What drives the commodity price beta of oil industry stocks

We test theoretical drivers of the oil price beta of oil industry stocks. The strongest statistical and economic support comes for market conditions-type variables as the prime drivers: namely, oil price (+), bond rate (+), volatility of oil returns (−) and cost of carry (+). Though statistically significant, exogenous firm characteristics and oil firms' financing decisions have less compelling economic significance. There is weaker support for the prediction that financial risk management reduces the exposure of oil stocks to crude oil price variation. Finally, extended modelling shows that mean reversion in oil prices also helps explain cross-sectional variation in the oil beta.

Improving communication and increasing adoption of innovations in the beef industry

Agriculture has adopted many scientific innovations that have improved productivity. The majority of innovations in agriculture have been communicated to end users through a simple diffusion and dissemination model. However, as the science underpinning the innovations becomes more complex, research and development organizations need to look at better ways to communicate their innovation to end users. This paper examines innovations in the beef industry in Australia and investigates how complex innovations are being communicated and identifies the nature and level of communication with end users and the role of intermediaries. The findings support the need for greater involvement of end users in the innovation development process and a more vibrant two-way communication process between scientists, intermediaries and end users. The results also suggest that the traditional diffusion processes are insufficient to ensure high levels of awareness and adoption.

Development and validation of an ecological driver distraction evaluation tool

This paper describes the development and validation of a PC based MUARC Driver Distraction Test designed to measure simulated driving performance while the driver is performing a secondary task. The paper discusses the logic behind the development of the test, including the principles that were used to guide its design, as well as the results of a pilot validation study. The findings from this study were consistent with previous research and theory and were consistent with those obtained with the LCT. The results did, however, highlight a number of refinements that were necessary to improve the utility of the test.

Knowledge management practices in construction : Evidence from Hong Kong

The acquisition and management of knowledge is the dominant source of organisational com-petitive advantage. As innovation processes in the management and procurement of construc-tion activities are becoming increasingly interactive, knowledge management (KM) has been widely recognised by construction organisations as an essential tool to be employed when dealing with growing complexity and cost of projects as well as increasing client demands. KM requires deliberate efforts by an organisation to maximise its performance through the acquisition, dissemination and leveraging of the organisation’s intellectual assets. The Hong Kong (HK) construction market has been described as one of the most open and globally competitive. This paper reports on KM practices within the HK construction industry, and through the analysis of a self-administered questionnaire survey, reveals managers’ opinions of the formal and informal KM practices that could be used to manage the flow of knowledge, and identifies the level of implementation within their organisations. The differences between managers’ perception and the actual state of implementation – as reported by the same man-agers – are statistically examined. The analysis leads to better understanding of how HK con-struction professionals currently manage organisational knowledge, and what areas for poten-tial improvement exist.

Impacts of foreign direct investment on China’s construction industry

China’s national construction industry is now preparing to face the challenges, and to seize the opportunities, resulting from China’s entry to the World Trade Organisation (WTO). With the foreign direct investment (FDI) hitting a record high of around US$52.7 billion in 2002, China is believed to have now surpassed the USA as the world’s favorite destination for foreign investment. This fact, coupled with the huge potential for infrastructure development, indicates that the relatively large proportion of FDI flowing into the national construction industry will continue to increase in the foreseeable future. Positive aspects of FDI flowing will definitely help forging new industrial capabilities for China’s construction industry, thus helping it to achieve the ambitious strategic targets set by the Government for exporting construction goods and services. To shed some light on the position of the national industry in the global economy, this paper briefly presents the current international standing of China’s construction industry and qualitatively appraises potential positive influences of, and challenges associated with, FDI on the national industry.

Like? Advertising practitioners views of social media as an advertising research tool

Given that both academics and marketers are dissatisfied with the current state of advertising research (Kerr and Schultz, 2010; Neff, 2011), the objective of this exploratory paper is to determine the position of world-leading advertising professionals on the use of social media to test, track and evaluate campaigns. Using Delphi methodology, an international panel of Cannes Gold Lion winners acknowledged that social media research has both strengths and weaknesses, the same as any research. Its strengths are its intimacy and spontaneity, bringing the brand and consumer closer. The real risk is the loss of control in this research environment.

Bearing fault prognosis based on health state probability estimation

In condition-based maintenance (CBM), effective diagnostic and prognostic tools are essential for maintenance engineers to identify imminent fault and predict the remaining useful life before the components finally fail. This enables remedial actions to be taken in advance and reschedule of production if necessary. All machine components are subjected to degradation processes in real environments and they have certain failure characteristics which can be related to the operating conditions. This paper describes a technique for accurate assessment of the remnant life of bearings based on health state probability estimation and historical knowledge embedded in the closed loop diagnostics and prognostics system. The technique uses the Support Vector Machine (SVM) classifier as a tool for estimating health state probability of machine degradation process to provide long term prediction. To validate the feasibility of the proposed model, real life fault historical data from bearings of High Pressure-Liquefied Natural Gas (HP-LNG) pumps were analysed and used to obtain the optimal prediction of remaining useful life (RUL). The results obtained were very encouraging and showed that the proposed prognosis system based on health state probability estimation has the potential to be used as an estimation tool for remnant life prediction in industrial machinery.

A pre-treatment verification tool for IMRT based on EPID measurements and a GEANT4 back projection application

The aim of this work is to develop software that is capable of back projecting primary fluence images obtained from EPID measurements through phantom and patient geometries in order to calculate 3D dose distributions. In the first instance, we aim to develop a tool for pretreatment verification in IMRT. In our approach, a Geant4 application is used to back project primary fluence values from each EPID pixel towards the source. Each beam is considered to be polyenergetic, with a spectrum obtained from Monte Carlo calculations for the LINAC in question. At each step of the ray tracing process, the energy differential fluence is corrected for attenuation and beam divergence. Subsequently, the TERMA is calculated and accumulated to an energy differential 3D TERMA distribution. This distribution is then convolved with monoenergetic point spread kernels, thus generating energy differential 3D dose distributions. The resulting dose distributions are accumulated to yield the total dose distribution, which can then be used for pre-treatment verification of IMRT plans. Preliminary results were obtained for a test EPID image comprised of 100 9 100 pixels of unity fluence. Back projection of this field into a 30 cm9 30 cm 9 30 cm water phantom was performed, with TERMA distributions obtained in approximately 10 min (running on a single core of a 3 GHz processor). Point spread kernels for monoenergetic photons in water were calculated using a separate Geant4 application. Following convolution and summation, the resulting 3D dose distribution produced familiar build-up and penumbral features. In order to validate the dose model we will use EPID images recorded without any attenuating material in the beam for a number of MLC defined square fields. The dose distributions in water will be calculated and compared to TPS predictions.

Alcohol and other drugs in the Australian construction industry : a pathway for safety focused cultural change

Background: Anecdotal evidence from the infrastructure and building sectors highlights issues of alcohol and other drugs (AODs) and its association with safety risk on construction sites. Currently, there is no clear evidence on the prevalence and risk of AOD use among Australian construction workers and there is limited evidential guidance regarding how to effectively address such an issue. Aims: The current research aims to scientifically evaluate the use of AODs within the Australian construction industry in order to reduce the potential resulting safety and performance impacts and engender a cultural change in the workforce. A nationally consistent and collaborative approach across the workforce will be adopted. Methods: A national assessment of the use of AODs was conducted in participating organisations across three states. The World Health Organisation’s Alcohol Use Disorders Identification Test (AUDIT) was used to measure alcohol use. Illicit drug use, ‘readiness to change’, impediments to reducing impairment, feasibility of proposed interventions, and employee attitudes and knowledge regarding AOD was also measured through a combination of survey items and interviews. Through an educative approach and consultation with employers, employees, union groups and leaders in applied AOD research, this assessment was used to inform and support cultural change management of AOD use in the industry. Results: Results (n=494) indicate that as in the general population, a proportion of those sampled in the construction sector may be at risk of hazardous alcohol consumption. A total of 286 respondents (58%) scored above the cut-off cumulative score for risky or hazardous alcohol use. Other drug use was also identified as a major issue. Interview responses and input from all project partners is presented within a guiding principle framework for cultural change. Conclusions: Results support the need for evidence-based, comprehensive and tailored responses in the workplace. This paper will discuss the final results in the context of facilitating cultural change in the construction industry.

Correct procedures and cutting corners: a qualitative study of women's occupational health and safety in a beauty therapy industry

Objective: To examine the context of occupational health and safety related to blood-borne communicable diseases practice. Methods: A case study approach using qualitative semi-structured interviews with five key informants who represented different sectors of the beauty therapy industry in South Australia. Results: Four main themes were identified: (i) exposure to blood and blood-borne communicable diseases; (ii) prevention in practice; (iii) OH&S problems; and (iv) industry needs. Conclusion: Key OH&S issues in the beauty therapy industry include: power relationships between employers and employees, equipment costs, the need for more continuing education, and monitoring of practitioners. Implications: Economic constraints, continuing education, and government regulation of the beauty therapy industry are highlighted as significant areas for further consideration in addressing the OH&S needs of practitioners and their clients.

Hepatitis C in the workplace : a survey of women’s occupational health and safety in the beauty therapy industry

Objective: To examine current knowledge and practice of occupational health and safety (OH&S) regarding hepatitis C in beauty therapy practice. Methods: A questionnaire was sent to all beauty therapy practices identified through the Telstra Yellow Pages and distributed via beauty therapy product agencies. Results: 119 questionnaires were completed by employers and employees in 99 beauty therapy practices in metropolitan Adelaide. Beauty therapists reported carrying out many practices that had exposed them to blood in the past. More than 80% of the procedures carried out by beauty therapists in the previous week were reported to have led to exposure to blood. 39.5% of respondents had not received information about OH&S practices related to blood spills and 77.5% of respondents had received no OH&S information about hepatitis C. Knowledge of hepatitis C and its transmission was poor, with 62% of respondents incorrectly identifying the prevalence of hepatitis C and respondents incorrectly identifying sneezing (28%), kissing (46%) and sharing coffee cups (42%) as a modes of transmission. 80% of beauty therapy practices had no OH&S representative. Conclusion: Beauty therapy practice can expose both operator and client to blood and is therefore a potential site for the transmission of blood-borne diseases including hepatitis C. OH&S information is inadequate in this industry and knowledge of hepatitis C is poor.

Augmented Reality Process Modelling Tool

Video presented as part of BPM2011 demonstration(France). In this video we show a prototype BPMN process modelling tool which uses Augmented Reality techniques to increase the sense of immersion when editing a process model. The avatar represents a remotely logged in user, and facilitates greater insight into the editing actions of the collaborator than present 2D web-based approaches in collaborative process modelling. We modified the Second Life client to integrate the ARToolkit in order to support pattern-based AR.