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ThesisItem Restricted ACTIVE SHARE MEASURE AND RELATED FUND PERFORMANCE : A STUDY OF EQUITY DIVERSIFIED MUTUAL FUNDS(PUNJAB AGRICULTURAL UNIVERSITY; LUDHIANA, 2011) GURPREET KAUR; GUPTA, MOHITThesisItem Restricted A STUDY OF PERCEPTION INVOLVED IN IMPLEMENTING INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND IT’S COMPARISON WITH INDIAN ACCOUNTING STANDARDS (IAS)(PAU Ludhiana, 2011) Harmandeep Kaur; Sandeep, KapurIFRS is regarded as the uniform reporting language for all concerns and the nations. The study was conducted to compare the existing Indian Accounting Standards with the IFRS. Secondly, study was done to see the perception involved in implementation of IFRS. The practicing chartered accountants, academicians and managers were the respondents of the study. The sample consisted of 30 practicing chartered accountants, 15 managers and 5 academicians. The results of the study revealed that IFRS and the Indian Accounting Standards has a greater degree of variation with respect to disclosures, financial statements, transparency, uniformity and consistency. The respondents perceived that in terms of implementing IFRS; sufficient communication patterns, training programs and management skills were required. It was found that the lack of resources and cost of training the employees were the major bottlenecks in implementing the IFRSThesisItem Restricted A STUDY OF RELATIVE PERFORMANCE OF SCHEDULED COMMERCIAL BANKS IN INDIA(Punjab Agricultural University, Ludhiana, 2011) Aggarwal, ShifaliThe present study was undertaken to measure and compare the relative efficiencies of selected Scheduled Commercial Banks (SCBs) in India. Main objectives of the study were to compute the relative efficiencies of selected SCBs and to identify the benchmarks for the inefficient Decision Making Units (DMUs) using Data Envelopment Analysis (DEA). Set considered for analysis consisted of eight Public Sector Banks and four Private Sector Banks with period of analysis covering 16 years from 1995-2010. Results indicate that State Bank of India, Oriental Bank of Commerce, HDFC Bank, ICICI Bank, Indusind Bank and Jammu & Kashmir Bank were found to be efficient throughout the period of analysis and Allahabad Bank and Union Bank of India were found to be inefficient during the period of analysis. Malmquist TFP index was used to measure productivity change and to decompose this productivity change into technical change and technical efficiency change. Upward shifts of total factor productivity on account of technology change was witnessed in the year 2002 and 2009 with the growth rate 13.2% and 12.8% respectively. Changes in productivity in these years can be explained on account of use of information technology in the banking sector.ThesisItem Open Access Adoption of Health Insurance: A Study of Rural And Urban Population of Ludhiana District(Punjab Agricultural University, Ludhiana, 2011) Manisha KansalThis study entitled “Adoption of health insurance: A study of rural and urban population of Ludhiana district”, aimed to examine awareness and preferences of individuals regarding health insurance .The study also aimed to explore the factors and constraints in the adoption of health insurance in both rural and urban population of Ludhiana District. Survey method was employed for fulfilling the objectives of the study. A pre structured non-disguised questionnaire was administered to 60 individuals in urban areas and 60 individuals in urban areas thus making a total sample size of 120. Both type of individuals whether they have already taken health insurance or not were included in the study. Analysis was done using appropriate statistical tools like mean score, Z-test, t-test ANOVA etc. The results revealed that majority of the respondents in both rural and urban areas were moderately aware regarding various aspects of health insurance. Majority of the rural respondents preferred individual health insurance cover where as majority of urban respondents preferred family floater health cover. Majority of the respondents of both rural and urban areas preferred cashless facility of claim settlement to reimbursement plan and preferred government companies for taking health insurance to private companies. The major factor influencing adoption of health insurance on over all basis came out to be’ Increasing health care costs’ whereas major constraint on over all basis came out to be’ Lack of awareness due to low level of education’.ThesisItem Restricted stUDY OF FINANCIAL RISK MANAGEMENT PRACTICES OF EXPORTERS OF LUDHIANA(Punjab Agricultural University, 2011) navdeep kaur; Aggarwal, navdeepThe research project ―A study of financial risk management practices of exporters of Ludhiana‖ was undertaken with the objectives of studying the attitude towards financial risk management and the practices for the same. The study was focused on engineering and apparel exporters of Ludhiana. The data was collected from 25 exporters of apparel and engineering each, thereby. The analysis indicates that risk management is considered very important. Though the firms try to manage the financial risks, but still they are not able to combat it fully, due to lack of knowledge about the improved techniques of risk management like financial derivatives. It is found, statistically that there is significant difference in attitude of both engineering and apparel exporters regarding risk managementThesisItem Open Access Study of Momentum Investing in 52-Week High and 52-Week Low Stocks(Punjab Agricultural University, 2011) Ruchika Rajpal; Sachdeva, Y.P.Momentum investing in stock markets has been reported in several developed and emerging stock markets. This study entitled “Study of Momentum Investing in 52-Week High and 52-Week Low Stocks”, aimed to empirically examine the momentum investing in selected stocks. In order to achieve the objectives, a total of 250 stocks comprising 50 stocks every year (25 stocks from 52week high stocks and 25 stocks from 52-week low stocks) from NSE stock universe were selected from 2006 to 2010. The adjusted closing prices were obtained and returns were first compared with zero return (raw comparison). Further relative comparisons with the returns of S&P CNX NIFTY, CNX NIFTY JUNIOR and S&P CNX 500 were done for the same time period. The results revealed the presence of nil momentum investing in 52 week high stocks during short term period (30 days). For the intermediate period (90days) and long period (180 days) momentum investing worked particularly in 52 week high stocks. On the other hand in case of 52 week low stocks, momentum investing worked very well in short term period. In term of relative comparison it was found that momentum investing didn’t work at all in 52 week high stocks but was highly effective, although amid slight trend reversals, in 52 week low stocks.ThesisItem Open Access Mutual Funds Performance Persistence : A Study of Equity Diversified Mutual Funds(Punjab Agricultural University, 2011) harpreet Kaur; Gupta, MohitPerformance persistence has been observed in the mutual fund markets of several developed and developing countries. This study entitled, “Mutual funds Performance Persistence : A Study of Equity Diversified Mutual Funds.” aimed to empirically study the performance persistence of equity diversified funds in Indian context. In order to achieve the objectives, quarterly returns of 116 equity diversified funds, grouped as portfolios, were compared on quarter to quarter basis. Ranks were assigned on the basis of return and rank correlation was evaluated between two quarters. In total 17 comparisons were made on quarter to quarter basis and out of these 10 comparisons depicted high performance persistence, in form of high positive rank correlation. In contrast very less performance persistence has been found using investor style as a control measureThesisItem Open Access OCK INCLUSION IN SELECTED INDICES – A STUDY OF IMPACT ON STOCK RETURNS AND LIQUIDITY MEASURES(Punjab Agricultural University, 2011) Ramandeep kaur; Gupta, MohitStock inclusions and exclusions continuously happen in stock indices and many of the studies have shown that these events have effect on stock market performance in terms of return and volume. Present study “Stock Inclusion in Selected Indices- A Study of Impact on Stock Returns and Liquidity Measures” was undertaken to empirically access the impact of stock inclusions on stock returns and liquidity. Ten inclusions were randomly selected from a list of twenty stock inclusions and such selection was done for each of indices namely sensex representing large cap stocks, BSE mid cap index representing mid cap stocks and BSE small cap index representing small cap stocks. No abnormal and cumulative abnormal returns were found during event window ranging from e-1 through e+1 where „e‟ stands for event day. It was only in the mid cap stocks that significant abnormal and cumulative abnormal returns were found at e-4 day during pre event window upto e-10 days. During the post event window upto e+10 days the significant abnormal returns were found at e+4 day in case of mid cap and e+9 in case of small cap. No significant cumulative abnormal returns were found in post event window. No impact of stock inclusion was seen on liquidity measures of selected eventsThesisItem Restricted STUDY OF COMPLIANCE OF BASEL II NORMS BY SELECTED BANKS(Punjab Agricultural University, 2011) Sarishma SharmaThe present study “A study of compliance of Basel II norms by selected Banks” was undertaken to study and compare the level of compliance of BASEL II norms as given by RBI by selected nationalized, private and foreign banks and to study the recapitalization of selected nationalized banks under BASEL II norms. For the study nine banks were selected three from each nationalised, private and foreign banks. Tier 1capital ratio, total capital adequacy ratio, credit risk capital requirements, market risk capital, capital requirements, credit disclosures under 100% risk weights, below 100% risk weights and above 100% risk weights were also studied. Credit disclosures under fund based and non fund based categories were also studied. Mostly all banks are complying with Basel II norms and Basel II basically is related to risk management of the banks. With the new norms the banks are also required to keep separate capital for the Equity Risk, Interest Rate risk and foreign risk. The credit disclosures under the categories of below 100%, 100% and above 100% risk weights and fund based and non fund based are also taken into consideration. The public sector banks those who have capital less than the required capital are recapitalised in order to make them able to comply with the new norms