Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns: A comparative analysis using GARCH-M

This paper employs a Generalised Autoregressive Conditional Heteroskedasticity in Mean (GARCH-M) model to consider the effect of macroeconomic factors on Australian property returns over the period 1985 to 2002 Three direct (office, retail and industrial property) and two indirect (listed property trust and property stock) returns are included in the analysis, along with market returns, short, medium and long-term interest rates, expected and unexpected inflation, construction activity and industrial employment and production. In general, the macroeconomic factors examined are found to be significant risk factors in Australian commercial property returns. However, the results also indicate that forecast accuracy in these models is higher for direct office, listed property trust and property stock returns and that the persistence of volatility shocks varies across the different markets, with volatility half lives of between five and seven months for direct retail and industrial property, two and three months for direct office property and less than two months with both forms of indirect property investment

Chiral Green's Functions in Superconformal Field Theory

By solving the Ward identities in a superconformal field theory we find the unique three-point Green's functions composed of chiral superfields for N = 1,2,3,4 supersymmetry. We show that the N=1 four-point function with R-charge equal to one is uniquely determined by the Ward identities up to the specification of four constants. We discuss why chiral Green's functions above three-points, with total R-charge greater than N, are not uniquely determined.Comment: 32 pages, no figures, LaTeX2e forma

Histone crosstalk directed by H2B ubiquitination is required for chromatin boundary integrity

Genomic maps of chromatin modifications have provided evidence for the partitioning of genomes into domains of distinct chromatin states, which assist coordinated gene regulation. The maintenance of chromatin domain integrity can require the setting of boundaries. The HS4 insulator element marks the 3′ boundary of a heterochromatin region located upstream of the chicken β-globin gene cluster. Here we show that HS4 recruits the E3 ligase RNF20/BRE1A to mediate H2B mono-ubiquitination (H2Bub1) at this insulator. Knockdown experiments show that RNF20 is required for H2Bub1 and processive H3K4 methylation. Depletion of RNF20 results in a collapse of the active histone modification signature at the HS4 chromatin boundary, where H2Bub1, H3K4 methylation, and hyperacetylation of H3, H4, and H2A.Z are rapidly lost. A remarkably similar set of events occurs at the HSA/HSB regulatory elements of the FOLR1 gene, which mark the 5′ boundary of the same heterochromatin region. We find that persistent H2Bub1 at the HSA/HSB and HS4 elements is required for chromatin boundary integrity. The loss of boundary function leads to the sequential spreading of H3K9me2, H3K9me3, and H4K20me3 over the entire 50 kb FOLR1 and β-globin region and silencing of FOLR1 expression. These findings show that the HSA/HSB and HS4 boundary elements direct a cascade of active histone modifications that defend the FOLR1 and β-globin gene loci from the pervasive encroachment of an adjacent heterochromatin domain. We propose that many gene loci employ H2Bub1-dependent boundaries to prevent heterochromatin spreading

FOOD STAMP PARTICIPATION AMONG LOW-INCOME HOUSEHOLDS: THEORETICAL CONSIDERATIONS OF THE IMPACT ON THE DEMAND FOR FOOD

Food Consumption/Nutrition/Food Safety,

Generalised Space-time and Gauge Transformations

We consider the generalised space-time introduced by the author in 2003 in the context of the non-linear realisation of the semi-direct product of E11 and its first fundamental representation. For all the fields we propose gauge transformations which are compatible with the underlying E11 structure. A crucial role is played by the generalised vielbein that the generalised space-time possess. We work out the explicit form of the gauge transformations, at low levels, in four, five and eleven dimensions.Comment: 33 page

Generalised geometry, eleven dimensions and E11

We construct the non-linear realisation of E11 and its first fundamental representation in eleven dimensions at low levels. The fields depend on the usual coordinates of space-time as well as two form and five form coordinates. We derive the terms in the dynamics that contain the three form and six form fields and show that when we restricted their field dependence to be only on the usual space-time we recover the correct self-duality relation. Should this result generalise to the gravity fields then the non-linear realisation is an extension of the maximal supergravity theory, as previously conjectured. We also comment on the connections between the different approaches to generalised geometry.Comment: 17 pages, Trivial typos corrected in version one and a substantial note added which gives the equation of motion relating the gravity field to its dua

Duality Symmetries and G^{+++} Theories

We show that the non-linear realisations of all the very extended algebras G^{+++}, except the B and C series which we do not consider, contain fields corresponding to all possible duality symmetries of the on-shell degrees of freedom of these theories. This result also holds for G_2^{+++} and we argue that the non-linear realisation of this algebra accounts precisely for the form fields present in the corresponding supersymmetric theory. We also find a simple necessary condition for the roots to belong to a G^{+++} algebra.Comment: 35 pages. v2: 2 appendices added, other minor corrections. v3: tables corrected, other minor changes, one appendix added, refs. added. Version published in Class. Quant. Gra

M-Theory Through the Looking Glass: Tachyon Condensation in the E_8 Heterotic String

We study the spacetime decay to nothing in string theory and M-theory. First we recall a nonsupersymmetric version of heterotic M-theory, in which bubbles of nothing -- connecting the two E_8 boundaries by a throat -- are expected to be nucleated. We argue that the fate of this system should be addressed at weak string coupling, where the nonperturbative instanton instability is expected to turn into a perturbative tachyonic one. We identify the unique string theory that could describe this process: The heterotic model with one E_8 gauge group and a singlet tachyon. We then use worldsheet methods to study the tachyon condensation in the NSR formulation of this model, and show that it induces a worldsheet super-Higgs effect. The main theme of our analysis is the possibility of making meaningful alternative gauge choices for worldsheet supersymmetry, in place of the conventional superconformal gauge. We show in a version of unitary gauge how the worldsheet gravitino assimilates the goldstino and becomes dynamical. This picture clarifies recent results of Hellerman and Swanson. We also present analogs of R_\xi gauges, and note the importance of logarithmic CFT in the context of tachyon condensation.Comment: 36 pages, 1 figur