Adjusting to Trade Opening: The Case of Labor Share in India\u27s Manufacturing Industry

The objective of this paper is to study how manufacturing plants in India adjusted to trade liberalization during the period 1998–99 to 2007–08. We estimate how the labor share changed due to tariff reduction. Our results indicate that a decline in output tariffs led to an increase in the labor share of income. In contrast, a fall in input tariffs led to a decrease in the labor share. Controlling for factor intensity, we find that in technology intensive and human capital resource intensive sectors, both a decline in input and output tariff rates led to a decline in labor share. A fall in tariffs only led to an increase in labor share for labor intensive and low-technology plants. Hence, India’s bias towards capital and technology intensive production explains the overall decline in labor share in the post reform period. Furthermore, the empirical results show that labor adjustment occurred more efficiently in Indian states with flexible labor laws

SYNTHESIS AND CHARACTERIZATION OF ANTIOXIDANT CONJUGATED POLY(ΒETA-AMINO ESTER) MICRO/NANOGELS FOR THE SUPPRESSION OF OXIDATIVE STRESS

Oxidative stress is a pathophysiological condition defined by an increased production of reactive oxygen species (ROS), which can result in the growth arrest of cells followed by cell disintegration or necrosis. A number of small molecule antioxidants (e.g. curcumin, quercetin and resveratrol) are capable of directly scavenging ROS, thereby short-circuiting the self-propagating oxidative stress state. However, poor solubility and rapid 1st pass metabolism results in overall low bioavailability and acts as a barrier for its use as a drug to suppress oxidative stress efficiently. To overcome this limitation, these small molecule antioxidants were covalently conjugated into poly(β-amino ester) (PβAE) cross-linked networks to formulate prodrug gel microparticles and nanoparticles (nanogels). Being hydrolytically degradable in nature, these PβAE crosslinked systems released antioxidants in their original structural form in a sustained controlled fashion. Both quercetin and curcumin-PβAE nanogels showed prolonged suppression of cellular oxidative stress induced by H2O2. Curcumin PβAE nanogels also demonstrated protection against mitochondrial oxidative stress induced by H2O2 and polychlorinated biphenyls. Curcumin-PβAE gel microparticles were also developed as a platform to treat oral mucositis through a local antioxidant delivery route. The same synthesis chemistry was transferred to formulate resveratrol PβAE gel microparticles for topical applications, to treat UV radiation induced oxidative stress. Both formulations showed suppression of induced oxidative stress. An in vivo trial with curcumin-PβAE microparticles further showed relatively reduced the severity of induced oral mucositis (OM) in hamster check pouch as compared to placebo

Virtual screening and molecular dynamics simulation studies to predict the binding of Sisymbrium irio L. derived phytochemicals against Staphylococcus aureus dihydrofolate reductase (DHFR)

The discovery of antibiotics initiated the era of drug innovation and implementation for human and animal health. Very soon, antibiotic resistance started evolving due to over-prescription and heavy usage of drugs leading to deleterious side effects. However, using plant extracts or medicinal plants has emerged as a new approach to dealing with the current problem. One such medicinal plant Sisymbrium irio L. is widely used in Unani therapy as an antimicrobial, analgesic, antipyretic, antioxidant, anti-inflammatory, hepatoprotective, bronchoprotective etc. The phytochemicals extracted from the aerial part of the plant have been used as a natural compound library and screened against a well-known anti-bacterial drug target Dihydrofolate reductase (DHFR)  enzyme of Staphylococcus aureus. The top two phytochemicals with lower docking score along with the positive control were subjected to molecular dynamics (MD) simulation studies to examine the stabilities of the complexes over 100 ns, followed by binding free energy estimation. The Root Mean Square Deviation (RMSD), Root Mean Square Fluctuation (RMSF) and Radius of Gyration (Rg) yielded established results throughout the MD run. Moreover, the derived phytochemicals exhibited lower binding free energy values than the positive control that can be tested for its in vitro efficacy, followed by further optimization to attain a potent therapeutic against S. aureus. Taken together, the present study suggests two promising phytochemicals derived from the aerial part of the plant S. irio with stable MD simulation results, strong binding affinity and no side effects

Impact of Controversial Advertising on an Individual's Intent to Purchase

Advertisements that cause offense and shock also known as controversial advertisements are widely being accepted as another paradigm of marketing amongst firms across the world. It would seem to imply that these advertisements also achieve the key marketing objectives of attracting and converting customers. The main purpose of this research was to ascertain whether controversial advertisements were more effective than conventional advertisements. The method of research included both theoretical study and an empirical survey. Three hypotheses were formulated based on theoretical studies. First it was ascertained that the more controversial advertising achieved congruence with self-identity the more effective it was. The second hypothesis was that the more controversial advertising achieved congruence with the ideal or social identities of customers the more effective it was. The third hypotheses was that controversial advertisements were more effective than conventional advertising. From the results of the empirical survey conducted on a set of ten students from Nottingham University it was found that though controversial advertising did achieve dissonance from the self-identities of the majority of the students, this did not translate into a negative intent to purchase. Thus the first hypothesis was invalidated. It was also found that all the respondents indicated dissatisfaction with their self-identities on being exposed to some aspirational though controversial Calvin Klein advertisements. This dissatisfaction translated into a positive intent to purchase. Thus the second hypothesis was validated. The results of the analysis also indicated that controversial advertisements were more effective than conventional advertising in that they succeeded in impinging on customer memory and consciousness. However, in terms of translating into a positive intent to purchase, there was found to be a limit. Wherever controversial advertising trespassed on forbidden, very sensitive or taboo topics, there was a negative intent to purchase. Such topics concerned women, children and racial prejudice. These findings have important implications for marketers as well, all of which are also discussed

Interest Rate Option Markets: The Role of Liquidity in Volatility Smiles

We investigate the interaction of volatility smiles and liquidity in the euro (€) interest rate option markets, using daily bid and ask prices of interest rate caps/floors. We find that liquidity variables have significant explanatory power for both curvature and asymmetry of the implied volatility smiles. This effect is generally stronger on the ask side, indicating that ask-prices are more relevant for these markets. In addition, the shape of the implied volatility smile has some information about future levels and volatility of the term structure. Our results have important implications for the modeling and risk management of fixed income derivatives

Why do Interest Rate Options Smile?

We address three questions relating to the interest rate options market: What is the shape of the smile? What are the economic determinants of the shape of the smile? Do these determinants have predictive power for the futures shape of the smile and vice versa? We investigate these issues using daily bid and ask prices of euro (€) interest rate caps/floors. We find a clear smile pattern in interest rate options. The shape of the smile varies over time and is affected in a dynamic manner by yield curve variables and the future uncertainty in the interest rate markets; it also has information about future aggregate default risk. Our findings are useful for the pricing, hedging and risk management of these derivatives

Liquidity Effects in Interest Rate Options Markets: Premium or Discount?

This paper examines the effects of liquidity on interest rate option prices. Using daily bid and ask prices of euro (€) interest rate caps and floors, we find that illiquid options trade at higher prices relative to liquid options, controlling for other effects, implying a liquidity discount. This effect is opposite to that found in all studies on other assets such as equities and bonds, but is consistent with the structure of this over-the-counter market and the nature of the demand and supply forces. We also identify a systematic factor that drives changes in the liquidity across option maturities and strike rates. This common liquidity factor is associated with lagged changes in investor perceptions of uncertainty in the equity and fixed income markets

The Drivers and Pricing of Liquidity in Interest Rate Option Markets

The objectives of this paper are to examine the effect of liquidity on interest rate option prices, and to determine whether it is driven by a common systematic factor. Using daily bid and ask prices of euro (€) interest rate caps/floors, we document a negative effect of liquidity on option prices – illiquid options trade at higher prices relative to liquid options, after controlling for the volatility smile and term structure variables. This is opposite to the evidence for other assets such as equities, bonds and currency options. We also identify a systematic common factor that drives liquidity, across option maturities and strike rates. This liquidity factor is driven by the changes in uncertainty in the equity and fixed income markets. Our results have important implications for the pricing and hedging of liquidity risk in derivatives markets

Impact of Controversial Advertising on an Individual's Intent to Purchase

Advertisements that cause offense and shock also known as controversial advertisements are widely being accepted as another paradigm of marketing amongst firms across the world. It would seem to imply that these advertisements also achieve the key marketing objectives of attracting and converting customers. The main purpose of this research was to ascertain whether controversial advertisements were more effective than conventional advertisements. The method of research included both theoretical study and an empirical survey. Three hypotheses were formulated based on theoretical studies. First it was ascertained that the more controversial advertising achieved congruence with self-identity the more effective it was. The second hypothesis was that the more controversial advertising achieved congruence with the ideal or social identities of customers the more effective it was. The third hypotheses was that controversial advertisements were more effective than conventional advertising. From the results of the empirical survey conducted on a set of ten students from Nottingham University it was found that though controversial advertising did achieve dissonance from the self-identities of the majority of the students, this did not translate into a negative intent to purchase. Thus the first hypothesis was invalidated. It was also found that all the respondents indicated dissatisfaction with their self-identities on being exposed to some aspirational though controversial Calvin Klein advertisements. This dissatisfaction translated into a positive intent to purchase. Thus the second hypothesis was validated. The results of the analysis also indicated that controversial advertisements were more effective than conventional advertising in that they succeeded in impinging on customer memory and consciousness. However, in terms of translating into a positive intent to purchase, there was found to be a limit. Wherever controversial advertising trespassed on forbidden, very sensitive or taboo topics, there was a negative intent to purchase. Such topics concerned women, children and racial prejudice. These findings have important implications for marketers as well, all of which are also discussed