Macroeconomic policy thinking in India has been rooted in an environment with five key parameters: agricultural shocks rather than a conventional business cycle, a closed economy, deeply distortionary tax policy coupled with a fiscal crisis, financial markets that lacked speculative price...

The main argument of this paper is that in many situations, dicult puzzles of governance can be solved in dramatically new ways using modern IT systems. Nationwide centralised databases, coupled with ubiquitous high-speed Internet access, and pervasive computational power, has put a new set of...

Value-at-Risk (VaR) is widely used as a tool for measuring the market risk of asset portfolios. However, alternative VaR implementations are known to yield fairly different VaR forecasts. Hence, every use of VaR requires choosing among alternative forecasting models. This paper undertakes two...

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...

The beta of a stock is important in a variety of contexts, ranging from the cost of capital, asset-pricing theory, to hedging using index derivatives. It is common to measure betas by estimating the market model using straight ordinary least square (OLS) regression in obtaining beta estimates....

Large scale biofuel production will be possible only if significant quantities of biomass feedstock can be stored, transported, and processed in an economic and sustainable manner. Torrefaction has the potential to significantly reduce the cost of transportation, storage, and downstream...

Year-round operation of biorefineries can be possible only if the continuous flow of cellulosic biomass is guaranteed. If corn (<em>Zea mays</em>) stover is the primary cellulosic biomass, it is essential to recognize that this feedstock has a short annual harvest window (≤1–2 months) and therefore...

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,...