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.

Attractor behaviour in ELKO cosmology

We study the dynamics of ELKO in the context of accelerated phase of our universe. To avoid the fine tuning problem associated with the initial conditions, it is required that the dynamical equations lead to an early-time attractor. In the earlier works, it was shown that the dynamical equations containing ELKO fields do not lead to early-time stable fixed points. In this work, using redefinition of variables, we show that ELKO cosmology admits early-time stable fixed points. More interestingly, we show that ELKO cosmology admit two sets of attractor points corresponding to slow and fast-roll inflation. The fast-roll inflation attractor point is unqiue for ELKO as it is independent of the form of the potential. We also discuss the plausible choice of interaction terms in these two sets of attractor points and constraints on the coupling constant.Comment: 13 pages, 1 figur

Topological Excitations near the Local Critical Point in the Dissipative 2D XY model

The dissipative XY model in two spatial dimensions belongs to a new universality class of quantum critical phenomena with the remarkable property of the decoupling of the critical fluctuations in space and time. We have shown earlier that the quantum critical point is driven by proliferation in time of topological configurations that we termed warps. We show here that a warp may be regarded as a configuration of a monopoles surrounded symmetrically by anti-monopoles so that the total charge of the configuration is zero. Therefore the interaction with other warps is local in space. They however interact with other warps at the same spatial point logarithmically in time. As a function of dissipation warps unbind leading to a quantum phase transition. The critical fluctuations are momentum independent but have power law correlations in time

Growth Stress Induced Tunability of Dielectric Constant in Thin Films

It is demonstrated here that growth stress has a substantial effect on the dielectric constant of zirconia thin films. The correct combination of parameters - phase, texture and stress - is shown to yield films with high dielectric constant and best reported equivalent oxide thickness of 0.8 nm. The stress effect on dielectric constant is twofold, firstly, by the effect on phase transitions and secondly by the effect on interatomic distances. We discuss and explain the physical mechanisms involved in the interplay between the stress, phase changes and the dielectric constant in detail.Comment: 11 pages, 5 figure

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.

Maximum likelihood detection for decode and forward cooperation with interference

In this paper, we obtain the maximum likelihood (ML) decision for a decode and forward (DF) cooperative system in Nakagami-m fading in the presence of co-channel interference at the relay as well as the destination. Through simulation results, we first show that conventional ML designed for interference free systems fails to combat the deleterious effect of interference. An optimum ML decision for combating interference is then derived for integer m. This receiver is shown to be superior to conventional ML through bit error rate (BER) performance simulations. Further, our results also indicate that optimum ML preserves relay diversity in the presence of interference

A Distributed Parameter Model for a Solid Oxide Fuel Cell: Simulating Realistic Operating Conditions

We present a detailed multiphysics model capable of simulating the dyn amic behavior of a solid oxide fuel cell (SOFC). This model includes a description of a ll the important physical and chemical processes in a fuel cell: fluid flow, mass and heat trans fer, electronic and ionic potential fields, as well as the chemical and electrochemical react ions. The resulting highly nonlinear, coupled system of differential equations is solved using a fi nite volume discretization. Our interest lies in simulating realistic operating conditions with the obj ective of high efficiency operation at high fuel utilization. While there are a number of studies in the literature that present multiphysics models for SOFCs, few have focused on simulat ing operating conditions that are necessary if SOFC systems are to realize their promise of h igh efficiency conversion of chemical energy to electrical energy. In this report we present s imulation results at operating conditions that approach the required ranges of power density an d overall efficiency. Our results include a) the temperature and composition profiles along a typical f uel cell in a SOFC stack, b) the dynamic response of the cell to step changes in the available inpu t variables. Since models such as the one presented here are fairly expensive computationa lly and cannot be directly used for online model predictive control, one generally looks to use simplifie d reduced order models for control. We briefly discuss the implications of our model results o n the validity of using reduced models for the control of SOFC stacks to show that avoid ing operating regions where well-known degradation modes are activated is non-trivial without u sing detailed multiphysics models

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.