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«Published Annually Vol. 6, No. 1 ISBN 978-0-979-7593-3-8 CONFERENCE PROCEEDINGS Sawyer School of Business, Suffolk University, Boston, Massachusetts ...»

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NGO’s like ACCESS and AIACA (All India Artisans and Craft workers Welfare Association) are working with the existing entrepreneurs in regions like Chamba, Punjab, Paschim Banga, Ranthambore etc., to help them scale up, by providing them with design and product development services, marketing assistance and various other Business Development Services (BDS).

ATA (Aid to Artisans) is an NGO which offers assistance to artisan group worldwide, working in partnerships to foster artistic traditions, cultural vitality, improved livelihoods and community well being.

Selected artisans are taken for the India Market Readiness Program (IMRP) organized by ATA and AIACA in Delhi in conjunction with the India Handicrafts and Gift Fair (IHGF). Here artisans are given training to be professionals to run the collective.

Strategy 2: Create new artisans’ collective to mobilize and link new artisans In addition to working with the existing entrepreneurs, ACCESS and AIACA also work towards developing a federated organization of artisans in the cluster – in the form of a producers company or society – so as to create a commercially sustainable, artisan-owned production and marketing structure in the cluster.

Assistance by these NGO’s to the entrepreneurs is conditional. They negotiate with them to have formal registration. They are then on rolls that clearly show which artisans in the cluster are working for them, commit to increasing the number of artisans linked to them and bringing transparency in wage payments to the artisans associated with them.

Strategy 3: Provide Infrastructural Support to enable commercial sustainability

The main support services provided at the cluster level are skill-building workshops for enhancing skills of design and product development. They also help artisans in developing financial linkages for working capital credit. The artisan’s collective are also provided with infrastructural support through AHVY scheme.

Conference papers © Knowledge Globalization Institute, Pune, India, 2012 Common facilities such as production centre, raw material store, office and sales outlet are made available to scale up and cover larger number of artisans.


Artisan collectives are even provided with computer, printer and internet connection so that they can interact with commercial buyers and generate required paperwork for managing customer orders and sales.

Strategy 4: Design and Technical Training of Artisans Skill-building trainings are essential to scale up the number of artisans capable of producing quality products. AIACA’s initial task was to bring the Ranthambore women together, motivate and encourage them for their hidden potential- crafts. Then efforts were made to diversify skills into high end products and raw material. Various designers from renowned design institutes were involved in trainings.


Conference papers © Knowledge Globalization Institute, Pune, India, 2012


Government, DRDA, Department of Industries, DCC and others facilitate many training programmes for the artisans. These are even run over period of five years to continue the process of design development and to fine-tune the production of new designs developed.

Draupadi Trust, NGO in collaboration with Delhi State Government has developed to developed a software, Chic CAD and has trained around 60 zardozi artisans in Delhi and Farukhabad since April’11 Artisans are able to develop khakas and repeats within few minutes. The efficiency of workmanship has increased by 60%. Traditionally, these artisans were dependent on pen and paper but now they are using digital pen and slate. This has helped the artisans in value addition, preservation, innovation, modification and reproduction of new designs. This helps them to save time. They are also getting closer to e-system, which helps them to connect to wider markets. Fashion Designers using zardozi craft are happy to work with the artisans as they can bring modifications faster and show results immediately. Women artisans are also getting training. There are 12 systems being installed in Farukhabad district and are quite successful.

Strategy 5: Developing brands and creating new market linkages.

ACCESS and AIACA are working towards brand building for Chamba Rumal cluster, Phulkari, Chanderi and Dastakar Ranthambore. It provides foundation for enhancing linkages with commercial buyers and increasing total sales from the cluster.

Brand-building initiatives include developing new product ranges, developing a set of marketing materials, web-site and product catalogue (Craft mark), holding of series of exhibitions and trade fairs in key markets to publicize new product profile.

These catalogues and website addresses are distributed to AIACA’s network domestic buyers as well as importers across the world through ATA.

In addition, AIACA also work on representation of products from various clusters all over the world in exhibitions like Dastkar Nature Bazaar. Artisans are taken to these exhibitions so that they can directly interact with customers, get product feedback and also gain exposure to retail outlets in the major metros.

ATA represented Dastakar Ranthambore in The New York Gift Festival (NYGF) in August 2007 and 2008. Artisans are also made to participate in another Fair Ambiente in Frankfurt.

Annual sales record of Dastakar Ranthambore shows regular growth in both domestic and international market.

2004-05 2005-06

–  –  –

Graphs indicate that the strategies have helped the artisans of Ranthambore to reach to a next level. The higher the demand of the product, the better will be the output and wages. Definitely, they have better lifestyles and show eagerness to remain in occupation.

Conference papers © Knowledge Globalization Institute, Pune, India, 2012 CONCLUSION India is rich in craft sector due to large number of artisans working with the variety of skills. It is the sole duty of the qualified people in and around the sector to work closely with the craftsmen and help them reach a level higher.


Anisef Jen, Tracing emerging modes of practice: Craft Sector Review, Prepared for the Ontario Arts Council, October 14, 2010 Conseil des métiers d'art du Québec (CMAQ), Study of the Crafts Sector in Canada prepared by Peartree Solutions Inc. May Field visits to Draupadi Trust Field Visit to Dastakar


www.aiaca.org www.craftrevival.org www.dchandicrafts.org \ We have explored three types of monthly anomalies in the DJIA for the period 1896 to 2008, and for four subperiods delineated based on structural changes in the economy. The only significant month effect occurred in September (mean of monthly percentage changes being negative and significantly less than for the other eleven months). The mean monthly change of September was negative for the entire data set as well as for each subperiod. However, the negative September effect was significant not in the first three subperiods, rather in the last subperiod, as well as for the entire data set. Two of the subperiods exhibited negative February effect at 3% level. For the entire data set, negative February effect was at a level of significance of 6.6% level. In the third subperiod, positive December effect was significant at 1% level, whereas it was significant at 8.8% level in the last subperiod. The negative September effect does not go away if we delete monthly changes of 15% and 10%. We also find that the negative September effect is more a result of the second half of September than first half. The second half of December experienced the highest mean change (1.51%) which was significantly higher than for the other 23 half-month periods, and the standard deviation was significantly lower compared to the other periods. We find the month effect varies with the time period we consider. One would expect the DJIA stocks to be free from seasonal patterns since each one of them are closely followed by a large number of analysts, and the existence of month effect would be surprising. However, given that no consistent pattern is detectable is a reflection of efficiency of the DJIA stocks to a large degree. We will add results from bootstrapping methodology to analyze if the negative September effect is validated by a very large data set.


Since the time stock exchanges were first established, traders and investors have exhaustively looked for patterns in stock prices that they could exploit to realize superior returns. However, as early as 1900, Bachelier characterized security prices as being efficient. Over thirty years later came the landmark work by Cowles (1933) in which he documented the inability of fortyfive professional agencies to forecast stock prices. The conclusion was that stock prices are random – in general they do not exhibit patterns. This was followed by the researches of Working (1934), Cowles and Jones (1937), Kendall (1953), and Osborne (1959, 1962). They documented that stock and commodity prices behave like a random walk – as if they are independent random drawings. These empirical works were buttressed by the theoretical work by Samuelson (1965) and Mandelbrot (1966).

Fama (1965) also contributed to this body of literature which came to be termed the ‘random walk hypothesis’. In 1970, Fama came up with the ‘efficient markets hypothesis’ (EMH). This hypothesis postulates that stock prices reflect all available information; they change in response to new information; since new information by definition cannot be deduced from previous information, new information must be independent over time; if the arrival of new information is random, stock price changes are random, i.e., the changes cannot be anticipated; hence it is not possible to generate risk-adjusted abnormal returns from stocks. Bernstein (1992) provides an overview of the developments of the EMH.

The overall finding is that it is difficult to earn above-average profits by trading on publicly available information because it is already incorporated in securities prices.

However, some researchers have been able to identify profitable opportunities or anomalies that go against the concept of efficient markets. As a result, some academics have denounced the concept. The adherents of the new camp may possibly be increasing. Among the various anomalies discovered, the January effect is possibly the most well-known. It has been documented for financial markets across the globe. The first evidence of returns in January exceeding those of other months comes from Wachtel (1942). After thirty-three years, Officer (1975) presented further evidence followed by Rozeff and Kinney 5 In economics, Muth (1961) developed this hypothesis independently which was termed rational expectations hypothesis.

Conference papers © Knowledge Globalization Institute, Pune, India, 2012 (1976). These findings challenged the concept of efficient markets hypothesis that securities markets reflect all available information and hence it is not possible to garner positive risk-adjusted returns.

Reinganum (1983) has advanced the hypothesis that January experiences rebound in stock prices after tax-loss selling that is undertaken in December. The hypothesis is that before the end of the tax year, people sell stocks that have declined in price during the previous months so they may realize the capital losses; these investors put back the proceeds into the market in January; the higher demand for stocks push stock prices up creating the January effect. Reinganum found that within firm size classes, firms for which price decline was more pronounced had larger January returns. Ritter (1988) has documented that the ratio of stock purchases to sales of individual investors hits an annual low at the end of December and an annual high at the beginning of January.

Haugen and Lakonishok (1988) have advanced the hypothesis that the January effect is a result of simultaneous reentry into aggressive investment strategy by professional fund managers who have parked money in their performance benchmarks so as to lock in their investment performance during the previous year.

A major finding that comes out of the researches is the size effect: small-capitalization firms earn higher returns than largecapitalization firms. Banz (1981) and Reinganum (1981) were the first researchers to discover the small-firm effect. Their finding was supported by Brown, Keim, Kelidon and Marsh (1983), Kato and Schallheim (1985), Fama and French (1992), Berk (1995), Baker and Limmack (1998), and Garza-Gromez, Hodoshima and Kunimura (1998). Keim (1983), Reinganum (1983), Blume and Stambaugh (1983) and Roll (1983) find that majority of the return of small-capitalization stocks occurs in January -- in the first two weeks of the month. This phenomenon came to be known as the small-firm-in-January effect. Keim found that small firms outperformed large firms in every year from 1963 to 1979.

It has been argued that the January effect is most pronounced for the smaller firms because the small firms are more volatile and more prone to price declines and hence more subject to tax-loss selling.

Arbel and Strebel (1983) found that the January effect was largest for firms neglected by institutional investors. This was termed the neglected-firm effect. The hypothesis is that small firms tend to be neglected by large institutional traders; this causes information deficiency which makes them riskier prompting investors to require higher returns.

Haugen and Jorion (1996) use center for Research in Security Prices data for the stocks in New York Stock Exchange form 1926 to 1993 and find that for smaller stocks January returns are significantly larger than for other months. This work also indicates, as well as work by Riepe (1998, 2001) that excess returns in January may be declining in latter years.

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