Bulme and friend 1978 in his study he states that the

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Bulme and Friend (1978)in his study he states that the proportion of stock owned byinstitutional investors in America has increased sharply, while that owned by individualinvestors has decreased. He says that they analyze the effects of the shift in stock ownershipfrom individuals to institutions on the efficiency of equity market. He states that they alsoexamine the pros and cons of numerous proposals for improving the securities market.Transactions by individuals have always been regarded as essential to both liquidity and theefficiency of the market.Panda (1980)in his study of research on the role of stock exchanges in India before andafter independence reveals that listed stocks covered four-fifths of the joint stock sectorcompanies. According to him investment in securities was no longer the monopoly of anyparticular class or of a small group of people. He says that it attracted the attention of a largenumber of small and middle class individuals. He conclude by saying it was observed that alarge proportion of savings went in the first instance into purchase of securities alreadyissued.Gupta (1981)his study titled `Return on New Equity Issues.' In his study he states that theinvestment performance of new issues of equity shares, especially those of new companies,deserves separate analysis. He says that the factor significantly influencing the rate of returnon new issues to the original buyers is the `fixed price' at which they are issued. The returnon equities includes dividends and capital appreciation. His study presents sound estimatesof rates of return on equities, and examines the variability of such returns over time.Chitale (1983)in his researchhe has evaluated the underlying causes of the growingshortage of equity finance for funding new industrial enterprises in the private sector duringthe period 1960-1980. According to him the available evidence suggests the emergingscarcity of risk finance, despite bullish trend in the price of select shares and over -subscription to a few issues of good companies. His study also evaluates the quantum and19
the kind of returns that investors were able to earn from their investments in equity shares ofnew companies.Gupta (1985)in his study he has analyzed share price behavior in India in the context ofefficient market hypothesis. By using data over a period of five years (January 1971 toMarch 1976) from the Indian stock market, the author has examined the applicability ofRandom Walk Hypothesis in describing share price behavior under the Indian conditions.Cho (1986)in the study of researchhe argues that financial market liberalization mayremain, in complete without an efficient market for equity capital as a means of spreadingrisk and reward.Jack Clark Francis (1986)in his study he revealed the importance of the rate of return ininvestments and reviewed the possibility of default and bankruptcy risk. He opined that in anuncertain world, investors cannot predict exactly what rate of return an investment will

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