Operating Efficiency and Firm Valuation: Evidence from India

We examine the impact of operating efficiency on firm valuation. The study spans ninety firms spread over six major industrial sectors in India from 2005 through 2012. Six key ratios are considered for their possible impact on the enterprise value. Through panel data analysis, we find that gross profits, return on capital employed asset turnover and to some degree, sales have a significant impact on the enterprise value at the inter-industry level. In the collective sample, all six ratios pertaining to operating efficiency and profitability have a significant effect on enterprise value. We also note that with the infrastructure sector as the reference point, the role of banking sector is significantly positive in value creation. Further, value creation is more attendant to present performance rather than what might have happened in the past. Keywords: Operating efficiency, Panel Data Analysis, EV/EBITDA, Enterprise Value, Firm Value

Market Efficiency and Integration: An Examination of Indian Stock Market

This paper examines the efficiency and integration of the Indian stock market. The weak form of efficiency has been tested by studying the stationarity characteristics of theMSCI Stock Price Index of India. For testing the semi-strong form of efficiency and integration of the Indian Stock Market with the macro phenomenon of emerging stock markets of the world, the causality between the MSCI Stock Price Index of India and the MSCI EMF Index has been studied. The results point out that the Indian Stock Market is efficient in its weak sense. However, the same is not true for the semi-strong form of market efficiency. Therefore, the utility of a forecasting model having the macro phenomenon (MSCI EMF Index in the present case) as a forecasting variable cannot be ruled out

Cross-listed cross-currency assets and arbitrage with forwards and options

This work attempts to integrate the twin-structure of arbitrage operations in both securities and currency markets. By looking into cross-listed and cross-currency stocks in several exchanges, it is found that arbitrage is indeed a viable option, since price differences of the same assets exist in a numéraire currency at the same instant of time. Taking advantage of such arbitrage opportunities, profit is made first in the assets trade, and then the initial profit is churned further in an iterative arbitrage process in the currency market where arbitrage is covered by forward and option contracts.Arbitrage Cross Listing Derivatives Forward Contracts Options Contracts Iterative Profit

Combination of CDF and D0 W-Boson Mass Measurements

We summarize and combine direct measurements of the mass of the $W$ boson in $\sqrt{s} = 1.96 \text{TeV}$ proton-antiproton collision data collected by CDF and D0 experiments at the Fermilab Tevatron Collider. Earlier measurements from CDF and D0 are combined with the two latest, more precise measurements: a CDF measurement in the electron and muon channels using data corresponding to $2.2 \mathrm{fb}^{-1}$ of integrated luminosity, and a D0 measurement in the electron channel using data corresponding to $4.3 \mathrm{fb}^{-1}$ of integrated luminosity. The resulting Tevatron average for the mass of the $W$ boson is \MW = 80\,387 \pm 16 \text{MeV}. Including measurements obtained in electron-positron collisions at LEP yields the most precise value of \MW = 80\,385 \pm 15 \text{MeV}

Estimation of tuberculosis incidence at subnational level using three methods to monitor progress towards ending TB in India, 2015–2020

Objectives We verified subnational (state/union territory (UT)/district) claims of achievements in reducing tuberculosis (TB) incidence in 2020 compared with 2015, in India.Design A community-based survey, analysis of programme data and anti-TB drug sales and utilisation data.Setting National TB Elimination Program and private TB treatment settings in 73 districts that had filed a claim to the Central TB Division of India for progress towards TB-free status.Participants Each district was divided into survey units (SU) and one village/ward was randomly selected from each SU. All household members in the selected village were interviewed. Sputum from participants with a history of anti-TB therapy (ATT), those currently experiencing chest symptoms or on ATT were tested using Xpert/Rif/TrueNat. The survey continued until 30 Mycobacterium tuberculosis cases were identified in a district.Outcome measures We calculated a direct estimate of TB incidence based on incident cases identified in the survey. We calculated an under-reporting factor by matching these cases within the TB notification system. The TB notification adjusted for this factor was the estimate by the indirect method. We also calculated TB incidence from drug sale data in the private sector and drug utilisation data in the public sector. We compared the three estimates of TB incidence in 2020 with TB incidence in 2015.Results The estimated direct incidence ranged from 19 (Purba Medinipur, West Bengal) to 1457 (Jaintia Hills, Meghalaya) per 100 000 population. Indirect estimates of incidence ranged between 19 (Diu, Dadra and Nagar Haveli) and 788 (Dumka, Jharkhand) per 100 000 population. The incidence using drug sale data ranged from 19 per 100 000 population in Diu, Dadra and Nagar Haveli to 651 per 100 000 population in Centenary, Maharashtra.Conclusion TB incidence in 1 state, 2 UTs and 35 districts had declined by at least 20% since 2015. Two districts in India were declared TB free in 2020