Table of Contents and Bibliography

CONTENTSCHAPTER NOTITLE OF THE CHAPTERPAGE NO

1 INTRODUCTION

1.1 Introduction1

1.2 Equity Instrument1-3

1.3 Key Determinates Of Intrinsic Value4-6

1.4 Dividend Decision And Valuation Of Firms6-14

1.5 Dividends: A Recession Lifeline?13-15

1.6 Background Of The Topic15

2 RESEARCH DESIGN

2.1 Introduction16

2.2 Need for the study16

2.3 Objectives Of The Study17

2.4 Review Of Literature17-25

2.5 Operational Definition Of Concepts25-28

2.6 Scope Of The Study28

2.7 Research Methodology28-32

2.8 Limitations Of Study32

2.9 Chapter Scheme32-33

3PROFILE OF INDIAN ECONOMY AND AUTOMOBILE INDUSTRY

3.1 Introduction34

3.2 Trends In Indian Automobile Industry34-35

3.3 An Overview Of Indian Economy35-41

4ANALSIS AND INTERPRETATION OF DATA

4.1 Introduction38

4.2 Primary Data Analysis4.2.1 Objective 1: To identify various factors which determine the equity prices in a stock market which investors use as a cue for selection of securities and to find their relationship with dividend payout ratio of a company.38-55

4.3 Secondary Data Analysis4.3.1 Objective 2: To determine whether dividend yield of a stock is the best investment criteria in all market conditions55-64

4.3.2 Objective 3: To find out whether dividends really reflect the good financial performance of company

65-70

4.3.3 Objective 4: To study the empirical relationship between equity share returns and various explanatory variables71-77

5SUMMARY OF FINDINGS, CONCLUSIONS AND SUGGESTIONS

5.1 Introduction78

5.2 Summary Of Findings78-82

5.3 Conclusions82-85

5.4 Suggestions85-86

MY LEARNING86-87

BIBLIOGRAPHY

ANNEXUREQuestionnaire

LIST OF TABLESTABLE NOCONTENTSPAGE NO

2.1Table showing the list of companies32-33

3.1Table showing the list of NSE Indices42

3.2Table showing the list of BSE Indices43

3.3Behaviour of Economic Indicators and their suggestive impact on the share market45

4.1Table Showing Age Profile of Respondents47

4.2Table Showing Gender of Respondents48

4.3Table Showing Educational Qualification of Respondents

48

4.4Table Showing Occupation Pattern of Respondents

49

4.5Table Showing Annual Average Income of Respondents

50

4.6Table Showing Average Annual Savings of Respondents

51

4.7Table Showing Average Annual Investment of Respondents

51

4.8Table Showing Percentage of Total Investment Made In Corporate Shares

52

4.9Table Showing the Span of Investment of Respondents in Corporate Shares

53

4.10Table Showing the Source of Information for Investment

54

4.11Table Showing Basis of Respondents Investment Decision

55

4.12Table Showing Basis of Respondents Investment Decision

56

4.13Table showing the percentage of respondents who read financial statements while making equity investment.

56

4.14Table Showing the Major Criteria for Equity Investment

58

4.15Table showing Chi-Square Calculated Value across Respondents Profile

59

4.16Table Showing Chi-Square Calculated Value across Respondents Profile

61

4.17Table Showing Chi-Square Calculated Value across Respondents Profile

62

4.18Table Showing the Ranking of Determinates of Stock Returns 2008

64


64


65


66


66


67


68

4.25Table Showing Summary of Dividend Yield Ranking, R Square and F cal

68

4.26Table Showing Movement of Dividend and BSE Sensex69

4.27Table Showing Correlation Coefficient between dividend payout ratio and determinates

72

4.28Table Showing Linear Regression Results for the Year 2008

72



73


74


75


75


76


78


79


80


81


82


83

LIST OF CHARTS AND GRAPHSCHART/GRAPH NOCONTENTSPAGE NO

3.1Graph Showing Sectorwise Brak Up of Companies44

4.1Graph Showing Percentage of Different Age Groups of Respondents47

4.2Graph Showing Educational Qualification of Respondents

49

4.3Graph Showing Occupation Pattern of Respondents

50

4.4Graph Showing the Source of Information for Investment54

4.5Graph showing the factors influencing investment decision in stocks

57

4.6Graph Showing Investors Response about high dividend yield shares as a smart investment

58

4.7Graph Showing Investors Response about Performance of Dividend Based Investments

60

4.8Graph Showing Investors Response about Performance of Dividend Based Investments

62

4.9Graph showing movement of sensex from 1999-2008

70

4.10Graph showing movement of dividend of sample companies from 1999-200870

BIBLIOGRAPHYBOOKS

Beri G C (2004), Statistics for Management, Tata Mcgraw-hill, 1st Edition, pp 278-281 Chandra, Prasanna (2002), Managing Investments, Tata Mcgraw-hill, 2nd Edition, pp156-159 Gupta, Shashi K And Gupta, Neeti (2008), Financial Management, Kalyani Publishers, pp 1.2 1.5

Ibid, 20.1 20.11 Pandey I M (2005) Financial Management, Vikas Publishing House Private Limited, 2005, 9th Edition, pp 379 - 395

RANGANATHAM M , MADHUMATHI R (2005), Investment Analysis and Portfoilio Management, Pearson Education, 1st edition, pg 226

JOURNALS

Allen, Dave E And Rachim Veronica S (1996) , Dividend Policy And Stock Price Volatility: Australian Evidence, Applied Financial Economics, 6, pp 175-188 Baskin, Jonathan (1989), Dividend Policy And The Volatility Of Common Stock, Journal Of Portfolio Management, 15, 3, Spring, pp 19-25 International Monetary Fund outlook 2009

Kumar Sen, Dilip et al (2002) The Impact Of Dividends And Retained Earnings On The Market Price Of Shares: A Study Of Selected Enterprises Of The Pharmaceutical Industry In India, The Journal Of Accounting & Finance, 16, 2, April September, pp 43-49 Manoj Anand (2002), Factors Influencing Dividend Policy Decisions of Corporate India, The ICFAI Journal of Applied Finance, 2004

Mathew P A (1999), Indian Stock Markets: Empirical Evidence On The Information Content Of Dividend Hypothesis, Journal Of Accounting & Finance, 13, 2, September, pp 51-65

SINGHANIA, MONICA (2006), Determinants of Equity Prices: A Study Of Select Indian Companies, The ICFAI Journal of Applied Finance, 2004 SINGHANIA, MONICA (2007), Dividend Policy of Indian Companies, The ICFAI University Press, 2007

Terence M. Ryan (1974), Dividend Policy And Market Valuation In British Industry, Journal Of Business Finance & Accounting, 1, 3, pp415-428NEWSPAPERS

Business Standard Research Bureau (2004), High Dividend Yield Stocks Are Good Bets, Business Standard (Mumbai), 21st April ET Bureau (2008), High-Dividend Yield Stocks Aren't The Best Bets Always, Economic Times(Bangalore), 5th September

'GDP GROWTH' -The Economic Times dated 31st May 2008

VENKATARAMAN, SHANTH (2008), Buying on dividend yield does not always pay, The Hindu Business Line (Mumbai) 7th AugustWEBSITES

Ghosh, Saurabh And Ghosh, Arijit (2002) Do Leverage, Dividend Policy And Profitability Influence The Future Value Of Firm? Evidence From India, Http://Ssrn.Com/Abstract=1158251. Government of India Union Budget and Economic Survey 2008-09 (http://www.indiabudget.nic.in) http://en.wikipedia.org/wiki/Image:IndianEconomicForecast.SVG http://www.economywatch.com/indianeconomy/indian-economy-overview.html http://www.ingim.com/EU/MarketCommentary/index.htm

Kevin C H Chiang (2008), High Dividend Yield Does Predict Lower Dividend Growth: A Natural Experiment, Http://Ssrn.Com/Abstract=1107192 OSENI, JIMOH EZEKIEL, Determinants of Equity Prices in the Stock Markets, http://ssrn.com/abstract=1035204 SHARMA, SHEFALI AND SINGH, BALWINDER (2006), Determinants of Equity Share Prices in the Indian Corporate Sector: An Empirical Study, http://ssrn.com/abstract=1093209 UPANANDA PANI (2008), Dividend Policy and Stock Price Behaviour in Indian Corporate Sector: A Panel Data Approach, www.ssrn.com=1098273 www.bseindia.com www.capitaline.com www.googlefinance.com www.investopedia.com www.nseindia.com www.yahoofinance.com

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Table of Contents and Bibliography