Price Impact of Block Trades and Price Behavior Surrounding Block Trades in Indian Capital Market

We analyze the permanent (information effect) and temporary (liquidity effect) impact of block trades transacted in the National Stock Exchange of India. Block trades are identified using multiple criteria based on trade value and trade volume. Overall, the permanent price impact is more for block purchases than for block sales indicating that block purchases are more informative than block sales, which may be motivated by liquidity need. Unlike in other markets, we observe that the temporary impact is greater than the permanent impact in case of block purchase. We classify the block trades as All-or-None (AON) and Not-AON trades depending on the number of transactions through which a block order is executed. As expected, the price impact is higher for Not-AON trades as compared to AON trades (which can be assumed to be pre-negotiated trades). Further, arrival of multiple block trades increases market confidence on the information. The permanent price impact is higher for days where there are more than one block trade of similar nature than for days with only one block trade. To analyze the speed of market response to the information associated with block trades, we have used the ‘transaction time event approach’, as used by Holthausen et al. (1990). We find that the prices start increasing (front running) 8 minutes before block purchases but not in case of block sales i.e. some information about the impending block purchase is factored in by the market when the block trade is for purchases. Further, in the case of block sales, prices revert quickly leaving very small permanent price impact.

Relative Effectiveness of Signals in IPOs in Indian Capital Markets

IPO by a firm calls for assessment of potential agency problems and associated costs by the outside investors. The potential conflict of interest problems between insiders and outsiders could be very high in countries with weak corporate governance mechanisms like India. Theoretically it could be argued that there are quite a few signals related to the firms in the IPO context and available to the investors, which could be used by them to assess the quality of firms. Based on cross-sectional data of 1243 IPOs in Indian markets during 1993-95 period, we find that the under-pricing (or realized excess returns), inside equity and pre-public offer firm reservations made for institutions and mutual funds explain the extent of oversubscription across IPOs. The type of agency appraising the project and presence or absence of foreign financial and/or technical collaborators fail to explain the extent of oversubscription across IPOs. In addition, we find that subscription rate rather than realized initial returns as dependent variable sheds more light on the effect of signals in a fixed-price open offer IPO process characterized by listing with considerable lag.

The Dynamic Relationship between Price and Trading Volume:Evidence from Indian Stock Market

This study investigates the nature of relationship between price and trading volume for 50 Indian stocks. Firstly the contemporaneous and asymmetric relation between price and volume are examined. Then we examine the dynamic relation between returns and volume using VAR, Granger causality, variance decomposition (VD) and impulse response function (IRF). Mixture of Distributions Hypothesis (MDH), which tests the GARCH vs. Volume effect, is also studied between the conditional volatility and volume. The results show that there is positive and asymmetric relation between volume and price changes. Further the results of VAR and Granger causality show that there is a bi-directional relation between volume and returns. However, the results of VD imply weak dynamic relation between returns and volume which becomes more evident from the plots of IRF. On MDH, our results are mixed, neither entirely rejecting the MDH nor giving it an unconditional support.

Price and Volatility Spillovers across North American, European and Asian Stock Markets: With Special Focus on Indian Stock Market

<div align=justify>This paper investigates interdependence of fifteen world indices including an Indian market index in terms of return and volatility spillover effect. Interdependence of Indian stock market with other fourteen world markets in terms of long run integration, short run dependence (return spillover) and volatility spillover are investigated. These markets are that of are Canada, China, France, Germany, Hong-Kong, Indonesia, Japan, Korea, Malaysia, Pakistan, Singapore, Taiwan, United Kingdom and United States. Long run and short run integration is examined through Johansen cointegration techniques and Granger causality test respectively. Vector autoregressive model (VAR 15) is used to estimate the conditional return spillover among these indices in which all fifteen indices are considered together. The effect of same day return in explaining the return spillover is also modeled using univariate models. Volatility spillover is estimated through AR-GARCH in which residuals from the index return is used as explanatory variable in GARCH equation. Return and volatility spillover between Indian and other markets are modeled through bivariate VAR and multivariate GARCH (BEKK) model respectively. It is found that there is greater regional influence among Asian markets in return and volatility than with European and US. Japanese market, which is first to open, is affected by US and European markets only and affects most of the Asian Markets. Also, high degree of correlation among European indices namely FTSE, CAC and DAX is observed. US market is influenced by both Asian and European markets. Specific to Indian context, it is found that Indian market is not cointegrated with rest of the world except Indonesia. This may provide diversification benefits for potential investors. However, strong short run interdependence is found between Indian markets and most of the other markets. Indian and other markets like US, Japan, Korea, and Canada positively affect each others conditional returns significantly. Indian market also has significant effect on Malaysia, Pakistan, and Singapore return. This study found that there is significant positive volatility spillover from other markets to Indian market, mainly from Hong Kong, Korea, Japan, and Singapore and US market. Indian market affects negatively the volatility of US and Pakistan. It is interesting to note that Chinese and Pakistan markets are less integrated with other Asian, European and US markets.</div>

ADMET Investigations On A Synthetic Derivative Of Genistein, And Molecular Docking Experiments Targeting Estrogen Receptor-α (ER-α) In The Pancreas

The main goal of the current research was to perform ADMET and molecular docking studies for a synthetic genistein derivative that can imitate Estrogen and function as an endocrine disruptor, activating the ER receptor on beta-cells in the pancreas to release insulin. The created molecule was molecularly docked using the online molecular docking research tool Dockthor. NGL viewer, an online program for viewing Dockthor data, displayed the docking experiment results. The 2D legend-protein interactions were estimated with BIOVIA Discovery Studio Visualizer. Estrogen-Receptor Alpha was the targeted target, while Compound-A was employed as the legend. In this study, we created a synthetic derivative of genistein, an analogue of Estrogen in terms of ER-α receptor binding. We used molecular docking to evaluate the affinity of compound-A binding to the ER-α and its 2D interactions and Ramachandran plots. We then ran ADMET experiments on the molecule, which revealed a substantial relationship with the molecule's Estrogen Receptor binding capabilities, as well as scores for absorption, distribution, metabolism, excretion, and toxicity

Performance Enhancement of Radial Distribution System via Network Reconfiguration: A Case Study of Urban City in Nepal

Increasing unplanned energy demand increase has led to network congestion, increases power losses and poor voltage profile. To decrease these effects of an unmanaged power system, distribution network reconfiguration provides an effective solution. This paper deals with improving the power losses and poor voltage profile of the Phulchowk Distribution and Consumer Services (DCS) via the implementation of an optimum reconfiguration approach. A Genetic Algorithm (GA) is developed for the optimization. Further, it tries to answer to what extent can we improve the distribution system without overhauling the entire network. The developed simulation algorithm is firstly put into work on the IEEE 33 bus system to better its voltage profile and the poor power losses. The effectiveness of the developed system is validated as it reduced the voltage drop by 5.66% and the power loss by 25.96%. With the solution validated, the algorithm is further implemented in the case of Pulchowk DCS. After reconfiguring the system in different individual cases, optimum network reconfiguration is selected that improved the voltage profile by 3.85%, and the active and reactive power losses by 44.29% and 45.54% respectively from the base case scenario

Interface induced perpendicular magnetic anisotropy in Co/CoO/Co thin film structure: An in-situ MOKE investigation

Co /CoO/Co polycrystalline film was grown on Si (001) substrate and magnetic properties have been investigated using in-situ magneto-optic Kerr effect during growth of the sample. Magnetic anisotropy with easy axis perpendicular to the film surface has been observed in top Co layer, whereas bottom layer was found to be soft with in-plane magnetization without any influence of top layer. Ex-situ in-plane and out-of-plane diffraction measurements revealed that the growth of Co on oxidized interface takes place with preferential orientation of c-axis perpendicular to the film plane, which results in the observed perpendicular magnetic anisotropy. Texturing of the c-axis is expected to be a result of minimization of the interface energy due to hybridization between Co and oxygen at the interface.Comment: 9 pages, 3 figures, under review in IOP journa

Fungal metabolites as a natural source of herbicide: a novel approach of weed management: Ajay Kumar Singh* and Akhilesh Kumar Pandey Mycological Research Laboratory, Department of Biological Science Rani Durgawati University, Jabalpur-482001, Madhya Pradesh. India *Corresponding Author: Dr Ajay Kumar Singh [email protected]

Weeds are undesirable vegetation directly or indirectly inferring with human welfare. Conventional methods of weed control have failed due to one or other reason. Herbicide-resistant weeds are the main problem in weed control due to the number of weed biotypes resistant to herbicides that constantly increases by the continuous use of the same products for years. Development of alternative weed control methods is needed to help decrease reliance on herbicide use. Biological weed control is an alternative option for weed problems, particularly in agriculture and forestry. It is based on the use of natural enemies, particularly insects and pathogens to control weeds, as a sustainable, low cost and more environmentally acceptable method of weed control. One of the approaches to biological weed control using fungal phytotoxin applied in similar ways to conventional herbicides. Fungal phytotoxins are natural secondary metabolites produced by plant pathogenic fungi during host–pathogen interactions. They have received considerable particular attention for elucidating disease etiology, and consequently to design strategies for disease control. Due to wide differences in their chemical structures, these toxic metabolites have different ecological and environmental roles and mechanisms of action. This review aims at summarizing the studies on the possible use of fungal phytotoxin as a lucrative, novel source of secondary phytotoxic herbicidal compounds for management of broad spectrum, noxious and pernicious weeds

Tuberculosis of sternoclavicular joint: a rare case report

Osteoarticular tuberculosis comprises 10-15% of the all cases of extrapulmonary tuberculosis. Tubercular involvement of the sternoclavicular joint is very rare. We hereby present a rare case report of the 38 year old female with sternoclavicular joint tuberculosis with cold abscess. The diagnosis was confirmed by FNAC and on ZN staining AFB was isolated. Patient was managed successfully by the anti-tubercular therapy at the end of the treatment. So, a degree of suspicion of the tuberculosis at these rare sites along with investigation followed by anti-tubercular therapy leads to successful treatment of the disease