Many observers have expressed concerns about the impact of a rise in interest rates upon banks in India. In this paper, we measure the interest rate risk of a sample of major banks in India, using two methodologies. The first consists of estimating the impact upon equity capital of certain...

In the companion paper on empirical regularities of India's IPO market, we found a high degree of underpricing. IPO underpricing is not healthy -- it involves penalising unlisted companies with a high cost of capital; this is unlikely to be a criterion along which the efficiency of resource...

This article relates the experience of abnormal returns on the Bombay Stock Exchange surrounding the pricing date of GDR issues by Indian firms. On 15 May 1994, empirical evidence suggesting that such abnormal returns do exist was released into the information set of agents in the financial...

On 12 March 1994, SEBI imposed new norms on trading in the Bombay Stock Exchange, and the effective consequence of this has been an elimination of {\em badla}, a form of forward trading. Without badla, the role of speculative traders on the BSE is diminished. This paper sets out to measure the...

This article studies India's vibrant IPO market, via a dataset of the 2056 IPOs which took place in the last 4.5 years. We study the overall underpricing, the delay between issue date and listing date, the time- series of monthly volume of IPO issues and average underpricing in a given month,...