An ISM and MICMAC Approach for Modelling the Contributors of Multibagger Stocks

IF 2.5 Q2 ECONOMICS
Ajay Chauhan, Swati Gupta, Sanjay Gupta
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引用次数: 1

Abstract

The purpose of this study is to explore the factors affecting the selection of multibagger stocks in the securities market. Further, the study aims to develop a model using interpretive structural modeling (ISM). Thereafter, the driving and dependence power of factors was found using matriced impact croises multiplication appliquee a un classement (MICMAC). A group of financial analysts and academic experts having experience in dealing in the Indian securities market were consulted and interpretive structural modelling (ISM) is adopted to develop the contextual relationship among various factors for each dimension of multibagger stocks selection. Further, to identify the driving and the dependence power of factors, the results of the ISM are used as an input to MICMAC analysis. The results of the study indicate the large potential market (C11), visionary leader (C13), unique business model (C6), understanding of the sector (C1), and promoter and management capability (C2) are the dominant factors. MICMAC analysis indicates that driving, dependent and linkage factors are 4, 5, and 4 respectively. The factors obtained for ISM model development and MICMAC analysis are based on the experts’ opinions. As it is a subjective judgment, there are chances of biasness on basis of personal opinions. A questionnaire survey can be conducted to gather viewpoints on these factors from more financial experts and portfolio consultants. The study has been executed in discussion with financial analysts and academic experts having experience in dealing in the securities market. Hence, derived results have practical validity. The securities market is quite volatile in nature and the right choice of multibaggers may prove to be wealth creators for the general public. Investors may look for the derived factors for investing their savings into profitable channels by picking up those stocks which may prove to be multibaggers in near future. The development of a model for the identification of factors affecting the choice of multibaggers in the securities market is the original contribution of the authors.

Abstract Image

多bagger股票贡献者模型的ISM和MICMAC方法
本研究的目的是探讨证券市场中影响多bagger股票选择的因素。在此基础上,利用解释结构模型(ISM)建立模型。在此基础上,利用矩阵冲击巡航乘法贴合分类(MICMAC)分析了各因子的驱动和依赖能力。本文咨询了一组在印度证券市场有交易经验的金融分析师和学术专家,并采用解释结构模型(ISM)来开发多bagger股票选择各维度各因素之间的上下文关系。此外,为了确定因素的驱动和依赖能力,ISM的结果被用作MICMAC分析的输入。研究结果表明,潜在市场大(C11)、有远见的领导者(C13)、独特的商业模式(C6)、对行业的理解(C1)、发起人和管理能力(C2)是主导因素。MICMAC分析表明,驱动因子、依赖因子和联动因子分别为4、5和4。ISM模型开发和MICMAC分析所得到的因素是基于专家的意见。由于这是一种主观判断,因此有可能存在基于个人意见的偏见。可以进行问卷调查,以收集更多的金融专家和投资组合顾问对这些因素的看法。该研究是在与金融分析师和具有证券市场交易经验的学术专家讨论后进行的。因此,所得结果具有实际的有效性。证券市场本质上是非常不稳定的,正确的选择多重投资者可能会为公众创造财富。投资者可以通过挑选那些在不久的将来可能被证明是多袋的股票来寻找将储蓄投资到有利可图渠道的衍生因素。本文作者的原创贡献是建立了一个模型,用于识别证券市场中影响多重投资者选择的因素。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.00
自引率
0.00%
发文量
34
期刊介绍: The current remarkable growth in the Asia-Pacific financial markets is certain to continue. These markets are expected to play a further important role in the world capital markets for investment and risk management. In accordance with this development, Asia-Pacific Financial Markets (formerly Financial Engineering and the Japanese Markets), the official journal of the Japanese Association of Financial Econometrics and Engineering (JAFEE), is expected to provide an international forum for researchers and practitioners in academia, industry, and government, who engage in empirical and/or theoretical research into the financial markets. We invite submission of quality papers on all aspects of finance and financial engineering. Here we interpret the term ''financial engineering'' broadly enough to cover such topics as financial time series, portfolio analysis, global asset allocation, trading strategy for investment, optimization methods, macro monetary economic analysis and pricing models for various financial assets including derivatives We stress that purely theoretical papers, as well as empirical studies that use Asia-Pacific market data, are welcome. Officially cited as: Asia-Pac Financ Markets
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