DSpace Collection:https://repository.iimb.ac.in/handle/2074/136982024-03-11T07:43:55Z2024-03-11T07:43:55ZForeign fund flows and stock returns: Evidence from IndiaAcharya, Viral VKumar, K KiranAnshuman, V Ravihttps://repository.iimb.ac.in/handle/2074/152432020-09-17T14:41:29Z2015-01-01T00:00:00ZTitle: Foreign fund flows and stock returns: Evidence from India
Authors: Acharya, Viral V; Kumar, K Kiran; Anshuman, V Ravi
Abstract: We study the impact of foreign institutional investor (FII) flows on stock returns in India. We
exploit stock-level daily trading data for FII purchases and FII sales to separate stocks into those
experiencing abnormally high and low FII flow innovations. We find that stocks with high
innovations are associated with a coincident price increase that is permanent, whereas stocks with
low innovations are associated with a coincident price decline that is in part transient, reversing
itself within one week. The differential abnormal return between high and low innovation stocks
is nevertheless significant, both statistically and economically (relative to stock return volatility),
largely unrelated to firm characteristics and increasing during periods of market stress. Our
findings are robust in out-of-sample tests. The results are consistent with price “pressure” on
stock returns induced by FII sales, as well as information being revealed through FII purchases and
FII sales.
Description: IGC Working Paper No. F-35127-INC-12015-01-01T00:00:00ZThe spillover effects of affirmative action on competitiveness and unethical behaviorBanerjee, RitwikGupta, Nabanita DattaVilleval, Marie Clairehttps://repository.iimb.ac.in/handle/2074/144692020-09-02T14:01:36Z2016-01-01T00:00:00ZTitle: The spillover effects of affirmative action on competitiveness and unethical behavior
Authors: Banerjee, Ritwik; Gupta, Nabanita Datta; Villeval, Marie Claire
Abstract: We conduct an artefactual field experiment to examine various spillover effects of Affirmative
Action policies in the context of castes in India. We test a) if individuals who compete in the
presence of Affirmative Action policies remain competitive in the same proportion after the
policy has been removed, and b) whether having been exposed to the policy generates
unethical behavior and spite against subjects from the category who has benefited from the
policy. We find that these policies increase substantially the confidence of the lower caste
members and motivate them to choose significantly more frequently a tournament payment
scheme. However, we find no spillover effect on confidence and competitiveness once
Affirmative Action is withdrawn: any lower caste’s gain in competitiveness due to the policy is
then entirely wiped out. Furthermore, the strong existing bias of the dominant caste against
the lower caste is not significantly aggravated by Affirmative Action.
Description: IZA Discussion Paper No. 103942016-01-01T00:00:00ZEthnic conflict and civic engagementDutta, Souvikhttps://repository.iimb.ac.in/handle/2074/144702020-09-02T14:01:36Z2013-01-01T00:00:00ZTitle: Ethnic conflict and civic engagement
Authors: Dutta, Souvik
Abstract: It is sometimes very puzzling that despite ethnic diversity, some places (villages, towns or
cities) manage to remain peaceful, whereas others experience violence. This paper explains how
the characteristics of civic engagement in a particular place ináuence the occurrence of a conáict
there. The paper shows that a place characterized with higher "intra" ethnic civic engagement
has greater chances of an ethnic conáict as compared to a place where there are more "inter"
ethnic engagement. Moreover, a rich economy is less prone to conáict as compared to a poor
economy. Absolute poverty also plays an important role in precipitating conáict.
Description: NASM Working Paper. No. 2352013-01-01T00:00:00ZStarving (or Fattening) the Golden Goose?: Generic entry and the incentives for early-stage pharmaceutical innovationBranstetter, LeeChatterjee, ChirantanHiggins, Matthew Johnhttps://repository.iimb.ac.in/handle/2074/143302020-08-28T15:26:26Z2015-01-01T00:00:00ZTitle: Starving (or Fattening) the Golden Goose?: Generic entry and the incentives for early-stage pharmaceutical innovation
Authors: Branstetter, Lee; Chatterjee, Chirantan; Higgins, Matthew John
Abstract: Over the last decade, generic penetration in the U.S. pharmaceutical market has increased substantially,
providing significant gains in consumer surplus. What impact has this rise in generic penetration had
on the rate and direction of early stage pharmaceutical innovation? We explore this question using
novel data sources and an empirical framework that models the flow of early-stage pharmaceutical
innovations as a function of generic penetration, scientific opportunity, firm innovative capability,
and additional controls. While the aggregate level of early-stage drug development activity has increased,
our estimates suggest a sizable, robust, negative relationship between generic penetration and earlystage pharmaceutical research activity within therapeutic markets. A 10% increase in generic penetration
is associated with a 7.9% decline in all early-stage innovations in the same therapeutic market. When
we restrict our sample to first-in-class pharmaceutical innovations, we find that a 10% increase in
generic penetration is associated with a 4.6% decline in early-stage innovations in the same market.
Our estimated effects appear to vary across therapeutic classes in sensible ways, reflecting the differing
degrees of substitution between generics and branded drugs in treating different diseases. Finally, we
are able to document that with increasing generic penetration, firms in our sample are shifting their
R&D activity to more biologic-based (large-molecule) products rather than chemical-based (smallmolecule) products. We conclude by discussing the potential implications of our results for long-run
welfare, policy, and innovation.
Description: NBER Working Paper No. W205322015-01-01T00:00:00Z