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Papers by KAUSHIK BHATTACHARJEE

Research paper thumbnail of A Literature Survey and Bibliometric Analysis of the Impact of Controlling Shareholders on Dividend Policy

Copernican Journal of Finance & Accounting, Jul 19, 2023

Research paper thumbnail of Does share‐holding pattern affect firm performance? Evidence from India

Journal of Public Affairs

Research paper thumbnail of Does Promoter Ownership Affect Dividend Policy? An Agency Problem Perspective

American business review, Oct 31, 2023

Research paper thumbnail of Real Earnings Management and Persistence of Firm Value: Evidence from India*

The present study aims to examine the impact of real earnings management on the future value of t... more The present study aims to examine the impact of real earnings management on the future value of the firm and its persistence. The study also tests suspect firm effects on the relationship between real earnings management and the future value of the firm. The sample of the present study consists of all listed non-financial firms from the year 2011 to 2018. Real earnings management has been measured in three alternative ways viz., abnormal operating cash flows, abnormal discretionary spending, and abnormal production cost. Tobin’s Q is used as a measure of firm value. The interaction term of real earnings management and Tobin’s Q is used to test firm value persistence. The results of the analysis disclose that out of three measures of real earnings management, abnormal reduction in discretionary spending only has a significant negative impact on the persistence of firm value. Moreover, the suspect firm analysis reveals that when the underlying motive of real earnings management is to ...

Research paper thumbnail of Forecasting performance of Indian non-life insurance industry - an analysis of underwriting experience of public and private insurance companies

Asian Journal of Empirical Research

This paper is an initial attempt towards the direction of analysis of performances of Indian publ... more This paper is an initial attempt towards the direction of analysis of performances of Indian public and private non-life insurance companies and towards forecasting of future growth potential of the sector. This paper also presents future prospects and growth potentiality of the non-life insurance sector in India along with the current state of the underwriting cycle prevalent in the Indian nonlife insurance industry. This paper presents a detailed analysis of the underwriting performance of the non-life insurance sector as a whole during the post-liberalization period of 2000-2001 to 2014-2015. It depicts a colorful prospect for the Indian non-life insurance industry in the next 10 years. This paper has also been devoted to the determination of the presence of an underwriting cycle (pattern) that exists in the performances of the non-life insurance companies (public and private) during the last 15 years. Contribution/Originality The article entitled 'Forecasting Performance of Indian Non-life Insurance Industry-An Analysis of Underwriting Experience of Public and Private Insurance Companies' discusses performance of the Indian non-life insurance industry in the last decade after liberalization and future growth potential of the sector. This is an initial attempt towards this direction in the Indian perspective and it tries to identify the pattern of underwriting cycle existing in the Indian non-life insurance industry after liberalization along with forecasting future growth potential of the Indian non-life sector. This article is first such contribution in the study related to the Indian non-life insurance industry.

Research paper thumbnail of Financial Interdependence of International Stock Markets: A Literature Review

Indian Journal of Finance, 2015

Research paper thumbnail of Fund Performance Measurement Without Benchmark - A Case of Select Indian Mutual Funds

SSRN Electronic Journal, 2000

This paper calculates the Performance Change measure (PCM) developed by Grinblatt & Titman(Journa... more This paper calculates the Performance Change measure (PCM) developed by Grinblatt & Titman(Journal of Business,1993,vol66,no-1)for a sample of 50 Indian mutual funds over a period of 26 months. PCM as a measure has some advantages compared to the traditional measures, the most important one being-it is free from using a benchmark portfolio and consequently the resulting biases arising out of usage of such a portfolio. So by using PCM as a measure, this paper, without using any benchmark, attempts to asses whether the selected mutual funds are able to provide above-normal return on average-using no more information than what is available to the common investor. PCM has been calculated for one month, one quarter and one year lag. And using PCM as a measure the study finds that though in the short term ,the mutual funds were unable to generate above-normal return but on the average the combined PCM of all the mutual funds is significantly different from zero, which are in agreement with the original findings of Grinblatt & Titman, in this Indian context.

Research paper thumbnail of Non-Linearity of Returns in the Listed ADRs

SSRN Electronic Journal, 2000

Research paper thumbnail of Transmission of pricing information between level III ADRs and their underlying domestic stocks: Empirical evidence from India

Journal of Multinational Financial Management, 2014

This paper studies the price interdependence and transmission pattern between a group of level II... more This paper studies the price interdependence and transmission pattern between a group of level III American Depository Receipts (ADRs) and their respective underlying stock prices in India. We investigate the transmission dynamics of pricing information between the ADRs and their underlying stocks. Using a Vector Error Correction Model (VECM) with error correction terms, we find bidirectional transmission of price information flow between the ADRs and their underlying stocks. Our results provide evidence of bidirectional causality between the National Stock Exchange and the NASDAQ/New York Stock Exchange. We find that the ADRs tend to overreact to their own lagged price changes and tend to underreact to the lagged price changes in the underlying domestic stocks.

Research paper thumbnail of Modeling Money Attitudes to Predict Loan Default

The IUP Journal of Bank …, 2010

The primary objective of the study is to classify the defaulters and non-defaulters of auto loans... more The primary objective of the study is to classify the defaulters and non-defaulters of auto loans based on their specific personality traits, viz., 'money attitude' and 'income dimensions'. However, the aim is not only to classify, but also to understand the root of the defaulter ...

Research paper thumbnail of Information Content of Derivatives under Varying Market Conditions and Moneyness: The Case of S&P CNX Nifty Index Options

Global Business Review, 2015

Research paper thumbnail of A Nest of Thorns

Home and Hearth were the safest places for women once upon a time , and she was reared with tende... more Home and Hearth were the safest places for women once upon a time , and she was reared with tender care for lending cosmetic grace as the lady of the house. A homely woman is still a much coveted bridal material as many matrimonial advertisements would suggest as the traditional notion of an ideal daughter , mother and wife still revolves round the dutiful woman nestled in that haven called house. But gone are the lakshman rekha days when the woman's prized possessions, her chastity and modesty, are safest within the circumscribed boundaries of the house .The big bad world that is all tooth and nail for the second sex is not much different from the safe nest called the home as menacing reports of ' abuse within' jolts our sense of sanity. While predators of all shapes and sizes and mental perversion make life hell for a woman who steps outside in this gender unfriendly world , those confined within the comfort zone of the four walls often endure the ignominy of marital rape, incest and gruesome forms of Domestic Violence.

Research paper thumbnail of A Literature Survey and Bibliometric Analysis of the Impact of Controlling Shareholders on Dividend Policy

Copernican Journal of Finance & Accounting, Jul 19, 2023

Research paper thumbnail of Does share‐holding pattern affect firm performance? Evidence from India

Journal of Public Affairs

Research paper thumbnail of Does Promoter Ownership Affect Dividend Policy? An Agency Problem Perspective

American business review, Oct 31, 2023

Research paper thumbnail of Real Earnings Management and Persistence of Firm Value: Evidence from India*

The present study aims to examine the impact of real earnings management on the future value of t... more The present study aims to examine the impact of real earnings management on the future value of the firm and its persistence. The study also tests suspect firm effects on the relationship between real earnings management and the future value of the firm. The sample of the present study consists of all listed non-financial firms from the year 2011 to 2018. Real earnings management has been measured in three alternative ways viz., abnormal operating cash flows, abnormal discretionary spending, and abnormal production cost. Tobin’s Q is used as a measure of firm value. The interaction term of real earnings management and Tobin’s Q is used to test firm value persistence. The results of the analysis disclose that out of three measures of real earnings management, abnormal reduction in discretionary spending only has a significant negative impact on the persistence of firm value. Moreover, the suspect firm analysis reveals that when the underlying motive of real earnings management is to ...

Research paper thumbnail of Forecasting performance of Indian non-life insurance industry - an analysis of underwriting experience of public and private insurance companies

Asian Journal of Empirical Research

This paper is an initial attempt towards the direction of analysis of performances of Indian publ... more This paper is an initial attempt towards the direction of analysis of performances of Indian public and private non-life insurance companies and towards forecasting of future growth potential of the sector. This paper also presents future prospects and growth potentiality of the non-life insurance sector in India along with the current state of the underwriting cycle prevalent in the Indian nonlife insurance industry. This paper presents a detailed analysis of the underwriting performance of the non-life insurance sector as a whole during the post-liberalization period of 2000-2001 to 2014-2015. It depicts a colorful prospect for the Indian non-life insurance industry in the next 10 years. This paper has also been devoted to the determination of the presence of an underwriting cycle (pattern) that exists in the performances of the non-life insurance companies (public and private) during the last 15 years. Contribution/Originality The article entitled 'Forecasting Performance of Indian Non-life Insurance Industry-An Analysis of Underwriting Experience of Public and Private Insurance Companies' discusses performance of the Indian non-life insurance industry in the last decade after liberalization and future growth potential of the sector. This is an initial attempt towards this direction in the Indian perspective and it tries to identify the pattern of underwriting cycle existing in the Indian non-life insurance industry after liberalization along with forecasting future growth potential of the Indian non-life sector. This article is first such contribution in the study related to the Indian non-life insurance industry.

Research paper thumbnail of Financial Interdependence of International Stock Markets: A Literature Review

Indian Journal of Finance, 2015

Research paper thumbnail of Fund Performance Measurement Without Benchmark - A Case of Select Indian Mutual Funds

SSRN Electronic Journal, 2000

This paper calculates the Performance Change measure (PCM) developed by Grinblatt & Titman(Journa... more This paper calculates the Performance Change measure (PCM) developed by Grinblatt & Titman(Journal of Business,1993,vol66,no-1)for a sample of 50 Indian mutual funds over a period of 26 months. PCM as a measure has some advantages compared to the traditional measures, the most important one being-it is free from using a benchmark portfolio and consequently the resulting biases arising out of usage of such a portfolio. So by using PCM as a measure, this paper, without using any benchmark, attempts to asses whether the selected mutual funds are able to provide above-normal return on average-using no more information than what is available to the common investor. PCM has been calculated for one month, one quarter and one year lag. And using PCM as a measure the study finds that though in the short term ,the mutual funds were unable to generate above-normal return but on the average the combined PCM of all the mutual funds is significantly different from zero, which are in agreement with the original findings of Grinblatt & Titman, in this Indian context.

Research paper thumbnail of Non-Linearity of Returns in the Listed ADRs

SSRN Electronic Journal, 2000

Research paper thumbnail of Transmission of pricing information between level III ADRs and their underlying domestic stocks: Empirical evidence from India

Journal of Multinational Financial Management, 2014

This paper studies the price interdependence and transmission pattern between a group of level II... more This paper studies the price interdependence and transmission pattern between a group of level III American Depository Receipts (ADRs) and their respective underlying stock prices in India. We investigate the transmission dynamics of pricing information between the ADRs and their underlying stocks. Using a Vector Error Correction Model (VECM) with error correction terms, we find bidirectional transmission of price information flow between the ADRs and their underlying stocks. Our results provide evidence of bidirectional causality between the National Stock Exchange and the NASDAQ/New York Stock Exchange. We find that the ADRs tend to overreact to their own lagged price changes and tend to underreact to the lagged price changes in the underlying domestic stocks.

Research paper thumbnail of Modeling Money Attitudes to Predict Loan Default

The IUP Journal of Bank …, 2010

The primary objective of the study is to classify the defaulters and non-defaulters of auto loans... more The primary objective of the study is to classify the defaulters and non-defaulters of auto loans based on their specific personality traits, viz., 'money attitude' and 'income dimensions'. However, the aim is not only to classify, but also to understand the root of the defaulter ...

Research paper thumbnail of Information Content of Derivatives under Varying Market Conditions and Moneyness: The Case of S&P CNX Nifty Index Options

Global Business Review, 2015

Research paper thumbnail of A Nest of Thorns

Home and Hearth were the safest places for women once upon a time , and she was reared with tende... more Home and Hearth were the safest places for women once upon a time , and she was reared with tender care for lending cosmetic grace as the lady of the house. A homely woman is still a much coveted bridal material as many matrimonial advertisements would suggest as the traditional notion of an ideal daughter , mother and wife still revolves round the dutiful woman nestled in that haven called house. But gone are the lakshman rekha days when the woman's prized possessions, her chastity and modesty, are safest within the circumscribed boundaries of the house .The big bad world that is all tooth and nail for the second sex is not much different from the safe nest called the home as menacing reports of ' abuse within' jolts our sense of sanity. While predators of all shapes and sizes and mental perversion make life hell for a woman who steps outside in this gender unfriendly world , those confined within the comfort zone of the four walls often endure the ignominy of marital rape, incest and gruesome forms of Domestic Violence.