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This paper aims to investigate the explanatory power of the Fama-French five-factor model and compares it to the other asset pricing models. In addition, the paper examines the contributions of two additional factors: profitability and investment factor. The authors test the alternative four-factor models.

The authors use stock returns data of BSE-500 listed firms for the Indian market, an emerging market, from 1999 to 2020, thus covering the post-Asian crisis and pre- and post-financial crisis (2007–2008) periods. The authors employ 75 and 96 portfolios based on different factors. To check the performance of asset pricing models, the authors also used the GRS F-statistics and factor spanning tests.

The authors find that the five-factor model and alternative four-factor model outperform the three-factor model. Contrary to the findings for the US, but similar to the Chinese stock market, the value factor is significant for the Indian stock market. Simultaneously, the authors also find that the investment factor has no explanatory power in the presence of the profitability factor in their sample.

To the best of the authors' knowledge, this is the most comprehensive study using data more than two decades. These results are based on 75 (25 × 3) portfolios based on size, value, profitability and investment. The authors also tested these results based on 96 (32 × 3) portfolios to check robustness, and these results still hold. Furthermore, the authors find that factors based on 2 × 3 sorting have higher explanatory power than those based on 2 × 2 and 2 × 2 × 2 × 2 sorting.

This study aims to evaluate the influence of oleic acid (OA)-capped Al₂O₃ nanoparticles on the tribological performance of conventional lube oil. The goal is to determine the optimal nanoparticle concentration that enhances lubricant efficiency by reducing friction and wear.

The research involved preparing nanolubricants with four different concentrations of Al₂O₃ nanoparticles: 0.05, 0.1, 0.25 and 0.5 wt.%. Tribological performance was assessed using a four-ball tribotester, which measured the coefficient of friction (COF) and wear scar diameter (WSD) under standardized testing conditions.

The experimental results revealed that the nanolubricant containing 0.1 wt.% OA-Al₂O₃ nanoparticles exhibited the most significant improvement in tribological performance. This formulation achieved a 38.84% reduction in COF and a 23.87% reduction in WSD compared to the base lubricant. These findings demonstrate the effectiveness of incorporating OA-capped Al₂O₃ nanoparticles in reducing friction and wear, thereby enhancing the overall performance of conventional lubricants.

This study demonstrates the benefits of OA-capped Al₂O₃ nanoparticles in lubricants, including a 38.84% reduction in COF and a 23.87% reduction in WSD. By systematically analyzing different nanoparticle concentrations, it identified that 0.1% by weight of nanoparticles is the most effective formulation for reducing friction and wear.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-06-2024-0236/

The purpose of this paper is to investigate the economics of supplying energy needs for illumination requirements by hawkers using alternatives like compact fluorescent lamps battery lamps, liquefied petroleum gas mantle lamps or supply from mini‐grids supported by local diesel generators. Further, the prevailing business models like the lamp rental and the mini‐grid models, which epitomise informal electricity markets, are also analysed.

Three localities in Kanpur city are identified and data on techno‐economic characteristics of illumination options used by hawkers are collected. To compare the available options with varying capital life‐span, equivalent annual cost approach is utilized. This is used to calculate the levelised cost of 1 kiloWalthour energy used for providing illumination.

The daily user cost of illumination ranges from Rs 6.1 to 17 (for four hours) across the four existing models studied in the paper. This translates to Rs 31.3 to 312.5 per kWh of electricity use. The technology choice by hawkers is influenced by lack of initial capital and inconvenience associated with cheaper options than overall economics of the alternative option is found.

The paper highlights the absence of financial and institutional intervention that can help significantly reduce the cost of electricity access by such users and also help adoption of greener options like solar lanterns or solar battery bank charging stations. A practical solution may include a greater role of micro‐finance institutions. Greater awareness and capacity building needs of local entrepreneurs as well as of end‐users also need attention.

This is perhaps one of the few attempts to unravel the informal electricity markets in India and help identify issues that need attention so as to address needs of millions of consumers at the margin of the electricity grid in the country.

The present study provides evidence on export advantages of horticultural commodities based on competitiveness, trade balance and seasonality dimensions.

The study delineated horticultural commodities in terms of comparative advantage, examined temporal shifts in export advantages (mapping) and estimated seasonality. Product mapping was carried out using the Revealed Symmetric Comparative Advantage (RSCA) and Trade Balance Index (TBI). Seasonal advantages were examined through a graphical approach along with the objective tests, namely, modified QS-test (QS), Friedman-test (FT) and using a seasonal dummy.

Cucumbers/gherkins, onions, preserved vegetables, fresh grapes, shelled cashew nuts, guavas, mangoes, and spices emerged as the most favorable horticultural products. India has a strong seasonal advantage in dried onions, cucumber/gherkins, shelled cashew nut, dried capsicum, coriander, cumin, and turmeric. The untapped potential in horticulture can be addressed by handling the trade barriers effectively, particularly the sanitary and phytosanitary issues, affecting the exports. Proper policies must be enacted to facilitate the investment in advanced agricultural technologies and logistics to ensure the desired quality and cost effectiveness.

Commodity-specific studies on value chain analysis would provide valuable insights into the issues hindering exports and realizing the untapped export potential.

There is no holistic and recent study illustrating the horticulture export advantages covering a large number of commodities in the Indian context. The study would be helpful to the stakeholders for drawing useful policy implications.

The purpose of this paper is to introduce a prospective market monitoring system (MMS) for surveillance of Indian power market using a set of new market monitoring indices.

It is necessary for the system regulators and policy makers to identify the potential market power and find ways to mitigate them to improve the market efficiency. The simple way to curb market power is the capping of bidding price to several times the average price of electricity. However, this approach is not ideal as it could mask the real market trading situation. The best way for the regulator is to identify which particular generators are exercising market power and deal with them individually.

Identification of major activities under MMS and effectiveness of new market indices have been established through quantitative analysis.

The MMS will provide in‐time warning signals and identify the suppliers taking maximum unfair advantage which needs intense scrutiny by monitoring unit.

Very few works have discussed detail market monitoring issues for the markets those are in their early stages of development like Indian electricity market. Indian Energy Exchange as a first power exchange in India became operative from June 2008, therefore, it is very important to develop an effective MMS.

India began gas imports since 2004 through liquified natural gas (LNG) route. Imports through trans‐country gas pipelines could help in bringing gas directly into the densely populated Northern part of India, which are far from domestic gas resources as well as coastal LNG terminals. The purpose of this paper is to report scenarios, which quantify the impacts for India of regional cooperation to materialize trans‐country pipelines. The analysis covers time period from 2005 to 2030.

The long‐term energy system model ANSWER‐MARKAL is used for the analysis.

Trans‐country pipelines could deliver direct economic benefit of US$310 billion for the period 2010‐2030. Besides these, there are positive externalities in terms of lower greenhouse gas emissions and improved local environment, and enhanced energy security. However, the benefits are sensitive to global gas prices as higher gas prices would reduce the demand for gas and also the positive externalities from using gas.

Trans‐country pipelines are of great importance to India as they add 0.4 per cent to gross domestic product over the period besides yielding positive environmental externalities and improved energy security.

Quantification of benefits from trans‐country pipeline proposals till 2030.

Improving energy efficiency is considered one of the most desirable and effective short‐term measures to address the issue of energy security, and also reduce the emission of greenhouse gases. However, lack of access to domestic finance is the major hindrance in achieving the potential in China and India. This paper aims to report the experience of a three‐country United Nations Environment Programme/World Bank Energy Efficiency Project (involving China, India and Brazil) that is set up to address the financial barrier and identifies the lessons that can be learnt from the project.

The paper follows the post‐completion review approach of a project and presents the activities undertaken and results obtained from the project.

The project seeks to remove the financial barrier through the development of a commercial banking window for energy efficiency, energy service company development and support, exploring the need for setting up guarantee facilities and need for facilitating equity financing to the sector. The project succeeds in creating awareness and better understanding among the financial institutions in both India and China on potential of energy efficiency and need to make financing available for this. The banks in India in created specialized schemes for energy efficiency financing, and in China, the project has a positive impact on the new initiatives with the on‐lending facility and the guarantee fund for energy management companies. Experience sharing on these issues through cross‐exchange workshops proves to be very useful. The project successfully creates a platform on which further energy efficiency work can be carried out in the participating countries.

By disseminating the experience of energy efficiency financing in two developing countries, the paper contributes to knowledge that can be helpful in a wider context.