The book presents a comprehensive view of the Indian equity markets over the past two decades (1994-2014). Equity markets constitute the most important segment of stock exchanges; in fact, the status of equity returns is, by and large, considered as a barometer of the state of a country's economy. Returns earned by the equity investors on their funds invested in equity markets have become a decisive factor in the growth of such markets. In this context, the book discusses all the major aspects of equity returns and also conducts a dis-aggregative analysis based on underlying factors like age, size, ownership structure, industry affiliation/sector, among others, to explain the factors affecting returns and risk. While on the one hand the study ascertains the market rates of return (earned) on equities from the investors' perspective (by including both the capital gains and the dividend income), it also shows how to compute the rates of returns on equities from the corporate perspective(that is, rate of return earned on equity funds). It further assesses the required/expected rate of return and examines the volatility in stock returns, with a focus on its behaviour during the period of the study. It deepens investors' understanding of equity investment, helping them to make more-informed investments. While of interest to the investor community, this book also contributes significantly to the existing literature on market returns and is a valuable reference resource for academics, researchers and market participants, financial institutions and other intermediaries, regulators and policy makers.

Discusses the interplay between the risk and returns of Indian equity investment Includes expected corporate and market returns in the Indian stock market Provides a comprehensive overview of equity returns, risk and price multiples in India Assesses the level of market efficiency in India during the period of the study, using the 'rational bubbles' methodology Includes supplementary material: sn.pub/extras

Autorentext

Prof. Shveta Singh is a Professor and the Area Chair of Finance at the Department of Management Studies (DMS), Indian Institute of Technology (IIT Delhi), India. She is also the co-coordinator of the National Centre on Corporate Governance (accredited by the National Foundation on Corporate Governance (NFCG)) at DMS. She teaches courses like entrepreneurial finance, management accounting and financial management, Indian financial system, security analysis and portfolio management, professional ethics, corporate governance & CSR. She has contributed to various research and consulting assignments for Government of India and international organizations. Overall, she has nearly two decades of professional experience, having spent three years in the corporate sector prior to joining academics. She has published nearly 100 research papers in journals and conferences of national and international repute. She has co-authored three research monographs, two of which were published by Springer: (i) "Cash Dividend and Shares Repurchase Announcements: Impact on Returns, Liquidity and Risk in the Indian Context"; (ii) "Financial Management Practices: An Empirical Study of Indian Corporates"; (iii) "Equity Market in India: Returns, Risk and Price Multiples". She has been honoured by the "Leadership" award, which she accepted on behalf of IIT Delhi from the Institute of Business and Finance Research at the Global Conference on Business and Finance in USA. She has also won the "Best in Session" award at the same conference. She has also been honoured twice with the "Literati" award for outstanding research by Emerald Publishing Inc. She has also received a mention for the "Most Downloaded Paper", published in the Journal of Advances in Management Research. Prof. Surendra S. Yadav received his Bachelor of Technology (B. Tech.) from Indian Institute of Technology (I.I.T.) Kanpur, MBA from University of Delhi, DESS (equivalent to M.Phil.) from University of Paris and Ph.D. in management from University of Paris 1 Pantheon-Sorbonne, France. He teaches corporate finance, international finance, international business, and security analysis & portfolio management. His research interests are in all these areas and general management. He has been delivering lectures at various institutions in India as well as abroad. He has been visiting professor at University of Paris, INSEEC Paris, Paris School of Management and at University of Tampa, Florida, USA. Prof. Surendra S. Yadav has published fourteen books - thirteen in areas of finance and international finance in English and one on India in French. He has guided 23 Ph.Ds. He has published 180 research papers in research journals. He has contributed more than 125 papers in academic conferences and four chapters in edited books. Besides, he has published about three dozen articles in financial/economic newspapers. He is editor-in-chief of the Journal of Advances in Management Research (JAMR).

Inhalt
Chapter 1. Introduction.- Chapter 2. Rates of Return on Equities: Corporates' perspective.- Chapter 3. Expected Rates of Return on Equity.- Chapter 4. Rates of Return on Equities: Investors' Perspective.- Chapter 5. Rates of Returns: Disaggregative Analysis.- Chapter 6. Analysis of Price Multiples.- Chapter 7. Volatility in Stock Returns.- Chapter 8. Level of Market Efficiency Using the 'Rational Bubbles' Approach.- Chapter 9. Concluding Observations.