripreneurs. To study the relevance of social media tools for agribusiness stakeholders, the primary data were collected from randomly selected 150 agribusiness stakeholders including representatives of Self-help groups (SHGs), Farmer-producer organizations (FPOs), cottage based food organizations, subsidiary occupational units, agribusiness experts, bank managers, directors of regulatory and development agencies in Punjab. Facebook, WhatsApp and Instagram were mostly used social media platforms, and the use of these platforms was significantly influenced by differences in the demographic characteristics of agribusiness stakeholders. Both agripreneurs and agribusiness stakeholders faced certain key challenges such as inadequate use of available resources, lack of adequate knowledge and security issues along with using social media for the growth and development of agribusinesses.ThesisItem Open Access Study of Consumer and Retailer acceptance of mobile marketing in India(Punjab Agricultural University, Ludhiana, 2021) Kamalpreet Kaur; Kathuria, Lalit MohanThe present study was undertaken to examine the attitude of consumers towards mobile marketing; to study the willingness of consumers regarding acceptance of mobile marketing; to study the perceptions of retailers towards mobile marketing; to analyze the perceptions of consumers towards web atmospherics; and to explore the mobile website atmospherics and mobile marketing communication strategies of selected companies. For achieving first, second and fourth objective, primary data were collected through a survey of 600 respondents selected from Punjab, Haryana, Chandigarh, and National Capital Region (Delhi, Gurgaon and Noida). For achieving third objective, a survey of 100 retailers was undertaken from the selected cities. For achieving fifth objective, a content analysis was performed on websites of 100 B2C companies. Findings revealed that female consumers perceived service quality as more important determinant of mobile marketing than male consumers. Also, female consumers had a positive attitude towards mobile marketing; whereas irritation towards mobile marketing was higher in male consumers as compared to female consumers. Further, personal innovativeness, service quality, irritation, information and perceived usefulness were important drivers of consumer attitude towards mobile marketing. Results also highlighted attitude, perceived behavioral control and subjective norm as important drivers of intention to accept mobile marketing. Findings indicated that „compatibility‟, „location based marketing‟, „perceived customer expectations‟ and „perceived ease of use‟ were found to be significant factors towards adoption of mobile marketing among retailers. Also, findings highlighted that female consumers perceived enjoyment and website links more useful during purchase of apparel from mobile website/ mobile app than male consumers. Further, the study revealed that informativeness, navigational cues, effectiveness of information content, and e-service quality significantly influenced attitude towards mobile website, whereas informativeness, navigational cues, enjoyment, response time, and trust significantly influenced consumers‟ emotions (pleasure, arousal, and dominance). Further, a positive and significant relationship was found between emotions (pleasure, arousal, dominance) and consumer‟s purchase intention; and attitude towards website was positively related to consumer‟s purchase intention and satisfaction. Findings revealed that most of the companies provided information like product/service, company history, investor relations, and stakeholder‟s information, CSR policy, privacy policy, location, social media platforms etc.ThesisItem Open Access Study of Calendar Anomalies in Indian Stock and Commodity Markets(Punjab Agricultural University, Ludhiana, 2022) Chhabra, Damini; Gupta, MohitThe present study was undertaken to test the presence of calendar anomalies in returns, trading volume and volatility in returns of stocks, stock indices, commodities and commodity indices; impact of market microstructure events on calendar anomalies and evaluation of trading strategy designed on basis of presence of calendar anomalies in stocks and commodities. The study analyzed secondary data collected from 2008 to 2018 and 15 anomalies were investigated. With respect to returns in most of the stock market indices, calendar anomalies namely month of the year effect, turn of the month effect, turn of the tax year effect and day after future option expiry effect were found to be present. In most of the commodity market indices, calendar anomalies namely week of the month effect, month of the year effect and semi-month effect were found to be present. In most of the commodities, calendar anomalies namely month of the year effect and day after future option expiry effect were found to be present. With respect to volume major calendar anomalies namely month of the year effect, quarter of the year effect, day of future option expiry effect, turn of the year effect, week of the month effect and turn of the month effect were found to be present. With respect to volatility major calendar anomalies namely day of the week effect, weekend effect, month of the year effect, January effect, week of the month effect and quarter of the year effect, were found to be present. Significant results have been found in calendar anomalies namely day of the week effect, week of the month effect, month of the year effect and quarter of the year effect in selected stock market indices as a result of selected microstructure events. Profitability following turn of the month effect and day after future option expiry effect were observed to be significant in few of the selected stocks and commodities.ThesisItem Open Access Study of Herding Behaviour in Indian Financial Market(Punjab Agricultural University, Ludhiana, 2021) Dewan, Palak; Dharni, KhushdeepHerding in financial markets has been typically described as a behavioural tendency for an investor to follow the actions of others. Herding affects the risk and return models, stock prices, determines asset prices and exacerbates the volatility and liquidity in financial market. The present study was undertaken to explore the herding behaviour in Indian stock and commodity markets, Indian equity mutual funds and among individual investors. For satisfying the objective of the study three major stock and commodity exchanges of India: National Stock Exchange, Multi-Commodity Exchange and National Commodity and Derivatives Exchange were selected. Further, the major indices were selected from each exchange making the total sample of twelve indices. Secondary data for daily closing prices of respective stocks and commodities of selected indices were recorded for the period of ten years ranging from 1st January, 2008 to 31st December, 2017. For determining herding in mutual funds, top 29 large cap equity mutual funds and 28 small and mid cap equity mutual funds were selected. The monthly trade data and attributes of fund/fund manager were recorded from the monthly factsheets of these mutual funds for the period of six years ranging from 1st January, 2013 to 31st December, 2018. For exploring the herding behaviour among individual investors primary data was collected from 411 respondents using pre structured non-disguised questionnaire. Results based on secondary data indicate presence of herding beahviour in both Indian stock and commodity markets based on state space methodology. Further, the results reveal presence of herding in Indian equity mutual funds. The intensity of mutual fund herding is significantly higher in bullish market as compared to bearish market. Mutual fund herding has significant correlation with fund portfolio turnover. Results based on the primary data reveal that herding bias among individual investors differ significantly on the basis of income, investment experience, amount of investment and proportion of assets in other than risk free deposits. Herding has significant positive correlation with anchoring bias and significant negative correlation with overconfidence bias.ThesisItem Open Access Study of volatility in Indian stock and commodity markets(Punjab Agricultural University, Ludhiana, 2021) Nisha Rani; Gupta, MohitThe aim of present study is to assess the nature of volatility, relationship between return and volatility, impact of selected macroeconomic variables on volatility, identification of suitable model for forecasting volatility and perception of market participants regarding volatility in Indian stock and commodity market. The study analyzed both primary and secondary data. In most of the stock market indices significant day of the week effect was found on Tuesday and in case of commodity market indices day of the week effect was found to be different in all the selected indices. Further, significant month of the year effect was found for both stock and commodity market indices. The relationship between return and volatility was assessed through GARCH in Mean model and it was found to be significant only in case of Nifty Smallcap 50. The impact of various macroeconomic variables in explaining the volatility of stock and commodity market indices was studied. It was found that FII net flows, DII net flows are significant determinants for stock market indices and GDP, CPI and yield on 10 year government bonds were found to be significant determinant of volatility for commodity market indices. The suitable model for forecasting volatility was identified. It was found that GARCH (1, 1) is the most suitable symmetric model and EGARCH model is the most suitable asymmetric model in case of stock market indices and commodity market indices. The perception of different market participants regarding volatility has been found to be varied and significantly different from one group to another.ThesisItem Open Access Study of statistical arbitrage opportunities in Indian securities market(Punjab Agricultural University, Ludhiana, 2021) Aggarwal, Geetu; Aggarwal, NavdeepStatistical arbitrage is a trading strategy that employs time series methods to identify relative mispricing between securities based on expected values of these assets. This study is undertaken to study statistical arbitrage opportunities present in Indian securities market through pairs trading, one of the most popular techniques of statistical arbitrage. Specifically, the study focuses on the profitability of pairs trading to common investors and attribution of returns to different risk factors. The study is conducted across three asset classes and under different scenarios of the underlying assets involved, viz., stock futures market, stock spot market, stock spot-future market, commodity futures market, currency futures market, currency spot market and currency spot-future statistical arbitrage. Daily prices of securities traded and listed on their respective exchanges over 2011–2017 are used on rolling basis to compute the performance of pairs trading based on the selection of pairs of securities through minimizing the sum of squared deviation (distance method) and cointegration tests (cointegration method). Pairs trading strategy is executed in two stages: the pairs formation period and the pairs trading period. The strategy is executed by taking long position in one security and short position in other security of the identified security pairs. To examine the risk of pairs trading and the drivers of returns, the portfolio returns are risk-adjusted using Fama and French (1993) three factor asset pricing model. The study reveals that pairs trading in stock futures is significantly profitable with average annualized profitability of up to 34% including transaction costs. At the same time, statistical arbitrage opportunities present in stock spot market and stock spot-future scenario are not profitable. On the other hand, pairs trading in commodities is significantly profitable, with average annualised profitability of up to 59 percent, including transaction costs. While currency spot and currency future market do present statistical arbitrage opportunities, they are not profitable enough to cover the underlying risk. Meanwhile, the currency spot-future statistical arbitrage generates annualized return of 10.52% in a near riskless arbitrage scenario. The evidence of pairs trading profits supports the view that these profits reflect compensation to arbitrageurs for enforcing the law of one price in similarly related markets to ensure market efficiency. Indian financial markets are maturing and are attracting sizable retail and institutional investments. Advanced applications like the one presented in this study are of significance for the investors and investment consultants so that they can benefit from such trading strategies.
