Dividend policy (DP) of corporate sector is widely researched topic in finance however; it remains a debatable issue to decide what factors determine the DP. The objective of this paper is to analyze the impact of dividend policy (DP) on shareholders' wealth (SW) of Fast Moving Consumer Goods (FMCG) sector in India. Out of 16 firms listed on National Stock Exchange (NSE) 13 firms that have been paying dividend consecutively for the past ten years are considered for analysis. In the light of the prior literature, key predictor variables such as earnings per share (EPS), dividends per share (DPS), retained earnings per share (RPS), price earnings ratio (PER), lagged price earning (LAGPER), earnings (EAR), and lagged market value (LAGMPS) are considered for analyzing the impact of DP on SW. The descriptive statistics reveals that the data form in to normal. Whereas when the assumptions needed to be fulfilled for the Ordinary Least Square method (OLS), the data are found to be homoskedastic and are free of autocorrelation.

The prime objective of the study is to identify the long-run and short-run relationship between Indian stock price viz., BSE SENSEX (hereafter named as BSE) and gold price (GOLD) in India. The daily closing price data were collected for the period of ten years ranging from 1 st April 2004 to 31 st March 2014 with 2490 observations. The study employed two models: Model one used GOLD as dependent variable and BSE as independent variable and the other model is vice versa. First, the stationarity of the data is checked through Augmented Dickey Fuller test, and then Johansen cointegration test and Vector error correction model (VECM) are employed for analysis. Using Augmented Dickey Fuller test, it was found that the series are not stationary at level, but the same becomes stationary at first differencing. The results of Johansen cointegration test revealed that Indian stock market (SENSEX) is significantly and positively cointegrated with the gold price (GOLD) which leads the way to run the VECM. The results from the VECM (in model one) provides evidence for the existence of long-run relationship between BSE and GOLD, while there is no short-run causal relationship running from BSE and GOLD. On the other hand, there is no long-run as well as short-run relationship between the two variables (in model two).

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The objective of the paper is to examine the risk and return dynamics of Indian stock returns and also to identify both the long-run and the short-run behaviour of stock returns using the daily closing price of the Bombay Stock Exchange 500 companies for a 10-year period from 1 st January 2003 to 31 st December 2012. Of the 500 companies, the study focuses on 12 companies from the Energy and Utilities sector. The results of the analyses of the relationship between stock returns and volatility based on daily data and using a Generalised Autoregressive Conditional Heteroscedasticity (GARCH-M (1,1)) model allows us to reject the null hypothesis of no significant relationship between risk and return of Chennai Petroleum Corporation Ltd. However, this hypothesis is accepted for all the other selected companies of the Indian Energy and Utilities sector.

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