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.

Generalizing the use of geographical weights in biodiversity modelling

Aim Determining how ecological processes vary across space is a major focus in ecology. Current methods that investigate such effects remain constrained by important limiting assumptions. Here we provide an extension to geographically weighted regression in which local regression and spatial weighting are used in combination. This method can be used to investigate non-stationarity and spatial-scale effects using any regression technique that can accommodate uneven weighting of observations, including machine learning. Innovation We extend the use of spatial weights to generalized linear models and boosted regression trees by using simulated data for which the results are known, and compare these local approaches with existing alternatives such as geographically weighted regression (GWR). The spatial weighting procedure (1) explained up to 80% deviance in simulated species richness, (2) optimized the normal distribution of model residuals when applied to generalized linear models versus GWR, and (3) detected nonlinear relationships and interactions between response variables and their predictors when applied to boosted regression trees. Predictor ranking changed with spatial scale, highlighting the scales at which different species–environment relationships need to be considered. Main conclusions GWR is useful for investigating spatially varying species–environment relationships. However, the use of local weights implemented in alternative modelling techniques can help detect nonlinear relationships and high-order interactions that were previously unassessed. Therefore, this method not only informs us how location and scale influence our perception of patterns and processes, it also offers a way to deal with different ecological interpretations that can emerge as different areas of spatial influence are considered during model fitting.

Robust face clustering for real-world data

This thesis has investigated how to cluster a large number of faces within a multi-media corpus in the presence of large session variation. Quality metrics are used to select the best faces to represent a sequence of faces; and session variation modelling improves clustering performance in the presence of wide variations across videos. Findings from this thesis contribute to improving the performance of both face verification systems and the fully automated clustering of faces from a large video corpus.

Inter-lamellar shear resistance confers compressive stiffness in the intervertebral disc: An image-based modelling study on the bovine caudal disc

The intervertebral disc withstands large compressive loads (up to nine times bodyweight in humans) while providing flexibility to the spinal column. At a microstructural level, the outer sheath of the disc (the annulus fibrosus) comprises 12–20 annular layers of alternately crisscrossed collagen fibres embedded in a soft ground matrix. The centre of the disc (the nucleus pulposus) consists of a hydrated gel rich in proteoglycans. The disc is the largest avascular structure in the body and is of much interest biomechanically due to the high societal burden of disc degeneration and back pain. Although the disc has been well characterized at the whole joint scale, it is not clear how the disc tissue microstructure confers its overall mechanical properties. In particular, there have been conflicting reports regarding the level of attachment between adjacent lamellae in the annulus, and the importance of these interfaces to the overall integrity of the disc is unknown. We used a polarized light micrograph of the bovine tail disc in transverse cross-section to develop an image-based finite element model incorporating sliding and separation between layers of the annulus, and subjected the model to axial compressive loading. Validation experiments were also performed on four bovine caudal discs. Interlamellar shear resistance had a strong effect on disc compressive stiffness, with a 40% drop in stiffness when the interface shear resistance was changed from fully bonded to freely sliding. By contrast, interlamellar cohesion had no appreciable effect on overall disc mechanics. We conclude that shear resistance between lamellae confers disc mechanical resistance to compression, and degradation of the interlamellar interface structure may be a precursor to macroscopic disc degeneration.

Measuring the effects of mergers and acquisitions on the economic performance of real estate developers

Real estate developers in China are using mergers and acquisitions (M&As) to ensure their survival and competitiveness. However, no suitable method is yet available to assess whether such M&As provide enhanced value for those involved. Using a hybrid method of data envelopment analysis (DEA) and Malmquist total factor productivity (TFP) indices, this paper evaluates the short and medium term effects of M&As on acquirers’ economic performance with a set of 32 M&A cases occurring during 2000–2011 in China. The results of the analysis show that M&As generally have a positive effect on acquirers’ economic performance. Acquisitions on average experienced a steady growth in developer Malmquist TFP, a more progressive adoption of technology immediately after acquisition, a slight short-term decrease in technical efficiency after acquisition but followed by a marked increase in the longer term once the integration and synergy benefits were realised. However, there is no evidence to show whether developers achieved any short or long term scale efficiency improvements after M&A. The findings of this study provide useful insights on developer M&A performance from an efficiency and productivity perspective.

A new family of multivariate heavy-tailed distributions with variable marginal amounts of tailweight: Application to robust clustering

We propose a family of multivariate heavy-tailed distributions that allow variable marginal amounts of tailweight. The originality comes from introducing multidimensional instead of univariate scale variables for the mixture of scaled Gaussian family of distributions. In contrast to most existing approaches, the derived distributions can account for a variety of shapes and have a simple tractable form with a closed-form probability density function whatever the dimension. We examine a number of properties of these distributions and illustrate them in the particular case of Pearson type VII and t tails. For these latter cases, we provide maximum likelihood estimation of the parameters and illustrate their modelling flexibility on simulated and real data clustering examples.

Thermal performance of magnesium oxide wall board using numerical modelling

Fire resistance of light-gauge steel frame (LSF) walls can be enhanced by lining them with single or multiple layers of wall boards. This research is focused on the thermal per-formance of Magnesium Oxide (MgO) wall boards in comparison to the conventional gypsum plasterboards exposed to standard fire on one side. Thermal properties of MgO board and gypsum plasterboard were measured first and then used in the finite element heat transfer models of the two types of panels. The measured thermal property results show that MgO board will perform better than the gypsum plasterboards due to its higher specific heat values at elevated temperatures. However, MgO board loses 50% of its ini-tial mass at about 500 °C compared to 16% for gypsum plasterboard. The developed finite element models were validated using the fire test results of gypsum plasterboards and then used to study the thermal performance of MgO board panels. Finite element analysis re-sults show that when MgO board panels are exposed to standard fire on one side the rate of temperature rise on the ambient side is significantly reduced compared to gypsum plas-terboard. This has the potential to improve the overall thermal performance of MgO board lined LSF walls and their fire resistance levels (FRL). However, full scale fire tests are needed to confirm this. This paper presents the details of this investigation and the results.

R1SVM: A randomised nonlinear approach to large-scale anomaly detection

The problem of unsupervised anomaly detection arises in a wide variety of practical applications. While one-class support vector machines have demonstrated their effectiveness as an anomaly detection technique, their ability to model large datasets is limited due to their memory and time complexity for training. To address this issue for supervised learning of kernel machines, there has been growing interest in random projection methods as an alternative to the computationally expensive problems of kernel matrix construction and sup-port vector optimisation. In this paper we leverage the theory of nonlinear random projections and propose the Randomised One-class SVM (R1SVM), which is an efficient and scalable anomaly detection technique that can be trained on large-scale datasets. Our empirical analysis on several real-life and synthetic datasets shows that our randomised 1SVM algorithm achieves comparable or better accuracy to deep auto encoder and traditional kernelised approaches for anomaly detection, while being approximately 100 times faster in training and testing.

Simulation and modelling tools for quantitative safety assessments of unmanned aircraft systems and operations

This paper presents two simple simulation and modelling tools designed to aid in the safety assessment required for unmanned aircraft operations within unsegregated airspace. First, a fast pair-wise encounter generator is derived to simulate the See and Avoid environment. The utility of the encounter generator is demonstrated through the development of a hybrid database and a statistical performance evaluation of an autonomous See and Avoid decision and control strategy. Second, an unmanned aircraft mission generator is derived to help visualise the impact of multiple persistent unmanned operations on existing air traffic. The utility of the mission generator is demonstrated through an example analysis of a mixed airspace environment using real traffic data in Australia. These simulation and modelling approaches constitute a useful and extensible set of analysis tools, that can be leveraged to help explore some of the more fundamental and challenging problems facing civilian unmanned aircraft system integration.

Analytical modelling of integrated solar drying system

The drying of fruit and vegetables is a subject of great importance. Dried fruit and vegetables have gained commercial importance, and their growth on a commercial scale has become an important sector of the agricultural industry. However, food drying is one of the most energy intensive processes of the major industrial process and accounts for up to 15 % of all industrial energy usage. Due to increasingly high electricity prices and environmental concern, a dryer using traditional energy sources is not a feasible option anymore. Therefore, an alternative/renewable energy source is needed. In this regard, an integrated solar drying system that includes highly efficient double-pass counter flow v-groove solar collector, conical-shaped rock-bed thermal storage, auxiliary heater, the centrifugal fan and the drying chamber has been designed and constructed. Mathematical model for all the individual components as well as an integrated model combining all components of the drying system has been developed. Mathematical equations were solved using MATLAB program. This paper presents the analytical model and key finding of the simulation.

Boarding control system for improved accessibility to offshore wind turbines: Full-scale testing

This paper considers the dynamic modelling and motion control of a Surface Effect Ship (SES) for safer transfer of personnel and equipment from vessel to-and-from an offshore wind-turbine. The control system designed is referred to as Boarding Control System (BCS). The performance of this system is investigated for a specific wind-farm service vessel—The Wave Craft. On a SES, the pressurized air cushion supports the majority of the weight of the vessel. The control problem considered relates to the actuation of the pressure such that wave-induced vessel motions are minimized. Results are given through simulation, model- and full-scale experimental testing.