Prof. L. M. Bhole
Laxman Madhao Bhole is Professor in the Department of Humanities and Social Sciences, IIT Bombay. After graduating from Poona University in 1965, he obtained his M.A. in Economics from Bombay University in 1967. He obtained Ph.D. from Bombay University in 1971 and joined Sydenham College, Bombay, where he taught for two years. He joined IIT Bombay in1973 and was the Head of the Department of Humanities and Social Sciences during 1989-92. He was awarded Maharashtra Government Open Merit Scholarship, Ford Foundation Scholarship, and UGC Fellowship for pursuing his studies at various levels. He visited the Institute for Studies in Economic Development, Naples, Italy for six months on an Italian Government scholarship. Prof. Bhole has been teaching Economics for more than 35 years.
A prolific writer, Prof. Bhole has many books, and over 125 research articles published in books and reputed journals, to his credit. His books are: (1) Investment, Interest, and Monetary Policy in India (1974); (2) Impacts of Monetary Policy (1985) (3) Financing of the Private Corporate Sector: Trends, Issues, and Policies (2000); (4) Essays on Gandhian Socio-Economic Thought (2000); (5) Financial Institutions And Markets: Structure, Growth, And Innovations (Fourth Ed.) (2004); (6) Collected Papers on Money, Interest, and Monetary Policy (2007); (7) Collected Papers on Credit and Finance (2007), (8) Collected Papers on Gandhian Thought (2007); (9) Unemployment, Inequality, Entrepreneurship, and other Collected Papers (2007).
Collected Papers on Credit and Finance - Vol. 2
459 Pages, 17 x 24 cm, Tables & Figures
ISBN 978-3-938054-14-7 - Softcover - EURO 64,80
ISBN 978-3-938054-24-6 - Hardcover - EURO n/a
About the book
Overview
The volume on Collected Papers on Credit and Finance contains twenty-eight research papers on the themes such as the importance, evolution, and drawbacks of the Indian capital market, inflation and equity returns, financial derivatives, global depository receipts, working capital management, financial structure and dividend policy of the corporates, trade credit, appraisal of financial sector reforms, and Grameen Bank. Although the focus of discussion in the papers is primarily on the Indian economy, the international context also has been referred to whenever possible and relevant. As hardly any research-based book on corporate finance is available in India at present, the present volume would help to fill this gap in the literature on Indian corporate finance.
Excerpt (Capital Market As Infrastructure, p. 1):
Economic growth of any country depends, among other things, on the existence of highly developed infrastructure. Infrastructure refers to the system of public services which may be said to form the basis of development. Transport, power, communications, irrigation, educational institutions, are some of the constituents of the overall infrastructure of the economy. If these economic overheads are absent or highly underdeveloped, a number of bottlenecks would emerge in the normal process of economic growth, with the result that growth would suffer either in speed or in size. From this point of view, a well integrated and efficiently functioning capital market is essential in order to increase the rate of capital formation which, in turn, is a basic precondition for the economic growth.
The process of capital formation has two aspects: firstly, there should be some individuals in the community who would prefer future consumption to present consumption. Secondly, savings generated thereby should be converted into productive capacity by way of acquiring productive physical assets. In olden days, when enterprises were owned mainly by those who undertook them, this dichotomy between those who would save and those who would invest was not very significant. But as the economic system became more complex, the management and the ownership of enterprise were divorced from each other.
Contents
1. Capital Market as Infrastructure
2. The Indian Capital Market at Crossroads
3. The State of Indian Stock Market Under Liberalization
4. Macro-Economic Indicators and Capital Market Activity in India - 1983-84 to 2004-05
5. Inflation and Equity Returns
6. Futures, Options, and Other Financial Innovations in India
7. The Impact of International Listings on Liquidity: Evidence From the Indian Stock Market
8. Tandon Committee on Credit and Corporate Financial Policy - An Analysis
9. Bank Finance for Working Capital after Tandon Committee Report : Some Evidence
10. Determinants of Corporate Financial Structure
11. The Deductibility of Interest Costs and the Corporate Financial Policy
12. A Debate on Deductibility of Interest Cost, Retention of Profits, and Development of Stock Market
13. Trends and Determinants of Corporate Capital Structure in India: A Panel Data Analysis
14. Retained Earnings, Dividends, and Share Prices of Indian Joint-Stock Companies
15. Behaviour of Trade Credit: Its Relevance for Monetary Policy
16. Behaviour of Trade Credit In India: Time Series and Panel Data Analysis
17. Trends and Determinants of Private Corporate Sector Savings in India
18. Growth of Company Deposits in India
19. Financial Structure for Rural Development: In Retrospect and Future Perspective
20. Proposals for Financial Sector Reforms in India: An Appraisal
21. Financial Sector Reforms: An Alternative Agenda
22. A Perspective on Financial Reforms in India
23. Development of Financial Infrastructure in India: Past and Contemporary Initiatives
24. Restructuring Rural Credit System: Issues and an Alternative
25. Indirect Vs. Direct Systems of Business Finance: Theory and Evidence
26. Grameen Bank of Bangladesh: A Model for Financing Rural Development
27. Automated Teller Machines (ATMs): Trends, Issues and Prospects
28. Scope for Hire-Purchase Credit in India
Audience
Doctoral and post-doctoral students, researchers in economics and finance, and policy makers.
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