Capital Markets and Investment Decision Making
This book discusses capital markets and investment decision-making, focusing on the globalisation of the world economy. It presents empirically tested results from Indian and Southwest Asian stock markets and offers valuable insights into the working of I
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Capital Markets and Investment Decision Making
Capital Markets and Investment Decision Making
Raj S. Dhankar
Capital Markets and Investment Decision Making
123
Raj S. Dhankar Faculty of Management Studies (FMS) University of Delhi New Delhi, India
ISBN 978-81-322-3746-4 ISBN 978-81-322-3748-8 https://doi.org/10.1007/978-81-322-3748-8
(eBook)
Library of Congress Control Number: 2018967412 © Springer Nature India Private Limited 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature India Private Limited The registered company address is: 7th Floor, Vijaya Building, 17 Barakhamba Road, New Delhi 110 001, India
Preface
Finance, as a discipline, has truly evolved since the late 1960s and more so after the 1990s when practically the whole world has become a global village, due to the market-driven economic policies followed by the countries around the world. The theories and models such as CAPM, APT and options valuation model mainly developed in the 1970s, and for their application all over the world over the years, have given finance a modern orientation. Investment banks, portfolio managers, pension funds, individual investors and corporates have been increasing using these modern finance techniques in making investment decisions. As a researcher and a student of finance, one would agree that, of late, there has been a criticism of these capital market models for their accuracy in getting the desired results and particularly after 2008 US financial crisis. As a matter of fact in the recent past, a lot of research work has appeared wherein serious questions have been raised about the validity and application of these models. In my view, while there is a merit in the criticism of these models, which were mainly developed in highly efficient capital markets of USA during a more protecte
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