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ISSN 0976-2183
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CONTENTS
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CHIEF PATRON
PROF' #' #' AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi !ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi 67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar
PATRON
SH' RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana 5ice-President" Dadri 6ducation Society" )har:hi Dadri President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani
COCO-ORDINATOR
DR' SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
ADVISORS
DR' PRIYA RANJAN TRIVEDI
)hancellor" 9he lobal Open 4niversity" $a#aland
EDITOR
PROF' R' #' SHARMA
Professor" Bharti 5idyapeeth 4niversity Institute of Mana#e0ent 8 Research" $ew Delhi
COCO-EDITOR
DR' BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
DR' SAMBHAVNA
!aculty" I%I%9%M%" Delhi
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MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar
ASSOCIATE EDITORS
PROF' NAWAB ALI #HAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%
TECHNICAL ADVISOR
AMITA
!aculty" overn0ent M% S%" Mohali
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar
FINANCIAL ADVISORS
DIC#IN GOYAL
Advocate 8 9a7 Adviser" Panch:ula
NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh
SUPERINTENDENT
SURENDER #UMAR POONIA
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=3':' F1.-.83>M-7?301.:>HRM>G3.37-; M-.-:323.0>E85.5218@>P@/8A5;5:/>L-B>C52CD037>IT>E.:1.3371.:>M-0A32-018@>50A37, C;3-@3 @C3814/E DEAR SIR>MADAM Please find 0y sub0ission of 0anuscript entitled CDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD3 for possible publication in your 1ournals% I hereby affir0 that the contents of this 0anuscript are ori#inal% !urther0ore" it has neither been published elsewhere in any lan#ua#e fully or partly" nor is it under review for publication elsewhere% I affir0 that all the author ;s< have seen and a#reed to the sub0itted version of the 0anuscript and their inclusion of na0e ;s< as co-author ;s<% Also" if 0yAour 0anuscript is accepted" IA>e a#ree to co0ply with the for0alities as #iven on the website of the 1ournal 8 you are free to publish our contribution in any of your 1ournals% NAME OF CORRESPONDING AUTHORB Desi#nationB Affiliation with full address" contact nu0bers 8 Pin )odeB Residential address with Pin )odeB Mobile $u0ber ;s<B 2andline $u0ber ;s<B 6-0ail AddressB Alternate 6-0ail AddressB NOTESB a< 9he whole 0anuscript is re?uired to be in ONE MS WORD FILE only ;pdf% version is liable to be re1ected without any consideration<" which will start fro0 the coverin# letter" inside the 0anuscript% b< 9he sender is re?uired to 0ention the followin# in the SUBJECT COLUMN of the 0ailB N3B M-.D@871C0 457 R3F13B 1. 0A3 -73- 54 ;!inanceAMar:etin#A+RMA eneral Mana#e0entA6cono0icsAPsycholo#yA2awA)o0puterAI9A 6n#ineerin#AMathe0aticsAother" please specify< c< 9here is no need to #ive any te7t in the body of 0ail" e7cept the cases where the author wishes to #ive any specific 0essa#e w%r%t% to the 0anuscript% d< 9he total si*e of the file containin# the 0anuscript is re?uired to be below 5$$ #B% e< Abstract alone will not be considered for review" and the author is re?uired to sub0it the co0plete 0anuscript in the first instance% f< 9he 1ournal #ives ac:nowled#e0ent w%r%t% the receipt of every e0ail and in case of non-receipt of ac:nowled#0ent fro0 the 1ournal" w%r%t% the sub0ission of 0anuscript" within two days of sub0ission" the correspondin# author is re?uired to de0and for the sa0e by sendin# separate 0ail to the 1ournal% E% -% (% MANUSCRIPT TITLE: 9he title of the paper should be in a &E point )alibri !ont% It should be bold typed" centered and fully capitalised% AUTHOR NAME =SE & AFFILIATIONS: 9he author ;s< 4D;; .-23" G3@1:.-015." -441;1-015. ;s<" -GG73@@" 25H1;3>;-.G;1.3 .D2H37@" and 32-1;>-;037.-03 32-1; -GG73@@ should be in italic 8 &&-point )alibri !ont% It 0ust be centered underneath the title% ABSTRACT: Abstract should be in fully italici*ed te7t" not e7ceedin# E.' words% 9he abstract 0ust be infor0ative and e7plain the bac:#round" ai0s" 0ethods" results 8 conclusion in a sin#le para% Abbreviations 0ust be 0entioned in full%
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FIGURES &TABLES: 9hese should be si0ple" centered" separately nu0bered 8 self e7plained" and 010;3@ 2D@0 H3 -H5F3 0A3 0-H;3>41:D73% S5D783@ 54 G-0- @A5D;G H3 23.015.3G H3;5B 0A3 0-H;3>41:D73% It should be ensured that the tablesAfi#ures are referred to fro0 the 0ain te7t% EQUATIONS: 9hese should be consecutively nu0bered in parentheses" hori*ontally centered with e?uation nu0ber placed at the ri#ht% REFERENCES: 9he list of all references should be alphabetically arran#ed% 9he author ;s< should 0ention only the actually utilised references in the preparation of 0anuscript and they are supposed to follow H-7F-7G S0/;3 54 R34373.81.:% 9he author ;s< are supposed to follow the references as per the followin#B All wor:s cited in the te7t ;includin# sources for tables and fi#ures< should be listed alphabetically% 4se ;3G'< for one editor" and ;3G'@E for 0ultiple editors% >hen listin# two or 0ore wor:s by one author" use --- ;E'77<" such as after =ohl ;&JJI<" use --- ;E''&<" etc" in chronolo#ically ascendin# order% Indicate ;openin# and closin#< pa#e nu0bers for articles in 1ournals and for chapters in boo:s% 9he title of boo:s and 1ournals should be in italics% Double ?uotation 0ar:s are used for titles of 1ournal articles" boo: chapters" dissertations" reports" wor:in# papers" unpublished 0aterial" etc% !or titles in a lan#ua#e other than 6n#lish" provide an 6n#lish translation in parentheses% 9he location of endnotes within the te7t should be indicated by superscript nu0bers% PLEASE USE THE FOLLOWING FOR STYLE AND PUNCTUATION IN REFERENCES:
BOO#S
Bowerso7" Donald J%" )loss" David J%" ;&JJF<" K2o#istical Mana#e0ent%K 9ata Mc raw" +ill" $ew Delhi%
+un:er" +%2% and A%J% >ri#ht ;&JF-<" K!actors of Industrial 2ocation in OhioK Ohio State 4niversity" $i#eria% CONTRIBUTIONS TO BOO#S Shar0a 9%" =watra" % ;E''H< 6ffectiveness of Social Advertisin#B A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David )rowther 8 $icholas )apaldi" Ash#ate Research )o0panion to )orporate Social Responsibility" )hapter &." pp EHI--'-% JOURNAL AND OTHER ARTICLES Sche0enner" R%>%" +uber" J%)% and )oo:" R%2% ;&JHI<" K eo#raphic Differences and the 2ocation of $ew Manufacturin# !acilities"K Journal of 4rban 6cono0ics" 5ol% E&" $o% &" pp% H--&'(% CONFERENCE PAPERS ar#" Sa0bhav ;E'&&<B KBusiness 6thicsK Paper presented at the Annual International )onference for the All India Mana#e0ent Association" $ew Delhi" India" &J,EE June% UNPUBLISHED DISSERTATIONS AND THESES =u0ar S% ;E'&&<B K)usto0er 5alueB A )o0parative Study of Rural and 4rban )usto0ers"K 9hesis" =uru:shetra 4niversity" =uru:shetra% ONLINE RESOURCES Always indicate the date that the source was accessed" as online resources are fre?uently updated or re0oved% ar#" Bhavet ;E'&&<B 9owards a $ew $atural as Policy" Political >ee:ly" 5iewed on January '&" E'&E httpBAAepw%inAuserAviewabstract%1sp WEBSITE
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#EYWORDS
!inance" Invest0ent" $ellore Re#ion%
INTRODUCTION
nvest0ent culture a0on# the people of a country is an essential prere?uisite for capital for0ation and the faster #rowth of an econo0y% Invest0ent culture refers to the attitudes" perceptions" and willin#ness of the individuals and institutions in placin# their savin#s in various financial assets" 0ore popularly :nown as securities% A study on the investors3 perceptions and preferences" thus" assu0es a #reater si#nificance in the for0ulation of policies for the develop0ent and re#ulation of security 0ar:ets in #eneral and protection and pro0otion of s0all and house-hold investors in particular% 9he Indian securities 0ar:et has 0ade substantial pro#ress durin# the post-independence period% 9he structure as well as the functionin# of Indian securities 0ar:et has been transfor0ed beyond reco#nition since &JJ's% 9he profile of the investin# public" invest0ent vehicles available" the invest0ent environ0ent and the nature of proble0s encountered by the s0all and household investors are substantially different today fro0 what they were a decade a#o%
RESEARCH METHODOLOGY
9his research study is an analytical :ind of research study% It is related to the analysis of the attitude of investors towards Invest0ent Option% In order to conduct this study" E'' investors in $ellore district re#ion have been surveyed and ?uestionnaire is used for data collection% SOURCES OF DATA All the data re?uired for the purpose has been obtained 0ainly fro0 pri0ary sources" but at ti0es" secondary sources of data have also been referred%
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DATA COLLECTION METHODS 9he data collection 0ethod used to obtain the desired infor0ation fro0 pri0ary sources has been throu#h direct interview" and ?uestionnaire has been used as an instru0ent% SAMPLING PLAN 9ar#et Population B Investors in $ellore district re#ion Sa0plin# 4nit B An individual investor in $ellore district re#ion Sa0plin# Si*e B E'' Area of Survey B 5arious localities in $ellore district re#ion%
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OCCUPATION,WISE DISTRIBUTION 9he occupation of an investor is also another deter0inant of his invest0ent preferences and behaviour as it directly affects his inco0e" savin#s" and choice of invest0ents% !or the purpose of analy*in# the i0pact of occupation on investor preferences and behaviour" the sa0ple investors have been classified into three cate#ories based on their occupation" na0ely" self-e0ployed persons consistin# of professionals li:e doctors" lawyers and business 0en" full-ti0e salaried persons" and retired persons% Occupation wise classification of sa0ple investors is shown in 9able% TABLE IV: OCCUPATIONAL DISTRIBUTION OF RESPONDENTS O88DC-015. ND2H37 54 R3@C5.G3.0@ P3783.0 Self 60ployed Persons &'E .& !ull-ti0e salaried persons HF (Retired persons &E 'F 9otal E'' &'' SourceB !ield Survey It is clear fro0 the above 9able that self-e0ployed persons constituted the lar#er percenta#e of the total respondents" i%e%" around .& percent% 9he fullti0e salaried persons constitute (- percent of the total and the rest of the0 are retired persons% INCOME &WISE DISTRIBUTION Inco0e of an investor plays an i0portant role in his preferences and choice of invest0ents% Investors with lar#er inco0es can only thin: of investin# in corporate securities and they can only ta:e hi#her ris:s while 0a:in# invest0ents% 9hus" inco0e constitutes the 0ost i0portant factor influencin# the investor preferences and behaviour% 9he sa0ple-investors are classified into si7 inco0e #roups based on their 0onthly inco0e" na0ely" up to Rs%.'''@ Rs%.''&-&''''@Rs%&'''&&.'''@Rs%&.''&-E''''@RS%E'''&- E.'''@ and above Rs%E.'''% 9he inco0e wise distribution of the sa0ple TABLE V: INCOME,WISE DISTRIBUTION OF RESPONDENTS I.8523 C37 M5.0A ND2H37 54 R3@C5.G3.0@ P3783.0 4p to Rs%.''' FE -& Rs%.''&-&'''' FF -Rs%&'''&-&.''' (' E' Rs%&.''&-E'''' &H 'J Rs%E'''&-E.''' 'H '( Above Rs%E.''' 'F '9otal E'' &'' SourceB !ield Survey 9he above 9able throws li#ht on the inco0e-wise distribution of sa0ple investors% -& percent of the investors belon# to the inco0e #roup of up to Rs%.'''@ --%& percent are in the inco0e #roup of Rs%.''&-&''''@ E' percent are in Rs%&'''&-&.'''@ J percent are in Rs%&.''&-E''''@ and - to ( percent each in the inco0e #roups of Rs%E'''&-E.'''and above Rs%E.'''% Inco0e of the fa0ily is one of the factors" which play a vital role in influencin# the invest0ent pattern" invest0ent behaviour and invest0ent decisions of investors%
INVESTOR AWARENESS
9he concept of Kinvestor awarenessK refers to the sta#e wherein a prospective investor is conscious of and is havin# the :nowled#e of the e7istence of an invest0ent product or avenue for his consideration to place the savin#s% Awareness is a continuin# process by which investors co0e to learn about the invest0ent particulars% In certain cases they try to :now about the 0odes clearly and eventually adopt it or re1ect it% Awareness is co00only described as the first step in the process of invest0ent% 9he investors are aware of the e7istence of nu0erous invest0ent 0odes@ their in?uisitiveness sti0ulates the0 to see: 0ore infor0ation% After beco0in# well versed of invest0ent 0odes" the investor turns to evaluate each channel by 0a:in# co0parison with each other% At last" the investor decides to 0a:e invest0ent in an advanta#eous 0ode or 0odes% 9hus awareness creates attitude in investor towards invest0ent channels% 9his LawarenessL of investors towards invest0ent is created" 0odified and shaped by various e7ternal sources of infor0ation such as dailies" wee:lies" electronic 0edia" friends and relatives" bro:erLs advice etc% awareness is an abstract concept and" hence" it is not possible to 0easure precisely and directly in ?uantitative ter0s" but can be 0easured and indirectly% AWARENESS OF INVESTMENT AVENUES 9o study the awareness of invest0ent avenues a0on# the investors" invest0ent products are identified and placed before the sa0ple- respondents to ascertain their level of awareness in four levels" na0ely" -=now very wellL" L:now wellL" L:now so0e whatL" and Ldo not :nowL% 9he responses of the sa0ple-respondents are tabulated and presented in 9able below% TABLE VI: AWARENESS OF INVESTMENT AVENUES I.F3@023.0 AF3.D3@ Ban: Deposits )o0pany Deposits S0all Savin# Sche0e Mutual !unds Real 6state )orporate Securities-Bonds 6?uity Shares #.5B V37/ B3;; H( ;(E< E( ;&E< I' ;-.< E' ;&'< E( ;&E< -' ;&.< EE ;&&< #.5B B3;; I( ;-I< (F ;E-< HE ;(&< -( ;&I< &-( ;FI< -' ;&.< -' ;&.< #.5B @523 BA-0 EJ ;&(%.< .' ;E.< -H ;&J< .H ;EJ< -E ;&F< FE ;-&< .( ;EI< D5."0 ?.5B &;F%.< H' ;('< &' ;.< HH ;((< &' ;.< IH ;-J< J( ;(I< T50-; E'' &'' E'' &'' E'' &'' E'' &'' E'' &'' E'' &'' E'' &''
$oteB !i#ures 0entioned in parenthesis are percenta#es SourceB !ield Survey An e7a0ination of the above 9able unveils the followin# factsB
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i% Most of the respondents stated that they are hi#hly aware ;:now very well< of invest0ent avenues li:e ban: deposits ;(E percent<" life insurance policies ;-Jpercent<" and s0all savin# sche0es ;-. percent<@ ii% Many of the respondents also e7pressed that they are well aware ;:now well< of invest0ent opportunities such as real estate ;FI percent<@ s0all savin# sche0es ;(& percent<@ ban: deposits ;-I percent<@ and life insurance policies ;-F percent<@ and iii% Ma1ority of the sa0ple investorsL e7pressed their unawareness ;do not :now< of invest0ent avenues" which included e?uity shares ;(I percent<@ 0utual funds ;(( percent< corporate debt securities ;-J percent<@ and co0pany deposits ;(' percent<% !ro0 the above facts" it can be su00ari*ed that a 0a1ority of the investors in )hittoor district re#ion are ?uite unaware of corporate invest0ent avenues li:e e?uity" preference shares" 0utual funds" corporate debt securities and deposits% At the sa0e ti0e" they are hi#hly aware of traditional invest0ent avenues li:e real estate" bullion" ban: deposits" life insurance sche0es and s0all savin#s sche0es% INVESTORS BEHAVIOUR An understandin# of the s0all investor3s behaviour constitutes the focal point for evolvin# suitable and effective strate#ies for develop0ent of securities 0ar:ets in any country% 9he investor behavior needs to be studied and analy*ed fro0 the di0ensions li:e - >hat 0otivates a s0all investor to 0a:e an invest0entO +ow fre?uently he prefers to 0a:e invest0entO In whose na0e the investor would li:e to hold the invest0entO In this conte7t" an atte0pt is 0ade to study and analy*e the behavior of investors in ter0s of 0otives of invest0ents" periodicity of invest0ents" factors influencin# the invest0ent decisions" and 0ethods of evaluation of the invest0ents% !or this purpose" the sa0ple-investors are as:ed" a nu0ber of ?uestions relatin# to the various aspects stated above" and their responses to such ?uestions are tabulated and analy*ed% 9he results of this e7ercise are li:ely to depict the invest0ent behavior of s0all and individual investors of a bac:ward re#ion of the country% MOTIVES OF INVESTMENT 9o identify the 0a1or 0otives of invest0ent a0on# the sa0ple investors" five 0a1or 0otives such as - earnin# interestA dividend inco0e" ta7 savin#s" capital #ains" speculative profits" and other 0otives consistin# of education and 0arria#e of children" are placed before the0 and as:ed to indicate their preference in the descendin# order% An analysis of the responses of the sa0ple investors towards principal 0otives of invest0ent revealed the followin# INCOME & THE DOMINANT MOTIVE 9he pri0ary 0otive of invest0ent a0on# the s0all and individual investors is to earn a re#ular inco0e either in the for0 of interest or dividend on the invest0ents 0ade% Infor0ation furnished in the below 9able proves this fact% It% 0ay be observed fro0 9able that &'' out of a total of E'' sa0ple respondents" constitutin# .' percent of the total sa0ple" stated that their principal 0otive of invest0ent is to earn interestA dividend inco0e% TABLE VII: PRIMARY =FIRST PREFERENCEE MOTIVES OF INVESTMENT M501F3 54 1.F3@023.0 ND2H37 54 73@C5.G3.0@ P3783.0-:3 05 050-; 6arnin# InterestADividend inco0e &'' .' 9a7 Savin#s EF &)apital ains &F H Speculative ains Others- 6ducation and H ( 0arria#e of children .' E. 9otal E'' &'' SourceB !ield Survey Besides inco0e" a si#nificant nu0ber of sa0ple respondents" i%e%" .' out of a total of E'' respondents ;nearly E. percent of the total< e7pressed that 0eetin# the co00it0ents of education and 0arria#e of children is the ne7t do0inant 0otive of the invest0ent a0on# the investors% It is also si#nificant to note fro0 the infor0ation provided in 9able that the investors did not attach 0uch i0portance to the 0otives li:e capital #ains and speculative profits instead they considered ta7 savin#s can be one of the 0otives of invest0ent% 9he other 0otives li:e capital #ains" ta7 benefits" and speculative profits are stated to be the secondary 0otives of invest0ent% PERIODICITY OF INVESTMENT 9o ascertain the periodicity of the invest0ent" the sa0ple investors are as:ed to indicate their savin#s habits in ter0s of ti0e - 0onthly" ?uarterly" half-yearly" and yearly and the responses obtained fro0 the0 are tabulated and presented in the below 9able% TABLE VIII: PERIODICITY OF SAVINGS ND2H37 54 73@C5.G3.0@ P3783.0-:3 54 R3@C5.G3.0@ HF (&H J (( EE .E EF E'' &'' SourceB !ield Survey It 0ay be noted fro0 the data presented in the above 9able that 0a1ority of the sa0ple investors preferred to adopt and follow 0onthly invest0ent plans rather than the invest0ent plans of other periodic intervals% It 0ay be seen that (- percent of the sa0ple investors e7pressed that they preferred 0onthly invest0ent plans" and yearly plans ;EF percent<" and half-yearly plans ;EE percent< follow this% An atte0pt is also 0ade here to identify the factors responsible for the popularity of 0onthly invest0ent plans by cross tabulatin# these results vis-M-vis the 0onthly inco0es and the e0ploy0ent cate#ory of the sa0ple respondents% 9able IN furnishes the data relatin# to periodicity of invest0ent vis-M-vis the 0onthly inco0es of the sa0ple investors% It 0ay be clearly noted that the investors of all inco0e #roups have shown #reater preference for 0onthly invest0ents as co0pared to the invest0ent plans of other periodicity% 9his indicates that without re#ard to the levels of 0onthly inco0e" the investors preferred to channel their savin#s in to the invest0ents on 0onthly basis% A part fro0 0onthly invest0ent plans" the investors have chosen either annual or half-yearly invest0ent plans in lar#e nu0ber in every inco0e #roup% It can also be noted that ?uarterly invest0ent plans are the least preferred choice of the investors% P3715G1810/ Monthly Puarterly +alf /early /early 9otal TABLE I!: PERIODICITY OF SAVINGS AND MONTHLY INCOME I.8523 P37 M5.0A M5.0A;/ QD-7037;/ H-;4,/3-7;/ Y3-7;/ T50-; 4p to Rs .''' EF ;(EQ< ( ;FQ< &H ;EJQ< &( ;--Q< FE ;&''Q< Rs .''& - Rs &'''' EF ;-J<Q F ;JQ< &I ;EFQ< &I ;EFQ< FF;&''Q< Rs &'''& - Rs &.''' &H ;(.Q< F ;&.Q< . ;&E%.Q< && ;EI%.Q< (' ;&''Q< Rs &.''& - Rs E'''' I ;-JQ< E ;&&Q< . ;EHQ< ( ;EEQ< &H ;&''Q< Rs E'''& - Rs E.''' . ;H-Q< ' ;'Q< ' ;'Q< & ;&IQ< F ;&''Q< Above Rs E.''' . ;FE%.Q< ' ;'Q< ' ;'Q< - ;-I%.Q< H ;&''Q< 9otal HI ;(-%.Q< (I ;E-%.Q< (. ;EE%.Q< .' ;E.Q< E'' ;&''Q< 9able N presents infor0ation re#ardin# the periodicity of the invest0ent and the e0ploy0ent cate#ory of the respondents% It is noted that nearly .- percent of the full-ti0e salaried persons have shown #reater inclination to 0a:e 0onthly invest0ents as co0pared to (- percent of the retired and -( percent of the self-
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e0ployed persons% It 0ay also be noted that yearly invest0ents are so0ewhat popular a0on# the self-e0ployed persons as co0pared to others% 9his is evident fro0 the fact that nearly -E percent of self-e0ployed persons have shown preference for yearly invest0ents as co0pared to &J percent of the full ti0e salaried and -F percent of the retired persons% 9hese observations 0ay lead authors to conclude that the e0ploy0ent cate#ory of the investor is an i0portant deter0inant of the periodicity of the invest0ents a0on# the s0all and individual investors% HOLDER OF THE INVESTMENT More often than not" it is very 0uch necessary to identify the holder of the invest0ent as it spea:s about the ulti0ate beneficiary of the invest0ent% >ith a view to identify the ulti0ate beneficiaries or for whose benefit the invest0ents are actually 0ade" the sa0ple investors are as:ed to indicate in whose na0e ;s< the invest0ents are actually 0ade% 9he responses #iven by the investors are tabulated and presented in 9able NI% TABLE !: PERIODICITY OF SAVING AND EMPLOYMENT CATEGORY E2C;5/23.0 C-03:57/ M5.0A;/ QD-7037;/ H-;4,/3-7;/ Y3-7;/ Self 60ployed Persons -( ;-(Q< J ;JQ< E. ;E.Q< -E ;-EQ< !ull-ti0e Salaried Persons (F ;.-Q< I ;HQ< &I ;E'Q< &F ;&JQ< Retired Persons F ;(-Q< E ;&(Q< & ;IQ< . ;-FQ< 9otal HF ;(-Q< &H ;JQ< (- ;E&%.Q< .- ;EF%.Q<
TABLE !I: HOLDERS OF THE INVESTMENT S;'N5' H5;G37@ N-23 N5' 54 R3@C5.G3.0@ P3783.0-:3 05 T50-; & Own $a0e FF -E Spouse F )hildren E' &' ( Joint &'H .( . 9otal E'' &'' It is found that a 0a1ority of the investors" i%e%" &'H out of a total of E'' investors" that wor:s out to .( percent of the total" preferred to hold the invest0ents in the 1oint na0es either with spouse or children or even both% $early -- percent of the sa0ple investors stated that they have 0ade invest0ents in their own na0es% It is also interestin# to note that only a s0all nu0ber of the investors held their invest0ents in the na0e of either spouse or children alone% !ro0 these observations" one 0ay sur0ise that the individual investors while 0a:in# the invest0ents nor0ally ta:e the interests of their fa0ily 0e0bers into consideration and in the process they 0a:e the0 as partners to the invest0ent%
FINDINGS
i% It was observed that 0a1ority of the respondents selected for the purpose of the study are 0ale investors and they constituted FJ percent of the total respondents of E''% >hereas the fe0ale investors constituted -& percent of the total respondents and this 0ay be because of the fact that #enerally the econo0ic independence a0on# fe0ales is rather very low and they participate in invest0ent decisions in lower proportions% ii% 9he analysis of the data showed that 0a1ority of the respondents are #raduates" and the respondents with inter0ediate or below level of education follow the0% A very ne#li#ible nu0ber of respondents are with no for0al education% In ter0s of percenta#e" #raduates constitute al0ost (' percent of sa0ple" and respondents with inter0ediate or below level of education with -' percent" post-#raduates with E' percent follow the0% 9he respondents havin# no for0al education constitute a low of &' percent of the total sa0ple% iii% 9he earnin# capacity of the households is another factor to be considered while analy*in# the influence of various econo0ic factors on investor preferences and behaviour% 9he nu0ber of earnin# adults in that household can #au#e the earnin# capacity of a household% $or0ally" it is found that 0ost of the households 0ay have one or two earnin# adults% It is rare to find the households havin# 0ore than two earnin# adults% iv% It is found that a 0a1ority of the investors in )hittoor district Re#ion are ?uite unaware of corporate invest0ent avenues li:e e?uity and preference shares" 0utual funds" corporate debt securities and deposits% At the sa0e ti0e" they are hi#hly aware of traditional invest0ent avenues li:e real estate" bullion" ban: deposits" life insurance sche0es" and s0all savin#s sche0es%
CONCLUSION
In the olden days" investin# funds was confined to rich and business people% But" now a day it has beco0e a household word and is very popular with people fro0 all wal:s of life% 9he ob1ective of 0otivatin# the public to invest their savin#s in the stoc: 0ar:et will be achieved only if the re#ulatory authorities succeed in providin# a 0anipulation free stoc: 0ar:et% >ith the rate of interest offered by ban:s on deposits bein# very unattractive" 0ore people could thin: of investin# in the stoc: 0ar:et% 9his could happen only if the stoc: 0ar:et is transparent and free fro0 sca0s because those who invest in ban: deposits are basically averse to ris:%
REFERENCES
&% E% -% (% .% Ale7ander" ordon %J" Ru#er D%Strover and D%B%=unnav" RMar:et ti0in# strate#ies in 2onvertable Debt financin# Journal of financin#G PP% &(--&..% Ban: for international settle0ents ;BIS<" R9he chan#in# shape of fi7ed Inco0e Mar:etsG" Discussion paper ." Ban: for International settle0ents" E''&% Antoniou% A" +%Shao" R)orporate Debt Issues and Interest Rate Ris: Mana#e0entB +ed#in# or Mar:et ti0in#OG Journal of financial Mar:ets" vol%&E" $o%-" Au#ust E''J" PP%.''-.E'% Blu0" 2% and )% Dian#elo" RStructurin# efficient Asset Bac: Securities" R!inancial Analyst Journal" PP%&I-((% Brain A% 6ales" R!inancial Ris: 6ventG" Mc raw +ill" &JJ.%
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ISSN 0976-2183
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