An Empirical Analysis of the Performance of Sponsored versus Non-Sponsored IPOs:Evidence from India

India is one of the largest IPO markets in the world. However, IPO research in the developing world is limited. The primary objective of this study is to test the performance of Indian IPOs based on sponsored versus non-sponsored issues. We classify the IPO sample into venture capital (VC) and private equity (PE) sponsored issues and non-sponsored ones and include key operating characteristics as performance predictors.The dependent variable is the buy and hold abnormal returns (BHARs). The study uses key operating characteristics such as market capitalization, net sales, EBITDA, depreciation and amortization, price-to-book, asset turnover and leverage. A cross sectional analysis is applied to test the long run performance.Sponsored IPO issues convey favourable information to investors about future earnings and prospects of the firm. Our findings indicate that sponsored issues and, in particular PE sponsored issues are perceived by investors as an indicator of quality certification for the Indian IPO market There are significant differences in terms of market size, industry classification and key operating characteristic.This study has had to deal with much smaller samples of PE and VC when compared to similar studies conducted in the developed markets such as UK and US. Further robustness tests on the market performance using factor models posed a problem due to limitation of the availability of the factors. For the capital markets investors and policy makers, this research demonstrates the increasingly important role that private equity and venture capital funds play in the investment landscape in India. It exhibits the increasing investor confidence in the Indian capital markets. Using a sample of Indian IPOs comprising VC-sponsored and PE-sponsored issues, this study analyses the performance of Indian IPOs in an emerging market setting. This study, thus, contributes to the limited IPO research undertaken in developing markets

Hall Current Effects on MHD Convective Flow Past a Porous Plate with Thermal Radiation, Chemical Reaction and Heat Generation/Absorption

In this paper an attempt is made to study the chemical reaction and combined buoyancy effects of thermal and mass diffusion on MHD convective flow along an infinite vertical porous plate in the presence of Hall current with variable suction and heat generation. A uniform magnetic field is applied in a direction normal to the porous plate. The equations governing the fluid flow are solved using the perturbation technique and the expressions for the velocity, the temperature and the concentration distributions have been obtained. Dimensionless velocity, temperature and concentration profiles are displayed graphically for different values of the parameters entering into the problem like Prandtl number Pr, Hartmann number M, Grashof number G, modified Grash of number Gc, Hall parameter m, Heat source parameter χ, Schmidt number Sc, and Chemical reaction parameter ξ. The Skin-friction coefficient, rate of heat transfer and mass transfer at the plate have been obtained and also discussed through tables. It has been observed that an increase in the Prandtl number leads to a decrease in the primary and secondary velocities, and also a decrease in the temperature. The primary and secondary velocities decrease with increase in the Chemical reaction parameter or Magnetic field parameter

An empirical analysis of the performance of pension funds: evidence from UK

Purpose - This paper examines the investment performance of pension funds in the UK using three standard performance measurement models, the CAPM, Fama-French model and the Carhart model. Design/methodology/approach - We use the CAPS-Mellon survey data for the period 1990-2008 and employ the three standard performance measurement models, the CAPM, Fama-French model and the Carhart model in assessing the investment performance of the pension funds. Findings - We show that the abnormal returns of pension funds cannot be fully explained by size, book-to-market values, market returns, momentum and the term spread. We find larger abnormal returns in bond than in equity portfolios and that smaller funds outperform larger funds. The paper also shows that the addition of the momentum factor does not improve on the three factor Fama-French model. We find that pension funds exhibit superior performance relative to the linear factor models. Research limitations/implications - This study contributes to the extant literature on pension funds performance. Future research may also extend our work to incorporate economic, tax, political and legal differences across the countries on the performance of pension funds. Secondly, due to data constraints, this study excludes the default probability of corporate bonds as an additional variable in their tests on bond returns. Future work may add the default probability as an additional variable whilst examining bond returns Practical implications - The authors believe that the findings will be considerable food for thought for fund managers who are continuously attempt to explore opportunities to provide a higher return to investors. Originality/value - To our knowledge this is the first comprehensive study that investigates the performance of UK equity and bond pension funds relative to standard linear factor models such as the CAPM, Fama and French (1993), and Carhart (1997)

Detection of Early Loss of Color Vision in Age-Related Macular Degeneration - With Emphasis on Drusen and Reticular Pseudodrusen

Purpose: To evaluate chromatic sensitivity in patients with age-related macular degeneration (AMD) characterized by drusen and reticular pseudodrusen. To investigate whether the severity of color vision loss can distinguish between various stages of AMD and hence be used as an index of progression toward advanced AMD. Methods: Chromatic sensitivity was measured by using the Color Assessment and Diagnosis (CAD) test in asymptomatic individuals with early and intermediate AMD and compared to normative data. All study participants had logMAR visual acuity of 0.3 or better. The CAD thresholds measured in eyes with and without reticular pseudodrusen were also compared and related to central macular thickness (CMT). Student's t-test P values < 0.05 were considered significant. Results: All early- and intermediate-AMD eyes (n = 90) had chromatic sensitivity loss in either RG (red/green) or YB (yellow/blue), or both (P < 0.0001) as compared to age-matched normal subjects. The eyes exhibited a range of CAD thresholds affecting both color mechanisms, but YB color thresholds were in general higher than RG thresholds (P < 0.001). Intermediate-AMD patients exhibited large intersubject variability. In general, eyes with reticular pseudodrusen and eyes with CMT < 200 μm had significantly higher CAD thresholds. Conclusions: The anatomic integrity of cone photoreceptors remains relatively unaffected in early and intermediate stages of AMD. The processing of cone signals in the retina can, however, be heavily disrupted with subsequent loss of both YB and RG chromatic sensitivity. The greatest losses were observed in eyes with reticular pseudodrusen

Serum calcium 125 level in normotensive and pre-eclamptic pregnancies in a tertiary care hospital

Background: Preeclampsia is one main reason for high-risk pregnancy. Among the disorders in hypertension, preeclampsia develops in antenatal period and it is defined by high blood pressure of more than 140/90 mmHg and arteriolar vasoconstriction, both of which lower uteroplacental perfusion and ultimately lead to placental hypoxia. The objectives of this study was (a) to estimate CA125 level in normotensive and pre eclamptic pregnancies; and (b) to predict severity of pre-eclampsia with CA125 levels with cut off value of CA125 level as 23.7 IU/ml. Methods: This two year cross sectional study was conducted on all antenatal mothers bestween 20 -40 weeks gestational age getting admitted RLJH and research centre Tamaka (January 2021-December 2022), for the period of 2 years who fulfilled inclusion and exclusion criteria. Detailed clinical history along with antenatal examination was done. For each study subject the blood pressure was recorded. Complete blood picture was done and CA125 levels were done of the study subjects. Results: Mean CA125 among normal subjects was 24.24±13.71 IU/ml and Mean CA125 among pre-eclampsia subjects was 30.61±15.69 IU/ml. There was a statistical significance found between two groups with respect to CA125. Conclusions: In pre-eclampsia, CA125 was increased more compared to normotensive group. This indicates the importance in estimation of CA125 level in preeclampsia. The same has been determined with significant p value

Spill over effects of Geopolitical risk on the banking sector of CIS countries

This study examines the spill over effects of geopolitical risks (GPR) and extreme shocks on Commonwealth of Independent States (CIS) economies, as result of the Russia – Ukraine war, with particular focus on financial institutions. Further, we investigate whether the performance of CIS banks has been impacted by economic sanctions imposed on Russia since the start of the conflict. Understanding GPR transmission mechanisms and consequences on Russia’s neighbouring countries allows policymakers and financial institutions to formulate and implement risk management strategies. For a global measure of geo-political risk, we employ the global GPR index from Caldara and Iacoviello (2022) and we use the Diebold-Yilmaz (2012) connectedness model to estimate the spill over effect. First, we investigate the spill over effect of the recent conflict on the returns of banks for a sample of CIS countries. Further, we examine the spill over effect on macro-economic indicators of our sample of countries. Our preliminary results do not show significant GPR transmissions in terms of returns and risk within the banking sectors of the CIS countries examined

Experience Capture in Shipbuilding through Computer Applications and Neural Networks

It has always been a severe loss for any establishment when an experienced hand retires or moves to another firm. The specific details of what his job/position entails will always make the work more efficient. To curtail such losses, it is possible to implement a system that takes input from a new employee regarding the challenges he/she is facing and match it to a previous occurrence where someone else held his/her chair. This system could be made possible with input through the ages from the array of individuals who managed that particular job and processing this data through a neural network that recognizes the pattern. The paper is based on data collected from traditional wooden dhow builders and some of the modern day unconventional shipyards. Since the requirements for successful implementation in such scenarios seems too steep at the moment, an alternate approach has been suggested by implementation through the design processes across multiple shipyards. The process entails the traditional value passed down through generations regarding a particular profession and analysis has been done regarding how this knowledge/experience can be captured and preserved for future generations to work upon. A series of tools including SharePoint, MATLAB, and some similar software working in tandem can be used for the design of the same. This research will provide valuable insight as to how information sharing can be applied through generations for effective application of production capabilities.Comment: Case study on knowledge transfer among employees with varying levels of experience in the field of shipbuildin

The Diagnostic Accuracy of Double-Layer Sign in Detection of Macular Neovascularization Secondary to Central Serous Chorioretinopathy

PURPOSE: To investigate the diagnostic value of elevated retinal pigment epithelium (RPE) and double-layer sign (DLS) in identifying macular neovascularization (MNV) secondary to central serous chorioretinopathy (CSCR). DESIGN: Retrospective, cross-sectional study. METHODS: Patients with CSCR underwent optical coherence tomography (OCT) and OCT angiography (OCT-A) scanning at Moorfields Eye Hospital. OCT scans were reviewed to identify the presence/absence of an RPE elevation. The maximum length and maximum height of the elevated RPE were measured. A minimum length of 1000 µm and a maximum height of 150 µm were used to define the "double-layer sign". Other qualitative anatomical features were also graded from OCT scans. OCT-A was examined to confirm the presence/absence of MNV. Binary logistic regression analyses were used to assess the association between OCT features and the detection of MNV on OCT-A. Sensitivity, specificity, positive predictive value (PPV), and negative predictive value (NPV) were calculated to assess the diagnostic accuracy. RESULTS: One hundred and sixty-three eyes from 132 patients were included. Elevated RPE was detected in 148 eyes (91%). OCT-A-confirmed MNV was detected in 54 eyes (33%). The sensitivity and specificity of RPE elevation were 100% and 13.8%, respectively. DLS was identified in 95 eyes (58%). The sensitivity and specificity of DLS for detecting MNV were 87% and 56%, respectively. Hyper-reflectivity and non-homogeneity of the sub-RPE space were independently associated with MNV within the DLS (odds ratio, 17.7 and 14.8, p<0.001 and p=0.02, respectively). None of the other demographic or anatomical features associated with MNV. The presence of non-homogeneous hyper-reflective RPE elevation had a sensitivity and specificity of 98% and 67%, with PPV and NPV of 60% and 99%, respectively. CONCLUSIONS: Non-homogeneous and hyper-reflective space under an elevated RPE of any length or height indicates an eye with higher risk of MNV than DLS. OCT-A should at least be performed for these eyes to confirm the presence of MNV and treat accordingly

Evaluating the Performance of the Indian Diabetes Risk Score in Different Ethnic Groups

Aim To evaluate the performance of Madras Diabetes Research Foundation -Indian Diabetes Risk Score (MDRF-IDRS score) in different ethnic groups including Indians, Hispanic, Non-Hispanic Whites, Non-Hispanic Blacks and other American. Methods The MDRF-IDRS score is calculated based on a risk equation that includes age, waist circumference, family history of diabetes and physical activity. The National Health and Nutrition Examination Survey (NHANES) data on American and Chennai Urban Rural Epidemiology Study data on Indians were used in this study. Study participants aged ≥ 20 years with and without type 2 diabetes were included. Performance of the MDRF-IDRS score was assessed using sensitivity, specificity, positive predictive value, negative predictive value and the area under the receiver operating characteristic curve measures within each ethnic group. IDRS scores' performance was then compared with existing non-invasive American diabetes risk scores. Results Total number of participants included was 11,035 (2292 Indians and 8743 American). MDRF-IDRS score (cut off≥ 60) performed well in Indians with an AUC, sensitivity and specificity of 0.73, 80.2% and 57.3% respectively. MDRF-IDRS score cut off ≥ 70 had the highest discriminative performance among Hispanic, Non-Hispanic Whites and Non-Hispanic Blacks with sensitivity and specificity of between 70.1-86.9% and 61.2-72.2% respectively. The AUC for American was between 0.77-0.81 with the highest and lowest AUC in Non-Hispanic Black and Non-Hispanic White respectively. With a smaller number of variables, IDRS score showed almost the same performance in predicting diabetes among American compared with the existing non-invasive American diabetes risk score. Conclusion The MDRF-IDRS score performs well among Indians and American including Hispanic, Non-Hispanic White, Non-Hispanic Black and other American. It can be used as a screening tool to help in early diagnosis, management and optimal control of diabetes mainly in mass screening programmes in India and America

Empowering fisherwomen after tsunami in Kerala: Institutional lessons and insights

The present study describes the status of multiday drift gillnet fishery for tuna from Chennai fishing harbour based on data for the years 2016 – 2017. The data is also compared with that during 1999- 2006. Both the craft and gear increased in size with consequent extension of fishing grounds and increase in the number of days/ fishing trip. The size of the boats increased to 20-23 m OAL from 11-12 m OAL and weight of the gear from 1 to more than 6 t. Annual average catch increased to 8523 t during 2016-2017 from 595 t during 1999-2006. Average catch per unit effort was 8310 kg as against 730 kg during 1999-2006. Yellowfin tuna, Thunnus albacares and Skipjack tuna, Katsuwonus pelamis were the dominant species. The stock position of skipjack tuna and yellowfin tuna vis-àvis the three indicators indicated that the percentage of mature yellowfin tuna in the catch in 2017 was 68%, fish in optimum length 35% and mega-spawners 33% whereas in skipjack tuna the respective percentages were 99.5, 21.1 and 79.1. Problems and prospects of multiday tuna drift gillnet fishery are also discussed