When AAA Means B: The State of Credit Rating in India

As in many other countries, India five year old credit rating industry has grown rapidly amidst persistent doubts about the quality of the rating service. This paper evaluates the ratings given by India leading credit rating agency, CRISIL. We find that CRISIL ratings are not only too liberal by international standards but also internally inconsistent. We argue that to improve the quality of credit rating in India, there must be more competition; credit rating must be opened up to the private sector; and raters must provide unsolicited ratings.

Research on the Indian Capital Market: A Review

In this paper we present a review of research done in the field of Indian capital markets during the fifteen years from 1977 to 1992. The research works included in the survey were identified by two search procedures. Firstly, we wrote to 118 Indian university departments and research institutions requesting information on the works done in this field in their department/institution. After three reminders, we obtained responses from 53 institutions. Simultaneously, we searched through various Indian journals in our library, located books listed in the library catalogue and traced through the list of references provided in various research works. Considering the size, vintage and development of the Indian capital market, the total volume of research on it appears to be woefully modest - about 0.1 unit of work per institution per year! Moreover, a large number of works are merely descriptive or prescriptive without rigorous analysis. Certain areas such as arbitrage pricing theory, option pricing theory, agency theory, and signalling theory are virtually unresearched in the Indian context. Besides, very little theoretical work has been done by researchers in India. However, with improved availability of databases and computing resources, and with increasing global interest in Indian markets, we expect an explosion of work in the near future.

Narasimham Committee Report - Some Further Ramifications and Suggestions

This paper while agreeing with the general thrust of the Narasimham Committee Report. Calls attention to some logical corollaries of the Report and analyses some possible fallout from implementing the Report. We agree with the view that control of banking system should be under an autonomous body supervised by the RBI. However at the level of individual banks, closer scrutiny of lending procedures may be called for than is envisaged in the Report. In a freely functioning capital market the potential of government bonds is enormous, but this necessitates restructuring of the government bond market. The government bonds may then also be used as suitable hedging mechanisms by introducing options and futures trading. We recommend freeing up the operation of pension and provident fund to enable at least partial investment of such funds in risky securities. In the corporate sector, we believe that the current 2:1 debt equity norm is too high and not sustainable in the long term. We envisage that high debt levels and higher interest rates, combined with higher business risk may result in greater incidence of corporate sickness. This may call for various schemes for retrenched workers and amendment to land laws for easy exit of companies. On account of interdependencies across different policies, any sequencing of their implementation may be highly problematic. We therefore suggest a near simultaneity in the implementation of various reforms in order to build up a momentum which would be irreversible if people are to have confidence that the reforms will endure, and if we are to retain our credibility with international financial institutions.

Morbidity Profile of Inmates of Selected Old Age Homes of Bangalore City

Aging is an inevitable phenomenon in the life of all living beings. With the increase of life expectancy, the numbers of people who are attaining old age are increasing throughout the globe.1 By the year 2025, the number of elderly people is expected to rise to more than 1.2 billion all over the world.2 In 2011, the share of older persons aged 60 years and above was 8.6% which has placed India in the “aged” category as per United Nations Classification. Undoubtedly, the process of health transition has accelerated in India, and consequently India has to confront rapid aging of population.3 Old age is associated with deterioration of health and increase in morbidity. Health status among elderly is a serious problem for health service utilization in India due to increase in elderly population

Optimal shapes of compact strings

Optimal geometrical arrangements, such as the stacking of atoms, are of relevance in diverse disciplines. A classic problem is the determination of the optimal arrangement of spheres in three dimensions in order to achieve the highest packing fraction; only recently has it been proved that the answer for infinite systems is a face-centred-cubic lattice. This simply stated problem has had a profound impact in many areas, ranging from the crystallization and melting of atomic systems, to optimal packing of objects and subdivision of space. Here we study an analogous problem--that of determining the optimal shapes of closely packed compact strings. This problem is a mathematical idealization of situations commonly encountered in biology, chemistry and physics, involving the optimal structure of folded polymeric chains. We find that, in cases where boundary effects are not dominant, helices with a particular pitch-radius ratio are selected. Interestingly, the same geometry is observed in helices in naturally-occurring proteins.Comment: 8 pages, 3 composite ps figure

Atomic electrostatic maps of point defects in MoS2

In this study, we use differential phase contrast images obtained by scanning transmission electron microscopy combined with computer simulations to map the atomic electrostatic fields of MoS2 monolayers and investigate the effect of sulphur monovacancies and divancancies on the atomic electric field and total charge distribution. A significant redistribution of the electric field in the regions containing defects is observed, with a progressive decrease in the strength of the projected electric field for each sulphur atom removed from its position. The electric field strength at the sulphur monovacancy sites is reduced by approximately 50% and nearly vanishes at the divacancy sites, where it drops to around 15% of the original value, demonstrating the tendency of these defects to attract positively charged ions or particles. In addition, the absence of the sulphur atoms leads to an inversion in the polarity of the total charge distribution in these regions.The authors would like to acknowledge that this project has received funding from the EU Framework Program for Research and Innovation H2020, Scheme COFUND-Cofunding of Regional, National and International Programs, under grant agreement no. 713640. This work was supported by FCT, through IDMEC, under LAETA, project no. UIDB/50022/2020. R.M.R. acknowledges the FCT grant UIDB/FIS/04650/2020-2023. D.A. acknowledges the Presidential Early Career Award for Scientists and Engineers (PECASE) through the Army Research Office (W911NF-16-1-0277) and a National Science Foundation grant (ECCS-1809017). R.M.R. acknowledges support by the Portuguese Foundation for Science and Technology (FCT) in the framework of the Strategic Funding UIDB/04650/2020

Setiburst: A Robotic, Commensal, Realtime Multi-Science Backend For The Arecibo Telescope

Radio astronomy has traditionally depended on observatories allocating time to observers for exclusive use of their telescopes. The disadvantage of this scheme is that the data thus collected is rarely used for other astronomy applications, and in many cases, is unsuitable. For example, properly calibrated pulsar search data can, with some reduction, be used for spectral line surveys. A backend that supports plugging in multiple applications to a telescope to perform commensal data analysis will vastly increase the science throughput of the facility. In this paper, we presen

Conformations of Proteins in Equilibrium

We introduce a simple theoretical approach for an equilibrium study of proteins with known native state structures. We test our approach with results on well-studied globular proteins, Chymotrypsin Inhibitor (2ci2), Barnase and the alpha spectrin SH3 domain and present evidence for a hierarchical onset of order on lowering the temperature with significant organization at the local level even at high temperatures. A further application to the folding process of HIV-1 protease shows that the model can be reliably used to identify key folding sites that are responsible for the development of drug resistance .Comment: 6 pages, 3 eps figure