DOI Prefix : 10.9780 | Journal DOI : 10.9780/22307850
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Volume : IV, Issue : XII, January - 2015

AN EMPIRICAL STUDY ON ARBITRAGE PRICING THEORY IN INDIAN CAPITAL MARKETS

S. Durga, M. Srinivasa Reddy

DOI : 10.9780/22307850, By : Laxmi Book Publication

Abstract :

A substitute and synchronal theory to the CAPM is one that includes multiple factors in explaining the movement of plus costs. The arbitrage rating model (APT) on the other hand approaches rating from a special facet. it's seldom productive to analyse portfolio risks by assessing the weighted total of its parts. Equity portfolios square measure way more diverse and tremendously giant for separate element assessment, and therefore the correlation existing between the weather would build a calculation per se untrue. Rather, the portfolio’s risk should be viewed as one product’s innate risk. The APT represents portfolio risk by an element model that's linear, wherever returns square measure a total of risk issue returns. Factors might vary from macroeconomic to elementary market indices weighted by sensitivities to changes in every factor. These sensitivities square measure known as factor-specific beta coefficients or a lot of unremarkably, factor loadings. additionally, the firm-specific or individual come back is intercalary as a noise issue. This last part, as is that the case with all political economy models, is indispensable in explaining regardless of the original factors didn't embrace. In distinction with the CAPM, this can be not associate equilibrium model; it is not involved with the economical portfolio of the capitalist. Rather, the APT model calculates asset rating exploitation the various factors and assumes that within the case market rating deviates from the worth urged by the model, arbitrageurs can build use of the imbalance and veer pricing back to equilibrium levels. At its simplest kind, the arbitrage rating model will have one issue solely, the market portfolio issue. this kind can provide similar results to the CAPM. The present study stress on the pertinence of APT in Indian Stock Markets because the surge in volatility associated growth within the Indian capital markets over the past few years makes it an interesting market to check and given the rising significance of the risk-return trade-off in such a market

Keywords :


Article :


Cite This Article :

S. Durga, M. Srinivasa Reddy(2015). AN EMPIRICAL STUDY ON ARBITRAGE PRICING THEORY IN INDIAN CAPITAL MARKETS. Indian Streams Research Journal, Vol. IV, Issue. XII, DOI : 10.9780/22307850, http://isrj.org/UploadedData/5872.pdf

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  223. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
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  226. Risks and Return.
  227. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  228. January–March 2013, pp. 35-54
  229. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
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  235. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
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  244. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  245. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  246. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  247. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  248. 341-360.
  249. January–March 2013, pp. 35-54
  250. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  251. Vol 48, No.4,
  252. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  253. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
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  255. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  256. Vol 48, No.4,
  257. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  258. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  259. Risks and Return.
  260. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  261. 341-360.
  262. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  263. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  264. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  265. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  266. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  267. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  268. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  269. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  270. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  271. Risks and Return.
  272. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  273. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  274. Finance, Vol 35, No .5, 1073-1103.
  275. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  276. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  277. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  278. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  279. January–March 2013, pp. 35-54
  280. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  281. Vol 48, No.4,
  282. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  283. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
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  285. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  286. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  287. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  288. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  289. January–March 2013, pp. 35-54
  290. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
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  292. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  293. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
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  295. Risks and Return.
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  297. Risks and Return.
  298. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
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  300. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
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  302. Risks and Return.
  303. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
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  305. Risks and Return.
  306. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
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  308. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
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  310. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  311. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  312. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
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  316. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  317. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  318. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  319. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  320. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  321. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  322. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  323. Risks and Return.
  324. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  325. Risks and Return.
  326. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  327. January–March 2013, pp. 35-54
  328. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  329. Vol 48, No.4,
  330. Finance, Vol 35, No .5, 1073-1103.
  331. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  332. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  333. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  334. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  335. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  336. January–March 2013, pp. 35-54
  337. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  338. Vol 48, No.4,
  339. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  340. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  341. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  342. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  343. Finance, Vol 35, No .5, 1073-1103.
  344. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  345. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  346. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  347. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  348. Risks and Return.
  349. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  350. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  351. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  352. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  353. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  354. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  355. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  356. Risks and Return.
  357. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  358. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  359. 341-360.
  360. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  361. Risks and Return.
  362. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  363. 341-360.
  364. Finance, Vol 35, No .5, 1073-1103.
  365. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  366. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  367. January–March 2013, pp. 35-54
  368. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  369. Vol 48, No.4,
  370. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  371. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  372. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  373. Risks and Return.
  374. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  375. Risks and Return.
  376. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  377. Finance, Vol 35, No .5, 1073-1103.
  378. January–March 2013, pp. 35-54
  379. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  380. Vol 48, No.4,
  381. January–March 2013, pp. 35-54
  382. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  383. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  384. Vol 48, No.4,
  385. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  386. January–March 2013, pp. 35-54
  387. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  388. Vol 48, No.4,
  389. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  390. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  391. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  392. Finance, Vol 35, No .5, 1073-1103.
  393. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  394. January–March 2013, pp. 35-54
  395. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  396. Vol 48, No.4,
  397. January–March 2013, pp. 35-54
  398. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  399. Vol 48, No.4,
  400. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  401. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  402. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  403. January–March 2013, pp. 35-54
  404. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  405. Vol 48, No.4,
  406. 341-360.
  407. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  408. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  409. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  410. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  411. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  412. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  413. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  414. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  415. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  416. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  417. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  418. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  419. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  420. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  421. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  422. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  423. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  424. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  425. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  426. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  427. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  428. Saumya Ranjan Dash Jitendra Mahakud (2013), A Comparative Assessment of Unconditional Multifactor Assetpricing
  429. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  430. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  431. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  432. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  433. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  434. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  435. Finance, Vol 35, No .5, 1073-1103.
  436. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  437. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  438. January–March 2013, pp. 35-54
  439. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  440. Vol 48, No.4,
  441. Finance, Vol 35, No .5, 1073-1103.
  442. Risks and Return.
  443. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  444. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  445. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  446. Risks and Return.
  447. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  448. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  449. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  450. January–March 2013, pp. 35-54
  451. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  452. Vol 48, No.4,
  453. Finance, Vol 35, No .5, 1073-1103.
  454. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  455. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  456. Risks and Return.
  457. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  458. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  459. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  460. January–March 2013, pp. 35-54
  461. Simon G. M. Koo and Ashley Olson ( 2008), Capital Asset Pricing Model Revisited: Empirical Studies on Beta
  462. Vol 48, No.4,
  463. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  464. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  465. Models Evidence from Indian Stock Market, Journal of Management Research Vol. 13, No. 1,
  466. Richard Roll and Stephen Ross ( 1980), An empirical Investigation of Arbitrage Peicing Theory, The Journal of
  467. Risks and Return.
  468. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  469. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  470. Stephen A.Ross (1976), The Arbitrage theory of Capital Asset Pricing, Journal of Economic Theory, Vol 13, pp
  471. Risks and Return.
  472. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  473. Richard Priestly (1995), The Arbitrage Pricing Theory, macro economic and financial factors and expectations
  474. Finance, Vol 35, No .5, 1073-1103.
  475. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  476. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  477. Raj S. Dhankar, And Rohini Singh (2005), Arbitrage Pricing Theory And The Capital Asset Pricing Model
  478. Evidence From The Indian Stock market, Journal of Financial Management and Analysis, 18(I):2005:14-27
  479. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  480. Ravi Bansal, S. Viswanathan, ( 1993), No arbitrage and Arbitrage Pricing: A new approach, Journal of Finance,
  481. Richard Roll ( 1977), A critique of asset pricing theory, Journal of Financial Economics, Vol 4.
  482. generating process, Journal of Banking and Finance , vol 20 , pp 869-890.
  483. Finance, Vol 35, No .5, 1073-1103.
  484. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310
  485. Sou Paulo ( 2011), arbitrage pricing in international markets, ‘EFM classification code : 310

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