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Papers by Bhavesh Prakash Joshi
International Journal of Applied Behavioral Economics, 2020
Behavioral finance is a relatively new field of study that combines cognitive psychology and thou... more Behavioral finance is a relatively new field of study that combines cognitive psychology and thoughts of leaders in economics, finance, and behavioral psychology to explore the driving forces behind the financial decisions that people make. Making a decision is a complex procedure that embraces cognitive and psychological biases. The paper attempts to explore and document the literature available to review the biases in an Indian context, highlighting specific and variable factors that impact, such as personality traits, and plausibly explain the difference in the behavior from a traditional behavioral finance model. The review of literature suggests that behavioral finance in an Indian context has a pattern, which can be followed to interpret and understand the psychology of Indian investors. A conceptual framework is proposed that considers various factors that can enable understanding Indian behavioral finance. In particular, the impact of personality and financial determinants a...
Indian Journal of Applied Research, 2015
International Journal of Applied Behavioral Economics
The "Real" decision often varies from the "Rational" decision. The Real or th... more The "Real" decision often varies from the "Rational" decision. The Real or the actual behaviour of people is quite often biased and differs from the rational decision framework which has been put in place by classical economics. The irrational or undesired behaviour displayed by the people even in an informed public policy is a classic example of this. The purpose of this paper is to try and explain the classical nudge theory which ‘nudge’ the people towards a desirable behaviour. We need to contemplate if we could use it as a method to awaken the motivate us Indians to invest or if it could help us to devise policy or the marketing campaigns in such an effective manner that it could help us bridge the gap of non-investment behaviour. Researcher has considered the 6 Nudge principles to prepare a questionnaire which has been duly filled online by 135 respondents. It has been shown that there is an impact of Nidge as a decision making tool for policy formation.
The classic book "Men are from Mars, Women are from Venus" by John Grey shows how multi... more The classic book "Men are from Mars, Women are from Venus" by John Grey shows how multiple eyes view the world. In many respects, women differ from men, including their attitude and approach towards income. A broader understanding had been that the human beings behave rationally when making financial choices, as is emphasized by the various traditional financial hypotheses. Nevertheless, different studies have shown that there are circumstances in which human behavior is affected by moods and impulses that make people behave in an erratic or unreasonable way that influences their decision-making. This remains an unexplored field that individual’s demographic and psychographic features affect behavioral investment decision-making in any way. In this paper authors had tried to answer the role of gender in shaping investment decisions. The research has ramifications for the finance industry as it aims to examine how various investors are affected by behavioral and psychologic...
Capital structure of a firm is an important financial decision and affects its financial risk and... more Capital structure of a firm is an important financial decision and affects its financial risk and return. The purpose of this study is to examine the firm-level determinants of capital structure of listed manufacturing companies in India by using panel data regression method for a six year time period starting from 2010 to 2015. This study used a sample of 1283 listed manufacturing firms included in the manufacturing index of CMIE Prowess database. The study results reveal a significant positive relationship between the debt ratios and depreciation, R&D expenditure, liquidity of sampled firms. It is also found that the leverage ratios of these firms are negatively affected by profitability and tangible assets of the firms. Further, we observed an insignificant negative relationship between sales growth and debt ratios of sampled firms. The empirical results support the trade-off theory of capital structure.
1960s poverty-stricken agricultural economy, which was considered as one of the poorest countries... more 1960s poverty-stricken agricultural economy, which was considered as one of the poorest countries, Republic of Korea had proved with the changed orientation from 1960s traditional labour-intensive products manufacturing such as textiles and apparel, footwear, and foodstuffs, later on shifted to ‘heavy industries’. During the 1970s and presently moving towards a knowledge based operations, i.e., IT and communications industry which had emerged as the main pillar of the economy, accounting for 13 per cent of the gross domestic product (GDP) and 25 per cent of exports. It had proved that it’s the ‘Lamp bearer” as it was considered in 1929. Korea had attained an annual GDP growth rate of 6.3 (2002), gross capital formation (% of GDP) 26.0 and it was a journey from US$80 income level of 1963 to US$9,930 in 2002, Korea is now ranked as Upper-middle-income country. Economic growth percentage has been moving in the positive direction in the past decade at 8.8% (except for the year 1997 when there was the Balance of Payment crisis). South Korea had industrialised its economy and achieved a good ranks of OECD (Organization for Economic Cooperation & Development) which it joined in 1996 while considering its lack of good relations with neighbouring countries, Korean War (1950-53), natural resources and limited domestic market. Presently many economists think Korea had developed into the world’s 11th largest economy today by following the model of the world’s second largest economy just next door to Japan. Its almost true due to the two major concepts from the Japanese, which has given the boost to, the Korean economy has contributed in the following way: I. Orienting the economy towards aggressive exporting rather than trying, as many poorer countries did, to cope with the superiority of Western economies by ‘Import Substitution’ or creating domestic industries that replaced foreign imports. II. System joining companies together in large interlocking corporations or conglomerates (Keiretsu in Japan) and Chaebols in Korea. Other Korean Strategy which had made the dream come true was “Do what the Japanese have done, but do it cheaper and faster”. This study is a minuscule effort to show that how a country considered as a Labour intensive had turned itself into a capital intensive country (an evidence for the Heckscher-Ohlin or Factor-Production Model) without constraining the growth of traditional industries as an important export sector and economy still growing with a good pace. For this Korea had actively participated with WTO and had shown its commitment towards Multilateral Trading System. With this it had achieved secured market access while promoting global economic growth and development. South Korea is now working as a role model to work on, who as a nation for stability and growth internationally had not relied on foreign-aid but emphasized on domestic savings and foreign borrowings. And with the three radical directional changes in the Korean Economy had made it to change from Labour-Intensive to Export-Oriented manufacturing, to moving the Economy up the value chain, and lastly, turning the focus sharply to Infrastructure, Human Capital and High Technology.
Gandhiji might have felt proud of present Indian agricultures achievements, in true sense it’s th... more Gandhiji might have felt proud of present Indian agricultures achievements, in true sense it’s the victory of Indians (Hungary and spiritually starving millions) who tried to adopt new methods of production because of technological developments, improved verity of crops a gift form R&D and improved water irrigation facility with better monsoon, prevailing for some past years (though drought recurred in some parts of the country). Agreement for agriculture with WTO is known as Agreement on Agriculture (AoA), basically it’s to follow the developmental pattern with liberalized policy framework for agriculture sector. The post AoA results bears many facets and it’s a mix of positive as well some negative aspects associated with it. This study shows that there is a bigger weightage to the positives than the negatives, and negatives are due to lack of specific policies for agriculture promotion with the changed orientation of the world economy, declining international prices of the agricultural sector outputs, inefficient technological capabilities, unorganized farming, social concerns like poverty, education level and decreasing public investment patterns in R&D. The discussion is basically confined to Indian agriculture pre- and post-WTO AoA and its impact on the economy as a whole. While the study suggests that its not the agreement which had adverse effects but it’s the internal factors and external factors effecting Indian agriculture, out of these internal factors had more important role to play to make Indian agriculture survive and flourish with economic development. With public investment in agriculture, private investment is also important, as it had to play a pivotal role for the success stories to be created. Absence of public-private partnership for agricultural research and development would be like ‘Mapping of Amoeba’, so road map of success should be implemented as early as possible otherwise we would be loosing on many fronts and then only instead of being future Prosperity, WTO AoA would become Presage for Indian agriculture.
Eisenstein argues that the printing press enabled the transformation of a medieval to a modern so... more Eisenstein argues that the printing press enabled the transformation of a medieval to a modern society. So does IT (information technology ), and in particular the Internet, has brought technological breakthroughs in communications. One of the best examples is the development of Korea in the field of Information Technology. To attain this, South Korea (now onwards Korea) the land of the morning calm, had established program like “ Korean Information Infrastructure in 1994” to build IT knowledge society network through planned investment of 45.2 trillion won by the year 2015, “Brain Korea 21 (BK21”, “Cyber Korea 21 (CK21)” and “IT 8.3.9 Project”’ dedicated towards the development of basic infrastructure needed to encash the emerging opportunities in the IT sector. The success of these plans basically depends on inhwa (harmony) between the Korean government policy and contribution of Korean chaebols (whose Chinese character in Japanese are read as Zaibatsu). The success will be yielding Korean ‘Anshim’ (peace of mind). Korean government understood the revolutionary changes and importance of knowledge society with the emergence of cyber banking, convenience associated and e-commerce and started technological development as they felt that IT becomes immortal due to: 1. The impact of IT as an intra-organizational communication, which definitely helps in integration of departments and further networked organizations as a whole. 2. On the other hand outsourcing and out-tasking are becoming requirements with the changing business structures worldwide. It requires both the support and development for the business outsourcing. Korea is planning to be ranked as one of the ten largest IT companies in the world; reasons which make the Korean economy so competent and are making it happen, are: (1) Korean economy’s competence as an export driven economy. (2) Government policies towards creating a productive HR workforce. (3) Contribution of Chaebols in the development and jobs creation. (4) More concentric efforts for promoting some specific industries at one time without leaving behind the others, IT is one of them (perfect model for Heckscher Ohlin Model). (5) R&D policy of government.
Small and Medium Enterprises (SMEs) have been considered one of the ‘driving forces’ of modern ec... more Small and Medium Enterprises (SMEs) have been considered one of the ‘driving forces’ of modern economies due to their multifaceted contributions in terms of technological innovations, employment generation, export promotion, etc. Of these, the ability of SMEs to innovate assumes significance because innovation lends competitive edge to firms, industries and ultimately, economies. Therefore, technological innovation has the potential to spur growth of individual enterprises at the micro level and aggregate industries and economies at the macro level. Given the above, this paper attempts to understand issues such as what factors drive SMEs to innovate, what is the nature of SME innovations, what are the achievements of SME innovations and what are the outcomes of these achievements. Overall, this paper attempts to address the question: does SME innovation facilitate the growth of firm size? This question has been probed in the context of SMEs in Sunrise Sector of our economy. This paper probes the drivers, dimensions, achievements, and outcomes of technological innovations carried out by SMEs in the food processing industries in India. The Food Industry is divided into organized and unorganized wherein the maximum contribution is made by small and unorganized. Hence the focus of the study will be organized food processing sector. The research methodology is empirical study for this the evidences will be collected, in the form of case studies as evidences, through secondary data. Further, it ascertains the growth rates of innovative SMEs in comparison to non- innovative SMEs in terms of sales turnover, employment, and investment. The study will confirm that the Innovative SMEs have shown better and sustained growth.
Global Journal of Enterprise Information System, 2020
Purpose: Transparency and ease of investments and trading is a result of the developments in the ... more Purpose: Transparency and ease of investments and trading is a result of the developments in the financial and capital markets had provided various investment options and these investment decisions needs to be based on expected risk and returns bearable by investors. Awareness programs by the competent authorities like Stock Exchanges Board of India (SEBI), stock exchanges and advisory institutions had also played a pivotal role in the participation and confidence of investors in the financial instruments. Today with the developments taking place on front of technology, education, awareness and socio-economic development, it’s the investor having plenty of options to choose from. This research analyzes the saving preferences and demographic profile of investors living in the National Capital Region in Delhi using various options on the Indian capital and financial markets. The gender specific result of this research survey shows that the most preferred saving option is mutual funds ...
International Journal of Applied Behavioral Economics, 2020
Behavioral finance is a relatively new field of study that combines cognitive psychology and thou... more Behavioral finance is a relatively new field of study that combines cognitive psychology and thoughts of leaders in economics, finance, and behavioral psychology to explore the driving forces behind the financial decisions that people make. Making a decision is a complex procedure that embraces cognitive and psychological biases. The paper attempts to explore and document the literature available to review the biases in an Indian context, highlighting specific and variable factors that impact, such as personality traits, and plausibly explain the difference in the behavior from a traditional behavioral finance model. The review of literature suggests that behavioral finance in an Indian context has a pattern, which can be followed to interpret and understand the psychology of Indian investors. A conceptual framework is proposed that considers various factors that can enable understanding Indian behavioral finance. In particular, the impact of personality and financial determinants a...
Indian Journal of Applied Research, 2015
International Journal of Applied Behavioral Economics
The "Real" decision often varies from the "Rational" decision. The Real or th... more The "Real" decision often varies from the "Rational" decision. The Real or the actual behaviour of people is quite often biased and differs from the rational decision framework which has been put in place by classical economics. The irrational or undesired behaviour displayed by the people even in an informed public policy is a classic example of this. The purpose of this paper is to try and explain the classical nudge theory which ‘nudge’ the people towards a desirable behaviour. We need to contemplate if we could use it as a method to awaken the motivate us Indians to invest or if it could help us to devise policy or the marketing campaigns in such an effective manner that it could help us bridge the gap of non-investment behaviour. Researcher has considered the 6 Nudge principles to prepare a questionnaire which has been duly filled online by 135 respondents. It has been shown that there is an impact of Nidge as a decision making tool for policy formation.
The classic book "Men are from Mars, Women are from Venus" by John Grey shows how multi... more The classic book "Men are from Mars, Women are from Venus" by John Grey shows how multiple eyes view the world. In many respects, women differ from men, including their attitude and approach towards income. A broader understanding had been that the human beings behave rationally when making financial choices, as is emphasized by the various traditional financial hypotheses. Nevertheless, different studies have shown that there are circumstances in which human behavior is affected by moods and impulses that make people behave in an erratic or unreasonable way that influences their decision-making. This remains an unexplored field that individual’s demographic and psychographic features affect behavioral investment decision-making in any way. In this paper authors had tried to answer the role of gender in shaping investment decisions. The research has ramifications for the finance industry as it aims to examine how various investors are affected by behavioral and psychologic...
Capital structure of a firm is an important financial decision and affects its financial risk and... more Capital structure of a firm is an important financial decision and affects its financial risk and return. The purpose of this study is to examine the firm-level determinants of capital structure of listed manufacturing companies in India by using panel data regression method for a six year time period starting from 2010 to 2015. This study used a sample of 1283 listed manufacturing firms included in the manufacturing index of CMIE Prowess database. The study results reveal a significant positive relationship between the debt ratios and depreciation, R&D expenditure, liquidity of sampled firms. It is also found that the leverage ratios of these firms are negatively affected by profitability and tangible assets of the firms. Further, we observed an insignificant negative relationship between sales growth and debt ratios of sampled firms. The empirical results support the trade-off theory of capital structure.
1960s poverty-stricken agricultural economy, which was considered as one of the poorest countries... more 1960s poverty-stricken agricultural economy, which was considered as one of the poorest countries, Republic of Korea had proved with the changed orientation from 1960s traditional labour-intensive products manufacturing such as textiles and apparel, footwear, and foodstuffs, later on shifted to ‘heavy industries’. During the 1970s and presently moving towards a knowledge based operations, i.e., IT and communications industry which had emerged as the main pillar of the economy, accounting for 13 per cent of the gross domestic product (GDP) and 25 per cent of exports. It had proved that it’s the ‘Lamp bearer” as it was considered in 1929. Korea had attained an annual GDP growth rate of 6.3 (2002), gross capital formation (% of GDP) 26.0 and it was a journey from US$80 income level of 1963 to US$9,930 in 2002, Korea is now ranked as Upper-middle-income country. Economic growth percentage has been moving in the positive direction in the past decade at 8.8% (except for the year 1997 when there was the Balance of Payment crisis). South Korea had industrialised its economy and achieved a good ranks of OECD (Organization for Economic Cooperation & Development) which it joined in 1996 while considering its lack of good relations with neighbouring countries, Korean War (1950-53), natural resources and limited domestic market. Presently many economists think Korea had developed into the world’s 11th largest economy today by following the model of the world’s second largest economy just next door to Japan. Its almost true due to the two major concepts from the Japanese, which has given the boost to, the Korean economy has contributed in the following way: I. Orienting the economy towards aggressive exporting rather than trying, as many poorer countries did, to cope with the superiority of Western economies by ‘Import Substitution’ or creating domestic industries that replaced foreign imports. II. System joining companies together in large interlocking corporations or conglomerates (Keiretsu in Japan) and Chaebols in Korea. Other Korean Strategy which had made the dream come true was “Do what the Japanese have done, but do it cheaper and faster”. This study is a minuscule effort to show that how a country considered as a Labour intensive had turned itself into a capital intensive country (an evidence for the Heckscher-Ohlin or Factor-Production Model) without constraining the growth of traditional industries as an important export sector and economy still growing with a good pace. For this Korea had actively participated with WTO and had shown its commitment towards Multilateral Trading System. With this it had achieved secured market access while promoting global economic growth and development. South Korea is now working as a role model to work on, who as a nation for stability and growth internationally had not relied on foreign-aid but emphasized on domestic savings and foreign borrowings. And with the three radical directional changes in the Korean Economy had made it to change from Labour-Intensive to Export-Oriented manufacturing, to moving the Economy up the value chain, and lastly, turning the focus sharply to Infrastructure, Human Capital and High Technology.
Gandhiji might have felt proud of present Indian agricultures achievements, in true sense it’s th... more Gandhiji might have felt proud of present Indian agricultures achievements, in true sense it’s the victory of Indians (Hungary and spiritually starving millions) who tried to adopt new methods of production because of technological developments, improved verity of crops a gift form R&D and improved water irrigation facility with better monsoon, prevailing for some past years (though drought recurred in some parts of the country). Agreement for agriculture with WTO is known as Agreement on Agriculture (AoA), basically it’s to follow the developmental pattern with liberalized policy framework for agriculture sector. The post AoA results bears many facets and it’s a mix of positive as well some negative aspects associated with it. This study shows that there is a bigger weightage to the positives than the negatives, and negatives are due to lack of specific policies for agriculture promotion with the changed orientation of the world economy, declining international prices of the agricultural sector outputs, inefficient technological capabilities, unorganized farming, social concerns like poverty, education level and decreasing public investment patterns in R&D. The discussion is basically confined to Indian agriculture pre- and post-WTO AoA and its impact on the economy as a whole. While the study suggests that its not the agreement which had adverse effects but it’s the internal factors and external factors effecting Indian agriculture, out of these internal factors had more important role to play to make Indian agriculture survive and flourish with economic development. With public investment in agriculture, private investment is also important, as it had to play a pivotal role for the success stories to be created. Absence of public-private partnership for agricultural research and development would be like ‘Mapping of Amoeba’, so road map of success should be implemented as early as possible otherwise we would be loosing on many fronts and then only instead of being future Prosperity, WTO AoA would become Presage for Indian agriculture.
Eisenstein argues that the printing press enabled the transformation of a medieval to a modern so... more Eisenstein argues that the printing press enabled the transformation of a medieval to a modern society. So does IT (information technology ), and in particular the Internet, has brought technological breakthroughs in communications. One of the best examples is the development of Korea in the field of Information Technology. To attain this, South Korea (now onwards Korea) the land of the morning calm, had established program like “ Korean Information Infrastructure in 1994” to build IT knowledge society network through planned investment of 45.2 trillion won by the year 2015, “Brain Korea 21 (BK21”, “Cyber Korea 21 (CK21)” and “IT 8.3.9 Project”’ dedicated towards the development of basic infrastructure needed to encash the emerging opportunities in the IT sector. The success of these plans basically depends on inhwa (harmony) between the Korean government policy and contribution of Korean chaebols (whose Chinese character in Japanese are read as Zaibatsu). The success will be yielding Korean ‘Anshim’ (peace of mind). Korean government understood the revolutionary changes and importance of knowledge society with the emergence of cyber banking, convenience associated and e-commerce and started technological development as they felt that IT becomes immortal due to: 1. The impact of IT as an intra-organizational communication, which definitely helps in integration of departments and further networked organizations as a whole. 2. On the other hand outsourcing and out-tasking are becoming requirements with the changing business structures worldwide. It requires both the support and development for the business outsourcing. Korea is planning to be ranked as one of the ten largest IT companies in the world; reasons which make the Korean economy so competent and are making it happen, are: (1) Korean economy’s competence as an export driven economy. (2) Government policies towards creating a productive HR workforce. (3) Contribution of Chaebols in the development and jobs creation. (4) More concentric efforts for promoting some specific industries at one time without leaving behind the others, IT is one of them (perfect model for Heckscher Ohlin Model). (5) R&D policy of government.
Small and Medium Enterprises (SMEs) have been considered one of the ‘driving forces’ of modern ec... more Small and Medium Enterprises (SMEs) have been considered one of the ‘driving forces’ of modern economies due to their multifaceted contributions in terms of technological innovations, employment generation, export promotion, etc. Of these, the ability of SMEs to innovate assumes significance because innovation lends competitive edge to firms, industries and ultimately, economies. Therefore, technological innovation has the potential to spur growth of individual enterprises at the micro level and aggregate industries and economies at the macro level. Given the above, this paper attempts to understand issues such as what factors drive SMEs to innovate, what is the nature of SME innovations, what are the achievements of SME innovations and what are the outcomes of these achievements. Overall, this paper attempts to address the question: does SME innovation facilitate the growth of firm size? This question has been probed in the context of SMEs in Sunrise Sector of our economy. This paper probes the drivers, dimensions, achievements, and outcomes of technological innovations carried out by SMEs in the food processing industries in India. The Food Industry is divided into organized and unorganized wherein the maximum contribution is made by small and unorganized. Hence the focus of the study will be organized food processing sector. The research methodology is empirical study for this the evidences will be collected, in the form of case studies as evidences, through secondary data. Further, it ascertains the growth rates of innovative SMEs in comparison to non- innovative SMEs in terms of sales turnover, employment, and investment. The study will confirm that the Innovative SMEs have shown better and sustained growth.
Global Journal of Enterprise Information System, 2020
Purpose: Transparency and ease of investments and trading is a result of the developments in the ... more Purpose: Transparency and ease of investments and trading is a result of the developments in the financial and capital markets had provided various investment options and these investment decisions needs to be based on expected risk and returns bearable by investors. Awareness programs by the competent authorities like Stock Exchanges Board of India (SEBI), stock exchanges and advisory institutions had also played a pivotal role in the participation and confidence of investors in the financial instruments. Today with the developments taking place on front of technology, education, awareness and socio-economic development, it’s the investor having plenty of options to choose from. This research analyzes the saving preferences and demographic profile of investors living in the National Capital Region in Delhi using various options on the Indian capital and financial markets. The gender specific result of this research survey shows that the most preferred saving option is mutual funds ...