Open Access Original Research Article

Testing for the Mean Reversion of Chinese Coal Stock Prices

Gaolu Zou

Advances in Research, Volume 10, Issue 1, Page 1-10
DOI: 10.9734/AIR/2017/33557

Aims: The main purpose of this paper is to test if prices of coal firm stocks in the Chinese A-Share market fluctuate around a long-term trend.

Study Design: Existence of a unit root implies that a macroeconomic variable is non stationary and a shock to the market may have imposed a permeant effect on the long-run trend. The variable will not be mean-reverting. To improve the test robustness, conventional unit root tests must be conducted in line with structural break tests. A comparison of the unit roots of stock prices of two coal producing and processing firms in China’s Shanxi Province may lead us to conclude whether the market is trend-reverting.

Place and Duration of Study: The study used stock prices of two coal-related firms that come from Shanxi Province, China. The Shanxi Coking Co., Ltd registers in Lingfeng. The Shanxi Xishan Coal and Electricity Power Co., Ltd registers in Taiyuan. Data was the monthly prices. The data period was from August 1996 to July 2014 for the Shanxi Coking, and from July 2000 to October 2015 for the Shanxi Xishan Coal and Electricity Power.

Methodology: The paper conducted a unit root test applying regular ADF and PP techniques. Also, it carried out a structural break test using the Perron test and the Zivot-Andrews test (Model C).

Results: Tests suggest that prices of two coal stocks are stationary series and these two series contain a shift between 2007 and 2008. The coal stock market may be weak-form efficient.

Conclusion: Dramatic coal price fluctuations in China have not produced an enduring effect on prices of the coal stocks examined in the study. The coal-electricity price linkage could account for the trend reversion of coal firm stock prices.  Investors could profit to some extent from trading on coal equities. However, the paper suggests more and panel unit root tests for coal stock prices.

Open Access Original Research Article

Assessment of Stability Patterns in Some Selected Chilli Hybrids (Capsicum annuum L.)

Raghavendra Hadora, T. B. Puttaraju, Varsha Damodar

Advances in Research, Volume 10, Issue 1, Page 1-11
DOI: 10.9734/AIR/2017/33279

Chilli or hot pepper belongs to the family Solanaceae having diploid chromosome number of 24. It is believed to have originated from South and Central America. The genus Capsicum includes twenty-seven species of which five species namely Capsicum annuum, C. frutescens, C. chinense, C. baccatum and C. pubescens are domesticated and twenty-two undomesticated species. Hense, a field investigation carried out at three environments viz., Balajigapade - Chikkaballapur (E1), Department of Horticulture GKVK, UAS, Bengaluru (E2) and K- block, Department of Genetics and Plant Breeding GKVK, UAS, Bengaluru (E3) to assess the promising hybrids for yield stability pattern and its components during kharif 2014-15. Twenty-five test hybrids were evaluated with three standard checks (KBCH-1, Arka Meghana and Arka Haritha) in Randomized Complete Block Design and each treatment was replicated twice. Out of three environments studied E3 was found to be the most suitable location for expression of many bio-physical characters. Significance of variance due to hybrid X environment (linear) was evident for green fruit yield. Variance due to environment (linear) was highly significant for all the traits across three environments indicating considerable differences among environments and their predominant effect in the expression of all the traits. The hybrid CMS10A X Byadgi-Kaddi exhibited higher mean with unit regression co-efficient and non-significant S2di different from zero indicating specifically adapted to unfavorable environment for average fruit weight and fruit width. The hybrids CMS10A X LCA-206 and CMS10A X Gouribidanur were found specifically adopted to favorable environments for green fruit yield, red fruit yield, average fruits/plant and average fruit length.

Open Access Original Research Article

Studies on Primary Productivity of Khaire Reservoir, Raigad District, Maharashtra

Snehal S. Lokhande, S. T. Indulkar

Advances in Research, Volume 10, Issue 1, Page 1-6
DOI: 10.9734/AIR/2017/33366

Primary productivity study is important for the assessment of productivity of any aquatic systems. The present investigation is carried out to understand the status of primary productivity of Khaire reservoir of Raigad district. Analysis of primary productivity was done by using standard ‘Light and Dark bottle’ method of Boyd (1981) in every last week of the month for a period of two years (February 2014 – January 2016). In reservoir the values of GPP, NPP and CR were ranged from 0.38 to 2.81, 0.19 to 1.90 and 0.18 to 1.44 mg C L-1 hr-1 respectively. The results of the present study revealed that, the primary peak of productivity was observed during pre-monsoon season and the secondary peak was noticed during post-monsoon season. However, during the monsoon season low productivity values were recorded from the reservoir. From this it can be concluded that, Khaire reservoir is productive in nature.

Open Access Original Research Article

Quantification of Activity Concentrations and Radiation Hazard Indices in the Solid Minerals Exploration Fields of Benue State, Nigeria with Multivariate Statistical Approach

A. I. Olanrewaju, G. O. Avwiri

Advances in Research, Volume 10, Issue 1, Page 1-13
DOI: 10.9734/AIR/2017/33432

The quantification of activity concentrations of radionuclides and the radiation hazard indices in the exploration fields of Benue State have been carried out. Samples of the environmental matrix (soil and minerals) were collected from five mining sites of barite, limestone, lead, coal and salt in Lessle, Gboko, Anyin, Owukpa and Akuana communities.  The concentrations of radioactivity was analyzed using NaI (Tl) γ-ray spectroscopy. Results showed that the concentrations of activity of the primordial radionuclides 40K, 238U, and 232Th for soil samples obtained ranged from 11.42 (Salt) – 1491.47 (Lead) Bq/kg, 12.87 (Barite) – 452.32 (Coal) Bq/kg and 6.78 (Coal)–108.41 (Barite) Bq/kg respectively. The mean value activity concentration of the radionuclides in the minerals samples at the mining sites were 10.58 – 623.36 Bq/kg, 1.97 – 540.33 Bq/kg and 2.13 – 25.28 Bq/kg for 40K, 238U, and 232Th respectively. The radium equivalent activity (Raeq), external hazard index, Hex, internal hazard index (Hin), representative index (Ig) and excess lifetime cancer risk calculated for soil and minerals samples compared  favourably with the precautionary limits set by UNSCEAR. The excess lifetime cancer risk estimated for soil which was fairly insignificant compared with 0.05 prescribed by ICRP for low level radiation. The multivariate statistical (Pearson’s correlation and cluster) analysis showed some positive significant among 40K, 238U and 232Th, and with other radiological parameters in some mine fields. The study indicated that the minerals and soil samples from the mining sites will pose no major health risk to the public if used for industrial activities except for the salt minerals consumption.

Open Access Review Article

Syngas Use in Internal Combustion Engines - A Review

Richard P. Bates, Klaus Dölle

Advances in Research, Volume 10, Issue 1, Page 1-8
DOI: 10.9734/AIR/2017/32896

Syngas is a comparatively low energy fuel gas that can be utilized in spark ignition and compression ignition (diesel) internal combustion engines manufactured to run on gasoline or diesel fuels to reduce or eliminate the petroleum fuel requirement for the engine. Syngas can be produced from any carbonaceous material including many forms of biomass. Engine power derating when operating with syngas is typically 15% - 40%, less than the difference in energy content between producer gas and petroleum fuel would indicate largely because of the disparity of stoichiometric air-fuel requirements of producer gas and gasoline or diesel fuel.