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The commodity and equity derivatives have a close resemblance between them in trade practices and mechanisms, which makes it easy for the investors to combine these two assets classes for building up their portfolio. The diversification of investment among asset classes builds some relation between them. The integration of market within a country is necessary to bring in a smooth and balanced economic growth. Thus, the purpose of this paper is to examine the spillover between the equity and commodity futures markets which will be helpful not only for the investors but also for the policy makers, producers and the regulators.

To examine the spillover between the equity and commodity market, the major benchmarking indices of these markets, namely COMDEX of MCX, Dhaanya of NCDEX and NIFTY 50 of NSE, were chosen. NIFTY 50 index was chosen as representative of equity market due to its composition of most active constituent stocks than any other broad market index of Indian stock market. As the commodity market indices are not been traded, their constituent commodities were taken for the study. Thus, 11 MCX-COMDEX constituents such as Gold, Silver, Copper, Zinc, Aluminum, Nickel, Lead, Crude oil, Natural gas, Kapaskhali and Mentha oil and eight NCDEX-Dhaanya constituents such as Castor seed, Chana, Cotton seed oilcake, Jeera, Mustard seed, Refined soy oil, Turmeric and Wheat futures prices were taken against the NIFTY 50 futures prices with daily trading data for ten years starting from January 1, 2006 till December 31, 2015 to analyze their spillover effect. The return series data were used to test the spillover between equity and commodity futures market as it gives the crux of investors’ diversification through the Vector Autoregression (VAR) model and verified with Impulse Response Function by testing the null hypothesis, H₀, that there is no return spillover between the equity and commodity futures market.

The investors move from equity to commodity when there is a threat in equity market and vice versa, thereby diversify their risk for those commodities which are vulnerable to global and domestic pressures in the economy. Investigating the spillover between equity and commodity market gives an insight of market integration effect. A nation can achieve its economic growth easily when its markets are integrated.

The commodity indices are still notional indices in the market; therefore, individual constituent commodities of commodities indices were considered with the benchmarking equity futures index, which is one of the limitations of the study.

The integration of market within a country is necessary to bring in a smooth and balanced economic growth.

Most of the past studies dealt only with few commodities and equities and not with the broad-based benchmarking indices. This paves way for enquiry into the commodity and equity markets integration with the major constituent commodities traded in the economy. Hence, this paper looks into the presence of spillover between the equity and commodity markets. The VAR model is verified with the impulse response function which explains the reaction of any dynamic system in response to a pulse change in another. The impulse response function is presented graphically for easy and better understanding.

This paper sets out to propose a new cut‐off optimization algorithm for effective decision making at the open pit mine planning stage.

The determination of optimum cut‐off grade to maximize the net present value of an open pit mining operation is influenced by the economic parameters including metal price and operating costs, the capacities of mine, mill, and refining stages, and grade distribution of the mineral deposit. The market plays a vital role in changing the economic parameters; therefore, they may escalate during mine life. The effect of these changes could be enormous on optimum cut‐off grade policy. The main motive is to introduce economic parameters escalation into the established theory of optimum cut‐off grades and study the impact of these changes on overall economics of the operation. Therefore, a cut‐off grade optimization algorithm is developed, which considers dynamic metal price and cost escalation during mine life.

A copper deposit case study shows that, keeping the metal price escalation at a minimum, the impact of mining and milling costs escalation is relatively higher than refining and administrative costs. Hence, a high‐escalation rate in mining and milling costs may change an economic operation into an uneconomic scenario.

Management of stockpiles as a policy may be introduced in the algorithm for improvement in economy through maximum utilization of mineral resources.

The algorithm due to its flexibility allows analysis of various options in the least possible time, which makes it valuable to mine planners in decision making for major mining investments.

The purpose of this paper is to study China's strategy of purchasing resource commodities in international markets, what the Chinese government can do to change the current disorderly import system and how China can build purchase alliances to win in international bargaining.

A narrative inquiry is used to analyze China's strategy of purchasing resource commodities in international markets, and a game theory model is employed to study different manufacturers’ attitudes toward united negotiation and purchase alliances and the influence of government regulation on their attitude.

The paper finds that the “paradox of China's great market” in importing resource commodities is due to the constant increase of China's demand and China's disorderly import system. Government regulation will influence manufacturers’ attitudes toward united negotiation and purchase alliances. Purchase alliances may be the only effective strategy that can help China avoid price risk in international markets, because Chinese corporations cannot control foreign mines and the Chinese futures market cannot mature in a limited, short period.

The analysis in the paper lacks sufficient theory and experiences. The game theory model is very simple and is not directly linked with purchase alliances. Owing to literature constraints, there are few foreign experiences about building purchase alliances.

This paper advises the Chinese government and corporations what to do about the high import price of resource commodities and how to build purchase alliances to win in international bargaining, for example improving import regulations, recomposing the united negotiation group, forming a responsibility system and so on.

The paper forms an integrated agenda for China to build purchase alliances for importing resource commodities, and most policies could be carried out by the Chinese government immediately.

Daiwa, Sumitomo, and Bank of Estonia experiences display patterns from which lessons emerge for public sector financial managers. Effective fiscal policies, avoidance of conflicts of interest, and attention to the hazards of joint regulation by home- and foreign-owned entities’ regulators are essential to avoid scandals and allegations of public sector corruption. Through international initiatives to align capital requirements, alongside budgetary commitments to regulation, examinations, and monitoring activities, financial managers can develop a more effective infrastructure for global financial markets. This paper details the scandals, documents their social cost, identifies patterns, discusses implications for public policy and budgeting, and proposes action.

This paper aims to achieve an optimal design for distribution transformers considering cost and power losses. Particle swarm optimization (PSO) algorithm is used as an optimization tool for minimizing the objective functions of design procedure which are cost and electrical and iron losses.

In this paper, distribution transformer losses are considered as operating costs. Also, transformer construction cost which depends on the amount of iron and copper in the structure is assumed as its initial cost. In addition, some other important constraints such as appropriate ranges of transformer efficiency, voltage regulation, temperature rise, no-load current, and winding fill factor are investigated in the design procedure. The PSO algorithm is applied to find optimum amount of needed copper and iron for a typical distribution transformer. Moreover, transformer impedance considered as a constraint to achieve an acceptable voltage regulation in the design process.

It is shown that the proposed design procedure provides a simple and effective approach to estimate the flux and current densities for minimizing the active part cost and active power losses which means reduction in amount of transformer total owning cost (TOC).

The methodology advances a proposal for reducing distribution transformers costs using PSO algorithm. The approach considers the aforementioned constraints and TOC to minimize the active part cost and maximize the efficiency. It is demonstrated that a designed transformer will not be optimum when the transformer losses over years are not considered in design procedure. Finally, the results prove the effectiveness of the proposed procedure in designing cost-effective distribution transformers from its initial cost until its whole life.

The purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian, Chinese and Indian capital markets by the Sharpe Index and the significance of differences in average performance in the capital market.

This is comparative research that compared the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. The hypothesis examination of comparative test used one-way ANOVA technique on the performance of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. One-way ANOVA test was used in the analysis to test the average difference of performance indices of SME and manufacturing company stock portfolios is in Indonesian, Chinese and Indian capital markets.

The performance of SME and manufacturing company stock portfolios in Indonesian capital market was not better than the performances of IHSG and LQ45 Index, the performance of SME and manufacturing company stock portfolios in Chinese capital market (SZSE) was better than the performance of Shenzhen Composite Index and the performance of Shenzhen A-Share Stock Price Index. The comparison of the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets showed that the performance of SME and manufacturing company stock portfolios in Chinese capital market was the best and the performance of SME and manufacturing company stock portfolios in Indonesian capital market was the lowest.

The implication of this study was that SME and manufacturing company stock portfolios had relatively better performances in China and India, so investors should consider investing in SME and manufacturing company stocks. The performance of SME and manufacturing company stock portfolios in Indonesia was not able to exceed market and LQ45 portfolios, so the authority in Indonesia financial market should consider developing a special market for SME and manufacturing company to support the development of SME and manufacturing company in Indonesia and solve the problem of lack of funding source for SME and manufacturing company.

The originality of the present study is in the measurement of the performance of SME and manufacturing company stock portfolio by risk-adjusted return which returns per risk unit measured by Sharpe Index as a more beneficial measurement in measuring stock portfolio performance than average return. Comparative study of the stock portfolio performances of small medium enterprises and manufacturing company In Indonesian, Chinese and Indian stock markets, and object studies conducted in Indonesia, China and India.