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Indian Institute of Management Calcutta

IIM Calcutta’s Finance Lab launches e-zine, Artha

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The Finance Lab at IIM Calcutta yet again comes up with a new initiative, launch of exclusive e-newsletter, Artha, which is a monthly in nature and the maiden issue of which has been published in August 2012... The aim of this newsletter is to bring out popular articles on key areas of financial markets which may be of interest to policy makers and practitioners. Ashok Banerjee, Professor of Finance and Control, Indian Institute of Management Calcutta and the faculty in-charge of the Financial Research and Trading Lab at IIM-C is the Chief Editor. The other members in the editorial team include Partha Ray, Professor of Economics, Indian Institute of Management Calcutta who was the adviser to Executive Director, International Monetary Fund, Washington D.C. during 2007-2011 prior to joining IIM Calcutta and Dr. Golaka C Nath, Senior Vice President at the Clearing Corporation of India Ltd.

The newsletter is not supposed to give a market survey of trends of the past month. Rather it would contain articles which are thought provoking and also have policy implications. The newsletter will be released on the first working day of every month. Presently it has three sections-Equity Market, Bank Market and Debt Market. Each section will have one article.

The first piece explores how publicly available news can be exploited to secure abnormal returns in Indian equity markets. The article describes a news analytics algorithm that converts a story into sentiment score and goes on to show the relationship between sentiment scores and stock returns. The second article looks at credit risk exposure of Indian bank and the author warns that Indian banks may be heading for bad old days. Using CDS spread the article shows widening of spreads in recent times which are closer to 2008 era. The third piece looks at Indian debt market, its liquidity and depth. The article analyses major bond issuances in India in the recent past and highlights steps that are required to be taken to address the illiquidity of the Indian debt market.

Professor Ashok Banerjee, Editor of Artha says, “This initiative of the Finance Lab is aimed at showcasing the present thinking of faculty members of IIM Calcutta on emerging issues in Finance and Accounting. The tone of the publication is popular and it highlights issues which maybe importance to policy makers”.

Same news can also be viewed at IndiaBlooms.Com

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