Three Essays on Financial Markets

This dissertation is composed of three essays. The first essay investigates the information content of the limit order book (LOB) on the Shanghai Stock Exchange (SHSE), a purely order-driven market, for predicting future stock price volatility. We find that the LOB supply schedule consistently and significantly predicts the future price volatility. But this predictive power of LOB declines during the extreme market wide movements. We also find that buy orders are more informative over future price volatility than sell orders but sell (buy) orders becomes more informative during the extreme market wide down (up) movement days. Finally, we document that predictive power of LOB is short lived and markets are efficient over the longer time horizon. The second essay examines the effect of high frequency trading on market quality, systemic risk and trading strategies. In 2010 the Tokyo Stock Exchange, the largest exchange headquartered outside the US, introduced a new trading platform, Arrowhead, which reduced latency by 99.97% and increased co-located high-frequency trading from zero to 36% of volume. Arrowhead improved market liquidity and reduced volatility, but it also amplified systematic risks factors like quotes to trade ratio, order-flow autocorrelation and cross correlation, and tail risks. Arrowhead also affected trading strategies by increasing trade price predictability and the use of fleeting orders. Cost of immediacy serves as a channel through which reduced latency affects market quality, systematic risks, and trading outcome. The third essay analyzes the links between corporate finance policies and investment clienteles by comparing the cross-sectional variation in the dividend payout policies of companies across 32 countries. Beyond the impact of firm-specific accounting and financial variables, this study investigates how the country level variations: shareholder demand due to demographic variations and consumption needs, agency problems manifested in the extent of minority shareholder protection and business disclosures, and market quality in terms of transparency and liquidity; affect dividend payout policies. We find that firms have generous dividend payout policies when diverse shareholder demands are strong, extents of business disclosures and legal protections are weak, and the market qualities are poor. The empirical evidence supports the presence of strong dividend clienteles in a global setting

DEVELOPMENT AND VALIDATION OF UV SPECTROSCOPIC METHODS FOR SIMULTANEOUS ESTIMATION OF SALBUTAMOL SULPHATE AND DOXOPHYLLINE IN COMBINED SOLID DOSAGE FORM

Objective: Salbutamol sulphate (SBS) and doxophylline (DOX) was used for the treatment of asthma and bronchitis. In the present study, two simple, accurate, precise, reproducible and economical UV-spectroscopic methods (A and B) for simultaneous estimation of SBS and DOX in tablet dosage form have been developed.Methods: In the present study the simultaneous estimation of SBS and DOX was carried out by two methods. Method A employs solving of simultaneous equations based on the measurement of absorbance at two wavelengths, 272 nm and 276 nm which are the ðœ†max values of SBS and DOX respectively in phosphate buffer (pH 7.4). Method B is based on the principle of Q-Analysis where in, absorbance was measured at 225 nm (iso-absorptive point, ðœ†1) and 276 nm (ðœ†max of DOX, ðœ†2) in phosphate buffer (pH 7.4).Results: Both SBS and DOX shows linearity at all the selected wavelengths and obeys beer's law in the concentration range of between 0.2-1.6ðœ‡g/ml and 0.1-3.5μg/ml at 276 nm; 0.2-1.6 µg/ml and 0.1-4.5 µg/ml at 272 nm and 0.2-2.0µg/ml and 0.2-3.5μg/ml at iso-absorptive point 225 nm. Recovery studies for SBS and DOX were performed and the percentage recovery for both the drugs was obtained in the range of 97.45-98.63% (Method A) and 97.49–98.87 % (Method B) confirming the accuracy of the proposed method.Conclusion: Both the methods showed good reproducibility and recovery with % RSD less than 2. Statistical validation of the data shows that the proposed methods can be successfully applied for the routine analysis of drugs in commercial tablets. Hence, it could be used in the analysis of laboratory samples and marketed formulations containing these two drugs in combined dosage form without the interference of common excipients

Comparative study of ropivacaine (0.5%) plain versus levobupivacaine (0.5%) plain in gynecological surgeries

Background: Regional anesthesia increasingly used for gynecological surgeries, has advantage of decreased stress response to surgery, decreased cardiorespiratory depression, with improved postoperative analgesia.Methods: This randomized, prospective, double blind study was conducted at Amaltas Institute of Medical Sciences, Banger Dewas in Department of Anesthesia between June 2016-December 2016. Sixty patients who were posted for gynecological surgeries were enrolled and randomly divided into two groups: Group R received 3.5 ml (17.5 mg) 0.5% ropivacaine plain and Group L received 3.5 ml (17.5 mg) 0.5% levobupivacaine plain. The onset and duration of sensory and motor block and any undesirable side effects were noted.Results: Demographic parameters were comparable between the two groups (P >0.05). Onset of sensory and motor block was significantly faster in Group L, duration of motor and sensory block was significantly less in Group R. Patients in group R were hemodynamically stable (P = 0.032) compared to group L.Conclusions: Both ropivacaine and levobupivacaine have the desirable blocking property and can be used in gynecological surgeries. Ropivacaine showed shorter duration of sensory and motor block allowed early mobilization and early recovery of patients

CONTEMPLATION OF SYMBIOTIC MICROBIAL BIOFILMS IN WASTEWATER TREATMENT

State of symbiosis is created among the species that are found in naturally existing biofilms. Biofilm formation provides protection against toxic shocks, mechanical stress, and predation. Biofilm can play an important role in wastewater treatment technologies and on the other hand could also lead to plague water. Biofilm-based treatments have been traditionally used for the treatment of water but the recent development in the stream has boosted the use of biofilm in various strategies of waste water treatment especially for strategies related to BOD and nutrients. However, the blueprint and execution of this idea is still being worked on due to the problems which arise in the implementation such as corroding pipes, increasing head loss, allowing pathogens to persist in distribution systems, and fouling membrane processes. Design for choice of species for biofilm processes in particular techniques is important wastewater treatment. All these data are essential to develop the performance, effectiveness and constancy of biofilm-based wastewater treatment strategies

Diversity analysis of Sweet Potato (Ipomoea batatas[L.] Lam) genotypes using morphological, biochemical and molecular markers

276-285Sweet potato [Ipomeabatatas(L.) Lam.]is a nutritious food crop primarily grown by small and marginal farmers. Successful breeding and germplasm conservation programs demands characterization of its germplasm. Here, we tried to determine genetic diversity among 21 sweet potato genotypes using morphological, biochemical and molecular markers. Ten morphological traits were studied and subjected to analysis of variance (ANOVA). Mean square due to germplasm were highly significant as well as wide mean range performance was observed for tuber number per plant, individual tuber weight, tuber fresh yield per plant, tuber dry yield per plant, tuber yield per plot and tuber length. UPGMA (Unweighted Pair Group Method Arithmetic Average) cluster analysis based on morphological traits separated the germplasm into three groups. The genotypes Gautam, Shree Arun, RS-92 and CO-3-4 appeared promising with regard to yield characters. Total phenol was maximum in in V-12 genotype (1.39 mg), while minimum was recorded in Samrat genotype (0.95 mg). The highest total antioxidant was observed in the genotype Samrat (0.30 mg), while minimum was recorded in the genotype Navsari Local (0.16 mg). Molecular diversity analysis was carried out using 25 RAPD (Random Amplified Polymorphic DNA) primers, out of which 13 primers produced 117 reproducible amplicons (106 polymorphic, 7 monomorphic and 4 unique amplicons). UPGMA dendogram based on RAPD data separated the genotypes into two major clusters having the similarity coefficient ranged from 0.56 to 0.76. The results can be used for sweet potato crop improvement through molecular breeding and marker assisted selection of for desired traits in future

Functionalized Carbon Nanotube and MnO2 Nanoflower Hybrid as an Electrode Material for Supercapacitor Application

Functionalized carbon nanotube (FCNT) and Manganese Oxide (MnO2) nanoflower hybrid material was synthesized using hydrothermal technique as a promising electrode material for supercapacitor applications. The morphological investigation revealed the formation of ‘nanoflower’ like structure of MnO2 connected with FCNT, thus paving an easy path for the conduction of electrons during the electrochemical mechanism. A significant improvement in capacitance properties was observed in the hybrid material, in which carbon nanotube acts as a conducting cylindrical path, while the major role of MnO2 was to store the charge, acting as an electrolyte reservoir leading to an overall improved electrochemical performance. The full cell electrochemical analysis of FCNT-MnO2 hybrid using 3 M potassium hydroxide (KOH) electrolyte indicated a specific capacitance of 359.53 F g−1, specific energy of 49.93 Wh kg−1 and maximum specific power of 898.84 W kg−1 at 5 mV s−1. The results show promise for the future of supercapacitor development based on hybrid electrode materials, where high specific energy can be achieved along with high specific power and long cycle life