Portfolio Diversification with Non-Conventional Assets: A Comparative Analysis of Bitcoin, FinTech, and Green Bonds Across Global Markets Vaibhav Aggarwal, Sudhi Sharma, Parul Bhatia, Indira Bhardwaj, Reepu Na, Shashank Sharma Journal of Risk and Financial Management, 2025 This study examines the diversification and hedging potential of non-conventional assets like cryptocurrency (Bitcoin), FinTech equities (FINXs), and green bonds (QGREENs) against traditional equity benchmarks, namely the MSCI World and MSCI Emerging Markets indices using daily data from 2016 to 2021. Employing Time-Varying Parameter Vector Autoregression (TVP-VAR), network connectedness analysis, and the Minimum Connectedness Portfolio (MCoP) approach, the study uncovers dynamic interdependencies among these markets. The results reveal that Bitcoin consistently acts as a net receiver of shocks, providing strong diversification benefits during crisis periods, such as the COVID-19 pandemic. FinTech assets show moderate resilience, while green bonds primarily serve as shock transmitters with limited hedging ability. Optimal portfolio weights indicate the highest allocation to Bitcoin, followed by FinTech and green assets, supporting their inclusion in diversified portfolios. Overall, the findings underscore Bitcoin’s superior risk-mitigating role and highlight the strategic importance of digital assets in achieving portfolio stability and sustainability in volatile global markets.
Analysis of The Performance of Sustainability Indices Compared to Thematic Indices in The Indian Stock Market Jyoti Nirban, Dr. Indira Bhardwaj International Journal of Accounting and Economics Studies, 2025 The growing global focus on sustainability has led to the development of sustainability indices, which evaluate companies based on environmental, social, and governance (ESG) criteria. At the same time, thematic indices, which concentrate on specific investment themes such as technology, infrastructure, or renewable energy, have gained popularity among investors. This study investigates the performance of sustainability indices compared to thematic indices within the Indian stock market. By utilizing historical data, risk-return metrics, and econometric models, this research assesses whether sustainability indices deliver superior financial performance, lower volatility, or improved risk-adjusted returns in comparison to thematic indices. The findings of this research aim to provide valuable insights for investors, policymakers, and financial analysts on the trade-offs between sustainable investing and thematic investing in India.
The Role of AI in Developing a Corporate Governance Index Hamza Naim, Lata Rani, Indira Bharadwaj, Takrar Ahmad Yattoo, Mohd Anas, Mohammed Nizamuddin, Gouher Ahmed, Jitin Kumar Gambhir AI Driven Cybersecurity Insurance Innovations in Risk Governance and Digital Resilience, 2025 The present study deals in developing a Corporate Governance Index model with the help of Artificial Intelligence (AI) with respect to different regions and markets. As the different markets are accumulated in different regions and the characteristics of the existing markets differ, hence one type of corporate governance measures doesn't fits all. This strategy could be included as an approach in policy customization using Generative AI. As per according to the different characteristics involved in different markets, the AI could segregate these characteristics for different markets and as per the significance of the results, a comprehensive Corporate Governance Index (CGI) could be developed which would further applicable for different markets in various regions. However, qualitative data, emerging technologies and application of policies at the ground level are some of the constraints in developing a Corporate Governance Index with the help of AI.
Index Contemporary Studies in Economic and Financial Analysis, 2025 Bootstrapping process, 30 Brand reputation, sustainability communication and, 6-7 Businesses, 2 enterprises, 204 California Consumer Privacy Act (CCPA), 114 Carbon neutrality pledges, 196 abnormal returns of companies announcing carbon neutrality and emissions reductions, 203 average abnormal returns of companies announcing carbon neutrality and emissions' reductions, 203 cumulative average abnormal returns of companies announcing carbon neutrality and emissions' reductions, 204 indices used for extracting list of companies, 201 literature review, 198-200 research methodology, 200-202 results, 202-204 Carbon pollution reduction scheme (CPRS), 199 'Care Tag for Our Planet' initiative, 155 Central banks, 61 Central Monitoring System, 116 Children's Online Privacy Protection Act (COPPA), 123 Circular economy strategies, 85 Climate change governance, 197 Collectivism, 94 Common sustainable marketing practices by textile industry, 156-157 Communication sector, 176 Comparative analysis, 64 Comprehensive Privacy Law, 121 Confirmatory factor analysis (CFA), 8, 28 Connectivity sector, 176 Consumer loyalty, 3 sustainability communication and, 4-5 Consumer preferences, 82 and behaviour towards sustainable products and packaging, 83-84 Content analysis, 121, 186, 189 Corporate Social Responsibility (CSR), 184-185, 199
Index Contemporary Studies in Economic and Financial Analysis, 2025 brand fit, 79 Cause-related marketing (CRM), 76 conceptual background and proposition development, 79-84 conceptual framework, 83 consequences, 81-83 dimensions, 79-81 effective marketing strategy, 78 limitation and future scope, 85 literature review, 77-79 managerial contributions, 84-85 self-brand connections, 78-79 theoretical contributions, 84 Clean water and sanitation, 180 Climate action, 183 Cognitive motivation, 193-194 Cointegration approach, 99 Common method bias, 8-9 Common method variance (CMV), 199 Confirmatory factor analysis, 198 Conformance to specifications, 173 Consumer behaviour, 4 Convergent validity (CR), 131 Corporate credibility, 80 Corporate governance (CG), 144 framework, 146 identification of keywords and databases, 146 literature review, 144-145 objectives of study, 145 practices, 146 reporting, 158 research methodology, 145-146 results and interpretation, 146-159 COVID-19 epidemic, 109, 125 Credibility,
Investigating the Influence of Twitter Economic Uncertainty and Geopolitical Risk on Clean Cryptocurrency Returns Jhalak Agarwal, Sudhi Sharma, Indira Bhardwaj, Reepu, Vaibhav Aggarwal Proceedings 9th International Conference on Information Technology Incit 2025, 2025 This study examines the joint effects of Twitter- based economic uncertainty (TEU) and geopolitical risk (GPR) on the returns of selected clean (energy-efficient) cryptocurrencies. We consider seven environmentally friendly cryptocurrencies over the period January 2018 to April 2023. Using a combination of descriptive statistics, quantile regression, and wavelet coherence analysis, we investigate how changes in the Twitter-based Uncertainty Index (TEU-USA) and the Geopolitical Risk Index (GPRD) influence cryptocurrency returns. Descriptive analysis reveals that these cryptocurrencies have near-zero average returns but differ markedly in volatility and tail risk. The quantile regression results indicate that higher geopolitical risk is associated with significant effects on certain cryptocurrencies during extreme market conditions, whereas Twitter-based uncertainty generally shows negligible impact. Wavelet coherence analysis further shows intermittent short-term coherence and moderate long- term correlation between GPRD and cryptocurrency returns, while the TEU-USA index exhibits weak and sporadic influence. These findings suggest that clean cryptocurrencies exhibit relative resilience to social-media-driven economic sentiment but remain sensitive to major geopolitical events. The results offer valuable insights for investors and policymakers concerned with the risk and diversification properties of green digital assets.
Capturing the impact of accounting and regulatory variables on stock prices of banks – an empirical study of Indian banks in panel data modeling Sudhi Sharma, Indira Bhardwaj, Kamal Kishore Asian Journal of Accounting Research, 2023 PurposeAnalysts expect reduced bank earnings as a result of the impact of the increase in bad loans. Banks have strategically created high provision coverage ratios allocating large funds for possible deterioration in asset quality. Given the expected faster growth and recovery in the bank lending sector, investors have always been interested in banking stocks, despite the waves of non-performing assets (NPAs) and recessionary influences. Historical references reiterate that the banking stocks have been better performers in their returns compared to the capital markets.Design/methodology/approachThe study aims to examine the impact of key accounting variables on the stock prices of Indian banks in the panel data framework.FindingsThe current study explores the impact of accounting variables on the market prices of shares. After the study, it may be concluded that earning per share (EPS), return on equity (ROE), capital adequacy ratio (CAR) and net interest margin (NIM) have an incremental impact on the prices of banking stocks, and the current ratio (CR) and NPAs have a detrimental impact on them.Practical implicationsStudying their impact on stock prices is the most convenient fundamental analysis that could be conducted on the stock prices of the banks.Originality/valueTo provide insights into the association of the accounting and regulatory variables there is a severe limitation in the quantity of the literature available. This study has attempted to build a relationship between the accounting and regulatory variables and the stock prices of banking stocks, to help investors with some reliable methods to estimate the stock prices in the future.
