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.

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.

Application of analysis techniques for low frequency interior noise and vibration of commercial aircraft

Finite element analysis (FEA), statistical energy analysis (SEA), and a power flow method (computer program PAIN) were used to assess low frequency interior noise associated with advanced propeller installations. FEA and SEA models were used to predict cabin noise and vibration and evaluate suppression concepts for structure-borne noise associated with the shaft rotational frequency and harmonics (less than 100 Hz). SEA and PAIN models were used to predict cabin noise and vibration and evaluate suppression concepts for airborne noise associated with engine radiated propeller tones. Both aft-mounted and wing-mounted propeller configurations were evaluated. Ground vibration test data from a 727 airplane modified to accept a propeller engine were used to compare with predictions for the aft-mounted propeller. Similar data from the 767 airplane was used for the wing-mounted comparisons

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

Teff and log g dependence of velocity fields in M-stars

We present an investigation of velocity fields in early to late M-type hydrodynamic stellar atmosphere models. These velocities will be expressed in classical terms of micro- and macro-turbulent velocities for usage in 1D spectral synthesis. The M-star model parameters range between log g of 3.0 - 5.0 and Teff of 2500 K - 4000 K. We characterize the Teff- and log g-dependence of the hydrodynamical velocity fields in these models with a binning method, and for the determination of micro-turbulent velocities, the Curve of Growth method is used. The macro-turbulent velocities are obtained by convolutions with Gaussian profiles. Velocity fields in M-stars strongly depend on log g and Teff. Their velocity amplitudes increase with decreasing log g and increasing Teff. The 3D hydrodynamical and 1D macro-turbulent velocities range from ~100 m/s for cool high gravity models to ~ 800 m/s - 1000 m/s for hot models or models with low log g. The micro-turbulent velocities range in the order of ~100 m/s for cool models, to ~600 m/s for hot or low log g models. Our M-star structure models are calculated with the 3D radiative-hydrodynamics (RHD) code CO5BOLD. The spectral synthesis on these models is performed with the line synthesis code LINFOR3D.Comment: 8 pages, 6 Figures, Proceeding fot the "Recent directions in astrophysical quantitative spectroscopy and radiation hydrodynamics" conferenc

3D Radiative Transfer with PHOENIX

Using the methods of general relativity Lindquist derived the radiative transfer equation that is correct to all orders in v/c. Mihalas developed a method of solution for the important case of monotonic velocity fields with spherically symmetry. We have developed the generalized atmosphere code PHOENIX, which in 1-D has used the framework of Mihalas to solve the radiative transfer equation (RTE) in 1-D moving flows. We describe our recent work including 3-D radiation transfer in PHOENIX and particularly including moving flows exactly using a novel affine method. We briefly discuss quantitative spectroscopy in supernovae.Comment: 13 pages, 9 figures, to appear in Recent Directions in Astrophysical Quantitative Spectroscopy and Radiation Hydrodynamics, Ed. I. Hubeny, American Institute of Physics (2009

Assessment of the variability of airborne contamination levels in an intensive care unit over a 24 hour period

Introduction: The objective of this study was to evaluate the variability in the dynamics and levels of airborne contamination within a hospital ICU in order to establish an improved understanding of the extent to which airborne bioburden contributes to cross-infection of patients. Microorganisms from the respiratory tract or skin can become airborne by coughing, sneezing and periods of increased activity such as bed changes and staff rounds. Current knowledge of the clinical microflora is limited however it is estimated that 10-33% of nosocomial infections are transmitted via air. Methods: Environmental air monitoring was conducted in Glasgow Royal Infirmary ICU, in the open ward and in patient isolation rooms. A sieve impactor air sampler was used to collect 500 L air samples every 15 minutes over 10 hour (08:00-18:00 h) and 24 hour (08:00-08:00 h) periods. Samples were collected, room activity logged and the bacterial contamination levels were recorded as CFU/m3 of air. Results: A high degree of variability in levels of airborne contamination was observed over the course of a 10 hour day and a 24 period in a hospital ICU. Counts ranged from 12-510 CFU/m3 over 24 hours in an isolation room occupied for 10 days by a patient with C. difficile infection. Contamination levels were found to be lowest during the night and in unoccupied rooms, with an average value of 20 CFU/m3. Peaks in airborne contamination showed a direct relation to an increase in room activity. Conclusions: This study demonstrates the degree of airborne contamination that can occur in an ICU over a 24 hour period. Numerous factors were found to contribute to microbial air contamination and consideration should be given to potential improved infection control strategies and decontamination technologies which could be deployed within the clinical environment to reduce the airborne contamination levels, with the ultimate aim of reducing healthcare-associated infections from environmental sources

Evaluation of the airborne contamination levels in an intensive care unit over a 24 hour period

Airborne transmission of infectious microorganisms poses a critical threat to human health, particularly in the clinical setting where it is estimated that 10-33% of nosocomial infections are spread via the air. Within the clinical environment, microorganisms originating from the human respiratory tract or skin can become airborne by coughing and sneezing, and periods of increased activity such as bed and dressing changes, movement, staff rounds and visiting hours. Current knowledge of the clinical airborne microflora is limited and there is uncertainty surrounding the contribution of airborne microorganisms to the transmission of nosocomial infection. This study aims to establish an improved understanding of the variability in the dynamics and levels of airborne microbial contamination within an operational intensive care unit (ICU). Methods Environmental monitoring of airborne contamination levels was conducted in Glasgow Royal Infirmary ICU, in the open ward and in both occupied and unoccupied patient isolation rooms. Monitoring was performed using a sieve impactor air sampler, with 500 L air samples collected every 15 minutes over 10 hour (08:00-18:00 h) and 24 hour (08:00-08:00 h) periods. Samples were collected on tryptone soya agar (TSA) plates, and the bacterial contamination levels were recorded as CFU/m3 of air. An activity log was also collated over the 10 hour and 24 hour sampling periods in order to record any activity occurring in the ward/room that might contribute to spikes in airborne contamination levels. Results Results highlight the degree of variability in levels of airborne contamination over the course of both a working day and a 24 hour period in a hospital ICU. A high degree of variability was observed across the 24 hour period, with counts ranging from 12-510 CFU/m3 in one study in an occupied patient room. Peaks in airborne contamination showed a direct relation to an increase in room activity. Monitoring found contamination levels to be lower overall during the night, and in unoccupied isolation rooms, with an average value of 20 CFU/m3. The highest counts were observed in an isolation room occupied for 10 days by a patient with C. difficile infection which generated an average microbial load of 104 CFU/m3 and a peak value of 510 CFU/m3. Discussion This study has demonstrated the degree of airborne contamination that can occur in the ICU environment over a 24 hour period. Numerous factors were found to contribute to the microbial air contamination levels, including patient status, length of room occupation, time of day and room activity, and further work is required to establish the extent to which this airborne bioburden contributes to cross-infection of patients