This document summarizes a research article published in the International Journal of Management in 2013. The article examines the "day of the month effect" in the daily stock market returns of 11 stock markets around the world. It finds statistical evidence that some days of the month have historically delivered significantly higher returns than other days. The research tests 341 hypotheses and finds the day of the month effect is present in all the markets studied.
Market efficiency, market anomalies, causes, evidences, and some behavioral a...Alexander Decker
This document discusses market anomalies and the efficient market hypothesis. It provides definitions of market efficiency, forms of market efficiency including weak, semi-strong, and strong forms. It then defines market anomalies as deviations from expected market behavior that cannot be explained by market efficiency. The document categorizes anomalies into fundamental anomalies, technical anomalies, and calendar or seasonal anomalies. It provides examples of calendar anomalies such as the weekend effect and turn-of-the-month effect, and discusses previous studies that have found evidence of these anomalies in various stock markets. The document aims to review market anomalies and discuss their possible causes from both market efficiency and behavioral finance perspectives.
Stock market anomalies a study of seasonal effects on average returns of nair...Alexander Decker
This document summarizes a research study that examines seasonal effects (anomalies) on stock returns in the Nairobi Securities Exchange (NSE) in Kenya. Specifically, it analyzes the day of the week effect, weekend effect, and monthly effect. The study tests hypotheses about whether average returns differ by day of the week or month. It reviews previous literature documenting calendar anomalies in other stock markets. The conceptual framework focuses on analyzing the three seasonal effects. The study uses 12 years of daily closing price data for NSE indices to test the hypotheses and determine if the NSE exhibits calendar anomalies.
Analysis of Stock Market Anomalies worldwide Aanchal Saxena
This document discusses calendar anomalies in stock markets, including the January effect, time of month effect, turn of month effect, day of week effect, and holiday effect. It analyzes evidence of these anomalies in both developed and emerging markets. While some strategies could exploit certain anomalies in the short term, the document concludes that consistently beating the market using anomalies is difficult. Anomalies vary over time and between markets. It is risky to base investment strategies solely on calendar effects due to the challenges of predicting market movements.
This study examines the calendar effects in five major ASEAN countries, namely Malaysia, Singapore, Thailand, Indonesia and the Philippines. Using the daily stock return series for data set ranging from 2011 to 2015, the study employs the OLS method to investigate the presence of month-of-the-year and dayof-the-week effects. The results suggest the presence of certain trend in the stock returns for all five countries. January effect was found in the Philippines while Malaysia and Singapore demonstrate the evidence that is consistent with the Monday effect. The presence of calendar effects in each country, though violates the very basic premise of EMH, cannot be construed as an avenue to exploit the market for possible abnormal profit since the transaction cost is not taken into consideration. Perhaps, the significant return will disappear once the transaction cost is incorporated in the study
This document summarizes a study examining the "day of the week effect" on stock returns in the Pakistani stock market between 2006-2010. The study finds evidence of a "Tuesday effect", with average returns on Tuesdays found to be significantly higher than other days of the week. Descriptive statistics show the mean Tuesday return was 164.88 compared to 100.25 on other days. Regression analysis also indicates returns were significantly higher on Tuesdays, violating the assumption of efficient market hypothesis that returns should be constant across all days. Therefore, the study concludes there is a day of the week effect in the Pakistani stock market with abnormal returns observed on Tuesdays.
Abstract: In this paper, we examine the existence of the size effect in the Tunisian stock exchange (TSE) over
the period January 2008 to December 2013 and we test the relationship between size and January effects. The
findings reveal that there is a size effect in the TSE. However, we report that size and January effects are separate
anomalies. More specifically, we document that average returns are found to increase with decreases in size.
However, we find that small firms don’t significantly outperform large firms in January.
This quarterly investment review provides a summary of major market indices and asset class performance in the second quarter of 2015. Overall, emerging markets outperformed developed international markets and the US market in dollar terms. Within asset classes, small caps outperformed large caps globally, and value underperformed growth in most markets. Real estate investment trusts underperformed equity markets. Commodities were broadly positive for the quarter led by energy, while bonds yields generally increased.
Market efficiency, market anomalies, causes, evidences, and some behavioral a...Alexander Decker
This document discusses market anomalies and the efficient market hypothesis. It provides definitions of market efficiency, forms of market efficiency including weak, semi-strong, and strong forms. It then defines market anomalies as deviations from expected market behavior that cannot be explained by market efficiency. The document categorizes anomalies into fundamental anomalies, technical anomalies, and calendar or seasonal anomalies. It provides examples of calendar anomalies such as the weekend effect and turn-of-the-month effect, and discusses previous studies that have found evidence of these anomalies in various stock markets. The document aims to review market anomalies and discuss their possible causes from both market efficiency and behavioral finance perspectives.
Stock market anomalies a study of seasonal effects on average returns of nair...Alexander Decker
This document summarizes a research study that examines seasonal effects (anomalies) on stock returns in the Nairobi Securities Exchange (NSE) in Kenya. Specifically, it analyzes the day of the week effect, weekend effect, and monthly effect. The study tests hypotheses about whether average returns differ by day of the week or month. It reviews previous literature documenting calendar anomalies in other stock markets. The conceptual framework focuses on analyzing the three seasonal effects. The study uses 12 years of daily closing price data for NSE indices to test the hypotheses and determine if the NSE exhibits calendar anomalies.
Analysis of Stock Market Anomalies worldwide Aanchal Saxena
This document discusses calendar anomalies in stock markets, including the January effect, time of month effect, turn of month effect, day of week effect, and holiday effect. It analyzes evidence of these anomalies in both developed and emerging markets. While some strategies could exploit certain anomalies in the short term, the document concludes that consistently beating the market using anomalies is difficult. Anomalies vary over time and between markets. It is risky to base investment strategies solely on calendar effects due to the challenges of predicting market movements.
This study examines the calendar effects in five major ASEAN countries, namely Malaysia, Singapore, Thailand, Indonesia and the Philippines. Using the daily stock return series for data set ranging from 2011 to 2015, the study employs the OLS method to investigate the presence of month-of-the-year and dayof-the-week effects. The results suggest the presence of certain trend in the stock returns for all five countries. January effect was found in the Philippines while Malaysia and Singapore demonstrate the evidence that is consistent with the Monday effect. The presence of calendar effects in each country, though violates the very basic premise of EMH, cannot be construed as an avenue to exploit the market for possible abnormal profit since the transaction cost is not taken into consideration. Perhaps, the significant return will disappear once the transaction cost is incorporated in the study
This document summarizes a study examining the "day of the week effect" on stock returns in the Pakistani stock market between 2006-2010. The study finds evidence of a "Tuesday effect", with average returns on Tuesdays found to be significantly higher than other days of the week. Descriptive statistics show the mean Tuesday return was 164.88 compared to 100.25 on other days. Regression analysis also indicates returns were significantly higher on Tuesdays, violating the assumption of efficient market hypothesis that returns should be constant across all days. Therefore, the study concludes there is a day of the week effect in the Pakistani stock market with abnormal returns observed on Tuesdays.
Abstract: In this paper, we examine the existence of the size effect in the Tunisian stock exchange (TSE) over
the period January 2008 to December 2013 and we test the relationship between size and January effects. The
findings reveal that there is a size effect in the TSE. However, we report that size and January effects are separate
anomalies. More specifically, we document that average returns are found to increase with decreases in size.
However, we find that small firms don’t significantly outperform large firms in January.
This quarterly investment review provides a summary of major market indices and asset class performance in the second quarter of 2015. Overall, emerging markets outperformed developed international markets and the US market in dollar terms. Within asset classes, small caps outperformed large caps globally, and value underperformed growth in most markets. Real estate investment trusts underperformed equity markets. Commodities were broadly positive for the quarter led by energy, while bonds yields generally increased.
The US economy grew modestly in 2015 while global economic growth was the weakest since the financial crisis. US stock markets posted small gains for the year, but non-US developed and emerging markets largely declined. Commodity prices, especially oil, fell sharply. Central banks diverged in their monetary policies, with the Fed raising rates in December while other major banks eased policies. Market volatility increased during the year due to concerns over China's economic slowdown and currency devaluation.
In this note I address the issue of where we are in the US business cycle and what comes next.
My bottom line is that the pieces are falling into place for a (mild) recession sometime in the middle of 2020.
The approach that I take is to line up the current expansion (which this month became the second longest ever) with the 7 other post-1960 expansions.
This document discusses whether stock markets promote economic growth. It begins by outlining the debate on whether financial development causes growth or vice versa. The authors then:
1) Describe previous empirical studies on the relationship between financial development/stock markets and economic growth that have limitations in establishing causality.
2) Explain their use of Granger causality tests on data from 64 countries over varying time periods to help determine the causal direction of the relationship.
3) Present sample statistics showing differences in growth rates and financial development across income levels and degrees of financial market freedom.
Business cycles occur due to disturbances that push an economy above or below full employment. Recessions can be caused by substantial cuts in government or consumer spending, while booms can be generated by surges in public or private spending. Monetary policy, by influencing money supply and interest rates, can also produce booms or recessions by affecting consumer and business spending levels. Historical evidence shows that monetary factors, such as financial panics, interest rates, and monetary contractions have been major causes of business cycle fluctuations.
The document provides an overview and summary of global market performance for the first quarter of 2016. It begins with a brief introduction and then analyzes the performance of various stock and bond asset classes in both US and international markets. Overall, emerging markets outperformed developed markets, including the US market, for the quarter. The document also shows how globally diversified portfolios performed and provides country-level stock market return data for the quarter.
The document provides a summary of investment market performance in the 4th quarter of 2015. It discusses declines in major stock indices for both US and international markets. It also summarizes declines in commodity prices, with energy commodities hit particularly hard. Real estate investment trusts (REITs) in the US performed well, while international REITs declined. Bond markets were stable, with Treasury yields ending the quarter slightly higher.
This document provides a quarterly investment review for third quarter 2015. It summarizes performance of various asset classes globally, including US and international stocks, bonds, real estate, and commodities. It also discusses continued volatility in the markets and advises investors not to overreact to short-term corrections by selling investments.
This article seeks to examine the impact of the Bangladesh’s stock market development on its economic growth from the period of 1989-2012. We have used Johansen Cointegration test to estimate the long-run equilibrium relationship between the variables and the Granger causality test was conducted in order to establish causal relationship, while the model was estimated using the error correction model (ECM). Johansen co-integration test results show that the Bangladesh’s stock market development and economic growth are co-integrated. This indicates that a long run relationship exists between stock market development and economic growth in Bangladesh. The causality test results suggest a unidirectional causality from stock market development to the economic growth. On the other hand, there is no “reverse causation” from economic growth to stock market development. The evidence from this study reveals that the activities in the stock market tend to impact positively on the economy. It is recommended therefore that stock market regulatory authority should therefore address policy issues that are capable of boosting the investors’ confidence through improved policy formulation and creation of awareness.
The stock market in the United States weighed in with a
spectacular showing early this year, with the Dow Jones Industrial
Average up nearly 10.8% as of the week which ended March 15,
2013.
2020 Investment Outlook: Risks and Opportunities for Investors in Global MarketsMaxine Elliott
In this presentation, Philip Lawlor, managing director, global markets research at FTSE Russell, shares his analysis of global equity and bond markets, reviews current market drivers and explores what’s priced in and what could surprise in 2020.
Includes:
• An explanation of 2019’s rally in risk appetite given the slowdown in global growth expectations
• What is priced into markets as we enter the New Year
• Credibility that can be attached to 2020 consensus earnings growth forecasts
This study examines the impact of investor sentiment on emerging stock market liquidity using panel data from 12 emerging markets from 2002-2015 and time series data from two aggregate emerging market indices. The study finds a positive relationship between domestic investor sentiment and stock market liquidity across emerging markets. Results also indicate that foreign investor sentiment, particularly from the U.S. and Europe, significantly influences liquidity in emerging stock markets. Three measures of liquidity - trading volume, Amihud's illiquidity ratio, and bid-ask spreads - are used to capture different aspects of liquidity.
Crude oil price, stock price and some selected macroeconomic indicatorsAlexander Decker
This document analyzes the impact of crude oil prices, stock prices, and macroeconomic indicators like interest rates and exchange rates on Nigeria's economic growth from 1980-2010. Using techniques like Johansen cointegration, unit root tests, and error correction modeling, the study finds that crude oil prices, stock prices, and exchange rates have a significant influence on economic growth in Nigeria. Specifically, GDP growth is positively associated with stock prices and exchange rates, but negatively associated with crude oil prices and interest rates. The study recommends that Nigeria diversify its economy away from oil reliance and ensure transparency in financial markets to boost growth.
The document provides a summary of global market performance in the second quarter of 2015. Overall, major global stock indices experienced modest gains, with emerging markets outperforming developed international markets. Small caps outperformed large caps globally. REITs significantly underperformed equity markets. Bond markets were mostly flat. Commodities were broadly positive, led by energy, while metals declined. The report also includes a section on the seven roles of a financial advisor.
11.crude oil price, stock price and some selected macroeconomic indicatorsAlexander Decker
This document analyzes the impact of crude oil prices, stock prices, and macroeconomic indicators like interest rates and exchange rates on Nigeria's economic growth from 1980-2010. Using techniques like Johansen cointegration, unit root tests, and error correction modeling, the study finds that crude oil prices, stock prices, and exchange rates have a significant influence on economic growth in Nigeria. Specifically, GDP growth is positively associated with stock prices and exchange rates, but negatively associated with crude oil prices and interest rates. The study recommends that Nigeria diversify its economy away from oil reliance and ensure transparency in financial markets to boost growth.
6.[43 53]stock market volatility and macroeconomic variables volatility in ni...Alexander Decker
This study examines the relationship between stock market volatility and macroeconomic variable volatility in Nigeria from 1986 to 2010. It uses AR(k)-EGARCH(p,q) models to estimate volatility in the stock market and macroeconomic variables. It then uses LA-VAR Granger causality tests to analyze the connection between stock market volatility and macroeconomic variable volatility. The results show a bi-directional relationship between stock market volatility and real GDP volatility, but no causal relationship between stock market volatility and interest rate or inflation volatility. The study recommends government take a proactive role in developing the stock market to reduce volatility.
Simulation of direct torque and flux control strategy for an induction motorIAEME Publication
This document summarizes a research paper on direct torque and flux control (DTFC) strategy for an induction motor. It presents the DTFC control scheme which estimates stator flux and uses voltage space vectors to achieve low torque ripple and constant switching frequency. The paper describes the induction motor model, DTFC theory, implementation using voltage space vectors, and advantages over field oriented control. Simulation results validating the DTFC model and control strategy are presented for a 10hp induction motor.
The document describes an elephant swarm optimization technique for wireless sensor networks using a cross-layer approach. Elephants exhibit intelligent social behaviors like memory, group leadership, and problem-solving in large herds. The authors propose incorporating these behaviors into a wireless sensor network using a cross-layer system architecture. This would optimize routing, MAC, and radio layers to enhance network lifetime and throughput. Experimental results show the elephant swarm optimization increases network lifetime by about 26.8% compared to particle swarm optimization.
Influence of moderators on the market orientation business performanceIAEME Publication
This document summarizes an article from the International Journal of Management (IJM) that examines how environmental moderators like market turbulence, technological turbulence, and competitive intensity influence the relationship between market orientation and business performance. The study analyzes data from 108 seafood exporting firms in India to test whether these three moderators impact the market orientation to business performance relationship. Hypothesis testing using stepwise regression found that only competitive intensity significantly affected the relationship between market orientation and business performance.
The document calls for papers to be submitted to the International Journal of Engineering and Management Education by April 25th, 2013, outlines the journal impact factors and publication frequencies, and provides instructions for submitting and formatting papers for consideration for publication in one of the 16 journals.
The US economy grew modestly in 2015 while global economic growth was the weakest since the financial crisis. US stock markets posted small gains for the year, but non-US developed and emerging markets largely declined. Commodity prices, especially oil, fell sharply. Central banks diverged in their monetary policies, with the Fed raising rates in December while other major banks eased policies. Market volatility increased during the year due to concerns over China's economic slowdown and currency devaluation.
In this note I address the issue of where we are in the US business cycle and what comes next.
My bottom line is that the pieces are falling into place for a (mild) recession sometime in the middle of 2020.
The approach that I take is to line up the current expansion (which this month became the second longest ever) with the 7 other post-1960 expansions.
This document discusses whether stock markets promote economic growth. It begins by outlining the debate on whether financial development causes growth or vice versa. The authors then:
1) Describe previous empirical studies on the relationship between financial development/stock markets and economic growth that have limitations in establishing causality.
2) Explain their use of Granger causality tests on data from 64 countries over varying time periods to help determine the causal direction of the relationship.
3) Present sample statistics showing differences in growth rates and financial development across income levels and degrees of financial market freedom.
Business cycles occur due to disturbances that push an economy above or below full employment. Recessions can be caused by substantial cuts in government or consumer spending, while booms can be generated by surges in public or private spending. Monetary policy, by influencing money supply and interest rates, can also produce booms or recessions by affecting consumer and business spending levels. Historical evidence shows that monetary factors, such as financial panics, interest rates, and monetary contractions have been major causes of business cycle fluctuations.
The document provides an overview and summary of global market performance for the first quarter of 2016. It begins with a brief introduction and then analyzes the performance of various stock and bond asset classes in both US and international markets. Overall, emerging markets outperformed developed markets, including the US market, for the quarter. The document also shows how globally diversified portfolios performed and provides country-level stock market return data for the quarter.
The document provides a summary of investment market performance in the 4th quarter of 2015. It discusses declines in major stock indices for both US and international markets. It also summarizes declines in commodity prices, with energy commodities hit particularly hard. Real estate investment trusts (REITs) in the US performed well, while international REITs declined. Bond markets were stable, with Treasury yields ending the quarter slightly higher.
This document provides a quarterly investment review for third quarter 2015. It summarizes performance of various asset classes globally, including US and international stocks, bonds, real estate, and commodities. It also discusses continued volatility in the markets and advises investors not to overreact to short-term corrections by selling investments.
This article seeks to examine the impact of the Bangladesh’s stock market development on its economic growth from the period of 1989-2012. We have used Johansen Cointegration test to estimate the long-run equilibrium relationship between the variables and the Granger causality test was conducted in order to establish causal relationship, while the model was estimated using the error correction model (ECM). Johansen co-integration test results show that the Bangladesh’s stock market development and economic growth are co-integrated. This indicates that a long run relationship exists between stock market development and economic growth in Bangladesh. The causality test results suggest a unidirectional causality from stock market development to the economic growth. On the other hand, there is no “reverse causation” from economic growth to stock market development. The evidence from this study reveals that the activities in the stock market tend to impact positively on the economy. It is recommended therefore that stock market regulatory authority should therefore address policy issues that are capable of boosting the investors’ confidence through improved policy formulation and creation of awareness.
The stock market in the United States weighed in with a
spectacular showing early this year, with the Dow Jones Industrial
Average up nearly 10.8% as of the week which ended March 15,
2013.
2020 Investment Outlook: Risks and Opportunities for Investors in Global MarketsMaxine Elliott
In this presentation, Philip Lawlor, managing director, global markets research at FTSE Russell, shares his analysis of global equity and bond markets, reviews current market drivers and explores what’s priced in and what could surprise in 2020.
Includes:
• An explanation of 2019’s rally in risk appetite given the slowdown in global growth expectations
• What is priced into markets as we enter the New Year
• Credibility that can be attached to 2020 consensus earnings growth forecasts
This study examines the impact of investor sentiment on emerging stock market liquidity using panel data from 12 emerging markets from 2002-2015 and time series data from two aggregate emerging market indices. The study finds a positive relationship between domestic investor sentiment and stock market liquidity across emerging markets. Results also indicate that foreign investor sentiment, particularly from the U.S. and Europe, significantly influences liquidity in emerging stock markets. Three measures of liquidity - trading volume, Amihud's illiquidity ratio, and bid-ask spreads - are used to capture different aspects of liquidity.
Crude oil price, stock price and some selected macroeconomic indicatorsAlexander Decker
This document analyzes the impact of crude oil prices, stock prices, and macroeconomic indicators like interest rates and exchange rates on Nigeria's economic growth from 1980-2010. Using techniques like Johansen cointegration, unit root tests, and error correction modeling, the study finds that crude oil prices, stock prices, and exchange rates have a significant influence on economic growth in Nigeria. Specifically, GDP growth is positively associated with stock prices and exchange rates, but negatively associated with crude oil prices and interest rates. The study recommends that Nigeria diversify its economy away from oil reliance and ensure transparency in financial markets to boost growth.
The document provides a summary of global market performance in the second quarter of 2015. Overall, major global stock indices experienced modest gains, with emerging markets outperforming developed international markets. Small caps outperformed large caps globally. REITs significantly underperformed equity markets. Bond markets were mostly flat. Commodities were broadly positive, led by energy, while metals declined. The report also includes a section on the seven roles of a financial advisor.
11.crude oil price, stock price and some selected macroeconomic indicatorsAlexander Decker
This document analyzes the impact of crude oil prices, stock prices, and macroeconomic indicators like interest rates and exchange rates on Nigeria's economic growth from 1980-2010. Using techniques like Johansen cointegration, unit root tests, and error correction modeling, the study finds that crude oil prices, stock prices, and exchange rates have a significant influence on economic growth in Nigeria. Specifically, GDP growth is positively associated with stock prices and exchange rates, but negatively associated with crude oil prices and interest rates. The study recommends that Nigeria diversify its economy away from oil reliance and ensure transparency in financial markets to boost growth.
6.[43 53]stock market volatility and macroeconomic variables volatility in ni...Alexander Decker
This study examines the relationship between stock market volatility and macroeconomic variable volatility in Nigeria from 1986 to 2010. It uses AR(k)-EGARCH(p,q) models to estimate volatility in the stock market and macroeconomic variables. It then uses LA-VAR Granger causality tests to analyze the connection between stock market volatility and macroeconomic variable volatility. The results show a bi-directional relationship between stock market volatility and real GDP volatility, but no causal relationship between stock market volatility and interest rate or inflation volatility. The study recommends government take a proactive role in developing the stock market to reduce volatility.
Simulation of direct torque and flux control strategy for an induction motorIAEME Publication
This document summarizes a research paper on direct torque and flux control (DTFC) strategy for an induction motor. It presents the DTFC control scheme which estimates stator flux and uses voltage space vectors to achieve low torque ripple and constant switching frequency. The paper describes the induction motor model, DTFC theory, implementation using voltage space vectors, and advantages over field oriented control. Simulation results validating the DTFC model and control strategy are presented for a 10hp induction motor.
The document describes an elephant swarm optimization technique for wireless sensor networks using a cross-layer approach. Elephants exhibit intelligent social behaviors like memory, group leadership, and problem-solving in large herds. The authors propose incorporating these behaviors into a wireless sensor network using a cross-layer system architecture. This would optimize routing, MAC, and radio layers to enhance network lifetime and throughput. Experimental results show the elephant swarm optimization increases network lifetime by about 26.8% compared to particle swarm optimization.
Influence of moderators on the market orientation business performanceIAEME Publication
This document summarizes an article from the International Journal of Management (IJM) that examines how environmental moderators like market turbulence, technological turbulence, and competitive intensity influence the relationship between market orientation and business performance. The study analyzes data from 108 seafood exporting firms in India to test whether these three moderators impact the market orientation to business performance relationship. Hypothesis testing using stepwise regression found that only competitive intensity significantly affected the relationship between market orientation and business performance.
The document calls for papers to be submitted to the International Journal of Engineering and Management Education by April 25th, 2013, outlines the journal impact factors and publication frequencies, and provides instructions for submitting and formatting papers for consideration for publication in one of the 16 journals.
Analysis and design of ultra low power adc for wireless sensor networks 2IAEME Publication
This document discusses the design of an ultra-low power analog-to-digital converter (ADC) for wireless sensor networks. It first describes the typical components of a wireless sensor node, including sensors, a microcontroller, a radio transceiver, and a power source. It then examines various ADC architectures, comparing successive approximation, sigma-delta, and pipelined ADCs. The document proposes that a careful analysis of architectural and circuit design techniques is needed to develop an ultra-low power ADC in order to maximize battery life for wireless sensor nodes and improve system survivability.
Experimental study on polypropylene fiber reinforced moderate deep beamIAEME Publication
This document summarizes an experimental study on polypropylene fiber reinforced moderate deep beams. Six beams of varying depths from 150mm to 300mm were cast with polypropylene fiber contents ranging from 0% to 1% by volume. The beams were tested under two-point loads to evaluate properties such as compressive strength, flexural strength, shear stress, ductility, and failure patterns. The results showed that the addition of polypropylene fibers significantly improved the mechanical properties of the beams and increased their resistance to brittle failure. Beams with higher fiber contents exhibited higher load capacities, greater deformability, and more ductile failure modes compared to beams without fibers.
This document summarizes research from an international journal on improving the transient response of a buck converter. It begins by introducing buck converters and discussing challenges with traditional control methods. It then provides details on implementing a sliding mode controller and PID controller for a buck converter circuit. Simulation results are presented to compare the transient response when using each controller under different operating conditions and parameter variations. The sliding mode controller is found to provide faster transient response times, improved output voltage accuracy, and robustness to disturbances compared to the PID controller.
This document discusses the design process for products. It describes the three phases of design: divergence, transformation, and convergence. In the divergence phase, needs are analyzed and specifications are established. The transformation phase involves conceiving alternative solutions. The convergence phase narrows solutions down to the most feasible option. The document also discusses the importance of collaboration between designers and manufacturers to ensure a design can be successfully manufactured. It provides an example of the Titanic, where lack of collaboration between teams led to failure of the rivets used in construction. Overall, the document emphasizes that design is a complex team process that requires considering all factors from needs to manufacturing.
Design of high efficiency pelton turbine for micro hydropowerIAEME Publication
The document summarizes the design process for a Pelton turbine to be used in a micro-hydro power plant. It outlines 9 key steps: 1) collecting site data on net head and water flow rate, 2) calculating turbine input power, 3) calculating turbine speed, 4) calculating runner diameter, 5) calculating number of nozzles, 6) designing nozzle dimensions, 7) designing bucket dimensions, 8) calculating bucket speed ratio, and 9) simulating the design using MATLAB. The goal is to design all aspects of the Pelton turbine to achieve maximum efficiency for converting hydraulic energy to mechanical power.
11.cash dividend announcement effect evidence from dhaka stock exchangeAlexander Decker
This document summarizes a research study that investigated the market reaction to cash dividend announcements on the Dhaka Stock Exchange from 2006 to 2010. The study used an event study methodology to analyze abnormal stock returns around the announcement dates. The main findings were:
1) In 2006, 2007, and 2009 the market reacted positively to dividend announcements on the event date.
2) Some sectors like Food & Auxiliary, Fuel and Miscellaneous showed market impact both on the event date and post-event date across the years studied.
3) The study only used a simple methodology to detect market reactions and did not examine the underlying reasons for the reactions. It did not utilize various other potential statistical tests.
Cash dividend announcement effect evidence from dhaka stock exchangeAlexander Decker
This document summarizes a research study that investigated the market reaction to cash dividend announcements on the Dhaka Stock Exchange from 2006 to 2010. The study used an event study methodology to analyze abnormal stock returns around the announcement dates. The main findings were:
1) In 2006, 2007, and 2009 the market reacted significantly to dividend announcements on the event date.
2) Some sectors like Food & Auxiliary, Fuel and Miscellaneous showed market impacts both on the event date and post-event date across the years studied.
3) The study only used a simple methodology to detect market reactions and did not examine the underlying reasons for the reactions. It did not utilize various statistical tests available for such an analysis.
Tangible market information and stock returns the nepalese evidence synopsisSudarshan Kadariya
This is a synopsis of the work done for the academic fulfillment purpose. The study have assumptions. The findings are suggested to related with its assumptions. I believe this work will help the financial / stock market in Nepal and it will also be accessible and share some features to the international financial market researchers.
An econometric analysis of bombay stock exchangeAlexander Decker
This document summarizes research on analyzing returns and volatility of the Bombay Stock Exchange. It examines the presence of day-of-the-week effects and analyzes annual returns. A number of statistical tests are used to test for differences in mean returns and volatility across days of the week. The results do not support the presence of day-of-the-week effects but do find insignificant daily return volatility. The document also reviews several other studies on stock market returns, volatility, and efficiency in other markets globally and in Africa.
MODELING THE EXTREME EVENTS OF THE TOP INDUSTRIAL RETURNS LISTED IN BSEIAEME Publication
Extreme price movements in the financial markets are rare, but important the objective of study was to evaluate the extreme events of major industries in BSE. The study was conducted for returns of industries and shows the extreme events to which the industries are scattered for their returns. Many models were undertaken as base for the study, to identify the extreme events of the industries and same has been incorporated for the analysis too.
The document provides an analysis of market performance and the economic outlook from The Applied Finance Group. Key points:
- While some economic indicators have improved recently, the author believes stimulus programs are driving most of the gains and underlying growth remains weak.
- Easy profits have been made by simply investing in equities earlier this year, but picking individual stocks will be more important going forward as the market becomes less attractive.
- Challenges remain including high unemployment, problem banks, and uncertainty around the impact of expiring stimulus programs.
This document summarizes a study that analyzed the reaction of Indian stock indices and investors to different categories of news announcements during the COVID-19 pandemic. The study identified 31 days with extreme stock market returns between February 2020 and June 2021. It grouped the news from those days into 4 categories and examined the reaction of indices like the BSE Sensex and investors like clients, FIIs, and DIIs. The results found a statistically significant difference between the two news announcement groups for stock indices but not for investors. Most of the return series were found to be random, and no day-of-the-week effect was found for investor investment patterns. The impact of negative COVID-19 news was reduced by government interventions, and stock market
Impact of macroeconomic variables on stock returnsMuhammad Mansoor
The document discusses the impact of macroeconomic factors on stock returns. It provides background information on financial markets, primary and secondary markets, and stock market returns. It then summarizes several empirical studies that have examined the relationship between macroeconomic variables like interest rates, inflation, GDP, exchange rates, and stock market returns in countries like Pakistan, Japan, Nigeria, and others. The studies found both positive and negative relationships between different macroeconomic factors and stock returns in various markets. The document aims to contribute to this area of research by examining the impact of macroeconomic variables on stock returns in the Pakistani stock market.
Co integration and causality analysis of dynamic linkagesprj_publication
This document analyzes the relationship between the Indian stock market and equity markets of developed countries like the U.S., U.K., France, Germany, Japan, Hong Kong, and Australia for the period after the global recession from 2010 to 2013. Johansen cointegration analysis found evidence of a long-term relationship between the markets, though some pairwise comparisons did not show cointegration. Granger causality tests also found short-term relationships between some country pairs. Specifically, the analysis indicates funds from Germany, Japan, and the U.S. could benefit from diversifying into India, while India does not qualify as a diversification opportunity for some other countries due to cointegration.
1) The document examines the relationship between stock market liquidity and stock returns in 27 emerging markets from 1992 to 1999.
2) It finds that stock returns are positively correlated with measures of market liquidity such as turnover ratio, trading value, and turnover-volatility multiple, in both cross-sectional and time-series analyses.
3) This positive correlation between returns and liquidity in emerging markets differs from theories and findings in developed markets, and may be due to emerging markets having a lower degree of integration with the global economy.
Traditional methods to measure volatility case study of selective developed ...Alexander Decker
This document analyzes stock market volatility across developed and emerging markets from 1997-2009 using traditional measures like standard deviation. Key findings include:
- Returns for all markets showed non-normality, with emerging markets exhibiting more non-normality and higher kurtosis, indicating more peaked return distributions.
- Volatility, as measured by standard deviation, was highest for Turkey, Brazil, and China - all emerging markets. However, some developed markets were found to be more volatile than some emerging markets, suggesting volatility is not unique to emerging markets.
- The analysis concludes volatility should be measured using other methods like extreme value analysis due to the heavy-tailed distributions found in emerging market returns. This could provide better guidance for
This document is a student's dissertation on analyzing seasonality in the UK stock market (FTSE 100). It finds the most significant monthly seasonal patterns are in January, June, and September. These contradict the efficient market hypothesis. Evidence supports the statement "As January goes, so goes the year" for the FTSE 100. The study also identifies potential investment strategies for arbitrageurs to profit from switching between the FTSE 100, S&P 500, and FTSE 250 based on seasonal patterns.
This document analyzes the relationship between stock market liquidity and stock returns in 27 emerging equity markets from January 1992 to December 1999. It finds that stock returns are positively correlated with measures of market liquidity, including turnover ratio, trading value, and turnover-volatility multiple, in both cross-sectional and time-series analyses. This relationship holds even after controlling for other factors and contrasts with theories supported by studies of developed markets, where liquidity and returns are negatively correlated. The findings suggest emerging markets have a lower degree of integration with the global economy.
11.relationships between indian and other south east stock marketsAlexander Decker
This study examines the relationship between stock markets in selected South-East Asian countries (Indonesia, Malaysia, South Korea, Singapore, Taiwan) and the Indian stock market from 1991 to 2011. Statistical analysis finds low but increasing correlations between the South-East markets. Granger causality tests show interdependence between the markets that increased after the 2008 financial crisis. Tests for converging trends find some South-East markets diverged from the regional average before 2008 but converged after. Cointegration analysis will determine if the markets share a common long-run trend, indicating financial integration.
An empirical analysis of efficiency of the nigerian capital marketAlexander Decker
This study analyzes the efficiency of the Nigerian capital market by testing whether professionally managed funds can beat the market index. Monthly return data from 2007 to 2011 for five banks was used to test the strong form efficiency. The market model was used to estimate residuals and test if abnormal returns of managed portfolios were significantly different from zero. The results found the abnormal returns of professionally managed portfolios were insignificantly different from zero, indicating the Nigerian stock market is efficient in the strong form. The findings recommend fully computerizing the stock exchange and brokerages to maintain strong form efficiency through timely access to price-sensitive information.
In this paper, we examine the existence of the size effect in the Tunisian stock exchange (TSE) over the period January 2008 to December 2013 and we test the relationship between size and January effects. Thefindings reveal that there is a size effect in the TSE. However, we report that size and January effects are separateanomalies. More specifically, we document that average returns are found to increase with decreases in size.However, we find that small firms don’t significantly outperform large firms in January.
11.[28 38]distribution of risk and return a statistical test of normality on ...Alexander Decker
This document summarizes a research study that examined the normal distribution of risk and return on the Dhaka Stock Exchange in Bangladesh. The study used statistical tests to analyze daily, weekly, and monthly returns calculated from three DSE indices from 2002 to 2010. The results found evidence of skewness and kurtosis in the returns, indicating they were not normally distributed and contradicting the assumption of random walk behavior required for an efficient market. Additionally, inconsistencies were found between daily and weekly risk and return, suggesting higher returns may be possible without higher risk. The study aims to contribute to evaluating market efficiency and the relationship between risk and return in the Bangladesh capital market.
- The document analyzes the day-of-the-week effect on returns and volatility of the FTSE 250 index from 2006 to 2016 using GARCH modeling.
- It finds consistent results of higher returns on Fridays and significantly lower volatility on Wednesdays, suggesting variance in stock prices before and after weekends.
- A simple OLS regression and GARCH(1,5) model are used to examine the role of particular days of the trading week on index performance and volatility.
Similar to A survey of day of the month effect in world stock markets 2 (20)
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
2. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
6510(Online), Volume 4, Issue 1, January- February (2013)
1. INTRODUCTION
Seasonal fluctuations in production and sales are a well known fact in business.
Seasonality refers to usual and recurring variation in a time series which occurs occasionally over
a span of less than a year. The main origin of seasonal fluctuations in time series data is the
alteration in climate for businesses. The example is here can be the sale of refrigerators during hot
summer and the demand for umbrellas during monsoons. Even traditions can have economic
impact as the example here can be gold sales during marriage season. Similarly, stock markets
exhibit methodical patterns at certain times of a month, week and day. The existence of
seasonality in stock returns however violates the very basics of efficient market hypotheses. The
efficient market hypotheses relate to how swiftly and precisely the market reacts to new
information. New data are continuously entering the market place via economic reports, company
announcements, political statements, or public surveys. If the market is information efficient then
security prices adjust rapidly and accurately to new information. According to this hypothesis,
security prices reflect fully all the information that is available in the market. Since all the
information is already incorporated in prices, a trader is not able to make any excess returns.
Thus, EMH proposes that it is not possible to outperform the market through market timing or
stock selection.
A curious anomaly in the monthly pattern of stock market returns was first documented
by Ariel (1987)[1]. He examined the US stock returns and found that the mean return for stock is
positive only for days immediately before and during the first half of calendar months, and
indistinguishable from zero for days during the second half of the month. Ariel calls this
empirical finding the 'monthly effect,' which implies that returns at the beginning of the month,
are greater than the returns after the midpoint of the month. Following Ariel's study, Jaffe and
Westerfield (1989)[2] examined the stock market returns in the UK, Japan, Canada, and Australia
and found a significant US type of monthly effect only in Australia. They, however, observed a
weak evidence of the anomaly consistent with Ariel's work in the UK and Canada and, in fact, a
reverse monthly effect for Japan. The reverse monthly effect is also reported by Barone's (1990)[3]
study, who investigated the Italian market and found that stock prices fall in the first part of the
calendar month and then rise in the second. Another seasonality related to this monthly pattern is
'the turn-of-the-month effect' which implies that average daily return at the turn of the month is
significantly positive and higher than the daily return during the remaining days of the month.
Lakonishok and Smidt (1988)[4] showed that stock returns in the US are significantly higher on
turn-of-the-month trading days than on other days. Extending the analysis to nine other countries,
Cadsby and Ratner (1992)[5] documented the same findings for Australia, Canada, Switzerland,
UK, and West Germany but not for France, Hong Kong, Italy, and Japan. In a recent study,
Hensel and Ziemba (1996)[6] investigated the daily return patterns in US stock market by taking a
very long series from 1928 to 1993 and found that the mean returns in the stock market were
significantly positive at the turn and in the first half of the month and significantly negative in the
rest of the month. In the studies mentioned above, the day of the month anomaly has been
reported only for developed capital markets mostly in the west. One's belief regarding this
empirical regularity would be strengthened if it is known to also occur in yet another capital
market separated from the West by distance, institutional arrangements, and culture. Hence, it is
of interest to search whether such anomalies exist for a developing market such as the one in
India which belongs to the east. In this paper, we investigate the daily return patterns in a month
in the Indian stock market. Aggarwal and Tandon (1994)[7] and Mills and Coutts (1995)[8] pointed
out that mean stock returns were unusually high on Fridays and low on Mondays.
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3. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
6510(Online), Volume 4, Issue 1, January- February (2013)
2. LITERATURE REVIEW
Watchel (1942)[9] reported seasonality in stock returns for the first time. Rozeff and
Kinney (1976)[10] documented the January effect in New York Exchange stocks for the period
1904 to 1974. They found that average return for the month of January was higher than other
months implying pattern in stock returns. Keim (1983)[11] along with seasonality also studied
size effects in stock returns. He found that returns of small firms were significantly higher
than large firms in January month and attributed this finding to tax-loss-selling and
information hypothesis. A similar conclusion was found by Reinganum (1983)[12], however,
he was of the view that the entire seasonality in stock returns cannot be explained by tax-loss-
selling hypothesis. Gultekin and Gultekin (1983)[13] examined the presence of stock market
seasonality in sixteen industrial countries. Their evidence shows strong seasonality in the
stock market due to January returns, which is exceptionally large in fifteen of sixteen
countries. Brown et al. (1983)[14] studied the Australian stock market seasonality and found
the evidence of December-January and July-August seasonal effects, with the latter due to a
June-July tax year. However, Raj and Thurston (1994)[15] found that the January and April
effects are not statistically significant in the NZ stock market. Mill and Coutts (1995)[8]
studied calendar effect in FTSE 100, Mid 250 and 350 indices for the period 1986 and 1992.
They found calendar effect in FTSE 100. Ramcharan (1997)[16], however, didn’t find seasonal
effect in stock returns of Jamaica. Choudhary (2001)[17] reported January effect on the UK
and US returns but not in German returns. Fountas and Segredakis (2002)[18] studied 18
markets and reported seasonal patterns in returns. The reasons for the January effect in stock
returns in most of the developed countries such as US, and UK attributed to the tax loss
selling hypothesis, settlement procedures, and insider trading information. Another effect is
window dressing which is related to institutional trading. To avoid reporting to many losers
in their portfolios at the end of year, institutional investors tend to sell losers in Decembers.
They buy these stocks after the reporting date in January to hold their desired portfolio
structure again.
Researchers have also reported half- month effect in literature. Various studies have
reported that daily stock returns in first half of month are relatively higher than last half of the
month. Ariel (1987)[1] conducted a study using US market indices from 1963 to 1981 to show
this effect. Aggarwal and Tandon (1994)[7] found in their study such effect in other
international markets. Ziemba (1991)[19] found that returns were consistently higher on first
and last four days of the month. The holiday effect refers to higher returns around holidays,
mainly in the pre-holiday period as compared to returns of the normal trading days.
Lakonishok and Smidt (1988)[4] studied Dow Jones Industrial Average and reported that half
of the positive returns occur during the 10 preholiday trading days in each year. Ariel
(1990)[20] showed using US stock market that more than one-third positive returns each year
registered in the 8 trading days prior to a market-closed holiday. Similar conclusion were
brought by Cadsby and Ratner (1992)[5] which documented significant pre-holiday effects for
a number of stock markets. However, he didn’t find such effect in the European stock
markets. Husain (1998)[21] studied Ramadhan effect in Pakistan stock market.
He found significant decline in stock returns volatility in this month although the
mean return indicates no significant change. There are also evidences of day of the week
effect in stock market returns. The Monday effect was identified as early as the 1920s. Kelly
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(1930)[22] based on three years data of the US market found Monday to be the worse day
to buy stocks. Hirsch (1968)[23] reported negative returns in his study. Cross (1973)[24]
found the mean returns of the S&P 500 for the period 1953 and 1970 on Friday was
higher than mean return on Monday. Gibbons and Hess (1981)[25] also studied the day of
the week effect in US stock returns of S&P 500 and CRSP indices using a sample from
1962 to 1978. Gibbons and Hess reported negative returns on Monday and higher returns
on Friday. Smirlock and Starks (1986)[26] reported similar results. Jaffe and Westerfield
(1989)[2] studied day of the week effect on four international stock markets viz. U.K.,
Japan, Canada and Australia. They found that lowest returns occurred on Monday in the
UK and Canada. However, in Japanese and Australian market, they found lowest return
occurred on Tuesday. Brooks and Persand (2001)[27] studied the five southeast Asian
stock markets namely Taiwan, South Korea, The Philippines, Malaysia and Thailand. The
sample period was from 1989 to 1996. They found that neither South Korea nor the
Philippines has significant calendar effects. However, Malaysia and Thailand showed
significant positive return on Monday and significant negative return on Tuesday. Ajayi&
all(2004)[28] examined eleven major stock market indices on Eastern Europe using data
from 1990 to 2002. They found negative return on Monday in six stock markets and
positive return on Monday in rest of them. Karmakar & Chakraborty(2000)[29] found
presence of turn of the month effect in Indian Markets. Pandey (2002)[30] reported the
existence of seasonal effect in monthly stock returns of BSE Sensex in India and
confirmed the January effect. Bodla and Jindal (2006)[31] studied Indian and US market
and found evidence of seasonality. Kumari and Mahendra (2006)[32] studied the day of the
week effect using data from 1979 to 1998 on BSE and NSE. They reported negative
returns on Tuesday in the Indian stock market. Moreover, they found returns on Monday
were higher compared to the returns of other days in BSE and NSE. Choudhary and
Choudhary (2008)[33] studied 20 stock markets of the world using parametric as well as
non-parametric tests. He reported that out of twenty, eighteen markets showed significant
positive return on various day other than Monday. Sah(2009)[34] found the presence of
weekly and monthly seasonality in Nifty and Nifty Junior returns. Desai et al (2011)[35]
found that there has been statically significant high returns during certain days of a month
in Nifty.
This study aims to understand:
1. Weather seasonal anomalies in form of abnormal day of the month return are
present in world Stock markets and is it statistically significant OR NOT?
2. The exact pattern of such anomalies if found to be present.
3. How it can be beneficial to individual and institutional investors worldwide.
2.1 Hypothesis
The hypothesis is that the World Markets mean daily return of World Markets is
the same for all the days of month
H0: Mean daily return of World Markets for all the days of a month is same.
H1: Mean daily return of World Markets for all the days of a month is not same.
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3. SAMPLE DATA AND SOURCE
The daily data of 11 Stock Indices from the World is obtained from their respective
websites. The date wise mean return is calculated for all dates of a month as explained in
research methodology.
The data used in this study consist of the daily closing prices of eleven stock market indices
summarized in Table I.
Table I: Data Period of Stock Market Indices
Sr. Number Indices(Country) Data Period
1 Sensex(India) 1st July, 1997 – 8th October, 2012
2 S&P500(United States) 3rd January, 1950 – 8th October, 2012
3 Merval(Argentina) 8th October, 1996 – 5th October, 2012
4 Bovespa(Brazil) 27th April 1993 – 8th October, 2012
5 SCI(China) 4th January, 2000 – 28th September, 2012
6 Nikkei(Japan) 4th January, 1984 – 5th October, 2012
7 Straits Times(Singapore) 28th December, 1987 – 8th October, 2012
8 CAC(France) 1st March, 1990 – 8th October, 2012
9 DAX(Germany) 26th November, 1990 – 8th October, 2012
10 FTSE(England) 2nd April, 1994 – 8th October, 2012
11 TA 100 (Israel) 1st July, 1997 – 24th September, 2012
4. RESEARCH METHODOLOGY
The daily returns or change in the closing value of market indices is calculated as
follows.
If, the closing value of a day is denoted as Ct and the previous trading session closing value is
denoted as Ct-1 then….
% Change C = (Ct – Ct-1)100/Ct-1 (1)
The date wise average return is calculated as follows,
If the change for every date of the month is denoted as C1, C2, C3,…………C31 and average
return for each date is denoted as A1, A2, A3,………………A31 then the average return for the date
for the test period……
Average date return Ai = ∑Ci/ni (2)
Where, ni = number of observations for each date
The average return A of indices listed for the study is calculated for the period mentioned in
sample data and source.
Based on the distribution of the data, parametric or non-parametric test for hypothesis testing
will be decided. If the data is found to have normal distribution we propose to conduct Z-Test
which is widely used by researchers, otherwise we will be conducting Kruskal-Wallis Test to
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January-
confirm statistical significance. The Kruskal Wallis Test is used to test the null hypothesis
Kruskal-Wallis
that ‘k’ independent random samples come from identical universe against the alternate
hypothesis that the means of these universes are not equal. In Kruskal-Wallis Test the data
Kruskal Wallis
are ranked jointly from low to high or high to low as if they constituted a single sample. By
using the formula 4 in the paper the H statistic is calculated and H is then approximated with
Chi-square distribution with (k-1) degrees of freedom. In our case as there are 31 dates in a
1)
month the degrees of freedom will work out to be 30 (31-1). If the calculated H value exceeds
(31 1).
critical value of Chi-square distribution at desired confidence interval we reject the null
square
hypothesis and if H value is less then Chi-square critical value we accept the null hypothesis.
Chi are
Z-Test formula
(3)
Where, X = Sample mean
µ = Population mean
σ = Population standard deviation
n = Sample size
Kruskal- Wallis Test formula
(4)
Where, n = n1 + n2 + n3 +…..+ nk and Ri being the sum of the ranks assigned to ni
observations in the ith sample.
If the data is found suitable for non parametric test, we can confirm with the help of Kruskal
non-parametric Kruskal-
wallis Test that the return for all the dates in a month is the same for the test period or not, but
we cannot find the dates with statistically significant returns. For that we propose to use Z Z-
Test, the population mean is known to us, which is average daily percentage return for the
test period. The sample mean will be average return of all the dates during the test period.
e
The standard deviation can be calculated by using test period data. The condition for applying
Z-Test is that the sample size should be large (more then 30) and if the variance o all sample
Test of
sets is the same then Z-Test can be applied to data which is not normally distributed.
Test
5. RESULTS
The descriptive statistics of World Markets returns are reported in Table 1 which
shows the mean return of World Markets on daily basis for the test period. As World Markets
returns are not normally distributed indicative from coefficient of skewness and kurtosis, we
will use formal tests of normality to find weather World Markets returns are normally
distributed or not? To test the date wise equality of returns we will be using Kruskal
equality Kruskal-Wallis
test.
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Table 1: Descriptive Statistics of Stock Market Indices (%)
Summery Statistics Bovepsa CAC DAX FTSE Merval
Mean 0.1922 0.0212 0.04 0.029 0.06
Median 0.1599 0.02939 0.075754 0.054943 0.096938
Standard Deviation 2.48 1.44 1.47 1.13 2.19
Maximum 33.41902 11.17617 11.40195 9.838667 17.4879
Minimum -15.809 -9.03682 -9.39938 -12.2156 -13.7266
Skewness 0.9298 0.117992 0.050674 -0.20783 -0.03616
Kurtosis 13.0225 4.661995 4.807481 7.852582 5.509849
Variance 6.1305 2.067404 2.16373 1.267845 4.780177
Summery NIKKEI S & P 500 Sensex Shanghai Straits Times TA 100
Statistics
Mean 0.009 0.033 0.05 0.025 0.03 0.05
Median 0.03316 0.046277 0.107958 0 0.022542 0.017713
Standard 1.45 0.98 1.69 1.60 1.29 1.51
Deviation
Maximum 14.1503 11.58004 17.33933 9.856839 13.73919 10.20184
Minimum -14.9027 -20.4669 -11.1385 -8.84069 -10.0077 -10.0014
Skewness -0.05032 -0.65087 0.100526 0.05948 0.073596 -0.27325
Kurtosis 8.23986 21.27807 5.901815 4.601838 8.632716 4.191993
Variance 2.113105 0.952847 2.854972 2.56108 1.655297 2.276465
Table II: Results of Kruskal-Wallis Test of Stock Market Indices
Series Kruskal-Wallis Test Statistics P Value
Bovepsa Return Series 14219.1 0
CAC Return Series 13230.1 0
DAX Return Series 13639.3 0
FTSE Return Series 10852.2 0
Merval Return Series 11627 0
NIKKEI Return Series 10852.4 0
S & P 500 Return Series 5068.51 0
Sensex Return Series 11107.9 0
Shanghai Return Series 9443.83 0
Straits Times Return Series 12452.9 0
TA 100 Return Series 9424.21 0
The test statistics of Kruskal-Wallis Test is greater than Chi-square critical value of 59.7026
at 30 df and 0.001 level of significance, therefore we reject the null hypothesis and accept the
alternate hypothesis that the date wise return of World Markets are not the same and we can
confirm presence anomalies in the of day of the month returns.
To find the exact pattern of date wise returns we can conduct Z-Test if the variances for all
the dates are the same. So, we can use Z statistics to understand date wise significance of
World Markets returns. The date wise average percentage return and Z statistics for World
Markets is given in table.
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6. FINDINGS
All the indices studied in the survey have abnormal returns on certain days of a month
which are statistically significant. Even mature stock market like the United States has days
with abnormal returns which are statistically significant. The summery of observed
significant returns for days of a month is given in Table VI.
Table VI: Summary of Statistically Significant Days
Sr. Number Market Statistically Significant Days
1 Sensex 10
2 S&P 500 12
3 Mervel 9
4 Bovespa 5
5 Shanghai Composite 11
6 NIKKEI 10
7 Straits Times 8
8 CAC 12
9 DAX 8
10 FTSE 8
11 TA100 6
It is observed in the study that days at the beginning of a month and end of a month have
positive bias in majority of stock markets across the world. This confirms presence of turn of
the month effect observed by previous researchers on the topic. Only Shanghai Composite
index has negative bias during end of a month. Also the middle of a month is observed to
have negative bias or neutral bias in the study. The S&P 500 and CAC have the highest
number of anomaly if number of days with statistically abnormal returns is considered in a
month. Bovespa and TA100 have the lowest number of days in a month with statistically
significant returns.
7. CONCLUSION
From the survey we confirm the presence of day of the month anomaly in all the
indices tested for the research. Some days of a month have statistically significant positive
bias where some days have negative bias. This papers confirms that all the markets tested in
the research are not efficient and there exists opportunities for superior returns. In some of the
markets the anomalies are very strong and represent an opportunity to earn high returns by
investing in the stock market for few days in a month.
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