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Box spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE) India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data) for the time period between 1 st January 2002 and 31 st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of misspecification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable boxspreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005) The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India. Abstrak:Box spread adalah strategi trading dimana seseorang dapat secara simultan membeli dan menjual option yang memiliki dasar aset dan waktu berakhir yang sama, namun dengan harga latihan yang berbeda. Penelitian ini menguji efisiensi gaya Eropa S&P CNX Nifty Index Option pada Bursa Efek Nasional di India dengan memanfaatkan data frekuensi tinggi pada put dan call option yang tertulis di Nifty (data transaksi cap waktu) untuk periode antara 1 Januari sampai 1 Desember 2005 dengan menggunakan strategi arbritase box spread. Keuntungan dari box spread adalah berkurangnya masalah hipotesis gabungan karena tidak ada pertimbangan atas model harga atau ekuilibrium pasar modal, tidak ada pertimbangan atas non-sinkronitas antarpasar modal karena box spread perdagangan hanya meliputi satu pasar modal, kemudahan komputasional dengan berkurangnya kesalahan spesifikasi, kesalahan estimasi, dan fakta bahwa pembelian dan penjualan box spread kurang lebih menggandakan pinjam-meminjam yang bebas resiko. Sebanyak 1358 box spread ditemukan dan sebanyak 78 box spread dianggap menguntungkan setelah Acknowledgement

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Digital visibility through social media marketing has played a colossal role in the realm of entrepreneurship and fund-raising. Strong positive dynamics between social media marketing and crowd-funding has the impending to decipher demand-supply gap of fundraising at the pre-seed stage. In this study, we explore the relationship between usage of social media and awareness of crowd-funding as a viable option for raising pre-seed capital in an emerging market of India which has witnessed the exponential growth of start-up companies and entrepreneurship in the past few years. The results of the study suggest that awareness of different options of crowdfunding for raising pre-seed capital is strongly correlated with the effective usage of social media platforms by the organizations. From an organization’s perspective, it has been found that effective use of Social Media platforms increases with the duration involved in social media platforms. The results of the study give a perspective for all entrepreneurs, fundraisers, and start-up companies that how digital visibility through social media marketing can unravel the problem of crowd-funding. With a growing trend of today’s youth using social media marketing worldwide, the strong dynamics between crowd-funding and social media marketing is expected to breed exponentially in terms of their contribution to the economy, wealth generation, and job creation.