8/3/2019 Anand Saxena

1/6

Anand Saxena

University of Pennsylvania - The Wharton School

November 9, 2009

Abstract:In view ofthe enormity of the economic power of the family owned and controlled businessgroups in India, the study proposes an eclectic framework for an examinationof the successionrelated issues in these groups. The study contends that these issues have much far reachingimplications for the functioning and governance of the entire corporate, market and economicsystem than pertaining merely to the private domain of the family. The study notes that cohesionas well as splits in business groups potentially have some favourable and unfavourableconsequences. The essential question is whether such a symbiosis and mitosis is the naturaloutcome of the constellation of economic, historical, socio-cultural, politico-legal-institutional andethico-moral forces exerting their influences on business and family systems. And that, whether

the transition toward a new equilibrium is mediated by a well planned, logical and smoothsuccession. The paper takes the position that while institutional change takes longer to takeplace, greater market activism that penalizes sub-optimal successions can be a way out. It alsomakes a case for the requirement of prior public disclosure of the planned ownership,leadership and managerial succession.

Number of Pages in PDF File: 38

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1327108http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1327108

8/3/2019 Anand Saxena

2/6

Title: Building brand identity in competitive markets: a conceptual model

Author(s): Bhimrao M. Ghodeswar, (School of Management, Asian Institute ofTechnology, Klong Luang, Pathumthani, Thailand)

absract:

Purpose The purpose of this conceptual paper is to identify important elements of brandbuilding based on a literature review and case studies of successful brands in India.

Design/methodology/approach This paper is based on a review of the literature and takes acase study approach. The paper suggests the framework for building brand identity in sequentialorder, namely, positioning the brand, communicating the brand message, delivering the brandperformance, and leveraging the brand equity.

Findings Brand-building effort has to be aligned with organizational processes that help deliverthe promises to customers through all company departments, intermediaries, suppliers, etc., as

all these play an important role in the experience customers have with the brand.

Originality/value The paper uses case studies of leading Indian brands to illustrate theimportance of action elements in building brands in competitive markets.

Ravi Agarwal

Birla Institute of Management Technology

Wasif Mukhtar

Deloitte Touche Tohmatsu India

Nataraj K.

Birla Institute of Management Technology (BIMTECH)

Sweta Agarwal

http://www.emeraldinsight.com/search.htm?ct=all&st1=Bhimrao+M.+Ghodeswar&fd1=aut&PHPSESSID=e96nv7t0ov4n75un7n9m95cl43http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1115175http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1115175http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1317483http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1415419http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1415419http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=964307http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=964307http://www.emeraldinsight.com/search.htm?ct=all&st1=Bhimrao+M.+Ghodeswar&fd1=aut&PHPSESSID=e96nv7t0ov4n75un7n9m95cl43http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1115175http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1317483http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1415419http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=964307

8/3/2019 Anand Saxena

3/6

affiliation not provided to SSRN

Ridhima Arora

affiliation not provided to SSRN

January 15, 2010

Abstract:Some studies show that the performance of option strategies with stock portfolios could dependon other factors or on market conditions. Benninga and Blume (1985) analyzed theoptimality of portfolio insurance in complete and incomplete markets, and found that buying putoption may be optimal only in an incomplete market, not in a complete market. Brooks and Hand(1988) examined the return characteristics of index futures contracts, and found that both thereturn distribution and performance evaluation depend on the risk-free rate, the dividend rate, thebasis and the margins. In the present study, we have computed implied volatility using a

number of models and statistically compared each of them with the historical one. We propose toadvocate a portfolio strategy based on such mispricing of options contracts.

Number of Pages in PDF File: 21

Keywords: Derivatives, BSOPM, Implied Volatility

JEL Classifications: G12, G32

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1416348http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1416348

8/3/2019 Anand Saxena

4/6

Indian Family Businesses: Their survival beyond three

generationsK. RamachandranAbstract

Interest in family businesses is recent, and most often knowledge creation in this field islimited to Western academics. Although stray outputs have started appearing on

developing countries or Asia in general, no comprehensive picture is still clear on most

aspects of family business. It is in this context that this exploratory research is

undertaken.Family businesses constitute most businesses in India, as anywhere else. Economic

liberalisation and rapid expansion in the industrial base in recent years have not only

created growth opportunities for many but also have tested their resource capabilities torespond to them; some have chosen to follow the role of a custodian of their existing

wealth and followed the preservation route, while some others have followed more of an

entrepreneurial route of exploiting opportunities with or without relevant resources, withmixed results. One of the key resources for all of them is their family, and their prime

concern is wealth and welfare of their family. A major dilemma many of them have

faced particularly in the last decade since economic liberalization began is to choosebetween combinations of risks and returns of business growth and conservation of wealth

of the family. This, of course, is intertwined with the missions of their businesses and

families.

Family businesses are fascinating because of the mutual dependence of two ecosystems(family and business) that have inherently conflicting characteristics. Some of the key

dimensions that determine the cohesiveness of both the family and business are:

succession planning, remuneration and rewards planning, recruitment and rewards fornon-family professionals, retirement and estate planning, induction and grooming,

ownership structure, preserving wealth, resolving conflicts, business vision, strategy and

governance, family vision, strategy and governance. Research evidence suggests thatthese come under strain especially when their operating environment comes under

pressure. Growing interest in corporate governance has its positive effects on family

governance too especially in introducing greater level of professionalisation in business.

The six Indian case studies analysed in this paper have been carefully selected: all fourthgeneration family businesses with diversified portfolios, and managed jointly by family

members and outside professionals. However, they are different in terms of leadership

quality across generations, response to environmental forces, family unity and businessperformance. Families with a unified command and harmonious relationship have

responded well to the economic liberalisation process that started in early 1990s. We

conclude that the quality of family leadership reflected in the level of Compassion

Orientation nurtured in the families is found to be critical for building CompetitiveOrientation in the groups business. Also, the nature and characteristics of Competitive

Orientation required in business and Compassion Orientation required in families are

influenced partly by the stage in their life to which they belong and the impact ofenvironmental forces existing. Families with high quality leadership have been able to

transcend from early to later stages in their life cycles smoothly.

8/3/2019 Anand Saxena

5/6

Ram Upendra Das

Abstract

While most regional cooperation initiatives entail trade liberalisation and investmentcooperation agreements, they have largely been bereft of being contextualised in terms of

developmental goals like poverty reduction. The importance of understanding these

issues is especially pronounced in a poverty-stricken South Asian region. Thus, the paperprobes into the complex interlinkages among trade-FDI-poverty reduction in a regional

context.

It provides some fresh analytical insights into the issue by dwelling on some of thechannels through which these variables might be interlinked. The conceptual arguments

are further substantiated with the help of some illustrative examples from the region. It is

argued that it would be nave to conclude that increased trade and FDI integration in the

region would not have had any employment generating and poverty reducing effects dueto regional integration. On the contrary, deeper trade and FDI integration in the South

Asian region is needed to reap larger benefits of integration in terms of achievingdevelopmental goals. This is particularly important for the lesser developed economies of

the region since they may face limits to their individual efforts to combat poverty.

Finally, the paper offers some evidence of growth-converging effects in the South Asianregion.

Regional Economic Integration

Some Unexplored Issues

Abstract

While most regional cooperation initiatives entail trade liberalisation and investment

cooperation agreements, they have largely been bereft of being contextualised in terms ofdevelopmental goals like poverty reduction. The importance of understanding these

issues is especially pronounced in a poverty-stricken South Asian region. Thus, the paper

8/3/2019 Anand Saxena

6/6

probes into the complex interlinkages among trade-FDI-poverty reduction in a regional

context.

It provides some fresh analytical insights into the issue by dwelling on some of the

channels through which these variables might be interlinked. The conceptual arguments

are further substantiated with the help of some illustrative examples from the region. It isargued that it would be nave to conclude that increased trade and FDI integration in the

region would not have had any employment generating and poverty reducing effects due

to regional integration. On the contrary, deeper trade and FDI integration in the SouthAsian region is needed to reap larger benefits of integration in terms of achieving

developmental goals. This is particularly important for the lesser developed economies of

the region since they may face limits to their individual efforts to combat poverty.

Finally, the paper offers some evidence of growth-converging effects in the South Asianregion