Cointegration and Price Discovery between Equity and Mortgage REITs

This study analyzes the relationship between equity and mortgage real estate investment trust (REIT) stock prices by performing cointegration tests and causality tests, and estimating an error correction model. Evidence is found that a stable long-run linear relationship exists based on their common reactions to changes in market returns, interest rates and other additional factors. Geweke causality test results indicate a causal relationship running from EREIT stock prices to MREIT stock prices. This may reflect the quicker response of equity REIT stock prices to changes including real estate returns. In addition, the results suggest overall linear dependence (total linear causality) and instantaneous linear feedback between changes in EREIT and MREIT stock prices. The results of the error correction model not only indicate a significant increase in the explanatory power of the model compared with the vector autoregression model but also reveals how the price discovery processes in REIT security markets maintain long-run equilibrium.

Superbalance of holographic entropy inequalities

The domain of allowed von Neumann entropies of a holographic field theory carves out a polyhedral cone — the holographic entropy cone — in entropy space. Such polyhedral cones are characterized by their extreme rays. For an arbitrary number of parties, it is known that the so-called perfect tensors are extreme rays. In this work, we constrain the form of the remaining extreme rays by showing that they correspond to geometries with vanishing mutual information between any two parties, ensuring the absence of Bell pair type entanglement between them. This is tantamount to proving that besides subadditivity, all non-redundant holographic entropy inequalities are superbalanced, i.e. not only do UV divergences cancel in the inequality itself (assuming smooth entangling surfaces), but also in the purification thereof

New Lepton Family Symmetry and Neutrino Tribimaximal Mixing

The newly proposed finite symmetry Sigma(81) is applied to the problem of neutrino tribimaximal mixing. The result is more satisfactory than those of previous models based on A_4 in that the use of auxiliary symmetries (or mechanisms) may be avoided. Deviations from the tribimaximal pattern are expected, but because of its basic structure, only tan^2 (theta_12) may differ significantly from 0.5 (say 0.45) with sin^2 (2 theta_23) remaining very close to one, and theta_13 very nearly zero.Comment: 8 pages, no figur