On The Comovement of REIT Prices

This study examines the comovement of equity real estate investment trust (REIT) prices in both the vintage (1980–1991) and the new (1992–2004) REIT eras. The results indicate that the comovement of equity REIT prices within the same property type has strengthened during the new REIT era. The results also indicate that, all else being equal, a high institutional participation, a low insider ownership, and a large market capitalization are associated with a high within-property-type price synchronicity. The evidence is consistent with two notions: (1) that increasing participation by institutional investors in the new REIT era facilitates the pricing of property-type common information on firm-level prices, and (2) that REITs’ information openness to institutional investing plays a role in this strengthened pricing relationship.

Substitutability between Equity REITs and Mortgage REITs

This study extends Seck’s (1996) approach to investigate the degree of substitutability between equity real estate investment trusts (EREITs) and mortgage real estate investment trusts (MREITs). The variance ratio test and the variance decomposition of forecast errors yield results indicating the existence of informational commonality between EREITs and MREITs. The findings indicate that the two types of REITs are substitutable. A direct implication is that investors who believe they have superior forecasting ability will be indifferent to invest in either type of REIT. Another implication is that REITs can be treated as a single asset class in constructing a diversified multi-asset portfolio.

Chasing housing prices: Working paper series--06-08

If a person or organization is planning to buy real estate in the future but is unable or unwilling to buy it now, how can they best "hedge" this purchase? In what class of asset should they invest their money until they are ready to purchase the real estate? This paper uses Monte Carlo simulation and bootstrap techniques to help answer these questions. We find that the best "purchase early" hedge for both residential and commercial real estate is small value stocks. Small value stocks would be the most likely to provide returns at least as good as real estate and they would be least likely to suffer losses relative to real estate. The effectiveness of the hedge increases the longer the time horizon of the investor. Large value stocks and equity REITs are also quite good but not as good as small value stocks. Other asset classes are not nearly as effective. The least effective asset class is T-Bills

Long-Run Underperformance And The Offering Price Clustering Phenomenon

The study proposes a new informational role for the offering price of an equity IPO.  Offering prices are quoted either in whole prices (e.g., $2,$11, $19, etc) or fractional prices (e.g.,$2.35, $11.15,$15.75, etc).  Using Jay R. Ritter’s sample of 1,526 IPOs issued during the period 1975 to 1984, the study examines the relation between the presence of whole price clusters and long-run underperformance.  The results indicate that fractional offering prices are associated with better long-run performance. &nbsp

Chasing Housing Prices?

If a person or organization is planning to buy real estate in the future but is unable or unwilling to buy it now, how can they best “hedge” this purchase? In what class of asset should they invest their money until they are ready to purchase the real estate? This paper uses Monte Carlo simulation and bootstrap techniques to investigate the effectiveness of using traditional asset classes in managing the long-term risks associated with the future purchase of real estate. We find that the best “purchase early” hedge for both residential and commercial real estate is small value stocks. Small value stocks would be the most likely to provide returns at least as good as real estate and they would be least likely to suffer losses relative to real estate. The effectiveness of the hedge increases the longer the time horizon of the investor. Large value stocks and equity REIT’s are also quite good but not as good as small value stocks. Other asset classes are not nearly as effective. The least effective asset class is T-Bills

Investor Sentiment And Close-End Country Funds?

An innovative method to estimate the duration of investor sentiment is applied to closed-end country fund returns and it finds that U.S. investor sentiment has a short life.  The effects of sentiment on closed-end country fund returns are largely consistent with existing literature however, it is only apparent in daily time-series regressions.  Sentiment rapidly fades at a weekly frequency and virtually disappears using monthly return observations.  These results suggest that the kind of investor sentiment for country fund prices does not have a persistent component

Helicity conservation and factorization-suppressed charmless B decays

Toward the goal of extracting the weak angle alpha, the decay B^0/B^0-bar to a_0^{+/-}pi^{-/+} was recently measured. The decay B^0 to a_0^+pi^- is not only forbidden in the factorization limit of the tree interaction, but also strongly suppressed for the penguin interaction if short-distance QCD dominates. This makes extraction of alpha very difficult from a^{+/-}\pi^{-/+}. We examine the simlar factorization-suppressed decays, in particular, B^0\to b_1^+pi^-. The prospect of obtaining alpha is even less promising with b_1^{+/-}pi^{-/+}. To probe how well the short-distance dominance works, we emphasize importance of testing helicity conservation in the charmless B decays with spins.Comment: The version to appear in Phys. Rev. D after minor alteration

Graphite felt with vapor grown carbon fibers as electrodes for vanadium redox flow batteries

Several methods to produce vapor grown carbon fibers (VGCFs) on graphite felt as electrodes for vanadium redox flow batteries (VRB) were described. The experiments include graphite felt preparation and VGCF production onto graphite fiber in the felt. Several attempts were made using nickel and cobalt catalyst coatings on the graphite felt. The nickel catalyst came from nickel nitride solution. It was prepared by dipping graphite felt into the solution and decomposed using heat treatment. Cobalt nanoparticles were sprayed onto graphite felt. Both experiments resulted in carbon nanotubes and VGCFs growth onto graphite fiber in the felt. The experimental results show that VGCFs and carbon nanotubes with the range of 20 to 70 nm in diameter are grown in the graphite felt using different catalysts. The encouraged results show the single VRB cell test with new electrodes can increase the charge/discharge efficiency by more than 12% compared to conventional graphite felt

Molecular dynamics approach: from chaotic to statistical properties of compound nuclei

Statistical aspects of the dynamics of chaotic scattering in the classical model of $\alpha$-cluster nuclei are studied. It is found that the dynamics governed by hyperbolic instabilities which results in an exponential decay of the survival probability evolves to a limiting energy distribution whose density develops the Boltzmann form. The angular distribution of the corresponding decay products shows symmetry with respect to $\pi/2$ angle. Time estimated for the compound nucleus formation ranges within the order of $10^{-21}$s.Comment: 11 pages, LaTeX, non

Search for Top Quark FCNC Couplings in Z' Models at the LHC and CLIC

The top quark is the heaviest particle to date discovered, with a mass close to the electroweak symmetry breaking scale. It is expected that the top quark would be sensitive to the new physics at the TeV scale. One of the most important aspects of the top quark physics can be the investigation of the possible anomalous couplings. Here, we study the top quark flavor changing neutral current (FCNC) couplings via the extra gauge boson Z' at the Large Hadron Collider (LHC) and the Compact Linear Collider (CLIC) energies. We calculate the total cross sections for the signal and the corresponding Standard Model (SM) background processes. For an FCNC mixing parameter x=0.2 and the sequential Z' mass of 1 TeV, we find the single top quark FCNC production cross sections 0.38(1.76) fb at the LHC with sqrt{s_{pp}}=7(14) TeV, respectively. For the resonance production of sequential Z' boson and decays to single top quark at the Compact Linear Collider (CLIC) energies, including the initial state radiation and beamstrahlung effects, we find the cross section 27.96(0.91) fb at sqrt{s_{e^{+}e^{-}}}=1(3) TeV, respectively. We make the analysis to investigate the parameter space (mixing-mass) through various Z' models. It is shown that the results benefit from the flavor tagging.Comment: 20 pages, 17 figures, 6 table