Impact of Central Bank Decisions and Communications on Sentiment, Uncertainty, Risk Aversion and Investment Behaviour

Central bank’s policy decisions and communication influence financial markets through managing investor expectations related to the current and future economic scenario and achieve desired macroeconomic goals. This thesis empirically evaluates the role of signals given in the central bank’s actions and communication in driving investor sentiment, formulating the expected risk premium and shifting the investment behaviour in financial markets. This thesis comprises of three empirical chapters focusing on the response of market participants to the central bank quantitative and qualitative announcements. Chapter 2 investigates the impact of the United States (US) and domestic monetary policy announcements on consumer and managers’ confidence in the United Kingdom (UK) and 10 countries within the euro area during conventional and unconventional policy times. More specifically, using the confidence indicators of the European Commission, the study examines the response of consumers and managers to monetary policy surprises around the global financial crisis. The findings confirm that during the conventional policy period, the domestic expansionary shock has a significant positive impact on the consumer and manager confidence in the UK and across the ten countries in the euro area. Furthermore, the US conventional monetary policy has more impact on managers’ sentiment compared to domestic policy. However, after the introduction of unconventional policy programme, the monetary announcements turn to be less effective in boosting the confidence of households and businesses. Chapter 3 analyses the influence of the Federal Reserve’s (Fed’s) communications on investors’ risk perception and appetite in the global equity markets. The results suggest that the Fed’s optimism (pessimism) decreases (increases) the market-wide uncertainty and investors’ risk aversion not only in the US but also in the UK and the euro area. In addition, investors respond to the signals inbound in the communications more significantly during recessionary and uncertain times. Moreover, after estimating unique topics and their relative tone from the Fed’s commutations, this chapter finds that investors pay attention particularly to the discussion related to the financial market, credit conditions, employment, and economic growth in forming their response. Finally, investors react heterogeneously to the discussion about prospering economic outlook and future contractionary policy. Chapter 4 investigates the effect of the Fed’s communications on the returns and traders’ positions in the commodity markets. Using computational linguistic analysis, this study extracts the policymakers’ indication of the future path of the policy rate. This study documents that the degree of hawkishness in the Fed’s communications decreases the one month ahead returns on metal, energy and overall commodity indexes. In addition, the Fed’s hawkish tone increases (decreases) the commodity traders’ speculating (hedging) positions. This implies that the central bank tone contains information about the economic conditions and provides signals about the future path of the policy which drive the traders’ positions and affect the commodity returns. Furthermore, a topic modelling analysis of the central bank communications reveals that a hawkish discussion about consumption, financial market, and inflation plays a particularly important role in influencing the commodity returns and traders’ positions

Injection Parameters Effect on the Performance of Compressed Natural Gas Direct Injection (CNG-DI) Engine Under Lean Stratified Conditions

Natural gas has been identified as an alternative to crude oil fuels such as gasoline and diesel. Natural gas utilization as an automotive fuel is yet to be fully used to its optimum because most of the vehicles converted to natural gas are still using port injection or carburetors. Natural gas can be used either in compressed (CNG) or liquefied (LNG) fom1. Compressed natural gas (CNG) has huge potential for improving the them1al efficiency of spark ignited (SI) engines due to combustion-specific properties such as high knock resistance and extreme stratification capabilities for lean air/fuel ratio. The main drawback or disadvantage of using natural gas in the engine is that its perfom1ance drops compared to gasoline or diesel engine. For current passenger car standard applications a power drop of approximately I 0% is noticed by use of CNG. The prime source of perfom1ance drop is because of lower volumetric efficiency, lower energy density and longer combustion duration of natural gas. Reduced volumetric efficiency of induction system is being widely studied to optimize for the losses causing this diminution. This drawback can be compensated by direct injection of CNG straight into the combustion chamber, and therefore giving way to utilize the maximum benefits from using CNG as automotive fuel. Combustion of natural gas is cleaner i.e. lower exhaust emissions, also because of its higher octane number, the engines can be designed with higher compression ratios, hence increasing the them1al efficiency. Direct injection systems for natural gas engme are expected to solve the problem of lower volumetric efficiency. Optimization of injection parameters is required for the optimum outcome of natural gas engine. Besides favorable engine out emissions, the engine concept operates without power loss and with absolute low fuel consumption. The "Direct CNG Injection" may be a highly attractive solution for automotive propulsion systems. The following research is carried out on a dedicated 4-stroke natural gas spark ignition engine with a compression ratio of 14. A centre direct injection system is used, where the injector is placed at the centre of cylinder head with spark plug offset by 6mm. Engine is being tested for idle and partload conditions using homogeneous and stratified pistons. Injection parameters such as injection timing and injector spray angle are investigated while keeping the injection pressure constant, to find out the effect of injection parameters on CNG-01 engine. Ignition timing is adjusted to obtain the maximum brake torque (MBT). Results for both stoichiometric and stratified charges at idle and partload conditions are compared to examine the features of both operations under these conditions. The experimental results are categorized based on each injection parameter. Firstly, injection timing from early injection (300 degree BTDC) to late injection (80 degree BTDC) is investigated for stoichiometric conditions. For stratified operation the injection starts after the closing of air intake valve at 132 BTDC. The injection is delayed further till the limit for each RPM as set by the ECU (Engine Control Unit). Injection timing effect for idle and partloads is compared for stoichiometric and lean stratified operations, for injection timings starting after the closing of intake valve. Engine speed is limited from 2000 to 5000 RPM. Injection pressure is kept constant at 18 bars for both stoichiometric and stratified operations. Injection pressure is affecting the fuel delivery rate. Lower injection pressure needs longer injection duration to deliver the required fuel to the engine. Two injectors with different injection angle are investigated, 30 deg (NAI) and 70 deg (W AI). Both injectors have their distinctive characteristics which can be applied on certain engine operational conditions. Lean stratified operation proved to be better for lower engine speeds while having overall lower brake specific fuel consumption over a wide range. Lower performance at higher engine speeds is due to less time for mixture formation, lower fuel content and excessive stratification. Wide angle injector (W AI) proves to be giving better performance than narrow angle injector (NAI) at lean conditions. Faster mixing rate of W AI might be responsible for such behavior. Nitrogen oxides (NOx) emission for lean stratified operation is higher at lower engine speeds which indicate higher temperatures of combustion, for all injection timings except the lean limit where it is lesser. Unburned hydrocarbons are slightly higher than stoichiometric and tend to increase with the engine speed. Higher cycle to cycle variation, mixture fom1ation, excessive stratification and bulk quenching are the reasons for such behaviors. Carbon monoxide (CO) emissions for lean strati tied operation are quite lower compared to stoichiometric for all injection timings

Pneumoperitoneum, pneumoretroperitoneum, pneumomediastinum and extensive subcutaneous emphysema in a patient with ulcerative colitis: a case report.

Abstract INTRODUCTION: Pneumo-mediastinum and subcutaneous emphysema are rare presentations of lower gastrointestinal tract perforation. PRESENTATION OF CASE: We are presenting the case of a middle aged man diagnosed with UC who presented with dyspnea and subcutaneous emphysema, attributed to multiple perforations including the stomach and colon. CASE DISCUSSION: Patients with ulcerative colitis (UC) are at an increased risk of perforations due to friability of colonic mucosa given the chronic inflammation and relapsing flares. Chronic use of steroids further predisposes to stress ulcers. These pathologies sometimes coexist and identification of each is crucial for the appropriate treatment plan. CONCLUSION: The case allows for a learning opportunity focusing on coexisting pathologies which may be differentiated based on anatomical knowledge and patient presentation. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserve

Injection Parameters Effect on the Perfom1ance of Compressed Natural Gas Direct Injection (CNG-DI) Engine under Lean Stratified Conditions

Natural gas has been identified as an alternative to crude oil fuels such as gasoline and diesel. Natural gas utilization as an automotive fuel is yet to be fully used to its optimum because most of the vehicles converted to natural gas are still using port injection or carburetors. Natural gas can be used either in compressed (CNG) or liquefied (LNG) fom1. Compressed natural gas (CNG) has huge potential for improving the them1al efficiency of spark ignited (SI) engines due to combustion-specific properties such as high knock resistance and extreme stratification capabilities for lean air/fuel ratio. The main drawback or disadvantage of using natural gas in the engine is that its perfom1ance drops compared to gasoline or diesel engine. For current passenger car standard applications a power drop of approximately I 0% is noticed by use of CNG. The prime source of perfom1ance drop is because of lower volumetric efficiency, lower energy density and longer combustion duration of natural gas. Reduced volumetric efficiency of induction system is being widely studied to optimize for the losses causing this diminution. This drawback can be compensated by direct injection of CNG straight into the combustion chamber, and therefore giving way to utilize the maximum benefits from using CNG as automotive fuel. Combustion of natural gas is cleaner i.e. lower exhaust emissions, also because of its higher octane number, the engines can be designed with higher compression ratios, hence increasing the them1al efficiency. Direct injection systems for natural gas engme are expected to solve the problem of lower volumetric efficiency. Optimization of injection parameters is required for the optimum outcome of natural gas engine. Besides favorable engine out emissions, the engine concept operates without power loss and with absolute low fuel consumption. The "Direct CNG Injection" may be a highly attractive solution for automotive propulsion systems. The following research is carried out on a dedicated 4-stroke natural gas spark ignition engine with a compression ratio of 14. A centre direct injection system is used, where the injector is placed at the centre of cylinder head with spark plug offset by 6mm. Engine is being tested for idle and partload conditions using homogeneous and stratified pistons. Injection parameters such as injection timing and injector spray angle are investigated while keeping the injection pressure constant, to find out the effect of injection parameters on CNG-01 engine. Ignition timing is adjusted to obtain the maximum brake torque (MBT). Results for both stoichiometric and stratified charges at idle and partload conditions are compared to examine the features of both operations under these conditions. The experimental results are categorized based on each injection parameter. Firstly, injection timing from early injection (300 degree BTDC) to late injection (80 degree BTDC) is investigated for stoichiometric conditions. For stratified operation the injection starts after the closing of air intake valve at 132 BTDC. The injection is delayed further till the limit for each RPM as set by the ECU (Engine Control Unit). Injection timing effect for idle and partloads is compared for stoichiometric and lean stratified operations, for injection timings starting after the closing of intake valve. Engine speed is limited from 2000 to 5000 RPM. Injection pressure is kept constant at 18 bars for both stoichiometric and stratified operations. Injection pressure is affecting the fuel delivery rate. Lower injection pressure needs longer injection duration to deliver the required fuel to the engine. Two injectors with different injection angle are investigated, 30 deg (NAI) and 70 deg (W AI). Both injectors have their distinctive characteristics which can be applied on certain engine operational conditions. Lean stratified operation proved to be better for lower engine speeds while having overall lower brake specific fuel consumption over a wide range. Lower performance at higher engine speeds is due to less time for mixture formation, lower fuel content and excessive stratification. Wide angle injector (W AI) proves to be giving better performance than narrow angle injector (NAI) at lean conditions. Faster mixing rate of W AI might be responsible for such behavior. Nitrogen oxides (NOx) emission for lean stratified operation is higher at lower engine speeds which indicate higher temperatures of combustion, for all injection timings except the lean limit where it is lesser. Unburned hydrocarbons are slightly higher than stoichiometric and tend to increase with the engine speed. Higher cycle to cycle variation, mixture fom1ation, excessive stratification and bulk quenching are the reasons for such behaviors. Carbon monoxide (CO) emissions for lean strati tied operation are quite lower compared to stoichiometric for all injection timings

Solventless Extraction of Essential Oil

Essential oil is one of an important concentrated liquid that possesses many physical, chemical and pharmacological properties. Extraction of essential is one of the main issues in the last decade. Conventional treatment consisting of hydrodistillation and steam distillation has many disadvantages and finds difficult to purify essential oil. Now, it is much easier to extract essential oil with the invention of new greener technologies that reduce the involvement of solvent, decrease the extraction time, energy and descent the interaction of the concentrated volatile liquid with atmospheric oxygen through the application of vacuum

Large patent ductus arteriosus in an adult complicated by pulmonary endarteritis and embolic lung abscess

Patent ductus arteriosus in the adult is an extremely rare clinical phenomenon. We report the case of a 34-year old man who developed pulmonary endarteritis and subsequent embolic lung abscess secondary to a large patent ductus arteriosus. This brief report also provides an overview of the natural history, potential complications, optimal therapy, and diagnostic dilemmas associated with this persistent congenital cardiac defect in adults

Tibial plateau fractures: A new classification scheme

Fractures of the tibial plateaus are common injuries. Various classification schemes have been used to describe these injuries. Although each system has its own purpose, the simpler systems do not allow comparison with more complex divisions. The problem is compounded by the variable use of adjectives that describe these fractures. A comprehensive classification of tibial plateau fractures should group fractures that are similar in topography, morphology, and pathogenesis, requiring similar treatment, and having a similar prognosis. Fracture dislocations and standard tibial plateau fractures should be incorporated into a single classification to avoid the use of two complementary classifications. Any such classification should not be difficult to remember or to use. Keeping in mind these requirements, the authors devised a simple yet comprehensive classification. The authors studied 80 cases of tibial plateau fractures from January 1988 to September 1997, and used contemporary classifications of tibial plateau fractures as a database to formulate the new classification. A new fracture, subcondylar bicondylar with coronal split, has been classified for the first time. An alphanumeric system has been developed that has made nomenclature easy to remember and use. An effort has been made to address the profoundly confusing issue of variable adjectives that describe these injuries. A review of the literature shows that fractures in the authors\u27 classification have been grouped according to similar pathomechanics, treatment, and functional results