Real estate stock selection and attribute preferences

The majority of studies that explore property portfolio construction and management strategies utilise highly aggregated ex-post data, but stock selection is known to be a significant determinant of portfolio performance. Thus, here we look at stock selection, focusing on the choices faced by investors, necessitating the collection and analysis of primary data, carried out utilising conjoint analysis. This represents a new step in property research, with the data collection undertaken using a simulation exercise. This enables fund managers to make hypothetical purchase decisions, viewing properties comprising a realistic bundle of attributes and making complex contemporaneous trade-offs between attributes, subject to their stated market and economic forecasts and sector specialism. In total 51 fund managers were surveyed, producing 918 purchase decisions for analysis, with additional data collected regarding fund and personal characteristics. The results reveal that ‘fixed’ property characteristics (location and obsolescence) are dominant in the decision-making process, over and above ‘manageable’ tenant and lease characteristics which can be explicitly included within models of probabilities of income variation. This reveals investors are making ex-ante risk judgements and are considering post acquisition risk management strategies. The study also reveals that behavioural factors affect acquisition decisions

A rapid, chromatography-free route to substituted acridine–isoalloxazine conjugates under microwave irradiation

Microwave irradiation was applied to a sequence of condensation reactions from readily available 9-chloroacridines to provide a range of novel acridine–isoalloxazine conjugates. The combination of these two moieties, both of biological interest, was achieved by a chromatography free route

Environmental drivers of variation in bleaching severity of Acropora species during an extreme thermal anomaly

High sea surface temperatures caused global coral bleaching during 2015–2016. During this thermal stress event, we quantified within- and among-species variability in bleaching severity for critical habitat-forming Acropora corals. The objective of this study was to understand the drivers of spatial and species-specific variation in the bleaching susceptibility of these corals, and to evaluate whether bleaching susceptibility under extreme thermal stress was consistent with that observed during less severe bleaching events. We surveyed and mapped Acropora corals at 10 sites (N = 596) around the Lizard Island group on the northern Great Barrier Reef. For each colony, bleaching severity was quantified using a new image analysis technique, and we assessed whether small-scale environmental variables (depth, microhabitat, competition intensity) and species traits (colony morphology, colony size, known symbiont clade association) explained variation in bleaching. Results showed that during severe thermal stress, bleaching of branching corals was linked to microhabitat features, and was more severe at reef edge compared with lagoonal sites. Bleaching severity worsened over a very short time-frame (∼1 week), but did not differ systematically with water depth, competition intensity, or colony size. At our study location, within- and among-species variation in bleaching severity was relatively low compared to the level of variation reported in the literature. More broadly, our results indicate that variability in bleaching susceptibility during extreme thermal stress is not consistent with that observed during previous bleaching events that have ranged in severity among globally dispersed sites, with fewer species escaping bleaching during severe thermal stress. In addition, shaded microhabitats can provide a refuge from bleaching which provides further evidence of the importance of topographic complexity for maintaining the biodiversity and ecosystem functioning of coral reefs

Search for the Proton Decay Mode proton to neutrino K+ in Soudan 2

We have searched for the proton decay mode proton to neutrino K+ using the one-kiloton Soudan 2 high resolution calorimeter. Contained events obtained from a 3.56 kiloton-year fiducial exposure through June 1997 are examined for occurrence of a visible K+ track which decays at rest into mu+ nu or pi+ pi0. We found one candidate event consistent with background, yielding a limit, tau/B > 4.3 10^{31} years at 90% CL with no background subtraction.Comment: 13 pages, Latex, 3 tables and 3 figures, Accepted by Physics Letters

Predictive Value of Ov16 Antibody Prevalence in Different Subpopulations for Elimination of African Onchocerciasis

The World Health Organization currently recommends assessing elimination of onchocerciasis by testing whether Ov16 antibody prevalence in children aged 0-9 years is below 0.1%. However, the certainty of evidence for this recommendation is considered to be low. We used the established ONCHOSIM model to investigate the predictive value of different Ov16-antibody prevalence thresholds in various age groups for elimination of onchocerciasis in a variety of endemic settings and for various mass drug administration scenarios. According to our simulations, the predictive value of Ov16 antibody prevalence for elimination depends highly on the precontrol epidemiologic situation, history of mass drug administration, the age group that is sampled, and the chosen Ov16-antibody prevalence threshold. The Ov16 antibody prevalence in children aged 5-14 years performs best in predicting elimination. Appropriate threshold values for this age group start at 2.0% for very highly endemic areas; for lower-endemic areas, even higher threshold values are safe to use. Guidelines can be improved by sampling school-aged children, which also is operationally more feasible than targeting children under age 10 years. The use of higher threshold values allows sampling of substantially fewer children. Further improvement can be achieved by taking a differentiated sampling approach based on precontrol endemicity

Adsorption of mono- and multivalent cat- and anions on DNA molecules

Adsorption of monovalent and multivalent cat- and anions on a deoxyribose nucleic acid (DNA) molecule from a salt solution is investigated by computer simulation. The ions are modelled as charged hard spheres, the DNA molecule as a point charge pattern following the double-helical phosphate strands. The geometrical shape of the DNA molecules is modelled on different levels ranging from a simple cylindrical shape to structured models which include the major and minor grooves between the phosphate strands. The densities of the ions adsorbed on the phosphate strands, in the major and in the minor grooves are calculated. First, we find that the adsorption pattern on the DNA surface depends strongly on its geometrical shape: counterions adsorb preferentially along the phosphate strands for a cylindrical model shape, but in the minor groove for a geometrically structured model. Second, we find that an addition of monovalent salt ions results in an increase of the charge density in the minor groove while the total charge density of ions adsorbed in the major groove stays unchanged. The adsorbed ion densities are highly structured along the minor groove while they are almost smeared along the major groove. Furthermore, for a fixed amount of added salt, the major groove cationic charge is independent on the counterion valency. For increasing salt concentration the major groove is neutralized while the total charge adsorbed in the minor groove is constant. DNA overcharging is detected for multivalent salt. Simulations for a larger ion radii, which mimic the effect of the ion hydration, indicate an increased adsorbtion of cations in the major groove.Comment: 34 pages with 14 figure

Olber's Paradox for Superluminal Neutrinos: Constraining Extreme Neutrino Speeds at TeV-ZeV Energies with the Diffuse Neutrino Background

The only invariant speed in special relativity is c; therefore, if some neutrinos travel at even tiny speeds above c, normal special relativity is incomplete and any superluminal speed may be possible. I derive a limit on superluminal neutrino speeds v >> c at high energies by noting that such speeds would increase the size of the neutrino horizon. The increased volume of the Universe visible leads to a brighter astrophysical neutrino background. The nondetection of "guaranteed" neutrino backgrounds from star-forming galaxies and ultrahigh energy cosmic rays (UHECRs) constrains v/c at TeV--ZeV energies. I find that v/c <= 820 at 60 TeV from the nondetection of neutrinos from star-forming galaxies. The nondetection of neutrinos from UHECRs constrains v/c to be less than 2500 at 0.1 EeV in a pessimistic model and less than 4.6 at 4 EeV in an optimistic model. The UHECR neutrino background nondetection is strongly inconsistent with a naive quadratic extrapolation of the OPERA results to EeV energies. The limits apply subject to some caveats, particularly that the expected pionic neutrino backgrounds exist and that neutrinos travel faster than c when they pass the detector. They could be improved substantially as the expected neutrino backgrounds are better understood and with new experimental neutrino background limits. I also point out that extremely subluminal speeds would result in a much smaller neutrino background intensity than expected.Comment: 13 pages, 2 figures, fixed titl

Measurement of the correlation between flow harmonics of different order in lead-lead collisions at √sNN = 2.76 TeV with the ATLAS detector

Correlations between the elliptic or triangular flow coefficients vm (m=2 or 3) and other flow harmonics vn (n=2 to 5) are measured using √sNN=2.76 TeV Pb+Pb collision data collected in 2010 by the ATLAS experiment at the LHC, corresponding to an integrated luminosity of 7 μb−1. The vm−vn correlations are measured in midrapidity as a function of centrality, and, for events within the same centrality interval, as a function of event ellipticity or triangularity defined in a forward rapidity region. For events within the same centrality interval, v3 is found to be anticorrelated with v2 and this anticorrelation is consistent with similar anticorrelations between the corresponding eccentricities, ε2 and ε3. However, it is observed that v4 increases strongly with v2, and v5 increases strongly with both v2 and v3. The trend and strength of the vm−vn correlations for n=4 and 5 are found to disagree with εm−εn correlations predicted by initial-geometry models. Instead, these correlations are found to be consistent with the combined effects of a linear contribution to vn and a nonlinear term that is a function of v22 or of v2v3, as predicted by hydrodynamic models. A simple two-component fit is used to separate these two contributions. The extracted linear and nonlinear contributions to v4 and v5 are found to be consistent with previously measured event-plane correlations