Rushing to Overpay: The REIT Premium Revisited

We explore the questions of whether and why Real Estate Investment Trusts (REITs) pay more for real estate than non-REIT buyers, consequently breaking the law of one price. We develop a model where REITs optimally pay more for property because (1) they are able, due to capital access advantages and, (2) are occasionally compelled, due to regulatory time constraints on the deployment of capital. We show that the typically large (20 to 60 percent) and statistically significant (p-values less than 0.01) REIT-buyer premiums found in standard empirical hedonic pricing models are biased due to unobserved explanatory variables. Using a repeat-transaction methodology that controls for unobserved independent variables, we find the REIT-buyer premium to be about 5 percent. Furthermore, we show that REITs¿ ability (as measured by access to capital markets) and regulator compulsion (as measured by capital deployment deadlines) are related to the price premium.Real Estate Investment Trusts (REITs), commercial properties, hedonic price analysis, repeat transactions, market efficiency, law of one price, price premium

THE WAIT-AND-SEE OPTION IN ASCENDING PRICE AUCTIONS

Cake-cutting protocols aim at dividing a ``cake'' (i.e., a divisible resource) and assigning the resulting portions to several players in a way that each of the players feels to have received a ``fair'' amount of the cake. An important notion of fairness is envy-freeness: No player wishes to switch the portion of the cake received with another player's portion. Despite intense efforts in the past, it is still an open question whether there is a \emph{finite bounded} envy-free cake-cutting protocol for an arbitrary number of players, and even for four players. We introduce the notion of degree of guaranteed envy-freeness (DGEF) as a measure of how good a cake-cutting protocol can approximate the ideal of envy-freeness while keeping the protocol finite bounded (trading being disregarded). We propose a new finite bounded proportional protocol for any number n \geq 3 of players, and show that this protocol has a DGEF of 1 + \lceil (n^2)/2 \rceil. This is the currently best DGEF among known finite bounded cake-cutting protocols for an arbitrary number of players. We will make the case that improving the DGEF even further is a tough challenge, and determine, for comparison, the DGEF of selected known finite bounded cake-cutting protocols.Comment: 37 pages, 4 figure

Production of ethanol from Carica papaya (pawpaw) agro waste: effect of saccharification and different treatments on ethanol yield

A study was carried out on yeast fermentation of carica papaya (pawpaw) agricultural waste using dried active baker\'s yeast and brewer\'s yeast strain (Sacchromyces cerevisiae). The pawpaw considered as an agricultural waste was the tapped ripe pawpaw fruit harvested after the tapping of papain. Effect of different yeast strains on the percentage yield of ethanol was investigated. The effects of yeast concentration, saccharification and different nutrient supplements as they relate to the optimization of the ethanol yield were also carried out. The fermented pawpaw yielded ethanol contents of 3.83 to 5.19% (v/v). The reducing sugar in the pawpaw was determined before and after saccharification. The reducing sugar was highest after 48 h of saccharification using Aspergillus niger. The value recorded was 7.6 to 13.6 g/100g. Brewers yeast gave a higher ethanol yield than bakers yeast. Saccharification for 48 h coupled with nutrient supplements significantly increased the ethanol yield.African Journal of Biotechnology Vol. 4 (7), pp. 657-659, 200

Magnetospheric particle acceleration and X-ray emission of pulsars

The available data on isolated X-ray pulsars, their wind nebulae, and the supernova remnants which are connected to some of these sources are analyzed. It is shown that electric fields of neutron stars tear off charged particles from the surface of neutron star and trigger the acceleration of particles. The charged particles are accelerated mainly in the field of magneto-dipole radiation wave. Power and energy spectra of the charged particles depend on the strength of the magneto-dipole radiation. Therefore, the X-ray radiation is strongly dependent on the rate of rotational energy loss and weakly dependent on the electric field intensity. Coulomb interaction between the charged particles is the main factor for the energy loss and the X-ray spectra of the charged particles.Comment: minor correction on table format, 20 pages (4 figures, 1 table), submitted to International Journal of Modern Physics

Products, coproducts and singular value decomposition

Products and coproducts may be recognized as morphisms in a monoidal tensor category of vector spaces. To gain invariant data of these morphisms, we can use singular value decomposition which attaches singular values, ie generalized eigenvalues, to these maps. We show, for the case of Grassmann and Clifford products, that twist maps significantly alter these data reducing degeneracies. Since non group like coproducts give rise to non classical behavior of the algebra of functions, ie make them noncommutative, we hope to be able to learn more about such geometries. Remarkably the coproduct for positive singular values of eigenvectors in $A$ yields directly corresponding eigenvectors in A\otimes A.Comment: 17 pages, three eps-figure

Comparison between Capsule Endoscopy and Magnetic Resonance Enterography for the Detection of Polyps of the Small Intestine in Patients with Familial Adenomatous Polyposis

Objective. The objective of this study was to assess the utility of magnetic resonance enterography (MRE) compared with capsule endoscopy (CE) for the detection of small-bowel polyps in patients with familial adenomatous polyposis (FAP). Methods. Patients underwent MRE and CE. The polyps were classified according to size of polyp: <5 mm (small size), 5–10 mm (medium size), or >10 mm (large size). The location (jejunum or ileum) and the number of polyps (1–5, 6–20, >20) detected by CE were also assessed. MRE findings were compared with the results of CE. Results. Small-bowel polyps, were detected by CE in 4 of the 6 (66%) patients. Three patients had small-sized polyps and one patient had medium-sized polyps. CE detected polyps in four patients that, were not shown on MRE. Desmoid tumors were detected on anterior abdominal wall by MRE. Conclusion. In patients with FAP, CE can detect small-sized polyps in the small intestine not seen with MRE whereas MRE yields additional extraintestinal information