Clinical Ophthalmology

The recent impetus to the electric vehicle (EV) policies at the national and sub-national levels with the medium to long-term objective of reducing greenhouse gas emissions from vehicle traffic motivates an assessment of the key drivers of EVs in India. The sale of EVs especially two-wheelers is rising due to the push by government policies, reduction in upfront costs and increased awareness about EVs. However, the sale of electric cars has not picked up significantly and is uneven across states. The study finds a strong correlation between the use of electric cars in states and the availability of public charging stations. The empirical analysis finds that the availability of public charging infrastructure and the price differentials between electric cars and comparable internal combustion engine cars are significantly associated with the demand for cars across states. A focused and liberal policy assumes importance to stimulate the demand for EVs and to harness its manifold environmental and financial gains. JEL Classifications: Q42, Q48, Q49

This study aims to examine the impact of controlling owners on firm performance. The novelty of this study stems primarily from its focus on multiple shareholder identities and the impact of their respective shareholding on financial and market performance. We use a sample of 1,072 NSE-listed non-financial firms from 2010-11 to 2021-22, a balanced panel of 12,864 firm-year observations. Panel Corrected Standard Error Model (PCSE) is used to test the hypothesis of this research. Three findings emerge from this study. Firstly, a non-linear relationship (cubic) exists between the largest owner’s ownership concentration and the firm’s market performance. Secondly, it was observed that the identity of the controlling owner influences firm performance, and firms with individuals as the controlling owners report adverse influence on firm performance compared to the other ownership identities. Thirdly, the results indicate that compared to non-individual owners, increasing shareholding concentration by individuals is associated with adverse effects on a firm’s market performance.

Global disruptions, such as health crises and geopolitical tensions, significantly impact both climate and commodity dynamics. This study, well-grounded on environmental finance theory, input–output modelling, socio-transition philosophy and behavioural finance perspectives, explores the evolving interactions between carbon emissions (CE) and metal markets during COVID-19 pandemic and Russia–Ukraine war (RUW). The study uses time-varying parameter vector autoregressive model (TVP-VAR) technique to evaluate time and frequency varying connectedness between CE and metal markets from 3 January 2020 to 28 June 2024. During the COVID-19 pandemic, initial connectedness among selected markets peaked at 85%, averaging 46%, highlighting a significant CE–metal nexus that necessitates strategic responses. In the RUW period, connectedness averaged 47.82%. CE influence metal markets primarily in the short term. Wavelet coherence analysis reveals that palladium and platinum are highly sensitive to CE over the long term, while gold and silver may serve as effective diversifiers and hedges against carbon-related risks in metal investments. The study is relevant for investors in the metal sector with environmental considerations. JEL Classifications: G110, Q430, L720

In the era of social media and internet, Twitter (presently ‘X’) has been recognized as the prominent factor for financial markets by multiple corporates and experts. The motivation of present research hinges on burgeoning popularity of Twitter in the financial community for sharing information and impact of their hidden sentiments on financial markets. Research on tweet-based sentiments and their influence on financial markets in India is still in the infancy stage. To cover this gap, the present study empirically investigates the predictive impact of financial tweet sentiments on the Indian stock Index’s returns over a short period. The paper scraped 22,816 tweets and Nifty 50 index’s intraday hour end values for January 2023. Using Natural Processing Technique, the overall sentiments of the financial community are found as highly positive for each trading hour. Next, it presents a low positive correlation between positive sentiments, sentiment polarity, and hourly returns. Lagged negative sentiments reflect the better ability to impact current period returns than positive sentiments and polarity. Additionally, sentiment polarity and returns reflect bi-directional causation for the future period impact. Investors, stock market traders, and other practitioners can employ the proven concept of linkage between tweet sentiments and returns for constructing effective investment and trading strategies. JEL Classifications: G41, D53, G17, G02, G19

This research studies the convergence hypothesis in per capita energy consumption across 51 US states, not only at an aggregated level but also at a sectoral one during the period 1960–2018. As regards methodology, we applied Phillips and Sul’s framework, and as a robustness test, we used the von Lyncker and Thoennessen calculation. Initially, the findings unveil the rejection of full panel convergence at total energy consumption and at the sectoral level, but when it comes to subgroup analysis, a crucial number of clubs are detected. By and large, for the total energy consumption per capita sample, the club clustering algorithm shows the presence of four convergent clubs and one divergent group. Concerning the commercial sector, the absence of a divergent group is found, while we can detect two subgroups. The convergence findings of the electric power sector divulged four subgroups and one state with divergent action. As regards the industrial sector, the outcomes reported seven clubs and one divergent group, while three clubs and one divergent group emerged in the residential sector. Lastly, with respect to the transportation sector, four clubs and one divergent group are revealed. It could be said then that policy implications are substantial and valuable not only for the convergent states but also for the divergent states. JEL Classifications: C33, O47, Q4, Q40

In many Western countries, household food waste is by far the largest contributor to the overall total food waste and threatens the sustainability of the food system. In order to identify the factors that influence households’ food waste decisions and to predict behaviour towards food waste, the paper employs perspectives from the theory of planned behaviour (TPB) and the expectation, motivation and attitude (EMA) model. This paper extends the TPB model by adding the construct of affective states, since there is strong empirical support for this. Data from respondents in the UK who were responsible for purchasing household food and making food-related decisions were analysed using partial least squares structural equation modelling (PLS-SEM). The results indicate that for the TPB, an individual’s attitude, PBC and affect had a statistically significant direct association with consumers’ intention to reduce food waste. In addition, the results show a direct positive association between intentions to reduce food waste and actual food waste behaviour. For the EMA, expectation influences motivation and attitude. Compared to the EMA, the TPB proves to be relatively good predictive models for understanding determinants of food waste reduction. The TBP also supports incorporating elements such as affective states, considering that the additional construct in the model contributes to improving understanding of consumers’ intention to reduce food waste. Collectively, household food waste can be reduced by avenues that influence individuals’ positive attitudes, increases the expectation that food waste reduction behaviour is within one’s control and evokes a positive affective state when food waste is reduced in households. JEL Classification: D1, D12, F64, Q53

Energy-saving technical change makes it possible to substitute energy inputs for non-energy inputs, thereby determining the effectiveness of sustainable development policies. Total factor productivity (TFP) is enhanced when technical change coordinates with input mix. The present study analyzes the direction of technical change, its coordination with input mix and its association with energy efficiency at the global level and for different income groups of economies from 1993 to 2013. Malmquist productivity index and data envelopment analysis have been used to compute the direction of technical change and energy efficiency, respectively. The empirical results confirm that the direction of technical change coordinated with the input mix for all sample of economies in the short-run. This is also observed in the long-run, except for low-income economies. With respect to both labour and capital, energy-saving technical change positively associated with energy-efficiency improvements. For certain countries, the mismatch between technical change and input mix resulted in lower energy efficiency and TFP. Hence, it is necessary that the direction of technical change be consistent with input mix of an economy. JEL Classification: D24, O4, Q4

The [Formula: see text]-deformed quantum harmonic oscillator model is applied to the description of the untrusted seller–buyer relationship. We assumed that the demand law by the buyer is described through the square modulus of the wavefunctions of the [Formula: see text]-oscillator model in the position representation, whereas the supply law by the seller is described through the square modulus of the wavefunctions in the momentum representation. Thus, their untrusted relationship is described through the [Formula: see text]-oscillator Wigner function of the stationary states in terms of the Al Salam-Chihara polynomials. As an example, we study the first excited state and show that the finite-difference differentiation parameter [Formula: see text] or the deformation parameter [Formula: see text] generated through it can be considered as a parameter defining the level of the bluffing phenomenon in this untrusted relationship. JEL Classifications: C02, D01, D11, D46, D58, D81

This study investigates the gender wage gap in the Indian labour market by analysing a range of human capital components, including education, work experience, cognitive and technical skills and occupational choices, using data from the India Human Development Survey 2011–2012. We employ the recentred influence functions (RIF) regression and Firpo, Fortin and Lemieux (FFL) decomposition techniques. The results from the RIF regression analysis underscore the significant role of education, work experience, skills and occupation in wage inequality. While education and English language proficiency lead to widening wage inequality for both men and women, the effects are much larger for the latter. Next, the FFL decomposition unveils a positive gender wage gap, indicating potential favourable returns for women’s qualifications and skills, yet it exposes a concerning wage structure effect suggesting women are often employed in lower-paying jobs. These results suggest that enhancing education and skills among women can be important tools in reducing gender wage inequality. JEL codes: E24, J24, J16

Recent debates highlight that agriculture-based strategies can enhance food security. Thus, this article examined the incidence and determinants of food security of agricultural households in Kuttanad, a wetland region situated in the southern part of the state of Kerala in India. Towards this objective, we have collected food consumption data from households and converted them into an equivalent amount of calorie intake. Further, we define food security in terms of calorie adequacy using the minimum calorie norm of 1,800 kcal suggested by the Food and Agricultural Organization for India. Our empirical results reveal that 37% of the sample households are food insecure. The incidence of food insecurity is higher among poor sections like labour households, Antyodaya Anna Yojana (AAY), and Scheduled Castes families. Results of Probit regression show that below poverty line and AAY families are less likely to be food secure than above poverty line families. The purchase of cereals from the Public Distribution System is found to have a positive impact on the food security status of the households. Both farm income and non-farm income positively influence the probability of food security. The study concludes that there are impediments to realizing the linkages between agriculture and food security. JEL Classification: Q10, Q18, I32, C25

On a global scale, India ranks very poorly in terms of gender equality. This overall indicator masks important heterogeneities across the separate measures of female empowerment. India scores very highly with regards to equality of civil liberties and the political participation of women. But the country falls well below the global average with respect to equal access to economic resources and protection from gender-based violence. These poorer empowerment indicators have persisted not only in the wake of strong economic progress, but also in the context of an impressive set of government led reforms and policies targeting women. These different initiatives have successfully augmented women’s agency in both the private and public spheres of life, but women and girls still face extreme discrimination and violence. The salience of restrictive local customs appears to be a core hindrance towards transformative change. This paper reviews the economics literature which examines this complexity across the different dimensions of female empowerment in India. It highlights the newly emerging research focused on ameliorating gender biased norms and discusses potential steps forward. JEL Classifications: J12, J16

In this paper, the authors present a long-term quantitative assessment of the trade facilitative environment in India. This pioneering exercise uses average cargo release time as a performance indicator, drawing upon secondary data sources based on transaction-level digital timestamps, as distinct from perception-based global surveys. It concludes that the unsegregated average import cargo release time has improved from 14 days in 2010–2011 to 86 hours and 44 hours for marine and air cargo, respectively, in 2023, yet falling short of 48 hours and 24 hours respective target set by the government. Highlighting the trade facilitation measures that have worked, the paper recommends focusing on the quality of regulatory measures, infrastructural improvement and wider adoption for the next generation of reforms. JEL Classifications: F1, F14, F18, F19

We assume that even though voters prefer the policies of their favoured leader they value democracy more greatly. This means that voters on both sides of a polarised policy divide would be willing to sacrifice their preferred policy if it would mean preserving democracy. However voters on one side are unsure whether voters on the other side share this commitment to democracy. We show that in such a situation an autocratic populist leader can act in ways that will undermine opposing voters beliefs that the leader’s supporters continue to value democracy. If these beliefs become pessimistic enough, a self-reinforcing cycle of mutual suspicion between voters on opposing sides leads to the inexorable demise of democracy and its replacement by autocratic rule. Understanding this, an elected leader who aspires to rule via non-democratic means may follow such autocratic populist policies in order to entrench their rule. JEL Classifications: D72, P16, P17, P48

Attempts have been made to estimate poverty in India using a biased dataset, by adjusting household weights to remove or reduce the bias. The effectiveness of this method, however, is uncertain. Simulation exercises suggest that its ability to correct poverty estimates varies wildly depending on the nature of the underlying bias, which may be hard to guess—there lies the rub. When the bias changes over time, estimating poverty trends becomes truly problematic. There are wider lessons for poverty estimation with biased or missing data. JEL Classifications: C83, I32

I study a simple model of labour markets with imperfect monitoring and efficiency wages that provide work incentives. Involuntary unemployment is an outcome, but it is just one particular instance of many inter-firm wage differentials that pervade the equilibrium. The goal of this paper is to study the relationship between firm size, work standards, wages paid, contractual utility for workers, and capital intensity in production. Under certain conditions: (a) larger firms pay higher wages and demand higher individual effort levels; (b) despite these opposing effects, larger firms offer a higher net contractual utility and (c) larger firms are more capital intensive, even when production functions are homothetic in capital and labour. JEL Classifications: D33, J31, J41