Underpricing of energy IPOs in Australia

The underpricing of initial public offerings (IPOs) has been discussed in the literature for over thirty years. Underpricing is the term used when the issue price of the shares of a company raising public equity capital and seeking to list on a stock exchange is below the closing price of the shares on the first day of listing. As such, underpricing theoretically allows subscribing investors the opportunity of making a return on the day of listing. The international evidence as examined in [4] and updated in [5] has documented that subscribing investors made handsome double-digit' (for example US IPOs - 15.7%, UK IPOs 12%, Turkish IPOs - 13.1 %, Greek IPOs -49.0%) or even triple-digit (for example Chinese IPOs 256.9%) statistically significant positive first day returns, on average. These studies are generally however of industrial company IPOs.

The purpose of this paper is to investigate the underpricing returns of Australian energy IPOs from January 1994 to June 2007. Two previous studies into natural resource IPOs in Australia only made fleeting mention of energy IPOs because of the small sample sizes. [3] identified 2 solid fuel IPOs and 13 oil and gas IPOs (amongst 130 other natural resource IPOs) during 1979 to 1990 and advised average underpricing returns of 106.5% and 47.3% respectively for investors subscribing to these IPOs. [2] investigated 19 energy IPOs (amongst 96 other natural resource IPOs) from 1994 to 1999 and reported an average underpricing return of 8.3%.

The sample set of 134 used in this study is significantly greater than previous Australian studies. These 134 energy IPOs raised over $1.945 billion of public equity capital from January 1994 to June 2007. [3] reports on the importance of the natural resources sectors to Australia's economy and the fact that companies working in these sectors constitute around one third of the entities listed on the Australian Stock Exchange.

This study also follows a highly influential paper in the IPO literature by [I]. They argue that the lower the uncertainty about the value of an IPO, the lower the underpricing needed to attract subscribers. Given the linkage between uncertainty and underpricing, this study seeks to identify the factors that might influence uncertainty and hence underpricing.

The study found that the mean underpricing return for these energy lPOs is 22.8% and statistically significant. The model used to investigate variables that might help explain the level of underpricing in this industry sector is also particularly useful. An important finding in the study for new issuers, underwriters and subscribing investors is that those energy IPO firms that used underwriters had substantially lower underpricing. The other finding that larger issues are likely to have lower underpricing is consistent with prior industrial company IPO studies.

Are shocks to energy consumption permanent or temporary? evidence from 182 countries

This article applies univariate and panel data unit root tests to annual panel data for 182 countries over the period 1979–2000 to examine the stationarity properties of per capita energy consumption. The univariate unit root test can only reject the unit root null for 56 countries or 31% of the sample at the 10% level or better. However, univariate unit root tests have low power with short spans of data and therefore failure to reject the unit root null should be treated with caution. When we apply the panel data unit root test we find overwhelming evidence that energy consumption is stationary. We discuss the policy implications of these findings and offer suggestions for future research.

Promoting energy efficiency in the private rented sector

The English House Condition Survey for 1991 demonstrated that levels of energy efficiency in private rented property are significantly below other sectors, even though energy improvements have tangible benefits for landlords. The low level of energy efficiency provision in the private rented sector indicates that landlords are unaware or unconvinced of these benefits and market barriers may have restricted uptake. Information regarding energy efficiency advice to the private rented HMO sector has focussed on offering good practice design guidance, and information about the level of fitness and overall characteristics of the sector. This research project evaluated the PRESS scheme, which encouraged landlords to introduce energy efficiency measures. A total of 78 private sector rented properties in Sheffield were analysed with retrofit measures to improve levels of energy efficiency. The results demonstrate that whilst market barriers exist, the PRESS scheme went some way to overcoming some barriers to energy efficiency.

Compressive behavior and energy absorption of constructed cellular aluminum

The defoThe deformation behaviors and energy absorption characteristics of constructed cellular aluminums were investigated by compressive tests. Constructed cellular aluminum specimens with two kinds of thickness in the cold-pressed panel and various numbers of layers bonded together have been tested. The plateau stress and the energy absorption have been measured and furthermore, the deformation behaviors have been evaluated. Results indicate that superior mechanical properties with constructed cellular aluminums can be achieved when the distribution of material at cell level is properly selected. Excellent energy absorption per unit mass can be obtained by only changing the thickness of the original aluminum sheet.nnation behaviors and energy absorption characteristics of constructed cellular aluminums were investigated by compressive tests. Constructed cellular aluminum specimens with two kinds of thickness in the cold-pressed panel and various numbers of layers bonded together have been tested. The plateau stress and the energy absorption have been measured and furthennore, the defonnation behaviors have been evaluated. Results indicate that superior mechanical properties with constructed cellular aluminums can be achieved when the distribution of material at cell level is properly selected. Excellent energy absorption per unit mass can be obtained by only changing the thickness of the original aluminum sheet.

Physiological response to extreme fasting in subantarctic fur seal (Arctocephalus tropicalis) pups : metabolic rates, energy reserve utilization, and water fluxes

Physiological response to extreme fasting in subantarctic fur seal (Arctocephalus tropicalis) pups: metabolic rates, energy reserve utilization, and water fluxes. Am J Physiol Regul Integr Comp Physiol 297: R1582–R1592, 2009. First published September 23, 2009; doi:10.1152/ajpregu.90857.2008.— Surviving prolonged fasting requires various metabolic adaptations, such as energy and protein sparing, notably when animals are simultaneously engaged in energy-demanding processes such as growth. Due to the intermittent pattern of maternal attendance, subantarctic fur seal pups have to repeatedly endure exceptionally long fasting episodes throughout the 10-mo rearing period while preparing for nutritional independence. Their metabolic responses to natural prolonged fasting (33.4 ± 3.3 days) were investigated at 7 mo of age. Within 4–6 fasting days, pups shifted into a stage of metabolic economy characterized by a minimal rate of body mass loss (0.7%/day) and decreased resting metabolic rate  (5.9 ± 0.1 ml O₂ ·kg^-1·day^-1) that was only 10% above the level predicted for adult terrestrial mammals. Field metabolic rate (289 ± 10 kJ·kg^-1 ·day^-1) and water influx (7.9 ± 0.9 ml·kg^-1 ·day^-1) were also among the lowest reported for any young otariid, suggesting minimized energy allocation to behavioral activity and thermoregulation. Furthermore, lean tissue degradation was dramatically reduced. High initial adiposity (>48%) and predominant reliance on lipid catabolism likely contributed to the exceptional degree of protein sparing attained. Blood chemistry supported these findings and suggested utilization of alternative fuels, such as β-hydroxybutyrate and de novo synthesized glucose from fat-released glycerol. Regardless of sex and body condition, pups tended to adopt a convergent strategy of extreme energy and lean body mass conservation that appears highly adaptive for it allows some tissue growth during the repeated episodes of prolonged fasting they experience throughout their development.

Formation of defects in boron nitride by low energy ion bombardment

Formation of defects in hexagonal and cubic boron nitride (h -BN and c -BN, respectively) under low-energy argon or nitrogen ion-bombardment has been studied by near-edge x-ray absorption fine structure (NEXAFS) around boron and nitrogen K -edges. Breaking of B-N bonds for both argon and nitrogen bombardment and formation of nitrogen vacancies, VN, has been identified from the B K -edge of both h -BN and c -BN, followed by the formation of molecular nitrogen, N2, at interstitial positions. The presence of N 2 produces an additional peak in photoemission spectra around N 1s core level and a sharp resonance in the low-resolution NEXAFS spectra around N K -edge, showing the characteristic vibrational fine structure in high-resolution measurements. In addition, several new peaks within the energy gap of BN, identified by NEXAFS around B and N K -edges, have been assigned to boron or nitrogen interstitials, in good agreement with theoretical predictions. Ion bombardment destroys the cubic phase of c -BN and produces a phase similar to a damaged hexagonal phase. © 2009 American Institute of Physics.

Multi-point and multi-level solar integration into a conventional coal-fired power plant

Solar-aided power generation (SAPG) is capable of integrating solar thermal energy into a conventional thermal power plant, at multi-points and multi-levels, to replace parts of steam extractions in the regenerative Rankine cycle. The integration assists the power plant to reduce coal (gas) consumption and pollution emission or to increase power output. The overall efficiencies of the SAPG plants with different solar replacements of extraction steam have been studied in this paper. The results indicate that the solar thermal to electricity conversion efficiencies of the SAPG system are higher than those of a solar-alone power plant with the same temperature level of solar input. The efficiency with solar input at 330 °C can be as high as 45% theoretically in a SAPG plant. Even the low-temperature solar heat at about 85 °C can be used in the SAPG system to heat the lower temperature feedwater, and the solar to electricity efficiency is nearly 10%. However, the low-temperature heat resource is very hard to be used for power generation in other types of solar power plants. Therefore, the SAPG plant is one of the most efficient ways for solar thermal power generation.

Individual and area-level socioeconomic associations with fast food purchasing

Background It has been suggested that those with lower socioeconomic characteristics would be more likely to seek energy-dense food options such as fast food because of cheaper prices; however, to date the evidence has been inconsistent. This study examines both individual- and area-level socioeconomic characteristics and their independent associations with chain-brand fast food purchasing.

Methods Data from the 2003 Victorian Lifestyle and Neighbourhood Environments Study (VicLANES); a multilevel study of 2547 adults from 49 small-areas in Melbourne, Australia, were used. Multilevel multinomial models adjusted for confounders were used to assess associations between individual socioeconomic position (education, occupation and income) and area socioeconomic characteristics in relation to fast food purchasing from five major fast food chains with outcome categories: never, at least monthly and at least weekly. The study finally assessed whether any potential area-level associations were mediated by fast food access.

Results Increased fast food purchasing was independently associated with lower education, being a blue-collar employee and decreased household income. Results for area-level disadvantage were marginally insignificant after adjustment for individual-level characteristics, although they were suggestive that living in an area with greater levels of disadvantage increased an individual's odds of more frequent fast food purchasing. This effect was further attenuated when measures of fast food restaurant access were included in the models.

Conclusion Independent effects of lower individual-level socioeconomic characteristics and more frequent fast food purchasing for home consumption are demonstrated. Although evidence was suggestive of an independent association with area-level disadvantage this did not reach statistical significance.

Estimating relative disulfide energies : an accurate ab initio potential energy surface

Disulfide torsional energy, a good predictor of disulfide redox potential in proteins, may be estimated by interpolation on a potential energy surface (PES) describing the twisting of diethyl disulfide through its three central dihedral angles. Here we update PES calculations at the M05-2X level of theory with the 6-31G(d) basis set. Although the surface shows no qualitative differences from an earlier MP2(full) PES, energy differences greater than 1 kJ mol^–1 were seen for conformations with χ₂ between –60° and 30°, or with χ₃ below 60° or above 130°. This is particularly significant for highly strained disulfides that are likely to be spontaneously reduced by mechanical means. In benchmarking against the high-level G3X method, M05-2X showed significantly reduced root mean squared deviation compared with MP2(full) (1.0 versus 2.0 kJ mol^–1 respectively). Results are incorporated into a web application that calculates relative torsional energies from disulfide dihedral angles (http://www.sbinf.org/applications/pes.html).

An energy-autonomous home in Melbourne - myth or reality?

Energy-autonomous buildings are possible. Completely energy self-sufficient houses can be found, for example, in Europe. If it is possible to cover the entire energy demand of a household from only renewable energy generated on site in a central European climate, what is required in a temperate climate, typical of southern Australia? This paper describes an investigation to broadly assess the technical, practical and financial feasibility of energy-autonomy for a hypothetical suburban house in Melbourne, Victoria. The findings firstly demonstrate the importance of reducing energy demand by using passive solar building strategies and energy efficient appliances to reduce demand to a reasonable level. The paper then discusses four scenarios and combinations of technologies to meet this reduced demand. The three scenarios which give energy autonomy increase the capital cost of a typical house by between 15% and 3%, and there would be insufficient roof area to accommodate the solar technologies required in two of the scenarios investigated. It is therefore concluded that while the goal of energy autonomy is technically feasible, it is not likely to be financially or practically acceptable. A fourth scenario of an energy-exporting house was also investigated and is shown to be a much more attractive option.

Adaptive cruise control look-ahead system for energy management of vehicles

Cruise control in motor vehicles enhances safe and efficient driving by maintaining a constant speed at a preset level. Adaptive Cruise Control (ACC) is the latest development in cruise control. It controls engine throttle position and braking to maintain a safe distance behind a vehicle in front by responding to the speed of this vehicle, thus providing a safer and more relaxing driving environment. ACC can be further developed by including the look-ahead method of predicting environmental factors such as wind speed and road slope. The conventional analytical control methods for adaptive cruise control can generate good results; however they are difficult to design and computationally expensive. In order to achieve a robust, less computationally expensive, and at the same time more natural human-like speed control, intelligent control techniques can be used. This paper presents an Adaptive Neuro-Fuzzy Inference System (ANFIS) based on ACC systems that reduces the energy consumption of the vehicle and improves its efficiency. The Adaptive Cruise Control Look-Ahead (ACC-LA) system works as follows: It calculates the energy consumption of the vehicle under combined dynamic loads like wind drag, slope, kinetic energy and rolling friction using road data, and it includes a look-ahead strategy to predict the future road slope. The cruise control system adaptively controls the vehicle speed based on the preset speed and the predicted future slope information. By using the ANFIS method, the ACC-LA is made adaptive under different road conditions (slope angle and wind direction and speed). The vehicle was tested using the adaptive cruise control look-ahead energy management system, the results compared with the vehicle running the same test but without the adaptive cruise control look-ahead energy management system. The evaluation outcome indicates that the vehicle speed was efficiently controlled through the look-ahead methodology based upon the driving cycle, and that the average fuel consumption was reduced by 3%.

Affect computing in film through sound energy dynamics

We develop an algorithm for the detection and classification of affective sound events underscored by specific patterns of sound energy dynamics. We relate the portrayal of these events to proposed high level affect or emotional coloring of the events. In this paper, four possible characteristic sound energy events are identified that convey well established meanings through their dynamics to portray and deliver certain affect, sentiment related to the horror film genre. Our algorithm is developed with the ultimate aim of automatically structuring sections of films that contain distinct shades of emotion related to horror themes for nonlinear media access and navigation. An average of 82% of the energy events, obtained from the analysis of the audio tracks of sections of four sample films corresponded correctly to the proposed affect. While the discrimination between certain sound energy event types was low, the algorithm correctly detected 71% of the occurrences of the sound energy events within audio tracks of the films analyzed, and thus forms a useful basis for determining affective scenes characteristic of horror in movies.

2-D edge feature extraction to subpixel accuracy using the generalized energy approach

Precision edge feature extraction is a very important step in vision, Researchers mainly use step edges to model an edge at subpixel level. In this paper we describe a new technique for two dimensional edge feature extraction to subpixel accuracy using a general edge model. Using six basic edge types to model edges, the edge parameters at subpixel level are extracted by fitting a model to the image signal using least-.squared error fitting technique.

Energy deficiency, menstrual disturbances, and low bone mass : what do exercising Australian women know about the female athlete triad?

Purpose: Prevention of the female athlete triad is essential to protect female athletes’ health. The aim of this study was to investigate the knowledge, attitudes, and behaviors of regularly exercising adult women in Australia toward eating patterns, menstrual cycles, and bone health.
Methods: A total of 191 female exercisers, age 18–40 yr, engaging in ≥2 hr/wk of strenuous activity, completed a survey. After 11 surveys were excluded (due to incomplete answers), the 180 participants were categorized into lean-build sports (n = 82; running/ athletics, triathlon, swimming, cycling, dancing, rowing), non-lean-build sports (n = 94; basketball, netball, soccer, hockey, volleyball, tennis, trampoline, squash, Australian football), or gym/fitness activities (n = 4).
Results: Mean (± SD) training volume was 9.0 ± 5.5 hr/wk, with participants competing from local up to international level. Only 10% of respondents could name the 3 components of the female athlete triad. Regardless of reported history of stress fracture, 45% of the respondents did not think that amenorrhea (absence of menses for ≥3 months) could affect bone health, and 22% of those involved in lean-build sports would do nothing if experiencing amenorrhea (vs. 3.2% in non-lean-build sports, p = .005). Lean-build sports, history of amenorrhea, and history of stress fracture were all significantly associated with not taking action in the presence of amenorrhea (all p < .005). Conclusions: Few active Australian women are aware of the detrimental effects of menstrual dysfunction on bone health. Education programs are needed to prevent the female athlete triad and ensure that appropriate actions are taken by athletes when experiencing amenorrhea.