Differences in underpricing returns between REIT IPOs and industrial company IPOs

This paper follows Chan, Stohs, andWang (2001), which argues that the underlying value of the real estate is not by itself the reason for the very substantial differences in underpricing returns between real estate investment trust (REIT) IPOs and industrial company IPOs.We use variables identified in previous studies that have helped explain the underpricing of industrial company IPOs to help explain the underpricing of property trust IPOs. We find that the prospectus forecast dividend yield is a critical variable in the valuation and hence underpricing of REIT IPOs compared to industrial company IPOs. The sentiment towards the market and whether or not the issue is underwritten also impact the underpricing of REITs but the impact is much less than on industrial company IPOs.

Enabling industrial scale simulation / emulation models

OLE Process Control (OPC) is an industry standard that facilitates the communication between PCs and Programmable Logic Controllers (PLC). This communication allows for the testing of control systems with an emulation model. When models require faster and higher volume communications, limitations within OPC prevent this. In this paper an interface is developed to allow high speed and high volume communications between a PC and PLC enabling the emulation of larger and more complex control systems and their models. By switching control of elements within the model between the model engine and the control system it is possible to use the model to validate the system design, test the real world control systems and visualise real world operation.

Reduction of fuel consumption in an industrial glass melting furnace

Reduction of fuel consumption in glass melting furnaces can cut the cost of production, and tackle the global warming. This paper presents three independent solutions to reduce the fuel consumption in industrial glass melting furnaces. The solutions include air preheating, raw material preheating, and improving the insulation of combustion space refractory. Energy balance equations are derived and used to identify the effects of each solution. The results indicate that the three solutions reduce the fuel consumption by 9.5%, 17%, and 34%, respectively.

Forecasting inflation, industrial output and exchange rates : a template study for India

This paper reports results from a forecasting study for inflation, industrial output and exchange rates for India. We cannot reject the null hypothesis for linearity for all series used except for the growth rate of the foreign exchange series and our analysis is based on linear models, ARIMA and bivariate transfer functions and restricted VAR. Forecasting performance is evaluated using the models’ root mean-squared error differences and Theil’s inequality coefficients from recursive origin static, fixed origin dynamic and rolling origin dynamic forecasts. For models based on weekly data, based on RMSEs, we find that the bivariate models improve upon the forecasts of the ARIMA model while for models based on monthly data the ARIMA model has almost always better performance. In choosing between the two bivariate models on the basis of RMSEs, our overall results tend to support the use of a restricted VAR, as this model had the best forecasting performance more frequently than the transfer function model.

The use of artificial biofilms to strip nutrients from an industrial smelters waste water under conditions of low temperature and high pH

The Victorian Environment Protection Authority (EPA) has identified Alcoa’s Point Henry aluminium smelter as being a major source of recognized pollutant input due to its disposal of effluent into Corio Bay. Historically, the water quality parameters that have most often exceeded Point Henry’s EPA limits have been pH and suspended solids from the smelter’s discharge points. These waste water discharges also experience high nitrogen and phosphorus concentrations which result in algal blooms that occur at the onset of warm weather. The main hypothesis of this study was that “prevention of algal blooming with the onset of warm weather by removal of nutrients during the cooler months, and continued removal thereafter, is better than curing the problems chemically”. Biofilms have been used to remove nutrients from waste waters, but not under the conditions experienced at Point Henry. The aim of this study, therefore, was to determine if significant biofilm growth would be observed on floating structures suspended in the Point Henry waste water stream during the cooler, winter months of the year. Statistically significant biofilm growth occurred on all suspended structures in all discharge ponds during the winter and early spring of 2000. The use of suspended structures, such as AquaMatTM, as an artificial substrate to attract and support periphyton and bacterial communities (biofilms), which are then able to out-compete phytoplankton communities for available nutrients, is therefore a viable option for the Point Henry smelter. However, further research on the competitive performance of biofilms in the Point Henry ponds during the summer months is required before adequate biofilm management strategies can be developed.

Industrial application of thermal image processing and thermal control

Industrial application of infrared thermography is virtually boundless as it can be used in any situations where there are temperature differences. This technology has particularly been widely used in automotive industry for process evaluation and system design. In this work, thermal image processing technique will be introduced to quantitatively calculate the heat stored in a warm/hot object and consequently, a thermal control system will be proposed to accurately and actively manage the thermal distribution within the object in accordance with the heat calculated from the thermal images.

An exploratory study into the accountancy firms chosen by industrial company IPOS in Australia from 1994 to 2004

This study is an exploration into the choice of independent accountants made by industrial initial public offering (IPO) companies in Australia between the years 1994 to 2004. The aim of this research is to determine which companies are more likely to use one of the Top 5 accountancy firms and in so doing we seek to offer some insight into understanding the likelihood of IPO companies adopting the services of the big accounting firms. Our findings show, as predicted, that the majority of industrial IPO companies, and particularly the larger companies, used one of the Top 5 accountancy firms as their independent accountant. However, unexpected was that certain industry types were less likely to hire a Top 5 accounting firm for their independent accounting services compared to other industry categories. Our studies also found that after the year 2000 a smaller percentage of companies used independent accountants than between 1994 and 1999. Many factors contribute to the selection of an independent accountant and this paper provides some understanding of identified factors and the influence that they have over the choice of independent accountants by industrial company IPOs.