The study of investor behaviour in and around tail events is important as these impact market returns. Since the onset of the COVID-19 pandemic, financial markets worldwide have seen enormous falls amid widespread uncertainty initially and then bounced back strongly with greater momentum. This article investigates the short-term performance of public issues which had their debut on the Indian Stock exchanges during the time of the COVID-19 pandemic. It also analyses the impact of fear of the pandemic on underpricing, if any and the factors impacting their performance. It compares the pre-COVID and post-COVID initial public offerings (IPOs) in Indian Capital Market with a sample of 158 listings across nine years from 2013 to 2021 on the main board segment of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). With the help of the t-test and multivariate regression applied on subscription data, listing data, listing gains, issue size, return on net worth, age and other factors, a more active retail investor group emerges with a statistically significant increase in underpricing during the COVID-19 era. The study provides strong evidence that the pandemic contributed towards increase in number of firms getting listed and higher levels of underpricing. It also suggests that the impact was particularly on the investors’ sentiment with increase in retail subscription four folds. Desire to synthesize short term benefits and over optimism among the retail investors, has led to such increase. We summarize that in the post pandemic era, higher than usual listing gains and larger than usual issue sizes are affected by a radical shift in Indian retail investor behaviour. Tail events like COVID-19 have changed the way Indian investors behave and invest in IPO’s causing them to base their decisions on speculative metrics rather than the actual fundamentals of the issue. This article is a first-of-its-kind study to examine the impact of the pandemic on the equity market practices in India, namely, the anomaly of underpricing of IPOs or new listings on the main board segment.

Purpose The present study explores the effect of environmental, social and governance (ESG) controversies on firm value. Further, the study investigates when industry munificence moderates this association. Design/methodology/approach The research employs 5,670 firm-year observations from 2012 to 2018 for the United States (US)-based firms from the Refinitiv database. The direct and moderating effects were tested using a fixed effect panel regression model. Findings The primary analysis unexpectedly demonstrates that ESG controversies do not affect firm value. On the contrary, ESG controversies decrease firm value when interacting with industry munificence; this interaction effect is both positive and highly significant. We observed that reduced (increased) ESG controversies translate to higher (lower) firm value in industries with high munificence and lower (higher) firm value with low munificence. These results remain consistent with alternative proxies for size and CSR. Conducting sample split analysis over time, we discovered significant results in 2015–2018, indicating stakeholders' awareness has increased over time. Research limitations/implications The findings offer policymakers distinctive perspectives on the moderating role of munificence that impacts companies’ strategic imposition or limitation of ESG controversies to boost their value. Managers can gain valuable insights from the results regarding the importance of munificence in the relationship between ESG controversies and firm value. Originality/value This study is the first to examine the moderating effect of industry munificence in the relationship between ESG controversies and firm value for US firms.

This study examines corporate financial management and financial performance of A2Z Infra Engineering Ltd. for the period 2020-2025 based on secondary data obtained from ProwessIQ. Key financial management practices such as Discounted Cash Flow (DCF) valuation, Cost of Capital, Capital Budgeting, Leverage, Capital Structure, and Dividend Policy are used for the analysis. The results reveal that while the business has been under financial pressure and has recorded losses in the initial period, it has started to recover its operations from 2022, as shown by positive free cash flows and enhanced debt servicing ability. But the company is still highly levered, less profitable, and does not pay dividends. The hypothetical expansion project shows how a project would be financially feasible with positive Net Present Value (NPV), positive Internal Rate of Return (IRR), and a low payback period. The research findings suggest that long-term viability of an organisation is based on enhancing profitability, de-leveraging, enhancing equity & balanced financial strategies.

Rapid growing population and increasing consumption of food are placing unprecedented demand for agriculture. Today, more than 1.4 billion people in India are becoming a challenge for agricultural land to feed them. The present study outlines how the trend in area, production, and productivity existed in the past and what they will be if continued with similar operations, practices, and climatic conditions. The study assesses the changing trend and pattern of rice crops under the area, production, and productivity over 55 years from 1966 to 2020 in different homogenous meteorological regions (HMRs) of India. In the present study, three statistical trend analysis methods, namely the linear regression model, Mann-Kendall test (M-K test), and Sen’s slope analysis, have been used to analyse the existing trends in the regions. The results show that the area under rice crop has increased in NW, CNE, WC region, and India on a national scale, while it is decreasing in NE and SP regions. The trend line for all the HMRs and India is significant at a 95

Globally, there has been a lot of focus on climate variability, especially variability in annual precipitation and temperatures. Depending on the area, different climate variables have different degrees of variation. Therefore, analyzing the temporal and spatial changes or dynamics of meteorological or climatic variables in light of climate change is crucial to identifying the changes induced by climate and providing workable adaptation solutions. This study examined how climate variability affects tea production in Darjeeling, West Bengal, India. It also looked at trends in temperature and rainfall between 1991 and 2023. In order to identify significant trends in these climatic factors and their relationship to tea productivity, the study used a variety of statistical tests, including the Sen’s Slope Estimator test, the Mann–Kendall’s test, and regression tests. The study revealed a positive growth trend in rainfall (Sen’s slope = 0.25, p = 0.001, R2 = 0.032), maximum temperature (Sen’s slope = 1.02, p = 0.026, R2 = 0.095), and minimum temperature (Sen’s slope = 4.38, p = 0.006, R2 = 0.556). Even with the rise in rainfall, there has been a decline in tea productivity, as seen by the sharp decline in both the tea cultivated area and the production of tea. The results obtained from the regression analysis showed an inverse relationship between temperature anomalies and tea yield (R = −0.45, p = 0.02, R2 = 0.49), indicating that the growing temperatures were not favorable for the production of tea. Rainfall anomalies, on the other hand, positively correlated with tea yield (R = 0.56, p = 0.01, R2 = 0.68), demonstrating that fluctuations in rainfall have the potential to affect production but not enough to offset the detrimental effects of rising temperatures. These results underline how susceptible the tea sector in Darjeeling is to climate change adversities and the necessity of adopting adaptive methods to lessen these negative consequences. The results carry significance not only for regional stakeholders but also for the global tea industry, which encounters comparable obstacles in other areas.

Due to climate change the drop in spring-water discharge poses a serious issue in the Himalayan region, especially in the higher section of Himachal Pradesh. This study used different climatic factors along with long-term rainfall data to understand the decreasing trend in spring-water discharge. It was determined which climate parameter was most closely correlated with spring discharge volumes using a general as well as partial correlation plot. Based on 40 years (1981-2021) of daily average rainfall data, a rainfall-runoff model was utilised to predict and assess trends in spring-water discharge using the MIKE 11 NAM hydrological model. The model's effectiveness was effectively proved by the validation results (NSE = 0.79, R2 = 0.944, RMSE = 0.23, PBIAS = 32%). Model calibration and simulation revealed that both observed and simulated spring-water runoff decreased by almost 29%, within the past 40 years. Consequently, reduced spring-water discharge is made sensitive to the hydrological (groundwater stress, base flow, and stream water flow) and environmental entities (drinking water, evaporation, soil moisture, and evapotranspiration). This study will help researchers and policymakers to think and work on the spring disappearance and water security issues in the Himalayan region.

The study of monsoon variability in India has been the focus of scientific research for many decades due to its impact on agricultural production and the national economy. This study aims to understand the research trend over time and analyses those issues using bibliometric analysis with systematic literature review and meta analysis. A bibliometric and meta analysis was developed to analyses Scopus metadata documents from 1978 to 2022 by using bibliometric R-tool. The meta analysis was conducted at four broad bibliometric indices levels- authors, sources, affiliation and collaboration. The result shows the major area of the research in this field, as well as the institution, authors and journal, are inter-link with each other. Collaboration networks are found between a close group of researchers, institutions and countries, but international collaborations are growing. The reference spectroscopy helps to identify the historical root of this study. This study has created a bridge between the previous research findings and the research gap and how researchers can work on this research gap to achieve sustainable development goals (SDGs) 2, 6 and 13 that are also incorporated through a unified framework. The findings will be helpful for researchers at various stages in the field of monsoon variability by providing an extensive overview and authoritative literature review.

Urban heat exposure (UHE) is a widespread micro-climatic event for large metropolitan and rapidly growing cities globally. Therefore, this study mainly focuses on urbanization impacts on the seasonal variation of the UHE in Delhi-National Capital Region (NCR) and its peri-urban environment during 2005-2020 and its reduction strategies based on Landsat dataset and MODIS dataset. To calculate the UHE, this study uses seasonal diurnal and nocturnal land surface temperature (LST), urban heat island (UHI) and urban thermal field variance index (UTFVI) maps for 2005 and 2020. The result shows that winter diurnal and nocturnal LST has been significantly increased by 2.7 degrees C. UTFVI results also shows that the ecological condition in the central to southern part not enough to reduce the heat and increase thermal discomfort. Similarly, UHI intensities have been extended from central to southern part and its surroundings due to rapid urban expansion and population concentration. Finally, we get the UHE maps for 2005 and 2020. Whoever, Delhi has high increasing trend of Urban heat exposure Zone (UHEZ) with maximum areal concentration both seasons. Finally, recommended some area-specific heat mitigation strategies for Delhi-NCR that can be helpful for urban planners and researcher in future land use planning and urban climate studies.

Purpose : The study aimed to broaden and contextualize the emerging knowledge about the impact of initial public offerings (IPOs) on the operating performance and financial health of public firms in India and whether oversubscription and underpricing of the IPO firms determined the change in performance. Design : It entailed the comparison of pre-IPO and post-IPO performance for 3 years by employing data from 95 IPO firms getting listed on the main board segment of NSE and BSE in India between April 2012 and March 2018. Methodology : The methodology consisted of both univariate and multivariate data analysis techniques. Multivariate regression analysis determined whether underpricing and subscription levels determined IPO firms’ post-issue long-run operating performance. Findings : The study suggested that operating performance dropped significantly while financial health improved post-IPO. Both oversubscription and underpricing were not predicting factors of change in performance post-IPO. Rather, issue size, offer price, and post-issue promoter holding significantly and negatively impacted the change in performance ; whereas, age positively and significantly determined the change in performance after the IPOs. Practical Implications : The study recommended that, with the indication of earnings management being done just before the IPOs, investors need to exercise caution in relying on the financials immediately before the IPO. The findings of the study will guide investors in making accurate investments in the primary and secondary equity markets. Originality : Unlike previous research, this study examined the impact of IPOs on the firms’ financial health post-issue and whether subscription to IPOs determined the change in performance of new listings on the main board segment in India.

The present study analyses the collaborative endeavours associated with the evolving modifications in the procedures and regulations governing initial public offering (IPO) processes in India. Partly spurred by the mandated adoption of the Ind-AS (Indian Accounting Standards), which are aligned with International Financial Reporting Standards (IFRS), the study employs a student’s t-test along with multivariate regression on 126 firms listed in India between April 2013 to March 2020 on both BSE and NSE to examine the impact of changes in accounting standards on IPO under-pricing in India. The study finds substantial evidence that transitioning from AS (erstwhile accounting standards based on Generally Accepted Accounting Principles-GAAP) to Ind-AS improved market efficiency and reduced under-pricing. The adoption of Ind-AS also demonstrates a significant impact on the investing community’s investing perception. Further, the study finds that the mean under-pricing was not affected for firms supported by venture capital and group affiliation. The study concludes that regulatory bodies should prioritise enhancing transparency in offer documents to mitigate information asymmetry. This study is a pioneering effort in examining the Indian stock market, serving as foundational research that may be used in future investigations.

In the ever-evolving realm of organizational behavior, the intricate interplay between leadership styles and employee outcomes remains a central focus of scholarly exploration. This meta-analysis delves into the nuanced relationship between "Authentic Leadership" (AL) and "Organizational Commitment" (OC) over the period from 2011 to 2021. Drawing from a comprehensive selection process encompassing 24 primary studies, our investigation, rooted in data from Mendeley, Scopus, and Google Scholar, unveils a positive association between AL and Organizational Commitment. Employing the Random Effects Model, our analysis yields a moderate correlation coefficient (r = 0.43), emphasizing a strategic connection. The exploration extends to publication bias analysis, indicating the reliability and generalizability of our findings. As organizations navigate the dynamics of leadership and commitment, our meta-analysis provides valuable insights for scholars and practitioners alike.

The study of monsoon variability in India has been the focus of the scientific research for many decades due to its impact on agricultural production and the national economy. This study aims to understand the research trend over time and analyses those issues with bibliometric analysis. A bibliometric analysis was developed to analyses documents from 1978 to 2022. In order to develop the analysis bibliometric R-tool was used with Scopus metadata. The database has been analyzed by different criteria like the number of publications, sources, countries, affiliations etc. The result shows the major area of the research in this field, as well as the institution, authors and journal, are inter-link with each other. Collaboration networks are found between a close group of researchers, institutions and countries and they function within the group and between the group. However, international collaborations are growing a new trend with other related fields for greater interest. The reference spectroscopy helps to identify the historical root of this study. The understandings provided in this study are useful for researchers at various stages in the field of monsoon variability study. The findings can also assist in this or related fields by providing an extensive overview of Monsoon variability and this opens new vistas for researchers who wish to publish an authoritative literature review. Additionally, this study is created a bridge between the previous research finding and the research gap, and how can researcher work on this research gap to achieve Sustainable Development Goals (SDGs) specifically SDG 2, SDG 6, and SDG 13 that is also incorporated through a unified framework.

The NSE is the one of the largest trading markets which is started in early 19 th century.The present study will analyze the performance of the Sectors which are listed in the NSE for pre and during pandemic.Aim and Objectives: To test the significance difference between Returns of NSE Sectors of pre and during pandemic and also to study the effect of closing price of market on Manufacturing and Service Sectors for pre and during pandemic.Methods: Paired t-test, Multiple Regression analysis. Conclusion: -The study is concluded that there is high volatile in Service Sector compare to Manufacturing Sector during the pandemic.

This article investigates the impact of women directors on financial outcomes—return and risk of Indian companies. It applies fixed and random effects Tobit regressions to examine the effect of female directors on financial outcomes (returns and risk) of the firm, controlling promoters’ shareholding, leverage, firm growth and age, board size and board meetings. The study does not find any support to agency and resource dependence theories because the proportion of women directors in most Indian boards is too small to make much impact. However, it has a moderating influence to reduce variations in accounting profits and stock returns. The investors reward also meeting the regulatory quota of woman member on the boards by higher market returns indicating a signalling effect. The study adds an understanding of quota induced women directors’ influence on the firm’s financial outcomes. However, the regulators should be cautious in mandating induction of women members on the boards as they might be inexperienced or lack the needed grounding to effectively influence board processes.

Indian economy is agricultural rural economy. Without the development of the rural economy, the objectives of economic planning cannot be achieved. Hence, banks and other financial institutions are considered to be a vital role for the development of the rural economy in India. NABARD are playing a pivotal role in the economic development of the rural India. National Bank for Agriculture and Rural Development (NABARD) was established under an Act of the Indian Parliament, viz. NABARD Act 1981, and came into existence on 12th July 1982. NABARD is set up by the Government of India as a apex financial institution with the mandate of facilitating credit flow for promotion and development of agriculture and integrated rural development. The institution plays a developmental role in strengthening the rural financial institutions. The agency extends refinance support for the development of rural economy to SCARDBs, STCBs, RRBs, commercial banks, and other financial institutions approved by RBI. This paper aimed at assessing the refinance operations of NABARD in Himachal Pradesh. Keywords: NABARD, Refinance, Rural Credit

Setting up of National Financial Reporting Authority (NFRA) in India as an independent regulator to audit the auditors has renewed a debate on ‘peer review’ and ‘independent review’. While the global practice is that of an independent oversight over the auditors, the professional body of auditors in India- Institute of Chartered Accountants of India (ICAI) is opposed to the move of the government to appoint a regulator over auditors. This paper examines the perception of auditors and other stakeholders in India on the mechanism of auditing the auditors. The study finds that all stakeholders including practicing public accountants believe that the present state of auditing is not satisfactory in India. The difference in perception is on the setting up of the independent authority (NFRA) to audit the auditors. While the chartered accountants in India believe that self-regulation over the auditors through the existing mechanism may be made more effective, the other stakeholders overwhelmingly support the quasi-regulatory body for independent review of audit service.

Carbon monoxide is the most abundant of the criteria pollutants. High concentration of Carbon monoxide generally occurs in areas with heavy traffic congestion. There are adverse effects on Human health due to high concentration of CO in the atmosphere. The metropolitan cities are facing such type of problems a lot. In a given signal (data of average CO per day, observed by DPCC Anand Vihar, Delhi), trend is the most important part and also slowest part of a signal. In wavelet analysis terms this corresponds to the greatest scale value. Symlet wavelet is orthogonal and compactly supportive and therefore, it is useful for multiresolution analysis of a CO data. Approximation and Detailed coefficients have been determined using Sym4 wavelet transforms.