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.

Market turbulence, temporal orientation and firm performance

This study investigates the role of environmental dynamics (i.e., market turbulence) as a factor influencing an organisation’s top management temporal orientation, and the impact of temporal orientation on innovative and financial performance. Results show that firm’s operating in highly turbulent markets exhibit higher degrees of future orientation, as opposed to present orientation. Future-oriented (rather than present-oriented) firms also experience higher levels of both incremental and radical innovations, which in turn generate financial performance. The study highlights the important role of shared strategic mindset (which is contextually influenced) as a driving factor behind the firm innovative and financial performance.

A methodology for effective implementation of lean strategies and its performance evaluation in manufacturing organizations

Purpose – The purpose of this paper is to develop an effective methodology for implementing lean manufacturing strategies and a leanness evaluation metric using continuous performance measurement (CPM). Design/methodology/approach – Based on five lean principles, a systematic lean implementation methodology for manufacturing organizations has been proposed. A simplified leanness evaluation metric consisting of both efficiency and effectiveness attributes of manufacturing performance has been developed for continuous evaluation of lean implementation. A case study to validate the proposed methodology has been conducted and proposed CPM metric has been used to assess the manufacturing leanness. Findings – Proposed methodology is able to systematically identify manufacturing wastes, select appropriate lean tools, identify relevant performance indicators, achieve significant performance improvement and establish lean culture in the organization. Continuous performance measurement matrices in terms of efficiency and effectiveness are proved to be appropriate methods for continuous evaluation of lean performance. Research limitations/implications – Effectiveness of the method developed has been demonstrated by applying it in a real life assembly process. However, more tests/applications will be necessary to generalize the findings. Practical implications – Results show that applying the methods developed, managers can successfully identify and remove manufacturing wastes from their production processes. By improving process efficiency, they can optimize their resource allocations. Manufacturers now have a validated step by step methodology for successfully implementing lean strategies. Originality/value – According to the authors’ best knowledge, this is the first known study that proposed a systematic lean implementation methodology based on lean principles and continuous improvement techniques. Evaluation of performance improvement by lean strategies is a critical issue. This study develops a simplified leanness evaluation metric considering both efficiency and effectiveness attributes and integrates it with the lean implementation methodology.

One night CPAP withdrawal impairs performance at a driving simulator task faster than sleep restriction to 5 hours with treatment in OSA patients

Introduction Sleep restriction and missing 1 night’s continuous positive air pressure (CPAP) treatment are scenarios faced by obstructive sleep apnoea (OSA) patients, who must then assess their own fitness to drive. This study aims to assess the impact of this on driving performance. Method 11 CPAP treated participants (50–75 yrs), drove an interactive car simulator under monotonous motorway conditions for 2 hours on 3 afternoons, following;(i)normal night’s sleep (average 8.2 h) with CPAP (ii) sleep restriction (5 h), with CPAP (iii)normal length of sleep, without CPAP. Driving incidents were noted if the car came out of the designated driving lane. EEG was recorded continually and KSS reported every 200 seconds. Results Driving incidents: Incidents were more prevalent following CPAP withdrawal during hour 1, demonstrating a significant condition time interaction [F(6,60) = 3.40, p = 0.006]. KSS: At the start of driving participants felt sleepiest following CPAP withdrawal, by the end of the task KSS levels were similar following CPAP withdrawal and sleep restriction, demonstrating a significant condition, time interaction [F(3.94,39.41) = 3.39, p = 0.018]. EEG: There was a non significant trend for combined alpha and theta activity to be highest throughout the drive following CPAP withdrawal. Discussion CPAP withdrawal impairs driving simulator performance sooner than restricting sleep to 5 h with CPAP. Participants had insight into this increased sleepiness reflected by the higher KSS reported following CPAP withdrawal. In the practical terms of driving any one incident could be fatal. The earlier impairment reported here demonstrates the potential danger of missing CPAP treatment and highlights the benefit of CPAP treatment even when sleep time is short.

Plasmonic nanostructures to enhance catalytic performance of zeolites under visible light

Light absorption efficiency of heterogeneous catalysts has restricted their photocatalytic capability for commercially important organic synthesis. Here, we report a way of harvesting visible light efficiently to boost zeolite catalysis by means of plasmonic gold nanoparticles (Au-NPs) supported on zeolites. Zeolites possess strong Brønsted acids and polarized electric fields created by extra-framework cations. The polarized electric fields can be further intensified by the electric near-field enhancement of Au-NPs, which results from the localized surface plasmon resonance (LSPR) upon visible light irradiation. The acetalization reaction was selected as a showcase performed on MZSM-5 and Au/MZSM-5 (M = H+, Na+, Ca2+, or La3+). The density functional theory (DFT) calculations confirmed that the intensified polarized electric fields played a critical role in stretching the C = O bond of the reactants of benzaldehyde to enlarge their molecular polarities, thus allowing reactants to be activated more efficiently by catalytic centers so as to boost the reaction rates. This discovery should evoke intensive research interest on plasmonic metals and diverse zeolites with an aim to take advantage of sunlight for plasmonic devices, molecular electronics, energy storage, and catalysis.

A high performance feedback active noise control system

In many active noise control (ANC) applications, an online secondary path modelling method that uses a white noise as a training signal is required. This paper proposes a new feedback ANC system. Here we modified both the FxLMS and the VSS-LMS algorithms to raised noise attenuation and modelling accuracy for the overall system. The proposed algorithm stops injection of the white noise at the optimum point and reactivate the injection during the operation, if needed, to maintain performance of the system. Preventing continuous injection of the white noise increases the performance of the proposed method significantly and makes it more desirable for practical ANC systems. Computer simulation results shown in this paper indicate effectiveness of the proposed method.

Validation of an instrument to measure governance and performance on collaborative infrastructure projects

Collaborative infrastructure projects use hybrid formal and informal governance structures to manage transactions. Based on previous desk-top research, the authors identified the key mechanisms underlying project governance, and posited the performance implications of the governance (Chen et al. 2012). The current paper extends that qualitative research by testing the veracity of those findings using data from 320 Australian construction organisations. The results provide, for the first time, reliable and valid scales to measure governance and performance of collaborative projects, and the relationship between them. The results confirm seven of seven hypothesised governance mechanisms; 30 of 43 hypothesised underlying actions; eight of eight hypothesised key performance indicators; and the dual importance of formal and informal governance. A startling finding of the study was that the implementation intensity of informal mechanisms (non-contractual conditions) is a greater predictor of project performance variance than that of formal mechanisms (contractual conditions). Further, contractual conditions do not directly impact project performance; instead their impact is mediated by the non-contractual features of a project. Obligations established under the contract are not sufficient to optimise project performance.

Review of the fire performance of LSF walls

Load bearing LSF walls are commonly made of cold-formed steel frames, gypsum plasterboards and insulation, and their fire performance is an important aspect of design. Many experimental and numerical studies have been conducted on the fire performance of LSF walls at the Queensland University of Technology (QUT). These studies have shown that increasing the number or thickness or quality of gypsum plasterboards has improved the fire resistance ratings (FRR) of LSF walls while the use of cavity insulation has reduced their FRR. Therefore new LSF wall systems with external insulation sandwiched between two layers of plasterboards were proposed, which provided higher FRR than cavity insulated walls. There are also other parameters that can improve the fire performance of LSF walls such as the steel type, stud geometry and depth, type of screw fasteners used, joints in the plasterboard and the plasterboard fall off time. This paper presents a review of the fire performance of LSF walls as a function of these parameters based on our research at QUT. Their effects on both the thermal and structural performance of LSF walls are discussed in detail and suitable improvements are recommended, for example, improved plasterboard joint types.

Experimental study on the fire performance of superior LSF wall systems

Load bearing Light Gauge Steel Frame (LSF) walls are commonly made of conventional lipped channel sections and gypsum plasterboards. Recently, innovative steel sections such as hollow flange channel sections have been proposed as studs in LSF wall frames with a view to improve their fire resistance ratings. A series of full scale fire tests was then undertaken to investigate the fire performance of the new LSF wall systems under standard fire conditions. Test wall frames made of hollow flange section studs were lined with fire resistant gypsum plasterboards on both sides, and were subjected to increasing temperatures as given by the standard fire curve on one side. Both uninsulated and cavity insulated walls were tested with varying load ratios from 0.2 to 0.6. This paper presents the details of this experimental study on the fire performance of LSF walls and the results. Test results showed that the walls made of the new hollow flange channel section studs have a superior fire performance in comparison to that of lipped channel section stud walls. They also showed that the fire performance of cavity insulated walls was inferior to that of uninsulated walls. The reasons for this fire behaviour are described in this paper.

Performance-based structural fire design of steel frames using conventional computer software

Fire incident in buildings is common, so the fire safety design of the framed structure is imperative, especially for the unprotected or partly protected bare steel frames. However, software for structural fire analysis is not widely available. As a result, the performance-based structural fire design is urged on the basis of using user-friendly and conventional nonlinear computer analysis programs so that engineers do not need to acquire new structural analysis software for structural fire analysis and design. The tool is desired to have the capacity of simulating the different fire scenarios and associated detrimental effects efficiently, which includes second-order P-D and P-d effects and material yielding. Also the nonlinear behaviour of large-scale structure becomes complicated when under fire, and thus its simulation relies on an efficient and effective numerical analysis to cope with intricate nonlinear effects due to fire. To this end, the present fire study utilizes a second order elastic/plastic analysis software NIDA to predict structural behaviour of bare steel framed structures at elevated temperatures. This fire study considers thermal expansion and material degradation due to heating. Degradation of material strength with increasing temperature is included by a set of temperature-stress-strain curves according to BS5950 Part 8 mainly, which implicitly allows for creep deformation. This finite element stiffness formulation of beam-column elements is derived from the fifth-order PEP element which facilitates the computer modeling by one member per element. The Newton-Raphson method is used in the nonlinear solution procedure in order to trace the nonlinear equilibrium path at specified elevated temperatures. Several numerical and experimental verifications of framed structures are presented and compared against solutions in literature. The proposed method permits engineers to adopt the performance-based structural fire analysis and design using typical second-order nonlinear structural analysis software.

Integration of sentiment analysis into customer relational model : the importance of feature ontology and synonym

Online business or Electronic Commerce (EC) is getting popular among customers today, as a result large number of product reviews have been posted online by the customers. This information is very valuable not only for prospective customers to make decision on buying product but also for companies to gather information of customers’ satisfaction about their products. Opinion mining is used to capture customer reviews and separated this review into subjective expressions (sentiment word) and objective expressions (no sentiment word). This paper proposes a novel, multi-dimensional model for opinion mining, which integrates customers’ characteristics and their opinion about any products. The model captures subjective expression from product reviews and transfers to fact table before representing in multi-dimensions named as customers, products, time and location. Data warehouse techniques such as OLAP and Data Cubes were used to analyze opinionated sentences. A comprehensive way to calculate customers’ orientation on products’ features and attributes are presented in this paper.

Strategies and solutions for housing sustainability : building information files and performance certificates

The overall aim of this research project was to provide a broader range of value propositions (beyond upfront traditional construction costs) that could transform both the demand side and supply side of the housing industry. The project involved gathering information about how building information is created, used and communicated and classifying building information, leading to the formation of an Information Flow Chart and Stakeholder Relationship Map. These were then tested via broad housing industry focus groups and surveys. The project revealed four key relationships that appear to operate in isolation to the whole housing sector and may have significant impact on the sustainability outcomes and life cycle costs of dwellings over their life cycle. It also found that although a lot of information about individual dwellings does already exist, this information is not coordinated or inventoried in any systematic manner and that national building information files of building passports would present value to a wide range of stakeholders.

Bond performance of CFRP strengthened steel members subjected to axial compression

This paper focuses on the use of externally bonded Carbon Fiber Reinforced Polymer (CFRP) materials to strengthen steel plates subjected to compression. A fully slender steel section was selected in this test programme. CFRP strengthened steel plates and non strengthened plates were tested to fail under compressive load. The middle part of the strut was strengthened using CFRP sheet. The length of the strengthened zone was varied. Eight specimens were tested in this test programme. The test results showed a significant strength gain of 47% and delaying of lateral torsional buckling failure mode of strengthened members. This study confirms that there is great potential to increase the short term performance of CFRP strengthened steel structure under axial compression.

InsulLiving house post-occupancy energy performance report

This research was commissioned by Metecno Pty Ltd, trading as Bondor®. The InsulLiving house was designed and constructed by Bondor®. The house instrumentation (electricity circuits, indoor environment, weather station) was provided by Bondor and supplied and installed by independent contractors. This report contains analysis of data collected from the InsulLiving house at Burpengary during 1 year of occupancy by a family of four for the period 1 April 2012 – 31 March 2013. The data shows a daily average electricity consumption 48% less than the regional average. The analysis confirms that the 9 star house performed thermally slightly better than the simulated performance. The home was 'near zero energy', with its modest 2.1kW solar power system meeting all of the needs for space heating and cooling, lighting and most water heating.