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The study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in the presence of structural breaks.

The study employed the autoregressive distributed lag (ARDL) bounds test and the Error Correction Model to assess long- and short-term causal relationships. The study also used non-frequentist Bayesian inferences for the validity of estimation robustness. The Bai–Perron test is used to identify breakpoint dates for the Indian stock market index, and the Granger Causality test is employed to ascertain the direction of causality.

The F-bounds test reveals cointegration among the variables throughout the examined period. Specifically, the weighted average call money rate (WACR), inflation (WPI), currency exchange rate (EXE), and broad money supply (M3) exhibit statistical significance with precise signs. Furthermore, the study identifies the negative impact of the COVID-19 outbreak in March 2020 on the Indian stock market.

Although the study provides significant insights, it is not exempt from constraints. A significant limitation is selecting a relatively limited time period, specifically from April 2008 to September 2023. The limited time frame of this study may restrict the applicability of the results to more comprehensive economic settings, as dynamics between the monetary policy and the stock market can be influenced by multiple factors over varying time periods. Furthermore, the utilisation of the Weighted Average Call Money Rate (WACR) rather than policy rates such as the Repo rate presents an additional constraint as it may not comprehensively account for the impacts of particular policy initiatives, thereby disregarding essential complexities in the connection between monetary policy variables and financial markets.

The findings of the study suggest that investors and portfolio managers should consider economic issues while developing long-term investing plans. Reserve Bank of India should exercise prudence to prevent any discretionary measures that may lead to a rise in interest rates since this adversely affects the stock market. To mitigate risk, investors should closely monitor the adjustment of monetary policy variables.

The study has important social implications, especially regarding the lower levels of financial literacy among investors in India. Considering the complex nature of the study’s emphasis on monetary policy adjustments and their impact on the stock market. Investors face the risk of significant losses due to unexpected adjustments in monetary policy. Many individuals may need help understanding how policy changes impact their investments. Therefore, RBI must consider both price and financial stability when formulating monetary policies. Furthermore, market participants should consider the potential impact of fluctuating monetary policy variables when devising their long-term investment strategies. Given that adjustments in interest rates can markedly affect stock market dynamics, investors must carefully assess the implications of monetary policy decisions on their portfolios.

The study uses dummy variables in the ARDL model to represent structural breaks that emerged from the COVID-19 pandemic (as determined by the Bai–Perron multiple breakpoint test). The study also used the Perron unit root test to find out the stationary of the series in the presence of structural breaks. Additionally, the study also employed Bayesian inferences to affirm the robustness of the estimates.

The purpose of this paper is to demonstrate the erosion performance of coated and uncoated surfaces of glass fibre-reinforced polymers (GFRP) wind turbine blade material using Taguchi's approach. Taguchi's array (L25) optimized erosion wear by varying three parameters: impact velocity, impact angle and run time across five levels.

The studies were carried out using a whirling arm rig tester with an impact velocity range of 30–70 m/s (metre per second), an impact angle of 0–90 degree and a run time of 30–90 min. Salt water is used as an erosion agent to replicate the offshore environment. Taguchi's method was used to optimize the process parameters.

The results showed that erosion is less on the coated surface than on the uncoated surface. When compared to other factors, impact velocity was determined to be the most dominant, whereas run time was the least dominant. In addition, GFRP wind turbine blade material exhibits a ductile erosion process. Furthermore, in all experimental trials less erosion was observed on coated surfaces as compared to uncoated surfaces.

Few researches have been done using different design of experiment techniques to optimize the erosion wear response of uncoated GFRP materials and coatings based on polyurethane. Furthermore, mechanism of the erosion and morphology of both surface conditions was investigated using scanning electron microscopy, X-ray diffraction, energy dispersive X-ray spectroscopy testing and Minitab software.

The process of conveyance of solid–liquid mixtures poses a significant challenge due to the considerable wear and tear experienced by critical components. This issue not only affects the lifespan of the system but also jeopardizes its safe operation. The purpose of this study is to numerically and experimentally investigate the erosion wear behavior of impeller steels (SS-410 and S-317) using Computational Fluid Dynamics (CFD) and Design of Experiments (DOE) techniques, aiming to address the significant challenges posed by wear in slurry transportation systems.

In this study, a robust two-phase solid-liquid model combining CFD with Discrete Phase Modeling (DPM) was applied to simulate the effects of coal-ash slurries on impeller steel. Additionally, an experimental evaluation was conducted using the DOE approach to analyze the impact of various parameters on impeller steel. This integrated methodology enabled a comprehensive analysis of erosion wear behavior and the influence of multiple factors on impeller durability by leveraging CFD for fluid flow dynamics and DPM to model particle interactions with the steel surface.

Simulation results highlight a strong link between particle size and the wear life of impeller steel. Through simulations and experiments on SS-410 and SS-317 under varied conditions, it’s evident that SS-410 outperforms SS-317 due to its higher hardness and density. This is supported by Taguchi’s method, with SS-410 showing a higher Signal-to-Noise ratio. Notably, particle size emerges as the most influential parameter compared to others.

Current research primarily focuses on either CFD or experimentation to predict pump impeller steel erosion wear, lacking relevant erosion mechanism insights and experimental data. This study bridges this gap by employing both CFD and DPM methods to comprehensively investigate particle effects on pump impeller steel and elucidate erosion mechanisms.

This empirical study aims to investigate the erosion wear performance of two different 3D-printed materials (acrylonitrile butadiene styrene [ABS] and polylactic acid [PLA]) with various micro textures. The two different textures (prism and square) were created over the surfaces of both materials by using the 3D-printed technique.

The erosion experiments on both materials were performed by using Ducom Erosion Jet Tester. Erosion tests were performed at four different impacting velocities (15, 30, 45 and 60 m/s) with the four different particle sizes (17, 39, 63 97 µm) at the impact angles (30°–90°) for the time duration of 5, 10, 15 and 20 min. The two different textures prism and cone were used for performing the erosion experiments. Taguchi’s orthogonal L16 (mixed level) was used to reduce the number of experiments and to determine the impact of these parameters on erosion wear performance of both 3D-printed materials.

The PLA with cone texture was found to be best (against erosion) than the ABS cone and prism textures due to their high hardness (68 HV). Also, the average signal to noise (S/N) ratio for PLA and ABS was measured as 56.4 and 44.4 dB, respectively. As the value of the S/N ratio is inversely proportional to the erosion rate, the PLA has the least erosion rate as compared to the ABS. The sequence of erosion wear influencing parameters for both materials was in the following order: velocity > erodent size > texture > impact angle > time interval.

Both PLA and ABS with different micro textures for erosion testing were studied with Taguchi’s optimization method, and the erosion mechanisms are well analyzed by using scanning electron microscopy and Image J techniques.

This study aims to focus on exploring the role of fear of missing out (FOMO) in the technology adoption context, whereby the bottom-of-the-pyramid (BOP) segment was studied to explore the factors responsible for the development of behavioural intentions (BI) to use unified payments interface (UPI), a disruptive technological phenomenon in the mobile payment systems field.

A mixed-method research approach involving both qualitative and quantitative methods was used. Initially, qualitative data obtained through interviews with UPI’s BOP users were subjected to thematic analysis, leading to the identification of eight factors and the construction of a conceptual model. Subsequently, 354 responses were gathered, and empirical analysis was conducted using structural equation modelling in AMOS 23.0.

Eight factors, including personal and social benefits, perceived security risk, socio-cultural influences, governmental influence, usability, psychological inertia, perceived value (PV) and FOMO, were discovered. The quantitative examination confirmed the validity of the conceptual model in the BOP context, explaining 51% of the variance in BI. FOMO and PV emerged as robust indicators of UPI adoption, with PV significantly regulating the impact of FOMO.

To the best of the author’s knowledge, this study is one of the first to explore what drives BOP users in an emerging economy to adopt UPI. The conceptual model it presents contributes to the advancement of technology adoption literature by incorporating FOMO alongside newly identified BOP-specific factors.

In the present study, we investigate whether enhanced momentum strategies outperform price momentum strategies and if they show greater resilience and stability under adverse market conditions. We also examine if such strategies are explained by prominent asset pricing models or are a result of behavioral mispricing.

Data consist of the equity shares of all companies listed on National Stock Exchange over the study period. To check the efficacy of enhanced momentum over price momentum, six momentum strategies have been designed and their raw as well as risk-adjusted returns using multi-factor models have been observed. Behavioral mispricing has been examined by constructing an investor attention index. Finally, few robustness tests have been performed to confirm the results.

We find that an enhanced momentum strategy which combines relative and absolute strength momentum outperforms conventional price momentum strategy in India. We also demonstrate that rational pricing models are not able to explain momentum profits for any of the strategies. Finally, we observe that investor overreaction is the possible explanation of momentum profits in India. Thus, our results confirm the role of behavioral mispricing in explaining momentum returns.

Our research is the first major attempt to study enhanced momentum strategies in the Indian context. We experiment with several new enhanced momentum strategies which have not been explored in prior literature. The findings have strong implications for global portfolio managers who wish to design profitable trading strategies.

This paper aims to examine the relationship between financial distress risk and stock returns in the Indian context.

This is an empirical study wherein the Altman-Z score is used to identify the distressed and the non-distressed firms listed on Nifty 500. The author uses the Fama–French five-factor model to study the relationship between stock returns and distress risk. The study analyses the differences in the factor loadings among the portfolios sorted by distress. It evaluates if incorporating distress risk factors in conventional pricing models enhances the goodness of fit.

The study reported a positive relationship between the distress risk factor and stock returns in the distressed portfolios, signifying that distress risk is a systematic risk only for distressed portfolios. Furthermore, after including the financial distress risk premium, the observed fluctuations in the small-minus-big (SMB), high-minus-low (HML), RMW and CMA coefficients indicate a common association with distress risk-related information.

This study tests the Fama–French five factors for distress risk and examines its nature in asset pricing for emerging markets like India. The study examined the performance of the augmented Fama–French five-factor model across different sets of portfolios sorted based on distress.

The main objective of the paper is to find evidence of abnormal returns and performance persistence of actively managed equity funds in the Indian context on an annual basis during the post-subprime crisis period between 2009 and 10 and 2019 and 2020.

The study is exploratory and empirical, used daily net asset value (NAV) of 180 equity funds for 10 years and applied the risk-adjusted, Jensen's (1968) single-factor, Fama and French's (1993) three-factor model and Carhart's (1997) four-factor model to evaluate the performance. The performance persistence has been tested using cross-section regression (Bollen and Busse, 2005), the non-parametric contingency approach, along with the robustness measure, i.e. Malkiel's (1995) Z-score, Brown and Goetzmann's (1995) cross-product ratio (CPR) and Kahn and Rudd's (1995) χ² value.

The results show that the Indian equity funds are unable to generate abnormal returns, and the size, value and momentum strategies applied by the fund managers in generating abnormal returns do not work effectively. However, funds provide strong evidence of significant performance persistence on an annual basis in the short-term, mid-term and long-term periods. Both parametric as well as non-parametric tests provide identical evidence of persistence, and the performance persistence is independent of the choice of models, as all the models (i.e. two, three or four-factor models) provide significant evidence of persistence.

Though the study is comprehensive and covered a longer period, there is a scope for future research by examining the influence of fund characteristics, fund rating and macroeconomic factors on performance and persistence. It can be extended over to a longer period covering the post-COVID-19 period, a larger sample size and a comparative study of Indian and foreign mutual funds (MFs).

The outcomes of this research paper can help wealth-maximizing investors in the identification of persistent equity funds and can apply the previous period’s performance information as a useful investment strategy to generate higher returns in the future. We believe that these outcomes will have significant ramifications for all MF stakeholders and policymakers, especially for the Indian industry in ensuring and establishing the credibility of MF managers, in providing better returns as well as to make MF investment more attractive to Indian retail investors.

Despite the exponential growth in the Indian MF industry, limited evidence is available on performance and persistence covering a large sample size during the post-sub-prime crisis period using different return models and parametric and non-parametric approaches. The study is based on the daily data set of a larger sample size representing all the Asset Management Company (AMC) and the longer period following the post-subprime crises, which affected capital flows significantly. Moreover, the application of all the measures enables us to understand performance persistence in a larger context.

The purpose of variable loading conditions (392 N-785N-392N-785N) with break-in period were used to study interactions between zinc dialkyl dithiophosphate (ZDDP) 0.1 P% (phosphorus) and fine-grade molybdenum disulfide (MoS₂) 3%, in different mixtures of NLGI 2 lithium stearate grease. Four-ball wear tests were used to evaluate the tribological properties of different grease mixtures such as coefficient of friction and wear. ASTM 2266 as reported by earlier studies is useful, but it is not representative of real-life applications where variable loads and speeds and different break-in periods play a role and could change the results and the nature of tribofilms.

In this study, chemical and mechanical properties of tribofilms were examined. Moreover, design of experiment was used to examine the data and shorten experimentation time. Research described here is investigating variable loading conditions for real-life applications by using a break-in period of 2 min at the start to minimize asperities and establish a clean surface. Design expert (DOE) analyzes responses to reveal those variables that are single factor and those that are multifactor whether synergistically or antagonistically.

The results indicated that spectrum loading with break-in period showed reduction in wear when tested in greases with ZDDP/MoS₂ combinations. Ramping up or down the load every 7.5 min for a rotational speed of 1,200 rpm and a total of 36,000 revolutions or 30-min time slowed the wear properties of lithium-based grease under different MoS₂ and ZDDP concentrations. Experiments indicated that wear was largely dependent on the loading condition and ZDDP additives during specific break-in period at 1,200 rotational speed. It is believed that MoS₂ greases perform better under spectrum loading and under constant loading when mixed with ZDDP phosphorus.

This research indicates that there is a synergistic interaction between ZDDP, MoS₂ and variable loading especially when a break-in period is applied. The results indicated that wear was largely dependent on the specific speed used with spectrum loading as presented in the energy dispersive spectroscopy and the Auger electron spectroscopy analysis, and thus a 3% MoS₂ grease with ZDDP (phosphorus: 0.1 Wt.%) are needed to improve the wear resistance and improve the friction characteristics.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2024-0016/

What is the current level of integration of the retail and wholesale banking sectors in the European Union (EU) countries, and what are the main factors and challenges affecting it? What are the solutions to promote the integration and convergence of the retail banking sector in the European countries?.

Evaluated the level of integration of the banking sector, focusing on the EU banking context, retail banking especially. The paper will adopt a comprehensive and multidimensional approach, considering different criteria and indicators of integration, such as price, quantity and information, as well as different segments and dimensions of the EU banking sector, such as wholesale and retail, assets and liabilities, products, services, price indicators and institutions and markets.

It reveals that while significant integration has been realized in domains like the money market and wholesale banking, it is less pronounced in the retail banking and capital markets.

This paper is an original research. The entire study belongs to me.