Please use this identifier to cite or link to this item: https://ir.iimcal.ac.in:8443/jspui/handle/123456789/4915
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dc.contributor.authorBhaumik, Sumon Kumar
dc.contributor.authorChakrabarty, Manisha
dc.contributor.authorKutan, Ali M.
dc.contributor.authorSelarka, Ekta
dc.date.accessioned2024-09-12T09:36:08Z
dc.date.available2024-09-12T09:36:08Z
dc.date.issued2021-11
dc.identifier.issn2364-1045(Online)
dc.identifier.urihttps://ir.iimcal.ac.in:8443/jspui/handle/123456789/4915
dc.identifier.urihttps://doi.org/10.1007/s40953-021-00253-z
dc.descriptionSumon Kumar Bhaumik, Sheffield University Management School, University of Sheffield, Sheffield, UK | Sumon Kumar Bhaumik, IZA – Institute of Labor Economics, Bonn, Germany | Sumon Kumar Bhaumik, IZA – Institute of Labor Economics, Bonn, Germany | Manisha Chakrabarty, Indian Institute of Management Calcutta, Calcutta, India | Ali M. Kutan, Southern Illinois University Edwardsville, Edwardsville, USA | Ekta Selarka, Madras School of Economics, Gandhi Mandapam Road, Behind Anna Centenary Library, Chennai, 600025, Indiaen_US
dc.descriptionPages 795–818
dc.description.abstractThe paper uses a panel VAR framework to estimate the impact of a series of reforms aimed at reducing transactions cost and information cost in India’s secondary market for equity, on trading cost and trading volume. In particular, we focus on the reforms that were introduced after the creation of the National Stock Exchange (NSE) and screen-based trading that have been much discussed in the literature. Our results suggest that only the creation of the clearing corporation that reduced or eliminated counterparty risk had an economically meaningful/significant impact on trading cost and volume. We also find that the impact was much greater for mid-cap firms and, to a lesser extent, for small-cap firms than for large-cap firms. Further, while trading costs and trading volumes Granger cause each other for mid-cap firms, there is only one-way causality for large-cap firms—trading cost Granger causes volume but the reverse is not true, and for small-cap firms there is no causal relationship between the two. The policy implications of these findings are discussed in the paper.en_US
dc.language.isoen_USen_US
dc.publisherJournal of Quantitative Economicsen_US
dc.relation.ispartofseriesVol. 19;
dc.subjectStock market reformsen_US
dc.subjectTrading cost
dc.subjectTrading volume
dc.subjectPanel VAR
dc.subjectEmerging market
dc.titleHow Effective are Stock Market Reforms in Emerging Market Economies? Evidence from a Panel VAR Model of the Indian Stock Marketen_US
dc.typeArticleen_US
Appears in Collections:Economics

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