A review of efficiency measures for REITs and their specific application for Malaysian Islamic REITs

Purpose This paper aims to present a conceptual model on the efficiency of Islamic Real Estate Trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. Design/methodology/approach The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of Real Estate Investment Trusts. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian Islamic REITs. Findings The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of Islamic REITs. The efficiency measure is important for the fund managers in order to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently. Research limitation/implications This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian REITs particularly the Islamic REITs using the non-parametric approach of Data Envelopment Analysis. Originality/value To date, there has been very limited research on the efficiency measurement of Islamic REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian Islamic REITs.

Operating efficiency and return to scale of Malaysian REITS: The preliminary findings

This paper aims to present preliminary findings on measuring the technical efficiencies using Data Envelopment Analysis (DEA) in Malaysian Real Estate Investment Trusts (REITs) to determine the best practice for operations which include the asset allocation and scale size to improve the performance of Malaysian REITs. Variables identified as input and output will be assessed in this cross section analysis using the operational approach and Variable Return to Scale DEA (VRS-DEA) by focusing on Malaysian REITs for the year 2013. Islamic REITs have higher efficiency score as compared to the conventional REITs for both models. Diversified REITs are more efficient as compared to the specialised REIT using both models. For Model 1, the negative inefficient value is identified in the managerial inefficiency as compared to the scale inefficiency. This shows that inputs are not fully minimised to produce more outputs. However, when other expenses are considered as different input variables, the efficiency score becomes higher from 60.3% to 81.2%. In model 2, scale inefficiency produce greater inefficiency as compared to the managerial efficiency. The result suggests that Malaysian REITs have been operating at the wrong scale of operations as majority of the Malaysian REITs are operating at decreasing return to scale.

Pumping systems: Design and energy efficiency

Pumping systems are widely used in many applications, including municipal water/wastewater services, domestic, commercial and agricultural services, and industrial processes. They are a very significant energy user and consume nearly 20% of the world’s electrical energy demand. Therefore, improving the energy efficiency of pumping systems can provide great benefits in terms of energy, environment, and cost reduction. In this entry, an overview of pump classification with pros and cons of each type of pump is presented. The procedures used to design pumping systems are also outlined. This is then followed by a discussion on the opportunities for improving the energy efficiency of pumping systems during every stage of design, selection, operation, and maintenance.

Application of power electronics in improving power quality and supply efficiency of AC traction networks

Major advances in power electronics during recent years have prompted considerable interest within the traction community. The capability of new technologies to reduce the AC railway networks' effect on power quality and improve their supply efficiency is expected to significantly decrease the cost of electric rail supply systems. Of particular interest are Static Frequency Converter (SFC), Rail Power Conditioner (RPC), High Voltage Direct Current (HVDC) and Energy Storage Systems (ESS) solutions. Substantial impacts on future feasibility of railway electrification are anticipated. Aurizon, Australia's largest heavy haul railway operator, has recently commissioned the world's first 50Hz/50Hz SFC installation and is currently investigating SFC, RPC, HVDC and ESS solutions. This paper presents a summary of current and emerging technologies with a particular focus on the potential techno-economic benefits.

Assistive classification for improving the efficiency of avian species richness surveys

Avian species richness surveys, which measure the total number of unique avian species, can be conducted via remote acoustic sensors. An immense quantity of data can be collected, which, although rich in useful information, places a great workload on the scientists who manually inspect the audio. To deal with this big data problem, we calculated acoustic indices from audio data at a one-minute resolution and used them to classify one-minute recordings into five classes. By filtering out the non-avian minutes, we can reduce the amount of data by about 50% and improve the efficiency of determining avian species richness. The experimental results show that, given 60 one-minute samples, our approach enables to direct ecologists to find about 10% more avian species.

Estimating the efficiency of a small beam trawl for sampling tiger prawns Penaeus esculentus and P. semisulcatus in seagrass by removal experiments

The efficiency with which a small beam trawl (1 x 0.5 m mouth) sampled postlarvae and juveniles of tiger prawns Penaeus esculentus and P, semisulcatus at night was estimated in 3 tropical seagrass communities (dominated by Thalassia hemprichii, Syringodium isoetifolium and Enhalus acoroides, respectively) in the shallow waters of the Gulf of Carpentaria in northern Australia. An area of seagrass (40 x 3 m) was enclosed by a net and the beam trawl was repeatedly hand-hauled over the substrate. Net efficiency (q) was calculated using 4 methods: the unweighted Leslie, weighted Leslie, DeLury and Maximum-likelihood (ML) methods. The Maximum-likelihood is the preferred method for estimating efficiency because it makes the fewest assumptions and is not affected by zero catches. The major difference in net efficiencies was between postlarvae (mean ML q +/- 95% confidence limits = 0.66 +/- 0.16) and juveniles of both species (mean q for juveniles in water less than or equal to 1.0 m deep = 0.47 +/- 0.05), i.e. the beam trawl was more efficient at capturing postlarvae than juveniles. There was little difference in net efficiency for P, esculentus between seagrass types (T, hemprichii versus S. isoetifolium), even though the biomass and morphologies of seagrass in these communities differed greatly (biomasses were 54 and 204 g m(-2), respectively). The efficiency of the net appeared to be the same for juveniles of the 2 species in shallow water, but was lower for juvenile P, semisulcatus at high tide when the water was deeper (1.6 to 1.9 m) (0.35 +/- 0.08). The lower efficiency near the time of high tide is possibly because the prawns are more active at high than low tide, and can also escape above the net. Factors affecting net efficiency and alternative methods of estimating net efficiency are discussed.

Method for comparing the capture efficiency of benthic sampling devices

Traditional comparisons between the capture efficiency of sampling devices have generally looked at the absolute differences between devices. We recommend that the signal-to-noise ratio be used when comparing the capture efficiency of benthic sampling devices. Using the signal-to-noise ratio rather than the absolute difference has the advantages that the variance is taken into account when determining how important the difference is, the hypothesis and minimum detectable difference can be made identical for all taxa, it is independent of the units used for measurement, and the sample-size calculation is independent of the variance. This new technique is illustrated by comparing the capture efficiency of a 0.05 m(2) van Veen grab and an airlift suction device, using samples taken from Heron and One Tree lagoons, Australia.

An integrated model of an open-pit coal mine: Improving energy efficiency decisions

This article contributes an original integrated model of an open-pit coal mine for supporting energy-efficient decisions. Mixed integer linear programming is used to formulate a general integrated model of the operational energy consumption of four common open-pit coal mining subsystems: excavation and haulage, stockpiles, processing plants and belt conveyors. Mines are represented as connected instances of the four subsystems, in a flow sheet manner, which are then fitted to data provided by the mine operators. Solving the integrated model ensures the subsystems’ operations are synchronised and whole-of-mine energy efficiency is encouraged. An investigation on a case study of an open-pit coal mine is conducted to validate the proposed methodology. Opportunities are presented for using the model to aid energy-efficient decision-making at various levels of a mine, and future work to improve the approach is described.

Design and Development of an In-Vehicle Human Machine Interface to Improve Fuel Efficiency & Safety

Road transport plays a significant role in various industries and mobility services around the globe and has a vital impact on our daily lives. However it also has serious impacts on both public health and the environment. In-vehicle feedback systems are a relatively new approach to encouraging driver behaviour change for improving fuel efficiency and safety in automotive environments. While many studies claim that the adoption of eco-driving practices, such as eco-driving training programs and in-vehicle feedback to drivers, has the potential to improve fuel efficiency, limited research has integrated safety and eco-driving. Therefore, this research seeks to use human factors related theories and practices to inform the design and evaluation of an in-vehicle Human Machine Interface (HMI) providing real-time driver feedback with the aim of improving both fuel efficiency and safety.

Using rowers’ perceptions of on-water stroke success to evaluate sculling catch efficiency variables via a boat instrumentation system

Aim An effective catch in sculling is a critical determinant of boat velocity. This study used rowers’ performance-based judgments to compare three measures of catch slip efficiency. Two questions were addressed: (1) would rower-judged Yes strokes be faster than No strokes? and (2) which method of quantifying catch slip best reflected these judgements? Methods Eight single scullers performed two 10-min blocks of sub maximal on-water rowing at 20 strokes per minute. Every 30 s, rowers reported either Yes or No about the quality of their stroke at the catch. Results It was found that Yes strokes identified by rowers had, on average, a moderate effect advantage over No strokes with a standardised effect size of 0.43. In addition, a quicker time to positive acceleration best reflected the change in performance; where the standardised mean difference score of 0.57 for time to positive acceleration was larger than the scores of 0.47 for time to PowerLine force, and 0.35 for time to 30% peak pin force catch slip measures. For all eight rowers, Yes strokes corresponded to time to positive acceleration occurring earlier than No strokes. Conclusion Rower judgements about successful strokes was linked to achieving a quicker time to positive acceleration, and may be of the most value in achieving a higher average boat velocity.

Influence of organic amendments on greenhouse gas emissions and N use efficiency in sub-tropical cropping systems

This thesis investigated the impact of organic sources of nutrients on greenhouse gas emissions (carbon dioxide, nitrous oxide and methane), nitrogen use efficiency and biomass production in subtropical cropping soils. The study was conducted in two main soil types in subtropical ecosystems, sandy loam soil and clay soil, with a variety of organic materials from agro-industrial residues and crop residues. It is important for recycling of agro-industrial residues and agricultural residues and the mitigation of greenhouse gas emissions and nitrogen use efficiency.

Rice husk biochar and crop residue amendment in subtropical cropping soils: Effect on biomass production, nitrogen use efficiency and greenhouse gas emissions

We investigated the effect of maize residues and rice husk biochar on biomass production, fertiliser nitrogen recovery (FNR) and nitrous oxide (N2O) emissions for three different subtropical cropping soils. Maize residues at two rates (0 and 10 t ha−1) combined with three rates (0, 15 and 30 t ha-1) of rice husk biochar were added to three soil types in a pot trial with maize plants. Soil N2O emissions were monitored with static chambers for 91 days. Isotopic 15N-labelled urea was applied to the treatments without added crop residues to measure the FNR. Crop residue incorporation significantly reduced N uptake in all treatments but did not affect overall FNR. Rice husk biochar amendment had no effect on plant growth and N uptake but significantly reduced N2O and carbon dioxide (CO2) emissions in two of the three soils. The incorporation of crop residues had a contrasting effect on soil N2O emissions depending on the mineral N status of the soil. The study shows that effects of crop residues depend on soil properties at the time of application. Adding crop residues with a high C/N ratio to soil can immobilise N in the soil profile and hence reduce N uptake and/or total biomass production. Crop residue incorporation can either stimulate or reduce N2O emissions depending on the mineral N content of the soil. Crop residues pyrolysed to biochar can potentially stabilise native soil C (negative priming) and reduce N2O emissions from cropping soils thus providing climate change mitigation potential beyond the biochar C storage in soils. Incorporation of crop residues as an approach to recycle organic materials and reduce synthetic N fertiliser use in agricultural production requires a thorough evaluation, both in terms of biomass production and greenhouse gas emissions.

Changes in energy efficiency in Australia: A decomposition of aggregate energy intensity using logarithmic mean Divisia approach

This paper provides an empirical estimation of energy efficiency and other proximate factors that explain energy intensity in Australia for the period 1978-2009. The analysis is performed by decomposing the changes in energy intensity by means of energy efficiency, fuel mix and structural changes using sectoral and sub-sectoral levels of data. The results show that the driving forces behind the decrease in energy intensity in Australia are efficiency effect and sectoral composition effect, where the former is found to be more prominent than the latter. Moreover, the favourable impact of the composition effect has slowed consistently in recent years. A perfect positive association characterizes the relationship between energy intensity and carbon intensity in Australia. The decomposition results indicate that Australia needs to improve energy efficiency further to reduce energy intensity and carbon emissions. © 2012 Elsevier Ltd.

Integration and optimization of pressure retarded osmosis with reverse osmosis for power generation and high efficiency desalination

Salinity gradient power is proposed as a source of renewable energy when two solutions of different salinity are mixed. In particular, Pressure Retarded Osmosis (PRO) coupled with a Reverse Osmosis process (RO) has been previously suggested for power generation, using RO brine as the draw solution. However, integration of PRO with RO may have further value for increasing the extent of water recovery in a desalination process. Consequently, this study was designed to model the impact of various system parameters to better understand how to design and operate practical PRO-RO units. The impact of feed salinity and recovery rate for the RO process on the concentration of draw solution, feed pressure, and membrane area of the PRO process was evaluated. The PRO system was designed to operate at maximum power density of . Model results showed that the PRO power density generated intensified with increasing seawater salinity and RO recovery rate. For an RO process operating at 52% recovery rate and 35 g/L feed salinity, a maximum power density of 24 W/m2 was achieved using 4.5 M NaCl draw solution. When seawater salinity increased to 45 g/L and the RO recovery rate was 46%, the PRO power density increased to 28 W/m2 using 5 M NaCl draw solution. The PRO system was able to increase the recovery rate of the RO by up to 18% depending on seawater salinity and RO recovery rate. This result suggested a potential advantage of coupling PRO process with RO system to increase the recovery rate of the desalination process and reduce brine discharge.