The basic function of derivative contracts is risk management and price discovery. From the last ... more The basic function of derivative contracts is risk management and price discovery. From the last two decades, derivatives are popular as less costly and efficient risk management tools. Management of risk is very critical for the organization to survive and compete in the current dynamic business environment. The increased use of derivatives as a risk management vehicle is due to their ability to forecast future cash flows. The cash flows can be predicted accurately in derivatives if we understand the direction of information flow and mechanism of price formation in them. The focus of the study is to analyse the lead-lag behaviour among spot and future markets of metals in price discovery process. The daily average spot and future prices of gold, copper, silver, lead and zinc have been collected from Multi-Commodity Exchange (MCX) for fourteen years from January 2005 to December 2018 for the accomplishment of the research objectives in two steps. First, the ADF Test and PP Test have been employed to estimate the stationarity which predicts an integration of order (1) in the time series. Second, appropriate lag length has been selected by employing SIC lag length criteria followed by estimations of cointegration and causality in the metals taken for the study. The results of Johansen's Cointegration Test have predicted a long-run cointegration between the futures and spot market of metals. The estimates of VECM Granger Causality Test has predicted a two-way causality in silver, copper and zinc whereas one-way causality has been observed in the prices of gold and lead, giving rise to a lead-lag behaviour. The study has concluded that the lead-lag behaviour is missing in silver, copper and zinc where both the markets are found to be equally efficient. But, the study has noticed that the future markets are quicker, efficient and leads in price discovery mechanism in case of gold and lead.
Risk management is very critical for the organization to survive and compete in the present day b... more Risk management is very critical for the organization to survive and compete in the present day business environment. From the last two decades derivatives are popular as less costly and efficient risk management tools. The increased use of derivatives as risk management vehicle is basically due to their ability to predict future cash flows. Future cash flows can be predicted more accurately in derivatives if we understand the process of price discovery. Price discovery is the process of incorporating information produced and transmitted across spot and future markets in the commodity price. Both spot and future commodity markets react to the similar information but which market first react first is important for us because this market acts as market leader in price discovery. This piece of research tries to analyses the price discovery behavior of four indices i.e. mcx Comdex, mcx metal, mcx agri and mcx energy.
Risk management is very critical for the organization to survive and compete in the present day b... more Risk management is very critical for the organization to survive and compete in the present day business environment. From the last two decades derivatives are popular as less costly and efficient risk management tools. The increased use of derivatives as risk management vehicle is basically due to their ability to predict future cash flows. Future cash flows can be predicted more accurately in derivatives if we understand the process of price discovery. Price discovery is the process of incorporating information produced and transmitted across spot and future markets in the commodity price. Both spot and future commodity markets react to the similar information but which market first react first is important for us because this market acts as market leader in price discovery. This piece of research tries to analyses the price discovery behavior of four indices i.e. mcx Comdex, mcx metal, mcx agri and mcx energy for the period 1st
Lal Bhadhur Institute of Management, New Delhi, 2020
The study focus to analyse the causality relationship between the spot and future price of spices... more The study focus to analyse the causality relationship between the spot and future price of spices i.e. Coriander, Jeera and Turmeric being traded on NCDEX. The causality linkage can be used for predicting the spot and future prices of the respective commodities which can further help to hedge price risk. The study will help to understand the price discovery behaviour by analysing price signals emitted by the spot and futures markets of spices being traded in National Commodity and Derivative Exchange of India (NCDEX) by using daily spot and futures prices of spices from 1 January 2005 to 31 December 2018. A spectrum of econometric models and statistical tools has been used to analyse the price discovery mechanism in spices like Augmented Dickey-Fuller Test (ADF), Phillips-Perron (PP) Test, Johansen Co-integration Test, VECM Granger Causality and Ordinary Least Square (OLS). The study predicts the existence of a long-run association between the spot and futures prices in the spices taken for the study. VECM Granger Causality method reveals a short-run bi-directional causality relationship between the spot and futures prices of coriander and jeera where both the markets are found to be equally efficient and react to the new information and innovation simultaneously. A uni-directional causality has been predicted in turmeric from future to spot where the future market is found to be dynamic and leads to price variations in spot prices. The study reveals that in turmeric 96% variation in spot price is explained by future price. The study is an original work of the authors.
The study focus to analyse the causality relationship between the spot and future price of spices... more The study focus to analyse the causality relationship between the spot and future price of spices i.e. Coriander, Jeera and Turmeric being traded on NCDEX. The causality linkage can be used for predicting the spot and future prices of the respective commodities which can further help to hedge price risk. The study will help to understand the price discovery behaviour by analysing price signals emitted by the spot and futures markets of spices being traded in National Commodity and Derivative Exchange of India (NCDEX) by using daily spot and futures prices of spices from 1 January 2005 to 31 December 2018. A spectrum of econometric models and statistical tools has been used to analyse the price discovery mechanism in spices like Augmented Dickey-Fuller Test (ADF), Phillips-Perron (PP) Test, Johansen Co-integration Test, VECM Granger Causality and Ordinary Least Square (OLS). The study predicts the existence of a long-run association between the spot and futures prices in the spices taken for the study. VECM Granger Causality method reveals a shortrun bi-directional causality relationship between the spot and futures prices of coriander and jeera where both the markets are found to be equally efficient and react to the new information and innovation simultaneously. A uni-directional causality has been predicted in turmeric from future to spot where the future market is found to be dynamic and leads to price variations in spot prices. The study reveals that in turmeric 96% variation in spot price is explained by future price. The study is an original work of the authors.
... Highly scalable Z-RAM with remarkably long data retention for DRAM application Tae-Su Jang, J... more ... Highly scalable Z-RAM with remarkably long data retention for DRAM application Tae-Su Jang, Joong-Sik Kim, Sang-Min Hwang, Young-Hoon Oh, Kwang-Myung Rho, Seoung-Ju Chung, Su-Ock Chung, Jae-Geun Oh, Sunil Bhardwaj*, Jungtae Kwon*, David Kim*, Mikhail ...
Patient presenting with acute lateral wall myocardial infarction was taken up for primary angiopl... more Patient presenting with acute lateral wall myocardial infarction was taken up for primary angioplasty. Angiogram revealed a totally occluded left main coronary artery. Thrombosuction revealed a trifurcation with disease at proximal part of all 3 branches. Y-stenting with kissing balloon technique was performed to open anterior descending and ramus branches. Patient was free of angina till 6 months of follow-up. Kissing balloon technique in primary angioplasty of left main artery is reported uncommonly.
Since the first report in 2012, molecular Copper complexes have been proposed as efficient electr... more Since the first report in 2012, molecular Copper complexes have been proposed as efficient electrocatalysts for water oxidation reaction, carried out in alkaline/neutral aqueous media. However, in some cases the copper species have been recognized as precursors of an active copper oxide layer. Therefore, the question whether Copper catalysis is molecular is particularly relevant in the field of water oxidation. In this work, we investigate the electrochemical activity of Copper(II) complexes with two tetraaza macrocyclic ligands, distinguishing heterogeneous or homogeneous processes depending on the reaction media. In alkaline aqueous solution, and upon application of an anodic bias to working electrodes, an active copper oxide layer is observed to electrodeposit at the electrode surface. Conversely, water oxidation in neutral aqueous buffers is not associated to formation of the copper oxide layer, and could be exploited to evaluate and optimize a molecular, homogeneous catalysis.
Leaf rust caused by Puccinia triticina is the most common and widely distributed of the three whe... more Leaf rust caused by Puccinia triticina is the most common and widely distributed of the three wheat rusts. Losses from leaf rust are usually less damaging than those from stem rust and stripe rust, but leaf rust causes greater annual losses due to its more frequent and widespread occurrence. Yield losses from leaf rust are mostly due to reductions in kernel weight. Many laboratories worldwide conduct leaf rust surveys and virulence analyses. Most currently important races (pathotypes) have either evolved through mutations in existing populations or migrated from other, often unknown, areas. Several leaf rust resistance genes are cataloged, and high levels of slow rusting adult plant resistance are available in high yielding CIMMYT wheats. This paper summarizes the importance of leaf rust in the main wheat production areas as reflected by yield losses, the complexity of virulence variation in pathogen populations, the role cultivars with racespecific resistance play in pathogen evolution, and the control measures currently practiced in various regions of the world.
Misalignment of supply chain strategy can lead to overall business failure. Present literature pr... more Misalignment of supply chain strategy can lead to overall business failure. Present literature provides a number of accounts that verify the fact. Cisco's inventory write-off of $2 bn in 2001 and failure of Furniture.com in 2000 are the famous examples. At the same time a number of case studies written on Dell, Wallmart and other companies suggest the importance of an overall alignment of supply chain strategy with business strategy. Recent AMR Research by Tony et al. (2009) concluded supply chain risk to be the most significant risk in business operations. An understanding of supply chain strategy and its alignment with business strategy has become an imperative for academicians and practitioners. The present study is an attempt to identify the challenges and issues in the area of supply chain alignment through contemporary literature survey. It presents a set of case studies in Fast Moving Consumer Goods (FMCG), real estate and manufacturing which justify the cause and elucidates the importance of aligning supply chain strategy with business strategy.
The basic function of derivative contracts is risk management and price discovery. From the last ... more The basic function of derivative contracts is risk management and price discovery. From the last two decades, derivatives are popular as less costly and efficient risk management tools. Management of risk is very critical for the organization to survive and compete in the current dynamic business environment. The increased use of derivatives as a risk management vehicle is due to their ability to forecast future cash flows. The cash flows can be predicted accurately in derivatives if we understand the direction of information flow and mechanism of price formation in them. The focus of the study is to analyse the lead-lag behaviour among spot and future markets of metals in price discovery process. The daily average spot and future prices of gold, copper, silver, lead and zinc have been collected from Multi-Commodity Exchange (MCX) for fourteen years from January 2005 to December 2018 for the accomplishment of the research objectives in two steps. First, the ADF Test and PP Test have been employed to estimate the stationarity which predicts an integration of order (1) in the time series. Second, appropriate lag length has been selected by employing SIC lag length criteria followed by estimations of cointegration and causality in the metals taken for the study. The results of Johansen's Cointegration Test have predicted a long-run cointegration between the futures and spot market of metals. The estimates of VECM Granger Causality Test has predicted a two-way causality in silver, copper and zinc whereas one-way causality has been observed in the prices of gold and lead, giving rise to a lead-lag behaviour. The study has concluded that the lead-lag behaviour is missing in silver, copper and zinc where both the markets are found to be equally efficient. But, the study has noticed that the future markets are quicker, efficient and leads in price discovery mechanism in case of gold and lead.
Risk management is very critical for the organization to survive and compete in the present day b... more Risk management is very critical for the organization to survive and compete in the present day business environment. From the last two decades derivatives are popular as less costly and efficient risk management tools. The increased use of derivatives as risk management vehicle is basically due to their ability to predict future cash flows. Future cash flows can be predicted more accurately in derivatives if we understand the process of price discovery. Price discovery is the process of incorporating information produced and transmitted across spot and future markets in the commodity price. Both spot and future commodity markets react to the similar information but which market first react first is important for us because this market acts as market leader in price discovery. This piece of research tries to analyses the price discovery behavior of four indices i.e. mcx Comdex, mcx metal, mcx agri and mcx energy.
Risk management is very critical for the organization to survive and compete in the present day b... more Risk management is very critical for the organization to survive and compete in the present day business environment. From the last two decades derivatives are popular as less costly and efficient risk management tools. The increased use of derivatives as risk management vehicle is basically due to their ability to predict future cash flows. Future cash flows can be predicted more accurately in derivatives if we understand the process of price discovery. Price discovery is the process of incorporating information produced and transmitted across spot and future markets in the commodity price. Both spot and future commodity markets react to the similar information but which market first react first is important for us because this market acts as market leader in price discovery. This piece of research tries to analyses the price discovery behavior of four indices i.e. mcx Comdex, mcx metal, mcx agri and mcx energy for the period 1st
Lal Bhadhur Institute of Management, New Delhi, 2020
The study focus to analyse the causality relationship between the spot and future price of spices... more The study focus to analyse the causality relationship between the spot and future price of spices i.e. Coriander, Jeera and Turmeric being traded on NCDEX. The causality linkage can be used for predicting the spot and future prices of the respective commodities which can further help to hedge price risk. The study will help to understand the price discovery behaviour by analysing price signals emitted by the spot and futures markets of spices being traded in National Commodity and Derivative Exchange of India (NCDEX) by using daily spot and futures prices of spices from 1 January 2005 to 31 December 2018. A spectrum of econometric models and statistical tools has been used to analyse the price discovery mechanism in spices like Augmented Dickey-Fuller Test (ADF), Phillips-Perron (PP) Test, Johansen Co-integration Test, VECM Granger Causality and Ordinary Least Square (OLS). The study predicts the existence of a long-run association between the spot and futures prices in the spices taken for the study. VECM Granger Causality method reveals a short-run bi-directional causality relationship between the spot and futures prices of coriander and jeera where both the markets are found to be equally efficient and react to the new information and innovation simultaneously. A uni-directional causality has been predicted in turmeric from future to spot where the future market is found to be dynamic and leads to price variations in spot prices. The study reveals that in turmeric 96% variation in spot price is explained by future price. The study is an original work of the authors.
The study focus to analyse the causality relationship between the spot and future price of spices... more The study focus to analyse the causality relationship between the spot and future price of spices i.e. Coriander, Jeera and Turmeric being traded on NCDEX. The causality linkage can be used for predicting the spot and future prices of the respective commodities which can further help to hedge price risk. The study will help to understand the price discovery behaviour by analysing price signals emitted by the spot and futures markets of spices being traded in National Commodity and Derivative Exchange of India (NCDEX) by using daily spot and futures prices of spices from 1 January 2005 to 31 December 2018. A spectrum of econometric models and statistical tools has been used to analyse the price discovery mechanism in spices like Augmented Dickey-Fuller Test (ADF), Phillips-Perron (PP) Test, Johansen Co-integration Test, VECM Granger Causality and Ordinary Least Square (OLS). The study predicts the existence of a long-run association between the spot and futures prices in the spices taken for the study. VECM Granger Causality method reveals a shortrun bi-directional causality relationship between the spot and futures prices of coriander and jeera where both the markets are found to be equally efficient and react to the new information and innovation simultaneously. A uni-directional causality has been predicted in turmeric from future to spot where the future market is found to be dynamic and leads to price variations in spot prices. The study reveals that in turmeric 96% variation in spot price is explained by future price. The study is an original work of the authors.
... Highly scalable Z-RAM with remarkably long data retention for DRAM application Tae-Su Jang, J... more ... Highly scalable Z-RAM with remarkably long data retention for DRAM application Tae-Su Jang, Joong-Sik Kim, Sang-Min Hwang, Young-Hoon Oh, Kwang-Myung Rho, Seoung-Ju Chung, Su-Ock Chung, Jae-Geun Oh, Sunil Bhardwaj*, Jungtae Kwon*, David Kim*, Mikhail ...
Patient presenting with acute lateral wall myocardial infarction was taken up for primary angiopl... more Patient presenting with acute lateral wall myocardial infarction was taken up for primary angioplasty. Angiogram revealed a totally occluded left main coronary artery. Thrombosuction revealed a trifurcation with disease at proximal part of all 3 branches. Y-stenting with kissing balloon technique was performed to open anterior descending and ramus branches. Patient was free of angina till 6 months of follow-up. Kissing balloon technique in primary angioplasty of left main artery is reported uncommonly.
Since the first report in 2012, molecular Copper complexes have been proposed as efficient electr... more Since the first report in 2012, molecular Copper complexes have been proposed as efficient electrocatalysts for water oxidation reaction, carried out in alkaline/neutral aqueous media. However, in some cases the copper species have been recognized as precursors of an active copper oxide layer. Therefore, the question whether Copper catalysis is molecular is particularly relevant in the field of water oxidation. In this work, we investigate the electrochemical activity of Copper(II) complexes with two tetraaza macrocyclic ligands, distinguishing heterogeneous or homogeneous processes depending on the reaction media. In alkaline aqueous solution, and upon application of an anodic bias to working electrodes, an active copper oxide layer is observed to electrodeposit at the electrode surface. Conversely, water oxidation in neutral aqueous buffers is not associated to formation of the copper oxide layer, and could be exploited to evaluate and optimize a molecular, homogeneous catalysis.
Leaf rust caused by Puccinia triticina is the most common and widely distributed of the three whe... more Leaf rust caused by Puccinia triticina is the most common and widely distributed of the three wheat rusts. Losses from leaf rust are usually less damaging than those from stem rust and stripe rust, but leaf rust causes greater annual losses due to its more frequent and widespread occurrence. Yield losses from leaf rust are mostly due to reductions in kernel weight. Many laboratories worldwide conduct leaf rust surveys and virulence analyses. Most currently important races (pathotypes) have either evolved through mutations in existing populations or migrated from other, often unknown, areas. Several leaf rust resistance genes are cataloged, and high levels of slow rusting adult plant resistance are available in high yielding CIMMYT wheats. This paper summarizes the importance of leaf rust in the main wheat production areas as reflected by yield losses, the complexity of virulence variation in pathogen populations, the role cultivars with racespecific resistance play in pathogen evolution, and the control measures currently practiced in various regions of the world.
Misalignment of supply chain strategy can lead to overall business failure. Present literature pr... more Misalignment of supply chain strategy can lead to overall business failure. Present literature provides a number of accounts that verify the fact. Cisco's inventory write-off of $2 bn in 2001 and failure of Furniture.com in 2000 are the famous examples. At the same time a number of case studies written on Dell, Wallmart and other companies suggest the importance of an overall alignment of supply chain strategy with business strategy. Recent AMR Research by Tony et al. (2009) concluded supply chain risk to be the most significant risk in business operations. An understanding of supply chain strategy and its alignment with business strategy has become an imperative for academicians and practitioners. The present study is an attempt to identify the challenges and issues in the area of supply chain alignment through contemporary literature survey. It presents a set of case studies in Fast Moving Consumer Goods (FMCG), real estate and manufacturing which justify the cause and elucidates the importance of aligning supply chain strategy with business strategy.
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