India has become one of the major recipients of venture capital (VC) in the last decade. It is important to understand if the factors that have played an important role in influencing the VC investment in developed countries are of relevance in the context of developing countries as well. The purpose of the study is to explore the various dimensions of VC investments in India with respect to factors such as industry of investment, stage of investment, round of investment, stake acquired, geographical location, syndication, investor type, etc. and their impact on the amount of investment. A descriptive and empirical research has been carried out using VC investment deals in India during the period from 1st January, 2004 to 31st October, 2016. It is found that the amount of investment by a VC fund in an undertaking is primarily influenced by the stage of investment and the stake acquired. Investor type and industry are also found to have a significant effect on the funding amount. While economic growth and market index are found to have a very small effect on the amount of VC funding, geographical location and syndication donot seem to have any effect on the amount invested.

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RESEARCH Executive Summary includes research articles that focus on the analysis and resolution of managerial and academic issues based on analytical and empirical or case researchIn India, private placement of equity shares or securities convertible into equity shares by listed companies is of two types-preferential allotment and qualified institutional placement (QIP). While preferential allotments have been in existence for a long time, QIPs are of recent origin. QIPs are a quicker and cost-effective form of raising money and have emerged as an important and preferred choice among the listed companies for an issuance of follow-on equity financing in India.The objective of the study is to investigate the information content of 150 placements of equity shares on QIP basis made by 131 Bombay Stock Exchange (BSE) listed companies from May 8, 2006 to December 31, 2012. The study seeks to analyze the effect of QIP announcements on Indian capital market. It explores the possibility of a relationship between short-run abnormal returns following QIP equity issues using market model-based event study methodology.The results of the study show that the stock market response is negative to the QIP equity announcements and support the hypothesis of semi-strong form of market efficiency only during the three-day event period. The results are inconsistent with the findings of majority of the earlier studies which suggest that there is a positive stock-price performance following the announcements of private placements of equity.As part of robustness checks, the study accords importance to the US subprime and European debt crisis and finds that the sample period could not be taken as the possible reason for adverse market reaction. The study also carries out a set of test statistics for the sample events that are free from event clustering and finds no significant difference in the results.The study concludes that companies are overwhelmingly resorting to QIPs, as they offer a quick and easy way to raise funds on private placement basis but blames the regulatory loopholes for the negative market perception about QIPs. There is a scope for further research with regard to using sophisticated techniques for event clustering and conducting a volume event study to analyse changes in the trading volume surrounding the QIP equity announcements. KEY WORDS

Purpose Financial internationalization is of particular importance to emerging country firms. Its significance arises from the impact of institutional void and related agency problems (common to emerging markets) on the internationalization path of these firms. Building on concepts from international finance, agency theory and institutional theory, this paper aims to examine the main aspects of financial internationalization by emerging country multinationals, namely, cross-listing, foreign ownership and foreign independent directors. Design/methodology/approach This paper follows a multiple case study approach which is a good fit for the exploratory nature of this research. The interest is to examine the context-driven financial internationalization of each case firm and replicate the firm-level information to find a common strategy. Findings The findings suggest that financial internationalization by emerging country multinationals starts mainly as these firms plan to enter advanced country markets. It is a dynamic process that entails interaction between financial internationalization and real internationalization, as well as among different aspects of financial internationalization. Cross-listing comprises the first stage of the process. Then, foreign ownership, particularly foreign institutional investments, would increase gradually in response to advances in financial and factor markets. Recruiting foreign independent directors seems to be adopted last, possibly out of fear of losing control of strategic decisions. Originality/value This paper presents a unique perspective that delineates different stages of the process of financial internationalization by emerging country multinationals. This complements the efforts to explain the distinct path of internationalization followed by these firms and supplements scarce literature by including emerging multinationals from India where the matter has not yet attracted proper attention.