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

Modeling Space Market Dynamics : An Illustration Using Panel Data for US Retail

Peer reviewedPostprin

Using Focus Groups to Obtain Students\u27 Perceptions of General Education

Description of the Interdisciplinary Program Method Procedure Data Analysis Results Reactions to Content Instructor-Content Interaction Impact of Courses Implications Teaching Further Research Use of Focus Groups Conclusion References Appendix A Appendix

Spectral Characteristics of the 1960 Tsunami at Crescent City, CA

Spectral characteristics of sea level fluctuations during the May 1960 Chilean Earthquake tsunami are investigated using digitized strip chart recordings from two docks within Crescent City Harbor. Peaks in sea level spectra at the two docks near 10-3 Hz and near 2.1 x10-3 Hz correspond to the two lowest frequency harbor modes, occurring above the frequency band most strongly excited by the tsunami. Tidal modulation of harbor spectral structure at very short periods is observed. Theoretical estimates of shelf edge wave resonant modes fall within the frequency band strongly excited by the tsunami, in contrast to modeled edge waves from a seismic event near Cape Mendocino that show no evidence of the reflection necessary for a strong shelf resonance. This suggests that heightened susceptibility of sea level (but not necessarily currents) at Crescent City to tsunami is not due primarily to either harbor or shelf resonances

Adjustments in the Labor and Real Estate Markets : Estimates of the Time Series Variation in the Natural Vacancy Rate

Acknowledgement We thank CBRE Econometric Advisors for provision of most of the data used for this study.Publisher PD

The Impact of new Execution Venues on European Equity Markets’ Liquidity – The Case of Chi-X

With the Markets in Financial Instruments Directive in effect since November 2007, new trading venues have emerged in European equities trading, among them Chi-X. This paper analyzes the impact of this new market entrant on the home market as well as on consolidated liquidity of French blue chip equities, newly tradable on Chi-X. Our findings suggest that owing to this new competition the home market’s liquidity has enhanced. This is apparently due to the battle for order flow which results in narrower spreads and increased market depth. These results imply that overall liquidity in a virtually consolidated order book is in the French case higher than without the new competitor

Statistical aspects of surface drifter observations of circulation in the Santa Barbara Channel

Argos-tracked drifters are used to study the near-surface circulation in the Santa Barbara Channel. The mean consists of a cyclonic cell in the western Santa Barbara Channel with weaker flow in the eastern Channel. Drifter mean velocities agree well with record means from near-surface current meters. At the eastern entrance to the channel, drifter velocities are biased toward outflow (eastward velocity) conditions. Drifter variability at synoptic and seasonal scales shows a tendency for upwelling and eastward flow in spring, a strong cyclonic circulation in summer, poleward relaxation in fall, and weak, variable circulation in winter. Drifter estimates of eddy stress divergence indicate advective terms play a secondary role in the mean surface momentum balance. Lagrangian time and space scales are about 1 day and under 10 km, respectively. The mismatch between Lagrangian and Eulerian timescales indicates advective terms are important to the fluctuating circulation.Copyrighted by American Geophysical Union

Influence of topography on tide propagation and amplification in semi-enclosed basins

An idealized model for tide propagation and amplification in semi-enclosed rectangular basins is presented, accounting for depth differences by a combination of longitudinal and lateral topographic steps. The basin geometry is formed by several adjacent compartments of identical width, each having either a uniform depth or two depths separated by a transverse topographic step. The problem is forced by an incoming Kelvin wave at the open end, while allowing waves to radiate outward. The solution in each compartment is written as the superposition of (semi)-analytical wave solutions in an infinite channel, individually satisfying the depth-averaged linear shallow water equations on the f plane, including bottom friction. A collocation technique is employed to satisfy continuity of elevation and flux across the longitudinal topographic steps between the compartments. The model results show that the tidal wave in shallow parts displays slower propagation, enhanced dissipation and amplified amplitudes. This reveals a resonance mechanism, occurring when\ud the length of the shallow end is roughly an odd multiple of the quarter Kelvin wavelength. Alternatively, for sufficiently wide basins, also Poincaré waves may become resonant. A transverse step implies different wavelengths of the incoming and reflected Kelvin wave, leading to increased amplitudes in shallow regions and a shift of amphidromic points in the direction of the deeper part. Including the shallow parts near the basin’s closed end (thus capturing the Kelvin resonance mechanism) is essential to reproduce semi-diurnal and diurnal\ud tide observations in the Gulf of California, the Adriatic Sea and the Persian Gulf