Person:
Jayaraman, Narayanan

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    Seeking Guidance on the Dow? Try GDP
    (Georgia Institute of Technology, 2011-06) Mulford, Charles W. ; Jayaraman, Narayanan
    Following the market swoon of 2008 and 2009, equity prices have enjoyed a significant rebound. Investors are understandably interested in where stocks are headed next. An interesting long-term perspective on the subject can be gained by examining the extent to which Nominal Gross Domestic Product has explained the movement of share prices, in particular, the Dow Jones Industrial Average, over time. In this report, we look at the relationship between the two metrics since 1916, updated with data through the fourth quarter, 2010. Barring any unforeseen shocks, we find strong historical precedent for the Dow to be trading in the vicinity of 15,000 in 2011.
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    Seeking Guidance for the Dow? Try GDP
    (Georgia Institute of Technology, 2007-08) Mulford, Charles W. ; Jayaraman, Narayanan
    With recent market volatility, investors are understandably concerned about where blue-chip stocks are headed next. An interesting long-term perspective on the subject can be gained by examining the extent to which Nominal Gross Domestic Product has explained the movement of share prices, in particular, the Dow Jones Industrial Average, over time. In this report, we look at the relationship between the two metrics since 1916, updated with data through the second quarter, 2007. We find strong support for the Dow to be trading in the vicinity of 13,700 to 14,000. The authors appreciate the assistance provided by HyungSuk Choi.
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    Seeking Guidance for the Dow? Try GDP
    (Georgia Institute of Technology, 2004-12) Mulford, Charles W. ; Ely, Michael L. ; Maloney, Kerianne ; Martins, Mario ; Quiroz, Raul ; Jayaraman, Narayanan
    With the Dow Jones Industrial Average once again trading above 10,000, investors understandably are wondering where the blue chips are headed next. An interesting long-term perspective on the subject can be gained by examining the extent to which Nominal Gross Domestic Product has explained the movement of share prices over time.
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    Mars-Venus Marriages: Culture and Cross-Border M&A
    (Georgia Institute of Technology, 2004-09) Chakrabarti, Rajesh ; Jayaraman, Narayanan ; Mukherjee, Swastika
    We explore different factors affecting the long-term performance of cross-border M&A with a special focus on cultural distance between the countries of the two firms. Using a sample of over 400 cross-border acquisitions in the period 1991-2000, we find that crossborder acquisitions are associated with a significantly positive “announcement effect” on the acquirer’s share value, followed by a partial reversal of these gains in the long-run. Considering several deal-specific variables and country-level economic and cultural variables, we find that acquisitions perform relatively better in the long-run if the acquirer and the target come from countries that are culturally more disparate. The “announcement effect” appears to miss this cultural aspect though it is more cautious about economic disparity between the two countries. Among deal characteristics, cash acquisitions perform better in the long-run. We use the Hofstede measure of cultural dimensions to define cultural distance and also examine alternative measures such as language, religion and legal origin to capture cultural differences.