The Information Content of Directors’ Trades: Empirical Analysis of the Australian Market

We examine the trading activities of directors in shares of their own companies on the Australian Stock Exchange during the July-December 2005 period. We find that directors of small companies in particular earn abnormal return after both their ‘Purchase’ and as well as their ‘Sale’ trade. Directors of these companies have an uncanny ability to time the market by trading when mispricing is greatest, and are able to predict the future performance of their firms in short run. For directors of medium and large companies, we find evidence that ‘Sale’ trades are the ones which work as loss avoiders. Outsiders recognise to some extent that directors’ trades are informative, however they are slow to incorporate the new information into prices, refuting much of the market efficiency literature.

Essays in Development Economics in Reference to the Indian Credit Sector

This dissertation comprises four empirical essays with the objective of understanding how to improve the delivery of credit to the poor in India by studying caste discrimination in credit, women’s empowerment, and impact of business training and repayment cycle on loan volumes, investment and incomes. The study uses primary data collected by myself from a village in the Indian state of Haryana from the clients of three microfinance institutions (MFIs), cooperative credit society and professional money lenders between 2015 and 2017 over three field visits; and from the India Human Development Survey (IHDS) data of 2005 and 2011-12. In the first chapter, from the IHDS data, I examine whether the borrowers’ caste differences explain their differences in credit volumes. Using the Blinder–Oaxaca decomposition method, along with the Heckman procedure and the instrumental variable (IV) procedure to correct for selection and simultaneity bias, I find large credit differentials between upper castes and lower castes. I also show the evidence of caste discrimination (against the lower castes) and its increase between 2005 and 2012. I corroborate discrimination from the qualitative information collected in my field surveys. Using the village survey data, my second chapter examines the impact of women’s empowerment on their creditworthiness, measured in terms of total amount of loans (taken over time). An empowerment index is constructed from the borrowers’ responses to questions regarding economic, social, interpersonal and political consciousness. I find that more empowered women secure greater loans. However, empowerment is likely to suffer from endogeneity, which is address by adopting the Instrumental Variable (IV) approach and using the sex of the borrower’s first child as an instrument for empowerment. The IV estimates show a positive impact of empowerment on the volume of loans. My explanation is that empowered women may have a higher ability to utilise loans for their businesses due to greater mobility, purchasing capacity, and economic independence. I study the robustness of this finding using the IHDS data. In the third chapter, I evaluate the impact of a business training programme on women microfinance clients using the same village survey data and interviews. The treatment group is the borrowers from one MFI that received business training (by an exogenous rule), while the control group had no training. Using difference-in-difference, I find that training did increase their incomes albeit with a reduction in their investment. The ‘treated’ women realised that expanding business without necessary knowledge and skills was risky, and hence cut back on investment. In the fourth chapter, I explore if flexibility in repayment would be beneficial for clients as opposed to traditional weekly repayments using the same primary data and in-depth interviews. I find that the flexible and monthly repayment increased the level of investment as compared to the weekly schedule, but it did not raise income. The monthly repaying clients also had a higher loan amount and greater savings compared to the weekly paying clients. In sum, the study covers some key issues of the poor borrowers, and it highlights the need for removing caste barriers, eliminating son preferences, training women entrepreneurs, and flexible and infrequent loan-repayment cycles

Role of Leader’s Emotional Intelligence in Organizational Learning: A Quantitative Analysis

Although most researchers have argued that a leader’s Emotional Intelligence (EI) capability positively influences Organizational Learning (OL), this relationship has only been studied at surface level. Consequently, there is no clear mechanism explaining how leaders facilitate various sub-processes of learning at the individual, team, and organizational levels. In this study, we operationalize Goleman’s (1998) mixed model of EI and 4I framework of learning proposed by Crossan et al. (1999) to shed further light on this connection. Our study follows a deductive approach, where a conceptual model is first developed through a conceptual literature review and then empirically tested using correlation analysis. Short versions of the Emotional Competency Inventory (ECI V.2) and Strategic Learning Assessment Map (SLAM) survey tool have been utilized to measure leader’s EI and OL, respectively. This study makes significant contributions to scholarly research surrounding EI and OL as well as practice based application of leadership development and employee learning interventions, with a special relevance for learning organizations

Maps of the Impossible: Six Contemporary Hindi Poets – Readings and Translations by Rajesh Sharma:: Autumn Art, 2019, Hardcover, ₹ 400, Paperback, ₹ 325.

Drawn by the book's jacket with the iconic image of self-immolating Thích Quảng Đức, theBurning Monk, one is reminded of another image, more recent and as chilling – that ofMohamed Bouazizi

Electron transfer and redox chemistry in hexa-coordinate hemoglobins

The heme prosthetic group can be held into proteins in a variety of ways. Most often amino acid side chains coordinate one or both of the two available axial coordination sites of the heme iron. Coordination of both sites, such as in cytochrome b5, produces a good electron transfer protein but excludes the binding of exogenous ligands. In hemoglobins, coordination can occur at a single site (as in the “pentacoordinate” hemoglobins associated with oxygen transport), or at both sites (as in the “hexacoordinate” hemoglobins found in a wider distribution of organisms and functions). Surprisingly, hexacoordination in hemoglobins is usually reversible and a variety of exogenous ligands can bind most hexacoordinate hemoglobins. Reversible coordination brings a variety of chemical features to hexacoordinate hemoglobins by affecting their affinity for ligands, redox equilibrium, and the kinetics and extent of electron transfer. These reactions are reviewed for hexa- and pentacoordinate hemoglobins with the goal of using these characteristics for understanding potential functions of hexacoordinate hemoglobins in different species

Pressure Cycle Induced Fatigue Failure of Wrinkled Energy Pipelines

The development of a small wrinkle in a buried pipeline can be a challenging issue for pipeline operators to approach. Although a vast majority of research has been conducted, to evaluate the integrity of a pipeline showing signs of irregularities such as corrosion, pipe wall buckling and/or rippling; there is limited research data or guideline(s) available as to how to assess the severity of a small wrinkle defect. If not dealt with appropriately, these small wrinkle defects can lead to further damage of the pipe wall as a result of fatigue damage caused by internal pressure cycling. This research program was designed to investigate the behaviour and structural integrity of wrinkled pipelines subjected to severe pressure cyclic loading. This research program comprises of both lab-based experimental work, followed by a finite element analysis (FEA) based numerical approach. This study shows that a pipe with a wrinkle defect may lead to fatigue failure resulting in circumferential cracking at the wrinkle apex, due to localized stress concentration. Additionally, it was also found that the magnitude of the stress concentration is highly dependent on the geometry of the wrinkle profile. Analysis based on experimental and numerical results was undertaken to evaluate stress concentration factors, which could be used to establish the remaining fatigue life of a wrinkled pipe subjected to typical pressure fluctuations arising in oil and gas pipelines

Root Rot Pathogens of Wheat in South Dakota and Their Affect on Seed Germination and Seedling Blight in Spring Wheat Cultivars

Crown rot and common root rot are the important root diseases in wheat (Triticum aestivum L.) and other cereals causing significant germination and yield losses in the Northern Great Plains and other parts of the world. Bipolaris sorokiniana (Bs) and Fusarium graminearum (Fg) cause common root rot and crown rot respectively, are the important wheat root pathogens that can affect seed germination, seedling establishment and impact crop productivity. A survey was conducted in the year 2014 and 2015 to study the distribution and the prevalence of root rot pathogens in South Dakota. Out of 31 and eight roots samples collected in 2014 and 2015, respectively, F. graminearum was the major pathogen recovered in both years. All the collected samples harbored F. graminearium, and 50% of the samples produced B. sorokiniana. In 2014, 125 isolates of F. graminearum and 62 isolates of B. sorokiniana were recovered from 31 root samples and in 2015, 38 isolates of F. graminearum and eight isolates of B. sorokiniana were recovered from eight root samples. The fungus Gaeumannomyces graminis tritici associated with Take-all was not recovered from the collected samples in both years. Further, we studied the effect of B. sorokiniana and F. graminearum infested seed on germination and seedling establishment (blight) of 11 HRSW wheat cultivars under greenhouse and field conditions (Brookings and Volga). Seeds of 11 hard red spring wheat cultivars HRSW cultivars, Advance, Brick, Briggs, Forefront, Oxen, Prevail, Russ, Select, SD4189, SD4215, and Traverse were infested individually with B. sorokiniana and F. graminearum by spraying with their respected spore suspension. Infested seed from all 11 cultivars were planted in paper cups (10 seeds/cup) filled with sterile vermiculite, using a complete randomized design. Seed germination and seedling blight data was recorded 10 and 20 days’ post planting. The percent germination losses when the seed was infested with F. graminearum ranged from 4 to 33% while the seedling survival rate of the cultivars varied from 48 to 87% and the seedling blight ranged from 7-27% but when seed was infested with B. sorokiniana, percent germination varied from 2-17% with 58 to 96% seedling survival rate and 0-16% seedling blight. We further, planted 100 seeds of seven (2015) and 11 (2016) HRSW cultivars with six different treatments in a split plot design experiment in three replications at two field locations, Brookings and Volga. The treatments included were uninfested seed + untreated (T1), unifested + treated with fungicide (T2), infested (B. sorokiniana) + treated (T3), infested (B. sorokiniana) + untreated (T4), infested (F. graminearum) + treated (T5), infested (F. graminearum) + untreated (T6). Seed germination and seedling blight data were recorded after the germination for three consecutive weeks. Wheat cultivars varied in seed germination and seedling blight to both the pathogens; however, low seed germination was observed in F. graminearum infested seed as compared to B. sorokiniana infested seed at both locations in both years. Cultivars Russ (72%) and Oxen (80%) were highly affected for seed germination and seedling blight to both pathogens whereas Forefront (92%), Select (95%) and Briggs (88%) had the highest germination and the higher seedling survival rate as compared to the other cultivars both under greenhouse and field conditions. The percent germination losses when the seed was infested with F. graminearum ranged from 17-35% while the seedling survival rate of the cultivars varied from 92-99%. In case of the seed infested with B. sorokiniana, germination losses ranged from 2-15% with the only highest germination loss observed in Russ cultivar (32%) with the survival rate of all the cultivars ranged from 91-97%. Fungicide treatment (T3 and T5) significantly increased the seed germination from 14-37% and the seedling blight was also reduced in almost all the cultivars. In another experiment, where oat kernels were used as a source of inoculum, reduction in percent seed germination was observed however, it was not significant

SOI RF-MEMS Based Variable Attenuator for Millimeter-Wave Applications

The most-attractive feature of microelectromechanical systems (MEMS) technology is that it enables the integration of a whole system on a single chip, leading to positive effects on the performance, reliability and cost. MEMS has made it possible to design IC-compatible radio frequency (RF) devices for wireless and satellite communication systems. Recently, with the advent of 5G, there is a huge market pull towards millimeter-wave devices. Variable attenuators are widely employed for adjusting signal levels in high frequency equipment. RF circuits such as automatic gain control amplifiers, broadband vector modulators, full duplex wireless systems, and radar systems are some of the primary applications of variable attenuators. This thesis describes the development of a millimeter-wave RF MEMS-based variable attenuator implemented by monolithically integrating Coplanar Waveguide (CPW) based hybrid couplers with lateral MEMS varactors on a Silicon–on–Insulator (SOI) substrate. The MEMS varactor features a Chevron type electrothermal actuator that controls the lateral movement of a thick plate, allowing precise change in the capacitive loading on a CPW line leading to a change in isolation between input and output. Electrothermal actuators have been employed in the design instead of electrostatic ones because they can generate relatively larger in-line deflection and force within a small footprint. They also provide the advantage of easy integration with other electrical micro-systems on the same chip, since their fabrication process is compatible with general IC fabrication processes. The development of an efficient and reliable actuator has played an important role in the performance of the proposed design of MEMS variable attenuator. A Thermoreflectance (TR) imaging system is used to acquire the surface temperature profiles of the electrothermal actuator employed in the design, so as to study the temperature distribution, displacement and failure analysis of the Chevron actuator. The 60 GHz variable attenuator was developed using a custom fabrication process on an SOI substrate with a device footprint of 3.8 mm x 3.1 mm. The fabrication process has a high yield due to the high-aspect-ratio single-crystal-silicon structures, which are free from warping, pre-deformation and sticking during the wet etching process. The SOI wafer used has a high resistivity (HR) silicon (Si) handle layer that provides an excellent substrate material for RF communication devices at microwave and millimeter wave frequencies. This low-cost fabrication process provides the flexibility to extend this module and implement more complex RF signal conditioning functions. It is thus an appealing candidate for realizing a wide range of reconfigurable RF devices. The measured RF performance of the 60 GHz variable attenuator shows that the device exhibits attenuation levels (|S21|) ranging from 10 dB to 25 dB over a bandwidth of 4 GHz and a return loss of better than 20 dB. The thesis also presents the design and implementation of a MEMS-based impedance tuner on a Silicon-On-Insulator (SOI) substrate. The tuner is comprised of four varactors monolithically integrated with CPW lines. Chevron actuators control the lateral motion of capacitive thick plates used as contactless lateral MEMS varactors, achieving a capacitance range of 0.19 pF to 0.8 pF. The improvement of the Smith chart coverage is achieved by proper choice of the electrical lengths of the CPW lines and precise control of the lateral motion of the capacitive plates. The measured results demonstrate good impedance matching coverage, with an insertion loss of 2.9 dB. The devices presented in this thesis provide repeatable and reliable operation due to their robust, thick-silicon structures. Therefore, they exhibit relatively low residual stress and are free from stiction and micro-welding problems