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Municipal solid waste incineration (MSWI) is essential for tackling urban environmental challenges and facilitating renewable energy recycling. The MSWI process has characteristics of multiple variables, strong coupling, and complex nonlinearity, requiring advanced process control (APC) technology. Although there have been several reviews on the modeling and control of the MSWI process, there is a lack of focus on model predictive control (MPC), a widely used APC technology. This article aims to comprehensively review MPC strategies in the MSWI process. First, it describes MSWI process technology in detail, examining control issues and objectives to highlight the complexity and challenges in controller design while providing an overview of MPC methods and their benefits. Second, it reviews incinerator modeling for control, including traditional modeling techniques and machine learning technologies such as fuzzy neural networks. Third, it reviews the controllers used for MSWI process, emphasizing the advantages of MPC over existing control methods. Fourth, it discusses the current status of MPC design and online updates, covering the need for an accurate dynamic predictive model and objective function and the online updates components such as predictive modeling, rolling optimization, and feedback correction. Finally, the study concludes with a summary of the findings. [ABSTRACT FROM AUTHOR]

Aim: This paper discusses the benefits of international collaborations for advanced practice nursing education. It identifies new perspectives and innovative practices to enhance cultural competency. Background: Competent, well‐trained advanced practice nurses (APNs) are necessary to provide high‐quality and safe patient care, improve access to care, and address health disparities that are no longer geographically bound. In 2021, an international network of advanced practice educators established an active learning program to teach students their role in global citizenship and increase awareness of health disparities. APN students from Scotland, Wales, Minnesota, Houston, and Rotterdam participated in presentations, online discussions, and in‐country scholarships. Sources of evidence: Growing health disparities have created the need for efficient international collaboration to develop new concepts, approaches, and bidirectional exchange of experiences, culture, and knowledge. Integrating global health into curricula engages students' curiosity and integrates education, research, practice, and leadership while improving cultural competency. Discussion: Forty‐two students participated in the international presentations. The students strongly believed in the benefit of international collaboration and the need for a universal role for the advanced practice nurse. They responded positively to sharing cultural and clinical experiences. Conclusion: The recent global health challenge supported the development of innovative methods to deliver education and created an opportunity for advanced practice students to develop cultural competence and critical thinking. Collaborative solutions are essential to education and healthcare as we move forward in the 21st century. Implications for nursing practice: Robust international collaborations have enabled the development of cultural competence and critical thinking. These are crucial elements for advanced practice roles. [ABSTRACT FROM AUTHOR]

The application range of rubber-recycled aggregate concrete (RRAC), a new type of green building material, is currently limited due to performance defects, including low hardness, high water absorption, and poor adhesion. To expand its application in reinforced concrete structures, it is crucial to enhance the bonding performance between RRAC and steel bars. In this study, the effects of adding straight steel fibres (SSFs) and ring-type steel fibres (RSFs) to RRAC were investigated, in order to enhance the bonding performance. To investigate the impact of steel fibres (SFs) on the bonding properties of RRAC and steel bars, a total of 51 specimens were subjected to pull-out tests to systematically examine the impact of SSF and RSF dosages on the bonding performance. The results demonstrated that incorporating the optimal amount of SSFs and RSFs can significantly improve the bond strength and bond stiffness. Moreover, the combined use of SSFs and RSFs yielded even better enhancement effects. The RRAC exhibited remarkable performance, when the total content of SFs was 1.2% and the proportion of RSFs 75%. In this case, the bond strength and bond stiffness were enhanced by 3.7% and 53.88%, respectively. Finally, a bond–slip constitutive model for RRAC and steel bar was established. The combined use of SSFs and RSFs minimizes the limitations of poor mechanical properties in traditional RRAC and holds significant value for the widespread adoption and application of RRAC. [ABSTRACT FROM AUTHOR]

Titanium-manganites of LaLi2TiMnO6 and LaNa2TiMnO6 were synthesized by the methods of ceramic technology from the oxides of lanthanum, titanium (IV), manganese (III), and the carbonates of lithium and sodium. The types of their syngony and the parameters of their gratings were determined radiographically. The isobaric heat capacities of titanium-manganites were measured with experimental calorimetry in the range of 298.15–673 K. It was found that on the dependence curve of heat capacity versus temperature of C°p~f(T), for LaLi2TiMnO6 at 348 K and 598 K, and LaNa2TiMnO6 at 348 K, there are abnormal jumps in heat capacity, probably related to phase transitions of the second kind. Taking into account the temperatures of the phase transitions, the equations of the temperature dependence of the heat capacity of titanium-manganites were derived. Their standard entropies were calculated by the ion increments method. Temperature dependences of the thermodynamic functions of S°(T), H°(T)-H°(298.15), and Φxx(T) were calculated using the experimental data on heat capacities and the calculated values of the standard entropies. The standard heat capacities of the studied compounds were calculated by the independent methods of ion increments and Debye, the values of which were in satisfactory agreement with the experimental data. The standard enthalpy of the formation of LaLi2TiMnO6 and LaNa2TiMnO6 was calculated according to the methodology developed by the authors. The conducted electrophysical studies determined the nature of the second-order phase transition and the semiconductor features of their conductivity. Thus, all the above-mentioned data on the experimental and calculated studies of the temperature dependence of heat capacity, the thermodynamic functions to determine a standard enthalpy of formation of LaLi2TiMnO6 and LaNa2TiMnO6, and the investigation of their electrical properties are absolutely new, and they have no analogues. [ABSTRACT FROM AUTHOR]

Large and complex ring forgings are key structural parts of the aerospace field, and their quality is closely related to the reliability of aerospace vehicles. However, high-quality production of aerospace ring forgings faces many problems, such as the long process design cycle and impoverished consistency, the difficulties of real-time detection under the severe time-varying state of the deformation process, the complexity of high-quality non-destructive testing under multitudinous defects, and the cumbersome management control of the multi-source and multi-dimensional heterogeneous data. Considering the current situation of multi-variety and multi-batch production for aerospace ring forgings, establishing an intelligent production line is a crucial means to solving the above problems and realizing the standardization and premiumization of key aerospace components. Therefore, management control and integration technology of the intelligent production line play a crucial role. An analysis, including the research progress of the intelligent computer-aided process planning (CAPP) system, the real-time detection and control system, the product quality testing system, and the intelligent management control and integration system, is systematically reviewed in this work. Through intelligently managing and controlling the integrated systems of the production line, the production efficiency of ring forgings can be effectively improved, and the production energy consumption can be remarkably reduced, which is of great significance for enhancing the manufacturing technology level of aerospace products. [ABSTRACT FROM AUTHOR]

This article examines the relation between option trading volume and real estate investment trust (REIT) market performance. Specifically, we find that option volume increases are followed by decreases in returns. Furthermore, the portion of option volume that is orthogonal to REIT characteristics drives the observed return predictability relation, thereby suggesting that the return predictability of option trading is (at least partially) attributable to information‐based explanations. Finally, consistent with informed traders favoring option market activities due to short‐sale costs and/or constraints, we find option based return predictability is more evident within REITs than non‐REITs, even though firms within this industry are generally viewed as informationally transparent. [ABSTRACT FROM AUTHOR]

We study how investors can use financial securities to speculate on the decrease of house prices. Unlike most asset types, houses are subject to high trading frictions and cannot be sold short directly. Using U.S. equity lending data from 2006 through 2013, we find evidence that an increase in the short selling activity of real estate investment trusts (REITs) forecasts a decrease in house prices in the subsequent month. The magnitude and significance of this effect vary with the geographical location of the REITs' underlying properties and with the housing cycle. [ABSTRACT FROM AUTHOR]

We study the impact of green building on loans in the CMBS market. A hazard model shows green buildings carry 34% less default risk, all else equal. A matched‐sample analysis gives similar results. We attribute the effect to a loan‐to‐value channel, where risk is lowered by a green price premium. The benefit comes at least partly from the level of green achievement, not only the label itself. Loans on buildings that were green at loan origination have slightly better terms than loans on nongreen buildings. That difference is growing over time, but the effect is economically small compared to default risk. [ABSTRACT FROM AUTHOR]

Using equity Real Estate Investment Trust data, we show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm's debt capacity to enhance financial flexibility. [ABSTRACT FROM AUTHOR]

This study examines the bindingness of the property holding constraints which Real Estate Investment Trusts (REITs) face on their portfolios (the dealer rule), and illustrates how these constraints hinder REITs from exploiting opportunities to time the property market. I first simulate a set of filter‐based market timing strategies, which outperform a buy‐and‐hold strategy out of sample, and show that imposing a four‐year (or even the newer two‐year) holding constraint significantly reduces the excess returns the strategies generate. I then analyze actual holding periods of properties in REIT portfolios and find that there seems to exist a large degree of demand for short property holding periods and that the trades generated by the filter strategy generally resemble actual REIT trading activity, validating the relevance of the simulation results. A direct test for the constraint reveals that REITs' propensity to hold a property beyond the minimum period increases, the higher the profit from the transaction, consistent with the asymmetric nature in which the rule is enforced. By contrast, this effect is insignificant for Umbrella‐Partnership REITs (UPREITs), which are not as affected by the constraint. I further show that UPREITs overall achieve significantly better ex‐post market timing performance than non‐UPREITs. I thus find that overall REITs are limited by the dealer rule. [ABSTRACT FROM AUTHOR]

This article examines the liquidity of international real estate securities across 10 markets over the period 1990–2015. We apply and compare results for four different measures of liquidity, and find that while liquidity has increased consistently, wide variations still exist across markets, with the United States and Japan in the lead. Our results also suggest that the introduction of local REIT regimes did not have any pervasive effects on stock liquidity. When we study the relationship between liquidity and returns, we document new and consistent evidence for international return chasing behavior, whose pattern is a function of local market efficiency, listed real estate market maturity and stock ownership dispersion. The introduction of REIT regimes seems to weaken the importance of extra performance over and above general equity returns as investors tend to allocate funds to real estate securities within real estate rather than equity portfolios. [ABSTRACT FROM AUTHOR]

This study explores the outcome for REIT investment in response to NAV premiums considering (1) the volume of acquisition activity, and (2) relative prices paid for individual assets. Regarding the first, we provide evidence that REIT managers increase real estate investment following positive changes in NAV premiums. Regarding the second, we use a large sample of transactions for retail, office and multifamily property and find that REITs appear to pay significantly higher prices relative to other investors. Transaction prices paid by REIT managers for all three property types are positively and significantly affected by market‐wide NAV premiums. [ABSTRACT FROM AUTHOR]

Abstract: This study explores the impact of investment characteristics, mainly investment location relative to the firm's primary market, on financing choices by real estate investment trusts (REITs). Using a large sample of commercial property acquisitions, we show that REITs are 4–8% less likely to use secured (mortgage) debt when acquiring properties in their primary markets than elsewhere. The documented evidence supports a demand‐side story for the relation between investment characteristics and financing. Moreover, the evidence is consistent with the hypothesis that REITs avoid mortgage financing in their primary markets to preserve operational flexibility in those markets. [ABSTRACT FROM AUTHOR]

Abstract: The impact of stock market index membership on Real Estate Investment Trust (REIT) stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency. [ABSTRACT FROM AUTHOR]

Abstract: Sun, Titman and Twite find that capital structure risks, namely, high leverage and a high share of short‐term debt, reduced the cumulative total return of U.S. REITs in the 2007–2009 financial crisis. We find that mitigating capital structure risks ahead of the crisis by reducing leverage and extending debt maturity in 2006 was associated with a significantly higher cumulative total return 2007–2009, after controlling for the levels of those variables at the start of the financial crisis. We further identify two systematic cross‐sectional differences between those REITs that reduced capital structure risks prior to the financial crisis and those that did not: the exposure to capital structure risks and the strength of corporate governance. On balance, our findings are consistent with the interpretation of risk‐reducing adjustments to capital structure ahead of the crisis as a component of managerial skill and discipline with significant implications for firm value during the crisis. [ABSTRACT FROM AUTHOR]

This article sheds light on several puzzling empirical observations. We examine the volatility implications of equity Real Estate Investment Trust (REIT) stock returns over the sample period from January 1985 through October 2012. We find a negative 'leverage effect' in the pre- and post-Greenspan era, but not during the Greenspan era (circa 1994-2006). We argue that the positive elasticity of variance with respect to the value of equity during the Greenspan era can be explained by a decline in the spread between the yield on commercial mortgages and 10-year Treasuries, which triggered a wealth transfer from REIT equity holders to REIT debt holders. We also argue that the declining commercial-mortgage-10-year-Treasury yield spread during the Greenspan era allowed REITs to take on far more risk than most people realized. We then document that average REIT stock return volatility increased significantly in the 2007-2010 period in the midst of a historic decline in REIT stock prices. The results have significant implications for the good deal of interest and debate in the media over the status of REITs and whether equity REITs have become excessively risky relative to the returns they generate. [ABSTRACT FROM AUTHOR]

Indirect real estate (IRE) returns are often shown to lead direct real estate (DRE) returns. Apart from differences in liquidity, transaction costs, and management skills, the DRE market is also less complete than the IRE market-when negative shocks arrive, one can only short IRE ( e.g., real estate stocks or REITs), but not DRE. This study investigates if short sales in the IRE market convey any information to the DRE market. Based on high-frequency (weekly) property price data in Hong Kong from 2000 to 2012, we find that short sales in the IRE market led DRE returns, even after controlling for the lagged IRE returns in a VAR model. This supports an information spillover mechanism in which the DRE market learns private information that is not reflected in IRE returns. The spillover effect, however, weakened after the recent global financial crisis because the increased uncertainty over the credibility of individual firms made short sales more reflective of firm-specific information than real estate market fundamentals. [ABSTRACT FROM AUTHOR]