When AAA Means B: The State of Credit Rating in India

As in many other countries, India five year old credit rating industry has grown rapidly amidst persistent doubts about the quality of the rating service. This paper evaluates the ratings given by India leading credit rating agency, CRISIL. We find that CRISIL ratings are not only too liberal by international standards but also internally inconsistent. We argue that to improve the quality of credit rating in India, there must be more competition; credit rating must be opened up to the private sector; and raters must provide unsolicited ratings.

Characterization And Properties Of Polypropylene Recycled Acrylonitrile Butadiene Rubber Rice Husk Powder Composites

Komposit elastomer termoplastik bagi adunan polipropilena (PP)/ getah kitar semula akrilonitril butadiene (NBRr)/ serbuk sekam padi (RHP) telah dikaji. Kesemua sampel ujian disediakan dengan menggunakan pencampur dalaman Haake Rheomix Polydrive R600/ 610 pada suhu 180°C dan kelajuan rotor 50 rpm. Sampel tersebut kemudian dibentuk menggunakan pengacuanan mampatan pada suhu 180°C. Saiz partikel bagi RHP dan NBRr yang digunakan di dalam kajian ini adalah 150 - 300 μm. Perekatan di antara pengisi dan matriks telah ditingkatkan dengan menggunakan asetik anhidrida (Ac) sebagai agen penserasian dan ɤ-APS sebagai agen pengkupel. Sifat-sifat mekanikal dan terma bagi kesemua komposit yang dirawat telah meningkat. Rawatan Ac telah menambahkan ciri-ciri hidrofobik RHP dan meningkatkan lekatannya dengan matrik tak berpolar PP/NBRr. Peningkatan sifat-sifat seperti tensil, kestabilan terma dan penghabluran komposit yang lebih baik ditunjukkan oleh komposit yang dirawat dengan Ac berbanding pengkupelan ɤ-APS. Teknik penserasian matrik dengan menggunakan Eter Diglycidal Bisphenol A (DGEBA) dan maleik anhidrida tercantum polipropilena (PPMAH) juga telah dikaji. Perekatan di antara pengisi dan matrik telah ditingkatkan oleh DGEBA dan PPMAH. DGEBA didapati lebih berkesan dalam meningkatkan perekatan antara pengisi dan matrix. Radiasi alur elektron turut dikaji bagi menghasilkan sambung silang di dalam komposit. Radiasi alur elektron pada dos 40 kGray dengan kehadiran TMPTA (promoter sambung silang) telah digunakan. Keputusan menunjukkan komposit mempunyai sifat-sifat tensil, kandungan gel, kestabilan terma dan kehabluran komposit yang paling tinggi tetapi penyerapan air yang paling rendah. ____________________________________________________________________________________________________________________ Themoplastic elastomer composite of polypropylene (PP)/ recycled acrylonitrile butadiene rubber (NBRr)/ rice husk powder (RHP) was investigated. All test samples were prepared using Haake Rheomix Polydrive R600/ 610 internal mixer at temperature of 180°C and rotor speed of 50 rpm. The samples were later moulded using compression moulding at temperature of 180°C. The particle sizes of the RHP and NBRr used in this research were 150 - 300 μm. The composites properties were enhanced by treating the RHP using Acetic Anhydride (Ac) and ɤ-APS as a coupling agent. Mechanical and thermal properties of all treated composites were improved. The treatment with Ac increased the hydrophobic characteristic of RHP and improves its adhesion with non-polar PP/NBRr matrixes. Better properties such as tensile, thermal stability and crystallinity of composites showed by Ac treatment compared with ɤ-APS coupling agent. Matrix compatibilization techniques were also investigated by using Diglycidal ether of bisphenol A (DGEBA) and Polypropylene grafted maleic anhydride (PPMAH). The adhesion between filler and matrix was improved for both DGEBA and PPMAH. DGEBA was found to be more effective in improving the adhesion between filer and matrix. Electron beam irradiation was also evaluated to introduce cross-linking in the composites. Electron beam irradiation at 40 kGray in the presence of TMPTA (irradiation crosslink promoter) was used. Results showed that composites have highest tensile properties, gel content, thermal stability and crystallinity but lowest percentage of water absorption

Research on the Indian Capital Market: A Review

In this paper we present a review of research done in the field of Indian capital markets during the fifteen years from 1977 to 1992. The research works included in the survey were identified by two search procedures. Firstly, we wrote to 118 Indian university departments and research institutions requesting information on the works done in this field in their department/institution. After three reminders, we obtained responses from 53 institutions. Simultaneously, we searched through various Indian journals in our library, located books listed in the library catalogue and traced through the list of references provided in various research works. Considering the size, vintage and development of the Indian capital market, the total volume of research on it appears to be woefully modest - about 0.1 unit of work per institution per year! Moreover, a large number of works are merely descriptive or prescriptive without rigorous analysis. Certain areas such as arbitrage pricing theory, option pricing theory, agency theory, and signalling theory are virtually unresearched in the Indian context. Besides, very little theoretical work has been done by researchers in India. However, with improved availability of databases and computing resources, and with increasing global interest in Indian markets, we expect an explosion of work in the near future.