International Capital Flows and Financial Market Dynamics: Empirical Evidence from the Indian Stock Market

During the 1990s, the world economy had witnessed many ups and downs of capital inflows and outflows due to financial crisis and economic turmoil. The rising international capital flows were very attractive from the year 2000, until the global financial crisis 2008. The changing pattern of capital flows does not depend only on external but also internal country characteristics and fundamentals. Since the global financial crisis, wide-ranging cross-border capital flows into G20 nations, including inflows from both G20 countries and non-G20 countries. But they have partly returned to pre-crisis of high tide-lines. They are main below the average level, on a percentage to GDP basis, for the G20, over the past decade. This is nothing but the dilemma of risk. So, the investors’ always treat the U.S and some developed market as a safe bucket for investment. Due to lack of understanding regarding emerging markets opportunities or inadequate ability to efficient investment, it is a greater task to quantify the share of both developed and developing countries out of G20 countries. International capital flows have remained a controversy and puzzle among the existing variety of flows. Both theoretical and the empirical literature on international capital flows have been a topic of argument among the researchers and policy makers. After the liberalization episode, international portfolio capital flows were introduced in the Indian financial market. The existing literature gives a mixed result for international capital flows and its impact on financial market development including macroeconomic situation. In the recent scenario, international capital flows pass through different phases due to financial crisis and many ups and downs in the world economy. It is very important to study the liquidity situation of financial market, international capital flows into G20 countries and its contagious interaction between liquidity, efficiency and returns across the global financial market. Existing literature discusses the total flow from U.S to G20 countries including India, but very few studies focus on gross flows, net flows from U.S to India and its impact on liquidity and returns on Indian stock market. However, U.S is treated as a dominating country due to its monopoly policies and regulation towards the global financial market integration. But the question arises, how far U.S policy affects emerging country’s financial markets like India? This gives space for a study. The Impact of U.S policies on global financial market efficiency is also a threat in the present situation. The existing economic theory talks about the Push and Pull theory in an economy. The previous studies specifically emphasize on the impact of different types of flows on financial market efficiency and returns. But the relation between push approach and pull approach and its role in financial market efficiency and returns are missing in prior studies. The assessment of capital flows to exchange rate and current account performance is rarely studied in the context of global monetary policies. The present study uses variety of econometric tools for the empirical analysis. For the first objective, Pedroni and Kao’s cointegration test are used to identify the existing cointegrating vector among variables. Fully Modified Ordinary Least Square Method (FMOLS) and Dynamic Ordinary Least Square (DOLS) were used to find out the elasticity estimation of the variables. To find out the cross-country specification result, ARDL/PMG model is used. For second objective, a Vector Error Correction Model (VECM) has been x chosen for this study as it allows identification of long and short term relationships between variables. In estimating the cointegration, first we have checked whether each of the series is integrated of the same order. Integration of a time series can be confirmed by the standard Augmented Dickey-Fuller test and Phillips-Perrons unit root tests. The number of cointegration ranks ‘r’ is tested with the maximum eigen value and trace test. The maximum eigen value statistics tests the null hypothesis that there are ‘r’ co-integrating vectors against the alternative of ‘r+1’ co-integrating vectors. The trace statistics tests the null hypothesis of no co-integrating vector against the alternative of at least one co-integrating vector. The asymptotic critical values are given in Johansen (1991) and MacKinnon et al. (1999). For third objective, Vector Autoregressive (VAR) method, impulse response function and variance decomposition technique are employed to examine the short-term dynamics and casual relationship between variables. Before estimating the VAR model, the unit root test was used to examine the stationary properties of the variables. In this study two unit roottests, viz. Augmented Dickey Fuller (ADF) tests and Phillip Perron’s (PP) test have been conducted to examine the stationarity properties of the variables. Finally, for the fourth objective, again VECM framework is used to analyze the relationship between the log of stock prices and the log of output. From all the above analysis, it is very clear that foreign investors tend to channelize rather than dry-out liquidity from domestic market. Hence, our analysis finds little support from the correlation that, at the time of adverse environment, foreign investors can destabilize the domestic market. As the cross-country specification result indicates, India, one of the emerging countries among the total 18 high market capitalization countries, is having positive causality from flows to both domestic market liquidity and returns with significant coefficient. Also we establish that domestic market efficiency is having long-run association between foreign capital flows from U.S to India. Both the variables, foreign net flows and the “liftoff” episode (quantitative easing episode), have direct influence on Indian domestic financial market. The volatility pattern of U.S Fed rate and foreign capital flows interaction with domestic financial market, presents statistically significant result with netflows but not with Fed rate. Our results significantly reciprocate the present scenario of tremendous increase in capital out flows due to taper talk and QE phase 4. So the empirical result signifies that in Indian capital market both pull factor and push factor works for capital flight. But real financial situation statistically justifies that “push factor approach” (declaration phase of U.S fed rate) has greater impact than “pull factor approach” (REER, Inflation). We can conclude that outflows don’t cause depreciation of exchange rate. It implies that capital flows to a country does not enhance the capital account to full extent; rather it helps to maintain the reserve. This study has not found any huge contribution of foreign capital flows to output growth (IIP) but the contribution is positive so far as the fills up of the gap between savings and investment is concerned

HER-2 neu expression in surface epithelial ovarian tumors and its relationship with clinic-pathological parameters: a pilot study

Background: Ovarian cancer is one of the major source of morbidity and mortality in women among all gynecological malignancies. Her2/neu expression in ovarian carcinoma has not been studied extensively in ovarian surface epithelial carcinoma. It's can be utilized towards future proposed studies as a targeted therapy in new era of treatment for ovarian malignancies.Methods: It was a prospective study carried for 2 years. Hematoxylin and eosin stain was studied, grading, staging was evaluated for all the cases. Immunohistochemical staining with HER2/neu was done, evaluation done by 3 independent pathologists, correlation of HER2/neu with histological type, grade and stage was done.  Results: The present study included 33 cases of histologically proven epithelial ovarian neoplasm with mean age of 44.5±25.55 years. Serous type constitutes majority of cases (48.48%), maximum number of cases was in high grade (57.57%) and high stage (40.74%). Majority of tumors showed negative expression of HER2/neu i.e. 42.42%. The current study found no significant correlation between HER2/neu expression and histological type, histological grade, extent of tumor (T stage) and distant metastasis. But we found a significant correlation between nodal metastasis and HER2/neu expression.Conclusions: HER2/neu therapy can be given in borderline and low grade tumor compared to high grade tumor

A study to assess serum levels of superoxide dismutase and catalase in senile cataract patients with and without diabetes mellitus at tertiary care hospital

Background: The objective was to assess the possible relationship of serum levels of superoxide Dismutase and catalase and development of senile cataract in patients with and without diabetes mellitus.Methods: The study was done in the Department of Ophthalmology with support of Department of Biochemistry at Geetanjali Medical College and Hospital, Geetanjali University, Udaipur, Rajasthan. The study has been conducted during the time period of October 2014 and October 2015. Blood samples of 120 senile cataract patients, i.e. 60 with diabetes and 60 without diabetes were taken and levels of superoxide dismutase and catalase were studied.Results: Statistically significant difference in age wise occurrence of cataract was found between diabetic and non-diabetic patients i.e. cataract was found at a later age in senile non diabetic patients as compared with senile diabetic patients (p<0.001). Senile diabetic patients had significantly lower serum level of SOD as compared to senile non diabetic patients (p<0.001 for both). Similarly, senile diabetic patients had significantly lower serum levels of catalase as compared to senile non diabetic patients (p<0.001 for both).Conclusions: Increase in oxidative stress and decrease in anti-oxidant enzyme activities have a role in the early development of cataract in senile patients with diabetes. Thus, diabetic cataract seems to be associated with decrease in serum levels of SOD and catalase

An Empirical Study of Branding Strategy at Dealer point for Selling of Car-a qualitative & systematic Review of Literature

India is one of the world’s fastest growing automobile markets and is poised to become the third largest passenger’s car market by 2020 (Philip, L. 2016, Economic Times). The recorded sales growth of 4 wheelers like passenger car &amp; utility vehicle has also risen up to 7.87 % and 6.25% respectively during April-March 2016 (SIAM, 2015-16). But what makes a car maker like Japan’s Maruti Suzuki and Korea’s Hyundai enjoys more than 67% of market share while others like US car makers Ford India and General Motors combined market share is just 4-5%(Philip,L.2016,The Economic Times). Sales in the North &amp; East region have evidenced only 5%of changes in the FY16 which is comparatively lower than the west &amp; south region (Khan,A.N,2016, The Economic Times). The Japanese car makers(Honda, Hyundai, Isuzu Motors, Nissan &amp;Toyota) achieved an average of 48.01% of growth till July 2016 having a better stand from the Indian car makers (Hindustan Motors, M&amp;M,M&amp;S, Tata &amp; Force motors) i.e. 6.74% (Autocar Pro News Desk, July 2016). In this study the researcher explored the factors affecting the satisfaction of prospective car buyers and existing car users at dealer point and facilitate dealer to create a brilliant “moment of truth” (Pioneered by JanCarlzon) when a customer encounter with company.(Madge, Davidson &amp; Beaujean, 2006

Clinical, Radiological and Bacteriological Profile of Lung Abscess - An Observational Hospital Based Study

BACKGROUND: The incidence of lung abscess acquired in the community is unknown, but this is a common clinical problem encountered in developing countries. The incidence of lung abscess was high in the pre-antibiotic era but the advent of susceptible antibiotics it has reduced with an equal fall in mortality to 8.7%. With the emerging antibiotic resistance and change in the trends of bacteriological profile causing lung abscess, it is the need of time to reevaluate lung abscess. AIM: The study aimed to determine the clinical, radiological and bacteriological profile of lung abscess. MATERIAL AND METHOD: The study was a non-randomized prospective observational study conducted in the department of pulmonary medicine for 18 months. In the study, patients &gt; 15 years of age with clinical features of lung abscess were recruited and were subjected to chest X-ray, routine blood test. Sputum gram stain and culture, as well as antibiotic sensitivity according to the organism, were evaluated. Reports of all investigations along with patient characteristics and risk factors were analysed statistically using SPSS 20.0. RESULTS: Forty-six cases of lung abscess were included, and the majority of patients were found to be adults with a mean age of 42.9 years with a male to female ratio of 6.6:1. The most common predisposing factor was an unhygienic oral cavity in 28% of cases with alcohol ingestion being the most important risk factor in 22% of cases. The most common organism found in lung abscess cases was Klebsiella pneumoniae, and they were sensitive to ceftazidime. CONCLUSION: Our study shows that Klebsiella pneumoniae should be considered an important pathogen in community-acquired lung abscesses

An overview of treatment options for COVID-19

Severe acute respiratory syndrome- coronavirus-2 (SARS-CoV-2) which emerged in Wuhan initially as pneumonia of unknown origin in December 2019, later spread to whole world and became pandemic on 11th March, 2020. Many drugs have been proposed but are backed without clinical evidence. Scientific bodies are in the row to discover a reliable vaccine and effective drugs against the novel coronavirus. Many antiviral and anti-parasitic drugs which were thought to have some effect on Coronavirus disease 2019 (COVID-19) have been tried during the crisis but none have shown concrete evidence of action. Randomized clinical trials on the repurposed drugs are now registered under clinical trial registry to look at the safety profile and efficacy of the drugs to be used against SARS-CoV-2. Many meta-analyses are being conducted worldwide to frame evidence for the fight against this novel coronavirus. We are providing below a review of various drugs that have been tried for treatment of COVID-19 as well as different clinical trials which are underway

HIV status among presumptive tuberculosis cases attending tertiary care centre in South India

Introduction: In India, to increase human immunodeficiency virus (HIV) case detection, the National Technical Working Group onTB /HIV had made it mandatory to screen for HIV infection among presumptive tuberculosis (TB) cases. Material and methods: Our study was a cross-sectional study, conducted between June 2015 and December 2016 in a tertiarycare institute (JIPMER), in South India, to estimate the prevalence of HIV among presumptive TB cases. Results: Among the 964 presumptive TB cases who attended pulmonary medicine OPD, 189 patients were sputum acid-fastbacilli (AFB) positive. Among the 189 sputum positive cases, 9 were HIV positive. Of the 964 presumptive TB cases, 879 gaveconsent for HIV testing and 33 (3.7%) turned out to be HIV positive. If only sputum positive cases had been screened for HIV,we would have missed 24 new HIV positive cases. The number needed to screen was 27 among presumptive TB cases and 18among TB patients. Conclusions: The uptake of HIV testing (91%) and the diagnostic yield of 3.7% of HIV positive cases among the presumptiveTB patients is quite high compared to that of the Revised National Tuberculosis Control Programme (RNTCP) mechanism of Puducherry.This reinforces the need to screen all the presumptive cases for HIV infection, to increase HIV case detection so thatanti-retroviral therapy (ART) can be initiated early

Endocrine paraneoplastic syndromes in lung cancer: a respiratory physician’s perspective

Lung malignancy is known to be one of the leading causes of cancer-related mortality. Endocrine paraneoplastic syndromes in lung cancer are common. These are due to secretion of various substances and not because of direct tumour invasion or me-tastasis. These syndromes have also been associated with lung cancer prognosis. This review describes the many endocrine paraneoplastic syndromes seen in lung cancer and narrates their incidence, biology, clinical features, diagnosis, and management

Fungal pneumonia concealing bacterial pneumonia: a diagnostic dilemma

We describe the case of a 61-year-old diabetic man affected by Achromobacter denitrificans. He was immunocompetent and did not have any past history of chronic lung disease. The patient was treated with sensitive antibiotic meropenem 1 g three times daily. To our knowledge, only one case of A. denitrificans pneumonia has been reported from the Indian subcontinent, in an individual with underlying lung disease, and none in a healthy person

Root attributes governing drought stress adaptation and the associated molecular markers in chromosome segment substitution lines in rice (Oryza sativa L.)

The wild relatives of cultivated rice offer crucial resistance genes for combating stresses like drought. Developing rice varieties with drought tolerance is possible through chromosome segment substitution lines (CSSLs), which blend the genetic background of a high-yielding parent with specific chromosome segments from a donor parent. This study aimed to study the effect of drought stress on various root traits of chromosome segment substitution lines (CSSLs) and their relationship with specific molecular markers. Ninety-six genotypes, including 80 chromosome segment substitution lines (Curinga x O. rufipogon and Curinga x O. meridionalis), 9 New Rice for Africa (NERICAs) and 7 controls were grown in Basket and PVC pipe methods for phenotyping different root traits. Under drought stress (DS), MER16, MER20, RUF10, RUF16, RUF44, NERICA1, and NERICA3 showed superior performance for most of the root traits. These evaluations were supplemented with association analysis of 17 root trait-linked simple sequence repeat (SSR) markers with root phenotypic traits. The marker RM201 is strongly associated with multiple root traits, found to be independent of three growth conditions (well-watered “WW” under Basket, WW condition and DS conditions under PVC pipe). The marker RM316 is associated with root volume, and the marker RM7424 and RM1054 show maximum root length. In conclusion, these markers can be used in marker-assisted breeding programs, and the lines carrying them can be used as parental lines in variety-development programs for drought tolerance