Department Of Financial Administration

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    Cryptocurrency Market Anomaly: The Day-of-the-Week-Effect
    (Indian Institute of Finance, 2023-03-31T00:00:00) Verma, Ruchita; Sharma, Dhanraj; Sam, Shiney
    Cryptocurrency has emerged as a fad amongst investors, academicians and policy-makers as a financial asset, making it important to empirically test the price behaviour of this emerging market. This paper is designed to investigate the presence of a well-known day-of-the-week effect in the young and emerging cryptocurrency market returns from August 2015 to March 2019. Using varied statistical techniques, this anomaly is examined for six cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, Stellar and Tether). The study applies both parametric and non-parametric statistical tests, i.e.,Bar Graph, Heat map, Student�s t-test, Analysis of Variance (ANOVA),regression analysis with dummy variables and the Kruskal Wallis Test. The study�s findings show that no sample cryptocurrency returns exhibit the day-of-the-week effect phenomenon.The statistically insignificant result of the day-of-the-week effect in thecryptocurrency returns showcases the evidence of market efficiency in the cryptocurrency market. � Indian Institute of Finance.
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    An Evaluation of Cashless Transactions During Pre-and Post-Demonetization Era in India
    (Springer International Publishing, 2023-01-01T00:00:00) Sharma, Dhanraj; Verma, Ruchita; Singh, Heavendeep
    On 8 November 2016, Prime Minister Narendra Modi announced �demonetization� to weed out black money from the country. The move, which saw Rs 500 and Rs 1000 denominations� currency notes being banned, wiped out 86% of India�s currency overnight. The primary purpose of the research paper is to evaluate and compare the cashless transactions during the pre- and post-demonetization periods in India. For this purpose, we used the variables such as NEFT, RTGS, and Mobile Banking transactions in terms of inward and outward transactions in private, public, and all banks in India by using a non-parametric test Wilcoxon Signed Ranks Test. The data are collected from the database of RBI for the study period of June 2012 to March 2021 which is further classified as the Pre-Demonetization era (June 2012 to October 2016) and Post-Demonetization era (November 2016 to March 2021). The study results show a significant positive increase during the post-demonetization period in all classifications of banks for all the selected instruments of cashless transactions. The present study contributes to the existing literature as it attempts to understand the drastic change in the trends of cashless transactions during the post-demonetization era. � The Author(s), under exclusive license to Springer Nature Switzerland AG 2023.
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    Relationship between Bank-Specific Factors and Non-Performing Assets of Indian Banks during post Global Financial Crisis Era
    (Indian Institute of Finance, 2022-06-01T00:00:00) Verma, Ruchita; Sharma, Dhanraj; Sharma, Shubham; Sam, Shiney
    The study aims to analyze the relationship between Bank-specific factors and Non-Performing Assets (NPAs) of the Indian banks. The sample of the study consists of 21 public sector and 19 private sector banks which accounted for 96.42% of banking operation in India and were continuously in existence for the study period of 10 years i.e. from 2009-10 to 2018-19.The study considered NPAs as dependent variable and used bank-specific indicators as independent variables. The study found concentration of NPAs and advances in public sector banks and higher concentration in private sector bank. Further, based on stability based classification, the study found Induslnd bank; Nainital bank and Yes Bank are the highly unstable banks in Indian banking sector. Using panel data regression approach, the result shows that NPAs can be managed efficiently by improving Return on Assets and Credit Deposit Ratio. � Indian Institute of Finance.