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This paper presents the features and relevance of open distance learning in the context of the socio-economic conditions of people living in the Union Territory of Jammu and Kashmir (J&K) in India. Although the primary purpose of the present study was to ascertain the effectiveness of the learner support services (LSSs) and different facilities offered by the open distance learning (ODL) institutions in that specific region. On the basis of these findings, few suggestions are made for the improvement in the support services, in order to make the ODL system more responsive to the area-specific needs of the learners, especially those residing in inaccessible areas such as J&K.

A survey-based descriptive methodology was applied to conduct this study. The data extracted from primary and secondary sources were analysed to reach certain conclusions. In total, 1,200 distance learners constituted the sample of the research. A semi-structured questionnaire was designed and distributed amongst learners and academics in the region to obtain their feedback and opinion on different aspects of support services and facilities offered to ODL learners.

Results of the study revealed that overall, the LSSs were satisfactory on different parameters, although they slightly varied from institution to institution. However, there was still scope for improvement in certain areas, where institutions further need to make serious efforts to address the identified gaps for improving the LSS and make teaching-learning more learner-centric in view of their specific requirements and local circumstances of J&K.

The present study focusses on presenting an overview of the only major components of LSS offered by ODL institutions and covers six distance education institutions (DEIs) located in different geographical locations within the limited jurisdiction of J&K. There is still scope to make focused (institution-wise) studies in a more specific situation and context to ascertain the problems in a more realistic way.

Although the study has been conducted in a specific territory of J&K, the findings reported in the paper may be equally useful for the other ODL institutions with similar characteristics or located in similar geographical locations, as support services are essential common components of institutions offering distance education programmes or courses.

The study is original research work conducted in the specific context of J&K, and its findings are based on the primary and secondary data collected from learners and other stakeholders of the selected ODL institutions. This work may be significant for the DEIs of J&K to get familiar with the essential components of LSS and develop a mechanism to further improve the academic and administrative support services for distance learners.

The current study aims at examining the impact of upward and downward earnings management on the cross-sections of stock return. The study also examines the moderating role of cross-sectional effects on the association between earnings management and stock returns.

The study employed univariate and bivariate-sorted portfolio-level analysis to investigate the issue. Fama–Macbeth cross-sectional regression is used to analyze the moderating role of different cross-sectional effects. The study used a sample of 3085 Bombay Stock Exchange (BSE) listed stocks spanning over 20 years from January 2000 to December 2019.

The findings suggest that investors have different perceptions toward different forms of earnings management. In other words, results exhibit that investors perceive downward earnings management as an element of risk; hence, they discount the returns at a higher rate. On the contrary, results show that upward earnings management is positively perceived by the investors; hence, they hold the stocks even at a lower rate of return. This relation is found to be consistent even after controlling the impact of marker effect, size effect, value effect and momentum effect.

This study is among pioneering studies that consider the direction of earnings management while examining its impact on the stock return. This study is also among the earlier attempts to examine the moderating role of four different cross-sectional effects by taking a uniform sample of stocks over the same period.

The study aims at investigating the impact of real earnings management (REM) on the cross-sectional stock return after considering the moderating role of market effect, size effect, value effect and momentum effect.

The study uses weekly and monthly data of 3,085 Bombay Stock Exchange listed stocks spanning over twenty years, from January 2000 to December 2019. REM is measured through metrics developed by Roychowdhury (2006), namely, abnormal levels of operating cash flows, production costs and discretionary expenditure. The study employs univariate and bivariate portfolio-level analysis.

The findings deduced from the empirical results demonstrate that investors perceive downward REM as an element of risk; hence, they discount the stock prices at a higher rate. On the contrary, results show that investors positively perceive upward REM; hence, they hold the stocks even at a lower rate of return. This anomaly is found to be robust for all kinds of considered moderations.

The findings have important managerial implications as investors are found to assign different weights to different forms of REM, depending upon the perception regarding the magnitude of risk involved in different forms. Managers can accommodate this information during their short- and long-term corporate planning.

First, the study is among the earlier attempts to examine the association between REM and stock returns by considering the moderating role of cross-sectional effects. Second, the study considers the direction and endogenous nature of REM while investigating the issue.

This paper seeks to ascertain the effectiveness of a two-week-long faculty development programme (FDP), organized by Indira Gandhi National Open University (IGNOU), for teachers of the open and distance learning (ODL) system, with the aim of upgrading their knowledge and skills for developing print self-learning materials (SLMs). The specific aim of this study is to ascertain whether the objectives of the FDP have been achieved, to examine the effectiveness of the training programme and to suggest measures for improvement in future FDPs regarding the design and development of print SLMs.

The study was conducted using a descriptive survey research method, through semi-structured questionnaires and adopted purposive sampling. The first survey was conducted immediately after the completion of the programme, in order to collect feedback from the trainees, while the second survey was conducted after six months of the FDP, using the follow-up approach, so that more reliable and authentic results could be obtained.

The outcomes of the study revealed that the training had been effective in imparting appropriate knowledge and skills to the trainees, with respect to designing print SLMs. However, certain gaps were also identified and have been reported in this paper. Key suggestions have been made to address the shortcomings and improve forthcoming FDPs.

The present research focused on a specific training programme regarding the design and development of SLMs. Therefore, only the teachers and academics who participated in this specialized training activity were considered for the collection of feedback.

The recommendations of this work may be useful for the trainers, FDP coordinators, training institutions and ODL policymakers for planning and designing effective staff development activities for teachers and academics working in ODL institutions. These would be especially useful in the design of FDPs, aimed at orienting teachers who are involved in curriculum planning, design and development of learning resources.

This study is an original research based on the empirical primary data obtained by the researchers. As the largest open university in the world, IGNOU has been playing a key role in staff development for and in ODL in developing countries. This evaluative study of a specialized FDP in the area of SLM design and development is a significant work that may be valuable for planning the staff development strategies and building a training evaluation mechanism.

The study investigates the impact of higher moments on cross-sectional returns in the Indian equity market.

Using the daily data of 3,085 Bombay Stock Exchange-listed stocks spanning over 20 years from January 2000 to December 2019, the study evaluates the relationship between higher moments (skewness and kurtosis) and stock returns at individual stock and portfolio levels. The variations in the returns of the equal-weighted and the value-weighted portfolios are analysed, where the portfolios are constructed by sorting the stocks on skewness and kurtosis. The returns are adjusted for five common factors – market excess-returns, size, value, momentum and illiquidity, to controls other cross-sectional effects. Besides, the study employs Fama-MacBeth cross-sectional regression and time-series tests of higher moments as robustness measures.

The study presents higher moments anomaly in the Indian equity market. Contrary to what is expected based on a risk-averse rational agent model, a robust positive relationship is observed between the skewness and stock returns. The relationship between the kurtosis and stock returns is negative, albeit statistically weak. These results are robust for the Fama-MacBeth cross-sectional regression and time-series tests.

It is among the earlier attempts to investigate the pricing impact of higher moments at different levels of asset prices in an emerging market. Besides the standard portfolio methodology for explaining cross-sectional variations, the study also employs the time-series tests for higher moment factors, hence provides more robust results. Results have wider implications for asset pricing in emerging markets and highlight many issues for further research.

The study presents the zero investment strategies based on the pricing impact of real earnings management (REM) on stock returns after taking into account the direction and endogeneity nature of REM.

The authors use standard portfolio methodology and Fama–Macbeth cross-sectional regression to analyze the data for this study. Both upward and downward form of REM has been examined. Accrual earnings management (AEM) has been controlled while examining the association between REM and stock returns.

The findings demonstrate that the REM anomaly exists in the Indian equity market and is consistent under different market conditions and investment horizons. It is robust after controlling for cross-sectional effects and AEM. Our subsequent analysis suggests that a decile-based zero investment portfolio strategy based on REM loadings generates an annual excess return of 17.90%. The presented annual excess return is highest among quantile and mean-based investment strategies. Further, the authors find that REM sorted proposed investment strategies outperform the AEM sorted investment strategies in all spheres.

The findings suggest that investors can form an arbitrage profitable investment strategy by taking a long position in the bottom 10% of negative REM stocks, and a short position in the top 10% of positive REM stocks.

This is the first study that examines the pricing impact of REM on stock returns and provides zero investment strategies by betting against REM.

This study aims to investigate the risk-return trade-off in the Indian equity market at both the aggregate equity market level and in the cross-sections of stock return using alternative risk measures.

The study uses weekly and monthly data of 3,085 Bombay Stock Exchange-listed stocks spanning over 20 years from January 2000 to December 2019. The study evaluates the risk-return trade-off at the aggregate equity market level using the value-weighted and the equal-weighted broader portfolios. Eight different risk proxies belonging to the conventional, downside and extreme risk categories are considered to analyse the cross-sectional risk-return relationship.

The results show a positive equity premium on the value-weighted portfolio; however, the equal-weighted portfolio of these stocks shows an average return lower than the return on the 91-day Treasury Bills. The inverted size premium mainly causes this anomaly in the Indian equity market as the small stocks have lower returns than big stocks. The study presents a strong negative risk-return relationship across different risk proxies. However, under the subsample of more liquid stocks, the low-risk anomaly regarding other risk proxies becomes moderate except the beta-anomaly. This anomalous relationship seems to be caused by small and less liquid stocks having low institutional ownership and higher short-selling constraints.

The findings have important implications for investors, managers and practitioners. Investors can incorporate the effects of different highlighted anomalies in their investment strategies to fetch higher returns. Managers can also use these findings in their capital budgeting decisions, resource allocations and other diverse range of direct and indirect decisions, particularly in emerging markets such as India. The findings provide insights to practitioners while valuing the firms.

The study is among the earlier attempts to examine the risk-return trade-off in an emerging equity market at both the aggregate equity market level and in the cross-sections of stock returns using alternative measures of risk and expected returns.

This study aims to provide a comprehensive overview of asset pricing research and identifies the general research trends in the area. The study also aims to provide future direction to the researchers in the area of asset pricing.

The study uses bibliometric analysis techniques to achieve the stated purpose. The study covers 3,007 articles published in the top 50 finance and economics journals, accessed from the Scopus database for a period of 47 years (1973–2020). After initial searching for “asset pricing” as the main keyword in “title, abstract, keywords”, the database yields 6,583 articles. This number further reduces to 3,007 articles when the search is restricted to research and review articles published in the top 50 peer-reviewed journals.

The tabular and pictorial representation obtained from the analysis exhibit that asset pricing is an extensively researched area; however, a sudden rise in the number of publications (242) observed for 2019 demonstrates a growing interest amongst researchers. Further, affiliation statistics indicate that the volume of research is mainly concentrated in the USA and other developed nations; hence it opens vistas for the exploration of risk-return dynamics in the context of emerging markets.

The work presents an exhaustive and comprehensive review along with potential research implications. The present study reconciles various contradictory views of the prior studies under asset pricing such as risk-return trade-off, low-risk anomaly and provides the researchers with potential research gaps.

This paper aims to assess the effectiveness of Hall currents and power-law slip condition on the hydromagnetic convective flow of an electrically conducting power-law fluid over an exponentially stretching sheet under the effect of a strong variable magnetic field and thermal radiation. Flow formation is developed using the rheological expression of a power-law fluid.

The nonlinear partial differential equations describing the flow are transformed into the nonlinear ordinary differential equations by employing the local similarity transformations and then solved numerically by an effective numerical approach, namely, fourth-order Runge–Kutta integration scheme, along with the shooting iteration technique. The numerical solution is computed for different parameters by using the computational software MATLAB bvp4c. The bvp4c function uses the finite difference code as the default. This method is a fourth-order collocation method. The impacts of thermophysical parameters on velocity and temperature distributions, skin friction coefficients and Nusselt number in the boundary layer regime are exhibited through graphs and tables and deliberated with proper physical justification.

Our investigation conveys that Hall current has an enhancing behavior on velocity profiles and reduces skin friction coefficients. An increase in the power-law index is observed to deplete velocity and temperature evolution. The temperature for the pseudo-plastic (shear-thinning) fluid is relatively higher than the corresponding temperature of the dilatant (shear-thickening) fluid. The streamlines are more distorted and have low intensity near the surface of the sheet for the dilatant fluid than the pseudo-plastic fluid.

The study is pertinent to the expulsion of polymer sheet and photographic films, hydrometallurgical industry, electrically conducting polymer dynamics, magnetic material processing, solutions and melts of polymer processing, purification of molten metals from nonmetallic. The results obtained in this work can be relevant in fluid mechanics and heat transfer applications.

The present problem has, to the authors' knowledge, not communicated thus far in the scientific literature. A comparative study with the published works is conducted to verify the accuracy of the present study. The results obtained in this analysis are significant in providing the standards for validating the accuracies of some numerical or empirical methods.

This paper aims to present the analytical investigation on an unsteady magneto-convective rotation of an electrically conducting non-Newtonian Casson hybrid nanoliquid past a vertical porous plate. The effects of thermal radiation, heat source/sink and hydrodynamic slip phenomenon are also taken into account. Ethylene glycol (EG) is adopted as a base Casson fluid. The Casson fluid model is accounted for to describe the rheological characteristics of non-Newtonian fluid. EG with copper and alumina nanoparticles is envisaged as a non-Newtonian Casson hybrid nanoliquid. The copper-alumina-ethylene glycol hybrid nanoliquid is considered as the regenerative coolant.

The perturbation method is implemented to develop the analytical solution of the modeled equations. Acquired solutions are used to calculate the shear stresses and the rate of heat transfer in terms of amplitudes and phase angles. Numerical results are figured out and tabled to inspect the physical insights of various emerging parameters on the pertinent flow characteristics.

This exploration discloses that the velocity profiles are strongly diminished by the slip parameter. Centrifugal and Coriolis forces caused by the plate rotation are found to significantly change the entire flow regime. The supplementation of nanoparticles is to lessen the amplitude of the heat transfer rate. A comparative study is carried out to understand the improvement of heat transfer characteristics of Casson hybrid nanoliquid and Casson nanoliquid. However, the Casson hybrid nanoliquid exhibits a lower rate of heat transfer than the usual Casson nanoliquid.

This proposed model would be pertinent in oceanography, meteorology, atmospheric science, power engineering, power and propulsion generation, solar energy transformation, thermoelectric and sensing material processing, tumbler in polymer manufacturing, etc. Motivated by such practical implications, the proposed study has been unfolded.

The novelty of this paper is to examine the simultaneous effects of the magnetic field, Coriolis force, suction/injection, slip condition and thermal radiation on non-Newtonian Casson hybrid nanoliquid flow past an oscillating vertical plate subject to periodically heating in a rotating frame of reference. A numerical comparison is also made with the existing published results under some limiting cases and it is found that the results are in good agreement with them. An in-depth review of the literature and the author’s best understanding find that such aspects of the problem have so far remained unexplored.