Study and Implementation of Cryptographic Algorithms

Cryptography has a long and fascinating history. Over the centuries, an elaborate set of protocols and mechanisms has been created to deal with information security issues when the information is conveyed by physical documents. Often the objectives of information security cannot solely be achieved through mathematical algorithms and protocols alone, but require procedural techniques and abidance of laws to achieve the desired result. For example, privacy of letters is provided by sealed envelopes delivered by an accepted mail service. The physical security of the envelope is, for practical necessity, limited and so laws are enacted which make it a criminal offense to open mail for which one is not authorized. It is sometimes the case that security is achieved not through the information itself but through the physical document recording it. For example, paper currency requires special inks and material to prevent counterfeiting

Modelling of a High Temperature Solid Oxide Fuel Cell

Solid oxide fuel cell (SOFC) has been considered as one of the most efficient power generation devices for the coming decades. There are various physical phenomena appearing in SOFC in multi-length and -time scales, such as multi-component gas-phase species/charge flow, thermal energy and mass transfer. Meanwhile, generation and consumption of gas and surface phase species together with electric current production are involved at various active sites of different components of SOFC.In this paper, a numerical study of the thermal and electrochemical performance of a single Integrated Planar Solid Oxide Fuel Cell (IP-SOFC) has been performed. The numerical modelling considers internal reforming through the methane reforming and water gas shift reactions in a Ni-YSZ anode. Next to the description of the electrochemical reactions, the methane/steam reforming and shift reactions, the heat-transfer and the mass-transfer processes have also been included in the model. Keywords: Solid oxide fuel cell (SOFC), Integrated Planar Solid Oxide Fuel Cell (IP-SOFC), internal reforming, methane reforming, water gas shift

Influence of board size and independence on firm performance: A study of Indian companies

Corporate governance issues have attracted a good deal of public interest because of their apparent importance for the economic health of corporations and society in general, especially after the plethora of corporate scams and debacles in recent times. Corporate governance issues flow from the concept of accountability and governance and assume greater significance and magnitude in the case of corporate form of organization where the ownership and management of organizations are distanced. And, it is in this context that the pivotal role played by the board of directors in maintaining an effective organization assumes much importance. A major part of the debate on corporate governance centres around board composition especially board size and independence. Various committees have mandated a minimum number of independent directors and have given guidelines on board composition. However, the relationship of board characteristics such as composition, size, and independence with performance has not yet been established. This paper addresses this question: Does the board size and independence really matter in terms of influencing firm's performance? The findings suggest that: There is an inverse association between board size and firm performance. Different proportions of board independence have dissimilar impact on firm performance. The impact of board independence on firm performance is more when the board independence is between 50 and 60 per cent. Smaller boards are more efficient than the larger ones, the board size limit of six suggested as the ideal. Independent directors have so far failed to perform their monitoring role effectively and improve the performance of the firm. The guidelines on corporate governance should take into account the 'cross-board' phenomenon while defining the criteria for eligibility for appointment as an independent director. Lack of training to function as independent directors and ignorance of the procedures, tasks, and responsibilities expected of them could be reasons for the independent directors' non-performance. A bad performance leads to an increase in board size, which in turn, hampers performance. Guidelines are provided for future studies to include different variables to see which board composition is suitable for different companies at different stages of life cycle

Private information implications for acquirers and targets in horizontal mergers

The paper presents a robust theory centered in Private information to assuage event study literature and confirm with Acquirer gains in Bank M&A. The ability of larger firms lies in investments in Intellectual capital, harnessing soft information and critically, purloin value in the deal through bargaining based on its own and the Target’s specific Private information. Recent literature has affirmed that private targets within the core industry generate Positive returns for acquirers, realizing the value of Private information through deal making. Recent evidence from large Bank mergers producing large Bidder gains and the robust theory of private information presented herein is likely to renew confidence in the merger and acquisitions strategy and deflect from theoretic literature relying on earlier analysis reflecting on event studies as a tool and on the effectiveness of M&A strategies for these acquirers based in limited gains in the Event study literature. The paper presents theoretic models centered around private information of both acquirer and targets and defend a robust theory supporting the large impact strategy of Mergers evidenced in Horizontal mergers in line with recent literature. As evidence, the paper utilizes the Private information construct to explain intuitive results verified in the literature Banking markets present a unique opportunity in robustly recreating results based on this theory especially in growth memes presented by Asian markets. Foreign portfolio exits are significant opportunity losses for Global players and may not be justified by myopic short term responses to a new policy superstructure

Why do acquirers prefer M&A? Evidence from Banks in India

This study provides deeper insight into the linkages between Bank M&A and M&A literature and test the hypotheses that Acquirers gain significantly from a M&A strategy. Analyzing the Banking industry as an example of Horizontal mergers, the study aims to validate that M&A is a value creating strategy. A market model based event study provides robust results. We include private and public targets in the period 2006-2015. In a study of 24 M&A transactions in Indian Banks during the period 2006 -2015, we find convincing evidence for both acquirer and target gains. The t-statistic for Abnormal Returns is significant and Positive Abnormal Returns are shown. Size and profitability measures are not significant in this sample. Acquirers earning positive returns engage in multiple acquisitions and contribute significantly to positive abnormal returns in the sample. Acquirer returns depend on both Target and Acquirer Financial characteristics including Target Loan Loss provisions, Acquirer Tier I Capital, Acquirer proportion of Fee and Interest Income. The key limitation of the study is the unavailability of a larger sample of data

How do Indian firms cope with a crisis? Earnings management characteristics of CNX Nifty 100 companies

An analysis of Indian CNX Nifty 100 companies across the last two recessions or the Global Financial Crises highlights practices of earnings management. The crisis response uncovers the perils of opportunistic earnings management as crises affect balance sheets in FY2007 and FY2012. The study proves indications of Performance measurement hypothesis yet primarily only Opportunistic accruals with negative correlation between Post crisis and precrisis accruals and accruals increasing in the post crisis year. Operating accruals of the firm are synonymous with its Working Capital investment. These translate into dependencies on Working Capital investments to finance growth. Earnings management impairs a firm’s ability to smoothen earnings during a continued crisis. It instead resonates with the build-up of cookie jar reserves in the bigger companies and those that invest in Corporate Governance. The presence of negative accruals may show effects of high growth and slack corporate governance. Banking firms respond with a more sophisticated earnings management strategy where Loan Loss provisions significantly increase with increase in Cash profits

Private information implications for acquirers and targets in horizontal mergers

The paper presents a robust theory centered in Private information to assuage event study literature and confirm with Acquirer gains in Bank M&A. The ability of larger firms lies in investments in Intellectual capital, harnessing soft information and critically, purloin value in the deal through bargaining based on its own and the Target’s specific Private information. Recent literature has affirmed that private targets within the core industry generate Positive returns for acquirers, realizing the value of Private information through deal making. Recent evidence from large Bank mergers producing large Bidder gains and the robust theory of private information presented herein is likely to renew confidence in the merger and acquisitions strategy and deflect from theoretic literature relying on earlier analysis reflecting on event studies as a tool and on the effectiveness of M&A strategies for these acquirers based in limited gains in the Event study literature. The paper presents theoretic models centered around private information of both acquirer and targets and defend a robust theory supporting the large impact strategy of Mergers evidenced in Horizontal mergers in line with recent literature. As evidence, the paper utilizes the Private information construct to explain intuitive results verified in the literature Banking markets present a unique opportunity in robustly recreating results based on this theory especially in growth memes presented by Asian markets. Foreign portfolio exits are significant opportunity losses for Global players and may not be justified by myopic short term responses to a new policy superstructure

Bank stocks inform higher growth – A System GMM analysis of ten emerging markets in Asia

The paper aims to recover the critical role of banks in defining the relationship between Financial Development and growth. We hypothesize that Banks can positively motivate templatized GDP growth. A System GMM estimation of GDP growth in a sample of high growth emerging markets from Asia investigates if bank stocks contain information beyond the monetary and banking aggregates. In a sample of emerging markets with 5% GDP growth, bank stocks create 0.22% of GDP growth for every 1 SD excess return in a weighted portfolio of bank stocks. The chosen emerging markets are homogenous based on WGI Indicators from World Bank. This coefficient is much higher than the recovered relationship presented by Cole, Moshirian and Wu (2008). Government ownership of banks and close monitoring of banks is found to be a positive for the overall economy while the market index is found to be not so informative about economic growth. A relook at a GMM system study from Cole, Moshirian and Wu (2008) shows better growth for Emerging market investors without compromising quality. The research establishes the advantages of selecting emerging markets portfolios that reward better governance. A set of Homogenized emerging markets can engender higher causative effects between banks and GDP growth allowing investors to focus on investment opportunity

How do Indian firms cope with a crisis? Earnings management characteristics of CNX Nifty 100 companies

An analysis of Indian CNX Nifty 100 companies across the last two recessions or the Global Financial Crises highlights practices of earnings management. The crisis response uncovers the perils of opportunistic earnings management as crises affect balance sheets in FY2007 and FY2012. The study proves indications of Performance measurement hypothesis yet primarily only Opportunistic accruals with negative correlation between Post crisis and precrisis accruals and accruals increasing in the post crisis year. Operating accruals of the firm are synonymous with its Working Capital investment. These translate into dependencies on Working Capital investments to finance growth. Earnings management impairs a firm’s ability to smoothen earnings during a continued crisis. It instead resonates with the build-up of cookie jar reserves in the bigger companies and those that invest in Corporate Governance. The presence of negative accruals may show effects of high growth and slack corporate governance. Banking firms respond with a more sophisticated earnings management strategy where Loan Loss provisions significantly increase with increase in Cash profits

Postinfectious Glomerulonephritis with Crescents in an Elderly Diabetic Patient after Acute Gastroenteritis: Case Report

Postinfectious glomerulonephritis (PIGN) is primarily a disease of childhood. It occurs after upper respiratory tract infection or skin infections. Streptococcus is the most common causative agent, but in the elderly, staphylococcus is the main culprit. In adults, PIGN is more common in immunocompromised patients, particularly diabetics and alcoholics. Here, we report the case of an elderly diabetic male who presented with severe acute kidney injury with active urinary sediment after acute gastroenteritis. Additional analyses revealed a very low serum C3 level and a normal serum C4 level. Renal biopsy showed diffuse proliferative glomerulonephritis with crescents. Direct immunofluorescence showed mesangial and capillary wall staining for C3 and IgG (2+, mesangial and segmental capillary wall, granular). Renal electron microscopy showed subepithelial hump-like electron-dense deposits. The role of steroid in the treatment of PIGN is controversial and there is no standard protocol, but our patient responded very well to steroid as he did not require hemodialysis after 2 weeks of initiation of steroid therapy. We should be aware of an atypical presentation of PIGN in elderly to ensure correct diagnosis