Lokanandha Reddy Irala

This study examines the influence of geopolitical risk (GPR) on cryptocurrency returns using daily global and monthly country-specific data from January 2019 to December 2025. Employing fixed effects panel regression, feasible generalised least squares, heteroskedasticity-based IV estimation, and panel quantile regression across eight major non-stablecoin cryptocurrencies, we find that GPR effects are asymmetric and regime-dependent GPR is associated with higher returns in bearish market conditions, remains insignificant under normal conditions, and dampens returns in bullish periods. GPR threats exert a consistently stronger negative effect than GPR acts across all market conditions, reflecting the forward-looking nature of investor behaviour in cryptocurrency markets. Country-specific analysis across 44 countries reveals a clear geographic divide: developed European economies including Sweden, Spain, and Finland show significant negative effects consistent with risk-off behaviour, while emerging and high crypto-adoption markets including South Korea, Saudi Arabia, and Vietnam show positive effects consistent with flight-to-crypto behaviour. Argentina shows a notable reversal between historical and recent GPR measures, reflecting its dramatic macroeconomic deterioration during the study period. Quantile-based Granger causality tests confirm that GPR has predictive power over future returns, particularly during bullish market conditions. These findings challenge the unconditional safe-haven characterisation of cryptocurrencies and carry direct implications for portfolio managers, regulators, and investors seeking safe-haven assets in an increasingly uncertain geopolitical environment.

This study empirically examined the relationship between corporate governance factors, namely CEO duality, independent directors, board meeting frequency, board size, gender diversity, audit committee size and audit committee meetings, and intellectual capital performance. The above premise is studied using data of 26 commercial banks listed on the Indian Stock Exchange (NSE) from 2010 to 2020. The study used purposive sampling as the methodology and multiple regression models with VAIC and ROA as attributes. VAIC measures the efficiency of intellectual capital. ROA is used to determine financial performance. The results of the study reveal that the use of observational data, independent directors, frequency of board meetings and audit committee size has a positive and significant effect on intellectual performance at a 10% significance level. According to the study’s findings, audit committee meetings have a positive impact on intellectual capital performance at a 1% significance level, while board size has a negative impact at a 5% significance level. Among the study results, CEO duality, board meeting frequency and board size have a positive and significant effect on financial performance with 1% significance. Board gender diversity has a negative impact on financial performance. The study’s findings indicate that there is no single best way to design corporate governance that applies to all corporate situations, and that good corporate governance factors have a significant impact on improved intellectual capital performance.

This case study is based on the epic divestment of Air India which eventually did not take off. Post ill-conceived merger without any synergies, the losses began to enlarge exponentially. This led the carrier to financial losses, apart from that enormous order of 110 fleets without having the capacity to pay, crippled the financial status of the airline substantially. All the government’s effort to restructure and turn around the airline proved to be a failure. The plot for this case is set as, considering the government’s inability to cope with its debts and meet day-to-day expenses in this extremely competitive industry, the Union Cabinet gave its ‘in-principle’ nod to divest holdings in Air India, but had not formally announced for the bidding process, a group of ministers are still working on terms of divestment. Meanwhile the news created a buzz and potential bidders have started informally expressing their interest in Air India. The government is expecting more and more bidders to participate to derive maximum out of the auction. When more and more bidders participate in a bid, the bid amount always ascends and a situation of winner’s curse is created where the winning bidder has a feeling of regret by over-paying the amount in order to win the bid. The subject that this case will fit into is Game Theory and Strategic Management courses and central theme or concept to be taught through this case is situation of winner’s curse and some more concepts related to Auctions and Strategy.

The objective of this paper is to identify and examine the determinants of barriers to foreign direct investment (FDI) in South East Asian economies. Based on our theoretical groundings, we identify potential barriers under four categories, namely macroeconomic policy factors, political factors, institutional factors and socioeconomic factors. Using cross-sectional time-series data for 17 South East Asian economies from 1996 to 2005, we test these set of barriers against per capita FDI inflows and volatility in FDI inflows using fixed effects pooled regression analysis. In the process, we also check as to how fragile our results are to the small but important changes, which we bring in the conditioning information set using robustness check. Our empirical evidence suggests that all the possible set of barriers identified have significant negative effect on per capita FDI and positive impact on volatility in FDI inflows. We therefore suggest that there is an urgent need to find the solutions to break these barriers that are acting as stumbling blocks in attracting FDI of their actual potential.

An appropriate measure of corporate performance is believed to be highly correlated to firm value on one hand and should be able to signal the extent of periodic wealth creation on the other. Using a random sample of 1000 companies, this paper examines the power of select performance measures in discriminating the Positive and Negative Value creation of the companies Examination of the discriminating power of the performance measures for the pooled cross section of data reveals that the EVA has better discrimination power - in predicting the positive Vs negative market value added- than other performance measures and hence it may be considered a better performance measure

Maximizing the total value of the firm — that is, the sum of the market values of the equity, debt and any other contingent claims outstanding on the firm — is fast gaining popularity in India. Value maximization, as an objective function that will guide managers in making the optimal tradeoffs Using a sample of 1000 companies, classified into sixteen industries, two industry sectors, seven BSE listing groups and six geographical regions, this paper investigates the value creation patterns of Indian firms and to ascertain whether there are significant differences across industries, industry sectors, BSE listing groups and geographical regions

Firm Value Maximization as the objective function will guide managers in making the optimal business tradeoffs. While firm value maximization as a goal is widely accepted; not many agree on one way of achieving it Traditionally corporate performance is measured using some variant of historical accounting income like Net Profit, EPS or some measures based on the maximizing accounting income will lead to firm value maximization. There is growing criticism about the linkage of traditional measures and firm value and their ability to be consistent predictors of firm value creation. This lead to the mergence of value based performance measures This paper attempts to provide some understanding of the interrelationships among select corporate performance measures in the Indian setting

In the global knowledge economy, creation, sustenance and application of knowledge has become the key differentiator of success. Many companies have realized t

Undoubtedly beta has emerged as the most popular measure of risk of security and portfolio returns. The historic betas are generally used as the estimates of fu