Why Conglomerates Thrive (Outside the U.S.)

    J. Ramachandran, K.S. Manikandan, and Anirvan Pant

    Conglomerates may be regarded as dinosaurs in the developed world, but in emerging markets, diversified business groups continue to thrive. Despite the recent global economic slowdown, their sales rose rapidly during the past decade: by over 23% a year in China and India, and by 11% in South Korea. Business groups accounted for 45, 40, and 20 of the 50 biggest companies (excluding state-owned enterprises) in India, South Korea, and China, respectively, according to a recent McKinsey study.


    Professor Pulak Ghosh is on Board of Journal of the Royal Statistical Society

    Prof. Pulak Ghosh

    Dr. Pulak Ghosh, Professor of Quantitative Methods & Information Systems area at the Indian Institute of Management Bangalore (IIMB) has been appointed as Associate Editor (AE) to the board of the Journal of the Royal Statistical Society: Series (A). It is a Tier-A journal in IIMB list.

    The Royal Statistical Society (RSS) is one of the world's most distinguished and renowned statistical societies founded in 1834 as the Statistical Society of London and became the Royal Statistical Society by Royal Charter in 1887. The Society has more than 7000 members around the world, of whom some 1500 are professionally qualified as Chartered Statistician. The Society's journals are compliant with Research Councils UK and other open access policies.

    The Associate Editor of the journal serves for a four year term and handles about 12/15 manuscripts a year.

    About Professor Pulak Ghosh

    Dr. Pulak Ghosh is a Professor in the Quantitative Methods & Information Systems area at IIMB. Professor Ghosh's key specializations are in various fields, including Analytical Finance, Quantitative Marketing, Econometrics, Biostatistics, Bayesian Statistics, Survival Analysis.

    Professor Ghosh is a highly accomplished researcher of international repute. He has published more than 40 research papers in various international journals. He also serves on the editorial boards of various international journals, including the Journal of the American Statistical Association.

    Prior to joining IIMB in July 2009 Professor Ghosh served as Associate Director, Novartis Pharmaceuticals, USA; Assistant Professor, Department of Statistics, Georgia State University; Associate Professor at Emory University, USA. He had also served on National Institutes of Health (NIH) grant review panel. Professor Ghosh is a visiting faculty at many national and international institutions. He obtained his doctoral degree in Statistics from Oakland University, USA in 2003.


    Dosa King: A Standardized Masala Dosa for Every Indian

    Dinesh Kumar U

    Indian Foods Fermentation Limited (IFFL) was established in 1992 by Narayanan to develop an expert dosa maker that will be used in fast food restaurants, "Dosa King". According to market research carried out by IFFL in 1992, on any given day, 20 million dosas were consumed in India. Narayanan and his colleagues at IFFL decided to develop an automatic dosa delivery system that would deliver standardized dosa at an interval of 30 seconds. The system requirement was that the dosa should have the same size, color, crispiness, and taste. The project was funded by venture capitalists and Narayanan had to take several decisions during the design and development of automatic dosa delivery system. The Dosa King was intended to be a mass distributed item, and the number of retail points across the country was meant to be in excess of 10,000 within 5 years from its launch in 1992. The IFFL realized that their largest stakeholder would therefore inevitably be the retailer or franchisee who invested in dosa machines, batter, and masala, and also interfaced with the customer. The IFFL conducted a market survey to capture the "voice of the customers" for the dosa delivery system and identified various system requirements. At various stages of product development, Narayan had to take several key decisions related to the design and development of machine, decision on inputs for preparation of dosa batter and other accompaniments, etc. In 1992, India did not have any western fast food chains. India went through a period of major economic reform in 1991 and the economy started growing much faster after the nineties. Narayanan expected the demand for fast food to grow in all major cities of India. Equipped with his experience at Coca-Cola and Nestlé, Narayanan was confident that he could change the restaurant industry in India.


    Examining the Impact of Social Policies on Health Equity

    Arnab Mukherji and Hema Swaminathan with collaborators in McGill University,HSRC South Africa, University of Bristol, and Universidad Peruana Cayetano Heredia

    The negative impact of poverty, economic and gender inequality on health and health equity are well document. However, little research investigates how social policies may provide pathways to improve population health. This research proposes to rigorously examine the population health effects of differing social policy approaches taken around the world to address poverty, economic, and gender inequity. The specific objectives of this research program are to examinehow policies aimed at reducing poverty, income and gender inequality in highand low-income countries impact major causes of morbidity and mortality in children, women under 50 and its impacts on HIV/AIDS, Tuberculosis, and other major diseases. In many areas of medical and public health research, the public and private sectors have substantial experience translating research into public health action; this was the case with immunizations. Moreover, in the case of many other public health initiatives, such as those related to physical activity, individualaction can make a large difference. In contrast, the actions that follow from the evidence that poverty and gender inequality lead to poorer health outcomes cannot be taken by individuals or practitioners alone. This research program is designed to begin to examine potential policy approaches to these substantial drivers of health. Moreover, as a clearer understanding of what works is by itself not enough to improve health and health equity, this program combines research with knowledge mobilization strategies.


    India Uninc.

    R Vaidyanathan

    While the nation's newspapers, journals, business magazines, TV channels and the internet continue to churn out reams, airtime and gigabytes of information about India's business houses-India Inc.-in this one-of-its kind book, Prof. R. Vaidyanathan delves deep into India Uninc. and presents a persuasive case for why the latter is really what is at the heart of our economy, and why any growth story about India is incomplete if that real engine of our growth is ignored.

    The author argues that the real India story, over generations, lies with the many proprietorship and partnership firms, small manufacturing units, kirana stores, single entrepreneurs and household enterprises. That they are being finally given their due, in this important study, is the result of many years of cutting-edge research, which lays bare the lopsided viewpoints of policy-makers and 'experts', and urges a broader vision of the country's economy. The small entrepreneur says Prof. Vaidyanathan, should prevail over crony capitalism.
    Scholarly yet accessible, and offering a wealth of information on an uncharted territory, India Uninc. is a must-read for anybody who aspires to understand the Indian economy -as well as India itself.


    Understanding Angel Investing in India – An Exploratory Study based on Publicly Available Data

    G. Sabarinathan

    Informal equity investing, of which angel investing is an important, if not perhaps the most important, constituent, has been around for a very long time in India. It has been gaining momentum in the past decade thanks to a number of factors, including that of the emergence of angel networks. However, the field of informal equity investing is relatively under-researched in India except for Rajan (2012). This paper attempts to improve the current understanding of the field in three ways. First, it endeavours to map out the investment activity that has been undertaken by a variety of angels, including some of the more prominent angel networks in India, and outline their approach to investing, examine their approaches in comparison to that of individual or other types of angels, to see if there are any distinctions. Second, it attempts to gather investment level data to draw a profile of their investment focus. Third, it profiles the kinds of investors who are active through the various angel networks. This paper is entirely based on information available in the public domain. Thus yet another purpose of this paper is to explore the extent to which information is available in the public domain, having recognized that this field of activity is as yet relatively un-regulated except in the case of those pools of investment capital that are regulated by the SEBI (Alternative Investment Funds) Regulation, 20123, as amended. The paper is organised as follows. The first section reviews relevant research. The second section discusses the source of data and our approach to analysis. The third section presents our findings. The fourth section discusses the findings and points to potential for future research.

Several IIMB cases are published and distributed either through Harvard Business School or Richard Ivey School of Business.

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