Articles by Sumit K Majumdar

The Brexit decision has been an act of self-marginalisation by Britain, with an anti-immigrant stance having driven Brexit. Economically and politically, this catastrophe may involve rethinking of the need for union among the different components making up the United Kingdom. The purveyors of Brexit were playing a game of loser's poker, which they have won. They have achieved Brexit and potentially destroyed a nation, now in a state of extremely high institutional disruption.

Lowering fees at the IIMs not only hits their financial bottom line by reducing funds available to reward faculty, but also immediately affects the quality of intellectual output by sending the wrong signals to the faculty. It will thus directly affect their motivation, the key resource in such institutions.

Modern Public Economics by Raghbendra Jha; Routledge, London and New York, 1998; pp xv + 549, name and subject index provided,

Policies Good for India?
This article examines an empirical regularity with respect to Indian industrial behavior and sets out the implications that fallow from the result derived from the empirical analysis. The analysis explores the exporting behaviour patterns of over 1,000 firms with varying degrees of foreign ownership in India far the years 1088 to 1994, and is principally a cross-section based analysis, Since the 1950s, India fallowed a command-and-contral based economy regime. This regime became exceedingly autarkic, particularly In the 1960s, with negative consequences on her ability to make headway in export markets or to attract foreign investment, Since 1991 an economic policy switch is in progress and there have been moves towards a market-based regime in which foreign capital both on the current account via the generation of export sales as well as on the capital account via foreign investments, is expected to play a big part An empirical examination of the consequences of fallowing, or not realty following as happened in the Indian case, liberal trade policies is absolutely necessary since economic policy-making in India seems to be entirely based on ad hocism and intuition and not on the necessary and vital hard facts.

This paper examines the relationship between the debt-equity ratio and performance for a large sample of Indian firms. Extant theory posits a positive relationship between leverage and economic performance and this relationship is found to be valid in western economies. Analysis of data for a very large and representative sample of Indian firms, however, reveals the relationship for these firms to be significantly negative. The structure of capital markets in India, where both short-term and long-term lending institutions are predominantly government- owned, is postulated to account for the finding of this relationship, and it is shown that corporate governance mechanisms which work in the west will not work in the Indian context unless the supply of loan capital is privatised.