ABSTRACTING & INDEXING FINANCE INDIA VOL XXXIII NO. 3 SEPTEMBER 2019 ISSN 0970 - 3772 ARTICLES UNDERSTANDING THE DYNAMICS OF CORE INFLATION OF NEWLY CREATED CONSUMER PRICE INDICES OF INDIA Rinalani Pathak Kakati and Rashmi Rekha Mahanta 585 TAIWANESE MORTGAGE RATE, CENTRAL BANK DISCOUNT RATE AND CONDITIONAL HETEROSCEDASTICITY IN POST1997 ASIAN FINANCIAL CRISIS Chu V. Nguyen and Muhammad Mahboob Ali 609 PRICE DISCOVERY AND ARBITRAGE EFFICIENCY TEST : A STUDY OF INDIAN OPTIONS MARKET N.S. Malik, Komal Bhardwaj and Rajat Singla 623 DEMONETISATION : MOVE TOWARDS CASHLESS ECONOMY Monika Aggarwal and Meenu Gupta 639 A NEW PERSPECTIVE ON WISDOM LEADERSHIP : TOWARDS WISE MODEL OF LEADERSHIP Shruti D. Naik 655 TOURISM SECTOR IN INDIA : EXPECTATIONS & PERCEPTIONS OF THE DOMESTIC TOURISTS K. Sridevi 673 DETERMINANTS OF DIVIDEND : AN EMPIRICAL STUDY Dinesh Kumar Sharma and Ritu Wadhwa 685 ABSTRACTS OF DOCTORAL DISSERTATIONS FINANCIAL LITERACY AND RETIREMENT PLANNING AND PREPAREDNESS : EVIDENCE AND IMPLICATIONS FOR FINANCIAL EDUCATION—AN EMPIRICAL STUDY AMONG THE ORGANISED SECTOR EMPLOYEES Debendra Nath Panigrahi 699 AN EMPIRICAL INVESTIGATION OF FOREIGN BANKS IN INDIA IN POST REFORM PERIOD : TRENDS, DETERMINANTS AND IMPACT Ajay Massand 707 PERFORMANCE OF PRIVATE EQUITY FUNDS IN INDIA : A SELECT STUDY Khudsiya Zeeshan 715 A STUDY ON IMPACT OF COMPANIES SPECIFIC NEWS ON INVESTOR'S DECISIONS IN INDIA Diyang J. Joshi 723 BIBLIOGRAPHY : FINANCING HUMAN CAPITAL 733 BOOK REVIEWS VIJ, MADHU AND SWATI DHAWAN, MERCHANT BANKING AND FINANCIAL SERVICES J.D. Agarwal 761 KOCHAR, SAMEER AND ROHAN KOCHAR; INDIA 2030 : A SOCIO ECONOMIC PARADIGM Manju Agarwal 763 KUMAR, SUDHIR; A US$ 20 TRILLION ECONOMY ! BY 2035-2040? Yamini Agarwal 769 MAKKAR, URVASHI AND BABITA BHATI, DIGITIZATION INNOVATION AND DISRUPTION : KEYS TO ACHIEVING GLOBAL COMPETITIVENESS Saurabh Agarwal 771 THALER AND SUNSTEIN; NUDGE : IMPROVING DECISIONS ABOUT HEALTH, WEALTH AND HAPPINESS Janaki Mistry 772 ANNOTATED LISTING EUN, CHEOL S. AND BRUCE G. RESNICK; INTERNATIONAL FINANCIAL MANAGEMENT 777 DAS, BISWA B. AND RABI N. SUBUDHI, ; DIGITAL AND SOCIAL MEDIA MARKETING ENGAGING THE USERS 779 KELLER, JEFF; ATTITUDE IS EVERYTHING 780 BURLINGHAM, BO; SMALL GIANTS 782 THIEL, PETER; ZERO TO ONE : NOTES ON START-UPS, OR HOW TO BUILD THE FUTURE 784 CONTENTS OF CURRENT PERIODICALS 787 INDEX OF CURRENT PERIODICALS 827 STATISTICS 829 SEMINARS & CONFERENCES 895 PLACEMENTS 897 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—585—608 Understanding the Dynamics of Core Inflation of newly created Consumer Price Indices of India RINALANI PATHAK KAKATI* RASHMI REKHA MAHANTA** Abstract The study examines the relationship between headline and core inflation for the Consumer Price Index (CPI) and evaluates the suitability of the measures of core inflation. By using exclusion based measure two core measures have been constructed for newly created CPIs: CPI (Rural): CPI Rural excluding Food Index, CPI Rural excluding Food and Fuel Index; CPI (Urban): CPI Urban excluding Food Index ,CPI Urban excluding Food and Fuel Index; CPI (Combined): CPI Combined excluding Food Index ,CPI Combined excluding Food and Fuel Index. Test of Predictability , Test of Volatility and Test of Causality have been performed to find the suitable core measure. The CPI-Urban Excluding Food and Fuel has been found as the best core measure because (a)For all the three time periods (1, 2, and 3 months) the headline CPI-Urban reverted back to the core measure CPI-Urban Excluding Food and Fuel; (b)It has been found to be the least volatile measure; (c) It has unidirectional causality at both lags 1 and 2. JEL Code : E-31, E-37, C-13 Key words : Inflation, Dynamics, Price Indices CPI, Predictability, Volatility Rural, Urban * ** Professor, Gauhati University, Department of Business Administration, Jalukbari Gauhati, Assam 781014, INDIA Research Scholar, Gauhati University, Department of Business Administration, Jalukbari Gauhati, Assam 781014, INDIA Submitted June 2017 ; Accepted March 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—609—622 Taiwanese Mortgage Rate, Central Bank Discount Rate & Conditional Heteroscedasticity in Post-1997 Asian Financial Crisis CHU V. NGUYEN* MUHAMMAD MAHBOOB ALI** Abstract Asymmetries in the Taiwanese mortgage loan-central bank discount rates spread (mortgage loan premium) were documented. Empirical results revealed that the mortgage loan premium adjusts to the threshold faster when the central bank discount rate increases relative to the mortgage loan rates than when the discount rate moves in the opposite direction. Additionally, the empirical findings indicate that Taiwanese commercial banks still exhibit predatory rate setting behavior, despite of the recent deregulations in banking sector. The empirical results also revealed the bidirectional Granger causality between the Taiwanese mortgage loan rate and the discount rate, indicating that the mortgage loan rate and the discount rate affect each other’s movements. These empirical results suggest that Taiwanese monetary authority can use its countercyclical monetary policy instrument to achieve its macroeconomics objectives in the short run. JEL Code : G-21, C-51, D-22, D-61, D-62 Key words : Mortgage, Central Bank, Discount Rate, Heteroscedasticity, Financial Crisis * ** Associate Professor, The University of Houston-Downtown One Main Street, Houston, Texas TX 77002, USA Professor of Finance, Economics and Management, Daffodil International University, Daffodil Tower, 4/2 Sobhanbag, Mirpur Road, Dhanmondi, Dhaka 1207, BANGLADESH Submitted January 2015; Accepted October 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—623—638 Price Discovery and Abritrage Efficiency Test : A Study of Indian Options Market N.S. MALIK* KOMAL BHARDWAJ** RAJAT SINGLA*** Abstract This paper examines the mispricing opportunities present in the Indian option market by using put-call-index-parity for European style Nifty index options. The instances of mispricing of options are the most frequent and profitable for investors and provide various arbitrage opportunities in Indian market. Some of these opportunities provide excess return up to a high level. The put options are more overpriced rather than the call options. It shows that the short arbitrage strategy is more profitable relatives to long arbitrage strategy and the short arbitrage occurs more frequently relative to long arbitrage. The mispricing increases as time to expiration increases and far the money options have low liquidity in the Indian market. The frequency of mispricing is higher for options with maturity up to days (current month options) but the magnitude of mispricing is larger for options which have longer time to maturity. Further, transaction cost is also incorporated as a resul to of this the arbitrage opportunities drops more in case of PCIP as compared to PCFP. JEL Code : G-23, D-23, D-82, C-52 Key words : Mispricing, Option Market, Nifty, Arbitrage, Efficiency, Strategy * ** *** Professor, Guru Jambheshwar University of Science & Technology, Haryana School of Business, Hisar, Haryana, 125001 INDIA Doctoral (PhD) Candidate, Guru Jambheshwar University of Science & Technology, Haryana School of Business, Hisar, Haryana 125001, INDIA Doctoral (PhD) Candidate, Guru Jambheshwar University of Science & Technology, Haryana School of Business, Hisar, Haryana 125001, INDIA Submitted May 2016; Accepted April 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—639—654 Demonetisation : Move towards Cash Less Economy MONIKA AGGARWAL* MEENU GUPTA ** Abstract An attempt has been made to highlight the impact of demonetization on the growth of digital payments in India. This move is expected to cleanse the economic system from the evil of black money. The attempt has also been made to lower the circulation of cash in the economy and encourage the use of digital payment methods which will lead to increase in revenue of the Government. India is on cusp of financial revolution as large number of measures is being taken to move from cash dependent economy to cash less economy. At present only 5% personal consumption expenditure in India is digital. After demonetization, mobile wallets saw the highest percentage increase in the value of transactions among the digital payment methods. Transactions using the newly introduced UPI have increased from 90 crore in November 2016 to 1,659 crore in January. 125 lakh people have adopted the BHIM app so far. Government has a Mission toachieve target of 2,500 crore digital transctions for 2017-18 through UPI, USSD, Adhar Pay, IMPS and debit cards. JEL Code : G-23, H-53, G-53, C-13 Key words : Demonetisation, Cash less economy, Digital Payment, Mobile wallets, BHIM app, UPI, USSD, Adhar Pay, IMPS, Debit Cards * ** Assistant Professor, Post Graduate Government College, 11D, Sector 11, Madhya Marg, Chandigarh 160011, INDIA Assistant Professor, Goswami Ganesh Dutta Sanatan Dharma (GGDSD College), Sector 32C, Chandigarh,160032, INDIA Submitted April 2017; Accepted October 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—655—672 A New Perspective on Wisdom Leadership : Towards WISE Model of Leadership SHRUTI D NAIK* Abstract In this paper the focus is on literature review and development of WISE model that was empirically tested in Indian organizations. Results of empirical testing will be presented in a subsequent paper. In order to take advantage of the growing opportunities in the field of leadership and the challenges faced by the women mangers both at work and home, the study was based on how do their WISE elements play vital role. Based on this, background, this study identified the research problem. From an extensive literature review, the critical areas for this study are described below.The purpose of the proposed study is to describe the type of leadership inherited by the women managers, across three sectors namely Government,N.G.O and Corporate Sectors and to what extent theory WISE helps to attain the work life balance among the working women managers. This is an unexplored area for research and analysis will be relevant to aspiring women managers, policy makers and academicians. JEL Code : J-50, C-13, E-24, I-31 Key words : Wisdom, Leadership, WISE Model, Government NGO, Corporate Sector, Policy * Associate Professor, CMSB School, Jain (Deemed to be) University, Campus No. 17, Sheshadri Road, Gandhi Nagar, Bengaluru, Karnataka 560009, INDIA Submitted October 2016; Accepted Febuary 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—673—684 Tourism Sector in India : Expectations and Perceptions of the Domestic Tourists K. SRIDEVI* Abstract Tourism has been a major social phenomenon of Societies all over the World. Demand for Tourism and Travel activity induces a chain of transactions required for supply of various goods and services. The Objective of the Study is to examine the Expectations (needs) and the Perceptions (satisfaction) of the Domestic Tourists about the various Tourism Services offered and rela ted aspects.Relevant primary data is collected by administering a questionnaire to the Domestic Tourists about their Expectations and the Perceptions Tourism Services. Relevant secondary data relevant publications. The sample size is selected by using the Krejcie Morgan Model. The responses of the Respondent Tourists are analysed with the help of Friedman Test. The test results show that there is significant difference amongst the Expectations & Perceptions of the Domestic Tourists from Nalgonda District for 19 Elements, i.e., Null Hypothesis is rejected. For 11 Elements there is no significant difference i.e., Null Hypothesis is accepted. JEL Code : D-12, D-22, D-78 C-54 Key words : Tourism, Expectations, Perceptions, Domestic Tourists, Friedman Test * Professor Head of Department, Mahatma Gandhi University, Department of Commerce, Yellareddyguda Post, Nalgonda, Telangana 508254, INDIA Submitted March 2018; Accepted October 2018 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—685—698 Determinants of Dividend : An Empirical Study DINESH KUMAR SHARMA* RITU WADHWA** Abstract The purpose of this study is to scrutinize the effect of various determinants available as per literature on dividend payout ratio of companies in India. The focus is on finding the answer to the question “Has the dividend puzzle as stated by Black (1976) been resolved yet?”This study uses techniques of factor analysis to discover the relationship between key variables. In all, fifteen variables have been taken to make the study more exhaustive. The study is based on a sample of NIFTY companies listed on National Stock Exchange for the period of 2003-2014. Results reveal that leverage and profitability have strong bearing on dividend policy of selected companies under study whereas liquidity, ownership and growth do not show much impact on the dividends. It provides a comprehensive framework that can be useful to companies, investors and regulators of companies in India. JEL Code : G-35, D-22, C-13, C-81, D-63 Key words : Dividend, Payout Ratio, NIFTY, Profitability, Investors, Regulators * ** Assistant Professor, Gautam Buddha University, Yamuna Expresway, Greater Noida, Gautam Buddh Nagar Uttar Pradesh 201310, INDIA Assistant Professor, Amity Business School, Amity University, Sector 125, Noida, Uttar Pradesh 201310, INDIA Submitted April 2016; Accepted December 2017 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—699—706 Abstract of Doctoral Dissertation Financial Literacy, Retirement Planning & Preparedness : Evidence & Implications for Financial Education — An Empirical Study among the Organised Sector Employees1 DEBENDRA NATH PANIGRAHI* JEL Code : G-53, Y-40, J-14, J-26 Key words : Financial Literacy, Retirement, Planning, Education 1 * The Thesis was submitted to Fakir Mohan University, Bangalore, Karnataka in February 2017, for the award of Ph.D. Degree awarded in 2018, under the supervision of Dr. Anil Kumar Swain, Professor, Utkal University, PG Department of Commerce, Vani Vihar, Bhubaneswar, Odisha 751004, INDIA and Dr. Gayadhar Parhi, Professor, Fakir Mohan Autonomous College, Balasore, Odisha 756001, INDIA. Associate Professor, Institute of Management Technology, 35 km Milestone, Katol Road, SH 248, Dorli, Nagpur, Maharashtra 440013, INDIA Submitted April 2019 ; Accepted July 2019 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages— 707—714 Abstract of Doctoral Dissertation An Empirical Investigation of Foreign Banks in India in Post Reform Period : Trends, Determinants and Impact1 AJAY MASSAND* JEL Code : Y-40, G-21, D-23, C-82 Key words : Investigation, Banks, Determinants, Impact 1 * The Thesis was submitted to National Institute of Technology, Surathkal, Karnataka, in 2017, for the award of Ph.D. Degree awarded in 2019, under the supervision of Dr. Gopalakrishna BV, No.11-55/13, Old Marigudi Temple Road, Surathkal, Mangalore, Karnataka 575025, INDIA Assistant Professor, Jain (Deemed to be) University, CMS Business School, No. 17, Seshadri Road, Gandhi Nagar, Bengaluru, Karnataka 560009, INDIA Submitted June 2019 ; Accepted July 2019 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages— 715—722 Abstract of Doctoral Dissertation Performance of Private Equity Funds in India : A Select Study1 KHUDSIYA ZEESHAN* JEL Code : Y-40, G-32, D-61 Key words : Performance, Equity Funds 1 * The Thesis was submitted to Osmania University, Telangana, in October 2017, for the award of Ph.D. Degree awarded in September 2018, under the supervision of Prof. Satyanarayana Chary (Late), the then Dean and Professor, Telangana University, Dichpally, Nizamabad, Telangana 503322, INDIA and Prof Dr. S. Srinivasa Murthy, Professor, Osmania University, Institute of Public Enterprises, Hyderabad, Telangana, INDIA Associate Professor, ICBM School of Business Excellence, Plot No.2A Upperpalti "X" Roads, Attapur, Hyderabad, Telangana 500048, INDIA Submitted February 2019 ; Accepted April 2019 FINANCE INDIA Indian Institute of Finance Vol. XXXIII No. 3, September 2019 Pages—723—732 Abstract of Doctoral Dissertation A Study on Impact of Company Specific News on Investor's Decision in India1 DIVYANG J. JOSHI JEL Code : Y-40, G-11, D-91 Key words : Investors, Decision, Impact 1 * The Thesis was submitted to Gujarat Technological University, Ahmedabad, Gujarat in 2018, for the award of Ph.D. Degree awarded in 2018, under the supervision of Dr. P.G.K. Murthy, Dean (Doctoral Program), Parul University, Faculty of Management Studies, Post Limda, TA: Waghodia, District Vadodara, Gujarat 391760 INDIA and Prof. Zan J. Oplotnik. Professor of Finance and International. Economies, University of Maribor, Institute of Finance and Banking, Slomshovtrg 2006 Maribor, SLOVENIA Assistant Professor, Parul University, The Faculty of Management Studies, Post Limda, TA Waghodia, District Vadodara, Gujarat 391760, INDIA Submitted June 2019 ; Accepted July 2019 IIF Faculty Publications Library Editions: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Literature in Finance-I : Corporate Finance J.D. AGARWAL & AMAN AGARWAL Literature in Finance-II : Accounting J.D. AGARWAL & AMAN AGARWAL Literature in Finance-III : Fin. Sys. & Mkts J.D. AGARWAL & AMAN AGARWAL Literature in Finance-IV : Specialised Finance J.D. AGARWAL & AMAN AGARWAL Literature in Finance-V : Management J.D. AGARWAL & AMAN AGARWAL Literature in Finance-VI : Economics J.D. AGARWAL & AMAN AGARWAL Capital Budgeting Decision Under Risk & Uncertainty J.D. AGARWAL Working Capital Management J.D. AGARWAL Readings in Financial Management J.D. AGARWAL Accounting for Financial Analysis J.D. 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