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.

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.

Measuring tax efficiency: A tax optimality index

This paper introduces an index of tax optimality that measures the distance of some current tax structure from the optimal tax structure in the presence of public goods. This index is defined on the [0, 1] interval and measures the proportion of the optimal tax rates that will achieve the same welfare outcome as some arbitrarily given initial tax structure. We call this number the Tax Optimality Index. We also show how the basic methodology can be altered to derive a revenue equivalent uniform tax, which measures the tax burden implied by the public sector. A numerical example is used to illustrate the method developed, and extensions of the analysis to handle models with multiple households and nonlinear taxation structures are undertaken.

Subtropical subdivisions : toward a lot-rating methodology for subtropical climates

What role can climatically appropriate subdivision design play in decreasing the use of energy required to cool premises by maximising access to natural ventilation? How can this design be achieved? The subdivision design stage is critical to urban and suburban sustainability outcomes, as significant changes after development are constrained by the configuration of the subdivision, and then by the construction of the dwellings. Existing Australian lot rating methodologies for energy efficiency, such as that by the Sustainable Energy Development Authority (SEDA), focus on reducing heating needs by increasing solar access, a key need in Australia’s temperate zone. A recent CRC CI project, Sustainable Subdivisions: Energy (Miller and Ambrose 2005) examined these guidelines to see if they could be adapted for use in subtropical South East Queensland (SEQ). Correlating the lot ratings with dwelling ratings, the project found that the SEDA guidelines would need to be modified for use to make allowance for natural ventilation. In SEQ, solar access for heating is less important than access to natural ventilation, and there is a need to reduce energy used to cool dwellings. In Queensland, the incidence of residential air-conditioning was predicted to reach 50 per cent by the end of 2005 (Mickel 2004). The CRC-CI, Sustainable Subdivisions: Ventilation Project (CRC-CI, in progress), aims to verify and quantify the role natural ventilation has in cooling residences in subtropical climates and develop a lot rating methodology for SEQ. This paper reviews results from an industry workshop that explored the current attitudes and methodologies used by a range of professionals involved in subdivision design and development in SEQ. Analysis of the workshop reveals that a key challenge for sustainability is that land development in subtropical SEQ is commonly a separate process from house design and siting. Finally, the paper highlights some of the issues that regulators and industry face in adopting a lot rating methodology for subdivisions offering improved ventilation access, including continuing disagreement between professionals over the desirability of rating tools.

Critical success factors for positioning Australian business talent in the global knowledge economy : a current research agenda

"Globalisation‟ and the "global knowledge economy‟ have become some of the most common "buzzwords‟ in Australian business, economic, and social sectors in the past decade. Further, knowledge service exports are a growing sector for Australia that utilise complex technical and creative capacities, increasingly rely on virtual work innovations, require new socio-technical systems to establish and maintain effective client relationships in global contexts; and – along with other innovations in the electronic age – may require novel coping abilities on the part of both managers and their employees to achieve desired outcomes (Bandura, 2002). Accordingly, this paper overviews such trends. The paper also includes a research agenda which is a "work-in-progress‟ with a major global company, Shell (Australia); it highlights both the objectives and proposed methodology of the study; it also outlines anticipated key benefits arising from the research.