Regge Closed String Scattering and its Implication on Fixed angle Closed String Scattering

We calculate the complete closed string high energy scattering amplitudes (HSA) in the Regge regime for arbitrary mass levels. As an application, we deduce the complete ratios among closed string HSA in the fixed angle regime by using Stirling number identities. These results are in contrast with the incomplete set of closed string HSA in the fixed angle regime calculated previously. The complete forms of the fixed angle amplitudes, and hence the ratios, were not calculable previously without the input of zero-norm state calculation. This is mainly due to the lack of saddle point in the fixed angle closed string calculation.Comment: 10 pages. v2: typos correcte

A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets

This paper develops a stylized model to provide a rational explanation for the boom-and-bust price movement pattern that we frequently observe in the real world. Our stylized model indicates that there are three conditions to form a boom-and-bust price pattern in a community: a move-in of high income residents, wide income gap between new and existing residents, and supply process that leads to an inventory buildup. It seems that, based on these three conditions, China is more likely to experience a boom-and-bust price movement pattern than a developed country with a more mature and less vibrant economy.Real Estate Cycles; Boom-and-Bust; Supply Decision; Moving Costs

Pricing Factors in Real Estate Markets: A Simple Preference Based Approach

Conventional wisdom tells us that the price level of properties should be supported by the rent they receive. This paper examines the pricing factors of properties by analyzing how individuals allocate their income to housing consumption and other goods, which in turn become the rent (or implicit rent) to support property values. Our model’s results can explain several puzzling observations in property markets, including why the variance of property appreciation rates is much higher than that of income growth rates in the same area.Preference-based model, pricing factors, property appreciation, property markets

Over-Confidence and Cycles in Real Estate Markets: Cases in Hong Kong and Asia

Studies on the calibration of subjective probabilities find that people tend to over-estimate the precision of their knowledge. In this paper we develop a semi-rational model and apply it to the real estate markets in Hong Kong and other Asian countries. The key point is that a person is rational about her/his private information until her/his private information is confirmed by a clearly defined market signal. Using a pre-sale as a mechanism of updating a developer's beliefs, this paper analyzes the impact of over-confidence on overbuilding and cycles in real estate markets. Our finding indicates that a pre-sale activity will increase the magnitude of over-building and over-confidence will increase the volatility in real estate markets. Our model also has implications to the well-established literature dealing with the issue of over-capacity in many industrial sectors.

Black Holes at the LHC: Progress since 2002

We review the recent noticeable progresses in black hole physics focusing on the up-coming super-collider, the LHC. We discuss the classical formation of black holes by particle collision, the greybody factors for higher dimensional rotating black holes, the deep implications of black hole physics to the `energy-distance' relation, the security issues of the LHC associated with black hole formation and the newly developed Monte-Carlo generators for black hole events.Comment: 6 pages, 10 figures, Plenary talk given at the 16th International Conference on Supersymmetry and the Unification of Fundamental Interactions (SUSY08), Seoul, Korea (June 16-21, 2008). To be published in the Conference Proceeding

Inflation in the nonminimal theory with `K(phi)R' term

A class of inflationary models with the nonminimal coupling term `K(phi)R' is considered. We show that the successful inflation can take place if the ratio between the square of the nonminimal coupling term and the potential for the scalar goes asymptotically constant.Comment: 3 pages, 1 figure, Talk given at 16th International Conference on Supersymmetry and the Unification of Fundamental Interactions (SUSY08), Seoul, Korea, 16-21 Jun 200

Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs

It is well documented that in the United States, real estate investment trust (REIT) initial public offerings (IPOs) have an abnormally low initial-day return when compared to that of industrial firm IPOs. Researchers suspect that the abnormal return pattern of REIT IPOs is caused by their unique real estate holdings. Examination of 399 IPOs issued in Hong Kong during the 1986-1997 period reveals strong evidence that suggests that underlying real estate holdings cannot be the sole reason for the observed low initial-day return of REIT IPOs. This investigation indicates that there is a need to re-think the current explanations for the abnormal performance of REIT IPOs.

Intra-Project Externality and Layout Variables in Residential Condominium Appraisals

This study examines the impact of intra-project externalities and layout variables on the selling prices of 897 condominium units in the cities of Irvine and Santa Ana in Orange County, California. It documents that, at a micro-level, proximity to intra-project externalities such as greenspace, swimming pools, recreational areas, traffic noise, and the like, and project layout variables representing the location of individual condominium units within multiunit structures, have significant effects on the property values of units within a condominium project. The results indicate that, when cost is not prohibitive, both appraisers and underwriters should take intra-project externalities and layout variables into consideration when estimating property values or underwriting residential mortgages for condominium properties.

Institutional Investment in REITs: Evidence and Implications

It has been documented that institutional investors did not participate actively in the real estate investment trust (REIT) stock market prior to 1990 and that the percentage of institutional holdings of a REIT stock is positively correlated with the performance of the REIT stock. This article documents a reversal in trend in institutional investors’ preference for investing in REIT stocks and in other stocks. The study shows that prior to 1990, institutional investors invested more of their funds in other stocks than in REITs, whereas after 1990 they invest more of their funds in REITs than in other stocks in the market. The strategies of institutional investors investing in REITs are also analyzed. The findings of the study have implications for the agency and corporate control issues prevailing in the REIT stock market.