FOREIGN INSTITUTIONAL INVESTOR’S IMPACT ON STOCK PRICES IN INDIA

Anand Bansal · J. S. Pasricha

23 citations0/0 files storedRePEc: Research Papers in Economics

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Financial Markets and Investment Strategies Financial Risk and Volatility Modeling Market Dynamics and Volatility

Abstract

This paper studies the impact of market opening to FIIs, on Indian stock market behavior. India announced it's policy regarding the opening of stock market to FIIs for investement in equity and related instruments on 14-th September 1992. Using stock market data related to Bombay Stock Exchange, for both before and after the FIIs policy announcement day. An empirical examination has been conducted to assess the impact of the market opening on the returns and volatility of stock return. We found that while there is no significant changes in the Indian stock market average returns, volatility is significantly reduced after India unlocked it's stock market to foreign investors.

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References

1997Emerging equity market volatility 2000Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices 1998Institutional Investors and Equity Prices 2000Rational contagion and the globalization of securities markets 2000Stock Market Openings: Experience of Emerging Economies 1997Stock returns and volatility in emerging financial markets 1995U.S. Equity Investment in Emerging Stock Markets

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2012Impact of Flow of FDI & FII on Indian Stock Market

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