Factors affecting the share price of FMCG Companies
|
|
- Shanon Flynn
- 5 years ago
- Views:
Transcription
1 Factors affecting the share price of FMCG Companies Authors: Dharia Dilasha, Kakadia Sachita ABSTRACT To review the factors affecting the share prices of various FMCG companies like revenues, operating profit, operating profit margin, net profit, net profit margin, reserves, debt, EPS and P/E. Internet based secondary data was used to do exploratory studies. Findings were analysed by framing various hypotheses like regression equation, ANOVA and t-test to find the conclusion related to the share prices of top 8 FMCG companies. These hypotheses helped us to come to the conclusion that factors like EPS and P/E are responsible for the fluctuation in the share price of different companies and the share price of all the FMCG companies is not same or similar. INTRODUCTION The fast moving consumer goods (FMCG) segment is the fourth largest sector in the Indian economy. The market size of FMCG in India is expected to grow from US$ 30 billion in 2011 to US$ 74 billion in The FMCG sector in India generated revenues worth US$ 34.8 billion in 2011, a growth of 15.2 per cent as compared to the previous year. Over , the sector's revenues posted a compound annual growth rate (CAGR) of 17.3 per cent. Food products are the leading segment, accounting for 43 per cent of the overall market. Personal care (22 per cent) and fabric care (12 per cent) are the other leading segments. Have you ever wondered about what factors affect a share's price? Share prices are determined in the marketplace, where seller supply meets buyer demand. But unfortunately, there is no clean equation that tells us exactly how a share price will behave. That said, we do know a few things about the forces that move a share price of a particular company up or down. These forces fall into three categories: fundamental factors, technical factors and market sentiment. But here, we will concentrate only on fundamental factors. In an efficient market, share prices would be determined primarily by fundamentals, which, at the basic level, refer to a combination of two things: Earnings per share and price to earnings ratio. An owner of a common stock has a claim on earnings, and an EPS is the owner's return on his or her investment. When an investor buys a stock, he is purchasing a proportional share of an entire future stream of earnings. That's the reason for the valuation multiple: it is the price that an investor is willing to pay for the future stream of earnings. OBJECTIVES
2 The objective of the paper is related to the factors like revenues, operating profit, operating profit margin, net profit, net profit margin, reserves, debt, EPS and P/E affecting the share prices of various FMCG companies. Also the objective is to check whether the share price of all the top 8 FMCG companies is similar or not. RESEARCH METHODOLOGY The research was quantitative in nature and secondary data (internet) was collected from established sources like NSE and company annual reports. The following data was collected from 2009 to 2013 on a yearly basis for: share prices, revenues, operating profit, operating profit margin, net profit, net profit margin, reserves, debt, EPS, P/E. The raw data of the top 8 FMCG companies (ITC Ltd., HUL, Godrej Consumer Products Ltd., Dabur India Ltd., Colgate Palmolive, Marico Ltd., Emami, and P&G) has been analyzed using the following statistical tools Multiple regression - to measure the degree of relationship of share price with each variable ANOVA - to check whether all the companies have similar share price in FMCG sector T-test - to determine whether there is a statistically significant difference between the share price of all the companies MAJOR FINDINGS
3 Hypotheses 1: Factors that affect the most to the share price of FMCG companies. Test Stepwise Regression Solution: Y = Dependent variable Share price X = Independent variable (revenues, operating profit, operating profit margin, net profit, net profit margin, reserves, debt, EPS and P/E) STEP 1: SUMMARY OUTPUT Regression Statistics Multiple R 0.98 R Square 0.96 Adjusted R Square 0.95 Standard Error Observations ANOVA df SS MS F Significance F Regression ,934, ,990, Residual , , Total ,498, Intercept Revenues OPM NPM Reserves Debt EPS P/E Coefficients Standard Error t Stat P-value Lower Lower (452.91) (452.91) (0.01) 0.01 (2.02) 0.05 (0.02) 0.00 (0.02) 0.00 (1,729.35) 1, (1.49) 0.15 (4,096.14) (4,096.14) (1,920.54) 1, (1.62) 0.12 (4,335.93) (4,335.93) (0.23) 0.17 (1.37) 0.18 (0.57) 0.11 (0.57)
4 Since the p-value of OPM, NPM and Debt is more than alpha, we will not consider these factors as the above shows that these factors do not any affect on the share price of FMCG companies. Therefore, second step will be run without these factors. STEP 2: SUMMARY OUTPUT Regression Statistics Multiple R 0.97 R Square 0.94 Adjusted R Square 0.94 Standard Error Observations ANOVA df SS MS F Significance F Regression ,699, ,424, Residual , , Total ,498, Intercept Revenues Reserves EPS P/E Coefficients Standard Error t Stat P-value Lower Lower (751.04) (7.19) 0.00 (963.03) (539.05) (963.03) (539.05) (0.01) 0.01 (0.01) (0.01) 0.01 (0.01) Since the p-value of revenues and reserves is more than alpha, we will not consider these factors as these factors also does not show any affect on share price of the companies. Therefore, third step will be run without these factors.
5 STEP 3: SUMMARY OUTPUT Regression Statistics Multiple R 0.97 R Square 0.94 Adjusted R Square 0.94 Standard Error Observations ANOVA df SS MS F Significance F Regression ,694, ,847, Residual , , Total ,498, Intercept EPS P/E Coefficients Standard Error t Stat P-value Lower Lower (737.61) (7.60) 0.00 (934.27) (540.94) (934.27) (540.94) Conclusion: Since the p-value of EPS and P/E is less than alpha, it means that EPS and P/E affect the share price of FMCG companies. Regression equation to predict share price of any FMCG companies: Y = C + Mx 1 + Mx 2 EPS PE y = (737.61) = Here, the share price of ITC Ltd. was predicted using the EPS as 9.39 and P/E as which gave the share price as If the price is below this in the market, it means that the share of this company is undervalued and so the investor should invest in the shares of this company. If the price is above in the market, it means that the share of this company is overvalued and so the investor holding the shares of this company should sell it off. Same came be done to come up with the price of different FMCG companies using the respective company s EPS and P/E pattern.
6 Hypotheses 2: Comparing the share prices of top 8 FMCG companies, therefore Test ANOVA: Single factor Solution: H o : Share price across companies are same H a : Atleast one of the company has different share price Anova: Single Factor SUMMARY Groups Count Sum Average Variance ITC Ltd , , HUL , , Godrej Consumer Products , , Ltd Dabur India Ltd Colgate Palmolive , , Marico Ltd , Emami , , P&G , , , ANOVA Source of Variation SS df MS F P-value F crit Between Groups 11,830, Within Groups 2,668, Total 14,498, Conclusion: ,690, , The reason to run this hypotheses was to compare whether the share price of the above 8 FMCG companies are same or not. So, by carrying out this hypotheses, we came to the conclusion that since, fo > fc i.e. (20.27 > 2.31), we REJECT the NULL which means that we accept the alternate hypotheses which says that atleast one of the company has different share price. Now to find which companies have different share prices, we will conduct a t-test.
7 T-test for checking the share prices of ITC Ltd and Dabur India Ltd. t-test: Paired Two Sample for Means ITC Ltd Dabur India Ltd Mean Variance 2, Observations Pearson Correlation 0.81 Hypothesized Mean Difference - df 4.00 t Stat 7.09 P(T<=t) one-tail 0.00 t Critical one-tail 2.13 P(T<=t) two-tail 0.00 t Critical two-tail 2.78 Randomly, two companies i.e. ITC Ltd and Dabur India Ltd were selected to check whether the share prices of these companies are same or not. But since the P-value < alpha, it means that the share prices are different for both the companies and similar results were found for the companies like HUL, Colgate Palmolive and P&G which means that these companies have different share prices when compared to each other. T-test for checking the share prices of Dabur India Ltd and Marico Ltd. t-test: Paired Two Sample for Means Dabur India Ltd Marico Ltd. Mean Variance , Observations Pearson Correlation 0.19 Hypothesized Mean Difference - df 4.00 t Stat (0.74) P(T<=t) one-tail 0.25 t Critical one-tail 2.13 P(T<=t) two-tail 0.50 t Critical two-tail 2.78 When the t-test was run for the companies like Dabur India Ltd and Marico Ltd, it was found that the P-value > alpha, which means that both the companies have almost similar share prices. Same result was found for Godrej Consumer Products Ltd and Emami which means that these two companies also have similar prices.
8 CONCLUSIONS This study investigated the relationship between the share prices and EPS & P/E of the FMCG sector of India. Various hypotheses were conducted which suggest that share prices are affected through EPS and P/E of the individual companies and also that the share prices of different companies is not same as it is related to their individual EPS & P/E. We can make a primary conclusion that share prices moves with the movement in EPS & P/E in the long-run, but not necessary at the same rate. Furthermore, there exists an inverse relation between the growth rate of operating revenue and the degree of EPS impact on share prices. Finally, we found evidence that EPS & P/E could impact share prices by running the regression equation hypotheses and that the share price is different for all the companies through ANOVA. It could provide investors or securities analysts a method to predict the variation for share prices under long-run strategy of investment. LIMITATIONS The study is restricted with only selected factors of companies in FMCG sector of India. The study is based on the past data, which may not guarantee to the future of share prices of that particular company. REFERENCES Company annual reports Applied Business statistics by Ken Black
Fundamental Analysis of Selected FMCG Companies in India
Fundamental Analysis of Selected FMCG Companies in India Shubham Bansal 1, Gagandeep Singh 2 1,2 Assistant Professor, Department of Commerce and Management Studies, Aryabhatta Group of Institutes, Barnala
More informationA Study on Financial Efficiency of Selected FMCG Companies in India
Continuous Issue 22 August September 2017 A Study on Financial Efficiency of Selected FMCG Companies in India Abstract Products which are having a quick turnover, and relatively low cost are known as Fast
More informationA STUDY ON EQUITY ANALYSIS OF SELECTED FMCG COMPANIES LISTED ON NSE
A STUDY ON EQUITY ANALYSIS OF SELECTED FMCG COMPANIES LISTED ON NSE S.DHARCHANA 1, DR.P.KANCHANA DEVI 2 1 ASSISTANT PROFESSOR, DEPARTMENT OF B.COM (A&F), PSGR KRISHNAMMAL COLLGE FOR WOMEN, COIMBATORE,
More informationStatistical Models of Stocks and Bonds. Zachary D Easterling: Department of Economics. The University of Akron
Statistical Models of Stocks and Bonds Zachary D Easterling: Department of Economics The University of Akron Abstract One of the key ideas in monetary economics is that the prices of investments tend to
More informationJournal of Radix International Educational and Research Consortium 1 P a g e
A Journal of Radix International Educational and Research Consortium RIJEB RADIX INTERNATIONAL JOURNAL OF ECONOMICS & BUSINESS MANAGEMENT NSE- TRADING OF CURRENCY FUTURES POONAM ABSTRACT The introduction
More informationCHAPTER 6 DATA ANALYSIS AND INTERPRETATION
208 CHAPTER 6 DATA ANALYSIS AND INTERPRETATION Sr. No. Content Page No. 6.1 Introduction 212 6.2 Reliability and Normality of Data 212 6.3 Descriptive Analysis 213 6.4 Cross Tabulation 218 6.5 Chi Square
More informationStudy of one-way ANOVA with a fixed-effect factor
Study of one-way ANOVA with a fixed-effect factor In the last blog on Introduction to ANOVA, we mentioned that in the oneway ANOVA study, the factor contributing to a possible source of variation that
More informationEstimating Support Labor for a Production Program
Estimating Support Labor for a Production Program ISPA / SCEA Joint Conference June 24-27, 2008 Jeff Platten PMP, CCE/A Systems Project Engineer Northrop Grumman Corporation Biography Jeff Platten is a
More informationExamining The Impact Of Inflation On Indian Money Markets: An Empirical Study
Examining The Impact Of Inflation On Indian Money Markets: An Empirical Study DR. Stephen D Silva, Director at Jamnalal Bajaj Institute of Management studies, Ruby Mansion, Second Floor, Barrack Road,
More informationTrends in Dividend Behaviour of Selected Old Private Sector Banks in India
7 Trends in Dividend Behaviour of Selected Old Private Sector Banks in India Dr. V. Mohanraj, Associate Professor in Commerce, Sri Vasavi College, Erode Dr. S. Sounthiri, Assistant Professor in Commerce
More informationσ e, which will be large when prediction errors are Linear regression model
Linear regression model we assume that two quantitative variables, x and y, are linearly related; that is, the population of (x, y) pairs are related by an ideal population regression line y = α + βx +
More informationInternational Journal of Management (IJM), ISSN (Print), ISSN (Online), Volume 5, Issue 6, June (2014), pp.
INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976-6510(Online), ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 5, Issue 6, June
More informationROLE OF FUNDAMENTAL VARIABLES IN EXPLAINING STOCK PRICES: INDIAN FMCG SECTOR EVIDENCE
ROLE OF FUNDAMENTAL VARIABLES IN EXPLAINING STOCK PRICES: INDIAN FMCG SECTOR EVIDENCE Varun Dawar, Senior Manager - Treasury Max Life Insurance Ltd. Gurgaon, India ABSTRACT The paper attempts to investigate
More informationGOLD PRICE MOVEMENTS IN INDIA AND GLOBAL MARKET
53 GOLD PRICE MOVEMENTS IN INDIA AND GLOBAL MARKET Shaik Saleem, Research Scholar, Department of Management Studies, Sri Venkateswara University, Tirupati, Andhra Pradesh, India. Dr. M. Srinivasa Reddy,
More informationCopyrighted 2007 FINANCIAL VARIABLES EFFECT ON THE U.S. GROSS PRIVATE DOMESTIC INVESTMENT (GPDI)
FINANCIAL VARIABLES EFFECT ON THE U.S. GROSS PRIVATE DOMESTIC INVESTMENT (GPDI) 1959-21 Byron E. Bell Department of Mathematics, Olive-Harvey College Chicago, Illinois, 6628, USA Abstract I studied what
More informationActive versus Passive Equity Fund Management in India
Active versus Passive Equity Fund Management in India B.Suresh Naidu, Research Scholar, Department of Management Studies, Sri Venkateswara University, Tirupati-517502 Dr.B.SUDHIR Associate Professor, Department
More informationCHAPTER 6 FINDINGS, SUGGESTIONS AND CONCLUSION
CHAPTER 6 FINDINGS, SUGGESTIONS AND CONCLUSION 150 6.1. Findings The following findings have been derived from the study: 1) Average cost incurred by select companies consisting of Material cost, Labour
More informationCAN AGENCY COSTS OF DEBT BE REDUCED WITHOUT EXPLICIT PROTECTIVE COVENANTS? THE CASE OF RESTRICTION ON THE SALE AND LEASE-BACK ARRANGEMENT
CAN AGENCY COSTS OF DEBT BE REDUCED WITHOUT EXPLICIT PROTECTIVE COVENANTS? THE CASE OF RESTRICTION ON THE SALE AND LEASE-BACK ARRANGEMENT Jung, Minje University of Central Oklahoma mjung@ucok.edu Ellis,
More informationA STUDY ON IMPACT OF GOODS AND SERVICES TAX ON INDIAN INDUSTRIES WITH REFERENCE TO FMCGs SECTOR
Volume 119 No. 12 2018, 16737-16741 ISSN: 1314-3395 (on-line version) url: http://www.ijpam.eu ijpam.eu A STUDY ON IMPACT OF GOODS AND SERVICES TAX ON INDIAN INDUSTRIES WITH REFERENCE TO FMCGs SECTOR R.
More informationCHAPTER-5 DATA ANALYSIS AND INTERPRETATION
CHAPTER-5 DATA ANALYSIS AND INTERPRETATION INDEX Serial No. Name of Topic Page No. 5.1. Introduction 209 5.2. Bombay Stock Exchange 214 5.3. BSE SENSEX and Their Weight in INDEX 214 5.4. Basis for Calculating
More informationIMPACT OF PIOTROSKI SCORE ON P/E RATIO: A STUDY ON INDIAN CEMENT SECTOR
IMPACT OF PIOTROSKI SCORE ON P/E RATIO: A STUDY ON INDIAN CEMENT SECTOR Sri Ayan Chakraborty Faculty: Management: University Program (Techno India University), ICA Eduskills chakrabortyayankumar78@gmail.com
More informationFinancial Performance Drives Market Performance-An Evidence from Indian Industries
Volume 116 No. 21 2017, 787-798 ISSN: 1311-8080 (printed version); ISSN: 1314-3395 (on-line version) url: http://www.ijpam.eu ijpam.eu Financial Performance Drives Market Performance-An Evidence from Indian
More informationDeterminants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis
Article can be accessed online at http://www.publishingindia.com Determinants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis Abstract m.s. ramaratnam*,
More informationIJRESS Volume 5, Issue 8 (August, 2015) (ISSN ) International Journal of Research in Economics and Social Sciences (IMPACT FACTOR 5.
Fundamental Analysis of the Financial Institutions in India (With Special Reference to Selected Banks) Sri. Megharaja.B Assistant Professor and Research Scholar Department of Studies and Research in Commerce
More informationStatistics 101: Section L - Laboratory 6
Statistics 101: Section L - Laboratory 6 In today s lab, we are going to look more at least squares regression, and interpretations of slopes and intercepts. Activity 1: From lab 1, we collected data on
More informationMarket Approach A. Relationship to Appraisal Principles
Market Approach A. Relationship to Appraisal Principles 1. Supply and demand Prices are determined by negotiation between buyers and sellers o Buyers demand side o Sellers supply side At a specific time
More informationImpact of Macroeconomic Determinants on Profitability of Indian Commercial Banks
Abstract Research Journal of Management Sciences E-ISSN 2319 1171 Impact of Macroeconomic Determinants on Profitability of Indian Commercial Banks Ketan Mulchandani 1* and N.K. Totala 2 1 Institute of
More informationImpact of Working Capital Management on Profitability: A Case Study of FMCG Sector in India
Volume 1, Issue 2, July 2016 Impact of Working Capital Management on Profitability: A Case Study of FMCG Sector in India Prof. S.M.Imamul Haque Abstract Professor, Department of Commerce, Aligarh Muslim
More informationAn Analytical Study to Identify the Dependence of BSE 100 on FII & DII Activity (Study Period Sept 2007 to October 2013)
International Journal of Business and Management Invention ISSN (Online): 2319 8028, ISSN (Print): 2319 801X Volume 3 Issue 8 ǁ August. 2014 ǁ PP.12-16 An Analytical Study to Identify the Dependence of
More information20135 Theory of Finance Part I Professor Massimo Guidolin
MSc. Finance/CLEFIN 2014/2015 Edition 20135 Theory of Finance Part I Professor Massimo Guidolin A FEW SAMPLE QUESTIONS, WITH SOLUTIONS SET 2 WARNING: These are just sample questions. Please do not count
More informationCHAPTER 4 DATA ANALYSIS Data Hypothesis
CHAPTER 4 DATA ANALYSIS 4.1. Data Hypothesis The hypothesis for each independent variable to express our expectations about the characteristic of each independent variable and the pay back performance
More informationChapter 8 Student Lecture Notes 8-1. Department of Quantitative Methods & Information Systems. Business Statistics
Chapter 8 Student Lecture Notes 8-1 Department of Quantitative Methods & Information Systems Business Statistics Chapter 11 One Way analysis of Variance QMIS 0 Dr. Mohammad Zainal Chapter Goals After completing
More informationVolume-4, Issue-5, October-2017 ISSN No:
A PROFITABILITY ANALYSIS FROM THE VIEW POINT OF SHAREHOLDERS OF SELECTED INDIAN CEMENT COMPANY Pravin T Patel Ass. Prof. Aroma College of College, Research scholar of Babasaheb Ambedkar, Open University,
More informationStatistical analysis for health expenditures by Gujarat state India
Research Journal of Mathematical and Statistical Sciences ISSN 2320-6047 Statistical analysis for health expenditures by Gujarat state government in India Abstract S.G. Raval 1 and Mahesh H. Vaghela 2*
More informationInternational Journal of Management (IJM), ISSN (Print), ISSN (Online), Volume 5, Issue 3, March (2014), pp.
INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976-6510(Online), ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 5, Issue 3, March
More informationChapter 4 Research Methodology
Chapter 4 Research Methodology 4.1 Introduction An exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged
More informationAN EMPIRICAL STUDY ON COMPARISON & FORECAST OF FMCG PERSONAL CARE STOCKS VS FMCG NIFTY
International Journal of Mechanical Engineering and Technology (IJMET) Volume 9, Issue 7, July 2018, pp. 97 103, Article ID: IJMET_09_07_011 Available online at http://www.iaeme.com/ijmet/issues.asp?jtype=ijmet&vtype=9&itype=7
More informationEffect of Change Management Practices on the Performance of Road Construction Projects in Rwanda A Case Study of Horizon Construction Company Limited
International Journal of Scientific and Research Publications, Volume 6, Issue 0, October 206 54 ISSN 2250-353 Effect of Change Management Practices on the Performance of Road Construction Projects in
More informationDETERMINANTS OF WORKING CAPITAL-A STUDY WITH SPECIAL REFERENCE TO INDIAN PHARMACEUTICAL INDUSTRY
International Journal of Marketing & Financial Management, Volume 3, Issue 02, Feb-2015, pp 46-51 ISSN: 2348 3954 (Online) ISSN: 2349 2546 (Print), Impact factor: 0.98 DETERMINANTS OF WORKING CAPITAL-A
More informationImpact of Earnings per Share on Market Price of Share with Special Reference to Selected Companies Listed on NSE
Volume-7, Issue-3, May-June 2017 International Journal of Engineering and Management Research Page Number: 1-9 Impact of Earnings per Share on Market Price of Share with Special Reference to Selected Companies
More informationInternational Journal of Multidisciplinary Research Review, Vol.1, Issue-35, January Page - 80
SHARE PRICE MOVEMENT OF STEEL COMPANIES LISTED IN BOMBAY STOCK EXCHANGE (BSE) Sujetthra.A* Dharani.A** *Assistant Professor, Department of Commerce, Sri Krishna Adithya College of Arts and Science, Coimbatore.
More informationNON-PERFORMING ASSETS IS A THREAT TO INDIA BANKING SECTOR - A COMPARATIVE STUDY BETWEEN PRIORITY AND NON-PRIORITY SECTOR
NON-PERFORMING ASSETS IS A THREAT TO INDIA BANKING SECTOR - A COMPARATIVE STUDY BETWEEN PRIORITY AND NON-PRIORITY SECTOR Dr. G Nagarajan* N. Sathyanarayana** A. Asif Ali** LENDING IN PUBLIC SECTOR BANKS
More informationProfitability Position of Commercial Banks in India - A Comparative Study
IJA MH International Journal on Arts, Management and Humanities 7(1): 10-16(2018) ISSN No. (Online): 2319 5231 Profitability Position of Commercial Banks in India - A Comparative Study Kavita S. Vadrale*
More informationBusiness Statistics Final Exam
Business Statistics Final Exam Winter 2018 This is a closed-book, closed-notes exam. You may use a calculator. Please answer all problems in the space provided on the exam. Read each question carefully
More informationINFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE
INFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE Liliane Gasana Jomo Kenyatta University of Agriculture and Technology, Rwanda Dr.
More informationConfidence Bands for Investment Decisions
CHAPTER 5 Confidence Bands for Investment Decisions 5.1 Introduction A simple buy and hold strategy may not often yield good returns for an investor. Timely booking of profits is essential for making money
More information1 of :18 PM
1 of 12 09-02-16 5:18 PM Continuous Issue - 10 July- October -2014 Efficient Market Hypotheses Testing - With Reference to Dividend, Bonus Share and Split Share Abstract EMH is one of the well-known methods
More informationA STUDY ON QUALITY OF EARNINGS IN FMCG SECTOR
A STUDY ON QUALITY OF EARNINGS IN FMCG SECTOR B. Sudheer Kumar 32 Dr. V. Mallikarjuna 33 ABSTRACT When any investor goes for investment, he sacrifices his present benefits for the sake of future profits.
More informationAnalysis of Productivity of Indian Banks: A Comparative Study of Selected Public and Private Banks
Analysis of Productivity of Indian Banks: A Comparative Study of Selected Public and Private Banks Amit K Parmar Asst. Professor Govt. Comm. College Sec.15, Gandhinagar Abstract:- Dr. A. R. Kulkarni Co-Guide
More informationDIVIDEND POLICY AND FINANCIAL PERFORMANCE OF INDIAN CEMENT COMPANIES AN EMPIRICAL STUDY
Journal of Management (JOM) Volume 5, Issue 6, November December 2018, pp. 157 165, Article ID: JOM_05_06_021 Available online at http://www.iaeme.com/jom/issues.asp?jtype=jom&vtype=5&itype=6 Journal Impact
More informationEconometric Model Applied in the Analysis of the Correlation between Some of the Macroeconomic Variables
Econometric Model Applied in the Analysis of the Correlation between Some of the Macroeconomic Variables Lecturer Mădălina Gabriela ANGHEL, Ph.D Artifex University of Bucharest Abstract This article aims
More informationPERFORMANCE EVALUATION OF LEADING FMCG FIRMS
ISSN: 395-66 (ONLINE) ICTACT JOURNAL ON MANAGEMENT STUDIES, AUGUST 0, VOLUME: 03, ISSUE: 03 DOI: 0.9/ijms.0.0080 PERFORMANCE EVALUATION OF LEADING FMCG FIRMS Sri Ayan Chakraborty Department of Accounting
More informationAn Empirical Analysis on Effect of IPO s on Long Run Stock Performance of Selected Listed Companies in the National Stock Exchange of India
An Empirical Analysis on Effect of IPO s on Long Run Stock Performance of Selected Listed Companies in the National Stock Exchange of India K. Bhagya Lakshmi Assistant Professor School of Management Studies,
More informationDevin Barras Case Scenario
Devin Barras Case Scenario Devin Barras is valuing a company named Fumbler. Fumbler has been growing at a faster growth rate than the other companies in the similar industry. The company has not paid any
More informationPresented at the 2003 SCEA-ISPA Joint Annual Conference and Training Workshop -
Predicting Final CPI Estimating the EAC based on current performance has traditionally been a point estimate or, at best, a range based on different EAC calculations (CPI, SPI, CPI*SPI, etc.). NAVAIR is
More informationImpact of Corporate Social Responsibility on Financial Performance of Indian Commercial Banks An Analysis
Impact of Corporate Social Responsibility on Financial Performance of Indian Commercial Banks An Analysis Rajnish Yadav 1 & Dr. F. B. Singh 2 1 Research Scholar (JRF), Faculty of Commerce, Banaras Hindu
More informationFundamental Determinants affecting Equity Share Prices of BSE- 200 Companies in India
Fundamental Determinants affecting Equity Share Prices of BSE- 200 Companies in India Abstract Ms. Sunita Sukhija Assistant Professor, JCD Instiute of Business Management, JCDV, SIRSA (Haryana)-125055
More informationDr. Chetna Parmar Associate Professor R.K. University Rajkot, Gujarat (India)
Volume-3, Issue-01, January 2016 ISSN: 2349-7637 (Online) RESEARCH HUB International Multidisciplinary Research Journal (RHIMRJ) Research Paper Available online at: www.rhimrj.com A Comparative Performance
More informationInternational Journal of Innovative Research in Management Studies (IJIRMS) ISSN (Online): Volume 1 Issue 4 May 2016
A STUDY ON STOCK SELECTION WITH SPECIAL REFERENCE TO BOOK VALUE, EARNING PER SHARE AND MARKET PRICE S.Mahalakshmi* *II Year MBA Student, School of Management, SASTRA University, Thanjavur, South India
More informationImpact of Stock Market Development on Pension Fund Performance
ISSN 2278 0211 (Online) Impact of Stock Market Development on Pension Fund Performance Collade Ngoni Murungu Lecturer, Department of Banking and Finance, Bindura University of Science Education, Bindura,
More informationApplicability of Capital Asset Pricing Model in the Indian Stock Market
Applicability of Capital Asset Pricing Model in the Indian Stock Market Abstract: Capital Asset Pricing Model (CAPM) was a revolution in financial theory. CAPM postulates an equilibrium linear association
More informationQuantitative Methods
THE ASSOCIATION OF BUSINESS EXECUTIVES DIPLOMA PART 2 QM Quantitative Methods afternoon 26 May 2004 1 Time allowed: 3 hours. 2 Answer any FOUR questions. 3 All questions carry 25 marks. Marks for subdivisions
More informationSneha Sharma* Ravi Kumar Bakshi** ABSTRACT
GROWTH OF FMCG SECTOR CONSUMER GOODS WITH SPECIAL REFRENCE TO HUL AND ITS CORRELATION WITH FMCG INDEX AND SENSEX Sneha Sharma* Ravi Kumar Bakshi** ABSTRACT Purpose: The major focus of this paper is to
More informationST 350 Lecture Worksheet #33 Reiland
ST 350 Lecture Worksheet #33 Reiland SOLUTIONS Name Lotteries: Good Idea or Scam? Lotteries have become important sources of revenue for many state governments. However, people have criticized lotteries
More informationQuantitative Methods
THE ASSOCIATION OF BUSINESS EXECUTIVES DIPLOMA PART 2 QM Quantitative Methods afternoon 27 November 2002 1 Time allowed: 3 hours. 2 Answer any FOUR questions. 3 All questions carry 25 marks. Marks for
More informationStudy The Relationship between financial flexibility and firm's ownership structure in Tehran Stock Exchang.
Advances in Environmental Biology, 7(10) Cot 2013, Pages: 3175-3180 AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html Study The Relationship between financial
More informationImpact of Unemployment and GDP on Inflation: Imperial study of Pakistan s Economy
International Journal of Current Research in Multidisciplinary (IJCRM) ISSN: 2456-0979 Vol. 2, No. 6, (July 17), pp. 01-10 Impact of Unemployment and GDP on Inflation: Imperial study of Pakistan s Economy
More informationEffect of Foreign Ownership on Financial Performance of Listed Firms in Nairobi Securities Exchange in Kenya
Effect of Foreign Ownership on Financial Performance of Listed Firms in Nairobi Securities Exchange in Kenya 1 Anthony Muema Musyimi, 2 Dr. Jagogo PHD STUDENT, KENYATTA UNIVERSITY Abstract: This study
More information12.1 One-Way Analysis of Variance. ANOVA - analysis of variance - used to compare the means of several populations.
12.1 One-Way Analysis of Variance ANOVA - analysis of variance - used to compare the means of several populations. Assumptions for One-Way ANOVA: 1. Independent samples are taken using a randomized design.
More informationThe Effective Factors in Abnormal Error of Earnings Forecast-In Case of Iran
The Effective Factors in Abnormal Error of Earnings Forecast-In Case of Iran Hamid Rasekhi Supreme Audit Curt of Mashhad, Iran Alireza Azarberahman (Corresponding author) Dept. of Accounting, Islamic Azad
More informationResearch Guru Volume-10 Issue-2(September,2016) (ISSN: X)
Analysis of Profitability of Indian Banks: A Comparative Study of Abstract: Selected Public and Private Banks. Amit K Parmar Asst. Professor Govt. Comm. College Sec.15, Gandhinagar amitbhatera66@gmail.com
More informationChapter 6. Data Analysis and Interpretation
Chapter 6 Data Analysis and Interpretation 6.1 Introduction. 6.2 Current Ratio. 6.3 Quick Ratio. 6.4 Debt Equity Ratio. 6.5 Interest Coverage Ratio. 6.6 Operating Profit Margin Ratio. 6.7 Net Profit Margin
More informationA Study on Evaluating P/E and its Relationship with the Return for NIFTY
www.ijird.com June, 16 Vol 5 Issue 7 ISSN 2278 0211 (Online) A Study on Evaluating P/E and its Relationship with the Return for NIFTY Dr. Hemendra Gupta Assistant Professor, Jaipuria Institute of Management,
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Sample Exam 3 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Question 1-7: The managers of a brokerage firm are interested in finding out if the
More informationREGIONAL WORKSHOP ON TRAFFIC FORECASTING AND ECONOMIC PLANNING
International Civil Aviation Organization 27/8/10 WORKING PAPER REGIONAL WORKSHOP ON TRAFFIC FORECASTING AND ECONOMIC PLANNING Cairo 2 to 4 November 2010 Agenda Item 3 a): Forecasting Methodology (Presented
More informationANALYSIS OFFINANCIAL STATEMENTS WITH SPECIAL REFERENCE TO BMTC, BANGALORE
ANALYSIS OFFINANCIAL STATEMENTS WITH SPECIAL REFERENCE TO BMTC, Sridhara G* N. Sathyanarayana** BANGALORE Abstract: Transportation industry contributes a major role in the development of a company. Transportation
More information2009/2010 CAIA Prerequisite Diagnostic Review (PDR) And Answer Key
2009/2010 CAIA Prerequisite Diagnostic Review (PDR) And Answer Key Form B --------------------------------------------------------------------------------- Candidates registered for the program are assumed
More informationTheme: Economics & Finance
Theme: Economics & Finance ID040 - Empirical Determinants of Stock Market Volatility: Evidence From Malaysia Dety Nurfadilah 1, Sudarmawan Samidi 2, Suharto 3 123 Krisnadwipayana University, Jakarta Timur,
More informationDATABASE AND RESEARCH METHODOLOGY
DATABASE AND RESEARCH METHODOLOGY In this chapter database used and the methodology adopted for this research has been elaborated. The study will mostly revolve around selected AMCs, their specific mutual
More informationA Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed on the Tehran Stock Exchange
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html A Survey of the Relationship between Earnings Management and the Cost of Capital in Companies Listed
More informationA STATISTICAL ANALYSIS OF GDP AND FINAL CONSUMPTION USING SIMPLE LINEAR REGRESSION. THE CASE OF ROMANIA
A STATISTICAL ANALYSIS OF GDP AND FINAL CONSUMPTION USING SIMPLE LINEAR REGRESSION. THE CASE OF ROMANIA 990 200 Bălăcescu Aniela Lecturer PhD, Constantin Brancusi University of Targu Jiu, Faculty of Economics
More informationDeterminants of Capital Structure in Indian Automobile Companies A Case of Tata Motors and Ashok Leyland
Determinants of Capital Structure in Indian Automobile Companies A Case of Tata Motors and Ashok Leyland Prof. R.M. Indi Sinhgad Institute of Business Administration & Research, Pune Abstract: Firms use
More informationASIAN JOURNAL OF MANAGEMENT RESEARCH Online Open Access publishing platform for Management Research
ASIAN JOURNAL OF MANAGEMENT RESEARCH Online Open Access publishing platform for Management Research Copyright 2010 All rights reserved Integrated Publishing association Review Article ISSN 2229 3795 A
More informationA Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry
A Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry Mantrark Mehta Assistant Professor at Shri Chimanbhai Patel Institute of Management
More informationImpact of Bullion fluctuations in Indian Economy
Impact of Bullion fluctuations in Indian Economy Ms.Pallabi Mukherjee Assistant Professor, IBMR, IPS Academy, Indore, MP. ABSTRACT India's share in the world trade of gold is as less as 2% but its demand
More informationFV N = PV (1+ r) N. FV N = PVe rs * N 2011 ELAN GUIDES 3. The Future Value of a Single Cash Flow. The Present Value of a Single Cash Flow
QUANTITATIVE METHODS The Future Value of a Single Cash Flow FV N = PV (1+ r) N The Present Value of a Single Cash Flow PV = FV (1+ r) N PV Annuity Due = PVOrdinary Annuity (1 + r) FV Annuity Due = FVOrdinary
More informationImpact of Exchange Rate Volatility on Foreign Direct Investment in Bric Countries
e-issn: 2455-7013 Asian Journal of Management, Engineering & Computer Sciences (AJMECS) Vol. 1(2), April 2016: 51-62 URL: http://www.crsdindia.com/ajmecs.html Email: crsdindia@gmail.com ORIGINAL ARTICLE
More informationTHE IMPACT OF CURRENT AND LAGGED STOCK PRICES AND RISK VARIABLES ON PRE AND POST FINANCIAL CRISIS RETURNS IN TOP PERFORMING UAE STOCKS
International Journal of Economics, Commerce and Management United Kingdom Vol. II, Issue 10, Oct 2014 http://ijecm.co.uk/ ISSN 2348 0386 THE IMPACT OF CURRENT AND LAGGED STOCK PRICES AND RISK VARIABLES
More informationHomework Assignment Section 3
Homework Assignment Section 3 Tengyuan Liang Business Statistics Booth School of Business Problem 1 A company sets different prices for a particular stereo system in eight different regions of the country.
More informationJordan-Amman (11931), P.O. Box (166) Nimer Sleihat Amman Arab University, Faculty of Business, Accounting Department
The Impact of Profitability on Obtaining Debt through the Financial Leverage: Comparative Study among Industrial Sectors in Jordan Lina Warrad Applied Science University, Faculty of Economic and Administrative
More informationCHAPTER - 4 ANALYSIS OF PERFORMANCE OF SELECTED FMCG COMPANIES
CHAPTER - 4 ANALYSIS OF PERFORMANCE OF SELECTED FMCG COMPANIES The performance of the FMCG Companies can be evaluated in three ways, they are: (1) Solvency: This is the measure of the firm s ability to
More informationANALYSIS MODEL OF THE CAPITAL MARKET IN ROMANIA
Dimitrie Cantemir Christian University Knowledge Horizons - Economics Volume 7, No. 3, pp. 65 73 P-ISSN: 2069-0932, E-ISSN: 2066-1061 2015 Pro Universitaria www.orizonturi.ucdc.ro ANALYSIS MODEL OF THE
More informationFinancial Variables Impact on Common Stock Systematic Risk
Financial Variables Impact on Common Stock Systematic Risk HH.Dedunu Department of Accountancy and Finance, Rajarata University of Sri Lanka, Sri Lanka. Abstract The ultimate goal of companies financial
More informationA Rising Tide Lifts All Boats
Global Journal of Management and Business Research Marketing Volume 13 Issue 3 Version 1.0 Year 2013 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc. (USA)
More informationAn Analysis of NPAs in Priority and Non-Priority Sectors with respect to Public Sector Banks in India
An Analysis of NPAs in Priority and Non-Priority Sectors with respect to Public Sector Banks in India Akshay Kumar Mishra 1 1 (Assistant Professor, L N Mishra College of Business Management, Muzaffarpur,
More informationSTUDY OF RISING BENCHMARK 10-YEAR BOND YIELD AND ITS RELEVANCE TO ECONOMIC FACTORS
Journal of Management (JOM) Volume 6, Issue 1, January February 2019, pp. 21 30, Article ID: JOM_06_01_003 Available online at http://www.iaeme.com/jom/issues.asp?jtype=jom&vtype=6&itype=1 ISSN Print:
More informationIJBARR E- ISSN X ISSN MAXIMIZATION OF SHAREHOLDERS WEALTH: A STUDY ON INDIAN PHARMA COMPANIES
MAXIMIZATION OF SHAREHOLDERS WEALTH: A STUDY ON INDIAN PHARMA COMPANIES Sri Ayan Chakraborty Management: University Program (Techno India University), ICA Eduskills. Abstract Value Based Analysis is a
More informationEfficiency of Working Capital Management: Empirical Evidence from Indian Fast Moving Consumer Goods Industry
Efficiency of Working Capital Management: Empirical Evidence from Indian Fast Moving Consumer Goods Industry A. Aroul Marie Research Scholar, Department of Commerce Kanchi Mamunivar Centre for Postgraduate
More informationANALYSIS OF THE GDP IN THE REPUBLIC OF MOLDOVA BASED ON MAJOR MACROECONOMIC INDICATORS. Ştefan Cristian CIUCU
ANALYSIS OF THE GDP IN THE REPUBLIC OF MOLDOVA BASED ON MAJOR MACROECONOMIC INDICATORS Ştefan Cristian CIUCU Abstract The Republic of Moldova is listed by the International Monetary Fund (IMF) and by the
More information