Investor Rationality: An Analysis of NCREIF Commercial Property Data

The concept of a peak in value or a "100% location" is so well established in real estate that there is no reference to the term in recent real estate principles and appraisal texts. However, the land value section in appraisals of a regional shopping center did not apply the concept when adjusting comparables for location, which resulted in a substantial underestimation of site value. A regression model that included a distance variable to control for location produced a value estimate that was more than double the values in the appraisals. The empirical results illustrate that the subject site represented a distinct peak in land value as well as reemphasizing the importance of making careful location adjustments in situations where there is a distinct peak in land value.

Investor Rationality: Evidence from UK Property Capitalization Rates

Recent analyses have suggested the irrationality of investors in Australian and U.S. office properties. More specifically, investors have failed to raise capitalization rates sufficiently at rental cyclical peaks to account for the obvious mean reversion in real rents and thus have significantly overvalued properties. In this paper we analyze the determination of UK office and retail capitalization rates and provide evidence that these rates reflect rational expectations of mean reversion in future real cash flows. Moreover, these rates are linked to capitalization rates (dividend/price ratio) and expected dividend earnings growth as expected.

Asymmetric space market adjustment in the London office market

Models of the City of London office market are extended by considering a longer time series of data, covering two cycles, and by explicit modeling of asymmetric rental response to supply and demand model. A long run structural model linking demand for office space, real rental levels and office-based employment is estimated and then rental adjustment processes are modeled using an error correction model framework. Adjustment processes are seen to be asymmetric, dependent both on the direction of the supply and demand shock and on the state of the rental market at the time of the shock. A complete system of equations is estimated: unit shocks produce oscillations but there is a return to a steady equilibrium state in the long run

Asymmetric adjustment in the City of London office market

Earlier estimates of the City of London office market are extended by considering a longer time series of data, covering two cycles, and by explicitly modeling of asymmetric space market responses to employment and supply shocks. A long run structural model linking real rental levels, office-based employment and the supply of office space is estimated and then rental adjustment processes are modeled using an error correction model framework. Rental adjustment is seen to be asymmetric, depending both on the direction of the supply and demand shocks and on the state of the space market at the time of the shock. Vacancy adjustment does not display asymmetries. There is also a supply adjustment equation. Two three-equation systems, one with symmetric rental adjustment and the other with asymmetric adjustment, are subjected to positive and negative shocks to employment. These illustrate differences in the two systems

Perspectives of Nuclear Physics in Europe: NuPECC Long Range Plan 2010

The goal of this European Science Foundation Forward Look into the future of Nuclear Physics is to bring together the entire Nuclear Physics community in Europe to formulate a coherent plan of the best way to develop the field in the coming decade and beyond.<p></p> The primary aim of Nuclear Physics is to understand the origin, evolution, structure and phases of strongly interacting matter, which constitutes nearly 100% of the visible matter in the universe. This is an immensely important and challenging task that requires the concerted effort of scientists working in both theory and experiment, funding agencies, politicians and the public.<p></p> Nuclear Physics projects are often “big science”, which implies large investments and long lead times. They need careful forward planning and strong support from policy makers. This Forward Look provides an excellent tool to achieve this. It represents the outcome of detailed scrutiny by Europe’s leading experts and will help focus the views of the scientific community on the most promising directions in the field and create the basis for funding agencies to provide adequate support.<p></p> The current NuPECC Long Range Plan 2010 “Perspectives of Nuclear Physics in Europe” resulted from consultation with close to 6 000 scientists and engineers over a period of approximately one year. Its detailed recommendations are presented on the following pages. For the interested public, a short summary brochure has been produced to accompany the Forward Look.<p></p&gt

First measurements of the ^16O(e,e'pn)^14N reaction

This paper reports on the first measurement of the ^16O(e,e'pn)^14N reaction. Data were measured in kinematics centred on a super-parallel geometry at energy and momentum transfers of 215 MeV and 316 MeV/c. The experimental resolution was sufficient to distinguish groups of states in the residual nucleus but not good enough to separate individual states. The data show a strong dependence on missing momentum and this dependence appears to be different for two groups of states in the residual nucleus. Theoretical calculations of the reaction using the Pavia code do not reproduce the shape or the magnitude of the data.Comment: 10 pages, 11 figures, 2 tables, Accepted for publication in EPJ

Dynamical Simulations of Magnetically Channeled Line-Driven Stellar Winds: II. The Effects of Field-Aligned Rotation

Building upon our previous MHD simulation study of magnetic channeling in radiatively driven stellar winds, we examine here the additional dynamical effects of stellar {\em rotation} in the (still) 2-D axisymmetric case of an aligned dipole surface field. In addition to the magnetic confinement parameter $\eta_{\ast}$ introduced in Paper I, we characterize the stellar rotation in terms of a parameter $W \equiv V_{\rm{rot}}/V_{\rm{orb}}$ (the ratio of the equatorial surface rotation speed to orbital speed), examining specifically models with moderately strong rotation $W =$ 0.25 and 0.5, and comparing these to analogous non-rotating cases. Defining the associated Alfv\'{e}n radius R_{\rm{A}} \approx \eta_{\ast}^{1/4} \Rstar and Kepler corotation radius R_{\rm{K}} \approx W^{-2/3} \Rstar, we find rotation effects are weak for models with $R_{\rm{A}} < R_{\rm{K}}$, but can be substantial and even dominant for models with R_{\rm{A}} \gtwig R_{\rm{K}}. In particular, by extending our simulations to magnetic confinement parameters (up to $\eta_{\ast} = 1000$) that are well above those ($\eta_{\ast} = 10$) considered in Paper I, we are able to study cases with $R_{\rm{A}} \gg R_{\rm{K}}$; we find that these do indeed show clear formation of the {\em rigid-body} disk predicted in previous analytic models, with however a rather complex, dynamic behavior characterized by both episodes of downward infall and outward breakout that limit the buildup of disk mass. Overall, the results provide an intriguing glimpse into the complex interplay between rotation and magnetic confinement, and form the basis for a full MHD description of the rigid-body disks expected in strongly magnetic Bp stars like $\sigma$ Ori E.Comment: 14 pp, visit this http://shayol.bartol.udel.edu/massivewiki-media/publications/rotation.pdf for full figure version of the paper. MNRAS, in pres

A Second Large Subglacial Impact Crater in Northwest Greenland?

Following the discovery of the Hiawatha impact crater beneath the northwest margin of the Greenland Ice Sheet, we explored satellite and aerogeophysical data in search of additional such craters. Here we report the discovery of a possible second subglacial impact crater that is 36.5 km wide and 183 km southeast of the Hiawatha impact crater. Although buried by 2 km of ice, the structure's rim induces a conspicuously circular surface expression, it possesses a central uplift and it causes a negative gravity anomaly. The existence of two closely-spaced and similarlysized complex craters raises the possibility that they formed during related impact events. However, the second structure's morphology is shallower, its overlying ice is conformal and older, and such an event can be explained by chance. We conclude that the identified structure is very likely an impact crater, but it is unlikely to be a twin of the Hiawatha impact crater

In-medium modifications of the ππ\pi\pi interaction in photon-induced reactions

Differential cross sections of the reactions $(\gamma,\pi^\circ\pi^\circ)$ and $(\gamma,\pi^\circ\pi^++\pi^\circ\pi^-)$ have been measured for several nuclei ($^1$H,$^{12}$C, and $^{\rm nat}$Pb) at an incident-photon energy of $E_{\gamma}$=400-460 MeV at the tagged-photon facility at MAMI-B using the TAPS spectrometer. A significant nuclear-mass dependence of the $\pi\pi$ invariant-mass distribution is found in the $\pi^\circ\pi^\circ$ channel. This dependence is not observed in the $\pi^\circ\pi^{+/-}$ channel and is consistent with an in-medium modification of the $\pi\pi$ interaction in the $I$=$J$=0 channel. The data are compared to $\pi$-induced measurements and to calculations within a chiral-unitary approach

Transgressing the moral economy: Wheelerism and management of the nationalised coal industry in Scotland

This article illuminates the links between managerial style and political economy in post-1945 Britain, and explores the origins of the 1984–1985 miners' strike, by examining in longer historical context the abrasive attitudes and policies of Albert Wheeler, Scottish Area Director of the National Coal Board (NCB). Wheeler built on an earlier emphasis on production and economic criteria, and his micro-management reflected pre-existing centralising tendencies in the industries. But he was innovative in one crucial aspect, transgressing the moral economy of the Scottish coalfield, which emphasised the value of economic security and changes by joint industrial agreement