Ethical screening and financial performance : the case of Islamic equity funds

Whether ethical screening affects portfolio performance is an important question that is yet to be settled in the literature. This paper aims to shed further light on this question by examining the performance of a large global sample of Islamic equity funds (IEFs) from 1984 to 2010. We find that IEFs underperform conventional funds by an average of 40 basis points per month, consistent with the underperformance hypothesis. In line with popular media claims that Islamic funds are a safer investment, IEFs outperformed conventional funds during the recent banking crisis. However, we find no such outperformance for other crises or high volatility periods. Based on fund holdings-based data, we provide evidence of a negative curvilinear relation between fund performance and ethical screening intensity, consistent with a return trade-off to being more ethical.

The influence of internal load density on the energy and thermal performance of air-conditioned office buildings in the face of global warming

Internal heat sources may not only consume energy directly through their operation (e.g. lighting), but also contribute to building cooling or heating loads, which indirectly change building cooling and heating energy. Through the use of building simulation technique, this paper investigates the influence of building internal load densities on the energy and thermal performance of air conditioned office buildings in Australia. Case studies for air conditioned office buildings in major Australian capital cities are presented. It is found that with a decrease of internal load density in lighting and/or plug load, both the building cooling load and total energy use can be significantly reduced. Their effect on overheating hour reduction would be dependent on the local climate. In particular, it is found that if the building total internal load density is reduced from the base case of “medium” to “extra–low, the building total energy use under the future 2070 high scenario can be reduced by up to 89 to 120 kWh/m² per annum and the overheating problem could be completely avoided. It is suggested that the reduction in building internal load densities could be adopted as one of adaptation strategies for buildings in face of the future global warming.

Challenges in field monitoring of energy performance of air conditioners

Experimental work could be conducted in either laboratory or at field site. Generally, the laboratory experiments are carried out in an artificial setting and with a highly controlled environment. By contrast, the field experiments often take place in a natural setting, subject to the influences of many uncontrolled factors. Therefore, it is necessary to carefully assess the possible limitations and appropriateness of an experiment before embarking on it. In this paper, a case study of field monitoring of the energy performance of air conditioners is presented. Significant challenges facing the experimental work are described. Lessons learnt from this case study are also discussed. In particular, it was found that on-going analysis of the monitoring data and the correction of abnormal issues are two of the keys for a successful field test program. It was also shown that the installation of monitoring systems could have a significant impact on the accuracy of the data being collected. Before monitoring system was set up to collect monitoring data, it is recommended that an initial analysis of sample monitored data should be conducted to make sure that the monitoring data can achieve the expected precision. In the case where inevitable inherent errors were induced from the installation of field monitoring systems, appropriate remediation may need to be developed and implemented for the improved accuracy of the estimation of results. On-going analysis of monitoring data and correction of any abnormal issues would be the key to a successful field test program.

Sectional analysis of stormwater treatment performance of a constructed wetland

Constructed wetlands are among the most common Water Sensitive Urban Design (WSUD) measures for stormwater treatment. These systems have been extensively studied to understand their performance and influential treatment processes. Unfortunately, most past studies have been undertaken considering a wetland system as a lumped system with a primary focus on the reduction of the event mean concentration (EMC) values of specific pollutant species or total pollutant load removal. This research study adopted an innovative approach by partitioning the inflow runoff hydrograph and then investigating treatment performance in each partition and their relationships with a range of hydraulic factors. The study outcomes confirmed that influenced by rainfall characteristics, the constructed wetland displays different treatment characteristics for the initial and later sectors of the runoff hydrograph. The treatment of small rainfall events (<15 mm) is comparatively better at the beginning of runoff events while the trends in pollutant load reductions for large rainfall events (>15 mm) are generally lower at the beginning and gradually increase towards the end of rainfall events. This highlights the importance of ensuring that the inflow into a constructed wetland has low turbulence in order to achieve consistent treatment performance for both, small and large rainfall events.

Leading or managing? Assistant Regional Directors, School Performance, in Queensland

Purpose Education reform aimed at achieving improved student learning is a demanding challenge for leaders and managers at all levels of education across the globe. In 2010, the position of Assistant Regional Directors, School Performance (ARD-SP), was established to positively impact upon student learning across public schools in Queensland, Australia. This study explores the perceptions of the role and leadership understandings of ARDs in Queensland in order to understand more fully the tensions and opportunities they face within this reasonably newly created position. Design/methodology/approach This qualitative study is based on interviews with 18 Assistant Regional Directors and two of their supervisors to gauge a better understanding of the nature of the role as it relates to leadership and management in the Queensland context. Findings Interview data revealed three key themes pertaining to the nature of the role and these were performance, supervision, and professional challenges. A key finding was that the notion of supervision was experienced as problematic for ARDs-SP. Research limitations/implications This study has limitations and these include a sample that focused on Assistant Regional Directors within one State of Australia and one schooling system (i.e. public education); and interviews were the primary data collection source. Originality/value Although there have been studies of supervisors of principals (referred to as superintendents, directors) in other countries and other systems, this study is a first to explore the tensions and opportunities faced by executive leaders in Queensland.

The performance of diversified emerging market equity funds

We investigate the performance of globally diversified emerging market equity funds during the first decade of the twenty-first century. A vast majority of these funds do not outperform the market benchmark even before transaction costs. The systematic risk of most of the funds is similar to that of the market benchmark portfolio, which may suggest that they aim to offer diversification benefits rather than seeking superior risk-adjusted returns through active management. We do not find any evidence of market timing ability amongst these funds. Finally, whilst we detect persistence in performance, this result is driven mainly by the poorly performing funds.

Hospital care in Iran : an examination of national health system performance

This study examines hospital care system performance in Iran. We first briefly review hospital care delivery system in Iran. Then, the hospital care system in Iran has been investigated from financial, utilization, and quality perspectives. In particular, we examined the extent to which health care system in Iran protects people from the financial consequence of health care expenses and whether inpatient care distributed according to need. We also empirically analyzed the quality of hospital care in Iran using patient satisfaction information collected in a national health service survey. The Iranian health care system consists of unequal access to hospital care; mismatch between the distribution of services and inpatients' need; and high probability of financial catastrophe due to out-of-pocket payments for inpatient services. Our analysis indicates that the quality of hospital care among Iranian provinces favors patients residing in provinces with high numbers of hospital beds per capita such as Esfahan and Yazd. Patients living in provinces with low levels of accessibility to hospital care (e.g. Gilan, Kermanshah, Hamadan, Chahar Mahall and Bakhtiari, Khuzestan, and Sistan and Baluchestan) receive lower-quality services. These findings suggest that policymakers in Iran should work on several fronts including utilization, financing, and service quality to improve hospital care.

Young drivers' perceptions of road safety messages and a high performance vehicle advertisement : a qualitative exploration

While road safety messages that focus on physical threats have shown some effectiveness, messages that include social threats and gains/rewards may be an alternative approach to encourage safer driving behaviours. In addition to message frame and type, motor vehicle advertising exposure may also influence the persuasiveness of road safety messages. Using qualitative methods this preliminary study explored young drivers’ (N = 17, 11 males) perceptions of the persuasiveness of four anti-speeding messages and a fictional high performance vehicle advertisement. The majority of males perceived the social loss/gain-framed messages to be more persuasive (sense of responsibility and personal relevance themes), whereas females tended to perceive the physical loss/ gain-frame messages (social esteem theme) to be more persuasive. Males appeared to be, while females appeared not to be, persuaded by the vehicle advertisement. The findings suggest that a range of road safety messages may be required to reach and influence young drivers.

Model refinement through high-performance computing: an agent-based HIV example

Background Recent advances in Immunology highlighted the importance of local properties on the overall progression of HIV infection. In particular, the gastrointestinal tract is seen as a key area during early infection, and the massive cell depletion associated with it may influence subsequent disease progression. This motivated the development of a large-scale agent-based model. Results Lymph nodes are explicitly implemented, and considerations on parallel computing permit large simulations and the inclusion of local features. The results obtained show that GI tract inclusion in the model leads to an accelerated disease progression, during both the early stages and the long-term evolution, compared to a theoretical, uniform model. Conclusions These results confirm the potential of treatment policies currently under investigation, which focus on this region. They also highlight the potential of this modelling framework, incorporating both agent-based and network-based components, in the context of complex systems where scaling-up alone does not result in models providing additional insights.

High-performance computing for data analytics

One of the main challenges in data analytics is that discovering structures and patterns in complex datasets is a computer-intensive task. Recent advances in high-performance computing provide part of the solution. Multicore systems are now more affordable and more accessible. In this paper, we investigate how this can be used to develop more advanced methods for data analytics. We focus on two specific areas: model-driven analysis and data mining using optimisation techniques.

Performance evaluation of cloud-based parallel computing

As computational models in fields such as medicine and engineering get more refined, resource requirements are increased. In a first instance, these needs have been satisfied using parallel computing and HPC clusters. However, such systems are often costly and lack flexibility. HPC users are therefore tempted to move to elastic HPC using cloud services. One difficulty in making this transition is that HPC and cloud systems are different, and performance may vary. The purpose of this study is to evaluate cloud services as a means to minimise both cost and computation time for large-scale simulations, and to identify which system properties have the most significant impact on performance. Our simulation results show that, while the performance of Virtual CPU (VCPU) is satisfactory, network throughput may lead to difficulties.

Evaluation of the performance of a dengue outbreak detection tool for China

An outbreak detection and response system, using time series moving percentile method based on historical data, in China has been used for identifying dengue fever outbreaks since 2008. For dengue fever outbreaks reported from 2009 to 2012, this system achieved a sensitivity of 100%, a specificity of 99.8% and a median time to detection of 3 days, which indicated that the system was a useful decision tool for dengue fever control and risk-management programs in China.

The performance advantages for SMEs of product innovation and marketing resource–capability complementarity in emerging economies

This study argues that small and medium-sized enterprises (SMEs) must possess both resources and capabilities at a superior level, and those resources and capabilities must be complementary with one another to achieve superior financial performance. The resources and capabilities of interest are product innovation and marketing. Using data from manufacturing SMEs, the results suggest that product innovation resource–capability complementarity, marketing resource–capability complementarity, and their interaction are positively related to financial performance through product innovation and customer performance. The findings suggest that some SMEs may outperform others not only because they possess a specific individual resource–capability complementarity but also because they create synergy and asset interconnectedness.

"Rebirth: Combined art performance"--Shirin Madg & Sweet Sound Ensemble

Vanessa Mafe-Keane was invited to participate as choreographer in Iranian singer Shirin Madg 's project, Rebirth: Combined art performance. This project integrated singing, music, visual-art, film, dance and is based on the dissident poetry of female Iranian poet, Forough Farrokhzad. The choreographic dance movement focused on simple, lyrical, flowing classical dance forms that also incorporated everyday gestures and actions performed by two Queensland dancers, Caitlin MacKenzie and Abby Johnson. The choreographic intention was not to attempt to re-create Iranian dance practices instead, to draw inspiration and reference specific movement qualities. This was achieved through the subtle inclusion of spinning movements and focusing attention on the dancers’ arms and upper torso. This fusion became an underlying theme reflected throughout the choreographic component. Additionally, this project presented an opportunity to draw on past experiences and problem-solve ways to construct choreographic work where the dancers and the musical assemble group could be staged side by side. This experience highlighted differing approaches to rehearsal protocols within disciplines, the practicalities of staging different artists, understanding musical cues and the diversity of audience engagement. Performances: BEMAC Multicultural Centre, Brisbane 06 February 2015 and Helensvale Cultural Centre, Gold Coast 07 February 2015