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Many studies have shown that from a theoretical and empirical point of view, downside risk-based measures of risk are better than the traditional ones. Despite academic appeal and practical implications, downside risk has not been thoroughly examined in markets outside developed country markets. Using downside beta as a measure of downside risk, this study examines the relationship between downside beta and stock returns in Indian equity market, an emerging market with unique investor, asset and market characteristics.

This is an empirical study done by using ranked portfolio return analysis and regression analysis methodologies.

The study results show that downside risk, as measured by downside beta, is distinctly priced in the Indian equity market. There is a direct positive relationship between downside beta and contemporaneous realized returns, indicating a premium for downside risk. Downside risk carries a higher weightage than upside potential in the aggregate return of the stock portfolios. Downside beta is a better measure of systematic risk than conventional market beta and downside coskewness.

The empirical results support the adoption of downside beta in practice and provide a case for replacing traditional beta with downside beta in asset pricing applications, trading and investment strategies, and capital allocation decision-making.

This is one of the first in-depth studies examining downside beta in Indian equity markets using a broad sample of individual stock returns covering a wide time range of 22 years. To the best of our knowledge, this study is the first one to compare downside beta and downside coskewness using individual stock data from the Indian equity market.

The swirl intensity imposed on the flow plays a vital role in aerodynamics, flame shape, flame stabilization and combustion intensity. In lean direct injection (LDI), the air and fuel are fed through separate channels, and the swirling air flows have a strong impact on fuel-air mixing and heat release. The literature indicates that the effects of swirling on helical axial LDI systems are limited to nonreacting flows studied through experimental methods, but not many studies have been reported on the reacting flows of a single swirler. The objectives of the paper are divided into two parts. The first part presents the role of swirl in nonreacting LDI systems and the second part describes spray combustion in LDI systems for low (swirl < 0.5) to high (swirl > 0.5) swirl numbers.

The numerical model incorporates all the necessary features of the single helical axial swirler, starting from the hollow circular section to the outlet of a long mixing chamber. The commercial solver FLUENT is used to predict the flow field around the axial swirler. The first step is to establish a numerical procedure (based on computational fluid dynamics [CFD]) to predict the nonreacting flow behavior for different swirlers and the CFD results are validated against literature data. The spray atomization, droplet evaporation and the effects of interaction between the two phases are modeled by implementing various spray submodels in FLUENT. The large Eddy simulation (LES) reacting flow results for a vane tip angle of 60° are compared with test data and presented at multiple cross planes.

The numerical simulations were carried out on a nonreacting single helical axial swirler for various vane tip angles, such as 40°, 50°, 55, and 60°, and the results were validated against test data. The centerline mean axial velocity and radial velocity profiles at several axial locations are in good agreement with the literature data. For reacting swirling flows, the experimental data is available only for a 60° vane tip angle. The S60 reacting flow LES mean predictions are compared at different cross planes. The axial momentum increases due to the liquid spray combustion in the gas phase and the reacting flow central recirculation zone is substantially shorter than the nonreacting flow. The impact of spray atomization due to interaction with the gas phase is verified, and the droplet mean diameter trends are consistent across different cross planes. The LES predictions of reacting flows for low to high swirls are investigated, and the effects on combustion performance are summarized.

The novelty of the paper is highlighted in two key conclusions. First, the paper presents numerical methods for studying the role of swirl in a nonreacting LDI system and validates the results against experimental data. Second, the effects of combustion on the gas phase, spray combustion modeling and droplet atomization are numerically established and compared with literature data for a 60° vane tip angle. In addition, the role of swirl in the reacting flow field for vane tip angles of 40°, 50° and 60° is numerically investigated, and its effect on flame stability, pressure drop and NOx emissions is presented. The paper describes LES grid guidelines for the LDI swirler and presents a numerical modeling approach that helps to develop a robust swirler design through a parametric investigation of swirler geometry. The methodology can be extended to study multi-element swirler configurations, to understand the effect of swirl on droplet breakup, momentum exchange with adjacent swirlers, flame propagationand emissions.

The authors mobilise stewardship theory, which delves into trust and collaboration dynamics, advocating for long-term gains through actions beneficial to the broader community. Used as a fundamental framework to conceptualise the model, stewardship theory enhances the understanding of the effect of purchasing social responsibility (PSR) practices to foster innovativeness and performance through the supply chain (SC). This study aims to examine the relationship between PSR, SC innovativeness (SC-INNO) and SC operational performance (SCOP). In addition, the moderating effect of sustainability labels on these relationships will be studied.

Based on survey data from 177 organisations analysed through partial least square structural equation modelling, the results suggest that PSR has a positive and significant effect on SC-INNO and SCOP. In addition, SC-INNO plays a partial mediation role since the direct effect between PSR and SCOP is validated. Furthermore, the moderating effects of holding a sustainability label and industry type about PSR and SCOP are supported.

The results indicate a significant positive influence of PSR on both SC-INNO and operational performance. SC-INNO is found to partially mediate the PSR–SCOP relationship. Moreover, sustainability labels and industry type significantly moderate the effects of PSR on SCOP.

The findings extend stewardship theory into the sustainable purchasing and supply management field by providing empirical support for PSR as a reflection of stewardship behaviours by fostering innovation and performance throughout the SC.

This paper is the third part of a research effort that aims to identify how various crises affected basic business processes using Institut Européen d'Administration des Affaires (INSEAD’s) industrial excellence framework (IEF) in large organizations.

This research compares three data sets from the same four companies against quality management benchmarks, with a span of more than two decades: (1) data collected in 2005 operating under a financially thriving corporate environment; (2) data collected in 2015, operating under a strong financial crisis and (3) data collected in 2022, operating under the serious COVID-19 crisis.

The authors identify the characteristics that helped them navigate successfully through almost two crises in a row. These companies successfully navigated crises by applying assessment and continuous improvement processes, forging close relationships with their suppliers and training their people systematically.

The findings can be adopted by practitioners who wish to navigate their organizations during serious crises. Researchers and academics may also find this study interesting for managing quality during a pandemic.

There are not many studies that investigate how the pandemic influenced the quality management practices in organizations in Greece in sequential crises. This paper brings insights into the enduring advantages of adopting a quality framework.