Forthcoming and Online First Articles

International Journal of Diplomacy and Economy

International Journal of Diplomacy and Economy (IJDipE)

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International Journal of Diplomacy and Economy (6 papers in press)

Regular Issues

  • 'Economic Policy Uncertainty and Stock Market Performance: Evidence from Middle East'   Order a copy of this article
    by Muhammadriyaj Faniband, Salim Shamsher 
    Abstract: This paper examines the impact of Economic Policy Uncertainty (EPU) in the top 15 economies on the stock market of 9 middle east countries using a monthly dataset from January 2004 to May 2021. The results based on the quantile regression approach show that EPU in China and Spain have a substantial impact on Turkey and India on UAE, Spain, and UK on Bahrain and Cyprus across all the quantiles. The other set of results indicate a mixed impact on middle east countries. The impact of EPU is heterogeneous across stock markets in middles east. The results derived from our study would be of substantial utility for multiple stakeholders namely investors, portfolio managers, and policy makers for the adoption of efficient decisions and to make better asset allocation.
    Keywords: Economic Policy Uncertainty; Stock Market; Stock Return; Middle East; Quantile Regression; Emerging Markets; India.
    DOI: 10.1504/IJDIPE.2023.10057639
  • Sponsoring an event & stock return: Vivo IPL to Tata IPL   Order a copy of this article
    by Mohit Saini, Shallu Batra, Mahender Yadav, Vaibhav Aggarwal, Narender Verma 
    Abstract: Title sponsorship of the Indian Premier League 2022-2023 has been given to Tata Group (an Indian Corporate Giant). The main aim of this study is to investigate the impact of the event on each of the listed entities within the Tata Group and identify which among them is the most reactive to this event. The closing price of 17 stocks and the market index were collected from the Prowess database. The event study methodology was used to study the objective. The study employed the twenty-one days event window and 224 days estimation window to estimate the returns. The results indicate that Tata communication ltd. and Indian hotels Co. Ltd. have a significant positive abnormal return on the event day. Overall, the average abnormal return of all stocks was found to be significantly positive on the next day of the event. The findings indicate that the market was optimistic regarding the communication and hospitality segment of the Tata group during the IPL tournament.
    Keywords: Indian Premier League; Stock Return; Event Study; Tata.
    DOI: 10.1504/IJDIPE.2023.10057640
  • Impact of Cryptocurrencies on Inflation: Evidence from BICS Countries   Order a copy of this article
    by Vaibhav Aggarwal, Mohit Saini, Pankaj Kumar, Mahender Yadav, Adesh Doifode 
    Abstract: Academic research on cryptos has exploded over the past decade; however, the impact of cryptocurrency on inflation in emerging markets is an underexplored research area. This study addresses this by investigating the impact of two major cryptocurrencies
    Keywords: Crypto; Bitcoin; emerging market; VAR; VECM.
    DOI: 10.1504/IJDIPE.2023.10058900
  • Covid-19 and Financial Markets: A Comparative Analysis of Sustainable and Conventional Indices   Order a copy of this article
    by Mohit Saini, Mahender Yadav 
    Abstract: The covid-19 pandemic has shocked the whole financial market after the 2008 financial crisis. In the last decade, markets have given various investment avenues to safeguard the invested funds during the time of crisis, sustainable investments are one among them. Hence, this study aims to examine how Covid-19 has impacted sustainable indices as compared to conventional indices. This study adopted the method of event study to analyse the pandemic impacts. The findings of the study indicate that the covid-19 has severe impacts on conventional indices. On the other side, the cumulative average abnormal returns increase post the pandemic lockdown announcement. Returns in the post-event window were highly volatile in the case of conventional indices. Finally, it observed that the sustainable indices were faster to absorb the impact of the covid-19. The study would be helpful for policymakers, investors and portfolio managers.
    Keywords: Sustainable investment; Covid-19; India; Pandemic; Event study; Socially responsible investment; ESG.
    DOI: 10.1504/IJDIPE.2024.10059316
  • India's largest fintech IPO: A case study of Paytm   Order a copy of this article
    by Barkha Dhingra, Mohit Saini, Mahender Yadav, Megha Saini 
    Abstract: India's momentous IPO (initial public offering) year has been 2021. This case talks about the star of the show, Paytm IPO. One of the largest fintech IPOs in the Asia-pacific region failed horribly on the stock market. Even though the company successfully raised the desired amount, investor enthusiasm for Paytm's offer was relatively low compared to other tech firms. The present study discusses the reasons for the debacle of the Paytm IPO, including excessively inflated pricing, FOMO (Fear of Missing Out), etc. The case discusses in depth the emergence of Fintech and Paytm. This is followed by the learnings from the case study. It also highlights the modifications that SEBI brought to tighten the IPO process. The regulator wants new-age IT businesses to tell precisely how they valued their stocks for IPOs, compare it to pre-IPO share sales, and upload all pre-IPO investor briefings to enable investors to make decisions.
    Keywords: Fintech; Paytm; IPO; Book Building; Case Study.
    DOI: 10.1504/IJDIPE.2024.10059317
  • Intellectual capital and financial performance nexus in Indian hospitality sector: A panel data analysis   Order a copy of this article
    by Sushila Soriya, Pushpender Kadian 
    Abstract: The present study empirically examines the effects of intellectual capital (IC) components on business performance indicators of Indian hospitality sector. Further, it explores the role of interactions among IC components to enhanced corporate performance. The study adopted the Modified Value-Added Intellectual Coefficient (MVAIC) model to measure IC and multiple regressions models to analyse the panel data, using a sample of top 50 Indian hotels. The findings demonstrated that the most important and statistically significant variables are human capital efficiency, capital employed efficiency and interaction between human and structural capital efficiencies which positively influence the hotel’s performance, measured through profitability and productivity indicators. The findings also reveal IC as strategic source of enhanced corporate performance. Thus, it may assist the management, stakeholders, policymakers, and government in developing economies like India to enhance and utilize their IC sources effectively and efficiently, particularly in hospitality sector.
    Keywords: Intellectual capital; financial performance; interaction effects; hospitality sector; panel data analysis.
    DOI: 10.1504/IJDIPE.2023.10059850