Risk and Return on Real Estate: Evidence from Equity REITs

We analyze monthly returns on an equally-weighted index of 18 to 23 equity (real property) real estate investment trusts (REITs) that were traded on major stock exchanges over the 1973-87 period. We employ a multifactor Arbitrage Pricing Model using prespecified macroeconomic factors. We also test whether equity REIT returns are related to changes in the discount on closed-end stock funds, which seems plausible given the closed-end nature of REITs. Three factors, and the percentage change in the discount on closed-end stock funds, consistently drive equity REIT returns: unexpected inflation and changes in the risk and term structures of interest rates. The impacts of these variables on equity REIT returns is around 60 percent of the impacts on corporate stock returns generally. As expected, the impacts are greater for more heavily levered REITs than for less levered REITs. Real estate, at least as measured by the return performance of equity REITs, is less risky than stocks generally, but does not offer a superior risk-adjusted return and is not a hedge against unexpected inflation.

Multiple-RAT selection for reducing call blocking/dropping probability in cooperative heterogeneous wireless networks

There is an increasing demand for high bandwidth-consuming services such as real-time video and video streaming over wireless access networks. A single radio access technology (RAT) in a heterogeneous wireless network may not always have enough radio resource to admit high bandwidth-consuming calls, such as video calls. Existing joint call admission control (JCAC) algorithms designed for heterogeneous wireless networks block/drop an incoming call when none of the available individual RATs in the network has enough bandwidth to admit the incoming call. Consequently, video calls experience high call blocking/dropping probability in the network. However, some calls such as multi-layer coded (scalable) video can be transmitted/received over one or multiple RATs. This article proposes a JCAC algorithm that selects a single or multiple RATs for scalable video calls in heterogeneous wireless networks, depending on availability of radio resources in available RATs. Non scalable calls are always admitted into a single RAT by the algorithm. The aim of the proposed algorithm is to reduce call blocking/dropping probability for both scalable and non-scalable calls. An analytical model is developed for the proposed JCAC algorithm, and its performance is evaluated. Simulation results show that the proposed algorithm reduces call blocking/dropping probability in heterogeneous wireless networks

Mobility Management, Quality of Service, and Security in the Design of Next Generation Wireless Network

The next generation wireless network needs to provide seamless roaming among various access technologies in a heterogeneous environment. In allowing users to access any system at anytime and anywhere, the performance of mobility-enabled protocols is important. While Mobile IPv6 is generally used to support macro-mobility, integrating Mobile IPv6 with Session Initiation Protocol (SIP) to support IP traffic will lead to improved mobility performance. Advanced resource management techniques will ensure Quality of Service (QoS) during real-time mobility within the Next Generation Network (NGN) platform. The techniques may use a QoS Manager to allow end-to-end coordination and adaptation of Quality of Service. The function of the QoS Manager also includes dynamic allocation of resources during handover. Heterogeneous networks raise many challenges in security. A security entity can be configured within the QoS Manager to allow authentication and to maintain trust relationships in order to minimize threats during system handover. The next generation network needs to meet the above requirements of mobility, QoS, and security

Hamiltonian Theory of Adiabatic Motion of Relativistic Charged Particles

A general Hamiltonian theory for the adiabatic motion of relativistic charged particles confined by slowly-varying background electromagnetic fields is presented based on a unified Lie-transform perturbation analysis in extended phase space (which includes energy and time as independent coordinates) for all three adiabatic invariants. First, the guiding-center equations of motion for a relativistic particle are derived from the particle Lagrangian. Covariant aspects of the resulting relativistic guiding-center equations of motion are discussed and contrasted with previous works. Next, the second and third invariants for the bounce motion and drift motion, respectively, are obtained by successively removing the bounce phase and the drift phase from the guiding-center Lagrangian. First-order corrections to the second and third adiabatic invariants for a relativistic particle are derived. These results simplify and generalize previous works to all three adiabatic motions of relativistic magnetically-trapped particles.Comment: 20 pages, LaTeX, to appear in Physics of Plasmas (Aug, 2007

Preface

Preface by Johnson Agbinya, H Anthony Chan and Donald Adjeroh

Inter-subnet localized mobility support for host identity protocol

Host identity protocol (HIP) has security support to enable secured mobility and multihoming, both of which are essential for future Internet applications. Compared to end host mobility and multihoming with HIP, existing HIP-based micro-mobility solutions have optimized handover performance by reducing location update delay. However, all these mobility solutions are client-based mobility solutions. We observe that another fundamental issue with end host mobility and multihoming extension for HIP and HIP-based micro-mobility solutions is that handover delay can be excessive unless the support for network-based micro-mobility is strengthened. In this study, we co-locate a new functional entity, subnet-rendezvous server, at the access routers to provide mobility to HIP host. We present the architectural elements of the framework and show through discussion and simulation results that our proposed scheme has achieved negligible handover latency and little packet loss