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VOLUME NO.2(2011),ISSUE NO.4(APRIL) ISSN0976-2183

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CCCCONTENTSONTENTSONTENTSONTENTS

Sr.

No.TITLE & NAME OF THE AUTHOR (S) Page

No.

1. CUSTOMER SATISFACTION AND SUSTAINABLE FIRM PERFORMANCE: THE ROLE OF UNCERTAINTY

DR. SANAL K. MAZVANCHERYL

1

2. MOVEMENT FROM EEE SYSTEM TO EET SYSTEM

DR. SAMBHAV GARG

7

3. THE IMPACT OF CAPITAL STRUCTURE-CHOICE ON FIRM PERFORMANCE: EMPIRICAL INVESTIGATION OF LISTED COMPANIES IN

COLOMBO STOCK EXCHANGE SRILANKA

B. PRAHALATHAN & DR. (MRS.) R.P.C.RANJANI

12

!. AN ANALYSIS OF ORGANISATIONAL CULTURE IN THE COMPANIES

DR. ARAVIND. S., DR. FISSEHA GIRMAY TESSEMA & DR. HAILAY GEBRETINSAE

17

". RESOLVING EXPECTATIONS GAPS IN FINANCIAL REPORTING: ISSUES FOR INTERNATIONAL FINANCIAL REPORTING STANDARDS

DR. JOHN A. ENAHORO

2"

#. E-BANKING SCENARIO AND ITS IMPACT ON CUSTOMERS$ SATISFACTION IN INDIAPROF. (DR.) SULTAN SINGH & SAHILA CHAUDHRY

2%

7. A COMPREHENSIVE FINANCIAL ANALYSIS OF A&UA CULTURE FEED INDUSTRIES IN SOUTH INDIA

ASLAM CHINARONG, PROF. (DR.) K. MARAN & DR B. YAMUNA KRISHNA

3"

'. A STUDY ON COUSTOMER SATISFACTION TO(ARDS RELIANCE TELICOM IN TAMILNADU (ITH SPECIAL REFERENCE TO SALEM CITY

MR. B. ADHINARAYANAN & DR. K. BALANAGA GURUNATHAN

3%

%. VALUE FOR THE MONEY - SUCCESS MANTRA FOR MARKETERS IN RURAL MARKET

DR. N. RAJASEKAR & R.PRIYA

!!

1). INDIGENOUS BRANDING * INDIA$S FUTURE BRAND STRATEGY +AN EMPIRICAL STUDY OF THREE DECADES OF BRAND (ARFARE IN

INDIA,

DR. S. P. RATH, PROF. BISWAJIT DAS & PROF. CHEF GERARD D SOUZA

!%

11. STOCK PRICE REACTION OF THE MERGED BANKS * AN EVENT STUDY APPROACH

DR. P. NATARAJAN & K. KALAICHELVAN

"!

12. A STUDY ON ABSENTEEISM OF EMPLOYEES IN RETAILING INDUSTRY

DR. N. SANTHI, MRS. D. MARIA ANGELIN JAYANTHI & MS. HEMALATHA

#1

13. MEASURING OF &UALITY OF (ORK LIFE IN TEXTILE INDUSTRIES - AN INTEGRATION OF CONCEPTUAL RELATIONSHIP (ITH

PRODUCTIVITY

N. MOHAN & DR. J. ASHOK

#7

1!. RISK MANAGEMENT STRATEGIES AND PRACTICES IN THE BANKING SECTOR: CHALLENGES ARISING FROM GLOBAL RECESSION *

KEY TO SURVIVAL GRO(TH

K. BHAVANA RAJ & DR. SINDHU

71

1". PREVENTIVE MEDICINE TO COMBAT OCCUPATIONAL STRESS OF EMPLOYEES IN BPO ORGANISATIONS * INDIA$S NEED OF THE

HOUR

DR. R. SRINIVASAN & MRS. A. BHARATHY

7!

1#. AYURVEDIC (ELLNESS TOURISM IN KERALA: A GATE (AY FOR ENTREPRENEURS TO EMERGE SUCCESSFUL

RAMESH U & KURIAN JOSEPH

')

17. THE BANNED SURROGATE MARKETING AS BRAND - NE( BRAND EXTENSION ADVERTISING

V V DEVI PRASAD KOTNI

'"

1'. COMPARATIVE STUDY ON RETAIL SHRINKAGE OF INDIA ASIA-PACIFIC AND GLOBAL COUNTRIESSANDEEP RAJENDRA SAHU

%)

1%. &UALITY OF (ORK LIFE +&(L, FOR FINANCE PROFESSIONALS IN DUBAI

DR. SANGEETHA VINOD, FAYAZ AHAMED M.A. & N. MOHAMED RAFI

%#

2) ART OF DELIGATION- A PO(ERFUL TOOL FOR LIBRARIAN

NARENDER KUMAR, ASHISH SIWACH & MRS. SUNITA BHARATWAL

1)2

21 A STUDY ON BENEFITS AND RISK ANALYSIS OF FUTURES AND OPTIONS IN MADURAI

MS. K. HEMA MALINI & ER. R. DEEPA

1)"

22 GREEN AND SUSTAINABLE MANAGEMENT * A DECIDING FACTOR FOR TOMORRO($S BUSINESS

HARDEEP SINGH & BIKRAM PAL SINGH

11)

23 CHANGING CONDITIONS OF (ORKERS AND PROCESSES OF (ORK IN ADVERTISING AGENCIES IN INDIA

DR. YASHMIN SOFAT

11"

2! INDIAN FINANCIAL SECTOR REFORM +1%%1-2))1,: MISSING A MANDATORY SOCIAL CONSENSUS

SANJAY BHATTACHARYA

123

2" A STUDY ON CONSUMER BEHAVIOUR IN SELECTING CREDIT CARDSDR. A. VALARMATHI & MRS. PRIYA KALYANASUNDARAM

127

RE&UEST FOR FEEDBACK 133


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VOLUME NO:2(2011),ISSUE NO.4(APRIL) ISSN0976-2183

INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE MANAGEMENTA Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories

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ii

CHIEF PATRONCHIEF PATRONCHIEF PATRONCHIEF PATRONPROF. K. K. AGGAR(AL

)hancellor" 2in#aya3s 4niversity" Delhi

!ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi

67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATRONPATRONPATRONPATRONSH. RAM BHAJAN AGGAR(AL

67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana5ice-President" Dadri 6ducation Society" )har:hi Dadri

President" )hinar Synte7 2td% ;9e7tile Mills


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DR. MOHINDER CHANDAssociate Professor" =uru:shetra 4niversity" =uru:shetra

DR. MOHENDER KUMAR GUPTAAssociate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad

DR. VIVEK CHA(LAAssociate Professor" =uru:shetra 4niversity" =uru:shetra

DR. VIKAS CHOUDHARY

Asst% Professor" $%I%9% ;4niversity


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CALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTSCALL FOR MANUSCRIPTS>e invite unpublished novel" ori#inal" e0pirical and hi#h ?uality research wor: pertainin#

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G% HEADINGS:All the headin#s should be in a &' point )alibri !ont% 9hese 0ust be bold-faced" ali#ned left and fully capitalised% 2eave a blan: line before

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A STUDY ON BENEFITS AND RISK ANALYSIS OF FUTURES AND OPTIONS IN MADURAI

MS. K. HEMA MALINI

ASST. PROFESSOR

DEPARTMENT OF COMMERCE

LADY DOAK COLLEGE

MADURAI * #2" ))2

ER. R. DEEPA

ASST. PROFESSOR

DEPARTMENT OF COMMERCE

LADY DOAK COLLEGE

MADURAI * #2" ))2

ABSTRACTT!" "#$%$'# *" +""%+ $% -% -+"/-*" /0 $1 #-'*-0 12$ 2'3-*" '%3"*$2. T!" -3'%4 $1 '%+'3'+/-0 '%3"*$2 ' *!" -'% $/2#" $1 #-'*-0 '%3"*"%*

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KEY(ORDSArbitra#ers" !utures and Options" +ed#ers" Stoc: Bro:ers" Speculators%

INTRODUCTIONerivatives have chan#ed the world of finance as pervasively as the internet has chan#ed co00unications% >ell they are everywhere nowadays% $ew

ideas and innovations have always been the hall0ar: of pro#ress 0ade by 0an:ind% At every sta#e of develop0ent" two crore factors drive 0an to

ideas and innovations% 9hese are increasin# returns and reducin# ris:" in all facets of life% One such innovation in the financial 0ar:et is Derivatives"

which are contracts that ori#inated fro0 the need to 0ini0i*e ris: and 0a7i0i*e return to the investors% +ence it is introduced with the 0ain purposes ofenablin# individual or corporate investors to either increase their e7posure to certain specified ris:s in the hope that they will earn returns 0ore than ade?uate

to co0pensate the0 for bearin# these added ris:s" :nown as speculation% On the other hand" reduce their e7posure to specific financial ris:s by transferrin#

these ris:s to other parties who are willin# to bear the0 at lower cost" :nown as hed#in#% In addition" there is an i0portant activity carried out :nown as

Arbitration" which helps in earnin# profit fro0 price differential e7istin# in two 0ar:ets by si0ultaneously operatin# in two different 0ar:ets%

)ash 0ar:et participants ne#otiate the buyin# and sellin# ;the transfer of title< of a specific productK futures 0ar:et participants focus on the buyin# and sellin#

of a contract on the underlyin# product% >ith the contract standardi*ed in ter0s of delivery 0onths and locations" ?uantity and #rade of the co00odity" the

only ele0ent left to ne#otiate in the e7chan#e 0ar:et is the price% Since price and not the co00odity is the focus of the futures and options 0ar:et" delivery of

the actual co00odity is a function that #enerally is assi#ned to the cash 0ar:et% 9he 0ar:et 0a:es it easy to enter and e7it the 0ar:et before delivery beco0es

even a possibility% All the 0echanis0s of the futures 0ar:etplace focus on the ta:in# of a LpriceE position and then closin# it out at a profit or loss%

FUTURES

!utures contract 0eans a le#ally bindin# a#ree0ent to buy or sell the underlyin# security on a future date% !uture contracts are the or#ani*ed contracts in ter0s

of ?uantity" ?uality" delivery ti0e and place for settle0ent on any date in future% 9he contract e7pires on a pre-specified date called e7piry date of the contract%

All the financial futures contracts are cash settled% 9here is no physical transfer of securities% !uture contracts traded in India are based on co00odities" indices"

individual stoc:s" interest rate and currency%

OPTIONSOptions contract is a type of derivatives contract that #ives the buyer@holder of the contract the ri#ht but not the obli#ation to buy @ sell the underlyin# asset at a

predeter0ined price within or at the end of specific period% 9he buyer@holder of the option" purchases the ri#ht fro0 the seller@writer for a consideration which

is called the pre0iu0% 9he seller@writer of an option is obli#ated to settle the option as per the ter0s of the contract when the buyer@holder e7ercises his ri#ht%

Option contracts traded in India are based on co00odities" indices" individual stoc:s" interest rate and currency% Option contracts 0ay be

)all Option where the buyer has the ri#ht but not the obli#ation to purchase a #iven volu0e of the underlyin# asset at a #iven price on or before a #iven

future date%

Put Option where the buyer has the ri#ht" but not the obli#ation to sell a #iven volu0e of the underlyin# asset at a #iven price on or before a #iven future

date%

An investor needs to understand the concept of derivatives and its applications and the ris: associated with it and ris: 0ana#e0ent strate#ies to play safe and

successful in the 0ar:et% 9herefore the study ai0s at analy*in# the benefits and ris:s in tradin# futures and options 0ar:et

OBJECTIVES 9o study the concepts" technicalities and 0echanics of tradin# in futures and options%

9o e7a0ine the benefits of !utures and options%

9o analy*e the ris:s of !utures and Options% 9o analy*e the level of awareness a0on# traders in !utures and Options%

RESEARCH DESIGN AND METHODOLOGY

D


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9he followin# research 0ethodolo#y and desi#n has been used for the study%

+1, RESEARCH DESIGN: Survey 0ethod was used with a structured type ?uestionnaire as the data-collectin# instru0ent%

+2, PRE- TESTING: Pre , testin# was done for clarity and reliability of the tool%

+3, SAMPLE SIE A total of .' respondents were ta:en for the study%

+!, SAMPLING PROCEDURE 9he sa0ple for the study was selected fro0 Madurai district of 9a0ilnadu% )onvenient sa0plin# was chosen after critical

review of literature% Respondents were 0ales and fe0ales who are interested in tradin# in futures and options%

+", DATA COLLECTION In total G' ?uestionnaires were distributed out of which .' sa0ple was finally selected%

+#, ANALYSIS OF DATA: 9he state0ents on traders were fra0ed after critical review of literature and discussions with e7perts in the field% 9he answer

to these state0ents was sou#ht in ter0s of /es or $o3 and percenta#e analysis and chi s?uare analysis%

ANALYSIS AND INTERPRETATIONAGE

TABLE 1: AGE OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

A#e roup $o% of Respondents Percenta#e

& , . H .F%'

F , .' & (%'

Above .' &' '%'

9otal .' &''%'

Source Pri0ary Data

9he table& shows that the youn# a#ed people between & and . have +i#h ris: ta:in# attitude of .F and the around ( of the respondents tradin# belon#s

to the a#e #roup of F , .' %9he study shows that the tradin# level decreases as the a#e increases%

EDUCATIONAL &UALIFICATIONTABLE 2: EDUCATIONAL &UALIFICATION OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

6ducational Nualification $o% of Respondents Percenta#e

4pto II Standard . &'%'

De#ree +older (. '%'

9otal .' &''%'

Source Pri0ary Data

9able shows that 0a1ority of the respondents are de#ree holders who have #reater e7posure to the futures and options 0ar:et as the e7posure"

understandin# ability and practical analysis is 0ore in colle#e education co0pared to school%

OCCUPATION

TABLE 3: OCCUPATION OF THE RESPONDENTS IN FUTURES AND OPTIONS

Occupation $o% of Respondents Percenta#e

Retired G &(%'

Professional ( H%'

overn0ent 60ployee (%'

Private 60ployee & (%'

Business ' ('%'

Service F%'

A#riculture ' '%'

+o0e 0a:er (%'

9otal .' &''%'

Source Pri0ary Data9able portrays that the 0a1ority ;('< of the respondents are Business people who are very interested in 0a:in# 0oney and ris: ta:in#% Around ( are

private e0ployees who are ne7t to business people in ris: ta:in#%

MONTHLY INCOME

TABLE !: MONTHLY INCOME OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

Monthly Inco0e $o%of Respondents Percenta#e

2ess than &'''' G &(%'

&'''' , '''' &H F%'

'''' , '''' & (%'

'''' , ('''' ( H%'

('''' , .'''' (%'

Above .'''' G &(%'

9otal .' &''%'

Source Pri0ary Data


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9able ( shows that the 0a1ority of the respondents who are tradin# in futures and options belon# to the inco0e #roup of &'''' , '''' which depicts that the

0iddle inco0ed people are 0ore interested in tradin# in derivatives to 0a7i0i*e their earnin#s%

MARITAL STATUS

TABLE ": MARITAL STATUS OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

Marital Status $o%of Respondents Percenta#e

Married G G(%'

4n0arried & F%'

9otal .' &''%'

Source Pri0ary Data

9able . e7plains that the 0a1ority of the respondents ;G(< are 0arried as they have 0ore responsibilities to ta:e care of their fa0ily when co0pared to the

un0arried traders%

SOURCE OF KNO(LEDGE ABOUT FUTURES AND OPTIONS

TABLE # :SOURCE OF KNO(LEDGE OF THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

Source of =nowled#e $o%of Respondents Percenta#e

Bro:er . G'%'

Advertise0ent . &'%'

Studied in course of 0y 6ducation &' '%'9otal .' &''%'

Source Pri0ary Data

9able F shows that 0a1ority of the respondents :new about futures and options throu#h the awareness created by bro:ers" who 0ar:et these products for

earnin# revenue% Advertise0ents play only a trivial role in creatin# awareness about futures and options%

MODE OF CONTACT OF STOCK BROKERS

TABLE 7: MODE OF CONTACT OF STOCK BROKERS BY THE RESPONDENTS TRADING IN FUTURES AND OPTIONS

Mode of )ontact $o% of Respondents Percenta#e

9elephone & F%'

Direct Personal )ontact &G (%'

Online tradin# . &'%'

9elephone 8 Direct Personal )ontact H &F%'

9elephone 8 Online tradin# ( H%'

Direct and Online )ontact ' '%'

9elephone" Direct Personal )ontact and Online tradin# F%'

9otal .' &''%'

Source Pri0ary Data

9able G shows that the 0a1ority of the respondents have chosen direct personal contact to trade as the trader 0ay feel co0fortable to be with bro:er and other

traders to #et sufficient details about the 0ar:et% 9he ne7t 0ode was the telephone as they have direct conversation with the bro:ers%

TYPES OF TRADERS IN FUTURES AND OPTIONS

TABLE ' : TYPES OF TRADERS IN FUTURES AND OPTIONS

9ype of 9raders $o%of 9raders Percenta#e

+ed#ers & (%'Speculators & F%'

Arbitra#ers ' '%'

+ed#ers and Speculators G &(%'

9otal .' &''%'

Source Pri0ary Data

9able H shows that the 0a1ority of the traders play the role of speculators due to the natural hu0an attitude of earnin# hu#e at a short span of ti0e and

addiction to #a0blin# and people are not aware of Arbitra#ers in Madurai as they show nil percenta#e%


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INFLUENCE OF OCCUPATION ON THE ROLE PLAYED IN THE FUTURES AND OPTIONS MARKET

TABLE %: INFLUENCE OF OCCUPATION ON THE ROLE PLAYED IN THE FUTURES AND OPTIONS MARKET.

Occupation Role played in the !utures and options Mar:et 9otal

+ed#er Speculator +ed#er 8 Speculator

Retired

;('%'

customer satis

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