A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Aravind, M.
- Financial Soundness of Reality Industry in India:An Investigation
Authors
1 TKM Institute of Management, Musaliar Hills, Karuvelil P.O, Kollam District, Kerala-691505, IN
Source
Parikalpana: KIIT Journal of Management, Vol 11, No 2 (2015), Pagination: 13-26Abstract
The reality sectors across the global economies were blamed to be the cause which created the bubbles leading to recession in 2008. The impact of downturn across the world economies adversely hits in India also. Logically it is interesting to check the financial performance of reality industry in India during recession. To get more accurate result an extensive study for the past decade was conducted, and the study period was classified in to pre- recession, recession and post-recession phases. Only the performance of organized reality sector studied and companies having a market capitalization of Rs.10 billion or more were considered for the study purpose. The data so collected was mainly processed with Altman's Z score to examine the financial soundness. The result shows that the Indian Reality sector is not much influenced by the global recession and it exhibits a steady performance throughout the study period.Keywords
Reality Sector, Altman Z Score, Three Phase Investigation.Full Text
- Scrutiny on Volatility and Leverage Effect in Indian Stock Market with Reference to ‘Gold, Oil, Dollar Rates’
Authors
1 TKM Institute of Management (Accredited by NBA), Kerala, IN
Source
Drishtikon: A Management Journal, Vol 9, No 2 (2018), Pagination: 1-19Abstract
The uncertainty in financial market compels the investors to reallocate their capital from stock market to other complementary alternatives like Gold, Oil and Dollar. This research aims to explore the leverage effect of Gold-Oil-Dollar rates on Indian stock market. The work extensively covers daily price observations of gold, crude oil, US Dollar and Nifty from 1st January 2012 to 31st December 2016. In terms of returns the stock market outperformed over Gold, Oil and Dollar throughout the study period. GARCH (1, 1) model confirmed the long-term persistency of Gold-Oil-Dollar rates over stock market volatility. Interestingly an inverse leverage effect was examined from EGARCH model and it signals that any increase in Gold-Oil-Dollar rates will enhance the stock market volatility. Further the diagnostic test results shows that the crude oil price fluctuations reported to have more significant influence on stock market volatility. The study can successfully serve the interest of investors, financial planners, policy makers and researchers by addressing some key macroeconomic issues related to financial markets.
Keywords
Gold-Oil-Dollar Effects, Unit Root Test, Stock Market Volatility, GARCH (1, 1), Leverage Effect, EGARCH.
References
- Azar, S. A. (2015). The relation of the us dollar with oil prices, gold prices, and the us stock market. Research in World Economy, 6(1), 159-171.
- Baig, M. M., Imran, M., Jabbar, M., & Ain, Q. U. (2013). Relationship between gold and oil prices and stock market returns. Economica, 9(5), 28-39.
- Balwinder, S., & Kriti, C. (2016). Impact of gold and crude oil on stock market volatility in India. Asian Journal of Research in Banking and Finance, 6(2), 1-16.
- Basher, S. A., & Sadorsky, P. (2016). Hedging emerging market stock prices with oil, gold, VIX, and bonds: A comparison between DCC, ADCC and GO-GARCH. Energy Economics, 54(1), 235-247.
- Black, F. (1976). Studies of stock price volatility changes. Proceedings of the Business and Economics Section of the American Statistical Association, 177-181.
- Bollerslev, T. (1986). Generalized autoregressive conditional Heteroskedasticity. Journal of Econometrics, 31(3), 307-327.
- Chiang, M. S., Lin, C. T., & Huang, C. M. (2013). The relationships among stocks, bonds and gold: Safe haven, hedge or neither?. Proceedings on International Conference on Technology Innovation and Industrial Management, Thailand, May-2013, 164-180.
- Dickey D. A., & Fuller W. A. (1979). Distributions of the estimators for autoregressive time series with a unit ischolar_main. Journal of the American Statistical Association, 74(366), 427-431.
- Dickey D. A., & Fuller W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit ischolar_main. Econometrica, 49(4), 1057-1072.
- Durbin, J., & Watson, G. S. (1950). Testing for serial correlation in least squares regression. I. Biometrika, 37(3-4), 409-428.
- Durbin, J., & Watson, G. S. (1951). Testing for serial correlation in least squares regression, II. Biometrika. 38(1-2), 159-179.
- Ewing, B. T., & Malik, F. (2013). Volatility transmission between gold and oil futures under structural breaks. International Review of Economics and Finance, 25(1), 113- 121.
- Faugere, C., & Erlach, J. A (2005). The price of gold: A global required yield theory. Journal of Investing, 14(1), 99-111.
- Frankel, J. A., & Rodriguez, C. A. (1975). Portfolio equilibrium and the balance of payments: A monetary approach. American Economic Review, 65(4), 674-688.
- Gencer, H. G., & Kilic, E. (2014). Conditional correlations and volatility links among gold, oil and Istanbul stock exchange sector returns. International Journal of Economics and Financial Issues, 4(1), 170-182.
- Guesmi, K., Boubaker, H., & Lai, V. S. (2016). From oil to stock markets. Journal of Economic Integration, 31(1), 103-133.
- Gysasi, A. K. (2016). Commodity Price Shocks and African Stock Markets: Evidence from Ghana. Proceeding of the First American Academic Research Conference on Global Business, Economics, Finance and Social Sciences (AAR16 New York Conference), 1-13.
- Hotelling, H. (1939). The economics of exhaustible resources. The Journal of Political Economy, 39(2), 137-175.
- Hussin, M. Y. M. (2013). The link between gold price, oil price and Islamic stock market: Experience from Malaysia. Journal of Studies in Social Sciences, 4(1), 161-182.
- Ingalhalli, V., Poornima, B. G., & Reddy Y. V. (2016). A study on dynamic relationship between oil, gold, forex and stock markets in Indian context. Paradigm, 20(1), 83-91.
- Irshad, H., Bhatti, G. A., Qayyum, A., & Hussain, H. (2014). Long run relationship among oil, gold and stock prices in Pakistan. The Journal of Commerce, 6(4), 6-21.
- Jubinski, D., & Lipton, A. F. (2013). VIX, Gold, Silver, and Oil: How do commodities react to financial market volatility?. Journal of Accounting and Finance, 13(1), 70-88.
- Kumar, M. (2014). The Impact of Oil Price Shocks on Indian Stock and Foreign Exchange Markets. Money & Finance (ICRA Bulletin), February 2014, 57-88.
- Mandelbrot, B. B. (1963). The variation of certain speculative prices. The Journal of Business, 36(4), 394-419.
- Najaf, R., Najaf, K., & Yousaf, S. (2016). Gold and oil prices versus stock exchange: A case study of Pakistan. International Journal of Research-Granthaalayah, 4(2), 129-138.
- Nelson, D. B. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347-370.
- Omag, A. (2012). An observation of the relationship between gold prices and selected financial variables in Turkey. The Journal of Accounting and Finance, 12(2), 195-206.
- Patel, S. (2012). The effect of macroeconomic determinants on the performance of the Indian Stock Market. NMIMS Management Review, 22(1), 117-127.
- Phillips, P. C. B., & Perron, P. (1988). Testing for a unit ischolar_main in time series regression. Biometrica, 75(2), 335-346.
- Raza, N., Shahzad, S. J. H., Tiwari, A. K., & Shahbaz, M. (2016). Asymmetric impact of gold, oil prices and their volatilities on stock prices of emerging markets. Resource Policy, 49(1), 290-301.
- Samadi, S., Bayani, O., & Ghalandari, M. (2012). The relationship between macroeconomic variables and stock returns in the Tehran Stock Exchange. International Journal of Academic Research in Business and Social Sciences, 2(6), 559-573.
- Sadri, H., & Sani, E. T. (2012). The impact of crude oil, gold price & their volatilities on stock markets: Evidence from selected member of OPEC. Journal of Basic and Applied Scientific Research, 2(10), 10472-10479.
- Sujit, K. S., & Kumar, R. B. (2011). Study on dynamic relationship among gold price, oil price, exchange rate and stock market returns. International Journal of Applied Business and Economic Research, 9(2), 145-165.
- Siddiqui, M. M. (2014). Oil price fluctuation and stock market performance: The case of Pakistan. Journal of International Business and Economics, 2(1), 47-53.
- Tripathi, L. K., Arpan, P., & Tiwari, E.R.A. (2013). GLOBAL factors affecting stock performance in India. EXCEL International Journal of Multidisciplinary Management Studies, 3(11), 28-38.
- Zhang, Y. (2013). The links between the price of oil and the value of US Dollar. International Journal of Energy Economics and Policy, 3(4), 341-351.
- Study on Effect of Weld Cooling Rate on Fusion Zone Microstructure and Solidification Cracks in 316L Austenitic Stainless Steel
Authors
1 Department of Mechanical Engineering, SSN College of Engineering, Kalavakkam - 603 110, IN
2 Metallurgy and Materials Group, IGCAR, Kalpakkam - 603 102, IN
Source
Indian Welding Journal, Vol 52, No 1 (2019), Pagination: 56-63Abstract
A study on effect of cooling rate on mode of solidification and microstructure was carried out on austenitic stainless steel welds. A tube and plug of 316L stainless steel was joined using Gas Tungsten Arc Welding (GTAW) and laser welding processes. The welds were characterized using optical and Scanning Electron Microscope (SEM). The results indicate that cooling rate of the weld has significant effect on solidification mode, microstructure and solidification cracking. 316L weld joints prepared using GTAW process shows duplex microstructure of vermicular ferrite and austenite in the fusion zone. Whereas, the fusion zone of laser joint shows only single phase austenite microstructure. From these observations, it is clearly understood that the changes observed in the fusion zone microstructures of GTAW and laser welds are due to change in the mode of solidification as a result of change in the weld cooling rates. The predicted mode of solidification for GTA welds for 316L composition used in this study was Austenite-Ferrite (AF) and it was also confirmed through the microstructural observations. In laser joint, the weld has solidified in fully austenitic mode which deviates from the mode of solidification predicted by the conventional constitutional diagrams and hence modified weldability diagram was used. From this investigation, it was also found that the rapid solidification during laser welding is not completely partition less because segregation of sulphur was found using Scanning Electron Microscope – Energy Dispersive Spectroscope (SEM-EDS) along the dendrite boundaries of laser welds. High cooling rate during weld solidification which influences fully austenitic mode of solidification and micro segregation of impurities along the grain boundaries contribute to solidification cracking of welds in laser joints.
Keywords
Solidification Mode, Solidification Cracking, Cooling Rate, Energy Dispersive Spectroscopy, Laser Welding, Gas Tungsten Arc Welding.References
- Rafal M M, Paradowski K, Brynk T, Ciupinski L, Pakiela Z, Krzysztof J Kurzydlowski (2009); Measurement of mechanical properties in a 316L stainless steel welded joint, Int. Journal of Pressure Vessels snd Piping, (86), pp. 43-47.
- Sarkar R, Chellapandi P, Chetal SC (2012); A design approach for establishing creep strength reduction factor for repaired welds for fast reactor fuel pin end plugs, Nuclear Engineering and Design, (252), pp. 192–200.
- Petretis Br, Balciuniene M (2005); Peculiarities of laser welding of metals. Lithuaniam J Phys, 45(1): pp. 59–69.
- Metals Handbook, Welding, Brazing and Soldering, ASM, 1993. ISBN0-87170-007.
- Kaul R, Ganesh P, Ittoop MO and Nath AK (2002); End Plug Welding of PFBR Fuel tubes with a 2.5 kW CW CO2 Laser, BARC Newsletter, Founder's Day Issue 2002.
- Lienert TJ and Lippold JC (2003); Improved weldability diagram for pulsed laser welded austenitic stainless steels, Science and Technology of welding and joining, pp. 1-9.
- Lippold JC (1994); Solidification Behavior and Cracking Susceptibility of Pulsed Laser Welds in Austenitic Stainless Steels; Welding Research Supplement, pp. 129-139.
- David SA, Vitek JM, Reed RW and Hebble TL (1987); Effect of Rapid Solidification on Stainless Steel Weld Metal Microstructures and Its Implications on Schaeffler Diagram, Welding Research, pp. 289-300.
- Suutala N (1983); Effect of solidification conditions on the solidification mode in austenitic stainless steel, Metallurgical and Materials Transactions, pp. 191-197.