Study of the effect of M&A on real estate industry firms' performance

This paper proposes to adopt data envelopment analysis (DEA) based Malmquist total factor productivity (TFP) indices methods to evaluate the effect of mergers and acquisitions (M&As) on acquirers in short-term and long-term window. Based on analyzing 32 M&A deals conducted by Chinese real estate firms from 2000-2011, the study result demonstrate that the effect of M&A on developers’ performance is positive. Through M&A, the developers’ Malmquist TFP experienced a steady growth; their technology has got noticeable progress immediately after acquisition; and their technical efficiency has suffered a slight decrease in short-term after acquisition, but then achieved marked increase in the long-term when realization of integration and synergy. However, there is no evidence that the real estate firms have achieved scale efficiency improvement after M&A in either short-term or long-term.

Effect of covalent functionalisation on thermal transport across graphene-polymer interfaces

This paper is concerned with the interfacial thermal resistance for polymer composites reinforced by various covalently functionalised graphene. By using molecular dynamics simulations, the obtained results show that the covalent functionalisation in graphene plays a significant role in reducing the graphene-paraffin interfacial thermal resistance. This reduction is dependent on the coverage and type of functional groups. Among the various functional groups, butyl is found to be the most effective in reducing the interfacial thermal resistance, followed by methyl, phenyl and formyl. The other functional groups under consideration such as carboxyl, hydroxyl and amines are found to produce negligible reduction in the interfacial thermal resistance. For multilayer graphene with a layer number up to four, the interfacial thermal resistance is insensitive to the layer number. The effects of the different functional groups and the layer number on the interfacial thermal resistance are also elaborated using the vibrational density of states of the graphene and the paraffin matrix. The present findings provide useful guidelines in the application of functionalised graphene for practical thermal management.

Effect of fumigation temperature on the efficacy of phosphine against strongly resistant psocids liposcelis bostrychophila (Pscodoptera: Liposcelididae)

Species of Liposcelis psocids have emerged as major pests of stored grain in Australia in recent years. Several populations have been detected with high resistance to phosphine, the major chemical treatment. Highest resistance has been detected in the cosmopolitan species Liposcelis bostrychophila. As part of a national resistance management strategy to maintain the viability of phosphine, we are developing minimum effective dosage regimes (concentration x time) required to control all life stages of resistant L. bostrychophila at a range of grain temperatures. Four concentrations of phosphine, 0.1, 0.17, 0.3 aid 1 mg/L, were evaluated for their effectiveness against strongly resistant L. bostrychophila at a series of fumigation temperatures: 20, 25, 30 and 35°C. Results were recorded as the least number of days taken to achieve population extinction. We found that, at any fixed concentration of phosphine, time to population extinction decreased as fumigation temperature increased from 20 to 30°C. For example, at 0.1 mg/L, it took more than 14 days at 20°C to completely control these insects, whereas at 30°C it took only seven days. Increase in fumigation temperature from 25OC to 30°C dramatically reduced the exposure period needed to achieve population extinction of resistant psocids. For example, a dose of 0.17 mg/L over six days at 30°C completely controlled strongly resistant L. bostrychophila populations that can survive at 1 mg/L and 25°C over the same exposure period. Findings from our study will be used to formulate recommendations for registered dosage rates and fumigation periods for use in Australia.

Effect of exposure period on degree of dominance of phosphine resistance in adults of Rhyzopertha dominica (Coleoptera: Bostrychidae) and Sitophilus oryzae (Coleoptera: Curculionidae)

Degree of dominance of phosphine resistance was investigated in adults of Rhyzopertha dominica F and Sitophilus oryzae L. Efficacy of the grain fumigant phosphine depends on both concentration and exposure period, which raises the possibility that dominance levels vary with exposure period. New and published data were used to test this possibility in adults of R dominica and S oryzae fumigated for periods of up to 144 h. The concentrations required for control of homozygous resistant and susceptible strains and their F1 hybrids decreased with increasing exposure period. For both species the response lines for the homozygous resistant and susceptible strains and their F1 hybrids were parallel. Therefore, neither dominance level nor resistance factor was affected by exposure period. Resistance was incompletely recessive and the level of dominance, calculated at 50% mortality level, was -0.59 for R dominica and -0.65 for S oryzae. The resistant R dominica strain was 30.9 times more resistant than the susceptible strain, compared with 8.9 times for the resistant S oryzae strain. The results suggest that developing discriminating doses for detecting heterozygote adults of either species will be difficult.

Effect of seasonal conditions on fleece weight and its components in merino sheep grazing Mitchell grass pasture in North West Queensland

SUMMARY Seasonal conditions in the pre to post natal period and selected periods before and during wool growth were described using climatic measures and estimates of the quality and quantity of pasture on offer derived from a validated pasture production model (GRASP). The variation in greasy and clean fleece weight, yield, staple length, fibre diameter, neck and side wrinkle score of Merinos grazing Mitchell grass in north west Queensland was explained in terms of these pasture and climatic measures and animal characteristics such as reproductive status, age and skin area. Multiple regression equations predicting clean and greasy fleece weight from the proportion of days in the wool growth period that the green pool in the pasture was less than one kg/ha, the percentage utilisation of the pasture, age, reproductive status and skin area of the ewes explained 87% and 79% of the variation respectively. Equations with similar predictors explained 58-85% of the variation of the other components. The inclusion of pasture conditions in the pre to post natal period did not significantly improve the predictions of the animal’s later performance. 22nd Biennial Conference.

Effect of phosphine dose on sorption in wheat

BACKGROUND: In spite of the extensive use of phosphine fumigation around the world to control insects in stored grain, and the knowledge that grain sorbs phosphine, the effect of concentration on sorption has not been quantified. A laboratory study was undertaken, therefore, to investigate the effect of phosphine dose on sorption in wheat. Wheat was added to glass flasks to achieve filling ratios of 0.25-0.95, and the flasks were sealed and injected with phosphine at 0.1-1.5 mg L-1 based on flask volume. Phosphine concentration was monitored for 8 days at 25°C and 55% RH. RESULTS: When sorption occurred, phosphine concentration declined with time and was approximately first order, i.e. the data fitted an exponential decay equation. Percentage sorption per day was directly proportional to filling ratio, and was negatively correlated with dose for any given filling ratio. Based on the results, a tenfold increase in dose would result in a halving of the sorption constant and the percentage daily loss. Wheat was less sorptive if it was fumigated for a second time. CONCLUSIONS: The results have implications for the use of phosphine for control of insects in stored wheat. This study shows that dose is a factor that must be considered when trying to understand the impact of sorption on phosphine concentration, and that there appears to be a limit to the capacity of wheat to sorb phosphine.

Managing for rainfall variability: effect of grazing strategy on cattle production in a dry tropical savanna

Rainfall variability is a challenge to sustainable and pro. table cattle production in northern Australia. Strategies recommended to manage for rainfall variability, like light or variable stocking, are not widely adopted. This is due partly to the perception that sustainability and profitability are incompatible. A large, long-term grazing trial was initiated in 1997 in north Queensland, Australia, to test the effect of different grazing strategies on cattle production. These strategies are: (i) constant light stocking (LSR) at long-term carrying capacity (LTCC); (ii) constant heavy stocking (HSR) at twice LTCC; (iii) rotational wet-season spelling (R/Spell) at 1.5 LTCC; (iv) variable stocking (VAR), with stocking rates adjusted in May based on available pasture; and (v) a Southern Oscillation Index (SOI) variable strategy, with stocking rates adjusted in November, based on available pasture and SOI seasonal forecasts. Animal performance varied markedly over the 10 years for which data is presented, due to pronounced differences in rainfall and pasture availability. Nonetheless, lighter stocking at or about LTCC consistently gave the best individual liveweight gain (LWG), condition score and skeletal growth; mean LWG per annum was thus highest in the LSR (113 kg), intermediate in the R/Spell (104 kg) and lowest in the HSR(86 kg). MeanLWGwas 106 kg in the VAR and 103 kg in the SOI but, in all years, the relative performance of these strategies was dependent upon the stocking rate applied. After 2 years on the trial, steers from lightly stocked strategies were 60-100 kg heavier and received appreciable carcass price premiums at the meatworks compared to those under heavy stocking. In contrast, LWG per unit area was greatest at stocking rates of about twice LTCC; mean LWG/ha was thus greatest in the HSR (21 kg/ha), but this strategy required drought feeding in four of the 10 years and was unsustainable. Although LWG/ha was lower in the LSR (mean 14 kg/ha), or in strategies that reduced stocking rates in dry years like the VAR(mean 18 kg/ha) and SOI (mean 17 kg/ha), these strategies did not require drought feeding and appeared sustainable. The R/Spell strategy (mean 16 kg/ha) was compromised by an ill-timed fire, but also performed satisfactorily. The present results provide important evidence challenging the assumption that sustainable management in a variable environment is unprofitable. Further research is required to fully quantify the long-term effects of these strategies on land condition and profitability and to extrapolate the results to breeder performance at the property level.

Effect of Broadcast Baiting on Abundance Patterns of Red Imported Fire Ants (Hymenoptera: Formicidae) and Key Local Ant Genera at Long-Term Monitoring Sites in Brisbane, Australia

In 2001, the red imported fire ant (Solenopsis invicta Buren) was identified in Brisbane, Australia. An eradication program involving broadcast bait treatment with two insect growth regulators and a metabolic inhibitor began in September of that year and is currently ongoing. To gauge the impacts of these treatments on local ant populations, we examined long-term monitoring data and quantified abundance patterns of S. invicta and common local ant genera using a linear mixed-effects model. For S. invicta, presence in pitfalls reduced over time to zero on every site. Significantly higher numbers of S. invicta workers were collected on high-density polygyne sites, which took longer to disinfest compared with monogyne and low-density polygyne sites. For local ants, nine genus groups of the 10 most common genera analyzed either increased in abundance or showed no significant trend. Five of these genus groups were significantly less abundant at the start of monitoring on high-density polygyne sites compared with monogyne and low-density polygyne sites. The genus Pheidole significantly reduced in abundance over time, suggesting that it was affected by treatment efforts. These results demonstrate that the treatment regime used at the time successfully removed S. invicta from these sites in Brisbane, and that most local ant genera were not seriously impacted by the treatment. These results have important implications for current and future prophylactic treatment efforts, and suggest that native ants remain in treated areas to provide some biological resistance to S. invicta.

The effect of pasture utilization rate on stocks of soil organic carbon and total nitrogen in a semi-arid tropical grassland

The influence of grazing management on total soil organic carbon (SOC) and soil total nitrogen (TN) in tropical grasslands is an issue of considerable ecological and economic interest. Here we have used linear mixed models to investigate the effect of grazing management on stocks of SOC and TN in the top 0.5 m of the soil profile. The study site was a long-term pasture utilization experiment, 26 years after the experiment was established for sheep grazing on native Mitchell grass (Astrebla spp.) pasture in northern Australia. The pasture utilization rates were between 0% (exclosure) and 80%, assessed visually. We found that a significant amount of TN had been lost from the top 0.1 m of the soil profile as a result of grazing, with 80% pasture utilization resulting in a loss of 84 kg ha−1 over the 26-year period. There was no significant effect of pasture utilization rate on TN when greater soil depths were considered. There was no significant effect of pasture utilization rate on stocks of SOC and soil particulate organic carbon (POC), or the C:N ratio at any depth; however, visual trends in the data suggested some agreement with the literature, whereby increased grazing pressure appeared to: (i) decrease SOC and POC stocks; and, (ii) increase the C:N ratio. Overall, the statistical power of the study was limited, and future research would benefit from a more comprehensive sampling scheme. Previous studies at the site have found that a pasture utilization rate of 30% is sustainable for grazing production on Mitchell grass; however, given our results, we conclude that N inputs (possibly through management of native N2-fixing pasture legumes) should be made for long-term maintenance of soil health, and pasture productivity, within this ecosystem.

The effect of water quality on coarse fish productivity and movement in the Lower River Irwell and Upper Manchester Ship Canal a watercourse recovering from historical pollution

This is the Effect of water quality on coarse fish productivity and movement in the Lower River Irwell and Upper Manchester Ship Canal: a watercourse recovering from historical pollution report produced by the Environment Agency in 2003. The aim of this study was to investigate the impact of water quality upon coarse fish population dynamics in a lowland, urban watercourse. All of the research carried was undertaken in the lower River Irwell and upper Manchester Ship Canal, between February 1998 and December 2001. Of particular interest was the natural sustainability of the urban fishery given recent concern raised in the angling community over an apparent decline in coarse fish populations in lowland rivers. The research described in this report has concentrated upon the role of water quality in determining coarse fish population dynamics, and in particular: The impact of water quality upon fish growth and productivity; The impact of poor water quality and low dissolved oxygen concentrations upon fish distribution and movement; The impact of water quality upon the sexual development of fish.

Effect of sampling interval on estimates of larval supply

Estimates of larval supply can provide information on year-class strength that is useful for fisheries management. However, larval supply is difficult to monitor because long-term, high-frequency sampling is needed. The purpose of this study was to subsample an 11-year record of daily larval supply of blue crab (Callinectes sapidus) to determine the effect of sampling interval on variability in estimates of supply. The coefficient of variation in estimates of supply varied by 0.39 among years at a 2-day sampling interval and 0.84 at a 7-day sampling interval. For 8 of the 11 years, there was a significant correlation between mean daily larval supply and lagged fishery catch per trip (coefficient of correlation [r]=0.88). When these 8 years were subsampled, a 2-day sampling interval yielded a significant correlation with fishery data only 64.5% of the time and a 3-day sampling interval never yielded a significant correlation. Therefore, high-frequency sampling (daily or every other day) may be needed to characterize interannual variability in larval supply.

Effect of sodium bicarbonate on hatching and on postembryonic growth of Brachydanio rerio, Cyprinus carpio, Labeo rohita, Cirrhinus mrigala and Catla catla

The treatment of sodium bicarbonate at the dosage of 100 to 1000 mg/litre has been tested experimentally on the hatching and postembryonic growth of Brachydanio rerio, Cyprinus carpio, Labeo rohita, Cirrhinus mrigala and Catla catla. Lower dosages of 100 to 200 mg have been found to reduce the hatching period, yolk absorption period and improve the survival and growth of the post embryonic larvae. The higher dosages of 500 to 1000 mg has been found to reduce the hatching percentage and post embryonic growth of the larvae. The findings indicate that application of sodium bicarbonate in the hatchery and nursery management of carps in the lower dosages of 100 to 200 mg/L to improve hatching and postembryonic growth.