MAJOR RESEARCH PROJECT

ON
PERFORMANCE OF SELECT HOUSING FINANCE
COMPANIES AN ANALYSIS OF SYSTEMATIC AND
UNSYSTEMATIC RISK

Submitted to:-

(A Research Synopsis submitted as partial fulfillment for the

award of the Degree of Masters of Business Administration)

(2015-2017)

UNDER GUIDENCAE:
SUBMITTED BY:
Prof. Sampada Najan BHUMIKA RAI
MBA 4 rd
Sem.

1
 Roll
No.:52770072
Spec.:-
Finance and Marketing

CERTIFICATE

This is to certify that Bhumika Rai, student of MBA IV Sem.

program has here, with proposing to choose the major research
project titled Performance of select Housing Finance Companies
an Analysis of systematic and Unsystematic Risk and prepared
this report under my guidance and supervision.

Faculty Guide
Prof. Sampada Najan
Faculty MIST Indore

2
 DECLARATION

I hereby declare that the synopsis of my MRP entitles Performance of select

Housing Finance Companies an Analysis of systematic and
Unsystematic Risk. Has been prepared under the valuable guidance and
supervision of Prof.Sampada Najan, faculty of MIST in partial fulfillment for the
course requirement of MBA from DAVV.

To the best of my knowledge and belief the information, facts, figures that are
presented in this report are actually based on my own work.

Bhumika Rai
MBA 4th Sem.

3
 ACKNOWLEDGEMENT

Expression of feelings by words makes them less significant

when it comes to make statement of gratitude.
The most awaited moment of successful completion of an
endeavor is always a result of people involved explicitly therein
and it is impossible without the help and guidance of the people
around.
At the outset, I would take this opportunity to express my sincere
most gratitude towards Dr. MS Murthy, Director, Malwa Institute of
Science and Technology, Indore, for providing me the opportunity
to undertake and accomplish this project.
It gives me pleasure to express my most profound regards and
sense of great indebtedness and sincere gratitude to Prof
.Sampada Najan Faculty Guide, Malwa Institute of Science and
Technology Indore, for his untiring help, valuable guidance and
kind supervision, which were the main stream to bring this work
to present shape.
I am also thankful to Dr.Mamta Vyas and all the respected
professors and my friends who helped me directly or indirectly in
giving shape to this report.

4
Bhumika Rai

MBA IV Sem.

CONTENTS

Title Page No.

Chapter 1: Introduction
1.1 Conceptual Framework 6-14

1.2 Rationale Of The Study 15

16-18
1.3 Review Of Literature

1.4 Objectives Of The Study 19

Chapter 2: Methodology 20-22

Chapter 3 : Results And Interpretation 23-28

Chapter 4 :Suggestions and Conclusion

29-33
4.2 Conclusion

4.4 Limitations
Chapter 5: References 34-37

CHAPTER 1

5
 INTRODUCTION

INTRODUCTION

1.1 Conceptual Framework

The objective of any investor is to maximize the returns from investments, subject
to various constraints, primarily risk. Return is the motivating force, inspiring the
investor in the form of rewards, for undertaking the investment. Risk means you
have the possibility of losing some, or even all, of your original investment. Low
levels of uncertainty (low risk) are associated with low potential returns. High
levels of uncertainty (high risk) are associated with high potential returns. Risk
involves the chance an investment's actual return will differ from the expected
return. Risk includes the possibility of losing some or all of the original

6
investment. Different versions of risk are usually measured by calculating the
standard deviation of the historical returns or average returns of a specific
investment. A high standard deviation indicates a high degree of risk. Many
companies allocate large amounts of money and time in developing risk
management strategies to help manage risks associated with their business and
investment dealings. A key component of the risk management process is risk
assessment, which involves the determination of the risks surrounding a business
or investment.

A fundamental idea in finance is the relationship between risk and return. The
greater the amount of risk an investor is willing to take, the greater the potential
return. Investors need to be compensated for taking on additional risk. For
example, a U.S. Treasury bond is considered one of the safest, or risk-free,
investments and when compared to a corporate bond, provides a lower rate of
return. A corporation is much more likely to go bankrupt than the U.S. government.
Because the risk of investing in a corporate bond is higher, investors are the risk
inherent to the entire market or an entire market segment. Investment risks can be
divided into two categories: systematic and unsystematic.

Systematic risk, also known as "market risk" or "un-diversifiable risk",

is the uncertainty inherent to the entire market or entire market segment.
Also referred to as volatility, systematic risk consists of the day-to-day
fluctuations in a stock's price. Volatility is a measure of risk because it refers
to the behavior, or "temperament," of your investment rather than the reason
for this behavior. Because market movement is the reason why people can
make money from stocks, volatility is essential for returns, and the more
unstable the investment the more chance there is that it will experience a

7
 dramatic change in either direction. Interest rates and recession wars all
represent sources of systematic risk because they affect the entire market and
cannot be avoided through diversification. Systematic risk can be mitigated
only by being hedged. This risk underlies all other investment risks. If there
is inflation, you can invest in securities in inflation-resistant economic
sectors. If interest rates are high, you can sell your utility stocks and move
into newly issued bonds. However, if the entire economy underperforms,
then the best you can do is attempt to find investments that will weather the
storm better than the broader market. For example, putting some assets in
bonds and other assets in stocks can mitigate systematic risk because an
interest rate shift that makes bonds less valuable will tend to make stocks
more valuable, and vice versa, thus limiting the overall change in the
portfolios value from systematic changes. Interest rate changes, inflation,
recessions and wars all represent sources of systematic risk because they
affect the entire market.

Unsystematic risk, also known as "specific risk," "diversifiable risk" or

"residual risk," is the type of uncertainty that comes with the company or
industry you invest in. This risk affects a very specific group of securities or
an individual security. Unsystematic risk can be mitigated through
diversification. By owning stocks in different companies and in different
industries, as well as by owning other types of securities such as Treasuries
and municipal securities, investors will be less affected by an event or
decision that has a strong impact on one company, industry or investment
type. For example, news that is specific to a small number of stocks, such as
a sudden strike by the employees of a company you have shares in, is
considered to be unsystematic risk. Examples of unsystematic risk include a

8
 new competitor, a regulatory change, a management change and a product
recall.

MEASURES OF RISK:-

The most common measures of riskiness of a security are standard deviation and
variance of returns.

Standard Deviation and Variance of Returns :- Standard deviation

(commonly denoted as s) of returns merely measures the extent of deviation
of returns from the average value of return. Precisely put, standard deviation
of returns is the square root of the average of squares of deviations of the
observed returns from their expected value of return. The square of standard
deviation is called variance. Thus, variance of security returns is the average
value of the squares of deviations of the observed returns from the expected
value of return.

Covariance The measure of covariance examines the degree of variance to

which the returns from the security (share) and market vary in relation to
each other. Covariance can either be positive or negative and can also be
weaker or stronger. Positive covariance indicates that the returns of shares
and market are moves in the same direction whereas negative covariance
stands to opposite direction.

Beta () is a measure of the volatility, or systematic risk, of a security or a

portfolio in comparison to the market as a whole. In other words, beta gives
a sense of a stock's market risk compared to the greater market. Beta is also
used to compare a stock's market risk to that of other stocks. A beta of
greater than 1 means the investment has more systematic risk than the

9
 market, less than 1 means less systematic risk than the market, and equal to
one means the same systematic risk as the market. Beta is calculated using
regression analysis.
Beta represents the tendency of a security's returns to respond to swings in
the market. A security's beta is calculated by dividing the covariance the
security's returns and the benchmark's returns by the variance of the
benchmark's returns over a specified period. A security's beta should only be
used when a security has a high R-squared value in relation to the
benchmark. The R-squared measures the percentage of a security's historical
price movements that could be explained by movements in a benchmark
index. For example, a gold exchange-traded fund (ETF), such as the SPDR
Gold Shares, is tied to the performance of gold bullion. Consequently, a gold ETF
would have a low beta and R-squared in relation to a benchmark equity
index, such as the Standard & Poor's (S&P) 500 Index. When using beta to
determine the degree of systematic risk, a security with a high R-squared
value, in relation to its benchmark, would increase the accuracy of the beta
measurement.

Alpha () is used in finance to represent two things:

1. A measure of performance on a risk-adjusted basis.

Alpha, often considered the active return on an investment, gauges the
performance of an investment against a market index used as a benchmark,
since they are often considered to represent the markets movement as a
whole. The excess returns of a fund relative to the return of a benchmark
index is the fund's alpha. It is most often used for mutual funds and other
similar investment types. It is often represented as a single number (like 3 or
-5), but this refers to a percentage measuring how the portfolio or fund
performed compared to the benchmark index (i.e. 3% better or 5%
10
 worse).Alpha is often used with beta, which measures volatility or risk, and
is also often referred to as excess return or abnormal rate of return.

2. The abnormal rate of return on a security or portfolio in excess of what

would be predicted by an equilibrium model like the capital asset pricing
model (CAPM). In this context, alpha is often known as the Jensen
index.

Using alpha in measuring performance assumes that the portfolio is sufficiently

diversified so as to eliminate unsystematic risk. Because alpha represents the
performance of a portfolio relative to a benchmark, it is often considered to
represent the value that a portfolio manager adds to or subtracts from a fund's
return. In other words, alpha is the return on an investment that is not a result of
general movement in the greater market. As such, an alpha of 0 would indicate that
the portfolio or fund is tracking perfectly with the benchmark index and that the
manager has not added or lost any value. The concept of alpha was born with the
advent of weighted index funds like the S&P 500 for the stock market and the
Wilshire 5000 for the securities market, which attempt to emulate the performance
of a portfolio that encompasses the entire market and that gives each area of
investment proportional weight. With this development, investors could hold their
portfolio managers to a higher standard of just producing returns: producing
returns greater than the investor would have made with a blanket market-wide
portfolio.

Housing Finance Companies:-

The Housing Finance Company is yet another form of non-banking financial

company which is engaged in the principal business of financing of acquisition or
11
construction of houses that includes the development of plots of lands for the
construction of new houses. It is regulated by the National Housing Bank. Any
non-banking finance company can operate as a housing finance company, subject
to the fulfillment of basic requirements as specified in the Companies Act, 1956.

The company should have its primary business of providing finance for
housing, whether directly or indirectly.

The company should obtain a certificate of registration (COR) from the

National Housing Bank (NHB). The company conducting such business
without a COR is an offense punishable under the provisions of the National
Housing Bank Act, 1987, also the NHB can demand the winding up of such
company.

The company should have minimum Net Owned Fund of Rs 10 Crores.

Once these basic requirements are fulfilled, the company should comply with the
following conditions to get registered as a Housing Finance Company:

The company shall be in such a position that it is able to meet the full claims
of its present as well as future depositors as and when these accrue.

The affairs of the housing finance company should not be detrimental to the
interest of the present and future depositors.

The management of the company should not be prejudicial towards public

interest or to the interest of its depositors.

12
 The Company should have an adequate capital structure and better income
prospects.

The certificate of registration shall not be prejudicial to the operation and

growth of housing finance sector of the country.

So, all the above conditions must be met by the non-banking finance company to
perform the business of financing of houses (construction and acquisition).

List of Top Housing Finance Companies in India

Housing Development Finance Corporation Limited (HDFC)

State Bank of India Home Finance (SBI)
Housing Urban Development Corporation (HUDCO)
LIC Housing Finance Limited
IDBI Home Finance Limited (IHFL)
PNB Housing Finance Limited
Dewan Housing Finance Corporation Limited (DHFL)
GIC Housing Finance Limited
Can Fin Homes Limited (CFHL)

13
 RATIONAL OF STUDY

The home is basic unit of society, but the capital required per dwelling is so large
that few individuals can raise it from their own savings. So there is a great need
and scope for the purpose of construction of house. In consideration of the strategic
significance of the housing sector in the emerging Indian economy and the
government's major policy thrust to encourage banks' housing finance portfolio.
The findings of the study would be very useful to the policy makers, practicing
bankers, researchers, academicians and other stake holders. Also its finding will
help in understanding systematic risk and unsystematic risk associated with the
housing finance companies.

LITERATURE REVIEW

14
Krishnamachari (1980), as stated in the preamble of the National Housing
Policy, "shelter is a basic human need and as an intrinsic part of human settlement,
is closely linked with the process of overall socioeconomic development. Though a
house is essentially a place of dwelling, it also fulfils many important social needs
of the household. Besides providing shelter, it creates employment, generates
voluntary saving and creates a conducive condition needed for achieving crucial
goals.

K. Vidyavathi (2001), in her study, evaluated the magnitude of housing problem in

the state of Karnataka and examined the role of HFCs in meeting the housing
finance needs. For this, she selected five HFCs (HDFC Ltd., LICHF Ltd., GICHF
Ltd., Can Fin Homes Ltd., SBIHF Ltd. and Dewan Housing finance Ltd.) and
studied the perception of the borrowers about the home loan provided by them. Her
study revealed that the medium sized and small sized HFIs have experienced high
growth rate during the initial years, but increased competition reversed their
growth in loan sanction and disbursements. The researcher concluded that the
borrowers of all the home loan providers have more or less the same perception
about the HFCs and their home loan products. She opined that institutions that are
geared to meet the expectations of customers only will survive.

P.K. Manoj (2004), in his article, Dynamics of Housing Finance in India, made
an attempt to study the growth and development of housing finance system in

15
India. He also emphasized the importance of housing to the economy and prospects
of housing finance industry. He examined the risk factors and issues
involved in aggressive lending to housing due to cut- throat competition, and the
peculiar features of the existing regulatory and legal system. He concluded that
measures should be taken to promote active mortgage backed securitisation market
in India, which can further strengthen our housing finance system and make it
more competitive.
.
Kirti Dutta and Anil Dutta (2009) in their study on - Customer Expectations and
Perceptions across the Indian Banking Industry and the Resultant Financial
Implications have studied the expectations and perceptions of the consumers across
the three banking sectors in India. It was found that in the banking sector it is the
foreign banks which are perceived to be offering better quality of services followed
by the private and then public banks and these perceptions are reflected in the
financial performance of the banks also.

Rao K.N. (2010) in his article Housing Finance A Global Perspective mentions
in this article that home loans have been registering exponential growth in India
during the last six years. Easy liquidity conditions, low interest rates, availability of
tax shelters on repayment of principal and interest surging demand from middle
income group borrowers, lower regulatory capital, the comfort of tangible security
have all collectivity contributed to the spurt in home loans. HDFC and LICHFL are
the major players in disbursement of home loans. These banks sanction upto 85%
of the cost of the property as home loan for a maximum period of 20 to 30 years.

R. Madhavi (2012) studied the impact of volatility and systematic risk in select
Housing Finance Companies in India. The movement of BSE sensex as well as five
16
other top housing companies namely HDFC, LIC Housing Finance, GIC Housing
Finance, Dewan Housing Finance Ltd and Can fin homes were studies for a period
of 5 years ie from March 2004 to March 2009. It indicates that the housing finance
companies cannot give greater returns than market returns in a bull market and did
not lose more than the market lost in a bear market. The investment in housing
finance stocks is stable in nature. It can be concluded that investment in housing
finance stocks is safer in volatile market conditions.

Pankaj Chadha and Vanitha Chawla (2013), this paper compare Indias ten
major HFCs on the basis of corporate governance practices & disclosures in the
annual report for the year 2011-2012. Regression analysis has been applied to
determine whether there is any significant relationship between the corporate
governance score of HFCs and independent variables like size of the HFCs, Profit
margin and leverage. The significance of this study is that it uses a new perspective
and dimension for comparison of HFCs in India and contributes to the existing
body of knowledge in the Corporate Governance.
Mrs. S. Rajalakshmi et.al.(2013) identified from their study most of the housing
finance companies in India have introduced several new home loan products in
order to meet the needs of a wide variety of customers. The various home loan
schemes have market. The customer can choose those schemes which he feels is
good for him and have the capacity to repay it on that specified time period.

OBJECTIVE OF STUDY

17
 i. To study and analyse the systematic risk among select housing finance
companies.

ii. To study and analyse the unsystematic risk among select housing finance
companies.

18
 Chapter 2:

RESEARCH METHODOLOGY

2.1 The Study

19
 The study was descriptive in nature and aims to understand and analyse the
systematic risk and unsystematic risk associated with the housing finance
companies in India.

2.2 The Sample

In this study 10 years data from 2006 to 2016 was taken as sample of top 5
Housing Finance Companies, i.e, Housing Development Finance
Corporation Limited, State Bank of India Home Finance, Housing Urban
Development Corporation, LIC Housing Finance Limited and IDBI Home
Finance Limited.

2.3 Tools for Data Collection

Secondary data was used in this study and was collected from the website of
BSE and NSE.

2.4 Tools for Data Analysis

For evaluating the performance of top five Housing Finance Companies,

adjusted close prices are used which are based on daily basis from the period
April 2006 to March 2016. For this systematic risk and unsystematic risk are
calculated by using following tools, i.e.

I. Beta () :-
It is a measure of the volatility, or systematic risk, of a security or a portfolio
in comparison to the market as a whole. Beta is used in the capital asset
pricing model (CAPM), which calculates the expected return of an asset
based on its beta and expected market returns. Beta is also known as the beta
coefficient. The formula for calculating beta is the covariance of the return

20
 of an asset with the return of the benchmark divided by the variance of the
return of the benchmark over a certain period.

II. Alpha () :-
Alpha or Jensen Index is an index that is used in some financial models such
as the capital asset pricing model (CAPM) to determine the highest possible
return on an investment for the least amount of risk. It measures how well an
investment performed compared to its benchmark. Alpha is calculated as :-

INTERCEPT (known_y's, known_x's)

The INTERCEPT function syntax has the following arguments:

Known_y's is the dependent data of stock returns of HDFC, SBI, HUDCO,

LIC and IDBI.

Known_x's is the independent data of S&P 500 index.

21
 Chapter 3:

RESULTS AND ANALYSIS

ANALYSIS AND INTERPRETITION

BETA () :-

S.
No. Top 5 Housing Finance Companies in India Beta

22
1 Housing Development Finance Corporation Limited (HDFC) 1.0272
2 State Bank of India Home Finance (SBI) 1.1598
-
3 Housing Urban Development Corporation (HUDCO) 0.0261
4 LIC Housing Finance Limited 1.2282
5 IDBI Home Finance Limited (IHFL) 1.4579

Beta Interpretation :-

Value Interpretation Example

of Beta
<0 Asset movement is in the An inverse exchange-traded fund or a
opposite direction of the short position
benchmark
23
=0 Asset movement is Fixed-yield asset, whose growth is
uncorrelated to the unrelated to the movement of the stock
benchmark market
0 < < Asset moves in the same Stable, "staple" stock such as a company
1 direction, but in a lesser that makes soap. Moves in the same
amount than the direction as the market at large, but less
benchmark susceptible to day-to-day fluctuation.
=1 Asset moves in the same A representative stock, or a stock that is a
direction and in the same strong contributor to the index itself.
amount as the benchmark
>1 Asset moves in the same Stocks which are very strongly
direction, but in a greater influenced by day-to-day market news,
amount than the or by the general health of the economy.
benchmark

Housing Development Finance Corporation Limited (HDFC) has beta

1.0272, i.e. it is equal to 1, which indicates that the investment has same
systematic risk as the market and the securitys prices moves with the
market. It means stocks of HDFC is a strong contributor to the index itself.
State Bank of India Home Finance (SBI) has beta 1.1598, i.e. it is
theoretically 16% more volatile than the market. It also indicates that the
investment has more systematic risk than the market. It means stocks of SBI
are very strongly influenced by day-to-day market news, or by the general
health of the economy.

Housing Urban Development Corporation (HUDCO) has beta -0.0261, i.e. it

is theoretically 98% less volatile than the market. It also indicates that the
investment has less systematic risk than the market. It means there is an
inverse exchange-traded fund or a short position.

24
 LIC Housing Finance Limited has beta 1.2282, i.e. it is theoretically 23%
more volatile than the market. It also indicates that the investment has more
systematic risk than the market. It means stocks of LIC are very strongly
influenced by day-to-day market news, or by the general health of the
economy.

IDBI Home Finance Limited (IHFL) has beta 1.4579, i.e. it is theoretically
46% more volatile than the market. It also indicates that the investment has
more systematic risk than the market. It means stocks of IDBI are very
strongly influenced by day-to-day market news, or by the general health of
the economy.

ALPHA () :-

S.
No. Top 5 Housing Finance Companies in India Alpha
1 Housing Development Finance Corporation Limited (HDFC) 0.0015
2 State Bank of India Home Finance (SBI) 0.0038
3 Housing Urban Development Corporation (HUDCO) 0.0038
4 LIC Housing Finance Limited 0.0012
5 IDBI Home Finance Limited (IHFL) 0.0008

25
Alpha Interpretation :-
Alpha in measuring performance assumes that the portfolio is sufficiently
diversified so as to eliminate unsystematic risk. In other words, alpha is the return
on an investment that is not a result of general movement in the greater market.
An alpha of 0 would indicate that the portfolio or fund is tracking perfectly
with the benchmark index and that the manager has not added or lost any
value.
An alpha of 1% means the investment's return on investment over a selected
period of time was 1% better than the market during that same period.
An alpha of -1 means the investment underperformed the market.

Alpha Value is the intercept of the companys returns curve.

It stands at 0.0015, which means the return from Housing Development
Finance Corporation Limited (HDFC)s stock prices will be at 0.15%, when
the market return is zero.
It stands at 0.0038, which means the return from State Bank of India Home
Finance (SBI)s stock prices will be at 0.38%, when the market return is
zero.
It stands at 0.0038, which means the return from Housing Urban
Development Corporation (HUDCO)s stock prices will be at 0.38%, when
the market return is zero.
It stands at 0.0012, which means the return from LIC Housing Finance
Limiteds stock prices will be at 0.12%, when the market return is zero.

26
 It stands at 0.0008 ~ 0.00, i.e. it is equal to the origin of X-axis, which
means the return from LIC Housing Finance Limiteds stock prices will be at
0.00%, when the market return is zero.

27
 Chapter 4:

SUGGESTIONS AND CONCLUSIONS

28
 SUGGESTIONS:-
We can take Mid- cap or small- cap Housing Finance Companies because many
investors do not have more amount of money to invest in such large companies.

Also more than five companies can be taken as there are many more good companies,
in which people invests.

We can also take less than 10 years data. Monthly or yearly data can be taken.

Systematic risk and Unsystematic risk can also be calculated by Markowitz Model,
Sharpe Index Model and Jensen Index.

29
 CONCLUSION :-

Housing is a basic human necessity and a problem of human deprivation. It also

encourages saving in the form of physical assets besides forward and backward
linkages with industrial growth. The problem of housing in India is both
quantitative and qualitative housing shortage. Shortage in quantitative terms
arise largely due to an outgrowth in the number of families than the residential
housing stock, while qualitative shortages are the number of sub-standard (life
threatening and unsafe) and inadequate housing units. The other dimension of
the housing problem is mainly centered around the adequacy in terms of size
and in-house basic amenities required for quality standard of living like
adequate living space, safe drinking water, sanitation, electricity, etc.
As a part of this study, we tried to analyze Systematic risk (beta) and
Unsystematic risk (alpha) of top five Housing Finance Companies, which
shows that HUDCO has less systematic risk than the market (negative beta)
irrespective of being a top company. IHFL is on the top position, as it has
highest beta. Also it has less alpha which means unsystematic risk is low.
It can be argued that other mid- cap and small- cap companies may be good to
invest because small investors are investing in these types of companies and
earning good as well.

LIMITATIONS :-

30
 The study period was limited to year 2006-20016 only and the evaluation has been
done by taking into consideration only 5 top Housing Finance Companies.

A comparison can also be made between mid- cap and small cap companies.

Monthly or yearly data could be taken so that we may get different results and may
interpret in a better way.

In this study other tools and models can be used and we can get different results.

IMPLICATIONS:-

31
The findings of the study are quite revealing and have policy implications for both
the bankers and the regulators. They could be used for policy inputs for the
development of sound housing finance market as well as for making portfolio
choices, risk based pricing decisions, product design choices and design risk
management process. Also its findinds would be very useful to the policy makers,
practicing bankers, researchers, academicians and other stake holders.

32
CHAPTER :-5

REFERENCE

33
 REFERENCES:

1. Anil Dutta and Kiran Dutta (2009), Customer Expectations and Perceptions
across the Indian Banking Industry and the Resultant Financial Implications,
Journal of Services Research, Volume 9, Number 1 Pages 31-49.

2. Bhalla Ashwani, Arora Parvinder & Gill Pushpinder (2009), Profitability of

Housing Finance Companies In India: A Bivariate Analysis of Selected
HFCs., JIMS 8M, January - March, 2009.

3. Dr. P.S. Ravindra (2013) Operational and Financial Performance Evaluation

of Housing Finance Companies in India (A Case Study of LIC Housing
Finance Limited and HDFC), International journal of management and
social sciences Research volume 2, No.7, July 2013 68

4. Guruswamy (2012) ,Comparative Analysis of Selected Housing Finance

Companies in India, International Journal of Research in Commerce, It &
Management, Vol. 2, ISSUE NO. 1, 2012.

5. Krishnamachar S M (1980) Mobilization of Finance for Rural Housing.

Yojana Publication Division. New Delhi, Vol. 26 pp. 16-18.

6. K.Vidyavathi, Role of Urban Housing Finance Institutions in Karnataka-A

study of Selected Housing Finance Corporations in Bangalore City, Ph.D.
thesis, University of Bangalore (2001).

7. Manoj P K (2010), Benchmarking Housing Finance Companies in India:

Strategies for Enhanced Operational Efficiency and Competitiveness,
European Journal of Economics, Finance and Administrative Sciences, Issue
21.

34
8. Mrs. S. Rajalakshmi (2013) A Study On Housing Loan Borrowers of Public
And Private Sector Banks In Thoothukudi Area, Research journal of
Commerce Vol.1, No.2 December, 2013.

9. Pankaj Chadha and Vanitha Chawla (July 2013) comparative analysis of

Indian housing finance companies based on corporate governance
disclosures Vol. 3, Issue2.

10.P.K.Manoj, Dynamics of Housing Finance in India. The Journal of Indian

Institute of Banking and Finance, (July-September 2004), pp. 19-25
11.R. Madhavi (September 2012), Analysis of systematic risk in select housing
finance companies in India, Volume 1, Issue 12.

12.Rao K.N. (2010), Housing Finance A Global Perspective Journal of

Urban Economics, Volume 26, Issue 3, November 2010, Pages 348-360.

13.Singh Fulbag et.al. (2008), Housing Finance in India A Case Study of

LIC Housing Finance Limited Journal of Urban Economics, Volume 63,
Issue 1, January 2008, Pages 229-252. 61

14.T.Sivalingam, A Study of the Performance of Multi- Agency Housing

Finance Institutions with Particular Reference to HDFC, LIC and Housing
Co operatives, Ph.D thesis, University of Madras (1999).

35
 BIBLIOGRAPHY

www.bseindia.com
www.nseindia.com
www.moneycontrol.com
www.investopedia.com
www.wikipedia.com
www.urbandictionary.com
www.business.mapsofindia.com
www.investorwords.com
www.businessdictionary.com
Frequency- daily
Time period: 4/1/2006 to 3/31/2016 (start date to end date)

36
37