Stock Market Integration and Volatility Spillover:India and its Major Asian Counterparts

Return and volatility spillover among Indian stock market with that of 12 other developed and emerging Asian countries over a period from November 1997 to April 2008 is studied. Daily opening and closing prices of all major equity indices from the sample countries are examined by applying the GARCH model [Engle (1982) and Bollerslev (1986)] to explore the possibility of stock market integration and volatility spillover among India and its major Asian counterparties. Apart from different degrees of correlations, both in terms of return and squared return series, among Indian stock market with that of other Asian countries, the contemporaneous intraday return spillover among India and almost all the sample countries are found to be positively significant and bi-directional. More specifically, Hong Kong, Korea, Singapore and Thailand are found to be the four Asian markets from where there is a significant flow of information in India. Similarly, among others, stock markets in Pakistan and Sri Lanka are found to be strongly influenced by movements in Indian market. Though most of the information gets transmitted among the markets without much delay, some amount of information still remains and can successfully transmit as soon as the market opens in the next day.Asian stock markets; Integration; Information spillover; GARCH model

FATAL HEAD INJURY IN HOMICIDAL DEATHS IN

The head is a vital organ and the most vulnerable part of body to receive injuries. Injuries to the head are accidental, mostly vehicular or homicidal. Material and methods- The present study was based on retrospective analysis of 218 homicidal deaths in three years period from January 2004 to December 2006 from autopsies done in th

Experimental real-time multi-model ensemble (MME) prediction of rainfall during monsoon 2008: Large-scale medium-range aspects

Realistic simulation/prediction of the Asian summer monsoon rainfall on various space-time scales is a challenging scientific task. Compared to mid-latitudes, a proportional skill improvement in the prediction of monsoon rainfall in the medium range has not happened in recent years. Global models and data assimilation techniques are being improved for monsoon/tropics. However, multimodel ensemble (MME) forecasting is gaining popularity, as it has the potential to provide more information for practical forecasting in terms of making a consensus forecast and handling model uncertainties. As major centers are exchanging model output in near real-time, MME is a viable inexpensive way of enhancing the forecasting skill and information content. During monsoon 2008, on an experimental basis, an MME forecasting of large-scale monsoon precipitation in the medium range was carried out in real-time at National Centre for Medium Range Weather Forecasting (NCMRWF), India. Simple ensemble mean (EMN) giving equal weight to member models, biascorrected ensemble mean (BCEMn) and MME forecast, where different weights are given to member models, are the products of the algorithm tested here. In general, the aforementioned products from the multi-model ensemble forecast system have a higher skill than individual model forecasts. The skill score for the Indian domain and other sub-regions indicates that the BCEMn produces the best result, compared to EMN and MME. Giving weights to different models to obtain an MME product helps to improve individual member models only marginally. It is noted that for higher rainfall values, the skill of the global model rainfall forecast decreases rapidly beyond day-3, and hence for day-4 and day-5, the MME products could not bring much improvement over member models. However, up to day-3, the MME products were always better than individual member models

Sound-Induced Flash Illusion is Resistant to Feedback Training

A single flash accompanied by two auditory beeps tends to be perceived as two flashes (Shams et al. Nature 408:788, 2000, Cogn Brain Res 14:147–152, 2002). This phenomenon is known as ‘sound-induced flash illusion.’ Previous neuroimaging studies have shown that this illusion is correlated with modulation of activity in early visual cortical areas (Arden et al. Vision Res 43(23):2469–2478, 2003; Bhattacharya et al. NeuroReport 13:1727–1730, 2002; Shams et al. NeuroReport 12(17):3849–3852, 2001, Neurosci Lett 378(2):76–81, 2005; Watkins et al. Neuroimage 31:1247–1256, 2006, Neuroimage 37:572–578, 2007; Mishra et al. J Neurosci 27(15):4120–4131, 2007). We examined how robust the illusion is by testing whether the frequency of the illusion can be reduced by providing feedback. We found that the sound-induced flash illusion was resistant to feedback training, except when the amount of monetary reward was made dependent on accuracy in performance. However, even in the latter case the participants reported that they still perceived illusory two flashes even though they correctly reported single flash. Moreover, the feedback training effect seemed to disappear once the participants were no longer provided with feedback suggesting a short-lived refinement of discrimination between illusory and physical double flashes rather than vanishing of the illusory percept. These findings indicate that the effect of sound on the perceptual representation of visual stimuli is strong and robust to feedback training, and provide further evidence against decision factors accounting for the sound-induced flash illusion

Solving a Birkhoff Interpolation Problem for (0, 1, 5) Data

The following research work deals with a special type of Birkhoff’s interpolation problem in which we have 3 sets of data prescribed in the unit interval I = [0, 1]. Data values are the function value, first derivatives and fifth derivatives prescribed at nodes of the unit interval. We obtained a unique spline interpolating the given data along with the convergence problem