Real Estate Return in Hong Kong and its Determinants: A Dynamic Gordon Model Analysis

We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate— housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong

Polite conversations : provoking dialogue through community interaction

The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file.Title from title screen of research.pdf file (viewed on September 2, 2008)Vita.Thesis (M.F.A.) University of Missouri-Columbia 2008.This creative research investigated my role as artist in the community and the effect of my activities on both individuals and groups. This work took the form of a series of silk-screened and folded books that were mass produced by hand and given away for free. The books were distributed to both acquaintances and strangers. The intent behind the project was to provoke dialogue through community interaction with the book forms and their content. The book series evolved through experimentation with text, image, and texture to eventually elicit conversation among diverse groups, hoping that through a series of "Polite Conversations" viewers could find a common ground of mutual experience. My goal was to take my work out of the gallery setting and to bring people into the artistic process, through both conceptual and tactile means. The later work invited the viewer to interact with the work and to participate in the thesis show through postcards attached to the book meant to be cut out, mailed out, and displayed.Includes bibliographical reference

What influences real estate volatility in Hong Kong? An ARMA-GARCH approach

Purpose: This paper aims to examine real estate price volatility in Hong Kong. Monthly data on housing, offices, retail and factories in Hong Kong were analyzed from February 1993 to February 2019 to test whether volatility clusters are present in the real estate market. Real estate price determinants were also investigated. / Design/methodology/approach: Autoregressive conditional heteroscedasticity–Lagrange multiplier test is used to examine the volatility clustering effects in these four kinds of real estate. An autoregressive and moving average model–generalized auto regressive conditional heteroskedasticity (GARCH) model was used to identify real estate price volatility determinants in Hong Kong. / Findings: There was volatility clustering in all four kinds of real estate. Determinants of price volatility vary among different types of real estate. In general, housing volatility in Hong Kong is influenced primarily by the foreign exchange rate (both RMB and USD), whereas commercial real estate is largely influenced by unemployment. The results of the exponential GARCH model show that there were no asymmetric effects in the Hong Kong real estate market. / Research limitations/implications: This volatility pattern has important implications for investors and policymakers. Residential and commercial real estate have different volatility determinants; investors may benefit from this when building a portfolio. The analysis and results are limited by the lack of data on real estate price determinants. / Originality/value: To the best of the authors’ knowledge, this paper is the first study that evaluates volatility in the Hong Kong real estate market using the GARCH class model. Also, this paper is the first to investigate commercial real estate price determinants

Twentieth Annual Conference on Manual Control, Volume 2

Volume II contains thirty two complete manuscripts and five abstracts. The topics covered include the application of event-related brain potential analysis to operational problems, the subjective evaluation of workload, mental models, training, crew interaction analysis, multiple task performance, and the measurement of workload and performance in simulation

Twentieth Annual Conference on Manual Control, Volume 1

The 48 papers presented were devoted to humanopeator modeling, application of models to simulation and operational environments, aircraft handling qualities, teleopertors, fault diagnosis, and biodynamics

Amp\`ere-Class Pulsed Field Emission from Carbon-Nanotube Cathodes in a Radiofrequency Resonator

Pulsed field emission from cold carbon-nanotube cathodes placed in a radiofrequency resonant cavity was observed. The cathodes were located on the backplate of a conventional $1+\frac{1}{2}$-cell resonant cavity operating at 1.3-GHz and resulted in the production of bunch train with maximum average current close to 0.7 Amp\`ere. The measured Fowler-Nordheim characteristic, transverse emittance, and pulse duration are presented and, when possible, compared to numerical simulations. The implications of our results to high-average-current electron sources are briefly discussed.Comment: 5 pages, 6 figures; submitted to Applied Physics Letter

Effects of site-directed mutagenesis of mglA on motility and swarming of Myxococcus xanthus

<p>Abstract</p> <p>Background</p> <p>The <it>mglA </it>gene from the bacterium <it>Myxococcus xanthus </it>encodes a 22kDa protein related to the Ras superfamily of monomeric GTPases. MglA is required for the normal function of A-motility (adventurous), S-motility (social), fruiting body morphogenesis, and sporulation. MglA and its homologs differ from all eukaryotic and other prokaryotic GTPases because they have a threonine (Thr78) in place of the highly conserved aspartate residue of the consensus PM3 (phosphate-magnesium binding) region. To identify residues critical for MglA function or potential protein interactions, and explore the function of Thr78, the phenotypes of 18 <it>mglA </it>mutants were characterized.</p> <p>Results</p> <p>Nine mutants, with mutations predicted to alter residues that bind the guanine base or coordinate magnesium, did not produce detectable MglA. As expected, these mutants were mot^-dev^-because MglA is essential for these processes. Of the remaining nine mutants, seven showed a wild-type distribution pattern for MglA but fell into two categories with regard to function. Five of the seven mutants exhibited mild phenotypes, but two mutants, T78D and P80A, abolished motility and development. The localization pattern of MglA was abolished in two mutants that were mot^-spo^-and dev^-. These two mutants were predicted to alter surface residues at Asp52 and Thr54, which suggests that these residues are critical for proper localization and may define a protein interaction site. Improving the consensus match with Ras at Thr78 abolished function of MglA. Only the conservative serine substitution was tolerated at this position. Merodiploid constructs revealed that a subset of alleles, including <it>mglA</it>D52A, were dominant and also illustrated that changing the balance of MglA and its co-transcribed partner, MglB, affects A-motility.</p> <p>Conclusion</p> <p>Our results suggest that GTP binding is critical for stability of MglA because MglA does not accumulate in mutants that cannot bind GTP. The threonine in PM3 of MglA proteins represents a novel modification of the highly conserved GTPase consensus at this position. The requirement for a hydroxyl group at this position may indicate that MglA is subject to modification under certain conditions. Proper localization of MglA is critical for both motility and development and likely involves protein interactions mediated by residues Asp52 and Thr54.</p

The Power-Sharing Event Dataset (PSED): a new dataset on the promises and practices of power-sharing in post-conflict countries

Past research on the relationship between power-sharing arrangements and the recurrence of civil conflict has primarily analyzed the promises of power-sharing stipulated in peace agreements. What happens afterwards, however, has not yet been sufficiently explored. This represents a major research gap, as the actual practices of power-sharing in post-conflict countries are likely to be influential in the possibility of civil conflict recurring. To address this shortcoming, we present a new global dataset on the promises and practices of power-sharing between the government of a state and former rebels in post-conflict countries. The collected data captures if, when and how power-sharing institutions have been promised and/or put into place, and whether they have subsequently been modified or abolished. The dataset encompasses every peace agreement signed after the cessation of a civil conflict in the years between 1989 and 2006, and covers a five-year period after the signature of each of these agreements (unless violence recurred earlier). The unit of analysis is the government–rebel dyad during the post-conflict period and data is recorded in an event data format. A first analysis of the Power-Sharing Event Dataset (PSED) reveals that the effects of the promises of power-sharing on civil conflict recurrence follow a different logic than the effects of their practices. This finding emphasizes the necessity for in-depth analyses of post-conflict situations for which the PSED provides the necessary data

Leadership Training in Graduate Medical Education: Time for a Requirement?

INTRODUCTION: The need for all physicians to function as leaders in their various roles is becoming more widely recognized. There are increasing opportunities for physicians at all levels including Graduate Medical Education (GME) to gain leadership skills, but most of these opportunities are only for those interested. Although not an Accreditation Council for Graduate Medical Education (ACGME) requirement, some US graduate medical education programs have incorporated leadership training into their curricula. Interestingly, the Royal College of Physicians and Surgeons of Canada adopted the Leader role in its 2015 CanMEDS physician training model and requires leadership training. We sought to understand the value of a leadership training program in residency in our institution. MATERIALS AND METHODS: Our 2017 pilot leadership training program for senior military internal medicine residents consisted of four one-hour sessions of mini-lectures, self-assessments, case discussions, and small group activities. The themes were: Introduction to Leadership, Emotional Intelligence, Teambuilding, and Conflict Management. Participants were given an 18-question survey (14 Likert scale multiple-choice questions and 4 open-ended response questions) to provide feedback about the course. The Brooke Army Medical Center Institutional Review Board approved this project as a Quality Improvement effort. RESULTS: The survey response rate was 48.1% (26 of 54). The majority of respondents (84.6%) agreed the leadership training sessions were helpful and relevant. Following the sessions, 80.8% saw a greater role for physicians to function as leaders. Most (88.4%) agreed that these sessions helped them understand the importance of their roles as leaders, with 80.8% feeling more empowered to be leaders in their areas, 76.9% gaining a better understanding of their own strengths and weaknesses as leaders, and 80.8% feeling better prepared to meet challenges in the future. After exposure to leadership training, 73.1% indicated a plan to pursue additional leadership development opportunities. All respondents agreed that internists should be able to lead and manage a clinical team, and every respondent agreed that leadership principles should be taught in residency. CONCLUSIONS: This pilot project supports the premise that leadership training should be integrated into GME. Initial results suggest training can improve leadership skills and inspire trainees to seek additional leadership education. Moreover, much like the published literature, residents believe they should learn about leadership during residency. While more effort is needed to determine the best approach to deliver and evaluate this content, it appears even small interventions can make a difference. Next steps for this program include developing assessment tools for observation of leadership behaviors during routine GME activities, which would allow for reinforcement of the principles being taught. Additionally, our experience has led our institution to make leadership training a requirement in all of our GME programs, and we look forward to reporting future progress. Finally, an ACGME requirement to incorporate leadership training into GME programs nationwide would prove useful, as doing so would reinforce its importance, accelerate implementation, and expand knowledge of best approaches on a national level