Books and MonographsSubramanian, Krishnamurthy., Acharya, Viral. "State intervention in banking: the relative health of Indian public sector and private sector banks", Forthcoming
Books and MonographsRamachandran, Kavil.,Bhatnagar, Navneet.,Joshi, Shefali. "Emerging Paradigms of Corporate Governance and Managerial Professionalization in Family Firms", 2016Thomas Schmidheiny Centre for Family EnterpriseRead Description >Close >Most businesses, particularly in Asia, are family controlled and managed, contributing immensely to the development of the economies. A majority of family firms start with small to mid-sized business operations. During the early stages of the firm's life cycle, managerial functions are mostly performed by members of the controlling family (Dyer & Handler, 1994). Research shows that family firms benefit due to involvement of family members, as they bring unique capabilities and resources - termed 'familiness' (Habbershon & Williams, 1999), that contribute to the firm's competitive advantage (Aronoff & Ward, 1995;Sirmon & Hitt, 2003). However, as the firm grows overtime, business operations become increasingly complex and specialized. Systems and processes are required to be established for effective management of a growing business (Chandler, 1990; Casson, 2000; Walsh, 2010). Formulation of a clear strategy, grooming of a professionalized organization and having leadership that practices high quality governance are important mechanisms to preserve family businesses.
However, most family businesses do not survive beyond three or four generations, due to their lack of understanding and capabilities to manage challenges which are unique to family businesses. Besides their uniqueness arising out of the overlap of conflicting priorities of the key stakeholders in terms of ownership, management and family responsibilities, family businesses are also on a discovery driven journey on the organization life cycle. The complex situation created by the interplay of multiple forces makes both professionalization and corporate governance quite challenging. This chapter discusses the difficulties of developing and managing corporate governance and professionalization in family controlled businesses.
Books and MonographsRamachandran, Kavil. "Institution Building: Experiences, Learnings and Challenges", SAGE, 2016Thomas Schmidheiny Centre for Family EnterpriseRead Description >Close >The paper explores the factors that are essential for building long-lasting institutions. Based on the characteristics of several acclaimed institutions in business and social development sectors, the paper finds that a clear sense of purpose, shared value, custodianship, adaptability, dynamic resource building and visionary leadership are the key factors that help transform organisations into long-lasting institutions. The paper also identifies the challenges to institutional building and the ways to overcome those challenges.
Books and MonographsChakrabarti, Rajesh., , Mandar Kagade. "Corporate Governance— Evolution & Challenges In the New Companies Act", Corporate Governance In India: Change & Continuity, Forthcoming
Books and MonographsChakrabarti, Rajesh. "The Financial Sector in India: An Overview", New Delhi, Oxford University Press, Handbook of Macroeconomics in India, Forthcoming
Books and MonographsChakrabarti, Rajesh. "Foreign Exchange Markets in India", New Delhi, India, Oxford University Press, Forthcoming
Books and MonographsChakrabarti, Rajesh. "Bond markets in India", Tokyo, Japan, Indian Capital Markets Handbook, Nomura Institute of Capital Markets, ForthcomingRead Description >Close >Bond markets in India have witnessed a sea change since the beginning of economic
reforms in the early 1990s. The government securities market has practically emerged
since the mid-1990s with the deregulation of interest rates and with the central and state
governments accessing markets to finance progressively greater shares of their fiscal
deficits. Trading platforms and settlement mechanisms have improved and new
instruments have been experimented with, with varying degrees of success. In
comparison, the corporate bond market has lagged. With practically no new primary
market issuance of corporate bonds (though with considerable activity in the private
placement segment), the current state of the corporate bond market in India is till nascent
although in the last 2-3 years it has witnessed significant reform activities. The package
of regulatory and infrastructural changes recommended by the Patil committee in 2005, a
large part of which has already either been implemented or in the process of being
completed, is likely to increase the primary and secondary market activity here in the
years to come.The market for asset securitization in India is relatively small compared to
other countries but has demonstrated significant growth in recent years. Asset-backed
securities have led the market with mortgage-backed securities lagging. Corporate loan
securitization is also considerable but mostly in the form of single loan sell-offs rather
than pools of loans as in Collateralized Debt Obligations (CDOs) as securities.
Securitization of trade credit or receivables, an important segment given India’s corporate
financing patterns, is yet to develop.
Books and MonographsChakrabarti, Rajesh. "The Fund Management Industry in India", New Delhi, India, Capital Markets in India/Sage, ForthcomingRead Description >Close >The Asset Management Industry in India consists of a vibrant and rapidly growing
mutual funds sector, an insurance sector that is dominated by unit-linked insurance plans, and Venture Capital Funds, both domestic and foreign. Also Foreign Institutional Investors form a category that pool foreign retail or institutional funds and invest in Indian debt and equity. Private Equity funds – both domestic and foreign – constitute a booming segment as well. In the last decade or so, this industry has witnessed a wide range of regulatory changes that have brought about increased competition and a very impressive growth rate. Mutual Funds and Insurance sectors have been opened up to private players only 16 and 8 years ago respectively. Venture Funds have been allowed
even more recently. The Indian equity market with its remarkable bull run throughout most of this decade right up to the crisis has boosted major growth in the asset management industry. Even now, India stands poised at the threshold of major regulatory changes that can open up new segments like Real Estates and Pension Funds to retail investors and private and foreign fund managers. The rapid growth of the sector is likely to continue once the dampening effects of the ongoing crisis are behind us.