Price and Volatility Spillovers across North American, European and Asian Stock Markets: With Special Focus on Indian Stock Market

<div align=justify>This paper investigates interdependence of fifteen world indices including an Indian market index in terms of return and volatility spillover effect. Interdependence of Indian stock market with other fourteen world markets in terms of long run integration, short run dependence (return spillover) and volatility spillover are investigated. These markets are that of are Canada, China, France, Germany, Hong-Kong, Indonesia, Japan, Korea, Malaysia, Pakistan, Singapore, Taiwan, United Kingdom and United States. Long run and short run integration is examined through Johansen cointegration techniques and Granger causality test respectively. Vector autoregressive model (VAR 15) is used to estimate the conditional return spillover among these indices in which all fifteen indices are considered together. The effect of same day return in explaining the return spillover is also modeled using univariate models. Volatility spillover is estimated through AR-GARCH in which residuals from the index return is used as explanatory variable in GARCH equation. Return and volatility spillover between Indian and other markets are modeled through bivariate VAR and multivariate GARCH (BEKK) model respectively. It is found that there is greater regional influence among Asian markets in return and volatility than with European and US. Japanese market, which is first to open, is affected by US and European markets only and affects most of the Asian Markets. Also, high degree of correlation among European indices namely FTSE, CAC and DAX is observed. US market is influenced by both Asian and European markets. Specific to Indian context, it is found that Indian market is not cointegrated with rest of the world except Indonesia. This may provide diversification benefits for potential investors. However, strong short run interdependence is found between Indian markets and most of the other markets. Indian and other markets like US, Japan, Korea, and Canada positively affect each others conditional returns significantly. Indian market also has significant effect on Malaysia, Pakistan, and Singapore return. This study found that there is significant positive volatility spillover from other markets to Indian market, mainly from Hong Kong, Korea, Japan, and Singapore and US market. Indian market affects negatively the volatility of US and Pakistan. It is interesting to note that Chinese and Pakistan markets are less integrated with other Asian, European and US markets.</div>

Stopped Flow Kinetics of MnII Catalysed Periodate Oxidation of 2, 3- dimethylaniline - Evaluation of Stability Constant of the Ternary Intermediate Complex

The formation of ternary intermediate unstable complex during the oxidation of aromatic amines by periodate ion catalysed by MnII has been proposed in case of some anilines. This paper is the first report on stopped-flow kinetic study and evaluation of stability constant of ternary complex forming in the MnII - catalysed periodate oxidation of 2, 3-dimethylaniline (D) in acetone-water medium. Stop-flow spectrophotometric method was used to study the ternary complex formation and to determine its stability constant. The stop-flow trace shows the reaction to occur in two steps. The first step, which is presumably the formation of ternary complex, is relatively fast while the second stage is relatively quite slow. The stability constant evaluated for D - MnII - IO4- ternary complex by determining equilibrium absorbance is (2.2 ± 1.0) × 105. Kinetics of ternary complex formation was defined by the rate law(A) under pseudo first order conditions. ln{[C2]eq / ( [C2]eq -[C2])} = kobs . t (A) where, kobs is the pseudo first order rate constant, [C2] is concentration of ternary complex at given time t, and [C2]eq is the equilibrium concentration of ternary complex. © 2015 BCREC UNDIP. All rights reserve

The outcome of different β lactamase production in Klebsiella pneumoniae subspecies pneumoniae isolated from different clinical specimen in tertiary care hospital: a study

Background: Klebsiella pneumoniae subspecies pneumoniae is one of the most commonly isolated bacterial species in Microbiology laboratories and can cause Infection in hospitalised patients with strain resistant to many antimicrobials. Klebsiella pneumoniae is more frequently recovered from clinical specimen. The carrier rate as high as 20% may occur in hospitalized patient.Methods: Isolates are screened for presumptive ESBL by reduced susceptibility to CAC, CAZ, Carbapenemase by Classical Hodge test and modified Hodge test, MBL by DP Test, AmpC production by testing their susceptibility to Cefoxitin using Kirby-Bauer disk diffusion method. KPC by combined Disc method using PBA.Results: Out of total 300 Klebsiella pneumoniae strains studied, 98 (32.7%) were isolated from urine followed by pus and wound swab 74 (24.7%) and 63 (21%) were isolated from blood.Conclusions: Maximum (23.5%) ESBL, (10.2%) AmpC β- lactamases and (10.2%) KPC producing strains were isolated from urine sample. Maximum 32.1% MBL producing Klebsiella pneumoniae strains were isolated from pus and wound swab

The Dynamic Relationship between Price and Trading Volume:Evidence from Indian Stock Market

This study investigates the nature of relationship between price and trading volume for 50 Indian stocks. Firstly the contemporaneous and asymmetric relation between price and volume are examined. Then we examine the dynamic relation between returns and volume using VAR, Granger causality, variance decomposition (VD) and impulse response function (IRF). Mixture of Distributions Hypothesis (MDH), which tests the GARCH vs. Volume effect, is also studied between the conditional volatility and volume. The results show that there is positive and asymmetric relation between volume and price changes. Further the results of VAR and Granger causality show that there is a bi-directional relation between volume and returns. However, the results of VD imply weak dynamic relation between returns and volume which becomes more evident from the plots of IRF. On MDH, our results are mixed, neither entirely rejecting the MDH nor giving it an unconditional support.

The Gilgit-Baltistan Factor in India-Pakistan Dynamics

Gilgit-Baltistan (GB), part of Pakistan occupied Kashmir, is swiftly ascending on the geopolitical horizon in the wake of coveted China Pakistan Economic Corridor being built through it. Given India’s strident reservations on CPEC based on its extant claim on the region, GB has gained considerable focus in the India-Pakistan equations as well. GB represents a stark reality that stares at India’s broader quest against burgeoning Sino- Pakistan nexus on its periphery. The paper relooks at India-Pakistan dynamics-bilateral and geopolitical through the lens of GB while listing out India’s approach, position, and implications vis-à-vis GB

The incidence of AmpC β-lactamases producing Klebsiella pneumoniae subspecies pneumoniae

Background: AmpC β- lactamases in the clinical isolates reduces the therapeutic value of β- lactam- β-lactam inhibitor combinations. if not detected can be disseminated in the hospital environment and pose a serious therapeutic challenge. Hence present study is undertaken to detect the incidence of AmpC β -lactamases producing Klebsiella pneumoniae subspecies pneumoniae out of total 300 Klebsiella pneumoniae subspecies pneumoniae isolated from different clinical samples of the patient attending Jawaharlal Nehru Medical College and its hospital in Dept of Microbiology.Methods: Isolates are screened for presumptive AmpC production by testing their susceptibility to Cefoxitin using Kirby-Bauer disk diffusion method. Phenotypic confirmatory tests for detection of AmpC β- lactamases by Modified three dimentional test, Amp C disc test, Amp C disc test with Inhibitor (Boronic Acid) based disc potentiation test.Results: In our present study 75 (25%) Klebsiella pneumoniae strains were positive for AmpC β lactamases production either alone or in combinations with other β- lactamases. 75 strains were positive for AmpC β-lactamase (25%). These 75 strains were further confirmed by E Test.Conclusions: Overproduction of AmpC β- lactamases by mutation is responsible for resistance. if not detected can be pose a serious therapeutic challenge. So, its detection improves the therapeutic outcome in patient care

The Gilgit-Baltistan Factor in India-Pakistan Dynamics

Gilgit-Baltistan (GB), part of Pakistan occupied Kashmir, is swiftly ascending on the geopolitical horizon in the wake of coveted ChinaPakistan Economic Corridor being built through it. Given India’s strident reservations on CPEC based on its extant claim on the region,GB has gained considerable focus in the India-Pakistan equations as well. GB represents a stark reality that stares at India’s broaderquest against burgeoning Sino- Pakistan nexus on its periphery. The paper relooks at India-Pakistan dynamics-bilateral and geopolitical through the lens of GB while listing out India’s approach, position, and implications vis-à-vis GB

The Gilgit-Baltistan Factor in India-Pakistan Dynamics

Gilgit-Baltistan (GB), part of Pakistan occupied Kashmir, is swiftly ascending on the geopolitical horizon in the wake of coveted ChinaPakistan Economic Corridor being built through it. Given India’s strident reservations on CPEC based on its extant claim on the region,GB has gained considerable focus in the India-Pakistan equations as well. GB represents a stark reality that stares at India’s broaderquest against burgeoning Sino- Pakistan nexus on its periphery. The paper relooks at India-Pakistan dynamics-bilateral and geopolitical through the lens of GB while listing out India’s approach, position, and implications vis-à-vis GB

Bacteriological evaluation of bladder calculi: a study

Background: Despite modern antibiotic therapy and technological advances in lithotripsy, the presence of infection in patients with urinary stones, as well as with infectious stones is still a significant cause of morbidity and mortality. Recent findings lend more theories as to how infection leads to stone formation.Methods: Bacteriological study was conducted on pre-operative urine and operated bladder stones. Pre-operative urine samples were collected aseptically for macroscopic and microscopic examination. Both pre-operative urine and operated renal stones were processed for bacteriological culture. The isolated microorganisms were identified by standard techniques.Results: Urinary tract infection was present in 27.88% cases. Majority of cases urine culture was positive (12.5%). E. coli was the commonest organism pseudomonas aerogenosa 3.84% klebsiella aureogenosa 1.92%, staphylococcus aureus and proteus 0.96% present in and mixed organism was found in 3.84% cases.Conclusions: This study revealed the following aspect: The incidence of urinary stone was higher in patient having predisposing factor: recurrent UTI, Urinary Stasis, Inadequent water intake, anatomical abnormality in urinary tract. The prepoderent microorganism found in stone and urine is E coli, followed by Pseudomonas aeruginosa, Staphylococcus aureus, Proteus