Concordance in global office market cycles

A large proportion of international real estate investment is concentrated in the office markets of the world’s largest cities. However, many of these global cities are also key financial services centres, highlighting the possibility of reduced economic diversification from an investor’s perspective. This paper assesses the degree of synchronization in cycles across twenty of the world’s largest office markets, finding evidence of significant concordance across a large number of markets. The results highlight the problems associated with commonalities in the underlying economic bases of the markets. The concentration of investment also raises the possibility of common flow of funds effects that may further reduce diversification opportunities

The interaction of volatility, volume and skewness: empirical evidence from REITs

This paper considers how trading volume impacts upon the first three moments of REIT returns. Consistent with previous studies of the broader stock market, we find that volume is a significant factor with respect to both returns and volatility. We also find evidence supportive of the Hong & Stein’s (2003) Investor Heterogeneity Theory with respect to the finding that skewness in REIT index returns is significantly related to volume. Furthermore, we also report findings that show the influence of the variability of volume with skewness

Synchronisation and commonalities in metropolitan housing market cycles

This paper examines the degree of commonalities present in the cyclical behavior of the eight largest metropolitan housing markets in Australia. Using two techniques originally in the business cycle literature we consider the degree of synchronization present and secondly decompose the series’ into their permanent and cyclical components. Both empirical approaches reveal similar results. Sydney and Melbourne are closely related to each other and are relatively segmented from the smaller metropolitan areas. In contrast, there is substantial evidence of commonalities in the cyclical behavior of the remaining cities, especially those on the Eastern and Southern coasts of Australia

Public real estate and the term structure of interest rates: a cross-country study

Using a variation of the Nelson-Siegel term structure model we examine the sensitivity of real estate securities in six key global markets to unexpected changes in the level, slop and curvature of the yield curve. Our results confirm the time-sensitive nature of the exposure and sensitivity to interest rates and highlight the importance of considering the entire term structure of interest rates. One issue that is of particular of interest is that despite the 2007-9 financial crisis the importance of unanticipated interest rate risk weakens post 2003. Although the analysis does examine a range of markets the empirical analysis is unable to provide definitive evidence as to whether REIT and property-company markets display heightened or reduced exposure

Interest Rate Sensitivity in European Public Real Estate Markets

The importance of interest rates, in both financial markets and the broader economy, was clearly highlighted during and subsequent to the financial crisis of 2007-09. This paper examines the sensitivity of seven public real estate markets in Europe from 1995 to 2013. Europe is a particularly interesting market to look at in this context. Badly impacted during the financial crisis, it has been further affected by the sovereign debt crisis within the Eurozone. The introduction of the Euro and a single monetary policy within the Eurozone is a complicating factor that raises additional issues. The results highlight that, with one exception, the markets display significant sensitivity in terms of both returns and volatility. The results are, however, sensitive in both a temporal sense and to the interest rate-yield curve proxy used

Theoretical studies of molecular machines

Only volume 2 has been digitized.Molecular machines are essential components of living organisms. They are highly efficient and robust, much more than their macroscopic analogs. This stimulated growing interest in construction of artificial molecular machines with a set of functions which may be controlled in a specific way. Such man-made molecular complexes are designed as the building blocks for future nanotechnological devices. During the last decades many new molecular machines have been synthesized and characterized by various experimental techniques. This significantly increased our knowledge about systems of such kind and their functioning. However, there are only a few real applications of molecular machines. This is because the fundamental principles of operation of such single-molecule systems are not well understood. Existing theoretical studies, although very helpful, are still very sparse. This is because the molecular machines are very complex systems, comprising up to thousands atoms. Thus the progress in our understanding of nanoscale materials is tightly related to development of efficient computational and theoretical methodologies. In this work we studied two large classes of molecular machines: surface-moving nanocars and molecular rotors/motors, working on the surfaces and in crystalline state. In particular we studied the role of the internal interactions of these machines as well as their interactions with the environment. This included the flexibility of the molecules, including the rotation of the nanocars' wheels, effects of surface and rotors symmetry, charge transfer effects as well as many other factors. We have found out relations which determine the properties of studied classes of molecular machines. The development of computational and theoretical methods was another essential part of this work. In particular we have developed a family of the surface-molecule interaction potentials, aimed to performing long time scale and molecular simulations of complex systems. We also developed a physics-based model of the charge transfer happening between metals and the nanocars. This opened new ways to control such molecular machines. We also developed a theoretical framework to predict response of molecular rotors on various types of driving. Finally, we developed new and improved existing rigid-body molecular dynamics methods and extensively used them in our studies of molecular machines

Resonant thermal energy transfer to magnons in a ferromagnetic nanolayer

Energy harvesting is a concept which makes dissipated heat useful by transferring thermal energy to other excitations. Most of the existing principles are realized in systems which are heated continuously. We present the concept of high-frequency energy harvesting where the dissipated heat in a sample excites resonant magnons in a thin ferromagnetic metal layer. The sample is excited by femtosecond laser pulses with a repetition rate of 10 GHz which results in temperature modulation at the same frequency with amplitude ~0.1 K. The alternating temperature excites magnons in the ferromagnetic nanolayer which are detected by measuring the net magnetization precession. When the magnon frequency is brought onto resonance with the optical excitation, a 12-fold increase of the amplitude of precession indicates efficient resonant heat transfer from the lattice to coherent magnons. The demonstrated principle may be used for energy harvesting in various nanodevices operating at GHz and sub-THz frequency ranges

Tailoring Light-Matter Interaction with a Nanoscale Plasmon Resonator

We propose and demonstrate a new approach for achieving enhanced light-matter interactions with quantum emitters. Our approach makes use of a plasmon resonator composed of defect-free, highly crystalline silver nanowires surrounded by patterned dielectric distributed Bragg reflectors. These resonators have an effective mode volume (Veff) 2 orders of magnitude below the diffraction limit and a quality factor (Q) approaching 100, enabling enhancement of spontaneous emission rates by a factor exceeding 75 at the cavity resonance. We also show that these resonators can be used to convert a broadband quantum emitter to a narrow-band single-photon source with color-selective emission enhancement.Physic