First Day of IPO Listing: Wild & Spurious Volatility

IPO Listing day fluctuations are abnormal. As CNBC anchors term it there are lot of fun and games in these counters as there are no price bands on listing day.

1. Financial Express on Listing Day Volatility
2. Report on IPO listing day volatility in Business Standard
3. Prithvi Haldea of Prime database on Listing Day price bands.
4. SEBI's earlier proposal of 25% price band on first day of IPO Listing.
5. DNA on the Violence of Volatility of New Listings. One has to participate to experience the abrupt price fluctuations.
6. Will pre-opening trade help in case of IPOs Listing day fluctuations ?
7. IPO manipulation behind these violent moves ? Sucheta Dalal here
8. Research article on IPO pricing
9. Scholarly article on IPO pricing. Infact the vast amount of availability of academic literature makes the study of financial markets endlessly fascinating and intellectually satisfying. A motivated student of financial markets can grasp all aspects of an issue from various sources and form an informed opinion.
10. Another article by SSS Kumar who is an alumni of SVUSBM and a student of Dr M S REDDY who is my professor at Tirupati.
11. Information assymetry in IPO pricing may necessitate not applying price bands on Day 1.
12. Today( Oct 23,2011)'s new listing VASWANI has allegations of dummy IPO subscription.  
13. Related Article on  Vaswani
14. Always fascinating prose by Dr Ajay Shah on IPOs. He reminds me of Larry Harris of Trading & Exchanges. His articles on Indian Finance together with Dr Susan Thomas of IGIDR will be a GITA on Indian Finance & Markets. Infact Dr Susan Thomas web page contains lot of notes on Econometrics and Finance which is a feast for students of Finance and Financial econometrics.
15. Another respected thinker on Indian Finance even quoted in India's Financial Markets Book.
16. MoneyLife on IPO manipulation

Some project Ideas for MBA Finance students

I would like to list out some ideas for Project work and also empirical study. Pl note that these are are borrowed extensively from the existing financial markets literature.

1. Stock Index Futures Market in India
2. Single Stock Futures Market in India
3. Index Options Markets in India
4. Stock Options Market in India
5. Commodity Futures Market in India
6. Risk Management at NSE
7. Risk Management Using Derivatives at NSE
8. Study of Selected Mutual Fund Schemes in India
9. Study of selected ULIP schemes in India
10. Technical analysis- A study of selected Indicators
11. Study on On-line Trading, Clearing & Settlement
12. Comparitive analysis of  internet trading schemes of Selected Stockbroking firms in Hyderabad
13. Sub-Brokers at NSE : A study in Hyderabad
14. Currency Futures Market in India
15. Currency Options Market in India
16. Study on Commodity Exchanges in India
17. Study of Indian Capital Markets at NSE
18. Study on  Regulation of Indian Securities Market - Case study of SEBI
19. Indian Stock Market Volatility - A Study
20. FII impact on Indian Stock Market
21. A Study on Exchage Traded Funds ( ETFs)
22. Fundamental analysis of different Companies
23. Beta analysis of selected Nifty stocks
24. Study on IPOs at NSE
25. Dividend analysis of Selected Companies
26. Study of Single Index Market Model on selected Nifty Stocks
27. India VIX- A study on Volatility Index
28. Study on PMS Schemes in India
29. Portfolio Construction & Management
30. Study on selected M&A's in India
31. Study of Market Efficiency in India
32. Indian Stock Market Integration with Selected Countries
33. Study on Investor Behavior in Hyderabad

MBA Finance Projects @ BlackSwan

I have the pleasure to interact with MBA Finance students advising on their Projects.

1. Most of the projects deal with  Indian Financial Markets, Risk Management at NSE, Performance Evaluation Of MF Schemes,Fundamental Analysis of Companies, Study of Commodities Markets,Risk Management using Derivatives,Study of F&O Market in India etc.
2. Indian market data is freely available at http://www.nseindia.com,www.bseindia.com,www.mcxindia.com/ and individual MF websites and Company websites for financial data/ Annual Reports.
3. Even though the project study appears simple at conceptual stage, there are lot of details at the implementation level. For ex when trying to do a study on " Performance evaluation of MF Schemes" we have come across the following issues.
4. Which Bench mark to consider ? NIFTY/ BSE 200/ CNX 100
5. NAV frequency ? Daily/ Weekly/ Monthly
6. What is the Risk free Return ?  RBI rate/ SBI term deposit rate
7. Various MF data sources are available. For eg  http://www.amfiindia.com,www.%20mutualfundsindia.com,value/ research, CRISIL, http://www.mf.economictimes.com/, SEBI, Business world and Business Standard sites.
8. For Capital Market related projects  ISMR 2009, NSE Fact Book, Risk Management guidelines are very useful.
9. Some common enquiries students can undertake is regarding examination of Return and Risk of selected instruments ( Equity Futures, Commodity Futures) and compare them on the basis of Volatility.
10. One fruitful study is adequate characterisation of Risk Containment Measures by exchanges ( NSE) in terms of Margins, Capital adequacy norms and their detailed calculation.

STOCKMARKET APTITUDE TEST ( SMAT) 2010

BlackSwan is proposing to conduct SMAT 2010 a stockmarket aptitude test for all learners interested in Trading & Exchanges.

1. Possible partners for this initiative are Stockbrokers, Exchanges, B-Schools, Media partners like economic news papers and business channels, trading software providers etc.
2. The possible dates for the launch is Nov 2010.
3. The participants will be awarded discounts ranging from 25-100% on a 3- month NCMP Level 4 course.
4. SMAT can be benchmarked to industry needs (for ex StockBroking and financial services employee requirements)

Understanding Investments

INVESTMENTS is a subject that is better understood and interpreted through a quantitative and statistical lens. This will avoid many biases of narrative distortion,selective recounting and other heuristics mentioned in behavioral finance.

1. I would think INVESTMENTS by BKM & Pitabas Mohanty with good indian examples and data will help students of Investments learn the right way.
2. Practicing with data from NSE website, Yahoo Finance, BSE website is the way to feel and understand finance theory.
3. MBA Course curriculum is enriched in OU & JNTU. BlackSwan Financial Markets School plans to associate with MBA Colleges and B-Schools in Interpreting SAPM, Investments Courses with practical approach and live trading.
4. Bridge Course for BCom/BBA students can also be implemented.