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

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. Overall, she has nearly 20 years of professional experience, having spent three years in the corporate sector prior to joining academics. She has published more than 150 research papers in journals of national and international repute. She has an h-index of 10 and around 400 citations. She has co-authored a text-book titled "Security Analysis and Portfolio Management" published by Springer. She has also co-authored three research monographs titled "Financial Management Practices: An Empirical Study of Indian Corporates" and "Equity Market in India: Returns, Risk and Price Multiples", both published by Springer and "Cash Dividend and Shares Repurchase Announcements: Impact On Returns, Liquidity and Risk in The Indian Context" published by Hamilton, UK. She has been the recipient of the Lok Sabha Fellowship and the Fetzer Fellowship from the Academy of Management, USA, for her work on CSR, as well as the National Stock Exchange - Indira Gandhi Institute of Development Research (NSE-IGIDR) Corporate Governance Research Initiative Grant. She has been honored by the "Leadership" award in research, 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 been honored twice with the "Literati" award for outstanding research by Emerald Publishing Inc. Monika Singla is working with TD Bank in Toronto in the Big Data Analytics domain. She is helping the bank to develop machine learning and other analytical models/processes to facilitate business decision-making. She is a Ph.D. graduate from theDepartment of Management Studies, Indian Institute of Technology (IIT Delhi), India. Her research work has been published in journals of national and international repute. She is a recipient of the Junior Research Fellowship (JRF) from the University Grants Commission (UGC) of India. She is also the recipient of a research award from the National Stock Exchange of India in collaboration with IGIDR, a research wing of the Reserve Bank of India for conducting research in the corporate governance domain. Prior to joining the Ph.D. programme, she was working as an Associate Consultant at Infosys Ltd.

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.