soma panja - Academia.edu (original) (raw)
Papers by soma panja
International Journal of Business Excellence, 2021
Advances in finance, accounting, and economics book series, 2014
Indian journal of science and technology, Feb 1, 2017
Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the ba... more Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the banks playing an important role in Indian financial system and also aims to help the investors to make informed decisions. Methods/Statistical Analysis: Banks listed in the CNX bank Index and National Stock Exchange are selected for the validating the model. The trading frequency of about 90 percent for the last six months and positive net worth are additional criteria imposed for the purpose. FAHP is used to assign weights to the main and Sub criteria designed for the purpose of ranking of the banks. TFN is used for the verbal judgements and the criteria weights are assigned to the CAMEL ratios and the final scores are calculated. Findings: CAMEL finds its worldwide applicability in measuring the performance of the banks but on subjective way. It is needed to provide objectivity in the subjective judgment to eliminate confusion. The FAHP approach is used to assign weights to the CAMEL parameters to judge the ranking positions of the Indian banks for the purpose. Use of FAHP in CAMEL ratios is a unique work which will help to rank the banks according to their performance and help to make informed decisions. As per the findings it is revealed that, in Indian financial system SBI's performance is highest and Central Bank's performance is lowest. The present work will complement the effort of the policy makers and general investors to understand the performance of the banks in the Indian financial system through an objective approach to the subjective judgmental process. Application/ Improvements: The study mainly concentrated on developing a bank rating model with the use of Fuzzy Logic for effective rating of the banks in India. The present scope can be extended to include larger data sets and diverse economic conditions.
Purushartha: A Journal of Management Ethics and Spirituality, Feb 15, 2019
Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining ... more Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining all-encompassing performance ability often triggers curiosity of whether that particular phenomenon can be replicated time and again amongst all the humans. Well, the answer can be both a YES and a NO. In order to explore the phenomenon, we will explore the principles or laws of the universe and its functioning as propounded by Gurdjieff and draw assertions from the exploration to design applicable understanding in the nature of flow. The understanding of Gurdjieff was based on his search for the truth and the mysteries present within the mystic schools in the East. Much of the spiritual work is based on this basic premise that life propagates itself and the understanding of this phenomenon is self-evident to be propounded in the basic dogmatic revelations of the individual agenda. The fundamental truth about the expectation and reality dilemma about the performance scenario based on the interaction point of view with human and its capacities along with the environmental stimuli often brings around certain understanding about the capacities and performance ability in a certain environmental setup. This particular transcending phenomena and immersion and evolving in the process of working and making extraordinary revolutions in all the spheres of life has been a constant curious case to be solved and debated with the help of yoga, Zen, science, religion, mysticism, and occult culminating from various forms of old age and new age philosophical dimensions engulfed into the spiritual underpinnings. Transcending above one's own physical boundaries to take into to the cosmic vibrations and inculcate the energy field within one's own boundaries helping them to perform and replicate things in finest creativity levels often motivates to explore these phenomena into further details.
Advances in information quality and management, 2019
Selection of weights of the selected securities in the portfolio is a cumbersome job for any inve... more Selection of weights of the selected securities in the portfolio is a cumbersome job for any investor. The famous nonlinear Sharpe's single index model has been simplified with a linear solution and the risk-taking propensity of the investors have been taken into consideration in the simplified formulation. The coefficient of optimism is included to observe the effect of risk-taking propensity in the portfolio selection. After the empirical analysis it is found that heuristically an investor can reach near to the optimum solution. For empirical analysis 126 months data have been considered of NSE Bank Index. To reduce the volatility of the data the whole period again has been divided into two parts each of 63 months duration, and separately the data pertaining to the three periods have been considered for calculation. The city block distance is used to calculate the nearness between the optimum solutions and the heuristic solutions.
International Journal of Operational Research, 2023
Vision: The Journal of Business Perspective
The present research attempts to examine the influence of different behavioural factors such as o... more The present research attempts to examine the influence of different behavioural factors such as overconfidence, self-attribution and under and over-reaction on investors’ investment decision-making, keeping the age and gender of the investors as control variables. To test and validate the proposed research hypotheses and model, 145 valid responses were collected using the snowball sampling technique from the investors of the North Eastern Region of India using a structured questionnaire. Data were analysed using a two-staged PLS–SEM–ANN approach. The result of the study indicates a significant and positive influence of different behavioural factors on investors’ decision-making. The current research provides numerous implications for academics as well as for practitioners. The present research findings will help to understand the key behavioural factors that impact retail investors’ decision-making in the North Eastern Region of India. The study also provides practical implications ...
Global Business Review
From the last few years, awareness of socially responsible investments (SRI) investment is increa... more From the last few years, awareness of socially responsible investments (SRI) investment is increasing in India. Study in SRI portfolio is gaining importance in finance research. To select an optimum portfolio (SRI or non-SRI), the investor should have basic knowledge about the weights. It is found that equal weight does not always give the desired result to the investors. An investor can also define the weight function heuristically based on their risk propensity to avoid the criticality in statistical calculation. The present article tries to get a heuristic optimum portfolio by comparing the SRI and non-SRI portfolios based on the risk-taking ability of the investors. Two types of investors are considered–optimistic and pessimistic. SENSEX and GREENEX are considered as non-SRI and SRI portfolios respectively. The main aim of the study is to see what type of investors get near optimum solutions if they go for SRI investment. After the analysis, it is found that the pessimistic inve...
Springer proceedings in business and economics, 2022
International Journal of Business Excellence, 2021
International Journal of Operational Research, 2021
Journal of Information and Optimization Sciences, 2019
Portfolio optimization mainly intervenes the various financial modeling to optimize the profit ou... more Portfolio optimization mainly intervenes the various financial modeling to optimize the profit out of investment by assuming many variations in the financial landscape. The classical portfolio theories are suffered from the selection of the assets in the portfolio as well as identification of the proportion of investment in each asset in the portfolio. And also the classical models are very critical to understand due to the existence of highly statistical tools. Therefore, this paper has made an attempt to simplify the classical optimization problem with some heuristic approach. The behavioral characteristics of the investors have been taken care off. Three kinds of investors have considered for the present paper-optimistic, pessimistic and risk planner. Then a portfolio of 15 companies has been selected from Nifty 50 companies randomly. Some heuristic weights have been generated to get portfolio return and risk which is free from heavy statistical understanding. The nonlinear programming helps to generate the portfolio risk and return with the introduction of the coefficient of optimism. The empirical result shows that the investors can select the portfolio based on their risk taking propensity which can give near optimum solution.
Purushartha - A Journal of Management , Ethics and Spirituality, 2019
Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining ... more Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining all-encompassing performance ability often triggers curiosity of whether that particular phenomenon can be replicated time and again amongst all the humans. Well, the answer can be both a YES and a NO. In order to explore the phenomenon, we will explore the principles or laws of the universe and its functioning as propounded by Gurdjieff and draw assertions from the exploration to design applicable understanding in the nature of flow. The understanding of Gurdjieff was based on his search for the truth and the mysteries present within the mystic schools in the East. Much of the spiritual work is based on this basic premise that life propagates itself and the understanding of this phenomenon is self-evident to be propounded in the basic dogmatic revelations of the individual agenda. The fundamental truth about the expectation and reality dilemma about the performance scenario based on the...
Indian Journal of Science and Technology, 2017
Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the ba... more Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the banks playing an important role in Indian financial system and also aims to help the investors to make informed decisions. Methods/Statistical Analysis: Banks listed in the CNX bank Index and National Stock Exchange are selected for the validating the model. The trading frequency of about 90 percent for the last six months and positive net worth are additional criteria imposed for the purpose. FAHP is used to assign weights to the main and Sub criteria designed for the purpose of ranking of the banks. TFN is used for the verbal judgements and the criteria weights are assigned to the CAMEL ratios and the final scores are calculated. Findings: CAMEL finds its worldwide applicability in measuring the performance of the banks but on subjective way. It is needed to provide objectivity in the subjective judgment to eliminate confusion. The FAHP approach is used to assign weights to the CAMEL parameters to judge the ranking positions of the Indian banks for the purpose. Use of FAHP in CAMEL ratios is a unique work which will help to rank the banks according to their performance and help to make informed decisions. As per the findings it is revealed that, in Indian financial system SBI's performance is highest and Central Bank's performance is lowest. The present work will complement the effort of the policy makers and general investors to understand the performance of the banks in the Indian financial system through an objective approach to the subjective judgmental process. Application/ Improvements: The study mainly concentrated on developing a bank rating model with the use of Fuzzy Logic for effective rating of the banks in India. The present scope can be extended to include larger data sets and diverse economic conditions.
Business Law and Ethics: Concepts, Methodologies, Tools, and Applications
This chapter examines the closeness between the optimum portfolio and portfolio selected by an in... more This chapter examines the closeness between the optimum portfolio and portfolio selected by an investor who follows a heuristic approach. There may be basically two ways of arriving at an optimum portfolio – one by minimizing the risk and the other by maximizing the return. In this chapter, the authors propose to strike a balance between these two. The optimum portfolio has been obtained through a mathematical programming framework so as to minimize the portfolio risk subject to return constraint expressed in terms of coefficient of optimism (a), where a varies between 0 to 1. Simultaneously, the authors propose to develop four heuristic portfolios for the optimistic and pessimistic investors, risk planners, and random selectors. Given the optimum portfolio and a heuristic portfolio, City Block Distance has been calculated to measure the departure of the heuristic solution from the optimum solution. Based on daily security wise data of ten companies listed in Nifty for the years 200...
Handbook of Research on Strategic Business Infrastructure Development and Contemporary Issues in Finance
This chapter examines the closeness between the optimum portfolio and portfolio selected by an in... more This chapter examines the closeness between the optimum portfolio and portfolio selected by an investor who follows a heuristic approach. There may be basically two ways of arriving at an optimum portfolio – one by minimizing the risk and the other by maximizing the return. In this chapter, the authors propose to strike a balance between these two. The optimum portfolio has been obtained through a mathematical programming framework so as to minimize the portfolio risk subject to return constraint expressed in terms of coefficient of optimism (a), where a varies between 0 to 1. Simultaneously, the authors propose to develop four heuristic portfolios for the optimistic and pessimistic investors, risk planners, and random selectors. Given the optimum portfolio and a heuristic portfolio, City Block Distance has been calculated to measure the departure of the heuristic solution from the optimum solution. Based on daily security wise data of ten companies listed in Nifty for the years 200...
Metaheuristic Approaches to Portfolio Optimization, 2019
Selection of weights of the selected securities in the portfolio is a cumbersome job for any inve... more Selection of weights of the selected securities in the portfolio is a cumbersome job for any investor. The famous nonlinear Sharpe's single index model has been simplified with a linear solution and the risk-taking propensity of the investors have been taken into consideration in the simplified formulation. The coefficient of optimism is included to observe the effect of risk-taking propensity in the portfolio selection. After the empirical analysis it is found that heuristically an investor can reach near to the optimum solution. For empirical analysis 126 months data have been considered of NSE Bank Index. To reduce the volatility of the data the whole period again has been divided into two parts each of 63 months duration, and separately the data pertaining to the three periods have been considered for calculation. The city block distance is used to calculate the nearness between the optimum solutions and the heuristic solutions.
International Journal of Business Excellence, 2021
Advances in finance, accounting, and economics book series, 2014
Indian journal of science and technology, Feb 1, 2017
Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the ba... more Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the banks playing an important role in Indian financial system and also aims to help the investors to make informed decisions. Methods/Statistical Analysis: Banks listed in the CNX bank Index and National Stock Exchange are selected for the validating the model. The trading frequency of about 90 percent for the last six months and positive net worth are additional criteria imposed for the purpose. FAHP is used to assign weights to the main and Sub criteria designed for the purpose of ranking of the banks. TFN is used for the verbal judgements and the criteria weights are assigned to the CAMEL ratios and the final scores are calculated. Findings: CAMEL finds its worldwide applicability in measuring the performance of the banks but on subjective way. It is needed to provide objectivity in the subjective judgment to eliminate confusion. The FAHP approach is used to assign weights to the CAMEL parameters to judge the ranking positions of the Indian banks for the purpose. Use of FAHP in CAMEL ratios is a unique work which will help to rank the banks according to their performance and help to make informed decisions. As per the findings it is revealed that, in Indian financial system SBI's performance is highest and Central Bank's performance is lowest. The present work will complement the effort of the policy makers and general investors to understand the performance of the banks in the Indian financial system through an objective approach to the subjective judgmental process. Application/ Improvements: The study mainly concentrated on developing a bank rating model with the use of Fuzzy Logic for effective rating of the banks in India. The present scope can be extended to include larger data sets and diverse economic conditions.
Purushartha: A Journal of Management Ethics and Spirituality, Feb 15, 2019
Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining ... more Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining all-encompassing performance ability often triggers curiosity of whether that particular phenomenon can be replicated time and again amongst all the humans. Well, the answer can be both a YES and a NO. In order to explore the phenomenon, we will explore the principles or laws of the universe and its functioning as propounded by Gurdjieff and draw assertions from the exploration to design applicable understanding in the nature of flow. The understanding of Gurdjieff was based on his search for the truth and the mysteries present within the mystic schools in the East. Much of the spiritual work is based on this basic premise that life propagates itself and the understanding of this phenomenon is self-evident to be propounded in the basic dogmatic revelations of the individual agenda. The fundamental truth about the expectation and reality dilemma about the performance scenario based on the interaction point of view with human and its capacities along with the environmental stimuli often brings around certain understanding about the capacities and performance ability in a certain environmental setup. This particular transcending phenomena and immersion and evolving in the process of working and making extraordinary revolutions in all the spheres of life has been a constant curious case to be solved and debated with the help of yoga, Zen, science, religion, mysticism, and occult culminating from various forms of old age and new age philosophical dimensions engulfed into the spiritual underpinnings. Transcending above one's own physical boundaries to take into to the cosmic vibrations and inculcate the energy field within one's own boundaries helping them to perform and replicate things in finest creativity levels often motivates to explore these phenomena into further details.
Advances in information quality and management, 2019
Selection of weights of the selected securities in the portfolio is a cumbersome job for any inve... more Selection of weights of the selected securities in the portfolio is a cumbersome job for any investor. The famous nonlinear Sharpe's single index model has been simplified with a linear solution and the risk-taking propensity of the investors have been taken into consideration in the simplified formulation. The coefficient of optimism is included to observe the effect of risk-taking propensity in the portfolio selection. After the empirical analysis it is found that heuristically an investor can reach near to the optimum solution. For empirical analysis 126 months data have been considered of NSE Bank Index. To reduce the volatility of the data the whole period again has been divided into two parts each of 63 months duration, and separately the data pertaining to the three periods have been considered for calculation. The city block distance is used to calculate the nearness between the optimum solutions and the heuristic solutions.
International Journal of Operational Research, 2023
Vision: The Journal of Business Perspective
The present research attempts to examine the influence of different behavioural factors such as o... more The present research attempts to examine the influence of different behavioural factors such as overconfidence, self-attribution and under and over-reaction on investors’ investment decision-making, keeping the age and gender of the investors as control variables. To test and validate the proposed research hypotheses and model, 145 valid responses were collected using the snowball sampling technique from the investors of the North Eastern Region of India using a structured questionnaire. Data were analysed using a two-staged PLS–SEM–ANN approach. The result of the study indicates a significant and positive influence of different behavioural factors on investors’ decision-making. The current research provides numerous implications for academics as well as for practitioners. The present research findings will help to understand the key behavioural factors that impact retail investors’ decision-making in the North Eastern Region of India. The study also provides practical implications ...
Global Business Review
From the last few years, awareness of socially responsible investments (SRI) investment is increa... more From the last few years, awareness of socially responsible investments (SRI) investment is increasing in India. Study in SRI portfolio is gaining importance in finance research. To select an optimum portfolio (SRI or non-SRI), the investor should have basic knowledge about the weights. It is found that equal weight does not always give the desired result to the investors. An investor can also define the weight function heuristically based on their risk propensity to avoid the criticality in statistical calculation. The present article tries to get a heuristic optimum portfolio by comparing the SRI and non-SRI portfolios based on the risk-taking ability of the investors. Two types of investors are considered–optimistic and pessimistic. SENSEX and GREENEX are considered as non-SRI and SRI portfolios respectively. The main aim of the study is to see what type of investors get near optimum solutions if they go for SRI investment. After the analysis, it is found that the pessimistic inve...
Springer proceedings in business and economics, 2022
International Journal of Business Excellence, 2021
International Journal of Operational Research, 2021
Journal of Information and Optimization Sciences, 2019
Portfolio optimization mainly intervenes the various financial modeling to optimize the profit ou... more Portfolio optimization mainly intervenes the various financial modeling to optimize the profit out of investment by assuming many variations in the financial landscape. The classical portfolio theories are suffered from the selection of the assets in the portfolio as well as identification of the proportion of investment in each asset in the portfolio. And also the classical models are very critical to understand due to the existence of highly statistical tools. Therefore, this paper has made an attempt to simplify the classical optimization problem with some heuristic approach. The behavioral characteristics of the investors have been taken care off. Three kinds of investors have considered for the present paper-optimistic, pessimistic and risk planner. Then a portfolio of 15 companies has been selected from Nifty 50 companies randomly. Some heuristic weights have been generated to get portfolio return and risk which is free from heavy statistical understanding. The nonlinear programming helps to generate the portfolio risk and return with the introduction of the coefficient of optimism. The empirical result shows that the investors can select the portfolio based on their risk taking propensity which can give near optimum solution.
Purushartha - A Journal of Management , Ethics and Spirituality, 2019
Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining ... more Flow as propounded by Csikszentmihalyi is an extraordinary phenomenon helping people maintaining all-encompassing performance ability often triggers curiosity of whether that particular phenomenon can be replicated time and again amongst all the humans. Well, the answer can be both a YES and a NO. In order to explore the phenomenon, we will explore the principles or laws of the universe and its functioning as propounded by Gurdjieff and draw assertions from the exploration to design applicable understanding in the nature of flow. The understanding of Gurdjieff was based on his search for the truth and the mysteries present within the mystic schools in the East. Much of the spiritual work is based on this basic premise that life propagates itself and the understanding of this phenomenon is self-evident to be propounded in the basic dogmatic revelations of the individual agenda. The fundamental truth about the expectation and reality dilemma about the performance scenario based on the...
Indian Journal of Science and Technology, 2017
Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the ba... more Objective: To minimise the subjectivity of the CAMEL approach by applying FAHP for ranking the banks playing an important role in Indian financial system and also aims to help the investors to make informed decisions. Methods/Statistical Analysis: Banks listed in the CNX bank Index and National Stock Exchange are selected for the validating the model. The trading frequency of about 90 percent for the last six months and positive net worth are additional criteria imposed for the purpose. FAHP is used to assign weights to the main and Sub criteria designed for the purpose of ranking of the banks. TFN is used for the verbal judgements and the criteria weights are assigned to the CAMEL ratios and the final scores are calculated. Findings: CAMEL finds its worldwide applicability in measuring the performance of the banks but on subjective way. It is needed to provide objectivity in the subjective judgment to eliminate confusion. The FAHP approach is used to assign weights to the CAMEL parameters to judge the ranking positions of the Indian banks for the purpose. Use of FAHP in CAMEL ratios is a unique work which will help to rank the banks according to their performance and help to make informed decisions. As per the findings it is revealed that, in Indian financial system SBI's performance is highest and Central Bank's performance is lowest. The present work will complement the effort of the policy makers and general investors to understand the performance of the banks in the Indian financial system through an objective approach to the subjective judgmental process. Application/ Improvements: The study mainly concentrated on developing a bank rating model with the use of Fuzzy Logic for effective rating of the banks in India. The present scope can be extended to include larger data sets and diverse economic conditions.
Business Law and Ethics: Concepts, Methodologies, Tools, and Applications
This chapter examines the closeness between the optimum portfolio and portfolio selected by an in... more This chapter examines the closeness between the optimum portfolio and portfolio selected by an investor who follows a heuristic approach. There may be basically two ways of arriving at an optimum portfolio – one by minimizing the risk and the other by maximizing the return. In this chapter, the authors propose to strike a balance between these two. The optimum portfolio has been obtained through a mathematical programming framework so as to minimize the portfolio risk subject to return constraint expressed in terms of coefficient of optimism (a), where a varies between 0 to 1. Simultaneously, the authors propose to develop four heuristic portfolios for the optimistic and pessimistic investors, risk planners, and random selectors. Given the optimum portfolio and a heuristic portfolio, City Block Distance has been calculated to measure the departure of the heuristic solution from the optimum solution. Based on daily security wise data of ten companies listed in Nifty for the years 200...
Handbook of Research on Strategic Business Infrastructure Development and Contemporary Issues in Finance
This chapter examines the closeness between the optimum portfolio and portfolio selected by an in... more This chapter examines the closeness between the optimum portfolio and portfolio selected by an investor who follows a heuristic approach. There may be basically two ways of arriving at an optimum portfolio – one by minimizing the risk and the other by maximizing the return. In this chapter, the authors propose to strike a balance between these two. The optimum portfolio has been obtained through a mathematical programming framework so as to minimize the portfolio risk subject to return constraint expressed in terms of coefficient of optimism (a), where a varies between 0 to 1. Simultaneously, the authors propose to develop four heuristic portfolios for the optimistic and pessimistic investors, risk planners, and random selectors. Given the optimum portfolio and a heuristic portfolio, City Block Distance has been calculated to measure the departure of the heuristic solution from the optimum solution. Based on daily security wise data of ten companies listed in Nifty for the years 200...
Metaheuristic Approaches to Portfolio Optimization, 2019
Selection of weights of the selected securities in the portfolio is a cumbersome job for any inve... more Selection of weights of the selected securities in the portfolio is a cumbersome job for any investor. The famous nonlinear Sharpe's single index model has been simplified with a linear solution and the risk-taking propensity of the investors have been taken into consideration in the simplified formulation. The coefficient of optimism is included to observe the effect of risk-taking propensity in the portfolio selection. After the empirical analysis it is found that heuristically an investor can reach near to the optimum solution. For empirical analysis 126 months data have been considered of NSE Bank Index. To reduce the volatility of the data the whole period again has been divided into two parts each of 63 months duration, and separately the data pertaining to the three periods have been considered for calculation. The city block distance is used to calculate the nearness between the optimum solutions and the heuristic solutions.