An Examination of Informed Traders and the Market Microstructure of Real Estate Investment Trusts

A significant body of research exists documenting that REITs perform differently from other types of equity securities, although the reasons for these differences are unclear. This study examines the intraday trading behavior of Real Estate Investment Trusts (REITs). Specifically, intraday REIT returns, volume, trading activity, and bid/ask spread are examined in an attempt to better understand the patterns of intraday information flow for a sample of REITs trading on the NYSE. After controlling for differences in market capitalization, share price, and institutional holdings, this paper analyzes differences between REITs and non-REITs, and between REITs that are widely held by institutions and those that are not. The results suggest that, as a group, REITs exhibit lower average volumes and number of trades than do similar non-REITs. In addition, the findings suggest that mortgage REITs trade at spreads that are wider. Surprisingly, the analysis of institutional ownership suggests that equity REITs that are widely held by institutions exhibit the largest divergence from non-REITs in terms of both intraday trading activity and volume, but at the same time trade closer to non-REITs in terms of bid/ask spread. Overall, the results of this study confirm that REITs are treated differently by investors than similar non-REITs, and the institutional ownership findings suggest that trading activity is less important as a determinant of REIT performance than is the level of institutional ownership.

REIT Pricing Efficiency; Should Investors Still Be Concerned?

This study examines the impact of the REIT boom on the market microstructure of REIT common stocks. We analyze NYSE-traded REITs during the pre-boom period (1992) and the post-boom period (1994), and find significant reductions in bid/ask spreads over the period. We also find that the bid/ask spread differential between REITs and non-REITs has been roughly halved between 1991 and 1994. These reductions provide a direct benefit to REIT investors in terms of reduction in transaction costs and improved liquidity, and suggest that the level of uncertainty on the part of the REIT specialist has been reduced.

Leader Behaviors as Mediators of the Leader Characteristics - Follower Satisfaction Relationship

This is the author accepted manuscript. The final version is available from SAGE Publications via the DOI in this record.This study examined two potential mediators through which leaders transmit their position power into an effectiveness outcome. Drawing upon recent work integrating trait, situational, and behavioral theories of leadership effectiveness, we hypothesized and tested a model specifying that the interactive effects of leader position power and leader political skill on follower satisfaction would be mediated by followers’ perceptions of leaders’ initiating structure and consideration behaviors. Specifically, this model indicates that leaders who are both in powerful positions and politically skilled are perceived to initiate more structure and demonstrate more consideration for their followers than their nonpolitically skilled counterparts, which, in turn, positively impacts followers’ satisfaction (i.e., an indication of subjective leadership effectiveness). Utilizing 190 leaders and 476 followers, we found support for the hypothesized model. Contributions to various literatures, strengths, limitations, and practical implications are discussed

User needs assessment for climate services in Zambia

Between February and April 2021 research was conducted to assess the user needs of selected farmer groups in Zambia for farmer centric agrometeorological information services. Specifically, it aimed to: • Identify the types of weather information and agronomic advice that farmers currently receive, the sources that they use and how satisfied they are with the information they receive; • Better understand the effects of climate variability and change on different agricultural activities and the decisions farmers are able to make; and • Enable farmers to identify what weather and climate information, services and agronomic advice they need and how they would like to access it. The results were then presented to key stakeholders and used in an ideation process to help design potential climate services for implementation at scale. Key findings from the user research are that: • Respondents articulated a demand for information and advice on a range of different weather variables at a range of different timescales to aid both their long-term planning and more immediate decisions. • There is a gap between the climate and weather information and services that are produced (by Zambia Meteorological Department) and those that farmers are accessing. • The complexities of challenges facing respondents, and the variety of different decisions affected, means that addressing these challenges is not simply about the provision of climate information but supporting farmers to contextualise and use this information. Farmers outlined a range of existing practices that they use to address challenges that are related to weather and climate. Many of these practices address multiple challenges and are often proactive rather than reactive options for farmers. • Engaging farmers with climate services requires a range of different and complimentary approaches. Radio is the most commonly used and requested going forward. Extension staff, lead farmers and farmer groups are important sources of information and support in farmer decision making. Climate services products should be designed with the aim to address multiple farmer ‘problems’. For example, information on the amount of rainfall to expect in a season can aid decision making on choice of land preparation and cultivation methods, choice of crop variety, weeding, as well requirements for pest and disease management in cattle

"I couldn't do this with opposition from my colleagues": A qualitative study of physicians' experiences as clinical tutors

<p>Abstract</p> <p>Background</p> <p>Clinical contact in the early curriculum and workplace learning with active tutorship are important parts of modern medical education. In a previously published study, we found that medical students' tutors experienced a heavier workload, less reasonable demands and less encouragement, than students. The aim of this interview study was to further illuminate physicians' experiences as clinical tutors.</p> <p>Methods</p> <p>Twelve tutors in the Early Professional Contact course were interviewed. In the explorative interviews, they were asked to reflect upon their experiences of working as tutors in this course. Systematic text condensation was used as the analysis method.</p> <p>Results</p> <p>In the analysis, five main themes of physicians' experiences as clinical tutors in the medical education emerged: <it>(a) Pleasure and stimulation</it>. Informants appreciated tutorship and meeting both students and fellow tutors, <it>(b) Disappointment and stagnation</it>. Occasionally, tutors were frustrated and expressed negative feelings, <it>(c) Demands and duty</it>. Informants articulated an ambition to give students their best; a desire to provide better medical education but also a duty to meet demands of the course management, <it>(d) Impact of workplace relations</it>. Tutoring was made easier when the clinic's management provided active support and colleagues accepted students at the clinic, and <it>(e) Multitasking difficulties</it>. Combining several duties with those of a tutorship was often reported as difficult.</p> <p>Conclusions</p> <p>It is important that tutors' tasks are given adequate time, support and preparation. Accordingly, it appears highly important to avoid multitasking and too heavy a workload among tutors in order to facilitate tutoring. A crucial factor is acceptance and active organizational support from the clinic's management. This implies that tutoring by workplace learning in medical education should play an integrated and accepted role in the healthcare system.</p

Quantum ergodicity for graphs related to interval maps

We prove quantum ergodicity for a family of graphs that are obtained from ergodic one-dimensional maps of an interval using a procedure introduced by Pakonski et al (J. Phys. A, v. 34, 9303-9317 (2001)). As observables we take the L^2 functions on the interval. The proof is based on the periodic orbit expansion of a majorant of the quantum variance. Specifically, given a one-dimensional, Lebesgue-measure-preserving map of an interval, we consider an increasingly refined sequence of partitions of the interval. To this sequence we associate a sequence of graphs, whose directed edges correspond to elements of the partitions and on which the classical dynamics approximates the Perron-Frobenius operator corresponding to the map. We show that, except possibly for subsequences of density 0, the eigenstates of the quantum graphs equidistribute in the limit of large graphs. For a smaller class of observables we also show that the Egorov property, a correspondence between classical and quantum evolution in the semiclassical limit, holds for the quantum graphs in question.Comment: 20 pages, 1 figur

Heterocellular OSM-OSMR signalling reprograms fibroblasts to promote pancreatic cancer growth and metastasis

Pancreatic ductal adenocarcinoma (PDA) is a lethal malignancy with a complex microenvironment. Dichotomous tumour-promoting and -restrictive roles have been ascribed to the tumour microenvironment, however the effects of individual stromal subsets remain incompletely characterised. Here, we describe how heterocellular Oncostatin M (OSM) - Oncostatin M Receptor (OSMR) signalling reprograms fibroblasts, regulates tumour growth and metastasis. Macrophage-secreted OSM stimulates inflammatory gene expression in cancer-associated fibroblasts (CAFs), which in turn induce a pro-tumourigenic environment and engage tumour cell survival and migratory signalling pathways. Tumour cells implanted in Osm-deficient (Osm(−/−)) mice display an epithelial-dominated morphology, reduced tumour growth and do not metastasise. Moreover, the tumour microenvironment of Osm(−/−) animals exhibit increased abundance of α smooth muscle actin positive myofibroblasts and a shift in myeloid and T cell phenotypes, consistent with a more immunogenic environment. Taken together, these data demonstrate how OSM-OSMR signalling coordinates heterocellular interactions to drive a pro-tumourigenic environment in PDA

VLTI-MATISSE chromatic aperture-synthesis imaging of η Carinae\u27s stellar wind across the Br α line: Periastron passage observations in February 2020

Context. Eta Carinae is a highly eccentric, massive binary system (semimajor axis ~15.5 au) with powerful stellar winds and a phase-dependent wind-wind collision (WWC) zone. The primary star, η Car A, is a luminous blue variable (LBV); the secondary, η Car B, is a Wolf-Rayet or O star with a faster but less dense wind. Aperture-synthesis imaging allows us to study the mass loss from the enigmatic LBV η Car. Understanding LBVs is a crucial step toward improving our knowledge about massive stars and their evolution. Aims. Our aim is to study the intensity distribution and kinematics of η Car\u27s WWC zone. Methods. Using the VLTI-MATISSE mid-infrared interferometry instrument, we perform Brα imaging of η Car\u27s distorted wind. Results. We present the first VLTI-MATISSE aperture-synthesis images of η Car A\u27s stellar windin several spectral channels distributed across the Brα 4.052 μm line (spectral resolving power R ~ 960). Our observations were performed close to periastron passage in February 2020 (orbital phase ~ 14.0022). The reconstructed iso-velocity images show the dependence of the primary stellar wind on wavelength or line-of-sight (LOS) velocity with a spatial resolution of 6 mas (~14 au). The radius of the faintest outer wind regions is ~26 mas (~60 au). At several negative LOS velocities, the primary stellar wind is less extended to the northwest than in other directions. This asymmetry is most likely caused by the WWC. Therefore, we see both the velocity field of the undisturbed primary wind and the WWC cavity. In continuum spectral channels, the primary star wind is more compact than in line channels. A fit of the observed continuum visibilities with the visibilities of a stellar wind CMFGEN model (CMFGEN is an atmosphere code developed to model the spectra of a variety of objects) provides a full width at half maximum fit diameter of the primary stellar wind of 2.84 ± 0.06 mas (6.54 ± 0.14 au). We comparethe derived intensity distributions with the CMFGEN stellar wind model and hydrodynamic WWC models

Low exposure long-baseline neutrino oscillation sensitivity of the DUNE experiment

The Deep Underground Neutrino Experiment (DUNE) will produce world-leading neutrino oscillation measurements over the lifetime of the experiment. In this work, we explore DUNE\u27s sensitivity to observe charge-parity violation (CPV) in the neutrino sector, and to resolve the mass ordering, for exposures of up to 100 kiloton-megawatt-calendar years (kt-MW-CY), where calendar years include an assumption of 57% accelerator uptime based on past accelerator performance at Fermilab. The analysis includes detailed uncertainties on the flux prediction, the neutrino interaction model, and detector effects. We demonstrate that DUNE will be able to unambiguously resolve the neutrino mass ordering at a 4σ (5σ) level with a 66 (100) kt-MW-CY far detector exposure, and has the ability to make strong statements at significantly shorter exposures depending on the true value of other oscillation parameters, with a median sensitivity of 3σ for almost all true δCP values after only 24 kt-MW-CY. We also show that DUNE has the potential to make a robust measurement of CPV at a 3σ level with a 100 kt-MW-CY exposure for the maximally CP-violating values δCP=±π/2. Additionally, the dependence of DUNE\u27s sensitivity on the exposure taken in neutrino-enhanced and antineutrino-enhanced running is discussed. An equal fraction of exposure taken in each beam mode is found to be close to optimal when considered over the entire space of interest

National CO\u3csub\u3e2\u3c/sub\u3e budgets (2015-2020) inferred from atmospheric CO\u3csub\u3e2\u3c/sub\u3e observations in support of the global stocktake

Accurate accounting of emissions and removals of CO2 is critical for the planning and verification of emission reduction targets in support of the Paris Agreement. Here, we present a pilot dataset of country-specific net carbon exchange (NCE; fossil plus terrestrial ecosystem fluxes) and terrestrial carbon stock changes aimed at informing countries\u27 carbon budgets. These estimates are based on top-down NCE outputs from the v10 Orbiting Carbon Observatory (OCO-2) modeling intercomparison project (MIP), wherein an ensemble of inverse modeling groups conducted standardized experiments assimilating OCO-2 column-Averaged dry-Air mole fraction (XCO2) retrievals (ACOS v10), in situ CO2 measurements or combinations of these data. The v10 OCO-2 MIP NCE estimates are combined with bottom-up estimates of fossil fuel emissions and lateral carbon fluxes to estimate changes in terrestrial carbon stocks, which are impacted by anthropogenic and natural drivers. These flux and stock change estimates are reported annually (2015-2020) as both a global 1gg×g1g gridded dataset and a country-level dataset and are available for download from the Committee on Earth Observation Satellites\u27 (CEOS) website: 10.48588/npf6-sw92 . Across the v10 OCO-2 MIP experiments, we obtain increases in the ensemble median terrestrial carbon stocks of 3.29-4.58gPgCO2yr-1 (0.90-1.25gPgCyr-1). This is a result of broad increases in terrestrial carbon stocks across the northern extratropics, while the tropics generally have stock losses but with considerable regional variability and differences between v10 OCO-2 MIP experiments. We discuss the state of the science for tracking emissions and removals using top-down methods, including current limitations and future developments towards top-down monitoring and verification systems