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  • TITLE
  • DECLARATION
  • PREFACE
  • ACKNOWLEDGEMENT
  • ABSTRACT
  • CONTENTS
  • 1. INTRODUCTION
  • 1.1 Expansion of Stock Markets – A Developing Country Perspective
  • 1.2. Indian Experience
  • 1.3. Statement of the Problem
  • 1.4. Objectives of the Study
  • 1.5. Data and Methodology
  • 1.6. Scope and Limitations of the Study.
  • 1.7. Scheme of the Report
  • 2. REVIEW OF LITERATURE
  • 2.1. Financial Markets and Economic Growth
  • 2.1.1. Financial Structure and Economic Growth
  • 2.1.2. Financial Development and Economic Growth
  • 2.1.3. Financial Markets and Corporate Finance
  • 2.1.4. Legal Framework and Financial Development
  • 2.1.5. Financial Development and Income Inequality
  • 2.2. Stock Prices and Macro Economic Variables
  • 3. THEORETICAL PERSPECTIVES ON FINANCE, STOCK MARKETS, AND ECONOMIC GROWTH
  • 3.1. Finance and Growth: Schumpeter’s View
  • 3.2. The Neo-Classical Perspectives
  • 3.2.1. The Modigliani-Miller Irrelevance Theorems
  • 3.2.2. The Gurley and Shaw Propositions
  • 3.2.3. The McKinnon-Shaw Hypothesis
  • 3.2.4. Stiglitz and Weiss Asymmetric Information Hypothesis
  • 3.3. The Keynesian Perspectives on Finance and Growth
  • 3.3.1. New Keynesian Perspective
  • 3.3.2. Post-Keynesian Perspective
  • 3.4. New Growth Theory and Finance
  • 3.5. Endogenous Growth Framework and Finance
  • 3.6. New Functional Approach to Stock Market and Growth
  • 3.7. Stock Market and Macro Economic Variables
  • 3.7.1. Stock Prices and Money Supply
  • 3.7.2. Stock Price and Inflation
  • 3.7.3. Stock Prices and Exchange Rate
  • 3.7.4. Efficient Market Hypothesis
  • End Notes
  • 4. HISTORICAL OVERVIEW OF STOCK MARKET IN INDIA
  • 4.1. Evolution and Growth of Stock Market in India
  • 4.1.1. Early Beginnings
  • 4.1.2. Period of Repression (1947-1980)
  • 4.1.3. Period of Change (1980-1992)
  • 4.1.4. Period of Structural Transformation (1992-)
  • 4.2. Reforms in Indian Stock Market
  • 4.2.1. SEBI as a Statutory Body
  • 4.2.2. Introduction of Screen-Based Trading
  • 4.2.3. Entry of Foreign Institutional Investors
  • 4.2.4. Introduction of Depository Receipts
  • 4.2.5. Introduction of Depository System
  • 4.2.6. Derivatives Trading
  • 4.2.7. Demutualisation of Stock Exchanges
  • 4.2.8. Risk Management Mechanism
  • 4.2.9. Investor Protection Measures
  • 4.2.10. Introduction of Rolling Settlement
  • 4.2.11. Reduction of Transaction Costs
  • 4.3. Trends and Patterns in Indian Stock Market
  • 4.3.1. Participation of Investors
  • 4.3.2. Dependence on Securities Market
  • 4.3.3. Progress of Dematerialisation
  • 4.3.4. Trends in Transaction Costs
  • 4.3.5. Trends in Market Outcome
  • 4.3.6. Trends in Equity Returns and Volatility
  • 4.3.7. Pattern of Market Concentration
  • 4.3.8. Trends in Institutional Investment
  • 4.4.Regulatory Framework of Indian Stock Market
  • 4.4.1. The Companies Act, 1956
  • 4.4.2. The Securities Contracts (Regulation) Act, 1965 (SCRA)
  • 4.4.3. The SEBI Act, 1992
  • 4.4.4. The Depositories Act, 1996
  • 4.4.5. High Level Committee on Capital Markets
  • 4.5. Structure and Working of Stock Exchanges in India
  • 4.5.1. Organisation of Stock Exchanges
  • 4.5.2. National and Regional Stock Exchanges
  • 4.5.3. Listing of Securities
  • 4.5.4. Trading of Securities
  • 4.5.5. Clearing and Settlement of Trades
  • End Notes
  • 5. STOCK MARKET BEHAVIOUR, MACRO ECONOMY AND CORPORATE FINANCING PATTERN
  • 5.1. Macro Economic Condition in India during 1993-2005
  • 5.2. Stock Market Behaviour in the Post Reform Period
  • 5.3. Stock Market Development and Economic Growth
  • 5.3.1. Indicators of Stock Market Development
  • 5.3.2. Macroeconomic Determinants of Economic Growth
  • 5.3.3. Stock Market Size and Economic Growth
  • 5.3.4. Stock Market Efficiency and Economic Growth
  • 5.3.5. Stock Market Liquidity and Economic Growth
  • 5.4. Stock Market Behaviour and Macro Economic Variables
  • 5.4.1. Test of Stationarity of Time Series
  • 5.4.2. Testing for Cointegration
  • 5.4.3. Testing for Causality
  • 5.4.4. ADF Test for Stationarity
  • 5.4.5. Johansen Cointegration Test
  • 5.5. Stock Market and Corporate Financing Pattern
  • 5.5.1. Average Financing Pattern of Manufacturing Sector
  • 5.5.2. Industry-wise Sample
  • 5.5.3. Age-wise Sample
  • 5.5.4. Ownership wise Analysis
  • 5.5.5. Size-wise Analysis
  • 5.6. Stock Market Development and Corporate Capital Structure
  • 5.6.1. Size of the Stock Market and Capital Structure
  • 5.6.2. Stock Market Efficiency and Capital Structure
  • 5.6.3. Stock Market Liquidity and Capital Structure
  • 6. STOCK MARKET DEVELOPMENT AND CHANGES IN THE BEHAVIOUR OF RETAIL INVESTORS: A SURVEY - BASED ANALYSIS
  • 6.1. Sample and Methodology
  • 6.2. Distribution of Sample Investors
  • 6.3. Stock Market Participation
  • 6.4. Saving Pattern
  • 6.5. Risk and Risk Diversification
  • 6.6. Investor Confidence
  • 6.7. Factors Responsible for Increased Stock Market Participation
  • 6.7.1. Increased Liquidity
  • 6.7.2. Increased Access to Trading
  • 6.7.3. Efficient Intermediation
  • 6.7.4. Increased Access to Information
  • 6.7.5. Return on Investment
  • 6.7.6. Low Risk of Fraud
  • 7. FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
  • 7.1. Findings and Conclusions of the Study
  • 7.1.1. Stock Market Development and Economic Growth
  • 7.1.2. Stock Prices and Macro Economic Variables
  • 7.1.3. Stock Market and Corporate Financing Pattern
  • 7.1.4. Stock Market Development and Corporate Capital Structure
  • 7.1.5. Stock Market Development and Retail Investors
  • 7.2. Recommendations and Policy Implications
  • 7.3. Areas for Further Research
  • APPENDIX I
  • APPENDIX - II QUESTIONNAIRE USED FOR THE SURVEY OF RETAIL EQUITY INVESTORS
  • SELECT BIBLIOGRAPHY
  • INDEX