Search

In this study, the performance of Isobutane/Isopentane (zeotropic mixture) is studied in the new proposed Organic Rankine Cycle (NORC). Operating parameters included temperatures of two series evaporators and regenerative, degree of superheating, and pinch point temperature difference in the first evaporator are optimized with multi-objective functions i.e., exergy as thermodynamic, Specific Investment Cost (SIC) as economic and exergoeconomic as the third objective function that considered exergy and SIC simultaneously. Optimization results for Isobutane/Isopentane indicate that the value of exergy has a sharp decrease when the mole fraction of Isobutane increases to 0.5, and after that, the exergy amount rises significantly and reaches a peak at 54.584% for pure Isobutane. Also, return on investment (ROI) is employed as an economic indicator to get the center of attention in economic proficiency by utilizing Isobutane/Isopentane in NORC configuration according to the exergoeconomic results for fifteen countries as two groups of developed and developing in order to compare profitability all around the world. The results represent that, by the growing of Isobutane mole fraction in Isobutane- Isopentane mixture, ROI indicator is reduced. The maximum and the minimum value of ROI are related to Germany (57.64%) and India (4.09%), respectively. • A new cycle was designed to improve basic organic Rankine cycle performance. • Peng Robinson equation of state was used to obtain properties of organic fluids. • Operating parameters were optimized with two objective functions simultaneously. • The new cycle performance was investigated using zeotropic mixture. • Return on investment of 15 countries was estimated as economic viewpoint. [ABSTRACT FROM AUTHOR]

Summary Self-Help Groups (SHGs) create a platform that allows women to meet on a weekly basis to save and to take loans if needed. Strict records of all saving and lending are important, both to avoid conflicts in the group and to obtain access to bank loans. Accounting is either done by a group member (internal accountant), or by another villager (external accountant). Using first-hand data on SHGs in Northern India, this paper studies whether economic and non-financial returns differ depending on whether SHGs meet as independent entities or with external involvement. Economic theory suggests that repeated interaction between individuals can help build social capital. The presence of an external accountant hampers this process. Indeed, repeated interaction is more likely to create non-financial benefits in the form of mutual assistance and collective action when the accountant is a group member. However, these benefits come at a cost, as SHGs with internal accountants distribute financial benefits more unequally and the accountants themselves receive larger shares than the other members of the groups. The analysis shows that the larger shares cannot be explained as a compensation for a better financial performance, but that some form of elite capture occurs. However, other group members implicitly agree on the unequal distribution. Indeed, members are not more likely to leave groups, possibly because the loss in financial benefits is outweighed by the gain in non-financial benefits. [ABSTRACT FROM AUTHOR]

We analyze the stock price effects of bulk trade in India over the period 2004–2012. Using an event study model we note significant impact of bulk trades on the share prices with cumulative returns being very high around the trades for both BSE and NSE. Buy trade has significant positive cumulative abnormal returns, indicating that buy trades on average increases firm value. Next, we regress cumulative average abnormal returns of different windows on different independent variables. The effect of all the variables considered is found to be higher in the case of buy trades than that of the sell trades. [ABSTRACT FROM AUTHOR]

The cost of equity capital is a key input used by regulators to fix permissible rates of return and determine regulated tariffs. Investors also need an appropriate hurdle rate to make investment decisions. Regulators worldwide often use a single-factor model to estimate the cost of equity. The empirical literature shows that such a model has limited efficacy in explaining stock returns, while other factors also capture the risk involved in the market. This study is perhaps the first to apply three asset pricing models—the capital asset pricing model (CAPM) and the Fama-French three- and five-factor models—to estimate the cost of equity for the Indian energy and infrastructure sectors. We find that the reasonable rate of return fixed by the respective regulator based on the CAPM is often higher than this study's estimated cost of equity (using CAPM). The spread between the regulated return across the identified energy and infrastructure sectors is estimated using a single-factor model, and our estimation using the three-factor model is relatively lower. The spread increases when we apply the recent five-factor model for regulated utilities. The study can guide policymakers and regulators in estimating and fixing reasonable rates of return for the infrastructure sectors. • Estimation of cost of equity using the three asset pricing models for publicly listed Indian energy and infrastructure firms. • Applications of three asset pricing models: the capital asset pricing model, Fama-French three-and five-factor models. • A review of framework regulated return across key energy and infrastructure sectors. • The regulated rate of return set by the respective regulator is found to be higher, in general, than those estimated in this paper. [ABSTRACT FROM AUTHOR]

Abstract: This paper estimates the distribution of educational returns by gender for India. While previous studies focus on mean returns, the variance of educational returns has important implications for policy-making and micro-level decision making with respect to education. If the variance of educational returns is large, it can leave large sections of the population with negative returns; if the variance of educational returns is gender specific, it can influence households’ decisions to educate girls versus boys. Our econometric results provide evidence that India''s labor markets are characterized by significant uncertainty and that the uncertainty is systematically larger for women. [Copyright &y& Elsevier]

Abstract: This study examines the relationship between yield spread and stock market returns. It also explores a dynamic trading strategy of timing the Indian stock market using the yield spread as an indicator variable. The study concludes with the important result that the yield spread is successful in identifying points of entry and exit for the Indian stock market, thereby delivering superior returns compared to a conventional buy and hold strategy. [Copyright &y& Elsevier]