This study investigates the oil price uncertainty effect on stock return of the Indian renewable energy firms under different market conditions. We use the Oil Volatility Index (OVX) as a proxy of ...oil price uncertainty. All renewable energy companies listed on the National Stock Exchange of India are considered. Monthly data are analysed from January 2009 to December 2019 using panel quantile regression. In the whole sample of the renewable energy firms, we find that the impact of oil price volatility on stock return is negative only in extreme market conditions. In subgroups of renewable energy firms, oil price volatility has negative coefficients in most quantiles. The oil price volatility change is decomposed into positive and negative changes to investigate the asymmetric effect. In subgroups of renewable energy firms' analysis, most of the asymmetric effects of oil price volatility are seen in the bearish market condition. The policymakers can use the findings to formulate policies as per the oil price volatility movement to ensure the growth of the renewable energy sector. Investors and portfolio managers can make appropriate strategies based on oil price volatility to maximise the investment return across market conditions.
The objective of this paper is three-fold. First, we specify what it means for a fixed point of a stabilizing distributed system to be a Nash equilibrium. Second, we present methods that can be used ...to verify whether or not a given fixed point of a given stabilizing distributed system is a Nash equilibrium. Third, we argue that in a stabilizing distributed system, whose fixed points are all Nash equilibria, no process has an incentive to perturb its local state, after the system reaches one fixed point, in order to force the system to reach another fixed point where the perturbing process achieves a better gain. If the fixed points of a stabilizing distributed system are all Nash equilibria, then we refer to the system as perturbation-proof. Otherwise, we refer to the system as perturbation-prone. We identify four natural classes of perturbation-(proof/prone) systems. We present system examples for three of these classes of systems, and show that the fourth class is empty.
This paper analyses the effects of the rising prices of energy products on the investment of a large panel of manufacturing firms in India during 1993–2013. The prime motivation behind this study is ...the absence of an empirical study into this research issue exclusively on Indian economy. The empirical results obtained by estimating an Error Correction Model (ECM) using Generalized Method of Moments (GMM) show that energy price rise has negative effect on the investment of firms in the manufacturing sector. The negative effect is transmitted to the firm's investment through both demand-side and supply-side factors. The transmission also depends upon factors such as the energy intensity of production. The results also show that the sales–growth–investment relationship becomes weak in the face of the rising prices of the energy which could be due to the cautious approach to investment adopted by the firms. Therefore, it calls for the attention of the policy makers to evolve a comprehensive energy-policy to ensure continuous supply of energy at affordable prices to the manufacturers.
•Energy price rise has negative effect on the investment of the manufacturing firms.•The transmission of energy price impact on investment also depends on the energy intensity of production.•Sales-growth-investment relationship becomes weak in the face of the rising energy prices•The empirical results corroborates to the proposition of the theories of irreversible investment.
Premier stock exchanges in India, viz. National Stock Exchange of India and Bombay Stock Exchange, introduced call auction in the pre-open session from 18 October 2010. This paper analyzes the impact ...of introduction of pre-open call auction on price discovery at the open. Empirical analysis is based on the familiar market model in an event study framework. The result shows a decline in the market model R2 for both opening and closing returns of stocks forming the part of call auction and also control sample. However, the magnitude of decline is less in the opening prices for the call auction stocks compared with control sample. Furthermore, analysis carried out using the second pass â and R2 regressions shows that the introduction of pre-open call auction does not have any significant impact on market quality. The findings of the study have implications for the future policymaking on the call auction framework.
Summary
Background An association between radioiodine therapy (RAI) for Graves’ disease (GD) and the development or worsening of Graves’ ophthalmopathy (GO) is widely quoted but there has been no ...systematic review of the evidence.
Aims We undertook a systematic review of randomized controlled trials (RCTs) to assess whether RAI for GD is associated with increased risk of ophthalmopathy compared with antithyroid drugs (ATDs) or surgery. We also assessed the efficacy of glucocorticoid prophylaxis in the prevention of occurrence or progression of ophthalmopathy, when used with RAI.
Methods We identified RCTs regardless of language or publication status by searching six databases and trial registries. Dual, blinded data ion and quality assessment were undertaken. Random effects meta‐analyses were used to combine the study data. Ten RCTs involving 1136 patients permitted 13 comparisons. Two RCTs compared RAI with ATD. Two RCTs compared RAI with thyroidectomy. Four RCTs compared the use of adjunctive ATD with RAI vs. RAI. Five RCTs examined the use of glucocorticoid prophylaxis with RAI.
Results RAI was associated with an increased risk of ophthalmopathy compared with ATD relative risk (RR) 4·23; 95% confidence interval (CI): 2·04–8·77 but compared with thyroidectomy, there was no statistically significant increased risk (RR 1·59, 95% CI 0·89–2·81). The risk of severe GO was also increased with RAI compared with ATD (RR 4·35; 95% CI 1·28–14·73). Prednisolone prophylaxis for RAI was highly effective in preventing the progression of GO in patients with pre‐existing GO (RR 0·03; 95% CI 0·00–0·24). The use of adjunctive ATD with RAI was not associated with any significant benefit on the course of GO.
Conclusion RAI for GD is associated with a small but definite increased risk of development or worsening of Graves’ ophthalmopathy compared with ATDs. Steroid prophylaxis is beneficial for patients with pre‐existing GO.
Introduction: Chimeric antigen receptor (CAR) T cell immunotherapy has demonstrated remarkable anti-tumor activity in B-cell malignancies and is under investigation in other hematologic malignancies ...and solid tumors. While highly efficacious, post-infusion T cell activity often results in massive cytokine release precipitating cytokine release syndrome (CRS), the signature toxicity of CAR T cells. This toxicity is characterized by systemic immune activation resulting in fever, hypotension, respiratory insufficiency and capillary leak. Either in conjunction with or in the absence of CRS, a subset of patients may also develop mild to severe neurotoxicity. Although the precise pathogenesis of CRS and neurotoxicity aren't fully elucidated, risk factors and mitigation strategies have been reported.
Areas covered: This manuscript provides an in-depth overview of the pathogenesis, clinical characteristics, current toxicity management strategies, and future perspectives pertaining to CRS and neurotoxicity.
Expert Opinion: As CAR T cell based therapies gain popularity in the management of various malignancies, the complimentary toxicities of CRS and neurotoxicity pose a clinical challenge in practice. Risk adaptive modeling incorporating disease profile, patient demographics, lymphodepletion, cell dosing, CAR T construct, and potentially cytokine gene polymorphisms may be instructive to assess individualized risk and optimal CRS/neurotoxicity management.
Indian energy sector has undergone a tremendous transformation with consistent government policy interventions since 2000. Against this backdrop, we examine the extent to which energy poverty has ...decreased due to the expansion of energy services and the significant determinants of energy poverty in select six states in India. Overall, results reveal that absolute multidimensional energy poverty has substantially decreased across all states examined in the study as well as across all income and social groups between 2015 and 2018. Specifically, acute multidimensional energy poverty has reduced by an average of 30% between 2015 and 2018 in six states. At the same time, dependency on biomass remains more or less the same between 2015 and 2018. Results also show that inequality in the access to energy across income and social groups exists, and education is negatively related to energy poverty. Energy poverty has declined by a similar percentage among most employment groups, except for people practicing cattle rearing. Finally, culture is a significant determinant of energy poverty as households with the elderly and more land owned have higher energy poverty, probably due to the easy access to biomass and preference of such households to use it.
Purpose
The purpose of this paper is to empirically examine the volatility and return spillover between exchange-traded funds (ETFs) and their respective benchmark indices in India. The paper uses ...time series data which consist of equity ETF and respective index returns.
Design/methodology/approach
The study uses autoregressive moving average–generalized autoregressive conditional heteroscedasticity and autoregressive moving average–exponential generalized autoregressive conditional heteroscedasticity models. The study uses data from the inception date of each ETF to December 2016.
Findings
The findings of the paper confirm that there is unidirectional return spillover from the benchmark index to ETF returns in most of the ETFs. Furthermore, ETF and benchmark index return have volatility persistence and show the presence of asymmetric volatility wherein a negative news has more influence on volatility compared to a positive news. Finally, unlike unidirectional return spillover, there is a bidirectional volatility spillover between ETF and benchmark index return.
Practical implications
The study has several practical implications for investors and regulators. A positive daily mean return over a fairly long period of time indicates that the passive equity ETFs can be a viable long-term investment option for ordinary investors. A bidirectional volatility spillover between the ETFs and benchmark index returns calls for the attention of the market regulators to examine the reasons for the same.
Originality/value
ETFs have seen fast growth in the Indian market in recent years. The present study considers the longest period data possible.
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