Determinants of Stock Returns: Empirical Evidence from India
Bhargav Pandya
The main objective of this study is to empirically investigate the predictive power of book-to-market ratio, size, return on capital employed, and return on equity in explaining stock returns in the Indian context. A sample of 181 companies included in the Bombay Stock Exchange (BSE) 200 index was taken for the study. The study covers a period of 10 years ranging from 2009 to 2018. The panel data regression model was run to examine the predictive ability of explanatory variables. The regression model was run in three forms: Pooled Ordinary Least Square Model, Fixed Effect Model, and Random Effect Model. The results of the study show that firm size and book-to-market ratio are significant predictors of stock return. Return on capital employed and return on equity are not statistically significant in explaining stock returns. The study confirms the relevance of the multifactor model in explaining stock returns
Stock Return; Firm Size; Book-To-Market Ratio; ROE; ROCE
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Research Articles
Assessing the Feasibility of Integrating Sludge into Clay Brick for Brick Manufacturing
D. Naresh Kumar and T. Madhu
There has been a high increase in the demand for construction material industries, especially in the state of Telangana in the last few years. The major reason for this high demand is that the state has been developing its infrastructure on a greater scale. The sewage generated on a large scale cannot be disposed of by regular techniques, in nations that have more inhabitants, which leads to groundwater contamination. This investigation has been carried out to assess the utility of the domestic and industrial sludge found in Dhulapally region. The sludge is added to the soil in the ratios of 10%, 20%, 30%, 40%, and 50% to make bricks. Various tests such as compressive strength tests, water absorption tests, and efflorescence tests were carried out on the burnt bricks made from the mixture of soil and sludge. Bricks with 20% domestic sludge showed the compressive strength of 17.1 N/mm2 , 12.30% water absorption and nil efflorescence. Bricks with 20% industrial sludge showed the compressive strength of 14.5 N/mm2 , 13.9% water absorption and slight. Bricks with 20% domestic sludge showed high compressive strength, normal water absorption, and no efflorescence sign, whereas brick with industrial sludge showed slightly high absorption of water and efflorescence. 30% sludge is not recommended for use. The sludge brick appears like the common brick because of poor external dying. Use of sludge in brick manufacturing reduces industrial disposal, land pollution, cost and produces a greener brick for construction.
Domestic Sludge; Industrial Sludge; Compressive Strength; Water Absorption; Efflorescence
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Research Articles
Engineering Performance of Self-Compacting Based Hybrid Fiber Reinforced Concrete with Fly Ash and Colloidal Nano Silica
Chinmaya Kumar Mahapatra and Sudhirkumar V. Barai
Cement mortar and concrete are the most extensively used construction materials in the field of infrastructure development. Fly ash is the waste product of the thermal power plant having pozzolanic properties. Due to more surface area, Nano silica speeds up the rate of hydration of cement resulting in enhanced particle packing. The unavoidable deficiency of normal concrete is of low tensile strength with limited ductility which can be improved by mixing suitable fibers into the concrete matrix. The aim of this study is to investigate the fresh and hardened properties of M60 grade of hybrid fiber reinforced self-compacting concrete with a constant water binder ratio of 0.38 and using polycarboxylate ether based superplasticizer of 0.2% of binder. Four additives namely class F type of fly ash, colloidal Nano silica, crimped steel fibers and polypropylene fibers are used. Each of the additives is called a ‘factor’. Each factor has four levels of addition: fly ash with 5%, 10%, 15%, and 20% and 0.1%, 0.2%, 0.3% and 0.4 % of colloidal Nano silica by weight of cement replacement is added. 0.5%, 0.75%, 1.0% and 1.25% of crimped steel fibers and 0.042%, 0.084%, 0.125% and 0.167% of polypropylene fibers by volume of concrete are considered. L16 orthogonal array of Taguchi method is followed to avoid conducting of large number of experiments. Only 16 mixes with one normal control concrete mix without any additive have been considered. The cost analysis informs that the cost of crimped steel fiber increases the cost of production of concrete with enhanced serviceability. The optimized concrete mix developed through this study may be recommended for the use as a ready mix type of self-compacting based hybrid fiber reinforced concrete in the field of infrastructure development of the country.
Udit Anshumalin Shah, Shubham Dubey, Shivam and K. N. Vishwanath
Sustainability is a powerful yet abstract concept. Our study will focus on the sustainability aspects of a building. Buildings are vital in developing a city as they can influence a person’s values and attitude towards the use of resources. Engineers will continue to develop technologies and tools for bettering the economic, environmental, and societal performance of residential and commercial buildings. Information collected on various features of an existing building will give us an idea on the energy it uses. Sustainable design is an approach that promotes the quality of surrounding and indoor environment of a building. This design approach, if followed diligently, serves towards immeasurably improving the performance of the building set-up. Efficient use of this system of approach demands detailed study of the local and global factors governing the design of the building. The approach focuses on orientation, energy efficiency in construction, and functioning of the building. This study deals with improving the outcomes in stages of construction, operation and maintenance using the concepts of passive buildings and low energy materials, and thus aims at developing a cost-effective, energy-efficient, environment-friendly construction technique while adhering to the principles of sustainability.
Sustainability; Orientation; Energy Efficiency; Passive Buildings; Low Energy Materials
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Research Articles
Impact of Human Resource Factors on Risk in Construction Sector in India - Preliminary Survey Findings
Kumar Gaurav Thakur
This study focuses on seven primary risks faced by the construction sector in India. Impacts of these risks are discussed in detail in the study and the focus is on one factor which can bring down the overall negative impact of these risks. That factor is human resource motivation. Opinions are collected from several construction professionals by conducting an online survey for this. India is a populous country, and workforce at different levels is readily available. Therefore not much effort is put in construction sector to make them feel valuable. Using the survey opinions, it is suggested in this study that employees and workers in this sector must be respected and motivated properly. Higher the motivation level, lower will be the risk levels in any construction projects. Everyone can gain useful insights from this paper as most of the risks discussed here are applicable to other businesses too and so is the solution.
Indian Construction Sector; Risk Impact; Employee Motivation; Human Resource Management; Project Management.
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Research Articles
The Smart City Concept: Challenges in Adoption and Implementation in India
Shruti Vaishampayan and Anil Agarwal
‘Smart City’ has been a buzzword in India since the advent of the ambitious Smart Cities Mission by the Government of India in 2015. The objective of this mission is to transform 100 selected Indian cities into ‘Smart Cities’ with an investment of INR 48000 Crore (US$6.7 billion). Although the concept of Smart City has been developed with significant clarity and sophistication in the Western world, little has been written about its conceptual applicability in the Indian context. ‘Smart City’ is conceived differently by technocrats, politicians, users, researchers, and academics. This paper reviews relevant literature regarding the genesis of the concept of smart cities in the Western world and applicability of the same in India with respect to the Smart Cities Mission. This paper further studies the case of Pune Smart City and also identifies challenges in adoption and implementation of the mission.
Smart City Concept; Smart Cities Mission; India; Implementation
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