Advisor Choice in Asia-Pacific Property Markets

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Pacific real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external advisement against the potential benefits associated with collocating decision rights with location specific soft information. Our empirical results reveal real estate companies tend to hire external advisors when they invest in countries: 1) that are more economically and politically unstable, 2) whose legal system is based on civil law, 3) where the level of corruption is perceived to be high, and 4) when disclosure is relatively poor. Additionally, we find the probability of retaining an external advisor is directly related to the expected agency costs. Lastly, we find evidence of return premiums in excess of 13 % for firms whose organizational structure matches their investment profile. As such, we conclude that the decision to hire an external advisor represents a value relevant trade-off between the costs and benefits of this organizational arrangement

Capital Structure and Political Risk in Asia-Pacific Real Estate Markets

This study investigates the determinants of capital structure decisions by real estate firms, with a specific focus on the impact of political risk on leverage. Using a sample of Asia-Pacific REITs and listed property trusts, we find those firms with properties located in countries characterized by relatively high degrees of political risk, such as political instability, and/or greater uncertainty in the ability to repatriate and monetize profits from international investment activities, employ less debt than their counterparts operating in more politically stable environments. This core finding remains robust to alternative sample selection criteria including the division of the sample into high versus low market-to-book value firms, and also holds within the subset of organizations that are active in raising additional capital in the secondary markets

The effects of different numbers of years of science study upon achievement in high school chemistry.

Thesis (M.A.)--Boston Universit

The Impact of Geographic and Cultural Dispersion on Information Opacity

This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm’s investments and its headquarters, on the firm’s information environment. Specifically, using a sample of publicly traded real estate companies across the Asia-Pacific region, we examine how intrafirm geographic and cultural distance impacts a firm’s capital acquisition costs. As a consequence of both the heavily regulated operating environment faced by these firms, as well as the capital intensive nature of this industry, funding costs should be of pronounced importance to firms within this sector. Consistent with this paradigm, we find that firms with geographically disperse investments exhibit enhanced informational opacity. Specifically, firms with more geographically disperse investments exhibit higher capital acquisition costs than their more geographically concentrated counterparts. Similarly, firms with more culturally disparate investments also exhibit enhanced informational opacity, as evidenced by increased capital costs. Additionally, we present evidence that the impact of both physical and cultural distance is increasing following the global financial crisis. Taken together, our results provide strong evidence that both intrafirm geographic and cultural dispersion materially impact both an organization’s information environment and funding costs

Watertight conversion of trimmed CAD surfaces to Clough-Tocher splines

The boundary representations (B-reps) that are used to represent shape in Computer-Aided Design systems create unavoidable gaps at the face boundaries of a model. Although these inconsistencies can be kept below the scale that is important for visualisation and manufacture, they cause problems for many downstream tasks, making it difficult to use CAD models directly for simulation or advanced geometric analysis, for example. Motivated by this need for watertight models, we address the problem of converting B-rep models to a collection of cubic C1C1 Clough–Tocher splines. These splines allow a watertight join between B-rep faces, provide a homogeneous representation of shape, and also support local adaptivity. We perform a comparative study of the most prominent Clough–Tocher constructions and include some novel variants. Our criteria include visual fairness, invariance to affine reparameterisations, polynomial precision and approximation error. The constructions are tested on both synthetic data and CAD models that have been triangulated. Our results show that no construction is optimal in every scenario, with surface quality depending heavily on the triangulation and parameterisation that are used.This research was supported by the Engineering and Physical Sciences Research Council through Grant EP/K503757/1.This is the final version. It was first published by Elsevier at http://www.sciencedirect.com/science/article/pii/S0167839615000795

The Natural History of Globus Pharyngeus

Globus pharyngeus is a common disorder and accounts for 5% of all ENT referrals. Objectives. To evaluate the role of barium swallow and endoscopy in these patients, to ascertain the incidence, if any, of aerodigestive tract malignancy in this group and to assess the natural evolution of globus pharyngeus. Materials and Methods. Seventy-nine patients underwent barium swallow and rigid oesophagoscopy for globus pharyngeus between January 2005 and October 2008. Fifty-five patients were contacted by phone on average 5 years and 3 months after intervention and asked if their symptoms still persisted. Twenty-four patients were uncontactable or lost to followup, three patients were deceased, two of cardiac related disease and one of renal failure. Results. The majority of patients, 36 of 55 (65%), had a normal barium swallow. Forty-five of 55 (82%) of patients had normal rigid endoscopies. Thirty-one of 55 (56%) patients were at an average followup time of 5 years and 3 months. No patient developed a malignant lesion. Conclusion. Globus pharyngeus is a relatively common but benign condition of indeterminate origin. Our study demonstrates that many of these patients spontaneously improve with time

Case Report: man on antiretroviral therapy with painful thighs

A 54 year old man presented with increasing pain in both thighs for three months during a follow up visit at the antiretroviral therapy (ART) clinic of Queen Elizabeth Central Hospital

Radio meteorology at jpl goldstone pioneer station, july 14, 1965 final report

Macroscopic refractive index structure of troposphere and local microscopic refractive index variations - radio meteorolog