The Sensitivity of Bank Stocks to Mortgage Portfolio Composition

Previous studies have found that bank stock returns are very sensitive to changes in real estate returns in general. But how the composition and quality of bank real estate portfolios affect the sensitivity of bank stocks to real estate returns has not been rigorously examined. The purpose of this study is to empirically examine this important question. The results indicate that commercial mortgages contribute the most to the sensitivity of bank stock returns. Farmland loans have a negative impact on bank real estate return sensitivity. Thus, farmland loans could play a diversification role in terms of reducing the sensitivity of banks to real estate returns, if used appropriately.

The Wealth Effects of Domestic vs International Joint Ventures: The Case of Real Estate

This study examines the wealth effect of international versus domestic real estate joint ventures on the U.S. participating firm's shareholders. This is done using traditional even study methodology for real estate joint venture announcements. The results suggest that domestic real estate joint ventures generally result in a significant increase in the firm's value, while international real estate joint ventures usually have a much less significant to nonsignificant wealth impact. This may be due to the immovability of real properties in foreign countries and the large amount of initial investment in real estate that increase both political and economic risks for international real estate joint ventures. This study also finds that hotel joint ventures generally have a weaker wealth effect than non-hotel real estate joint ventures.

Chiral-Odd Structure Function h_1^D(x) and Tensor Charge of the Deuteron

The chiral-odd structure function h_{1}^D(x) and the tensor charge of the deuteron are studied within the Bethe-Salpeter formalism for the deuteron amplitude. Utilizing a simple model for the nucleon structure function, h_1^N, h_1^D(x) is calculated and the nuclear effects are analyzed.Comment: 10 pages, plus 3 Postscript figure

Structural and Magnetic Instabilities of La2−x_{2-x}Srx_xCaCu2_2O6_6

A neutron scattering study of nonsuperconducting La$_{2-x}$Sr$_x$CaCu$_2$O$_6$ (x=0 and 0.2), a bilayer copper oxide without CuO chains, has revealed an unexpected tetragonal-to-orthorhombic transition with a doping dependent transition temperature. The predominant structural modification below the transition is an in-plane shift of the apical oxygen. In the doped sample, the orthorhombic superstructure is strongly disordered, and a glassy state involving both magnetic and structural degrees of freedom develops at low temperature. The spin correlations are commensurate.Comment: published versio

Possible isotope effect on the resonance peak formation in high-Tc_c cuprates

Starting from the three-band $p-d$ Hubbard Hamiltonian we derive an effective $t-J$ model including electron-phonon interaction of quasiparticles with optical phonons. Within the effective Hamiltonian we analyze the influence of electronic correlations and electron-phonon interaction on the dynamical spin susceptibility in layered cuprates. We find a huge isotope effect on the resonance peak in the magnetic spin susceptibility, ${Im}\chi({\bf q},\omega)$, seen by inelastic neutron scattering. It results from both the electron-phonon coupling and the electronic correlation effects taken into account beyond random phase approximation(RPA) scheme. We find at optimal doping the isotope coeffiecient $\alpha_{res} \approx 0.35$ which can be further tested experimentally.Comment: revised version, new figure is added. Phys. Rev. B 69, 0945XX (2004); in pres

Hamiltonian theory of gaps, masses and polarization in quantum Hall states: full disclosure

I furnish details of the hamiltonian theory of the FQHE developed with Murthy for the infrared, which I subsequently extended to all distances and apply it to Jain fractions \nu = p/(2ps + 1). The explicit operator description in terms of the CF allows one to answer quantitative and qualitative issues, some of which cannot even be posed otherwise. I compute activation gaps for several potentials, exhibit their particle hole symmetry, the profiles of charge density in states with a quasiparticles or hole, (all in closed form) and compare to results from trial wavefunctions and exact diagonalization. The Hartree-Fock approximation is used since much of the nonperturbative physics is built in at tree level. I compare the gaps to experiment and comment on the rough equality of normalized masses near half and quarter filling. I compute the critical fields at which the Hall system will jump from one quantized value of polarization to another, and the polarization and relaxation rates for half filling as a function of temperature and propose a Korringa like law. After providing some plausibility arguments, I explore the possibility of describing several magnetic phenomena in dirty systems with an effective potential, by extracting a free parameter describing the potential from one data point and then using it to predict all the others from that sample. This works to the accuracy typical of this theory (10 -20 percent). I explain why the CF behaves like free particle in some magnetic experiments when it is not, what exactly the CF is made of, what one means by its dipole moment, and how the comparison of theory to experiment must be modified to fit the peculiarities of the quantized Hall problem

Natural Theories of Ultra-Low Mass PNGB's: Axions and Quintessence

We consider the Wilson Line PNGB which arises in a U(1)^N gauge theory, abstracted from a latticized, periodically compactified extra dimension U(1). Planck scale breaking of the PNGB's global symmetry is suppressed, providing natural candidates for the axion and quintessence. We construct an explicit model in which the axion may be viewed as the 5th component of the U(1)_Y gauge field in a 1+4 latticized periodically compactified extra dimension. We also construct a quintessence PNGB model where the ultra-low mass arises from Planck-scale suppressed physics itself.Comment: 20 pages, fixed typo and reference

Hamiltonian Description of Composite Fermions: Magnetoexciton Dispersions

A microscopic Hamiltonian theory of the FQHE, developed by Shankar and myself based on the fermionic Chern-Simons approach, has recently been quite successful in calculating gaps in Fractional Quantum Hall states, and in predicting approximate scaling relations between the gaps of different fractions. I now apply this formalism towards computing magnetoexciton dispersions (including spin-flip dispersions) in the $\nu=1/3$, 2/5, and 3/7 gapped fractions, and find approximate agreement with numerical results. I also analyse the evolution of these dispersions with increasing sample thickness, modelled by a potential soft at high momenta. New results are obtained for instabilities as a function of thickness for 2/5 and 3/7, and it is shown that the spin-polarized 2/5 state, in contrast to the spin-polarized 1/3 state, cannot be described as a simple quantum ferromagnet.Comment: 18 pages, 18 encapsulated ps figure