RESEARCH REPORT –(MONEY MARKET)

RESEARCH REPORT –(MONEY MARKET)

Question Number. 01:

a) What is your research topic which you selected for the course of BRM: How you were

collecting data and what were your research variables. Please develop schematic research

model to indicate the variable inventory of your research.

b) Please develop research questions which you were developing for your research work.

c) Please develop hypotheses on the model of research you developed in part a

Ans.01.a)

Topic

Investigation about market conditions which directly effect on behavior of fund investor;

behavior in the hedge fund industry, especially the volatility in the up and down markets as

referred above as risk for investor.

Data Collection Strategy

We required to construct a novel data set for both primary and secondary sectors of money

market, here we referring primary data as stock markets and secondary data as mutual funds and

securities companies. Data shall be collect through following data collection techniques.

Interviews

Since, Interviews are somewhat similar to surveys, and like sometimes they may have the same

questions used. Further, Such method usually gives the researcher, detailed information about
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the perspective or opinions from its subject. It is important to note that, carrying out interviews

with subject matter experts can also give important information critical to some businesses.

Focus groups

We shall use this strategy to focus companies of particular area for which we will move towards

our research as Focus groups are a set of individuals selected specifically to understand their

opinions and behaviors. It is usually a small set of a group that is selected keeping in mind, the

parameters for their target market audience to discuss a particular product or service. Such a

method enables a researcher with a larger sample than the interview or a case study while taking

advantage of conversational communication.

Questioner developing

As a questionnaire is a research instrument / tool consisting of a series of questions for the

purpose of gathering information from respondents in respective domain; and these

questionnaires also can be thought of as a kind of written interview.

Schematic research model

Given below is the schematic research model for For carrying out our research.

Required Data from Government Statistical Department

Reason to collection data from Government Statistical department to establish between investors

and existing market position using country economy performance indicator. This data will be

required for three years.

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S. No Variable

1 Production of Cash Crops

2 Exports of cash Crops

3 Import Bill

4 Live Stock

5 Subsidy granted to different sectors

6 Budget consumed – (duration detail)

Required Data from prime money market funds For Three Years

S. No Variable

1 Institutional share

2 Adviser's share

3 Fee waivers

4 Portfolio Maturity (days)

5 Individual Investment

6 Gross Yield

7 Net Yield
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Required Data From Investors For Three Years

S. No Variable

1 Amount Invested

2 Types of Investment

3 Maturity Period – (days)

4 Net Gain

5 Tax Paid on Investment

Data Cleaning / Transformation

In order to receive the data through questionnaire and interviews there may be some ambiguity in

data; therefore to bring the data in uniform following type of cleaning shall be required.

S. Ambiguity In Data Required Preprocessing

No

1 Unit Difference of amount written i.e. Transforming these type of amount in a

5,00 (five hundred million) uniform unit

5,00 (five hundred thousand)

2 Qualitative Data Transforming this type of data into quantitative

i.e. in Range

3 Data written in words i.e. Transforming such type of data in uniform unit

200 days, 6 months, 10 weeks i.e. number of days

4 Unit difference of amount against Conversion / Transforming this type of data

foreign currencies i.e. into PKR amount

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$15,000

Statistical Tools to Analysis the Data

After preprocessing and data cleaning following tools shall be applied to retrieve the different

averages to prove our Hypothesis.

✓ Z-Test – (Based on Sample Size)

✓ T-Test – (Based on Sample Size)

✓ ANOVA – (Based on Sample Size)

✓ Time Series Analysis

❖ ARIMA (Auto Regressive Integrated Moving Averages) Model – (To predict that

investment will be secure)

Ans.01.b)

Research questions
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Our research questions will be based on variables mentioned in data collection section. Given

below is the detail of research questions for our research work.

1. What are the reasons / factors due to stock market movement seem unpredictable?

2. How a relations can be established between investors and existing market position using

country economy performance indicator?

3. How a safe and secure investment process can be approach to produce attractive situation

for investors which cause growth of relevant sectors i.e. stock market, mutual funds,

securities etc.

Ans.01.c)

Research Hypothesis

Our research hypothesis is to finding a favorable / attractive situation for investors and side by

side collecting evidence through which reasons could be revealing due to stock market

movement seem unpredictable.

The basic structure of our setting involvesthree players: fund managers, fund owners, and outside

fund investors. For simplicity, weassume that fund managers and fund owners have the same

objective functions, possiblybecause the owner puts the manager on an optimal incentive

scheme. Our model thereforefocuses on the interaction between owners and investors. We
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further add an outside parameter which is related to the economy condition being present by

statistical division of country. We compare two organizational forms in which owners of money

market funds can

be organized: stand-alone investment companies and _nancial conglomerates.

Standaloneinvestment companies are companies that exclusively focus on managing funds

onbehalf of their clients.

At time 1, funds decide whether to invest in high-risk or low-risk instruments. We assume that

high-risk instruments generate a return of rH and low-risk instrumentsgenerate a return of rL. We

assume that returns capture both the yield on asset holdingsand the ow-performance relationship,

which has been widely documented in assetmanagement.

At time 2, funds survive with probability (1pr) or default with probability pr, where

r denotes the level of risk chosen at time 1.

We assume that risk taking increases theprobability of default, i.e. pH > pL. If a fund survives,

the owner pays out the returnto the fund's investors and keeps a management fee proportional to

the fund's size whichrepresents the owner's compensation. The owner also maintains the

franchise value of per dollar invested. If the fund defaults, the fund's investors su_er an equal

loss, _,which represents credit losses and losses from _re-sale liquidation. We assume the loss_

is distributed uniformly on the interval [0,_r], where the maximum loss _r increases inrisk, i.e.

_H > _L.4 The owner then has a choice whether to provide support to a fundby covering the loss,

_. The bene_t of covering losses is that the owner maintains thefranchise value, .

We now compare the two organizational forms in terms of their risk taking. We solve

the model backwards. We _rst analyze funds owned by stand-alone investment companies.Since

stand-alone companies have no resources to support funds in distress, the probabilitythat they
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would cover fund losses at time 2 is zero. The funds choose their desired levelsof risk by

comparing the expected per-dollar bene_t of investing in high-risk instruments,pH(rH + ), with

the expected per-dollar bene_t of investing in low-risk instruments,

Question Number. 02:

a) Please develop background and introduction for the topic on which you were work from

at least three references for each section and develop the bibliography in APA format.

b) Please develop research significance, scope and limitations for the work you were

carrying for your research and develop list of bibliographic references where applicable

and possible

c) Please provide theoretical framework with in-text citations and bibliographic references

for inclusion or exclusion of variables from your study .

Ans.02.a)

Background

The financial system or the financial sector of any country consists of specialized and non-

specialized financial institutions, of organized and unorganized financial markets, of financial

instruments and services which facilitate transfer of funds and off course the flow or circulation

of funds are mainly contribute the economic development of a country or nation that usually

being reflected by the progress of the various economic segments, largely catheterized /

classified into corporate sector, investment market (being operated by both local and foreign

investors) government and household sector. While performing their activities, these units are in
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a surplus /deficit/ balanced budgetary situations. There are areas or people with surplus funds or

with a deficit. A financial system or financial sector functions as an intermediary and facilitates

the flow of funds from the areas of surplus to the areas of deficit [1]. The word ‘system’, in the

term ‘financial system’, implies a set of complex and closely connected or interlinked

institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The

financial system is concerned about money, credit and finance. Money refers to the current

medium of exchange or means of payment. Credit or loan is a sum of money to be returned,

normally with interest. Finance is monetary resources comprising debt and ownership funds of

the state, company or person. Economic growth implies a long-term rise in per capita national

output. The basic conditions determining the rate of growth are three- ‘Effort’, ‘Capital’ and

‘Knowledge’ [2]. Around all above avoiding the surplus deficit, and mitigating risk for investors

by making investment market predictable in term of reflecting some economy performance

indicator that could show health of country economy epically relevant part where investors

looking for or showing their will of investment. For the purpose it is further required an

investigation about market conditions which directly effect on behavior of fund investor behavior

in the hedge fund industry, especially the volatility in the up and down markets as referred above

as risk for investor.

Introduction

Money markets play key role / contribution in the economy of country and its directly being

affected with the up and down of country economy vice versa. Investors approach to the different

sectors of money market for investment and off course they want to seek safe forum for their

investment. In continuation a financial system or financial sector functions as an intermediary

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and facilitates the flow of funds from the areas of surplus to the areas of deficit [1]. The basic

conditions determining the rate of growth are three- ‘Effort’, ‘Capital’ and ‘Knowledge’ [2].

Around all above avoiding the surplus deficit, and mitigating risk for investors by making

investment market predictable in term of reflecting some economy performance indicator that

could show health of country economy epically relevant part where investors looking for or

showing their will of investment. For the purpose it is further required an investigation about

market conditions which directly effect on behavior of fund investor behavior in the hedge fund

industry, especially the volatility in the up and down markets as referred above as risk for

investor. We shall work to devise a framework after following that will ensure the investor that

his/her investment shall remain safe. To proceed with our work we shall collect the data from

different companies of money market and individuals (investors) who invest their money in

stock market / mutual funds, or securities / bonds. Side by side we will collect the data from

companies and ask them that in which circumstances they decided that which sector become safe

for investment.

Ans.02.b)

Research Significances

In order to invest the money in stock market, mutual funds, securities, and bonds, every one

like an option of safe investment and seeks the options which makes sure that his/her

investment shall remain secure; for those people our research will be helpful and will works

as decision tool. In addition to this securities companies, fund companies (money market)

could use our research as a tool to retain the investors and on behalf of our research /
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proposed procedure companies will be enable to present clear picture before the investors

that market condition will remain stable and which sector is safe for investment.

Scope& Limitation

Our research shall covers only money markets for investment i.e. stock market, mutual fund,

securities and will predict that at real time investment shall remain safe or not. This research

will not be related to any sort of decision about country economy, establishing of new

business or else. Further anything that is not included in this scope will be considered as out

of scope.

Ans.02.c)

Theoretical Framework

1. Selection of companies where from data to be collected

2. Selection of Individuals to whom from data will be collected

3. Designing / developing of instruments for data collection i.e. Questionnaire,

4. Data preprocessing, cleaning (removal of ambiguity)

5. Applying simple averages, measure of central tendency, Measure of dispersion. Finding

deviation

6. Deciding that which statistical technique should be applied on the basis of available

sample size. Z-Test, T-Test, ANOVA

7. Analysis of Data through Time Series Analysis Techniques. For this purpose we shall

apply ARIMA (Auto Regressive Moving Averages) Model, Which will be used for

prediction about investment is secure.

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Inclusion Of Variables

S. No Variable

1 Production of Cash Crops

2 Exports of cash Crops

3 Import Bill

4 Live Stock

5 Subsidy granted to different sectors

6 Budget consumed – (duration detail)

S. No Variable

1 Institutional share

2 Adviser's share

3 Fee waivers

4 Portfolio Maturity (days)

5 Individual Investment

6 Gross Yield

7 Net Yield

S. No Variable

1 Amount Invested

2 Types of Investment

3 Maturity Period – (days)

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4 Net Gain

5 Tax Paid on Investment

Exclusion Of Variables

Not Applicable

Question Number. 03:

a) Develop Literature review for the study through discussing linkage of variable through

CREAWR rule and mark proper in-text citations and bibliographic references.

b) Develop research methodology for your research through indicating research philosophy,

philosophical stance, instrument used, sample size etc.

c) Discuss the way through which you will collect data for conducting research i.e. from

primary or secondary sources and way of collecting data.

Ans.03.a.

Literature review

How investors allocate their assets to form portfolio according to risk, especially the risk in the

up anddown markets, is one of the topics under debate. On the one hand, practitioners use Roy’s

(1952) safetyfirst principle to argue that investors only care about downside volatility [3]. On the

other hand, academicresearchers claim that the risk is important in both up and down markets.

Although Ang, Chen, and Xing(2006) have provided evidence to show that investors require a

higher return to hold stocks withhigh downside beta than stocks with low downside beta, it is

still not clear whether investors are onlyconcerned about the downside volatility [7]. It is
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possible that upside volatility also influences investors’decision making. In this study, we

separate market conditions into up, down, quiet, and volatile markets,and their combinations to

investigate how market conditions affect fund investor behavior in the hedgefund industry.2 If

upside volatility has no effect on investment behaviors, investors will have the sameinvestment

strategies across all market conditions except the down-volatile market; otherwise, investors

may show different behaviors between volatile and quiet markets, and probably between up-

volatile anddown-volatile markets[4]. We also examine whether market conditions have an

impact on investors’ abilityto identify outperforming hedge funds and hedge funds’ performance

persistence. The findings arerelevant to portfolio theories concerning investor recognition of

upside and downside volatilities.Studying the relation between hedge fund flows and market

conditions allows for betterunderstanding about investor’s behavior and attitude toward risk at

the market level. During the 2008financial crisis, most hedge fund investors fled out of the

industry regardless of the fund performance.This seems to support Roy’s principle that investors

care about downside volatility and prefer safety first.As Kelly (1997) documents, investors’

wealth is positively correlated with the probability of being smartmoney and negatively

associated with the probability of being a noise trader [5]. Hedge fund investors aregenerally

considered the most sophisticated investors on the market and possibly better informed, partly

due to the unique characteristics of hedge fund investors.4 In addition, they are likely equipped

withsound financial knowledge[1]. Thus, it is reasonable to assume that hedge fund investors are

not noise traders. Iffund investors have certain preferences over market risk, their investment

decisions will vary with marketvolatility [3]. Docking and Koch (2005) show that market

direction and volatility affect how investors respond todividend change announcements.

Avramova et al. (2011) suggest that hedge fund investors will benefit byincorporating
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predictability which is based on macroeconomic variables into their investment decisions.

Among allmacroeconomic variables, market volatility is of particular importance.Hedge fund

performance under each market condition also provides some insights into the debate [4]. Asone

of the most sophisticated investment advisors, hedge fund managers possess the freedom of

adoptingflexible investment strategies[6]. As a result, they can adjust fund betas more easily than

their mutual fundpeers, especially during volatile markets, thus producing better risk-adjusted

returns for fund investors.However, hedge fund managers are unable to deal with volatility to

provide reliable risk-adjustedReturns [5]. Some studies have documented that hedge fund

performance is time varying and seem unpredictable.

Ans.03.b.

Research methodology

1. Selection of companies where from data to be collected

2. Selection of Individuals to whom from data will be collected

3. Designing / developing of instruments for data collection i.e. Questionnaire,

4. Data preprocessing, cleaning (removal of ambiguity)

5. Applying simple averages, measure of central tendency, Measure of dispersion. Finding

deviation

6. Deciding that which statistical technique should be applied on the basis of available

sample size. Z-Test, T-Test, ANOVA

7. Analysis of Data through Time Series Analysis Techniques. For this purpose we shall

apply ARIMA (Auto Regressive Moving Averages) Model, Which will be used for

prediction about investment is secure.

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Ans.03.c.

We shall use the following ways to collect the data.

✓ Interviews

✓ Focus Group

✓ Questionnaire

Question Number. 04:

a) How you avoid unethical practices i.e. Fabrication, Falsification and Plagiarism in the

process of research discuss the parameters you have taken to conduct research ethically.

b) What are the issues you faced in writing report please discuss briefly

c) Please notify the role of BRM in the development of students from the area of

management sciences. Is there any practical implications for the course

Ans.04.a.

Avoidance of Plagiarism

We shall present the words, data, or ideas of others with the implication with reference. This

statement applies to reviews and to methodological and background/historical sections of

research papers as well as to original research results or interpretations. If there is a word-for-

word copying beyond a short phrase or six or seven words of someone else's text, that section

will be enclosed in quotation marks or indented and referenced, at the location in the manuscript

of the copied material, to the original source. The work of others even if he or she had been a
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co-author or editor of the work shall be cited or had been an adviser or student of the author of

such work. The oral presentation, or material on a website. Each journal or publisher shall be

specify the particular form of appropriate citation. One need not provide citations, however, in

the case of well-established concepts that will be found in common textbooks or in the case of

phrases which describe a commonly-used been written work, methodology.

Text Recycling

We shall gain the benefits of the limited reuse of textual material from methods sections. Since,

substantial text recycling of most other parts of a typical journal article and particularly when

carried out by native writers of English, suggest a certain degree of scholarly laziness. At worst,

these practices, particularly when they involve the presentation of previously published data that

is presented as new data, can result in serious consequences to the scholarly and scientific

literature.

Ensuring Integrity of Data

Since Fabrication and falsification of research results are serious forms of misconduct therefore

our primary responsibility as a researcher will be to avoid either a false statement or an omission

that distorts the research record. We shall must not report anticipated research results that had not

yet been observed at the time of submission of the report. In order to preserve accurate

documentation of observed facts with which later reports or conclusions can be compared, have

no obligation to maintain a clear and complete record of data acquired.

Avoidance of Use and Misuse of Data

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We shall perform with the relevant quantitative methods available for processing data, including

graphical and tabular methods of presentation, error analysis, and tests for reliability. Because

research integrity requires not only that reported conclusions are based on accurately recorded

data or observations but that all relevant observations are reported.

Ans.04.b.

Retrieval of Information / Articles Selection

Although a huge collection of articles were available on different business forums and sites but it

was really a hard task to filter the article that is closed to our research topic and our required

research outcome.

Decision about Variable Inventory

Since real data was not available therefore it is difficult to decide the variable inventory, for the

purpose we analyzed different data about money market and decided the variables.

Development of Methodology

Due to unavailability of dataset it had become to develop the methodology but on the basis of

assumption and some relevant articles task could be possible.

Ans.04.c.

Importance of Business research

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BRM plays very essential role for the development of student from management sciences. After

studying BRM students become able to think about problem and finding solutions or we can say

that BRM grooms the students and enable them to finding facts and figures for any problem

related to field of management sciences Business research is one of the most effective ways to

understand customers, the market and competitors. Such research helps companies to understand

the demand and supply of the market. Using such research will help businesses reduce costs, and

create solutions or products that are targeted to the demand in the market and the correct

audience. In-house business research can enable senior management to build an effective team or

train or mentor when needed. Business research enables the company to track its competitors and

hence can give you the upper hand to stay ahead of them. Failures can be avoided by conducting

such research as it can give the researcher an idea if the time is right to launch its

product/solution and also if the audience is right. It will help understand the brand value and

measure customer satisfaction which is essential to continuously innovate and meet customer

demands. This will help the company grow its revenue and market share. Business research also

helps recruit ideal candidates for various roles in the company. By conducting such research a

company can carry out a SWOT analysis, i.e. understand the strengths, weaknesses,

opportunities, and threats. With the help of this information, wise decisions can be made to

ensure business success.

Business research is the first step that any business owner needs to set up his business, to survive

or to excel in the market. The main reason why such research is of utmost importance is that it

helps businesses to grow in terms of revenue, market share and brand value.
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Advantages of Business research

✓ Business research helps to identify opportunities and threats.

✓ It helps identify problems and using this information, wise decisions can be made to

tackle the issue appropriately.

✓ It helps to understand customers better and hence can be useful to communicate better

with the customers or stakeholders.

✓ Risks and uncertainties can be minimized by conducting business research in advance.

✓ Financial outcomes and investments that will be needed can be planned effectively using

business research.

✓ Such research can help track competition in the business sector.

✓ Business research can enable a company to make wise decisions as to where to spend and

how much.

✓ Business research can enable a company to stay up-to-date with the market and its trends

and appropriate innovations can be made to stay ahead in the game.

✓ Business research helps to measure reputation

Disadvantages of Business research

✓ Business research can be a high-cost affair

✓ Most of the time, business research is based on assumptions

✓ Business research can be time-consuming

✓ Business research can sometimes give you inaccurate information, because of a biased

population or a small focus group.

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✓ Business research results can quickly become obsolete because of the fast-changing

markets.

Given below is the short detail of practical implications / scope of BRM students from area

of management science.

Business research: Types and methodologies

Business research is a part of the business intelligence process. It is usually conducted to

determine whether a company can succeed in a new region, to understand their competitors, or to

simply select a marketing approach for a product. This research can be carried out using

qualitative research methods or quantitative research methods.

Quantitative research methods

Quantitative research methods are research methods that deal with numbers. It is a systematic

empirical investigation using statistical, mathematical or computational techniques. Such

methods usually start with data collection and then proceed to statistical analysis using various

methods. The following are some of the research methods used to carry out business research.

Survey research

Survey research is one of the most widely used methods to gather data especially for conducting

business research. Surveys involve asking various survey questions to a set of audiences through

various types like online polls, online surveys, questionnaires, etc. Nowadays, most of the major

corporations use this method to gather data and use it to understand the market and make
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appropriate business decisions. Various types of surveys like cross-sectional surveys which are

needed to collect data from a set of audience at a given point of time or longitudinal surveys

which are needed to collect data from a set of audience across various time duration in order

understand changes in the respondents’ behavior are used to conduct survey research. With the

advancement in technology, now surveys can be sent online through email or social media.

For example: A company wants to know the NPS score for their website i.e. how satisfied are

people who are visiting their website. An increase in traffic to their website or the audience

spending more time on a website can result in higher rankings on search engines which will

enable the company to get more leads as well as increase its visibility. Hence, the company can

ask people who visit their website with a few questions through an online survey to understand

their opinions or gain feedback and hence make appropriate changes to the website to increase

satisfaction.

Correlational research

Correlational research is conducted to understand the relationship between two entities and what

impact each one of them has on the other. Using mathematical analysis methods, correlational

research enables the researcher to correlate two or more variables. Such research can help

understand patterns, relationships, trends, etc. Manipulation of one variable is possible to get the

desired results as well. Generally, a conclusion cannot be drawn only on the basis of

correlational research.

For example: A research can be conducted to understand the relationship between colors and

gender-based audiences. Using such research and identifying the target audience, a company can
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choose the production of particular color products to be released in the market. This can enable

the company to understand the supply and demand requirements of its products.

Causal-Comparative research

Causal-Comparative research is a method based on the comparison. It is used to deduce the

cause-effect relationship between variables. Sometimes also known as quasi-experimental

research, it involves establishing an independent variable and analyzing the effects on the

dependent variable. In such research, manipulation is not done; however, changes are observed

on the variables or groups under the influence of the same changes. Drawing conclusions

through such research is a little tricky as independent and dependent variables will always exist

in a group, hence all other parameters have to be taken into consideration before drawing any

inferences from the research.

For example: A research can be conducted to analyze the effect of good educational facilities in

rural areas. Such a study can be done to analyze the changes in the group of people from the rural

areas when they are provided with good educational facilities and before that, Another example

can be to analyze the effect of having dams and how it will affect the farmers or production of

crops in that area.

Experimental research

Experimental research is based on trying to prove a theory. Such research may be useful in

business research as it can let the product company know some behavioral traits of its
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consumers, which can lead to more revenue. In this method, an experiment is carried out on a set

of audiences to observe and later analyze their behavior when impacted with certain parameters.

For example: Experimental research was conducted recently to understand if particular colors

have an effect on its consumers’ hunger. A set of the audience was then exposed to those

particular colors while they were eating and the subjects were observed. It was seen that certain

colors like red or yellow increase hunger. Hence, such research was a boon to the hospitality

industry. You can see many food chains like Mcdonalds, KFC, etc. using such colors in their

interiors, brands, as well as packaging.

Another example of inferences drawn from experimental research, which is used widely by most

bars/pubs across the world is that loud music makes a person drink more in less time. This was

proven through experimental research and was a key finding for many business owners across

the globe.

Online research / Literature research

Literature research is one of the oldest methods available. It is very economical and a lot of

information can be gathered using such research. Online research or literature research involves

gathering information from existing documents and studies which can be available at Libraries,

annual reports, etc. Nowadays, with the advancement in technology, such research has become

even more simple and accessible to everyone. An individual can directly research online for any

information that is needed, which will give him in-depth information about the topic or the

organization. Such research is used mostly by marketing and salespeople in the business sector to

understand the market or their customers. Such research is carried out using existing information
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that is available from various sources, although care has to be taken to validate the sources from

where the information is going to be collected.

For example: A salesperson has heard a particular firm is looking for some solution which their

company provides. Hence, the salesperson will first search for a decision maker from the

company, investigate what department he is from and understand what the target company is

looking for and what are they into. Using this research he can cater his solution to be spot on

when he pitches it to this client. He can also reach out to the customer directly by finding a mean

to communicate with him by researching online.’

Qualitative research methods

Qualitative research is a method that has a high importance in business research. Qualitative

research involves obtaining data through open-ended conversational means of communication.

Such research enables the researcher to not only understand what the audience thinks but also

why he thinks it. In such research, in-depth information can be gathered from the subjects

depending on their responses. There are various types of qualitative research methods such as

interviews, focus groups, ethnographic research, content analysis, case study research that are

widely used. Such methods are of very high importance in business research as it enables the

researcher to understand the consumer. What motivates the consumer to buy and what does not is

what will lead to higher sales and that is the prime objective for any business.

Question Number. 05:

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a) Make your own analysis regarding the market response of your study that what could be

found through this research. Please discuss in detail and quote necessary questions and

citations where required.

Ans.05.a.

Since every one like safe investment and seeks the options which makes sure that his/her

investment shall remain secure; for those people our research will be helpful. In addition to

this securities companies, fund companies (money market) could use our research as a tool to

retain the investors and on behalf of our research / proposed procedure companies will be

enable to present clear picture before the investors that market condition will remain stable

and which sector is safe for investment.

References.

[1]. Ding, Bill, Mila Getmansky, Bing Liang, and Russ Wermers, (2009). Share restrictions and

investor flows in the hedge fund industry, Working paper.

[2]. Ang, Andrew, Joseph Chen, and Yuhang Xing, (2006). Downside Risk, Review of

Financial Studies 19,1191-1239.

[3]. Deutsche Bank Research (February14, 2007): India’s Capital Markets – Unlocking the

door of future growth”.

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