Impact of Financial Leverage on Market Value Added: Empirical Evidence from India

The paper aims at analyzing the impact of financial leverage on market value added in the context of companies listed on Bombay Stock Exchange and provide empirical evidence. The study covers 197 companies classified as A group companies listed on the Bombay Stock Exchange. The study period ranges from 2010 to 2014. Univariate linear regression and multiple regression analysis are used to test the relationship between measures of financial leverage and market value added. The results show that interest cover is the most significant predictor of market value added by companies listed on Bombay Stock Exchange. Univariately, debt equity ratio and debt ratios are found to be statistically significant in explaining variation in market value added of the sample companies. But when taken together, they are not significantly related to market value added of sample companies. The research was restricted to only those companies which are classified as A group companies on Bombay Stock Exchange. The study relied on Market Value Added as a measure of value creation. Other measures like, Economic Value Added, Created Shareholder Value, Total Shareholder Return could also be used to gauge the impact of financial leverage on the shareholder value creation. The study identifies interest cover as the most significant predictor of change in Market Value Added. Financial managers will thus be motivated to maintain higher interest cover to ensure higher value creation for their shareholders. Research paper Reference to this paper should be made as follows: Pandya. B. (2016). “Impact of Financial Leverage on Market Value Added: Empirical Evidence from India”, Journal of Entrepreneurship, Business and Economics, Vol. 4, No. 2, pp. 40–58

Association of Total Shareholder Return with other value based measures of financial performance

Purpose- The purpose of this paper is to examine the relationship between total shareholder return (TSR) and other value based measures like created shareholder value (CSV), market value added (MVA), and economic profit (EP) in Indian banking sector and provide empirical evidences. Design/methodology/approach- The paper uses a sample of 21 listed Indian banks segregated into 10 public sector banks and 11 private sector banks. The study period ranges from year 200-01 to 2009-10. Pooled ordinary least square regression is used to test the relationship between the variables in question. Findings- The results reveal that CSV, EP individually explain the variation in TSR of Indian banks. Whereas, MVA as an individual independent variable does not explain variation in TSR of Indian banks. However CSV, MVA and EP jointly explain variation in TSR of Indian banks. Research limitations/implications- The study was specifically restricted to listed banks in India. It did not consider unlisted banks. Originality/value- Author concludes that individual value based measure should not be blindly used while measuring the shareholder value creation by a firm. Rather, a mix of these measures should be used to accurately measure the shareholder value creation. Research paper Reference to this paper should be made as follows: Pandya, B. (2014). “Association of Total Share-holder Return with other value based measures of financial performance: Evidence from Indian Banking Sector”, Journal of Entrepreneurship, Business and Economics, Vol. 2, No. 2, pp. 26–44

Intra–atrial tumour thrombus secondary to Hepatocellular carcinoma.

Hepatocellular carcinoma (HCC) is one of the leading causes of cancer-related mortality. Hepatitis B & C accounts for most HCC occurrences. It is very rare to see a tumour thrombus extending into the right atrium of the heart as a result of the invasion of HCC. This complication has a very poor prognosis as mean survival time is about three to four months. We encountered such a rare case of hepatocellular carcinoma having extensive tumour thrombus extending into the right atrium without any cardio respiratory distress or clinical finding suggestive of cardiovascular involvement

EXTENDED SCREENS FOR AN ONLINE MEETING BY GROUPING NEIGHBORS

An online meeting typically includes some number of participants or users. Techniques are presented herein that significantly enhance the user experience of users who join an online meeting from the same physical location and sit next to each other. Aspects of the presented techniques take the best advantage of neighboring screens in an extended screen manner, which can significantly improve user experience. For example, all of the duplicated local and remote video grids may be removed and all of the remote video grids may be shown in as large a fashion as possible. Broadly, aspects of the techniques presented herein include three steps – a local group initiator finding their neighbors, selecting some of the found neighbors for grouping, and setting the layout for the selected neighbors

EXPLODED SHARING TO FACILITATE ANNOTATION

When individuals are collaborating in an online meeting, it is quite common for the presenter to share their application or desktop so that all of the meeting participants may collectively annotate on the presenter\u27s share. However, sometimes such a collective annotation may be difficult. To address such difficulties, techniques are presented herein that support an innovative method for facilitating online meeting annotation. Aspects of the presented techniques support exploding a meeting presenter\u27s share into editable elements. By applying aspects of the presented techniques, a share is no longer a bulk of a single static image but a collection of fine-grained editable elements. Through such editable elements a sharing-based annotation is easier to manipulate and more user-friendly than ever before

Hepatic adenoma-an unusual case report

A 70-year-old female visited to tertiary care hospital with complains of abdominal pain on and off for 2 years. Pain gradually increased and was associated with vomiting. Patient is a known case of hypertension and diabetes mellitus. The patient`s complete blood count was normal with increased coagulation profile. Provisional clinical diagnosis was fibronodular variant of hepatocellular carcinoma. Computed tomography scan suggestive of fibronodular hyperplasia. Specimen received in pathology department, which on gross examination showed well circumscribed, well encapsulated tumour with variegated appearance. Histopathological diagnosis of Hepatic adenoma was made

Dystrophia Myotonica with Mega Cisterna Magna

Myotonic dystrophy is also known as dystrophia myotonica (DM). The condition is composed of at least two clinical disorders with overlapping phenotypes and distinct molecular genetic defects: myotonic dystrophy type 1, the classic disease originally described by Steinert, and myotonic dystrophy type 2, also called proximal myotonic myopathy (PROMM). Mega cisterna magna is thought to be an anatomic variant with no clinical significance. We report a rare case of type 1 dystrophia myotonica in combination with mega cisterna magna

Integration of a Solid Oxide Fuel Cell system with a heat driven refrigeration system for refrigerated transportation application

This study investigates a novel combined cooling and power concept with a Solid Oxide Fuel Cell (SOFC) driven Vapour Absorption Refrigeration System (VARS) for automotive transportation. The novel concept is focused on future powertrain designs where the fuel cell electrically contributes to both tractive force and auxiliary loads, with the heat generated used to operate a VARS. This thesis therefore focuses on the integration of an SOFC system with a VARS for automotive transportation applications. To prove the feasibility of such a concept, the work is divided into two categories, namely: an experimental approach and a simulation approach. In order to gain confidence in in the feasibility of SOFC integrated VARS concept, experiments were carried out on a laboratory set-up. It appeared that it was possible to achieve freezing temperatures down to -8ºC with the laboratory set-up. A detailed steady state and transient simulation model of the SOFC and VARS combined system was then developed. In the first step of steady state simulation, the performance of different SOFC system configurations to power a VARS were compared. The best SOFC system layout and operating conditions to obtain optimised performance of the combined system were identified. The selection of the operating envelope of the SOFC system to power a VARS is not a straightforward process as it appeared that a balance had to be struck between the need for refrigeration load, power density, emissions, and the overall efficiency of the system. Hence, a comprehensive thermodynamic performance analysis was carried out to select the preferred operating envelope for the SOFC system considering several crucial performance parameters. A detailed 0D SOFC, and a 1D VARS transient model were prepared to analyse the different operational phases of the integrated system during truck operating hours. The transient simulation concept of predicting SOFC integrated VARS performance under load following conditions for automotive application has been explored here for the first time. The system level transient simulation was carried out for the hottest and coldest day of a calendar year to observe the SOFC system response in matching the varying refrigeration load. It was observed that the SOFC system could deal with load following conditions without violating any operating constraints

How do Programmers Forage through Variants? Modeling Hierarchical Foraging and Changelogs

Complex information environments are often organized as hierarchies. However, computational models of Information Foraging Theory (IFT) have almost entirely ignored this fact. Models and tools for predicting programmer navigations have ignored people’s foraging behavior across hierarchies —called hierarchical foraging. Without modeling hierarchical foraging, our ability to build tools to support foraging through complex information environments, is restricted. To this end, in this thesis, we introduce a new predictive model, PFIS-HCL, that builds upon PFIS-V, the most recent IFT-based computational model, which models people’s foraging behavior among variants. With PFIS-HCL, we aim to fill the current gap in modeling programmers’ foraging behavior in variations situations. PFIS-HCL is the first predictive model that explicitly accounts for hierarchical foraging. It also accounts for changelogs as a patch-type that provides general overview of hierarchies. We empirically evaluated PFIS-HCL using the data from a prior user study and our results show that it achieves a greater predictive accuracy than previous computational models that overlooked hierarchical foraging