This article examines the performance of initial public offerings (IPOs) issued by the economic sectors in India. It analyses the level of underpricing measured by market adjusted initial return (MAIR), short-run performance measured by market-adjusted abnormal return (MAAR) and long-run performance measured by 3-year buy and hold abnormal return (BHAR) methodology relative to Sensex and Nifty for 40 IPOs approaching the capital market during the period 2006–2016. The selection of IPOs is based on the foreign direct investment (FDI) limit of USD 3,000 million in each economic sector, that is, primary sector, secondary sector and tertiary sector. The long-run analysis is done at the end of the first year, the second year and the third year. It is found using the ordinary least square (OLS) regression that variables like age of the issuing firm and volume traded on the first day of listing have a positive relation with initial returns, while offer size of the IPO has a negative relation with the initial return. Further, this study also finds out that the secondary sector performs poorly in the long run relative to the primary and tertiary sectors. This study can be of importance to investors for assessing different sectors before investing.

Purpose : The present study aimed to find a solution to the sustainability dilemma between conventional and digital assets. Design : The study employed two conventional assets/commodities, i.e., gold, oil & gas, and three digital assets, i.e., Bitcoin, Ethereum, and DeFi, from 2017 to 2024 on a daily basis. The financial price data representing the underlying investor sentiments was extracted from S&P for all the variables. A structural break was considered, focusing on the major algorithm alteration for Ethereum in 2022. Therefore, Autoregressive Distributed Lag (ARDL) models have been employed for two different time frames. Findings : The results suggested that conventional assets had a positive and significant relation with sustainability, proxied by Environment, Social, and Governance (ESG). In contrast, digital assets like Bitcoin and Ethereum do not hold a significant relation. To our surprise, the coefficient turned negative for Bitcoin and Ethereum after the structural change. Therefore, the findings revealed that crypto investors are least bothered about climatic conditions and are gung-ho for earning huge returns. Practical Implications : It is recommended to initiate a green framework for digital assets. Additionally, ESG disclosures help sensitized investors to climate change. Originality : Prior literature lacks a comprehensive comparative analysis of the conventional and digital assets in the context of sustainability.

It is, generally, argued that we can attribute the rise and fall of stock market to the flow of funds and investment by Foreign Institutional Investors (FII). The Indian stock market is visited by three major players—FIIs, Mutual Funds (MF) and Domestic Institutional Investors (DIIs). This article lays down the analytical framework for comparing the nature and role of the three players. It uses a framework for empirically testing the impact of each player on the stock market. Through a set of Granger causality tests, it verifies the popular hypothesis that FIIs dominate the Indian stock market. The results are quite startling. Our results show that FIIs are not the only active players who have an influence in Indian stock market even DIIs have an influence, whereas Mutual funds are the passive players. FIIs are essentially opportunistic agents who do not cause any fundamental change in the market but themselves opportunistically gain from the market.

This study provides a comprehensive analysis of capital structure stability over long horizons for firms listed in India. It covers a period of 28 years from 1992 to 2019, leading to 20,371 firm-year observations to determine the relative significance of cross-firm leverage variation and time-series leverage variation. It also identifies the circumstances and industries when each type of variation emerges stronger. The study employs simple econometric tools along with financial modelling techniques in SPSS and Microsoft Excel. It was found that corporate leverages are sticky and predictable in the short run. Also, with an increase in a firm’s age, leverage stability increases. This study contributes to the existing literature by empirically establishing that leverages can also be persistent at high levels and identifying industries that are persistent at low and high leverages. The results show that persistence at low leverage is a common phenomenon; however, a few industries such as textile, construction, and metals and mining are persistent in their capital structures even at higher levels of leverage.