Samad

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Beta Estimation Practice And Its Reliability
Biasness Towards Aggressive Stocks:
An Empirical Evidence From NSE
* Dr. Neeraj Sanghi ** Dr. Gaurav Bansal
INTRODUCTION
While investing in a capital market, investors always have concern about the market movements or changes in the value of capital market index. This tendency of investors' behavior is related to a psychological factor that reveals that market movements and prices of stocks are closely related to each other. Upward / downward movement in market index gives trigger to the expectation of investors that the value of their holding would move accordingly. This is, more formally, known as systematic risk arising on account of economic wide uncertainties and explains the tendency of stock's price movement together with changes in market index. Systematic risk, also known as market risk, cannot be reduced through diversification of stocks' portfolio. Investors arc exposed to market risk even when they hold well diversified portfolio of securities. In finance literature, beta coefficient is a measurement statistic of systematic risk; it refers to the slope in a linear relationship fitted to data on the rate of return on a stoek and Ihc rate of return of the market (or market index). This usage stems from Sharpe's 1963 paper in Management Science. Beta is the stock's sensitivity to the market index: it is the degree (in percentage) by which the stock's relum lends to increase or decrease for every 1% increase or decrease in the return of the index. Beta, according to textbooks, is supposed to quantify relative volatility: "Beta measure* the volatility of a given asset relative to the volatility oj the market" (Levy, 2002); "Beta measures how volatile, a fund has been compared with a relevant benchmark " (Hirschey, 2001). Sharpe (the originator of this financial statistic) ct al (1999, page 183), makes the…...

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