Search

The present study examines the effects of the steep surge in crude oil prices which has also been considered as an oil price shock on the stock price returns and currency exchange rates of G7 countries, namely Canada, France, Germany, Italy, Japan, the United Kingdom (UK) and the United States (US), in the context of the Russia–Ukraine conflict. Due to the outbreak of the war, the steep surge in Brent crude oil price returns is seen as an exogenous shock to stock price returns and exchange rates during the period from 2 January 2017 to 29 June 2022. The paper applies the Fractionally Integrated GARCH (FIGARCH) model to capture the effect of the crude oil price shock and the Breakpoint unit root test to examine the structural breaks in the dataset. Structural breakpoints in the dataset for the entire stock price returns and exchange rates are observed during the period commencing from the last week of February, 2022, to the last week of March, 2022. Except for TSX, NASDAQ and USD, noteworthy long memory effects running from Brent crude oil price to all the stock price returns along with the currency exchange rates for all G7 countries were also found.

Professor S S Shrikhande passed away in April 2020. This is an appreciation of his contributions to mathematics. Of necessity, this article is also a short introduction to design theory, the love of his life.

Introduction: The present study attempts to capture the dynamic connection between the outbreak of the COVID-19 pandemic and stock indices of select Asian emerging economies like China, India, South Korea, Indonesia, Hong Kong, and Thailand, along with the volatility in the select stock markets occurring out of the COVID-19 pandemic. Methodology: The study period begins on January 1, 2019 and continues up to April 6, 2022. The Bai-Perron test for the identification of structural breaks and the Wald test for the determination of short-run causality are used. Granger causality test measures the existence of uni-directional or bi-directional causality. To capture the volatility, Dummy-GARCH (1,1) along with EGARCH are used. Results: The results reveal the existence of causality over the short-run among the indices and COVID-19, as well as the existence of ARCH and GARCH effects in most of the stock indices, which may have occurred due to the external shock of the pandemic. Conclusion: The stock markets across the globe are experiencing depressed sentiment, which is replicated in the numerous crashes in the stock indices in all parts of the world.

In a blocked main effect plan (MEP), a pair of factors is said to be orthogonal through the block factor if their totals adjusted for the block are uncorrelated, as defined in Bagchi (Technometrics 52:243–249, 2010). This concept is extended here to orthogonality through a set of other factors. We discuss the impact of such an orthogonality on the precision of the estimates as well as on the data analysis. We construct a series of plans in which every pair of factors is orthogonal through a given pair of factors. Next we construct plans orthogonal through the block factors (POTB). We construct the following POTBs for symmetrical experiments. There are an infinite series of E-optimal POTBs with two-level factors and an infinite series of universally optimal plans for three-level factors. We also construct an universally optimal POTB for an $$s^t(s+1)$$ experiment on blocks of size $$(s+1)/2$$ , where $$s \equiv 3 \pmod 4$$ is a prime power. Next we study optimality aspects of the “duals” of main effect plans with desirable properties. Here by the dual of a main effect plan we mean a design in a multi-way heterogeneity setting obtained from the plan by interchanging the roles of the block factors and the treatment factors. Specifically, we take up two series of universally optimal POTBs for symmetrical experiments constructed in Morgan and Uddin (Ann Stat 24:1185–1208, 1996). We show that the duals of these plans, as multi-way designs, satisfy M-optimality. Finally, we construct another series of multiway designs, which are also duals of main effect plans, and proved their M-optimality. This result generalizes the result of Bagchi and Shah (J Stat Plan Inf 23:397–402, 1989) for a row–column set-up. It may be noted that M-optimality includes all commonly used optimality criteria like A-, D- and E-optimality.

An outstanding folklore conjecture asserts that, for any prime p, up to isomorphism the projective plane $$PG(2,\mathbb {F}_p)$$ over the field $$\mathbb {F}_p := \mathbb {Z}/p\mathbb {Z}$$ is the unique projective plane of order p. Let $$\pi $$ be any projective plane of order p. For any partial linear space $${\mathcal {X}}$$ , define the inclusion number $$\mathbf{i}({\mathcal {X}},\pi )$$ to be the number of isomorphic copies of $${\mathcal {X}}$$ in $$\pi $$ . In this paper we prove that if $${\mathcal {X}}$$ has at most $$\log _2 p$$ lines, then $$\mathbf{i}({\mathcal {X}},\pi )$$ can be written as an explicit rational linear combination (depending only on $${\mathcal {X}}$$ and p) of the coefficients of the complete weight enumerator (c.w.e.) of the p-ary code of $$\pi $$ . Thus, the c.w.e. of this code carries an enormous amount of structural information about $$\pi $$ . In consequence, it is shown that if $$p > 2^ 9=512$$ , and $$\pi $$ has the same c.w.e. as $$PG(2,\mathbb {F}_p)$$ , then $$\pi $$ must be isomorphic to $$PG(2,\mathbb {F}_p)$$ . Thus, the uniqueness conjecture can be approached via a thorough study of the possible c.w.e. of the codes of putative projective planes of prime order.

In this paper, we attach several new invariants to connected strongly regular graphs (excepting conference graphs on non-square number of vertices): one invariant called the discriminant, and a p-adic invariant corresponding to each prime number p. We prove parametric restrictions on quasi-symmetric 2-designs with a given connected block graph G and a given defect (absolute difference of the two intersection numbers) solely in terms of the defect and the parameters of G , including these new invariants. This is a natural analogue of Schutzenberger’s Theorem and the Shrikhande–Chowla–Ryser theorem. This theorem is effective when these graph invariants can be explicitly computed. We do this for complete multipartite graphs, co-triangular graphs, symplectic non-orthogonality graphs (over the field of order 2) and the Steiner graphs, yielding explicit restrictions on the parameters of quasi-symmetric 2-designs whose block graphs belong to any of these four classes.

The appearance of SARS-CoV-2 has resulted ~19000 deaths and ~423000 infections worldwide as of March 24, 2020. Coronavirus spike (S) glycoproteins hooks on target cells and binds to the angiotensin-converting enzyme 2 (ACE2) receptor. Recent researches speculated that residues 331 to 524 of the S glycoprotein of the receptor binding domain (RDB) of the spike is the most crucial target and this side was very important for computational docking. In the present study we have considered a series of saikosaponins and molecular docking was performed. Most of the docked molecules bind favorably to the RDB region of the spike glycoprotein and among them Saikosaponin B4 is the best inhibitor.

As the whole domain of our world struggles to encounter the COVID-19 pandemic, its effect on the global economy is increasing—with the OECD cautioning, the present pandemic poses the biggest threat to the international economy after great recession in 2008–2009. UNCTAD, the United Nation’s Trade and Development Agency, already cautioned of a depression of global growth rate to below 2% in 2020, which may eventually rub out USD 1 trillion off the total worth of the global economy (https://news.un.org/en/story/2020/03/1059011). Richard Kozul–Wright, Director, Division on Globalization and Development Strategies, UNCTAD, commented—“We envisage a slowdown in the global economy to under two per cent for this year, and that will probably cost in the order of USD 1 trillion, compared with what people were forecasting back in September 2019”. On account of rising uncertainty regarding production and prices of crude oil, and by the way, the major stock indices collapsed above apprehensions regarding supply-chain disruptions that begun from China, Mr. Kozul–Wright also informed that some countries may likely to be left unharmed by the COVID-19 outbreak (https://news.un.org/en/story/2020/03/1059011) (Exhibit 3.1).

The spread of the COVID-19 is causing worldwide downturn in economic activity and creating crisis in spheres of life. World has witnessed several crisis situations due to outbreak of epidemic, world wars and financial insurgency. The coronavirus outbreak has already had massive negative implications for the global economies with supply chain disruptions and disintegration across the globe. The positivity of globalization, enjoyed by all the nations, is now disappearing with restrain in movements of both people and product. The consumption of goods and services including energy is plunging throughout the globe.

This chapter provides a brief summary on the major stock markets across the globe which is considered to be the mirror of the global economy.

In the wake of the COVID-19 pandemic that has created a shockwave throughout the world, in terms of both death and insurmountable economic loss, the present study aims to examine the impact of the outbreak of the disease on the world economy in general and more specifically.

International demand of crude oil is likely to drop in the current year due to immediate shock that has been created because of COVID-19 outbreak around the globe covering 183 countries. According to the International Energy Agency’s (IEA) recent forecast on oil market, the present COVID-19 pandemic has restricted travel and other financial activities throughout the world. The economic state of condition is very much volatile, thereby generating an unusual degree of insecurity amongst the investors, as because the total after effect of this pandemic is still unknown. Demand for crude oil in IEA’s central base case has been dropped for the current year for the first time since 2009, mainly due to huge fall in consumption of oil in China, the second largest importer of crude oil (https://www.iea.org/news/global-oil-demand-to-decline-in-2020-as-coronavirus-weighs-heavily-on-markets).

Tables 8.1 and 8.2 show the descriptive statistics of all the variables. Probability value suggests that all the variables are normal except Shanghai composite and NASDAQ 100 due to p value more than 0.05. The variables have 169 samples during the study period. During the study period, prices of crude oil rose to 2.9052 and came down to 1.0004 with a mean price of 1.6285. The Shanghai composite rose to 3.4935 and came down to 3.4249 with a mean point of 3.4652. The KOSPI rose to 3.3554 and came down to 3.1636 with a mean point of 3.308. The BSE SENSEX rose to 4.6227 and came down to 4.4146 with a mean point of 4.5677. The FTSE 100 rose to 3.885 and came down to 3.6984 with a mean point of 3.8299. The NASDAQ 100 rose to 3.9876 and came down to 3.8455 with a mean point of 3.9296. The MOEX rose to 3.9207 and came down to 3.3248 with a mean point of 3.4965. BOVESPA rose to 5.0774 and came down to 4.8032 with a mean point of 4.9932. FTSE MIB rose to 4.4061 and came down to 4.173 with a mean point of 4.3221. NIKKEI 225 rose to 4.3817 and came down to 4.2188 with a mean point of 4.3367. CAC 40 rose to 8.7178 and came down to 8.2308 with a mean point of 8.5784. DAX 30 rose to 9.5316 and came down to 9.0409 with a mean point of 9.3966. S&P TSX rose to 9.795 and came down to 9.3262 with a mean point of 9.6761. FTSE/JSE rose to 8.1711 and came down to 7.7122 with a mean point of 8.0667. The variables like crude oil KOSPI and MOEX possess “fat tails”, and all the select variables are normally distributed.

Purpose The purpose of this paper is to examine the dynamic relationship between crude oil price volatility and stock markets in the emerging economies like BRIC (Brazil, Russia, India and China) countries in the context of sharp continuous fall in the crude oil price in recent times. Design/methodology/approach The stock price volatility is partly explained by volatility in crude oil price. The author adopt an Asymmetric Power ARCH (APARCH) model which takes into account long memory behavior, speed of market information, asymmetries and leverage effects. Findings For Bovespa, MICEX, BSE Sensex and crude oil there is an asymmetric response of volatilities to positive and negative shocks and negative correlation exists between returns and volatility indicating that negative information will create greater volatility. However, for Shanghai Composite positive information has greater effect on stock price volatility in comparison to negative information. The study results also suggest the presence long memory behavior and persistent volatility clustering phenomenon amongst crude oil price and stock markets of the BRIC countries. Originality/value The present study makes a number of contributions to the existing literature in the following ways. First, the author have considered crude oil prices up to January 31, 2016, so that the study can reflect the impact of declining trend of crude oil prices on the stock indices which is also regarded as “new oil price shock” to measure the volatility between crude oil price and stock market indices of BRIC countries. Second, the volatility is captured by APARCH model which takes into account long memory behavior, speed of market information, asymmetries and leverage effects.

For a field $\mathbb{F}$, the notion of $\mathbb{F}$-tightness of simplicial complexes was introduced by K\"uhnel. K\"uhnel and Lutz conjectured that any $\mathbb{F}$-tight triangulation of a closed manifold is the most economic of all possible triangulations of the manifold. The boundary of a triangle is the only $\mathbb{F}$-tight triangulation of a closed 1-manifold. A triangulation of a closed 2-manifold is $\mathbb{F}$-tight if and only if it is $\mathbb{F}$-orientable and neighbourly. In this paper we prove that a triangulation of a closed 3-manifold is $\mathbb{F}$-tight if and only if it is $\mathbb{F}$-orientable, neighbourly and stacked. In consequence, the K\"uhnel-Lutz conjecture is valid in dimension $\leq 3$., Comment: Corollary 1.5 is new

The Indian banking industry has its establishments in the eighteenth century and has had a differed transformative ordeal from that point forward. The underlying banks in India were essentially brokers’ banks connected just in financing exercises.

Indian medical expertise is acclaimed and trusted across the globe. The modern allopathic system is well established in India but the country has long history of various types of medical and pharmaceutical systems. Homoeopathy came to India in 1810. In the pre-British rule era, Ayurvedic and Unani forms of medicine were used and these were related to religious practices as well. The British Government had introduced the allopathic form of medicine in colonized India.

The telecom industry processes are vertically integrated. In the era of voice-dominated landlines, operators were operating on a simple mode of operations though the network system was complex. The industry was characterized by technology with increasing returns to scale and was dominated by monopoly market structure, with little or no competition, and selling of the services was not rigorous.

A simplicial complex $X$ is said to be tight with respect to a field $\mathbb{F}$ if $X$ is connected and, for every induced subcomplex $Y$ of $X$, the linear map $H_\ast (Y; \mathbb{F}) \rightarrow H_\ast (X; \mathbb{F})$ (induced by the inclusion map) is injective. This notion was introduced by K\"{u}hnel in [10]. In this paper we prove the following two combinatorial criteria for tightness. (a) Any $(k+1)$-neighbourly $k$-stacked $\mathbb{F}$-homology manifold with boundary is $\mathbb{F}$-tight. Also, (b) any $\mathbb{F}$-orientable $(k+1)$-neighbourly $k$-stacked $\mathbb{F}$-homology manifold without boundary is $\mathbb{F}$-tight, at least if its dimension is not equal to $2k+1$. The result (a) appears to be the first criterion to be found for tightness of (homology) manifolds with boundary. Since every $(k+1)$-neighbourly $k$-stacked manifold without boundary is, by definition, the boundary of a $(k+1)$-neighbourly $k$-stacked manifold with boundary - and since we now know several examples (including two infinite families) of triangulations from the former class - theorem (a) provides us with many examples of tight triangulated manifolds with boundary. The second result (b) generalizes a similar result from [2] which was proved for a class of combinatorial manifolds without boundary. We believe that theorem (b) is valid for dimension $2k+1$ as well. Except for this lacuna, this result answers a recent question of Effenberger [8] affirmatively.

Purpose – The present study aims to investigate the impact of liquidity management on profitability of Indian Fast-Moving Consumer Goods (FMCG) firms, as well as the relationship among them, using econometric models. Design/methodology/approach – Liquidity indices like current ratio, liquid ratio, absolute liquid ratio and cash conversion cycle are taken as explanatory variables, whereas age of creditors, age of debtors, age of inventory, sales and inter-temporal growth in sales are taken as control variables. Profitability is measured in terms of return on investment. The sample size is restricted to 18 Indian FMCG firms, and the secondary data for analysis are retrieved from Prowess Database of Centre for Monitoring Indian Economy for 10-year period from 2001-2002 to 2010-2011. Apart from using descriptive statistics and Pearson’s correlation analysis, panel data regression analysis like fixed-effects model and random effects model are used in the study. Hausman test is also used to make a choice betwee...