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In continuation to Chapter 3, the present chapter tries to quantify the impact of credit upon GDP and HDI as the first attempt and the linkages of NPA and security investments with credit, GDP and HDI of the countries as the second attempt. For these purposes, this chapter starts with the measurements of credit elasticity with respect to GDP and HDI to know the impact of credit on the private sectors upon the income and human development of the countries. Then, it focuses on the implications of common banking operating tools such as their investments in the governments’ securities in relation to credit to the private sectors, GDP and HDI of the selected countries in a panel data format. The results of the credit elasticity of GDP show that it has taken the positive sign in all of the countries and the negative changes are very little in number. Furthermore, the results on the linkages show that all the variables are mostly cointegrated and therefore maintain stable and equilibrium relationships in the long run among them. But the short-run results show that investment and credit make a cause to NPA, and investment and NPA make a cause to GDP. No variables make any interrelationships with the HDI in either the long-run or short-run systems. Thus, the countries in the list should put more emphasis on the working of the financial sectors as the key partner in the income-generating activities.

This paper aims to present the influences of several production variables on the mechanical properties of specimens manufactured using fused deposition modeling (FDM) with polylactic acid (PLA) as a media and relate the practical and experimental implications of these as related to stiffness, strength, ductility and generalized loading.

A two-factor-level Taguchi test matrix was defined to allow streamlined mechanical testing of several different fabrication settings using a reduced array of experiments. Specimens were manufactured and tested according to ASTM E8/D638 and E399/D5045 standards for tensile and fracture testing. After initial analysis of mechanical properties derived from mechanical tests, analysis of variance was used to infer optimized production variables for general use and for application/load-specific instances.

Production variables are determined to yield optimized mechanical properties under tensile and fracture-type loading as related to orientation of loading and fabrication.

The relation of production variables and their interactions and the manner in which they influence mechanical properties provide insight to the feasibility of using FDM for rapid manufacturing of components for experimental, commercial or consumer-level use.

This paper is the first report of research on the characterization of the mechanical properties of PLA coupons manufactured using FDM by the Taguchi method. The investigation is relevant both in commercial and consumer-level aspects, given both the currently increasing utilization of 3D printers for component production and the viability of PLA as a renewable, biocompatible material for use in structural applications.

The purpose of this paper is to explore if hedge fund variables (HFVs) are associated with long-run compounded raw returns (CRRs) for seasoned equity offering (SEO) firms for a six-year window around the offering month for firms undergoing SEOs.

The event study methodology is used to calculate long-run CRRs that are used in a regression model as dependent variables. Independent variables include HFVs and nonhedge fund variables (NFVs) with standard errors clustered at the month level.

Three new long-run findings, consistent with recent short-run findings, are offered. First, HFVs are significantly associated with long-run CRRs for SEO firms. Second, HFVs perform competitively compared to NFVs. Third, a potential omitted-variable bias results if HFVs are not used.

This research assumes that hedge fund managers can identify good (poor) performing SEO firm that allow for profitable long (short) positions. The proportion of hedge funds using a strategy will change in the hypothesized manner needed to make profit.

Hedge fund managers can use long-run strategies to capitalize on price movements around significant corporate events.

Larger institutional traders have investment advantages due to superior knowledge and greater ability to manipulate prices.

This research is the first study to detail the significant association between hedge fund stratagems and long-run stock returns for firms undergoing key corporate events. This study demonstrates the need to consider hedge fund strategies when trying to understand stock price movements.

The purpose of this paper is to investigate the global influence of crude and refined oil futures prices on Dow Jones Islamic equity indices (DJIMI) during the recent global financial crisis under structural breaks in the conditional volatility of oil futures prices.

It aims at exploring the long-run and the short-run elasticity and causal relationships using an ARDL bound testing approach and a vector error correction model.

The main findings confirm the presence of long-run relationship for DJIM emerging markets index compared to other global and sub-regional developed indexes. Speed of adjustment to the long-run equilibrium is moderate and the effect of structural breaks, produced from nonlinear volatility model with long memory (LM), is overall not pronounced for that relationship. Short-run causality is bi-directional but long-run Granger causality does not run from refined oil to the DJIMI and crude oil.

The paper demonstrates the implicit extent of international financial integration of Islamic stock markets in light of the global influence of oil prices.

The findings offer some highlights to researchers, portfolio managers and policymakers.

The paper gives an answer to an identified need to test the position of Islamic equity markets as booming Islamic investment and socially responsible investment areas to the global influence of the new soaring path of oil markets. It uses as well bounds testing approach and tests weak and strong causalities under structural breaks. It considers as well LM behavior in oil prices along with the asymmetry property in oil prices.

In this paper, the authors aim to investigate the short‐run as well as long‐run market efficiency of Indian commodity futures markets using different asset pricing models. Four agricultural (soybean, corn, castor seed and guar seed) and seven non‐agricultural (gold, silver, aluminium, copper, zinc, crude oil and natural gas) commodities have been tested for market efficiency and unbiasedness.

The long‐run market efficiency and unbiasedness is tested using Johansen cointegration procedure while allowing for constant risk premium. Short‐run price dynamics is investigated with constant and time varying risk premium. Short‐run price dynamics with constant risk premium is modeled with ECM model and short‐run price dynamics with time varying risk premium is modeled using ECM‐GARCH in‐Mean framework.

As far as long‐run efficiency is concerned, the authors find that near month futures prices of most of the commodities are cointegrated with the spot prices. The cointegration relationship is not found for the next to near months futures contracts, where futures trading volume is low. The authors find support for the hypothesis that thinly traded contracts fail to forecast future spot prices and are inefficient. The unbiasedness hypothesis is rejected for most of the commodities. It is also found that for all commodities, some inefficiency exists in the short run. The authors do not find support of time varying risk premium in Indian commodity market context.

In context of Indian commodity futures markets, probably this is the first study which explores the short‐run market efficiency of futures markets in time varying risk premium framework. This paper also links trading activity of Indian commodity futures markets with market efficiency.

The National commodity exchanges were established in India in the year 2003-2004 to perform the functions of price discovery and price risk management in the economy. The derivatives market can perform these functions properly only if they are efficient and unbiased. So, there is a need to properly evaluate these aspects of the Indian commodity derivatives market. The purpose of this paper is to test the market efficiency and unbiasedness of the Indian soybean futures markets.

The paper uses cointegration and a QARCH-M-ECM-based framework to test the market efficiency and unbiasedness in the soybean futures contract traded in the National Commodity Derivatives Exchange (NCDEX). The cointegration test is used to test the long-run unbiasedness and market efficiency of the contract, while the QARCH-M-ECM model is used to test the short-run market efficiency and unbiasedness of the contract by allowing for a time-varying risk premium. The price data is also tested for presence of structural breaks using a Zivot and Andrews unit root test.

The soybean contract is unbiased in the long run, but there are short-run market inefficiencies and also a presence of a time-varying risk premium. Though the weak form of market efficiency is rejected in the short run, the semi-strong market efficiency is not rejected based on the forecasts.

This is the first paper to consider time-varying risk premium while performing the tests of market efficiency and unbiasedness on Indian commodity markets.

SINCE THE INTRODUCTION of the hypoid gear as the right‐angled drive in automotive rear axles there has been a constant demand for specialised lubricants, particularly for running‐in purposes. Requirements are gradually and constantly becoming more severe and standards of performance adequate 5 or 10 years ago may be marginal today and unacceptable in the future.

The purpose of this paper was to examine the long-run causal relations between share price and dividend in the Indian market.

Panel vector error correction model is estimated to examine the long-run causal relations between share price and dividend. Prior to this, panel unit root tests and panel cointegration tests are carried out to test the unit root properties of the data and test for the existence of long-run cointegrating relationship between the variables, respectively.

The results of empirical investigation reveal that there exists bi-directional long-run causality between share price and dividends.

For the chosen sample, data on share price are available only for limited years. This limits the time dimension of the sample. Hence, in the future, the analysis can be extended to cover longer time series.

The interplay between share prices and dividends needs to be given due consideration by firms while framing their policies. A change in dividend policy would have an effect on the market value of the firm; hence, firms need to frame dividend policy in such a way that it would enhance their market value. Similarly, investors need to take into consideration the influence of share prices and dividends on each other. While making investment decisions, they need to consider the dividend history of shares, as better dividends would lead to better share prices.

To the best of the authors' knowledge, this study is the first attempt in the Indian market to examine the long-run causal relations between share price and dividend. The results of this study would be helpful to the investors in taking wise investment decisions. It would also enable firms in formulating appropriate dividend policies.

Water can alter the performance of modern gear lubricants by influencing the flank load carrying capacity of gears significantly. The purpose of this paper is to investigate the influence of water contaminations in different kinds of base oils on the micro-pitting and wear performance of case carburized gears.

Concerning micro-pitting and wear, tests, based mostly on the following standardized tests, are performed on a Forschungsstelle fuer zahnraeder und getriebebau (FZG)-back-to-back gear test rig: micro-pitting short test Graufleckenkurztest (GFKT) according to DGMK 575 (screening test), micro-pitting test Graufleckentest (GT) according to FVA 54/7 (load stage test and endurance test) and Slow-speed wear test according to DGMK 377. To investigate the effect of water on the gear load carrying capacity dependent on different types of base oils, two polyglycol oils (PG1 and PG2), a polyalphaolefin oil, a mineral oil and an ester oil E are used. Each of these oils are common wind turbine gear oils with a viscosity ISO VG-220. Additionally, a manual transmission fluid with a viscosity of society of automotive engineers (SAE) 75W-85 is tested.

Considering the micro-pitting and wear performance, a significant decrease caused by water contaminations could not be detected. Regarding pitting damages, a generally negative influence was observed. This influence was differently distinctive for different base oil types. Especially non-polar lubricants seem to be affected negatively. The documented damages of the tooth flanks confirm this observation. While typical pitting damages appeared in test runs with polar lubricants, the disruption in test runs with non-polar lubricants was more extensive. Based on the experimental investigations, a general model of the damaging mechanisms of water contaminations in lubricants was derived. It is split into three partitions: interaction lubricant–water (effect of water on the molecular structure of base oils and additives), chemical-material-technological (especially corrosive reactions) and tribological influence (effect of water droplets in the contact zone). It has to be considered that the additive package of lubricants affects the influence of water contaminations on the flank load carrying capacity distinctively. An influence of water on the micro-pitting and wear performance in other than the given lubricants cannot be excluded.

While former research work was focused more on the effects of water in mineral oils, investigations concerning different types of base oils as well as different types of damages were carried out within this research project.

This paper investigates the short‐run and the long‐run relationship among productivity growth, inflation and monetary policy in the U.S. economy. Under the trivariate ECM analysis, the test results indicate that it is monetary policy which plays the predominant role in the relationship under investigation.