This paper investigates the relationship between debt ownership structure and firm-specific characteristics in the Indian economy. As an emerging economy, India operates in an environment of more market inefficiencies and institutional constraints than occurs in industrialized economies. Despite...

A growing number of companies from emerging economies are crosslisting their shares on international exchanges in their effort to access the developed stock markets. This paper tries to look into the inter-sectoral and inter-temporal characteristics in prices of such stocks of Indian origin that...

This paper develops a model where labour supply is constrained because training new workers is costly and redundant workers cannot be fired. An entrant draws labour from an incumbent firm through a wage contest while wages in the latter are bargained with its unionized workers. In a Cournot...

In this paper we describe a method to decompose a well-known measure of debt ratings mobility into it's directional components. We show, using sovereign debt ratings as an example, that this directional decomposition allows us to better understand the underlying characteristics of debt ratings...

The literature is divided in its opinion about the impact of concentration of ownership on firm performance. On the one hand, concentration of ownership that, in turn, concentrates management control in the hands of a strategic investor, eliminates agency problems associated with dispersed...

Using bank-level data from India, for nine years (1995-96 to 2003-04), we examine banks' behavior in the context of emerging credit markets. Our results indicate that the credit market behavior of banks in emerging markets is determined by past trends, the diversity of the potential pool of...

The impact of expiration of derivatives contracts on the underlying cash market - on trading volumes, returns and volatility of returns - has been studied in various contexts. We use an AR-GARCH model to analyse the impact of expiration of derivatives contracts on the cash market at the largest...

Using bank-level data from India, for nine years (1995-1996 to 2003-2004), we examine banks' behavior in the context of emerging credit markets. Our results indicate that the credit market behavior of banks in emerging markets is determined by past trends, the diversity of the potential pool of...