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Emerging market, like India, is characterised by poor institutional structure, weaker regulations and higher information asymmetry which may lead to stock price manipulation. This study shed some light on such manipulation by investigating front-running behaviour around the bulk deals of stocks traded at the National Stock Exchange (NSE) from 2010 to 2019.

The authors employ an event study methodology to identify front-running in pre-event period of bulk deals. The bulk deals are classified into Only Buy, Only Sell, Partial Buy and Partial Sell trades. They are further subsampled based on the category of investors. Through cross-sectional regression, the authors also identify factors explaining such front-running.

The results show that the front-runners can achieve 5%–7% returns within a week around the event day. Abnormal Returns (AR) before the deals are higher for “Buy” deals than “Sell” deals. The authors also examine the role of volume and delivery in explaining the AR and cumulative abnormal returns (CAR). Lagged CAR, change in volume and change in delivery explain the AR. The results are robust after controlling for Bullish and Bearish Periods.

To the best of authors’ knowledge, this is the first study that explores the front-running in “Partial Buy” and “Partial Sell” bulk deals. Further, it investigates whether the category of investors has any role in front running. It empirically tests the asymmetric market reaction between “Buy” and “Sell” trades. Finally, it examines the role of volume and delivery in front-running.

Since 1962 the world trades in bulk commodities as a whole have undergone two great changes: a large increase in the volume, and a large increase in the distance of the average route. In these years, trade in the five main dry bulk commodities doubled in tonnage, and in crude oil trebled in tonnage. During the same period, the length of the average route for the former rose from 3,400 miles to 4,650 miles, and for the latter from 4,500 miles to 6,750 miles. In short, three to five times as much ship capacity was required in 1973 as in 1962.

This research analyzes the cycle of the dry bulk shipping market (DBSM) as a representative of spot and period charter rates in dry bulk shipping to develop strategies for investment timing (i.e. asset play) and fleet trading (chartering strategy).

Spectral analysis is a numerical approach to extract significant cyclicality, which may be utilized to develop trading strategies. Instead of working with a single dataset (univariate), a system approach can be utilized to observe a significant shipping market cycle in its multi-variate circumstance. In this paper, a system dynamics design is employed to extract cyclicality in the DBSM in its particular industrial environment. The system dynamic design has competitive forecasting accuracy relative to univariate time series models and artificial neural networks (ANNs) in terms of forecasting outcomes.

The results show that the system dynamic design has a better forecasting performance according to three evaluation metrics, mean absolute scale error (MASE), root mean square error (RMSE) and mean absolute percentage error (MAPE).

Cyclical analysis is a significantly useful instrument for shipping asset management, particularly in market entry–exit operations. This paper investigated the cyclical nature of the dry bulk shipping business and estimated significant business cycle periodicity at around 4.5-year frequency (i.e. the Kitchin cycle).

The purpose of this paper is to examine industry herding among the institutional investors and to find whether their herding behaviour is intentional or unintentional.

The study uses Lakonishok et al. (1992) model to examine the presence of industry herding behaviour among institutional investors. To determine whether the herding observed is intentional or unintentional, herding measure is regressed with volatility, volume, beta and return. The period of the study is from 1 April 2005-31 March 2015.

The findings of the study showed that though institutional investors have herding tendency towards most of the industries, in the overall period industry herding was not significant. The herding found in some industrial sectors was linked to economic performance of those sectors in India during the period of study and hence the herding was unintentional in nature.

This is the first attempt to study industry herding among institutional investors and their intent in Indian market ever since the country opened its market to foreign investors in a big way. Present study is limited to the use of only bulk/block data instead of the entire trading data for the period.

This study is the first attempt to investigate industry herding behaviour of institutional investors in the market using their bulk and block trading data. The herding observed in well performing industries has been shown to be unintentional and hence rational. The results indicate that the entry of big institutional investors, including foreign institutions into the Indian market has not destabilised the market by irrational herding.

The purpose of this paper is to examine the mimicking behaviour of institutional investors in the stock market.

The study focusses on examining the herding behaviour among institutional investors in the stock market by considering the bulk and block trade on the constituent NIFTY 50 index during the period 2005–2015 using Lakonishok–Schleifer–Vishny (1992) model. The study also aims to find out whether their herding behaviour is intentional or unintentional in nature.

The findings of the study showed no sign of herding behaviour in the market; out of 50 constituent stocks of NIFTY 50, there was significant herding in 15 stocks, with buy herding in 11 stocks and sell herding in four stocks, and remaining 35 stocks were totally free from herding behaviour. In addition, the results proved that the herding behaviour observed on the stocks is of unintentional in nature.

Present study is limited to the use of constituent stocks of the Benchmarking Index NIFTY 50.

This study is the first attempt to investigate the herding behaviour of institutional investors in the market using bulk and block trade and also to explore their intent in herding behaviour.

ACC Limited, under Project 30-30, had targeted to produce and sell 30 million tons (mt) of cement in the year 2011. In May 2011, the Head of Central Logistics had found the target of the project to have become increasingly difficult to achieve. He believed that to sell 30 mt of cement, 30 mt had to be transported, thereby, advancing the role of the logistics function from that of a mere facilitator to a critical actor. As possible opportunities to increase sales, issues at the Bulk Cement Corporation (India) Limited (BCCI), and the plant at Wadi are being discussed in the case. The head of BCCI had raised concerns about the decreased logistical capacity of BCCI post a mandate from the Indian Railways on transporting 58-wagon rakes against 41-wagon rakes. A common belief was that with more wagons per rake, the quantity transited from Wadi would be higher. However, this was not the case and a capacity addition was being proposed. The President of Wadi Cluster had expressed that as an effort to reduce the transit time between Wadi and BCCI, priority was given to loading for BCCI. Though an improvement was observed with the introduction of 58 wagons per rake, Wadi was facing issues. This had affected Wadi's ability to serve other markets. The focus of the case is on analysing the options being considered by ACC to increase market presence, logistics capacity at BCCI, and the overall throughput at Wadi.

Energy is a driving force of economic development in the modern world, while as a commodity group it holds the greatest share of the world seaborne trade. Oil, natural gas and coal are the three most important sources of energy for the European Union which, as a bloc, represents 17% of the total energy consumption. The aim of the present paper is to explore the economics and trade issues of these three major energy commodities and investigate the role of the maritime transport in the energy trade within the context of the EU-25. A number of factors are considered in order to discuss contemporary opportunities and challenges that arise in this context for the shipping business. The examination reveals the critical dependence of EU-25 energy supply on seaborne trade and the considerable reliance of the maritime transport on such commodities for the generation of shipping business within the realms of the EU-25. Among the parameters regarded as conducive to the demand of shipping services in the context of the EU energy trade are the energy demand factor, the import dependency factor, the cost effective production element, and seaborne trade related parameters while consideration is also given to environmental issues.

Ports have played an important role in the history of Indian trade as they had always been the poles of international trade and commerce since colonial times. They had also acted as a catalyst for the economic development of the nations from historic times till now. Despite the tremendous growth of various other major modes of transport systems such as railways, roadways in case of land routes for internal trade and airways for external trade, ports still continue to coexist with them mainly in sea-borne exchange of goods both in internal as well as in external trade of India. This chapter studies the impact of globalization on economic development of India through the maritime trade growth at Major ports, being the sustainable transport mode, during the period (1980–2020). Using econometric and statistical tools it observes that Major ports have played a significant role in growth of sustainable transport and trade development within India, since the colonial times till date. Not only that, positive impact of globalization, (in terms of growth of trade globalization index) also have resulted both in increased volume of total and overseas trade performance in overall growth of international trade at Major ports of India, thus, reflecting higher economic development.

The existence of parallel imports (PI) raises a number of interesting policy and strategic questions, which are the subject of this survey article. For example, parallel trade is essentially arbitrage within policy-integrated markets of IPR-protected goods, which may have different prices across countries. Thus, we analyze fully two types of price differences that give rise to such arbitrage. First is simple retail-level trade in horizontal markets because consumer prices may differ. Second is the deeper, and more strategic, issue of vertical pricing within the common distribution organization of an original manufacturer selling its goods through wholesale distributors in different markets. This vertical price control problem presents the IPR-holding firm a menu of strategic choices regarding how to compete with PI. Another strategic question is how the existence of PI might affect incentives of IPR holders to invest in research and development (R&D). The global research-based pharmaceutical firms, for example, strongly oppose any relaxation of restrictions against PI of drugs into the United States, arguing that the potential reduction in profits would diminish their ability to innovate. There is a close linkage here with price controls for medicines, which are a key component of national health policies but can give rise to arbitrage through PI. We also discuss the complex economic relationships between PI and other forms of competition policy, or attempts to limit the abuse of market power offered by patents and copyrights. Finally, we review the emerging literature on how policies governing PI may affect international trade agreements.