An Investigation into REIT Performance Persistency

Using a sample of EREIT returns during the period 1993 to 2006 from the CRSP/Ziman REITs database, I construct portfolios of equity REITs based on past raw returns and evaluate their raw returns and risk-adjusted returns during the holding period for persistence. After adjusting for risk with Carhart (1997)’s 4-factor model, I find no evidence of persistence. By implication, a momentum strategy of buying historical winners and short-selling losers does not generate statistically significant abnormal returns. However, I do find strong evidence of performance reversal based on two-year and three-year ranking and holding periods. Consistent with DeBondt and Thaler (1985)’s overreaction theory, investors tend to overreact based on long-term rather than short-term performance records. This would suggest that investors tend to take a much longer period of time to formulate an opinion regarding a REIT’s performance record than previously assumed by earlier researchers. While there is a measurable tendency toward performance reversal, the return spread between the best performing EREITs and worst performing EREITs is marginal. This would indicate that the REIT markets are behaving in a generally efficient fashion. The investigation of the association of EREIT characteristics and performance persistence suggests a property type focus and geographic diversification strategy for EREITs. At the same time, EREITs with high leverage also tend to exhibit good performance persistently

3D imaging by serial block face scanning electron microscopy for materials science using ultramicrotomy

AbstractMechanical serial block face scanning electron microscopy (SBFSEM) has emerged as a means of obtaining three dimensional (3D) electron images over volumes much larger than possible by focused ion beam (FIB) serial sectioning and at higher spatial resolution than achievable with conventional X-ray computed tomography (CT). Such high resolution 3D electron images can be employed for precisely determining the shape, volume fraction, distribution and connectivity of important microstructural features. While soft (fixed or frozen) biological samples are particularly well suited for nanoscale sectioning using an ultramicrotome, the technique can also produce excellent 3D images at electron microscope resolution in a time and resource-efficient manner for engineering materials. Currently, a lack of appreciation of the capabilities of ultramicrotomy and the operational challenges associated with minimising artefacts for different materials is limiting its wider application to engineering materials. Consequently, this paper outlines the current state of the art for SBFSEM examining in detail how damage is introduced during slicing and highlighting strategies for minimising such damage. A particular focus of the study is the acquisition of 3D images for a variety of metallic and coated systems

Corrosion behaviour of mechanically polished AA7075-T6 aluminium alloy

In the present study, the effects of mechanical polishing on the microstructure and corrosion behaviour of AA7075 aluminium alloy are investigated. It was found that a nano-grained, near-surface deformed layer, up to 400 nm thickness, is developed due to significant surface shear stress during mechanically polishing. Within the near-surface deformed layer, the alloying elements have been redistributed and the microstructure of the alloy is modified; in particular, the normal MgZn2 particles for T6 are absent. However, segregation bands, approximately 10-nm thick, containing mainly zinc, are found at the grain boundaries within the near-surface deformed layer. The presence of such segregation bands promoted localised corrosion along the grain boundaries within the near-surface deformed layer due to microgalvanic action. During anodic polarisation of mechanically polished alloy in sodium chloride solution, two breakdown potentials were observed at −750 mV and −700 mV, respectively. The first breakdown potential is associated with an increased electrochemical activity of the near-surface deformed layer, and the second breakdown potential is associated with typical pitting of the bulk alloy

Mechanistic insight into how multidrug resistant Acinetobacter baumannii response regulator AdeR recognizes an intercistronic region

AdeR-AdeS is a two-component regulatory system, which controls expression of the adeABC efflux pump involved in Acinetobacter baumannii multidrug resistance. AdeR is a response regulator consisting of an N-terminal receiver domain and a C-terminal DNA-binding-domain. AdeR binds to a direct-repeat DNA in the intercistronic region between adeR and adeABC. We demonstrate a markedly high affinity binding between unphosphorylated AdeR and DNA with a dissociation constant of 20 nM. In addition, we provide a 2.75 angstrom crystal structure of AdeR DNA-binding-domain complexed with the intercistronic DNA. This structure shows that the alpha 3 and beta hairpin formed by beta 5-beta 6 interacts with the major and minor groove of the DNA, which in turn leads to the introduction of a bend. The AdeR receiver domain structure revealed a dimerization motif mediated by a gearwheel-like structure involving the D108F109-R122 motif through cation pi stack interaction. The structure of AdeR receiver domain bound with magnesium indicated a conserved Glu19Asp20-Asp63 magnesium-binding motif, and revealed that the potential phosphorylation site Asp63(OD1) forms a hydrogen bond with Lys112. We thus dissected the mechanism of how AdeR recognizes the intercistronic DNA, which leads to a diverse mode of response regulation. Unlocking the AdeRS mechanism provides ways to circumvent A. baumannii antibiotic resistance

Combination resonance analysis of a multi-DOF controllable close-chain linkage mechanism system

The two-DOF controllable close-chain linkage mechanism system is investigated in this paper. Based on the air-gap field of the non-uniform airspace of motors caused by the eccentricity of rotor, the electromechanical coupling relation in the real running state of motors is analyzed. The electromechanical coupling dynamic model of the system is established by means of the finite element method. The dynamic equation constitutes the basis on which the combination resonance characteristics of the system caused by electromagnetic parameter excitations of the two motors are analyzed by the multiple scales method. The first-order stationary solution is obtained under that condition, and the stability conditions of the stationary solution are also given. Finally, an experiment is presented. Results indicate that it is feasible and beneficial to explain some unexpected strong vibration phenomena in the high-speed operation of such multi-DOF controllable close-chain linkage mechanism using nonlinear combination resonance theories

Association between centrality and flourishing trait: analyzing student co-occurrence networks drawn from dining activities

Comprehending the association between social capabilities and individual psychological traits is paramount for educational administrators. Presently, many studies heavily depend on online questionnaires and self-reported data, while analysis of the connection between offline social networks and mental health status remains scarce. By leveraging a public dataset encompassing on-campus dining activities over 21 weeks, we establish student co-occurrence networks and closely observe the changes in network topology over time. Empirical analysis shows that the node centralities of the student co-occurrence networks exhibit significantly positive correlation with the enhancement of the flourishing trait within the field of mental well-being. Our findings offer potential guidance for assisting students in maintaining a positive mental health status.Comment: 14 pages, 2 figures, 1 Tabl