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

P.K. Jain is a Professor of Finance and the Modi Chair Professor at the Department of Management Studies, Indian Institute of Technology (IIT Delhi), India. He has been the Dalmia Chair Professor as well. Recently, he has been awarded with 'Best Faculty Award' at IIT Delhi. He has more than 40 years of teaching experience in subjects related to Management Accounting, Financial Management, Financial Analysis, Cost Analysis and Cost Control. He has been a visiting faculty at the AIT Bangkok; University of Paris; Howe School of Technology Management at Stevens Institute of Technology, New Jersey; and ICPE, Ljubljana. He has authored three well-known text books published by TMH and more than ten research monographs. He has contributed more than 150 research papers in journals of national and international repute. Shveta Singh is an Assistant Professor of fi nance at the Department of Management Studies, Indian Institute of Technology (IIT Delhi), India. She teaches Managerial Accounting and Financial Management, Indian Financial System and Security Analysis and Portfolio Management. Overall, she has more than a decade of professional experience, having spent three years in the corporate sector prior tojoining academics. She has published research papers in journals of national and international repute. Surendra S. Yadav is a Professor of Finance at the Department of Management Studies, Indian Institute of Technology (IIT Delhi), India. He teaches Corporate Finance, International Finance, International Business and Security Analysis and Portfolio Management. He has been a visiting professor at the University of Paris, Paris School of Management, INSEEC Paris, and the University of Tampa, USA. He has published nine books and contributed more than 150 papers to research journals and conferences. He has also contributed more than 30 papers to financial/ economic newspapers. He is the editor-in-chief of the Journal of Advances in Management Research (JAMR) published by Emerald Publishing, UK.

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.