A synthetic protective put strategy for phased investment in projects without an outright deferral

This paper proposes and computationally demonstrates a synthetic protective put strategy for real options. Specifically, it deals with the problem of deferral option when an outright deferral is not permissible owing to competitive pressures. It is demonstrated that, in such a situation, an appropriate strategy would be to invest in the new project in phases rather than doing it all at once. The replicating portfolio for a protective put on the project is obtained by setting the owner’s equity in the project equal to the price of a call option on the value of the project. This is a logical extension of the financial protective put to the real options scenario and is relatively simple and practicable for businesses to adopt and apply.

Effects of humidity on the response of the bark beetle Ips grandicollis (Eichhoff) (Coleoptera: Curculionidae: Scolytinae) to synthetic aggregation pheromone

Environmental factors may affect chemical communication between individuals by limiting their ability to detect and respond to these signals. One such factor, high humidity, has been shown to interfere with the normal response of some invertebrate species to their attractant pheromones. The effect of humidity on the response of the five-spined bark beetle, Ips grandicollis, to a synthetic form of the aggregation pheromone component ipsenol, was tested in an experimental chamber in the laboratory. The response was measured as both the number of beetles to reach the pheromone source and the time taken, and was tested under high (>80% relative humidity) and low (30–40% relative humidity) conditions of humidity. There was no significant difference in response of beetles between the two treatments although there was a reduction in response in the high-humidity treatment when relative humidity levels were in excess of 90%. These findings suggest that atmospheric humidity does not influence bark beetles response to synthetic pheromone, except perhaps in unlikely conditions of excessive humidity.

Performance of suspended and attached growth MBR systems in treating high strength synthetic wastewater

The performance of laboratory-scale attached growth (AG) and suspended growth (SG) membrane bioreactors (MBRs) was evaluated in treating synthetic wastewater simulating high strength domestic wastewater. This study investigated the influence of sponge suspended carriers in AG-MBR system, occupying 15% reactor volume, on the removal of chemical oxygen demand (COD), total nitrogen (TN) and total phosphorus (TP), and compared it to that of SG-MBR. Results showed that the removal efficiencies of COD, TN and TP in AG-MBR were 98%, 89% and 58%, respectively as compared to 98%, 74% and 38%, respectively in SG-MBR. Improved TN removal in AG-MBR systems was primarily based on simultaneous nitrification and denitrification (SND) process. These results infer that the presence of small bio-particles having higher microbial activity and the growth of complex biomass captured within the suspended sponge carriers resulted in improved TN and TP removal in AG-MBR.

The effects of testing procedure on critical fall height determination for third-generation synthetic turf

Test procedures and their accuracy in determining critical fall height (CFH) on sporting grounds are paramount to player safety. The procedure currently adopted for synthetic turf in Australian football [1] consists of four consecutive drops at various drop heights at three test locations on the sample. The quantity and packing of the infill in third-generation turf and the pooling effect of the rubber particles with consecutive drops suggests that the current standard protocol may need re-assessment. Therefore, the purpose of this pilot study was to investigate whether current methods of testing for CFH are appropriate for third-generation synthetic turf or whether an alternative or adapted method needs to be developed. CFH was measured, using a HISUN Uniaxe-II Impact Tester, on 12 combinations of synthetic turf samples (four different products with three shock pad options). Three conditions were investigated on each sample; the existing protocol; an alternative 12 single-drop protocol and four single drops from the CFH determined from the existing protocol. A significant difference was found for both absolute and percentage difference between the existing and 12 single-drop protocol, with p = 0.001 and t = 4.33 and p < 0.001 and t = 6.03, respectively. There was also a significant difference between the CFH reached with and without a shock pad for both the existing protocol and the 12 single-drop protocol. The results of this pilot study demonstrate that differences do occur with alterations to the existing protocol and highlight the need for a more detailed characterisation of testing methods on third-generation synthetic turf and the response of surfaces to them.

Challenges in the development of standards for synthetic turf for Australian football and cricket

Given the escalating drought conditions in Australia, synthetic surfaces have recently been explored as a viable surface option for community-level Australian football–cricket ovals. The vast majority of Australian football ovals are transformed into cricket pitches during the football off-season and hence the characteristics of both sports had to be duly considered in the development of standards that could be tested in a laboratory setting, for a synthetic turf surface. This paper describes the data collection and test methods undertaken in the development of the standards for synthetic surface use in Australian football and cricket. The paper also discusses the issues and challenges encountered during the development of standards for multi-sport synthetic surfaces to ensure player safety while maintaining the performance characteristics of both sports. Surface property and ball interaction tests were undertaken on natural playing surfaces, both in situ and in the laboratory to determine the properties of the current playing surface for each sport. This paper highlights the importance of careful consideration of the characteristics of both games and the use of equipment from both sports in the testing methods. The standards described in this paper have now been accepted by the Australian Football League and Cricket Australia and the product approval process and use of synthetic surfaces for Australian football and cricket is imminent.

Synthesis of ethyl oleate employing synthetic hydrogel-immobilized lipase of Bacillus coagulans MTCC-6375

Ten polymeric hydrogels were chemically synthesized by varying the concentrations of copolymer (DMA) and cross-linker (MBAm) molecules. An alkaline lipase of Bacillus coagulans MTCC-6375 was immobilized onto a poly (MAc-co-DMA-cl-MBAm)-hydrogel support at pH 8.5 and temperature 55ºC in 16 h. The bound lipase possessed 7.6 U.g⁻¹ (matrix) lipase activity with a specific activity of 18 U.mg⁻¹ protein. Hydrogel bound-lipase catalyzed esterification of oleic acid and ethanol to synthesize ethyl oleate in n-nonane. Various kinetic parameters were optimized to produce ethyl oleate using immobilized lipase. The optimal parameters were bound enzyme/substrate (E/S) ratio 0.62 mg/mM, ethanol/oleic acid 100 mM:75 mM or 100 mM:100 mM, incubation time 18 h and reaction temperature 55ºC that resulted in approximately 53% conversion of reactants into ethyl oleate in n-nonane. However, addition of a molecular sieve to the reaction mixture promoted the conversion to 58% in 18 h in n-nonane, which was equivalent to 55 mM of ethyl oleate produced.

Effect of compositional gradient on thermal behavior of synthetic graphite-phenolic nanocomposites

Synthetic graphite–phenolic nanocomposites were designed and synthesized with a compositional gradient which is shown to influence transient temperature fields during rapid temperature changes. Such nanocomposites were fabricated using a compression moulding technique, and thermal conductivity and heat capacity of nanocomposites were experimentally determined using a modified transient plane source technique over a wide temperature range from 253.15 to 373.15 K. The effects of four compositional gradient configurations on the transient temperature field across the thickness of a nanocomposite plate, at a high imposed temperature, was investigated. The transient time and temperature fields in nanocomposite structures were highly affected by the compositional gradient configurations.

Synthetic evaluation method for bridge priority ranking

In order to maintain the transportation operation, proper monitoring systems should be established on road structures, especially bridges. Since these systems need enormous investments, only a part of bridges should be equipped. Thus, the priorities of the bridges should be ranked. In this paper, a method based on two-level synthetic evaluation is proposed. First, the importance of each bridge is analyzed through the economic analysis. Six factors are considered for the bridges in a network, including construction cost, service duration, length, location importance coefficient, traffic volume, and reconstruction time. Second, the safety condition of the bridge is evaluated by using improved entropy method (IEM) which combines subjective weight with objective entropy weight. Five indices are incorporated in this step, i.e., design and construction condition, technical condition, level of overloading, hazard of wind and earthquake and environmental factors. Finally, the priorities of all the bridge in one network can be ranked and classified through a judge matrix. To demonstrate the effectiveness of the proposed method, a main highway including 16 bridges is taken as an illustrative example. The results show that the bridges can be ranked and classified quickly by using the proposed method.

Composition-optimized synthetic graphite/polymer nanocomposites

In this study the optimization design, fabrication and characterization of synthetic graphite/phenolic nanocomposites are performed. The composition of synthetic graphite/phenolic nanocomposites was controlled across the thickness by stacking eight homogeneous layers containing 0, 5, 10, and 20wt% synthetic graphite in different sequences. Four compositional gradient patterns, as well as a homogenous nanocomposite, with the same geometry and synthetic graphite content, were fabricated to investigate the optimized design for thermomechanical properties. Results show that nanocomposites with a high concentration of synthetic graphite on the surfaces and neat resin at the center have the best thermomechanical and viscoelastic properties.