Indian economy is in the process of reforms and liberalization. Trade barriers are being lifted and Indian economy is getting more and more integrated with the other economies of the world. Indian companies are raising funds abroad and some have even got listed in US stock exchanges. The rapidity with which US fiscal policies and economic conditions affect Indian economic scenario make us feel that the time when share prices will be guided by a universal sensitive index is not far away. Bala Arshanapalli and Mukund S. Kulkarni examine the interdependence of Bombay Stock Exchange, NYSE and NASDAQ in this context.

Since the onset of economic reforms in 1991, successive Indian Governments have tried to get out of owning and managing business and industry by disinvestment and privatization of Public Sector Enterprises. Dr. Simrit Kaur studies the progress of disinvestments from 1991 to 2001, and various modalities of reform options available.

To remain competitive in today's environment, organizations need leaders who support innovation and emerging technology and to act as a catalyst to bring change. John H. Humphreys in his study concludes that transformational leaders support emerging technology, and therefore, are better suited in today's economic and technological scenario.

We hope you will find something of your interest in this issue. We also intend to bring interesting and useful papers in our next issue of Journal of Management Research.