Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock

This paper confirms that a regime-switching model out-performs a linear VAR model in terms of understanding the system dynamics of asset returns. Impulse responses of REIT returns to either the federal funds rate or the interest rate spread are much larger initially but less persistent. Furthermore, the term structure acts as an amplifier of the impulse response for REIT return, a stabilizer for the housing counterpart under some regime, and, perhaps surprisingly, almost no role for the stock return. In contrast, GDP growth has very marginal effect in the impulse response for all assets.monetary policy; yield curve; REITs; house prices; Markov Regime Switching

In the Shadow of the United States: The International Transmission Effect of Asset Returns

We examine how the fluctuations in financial and housing markets in U.S. affect the asset returns and GDP in Hong Kong. In contrast to the results from linear specifications, which concludes that the U.S. and Hong Kong are virtually delinked in terms of the asset markets, our regime-switching models indicate that the unexpected shock of US stock returns, followed by the TED spread, has the most significant effect on HK asset returns and GDP, typically in the regime with high return and low volatility. For the in-sample one-step-ahead forecasting, US Term spread stands out to be the best predictor.currency board, fixed nominal exchange rate, international transmission mechanism, hierarchical Markov regime-switching model, vector autoregressive model

Treatment of High Strength Vegetable Processing Wastewater with a Sequencing Batch Reactor

The feasibility of an aerobic sequencing batch reactor was studied at the lab scale to treat the high organic loading present in two vegetable processing wastewaters. Hydraulic retention time (HRT) was varied to evaluate its effect on the removal efficiency of chemical oxygen demand (COD), total Kjeldahl nitrogen (TKN) and total phosphorus (TP). The results showed that a longer HRT promoted the removal of TP, while the liquid drawn per cycle had a larger effect on the COD removal efficiency. An increase in the COD/TKN and TKN/TP ratio decreased the removal efficiency of TKN and TP respectively. The optimized configuration was able to reduce the wastewater loadings to acceptable sewer discharge limits, making it possible eliminate the sewer surcharge fees

Tunable pulse delay and advancement in a coupled nanomechanical resonator-superconducting microwave cavity system

We theoretically study the transmission of a weak probe field under the influence of a strong pump field in a coupled nanomechanical resonator-superconducting microwave cavity system. Using the standard input-output theory, we find that both pulse delay (slow light effect) and advancement (fast light effect) of the probe field can appear in this coupled system provided that we choose the suitable detuning of the pump field from cavity resonance. The magnitude of the delay (advancement) can be tuned continuously by adjusting the power of the pump field. This technique demonstrates great potential in applications including microwave phase shifter and delay line.Comment: 12pages, 3 figure

Competing topological superconducting phases in FeSe0.45_{0.45}Te0.55_{0.55}

We demonstrate that recent angle-resolved photo-emission spectroscopy experiments provide strong evidence for the existence of two competing topological superconducting phases in FeSe$_{0.45}$Te$_{0.55}$. The coupling of their underlying microscopic mechanisms -- one based on a three-dimensional topological insulator, one based on two-dimensional superconductivity -- stabilizes topological superconductivity over a wide range of parameters, and gives rise to two disjoint topological regions in the phase diagram of FeSe$_{0.45}$Te$_{0.55}$. We show that the topological origin of these regions can be identified by considering the form of Majorana edge modes at domain walls

Early socialization of hostile attribution bias: The roles of parental attributions, parental discipline, and child attributes

The goal of this study was to examine child and parent predictors of children’s hostile attribution bias (HAB) with a particular focus on exploring the associations between parents’ early attribution of child misbehavior and children’s HAB in the transition to school age. Participants were 241 children (118 girls) of middle‐income families who were at risk for school‐age conduct problems. Multi‐method, multi‐informant data were collected on maternal attributions of child misbehavior, parental use of corporal punishment, and child attributes (i.e., verbal IQ, effortful control, theory of mind, and emotional understanding) at 3 years, and child HAB in ambiguous situations at 6 years. Results indicated that mothers’ internal explanations for children’s misconduct may either reduce or increase children’s later HAB depending on the specific content of attributions, such that mothers’ belief that children misbehave because of their internal state (i.e., emotional state or temperament) was associated with lower levels of child HAB, whereas attributing power‐based motives (i.e., manipulative, controlling intentions) in children was associated with higher levels of HAB. The findings are discussed with respect to appreciating the complexity of parents’ explanations for children’s behavior, and considering parental cognition as a potential target for early identification and prevention of child HAB and related problems.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/150591/1/sode12349.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/150591/2/sode12349_am.pd

Call for quality epilepsy neuroimaging—An illustrative case of missed epileptic substrate

No. 779

Losing Track of the Asset Markets : The Case of Housing and Stock

This paper revisits the relationships among macroeconomic variables and asset returns. Based on recent developments in econometrics, we categorize competing models of asset returns into different “Equivalence Predictive Power Classes” (EPPC). During the pre-crisis period (1975-2005), some models that emphasize imperfect capital markets outperform an AR(1) for the forecast of housing returns. After 2006, a model that includes both an external finance premium (EFP) and the TED spread “learns and adjusts” faster than competing models. Models that encompass GDP experience a significant decay in predictive power. We also demonstrate that a simulation-based approach is complementary to the EPPC methodology

I Can See Clearly Now: Clairvoyant Assertions for Deadlock Checking

Under embargo until: 2023-07-04Static analysers are traditionally used to check various correctness properties of software. In the face of refactorings that can have adverse effects on correctness, developers need to analyse the code after refactoring and possibly revert their changes. Here, we take a different approach: we capture the effect of the Hide Delegate refactoring on programs in the ABS modelling language in terms of the base program, which allows us to predict the correctness of the refactored program. In particular, we focus on deadlock-detection. The actual check is encoded with the help of an additional data structure and assertions. Developers can then attempt to discharge assertions as vacuous with the help of a theorem prover such as KeY. On the one hand, this means that we do not require a specific static analyser nor theorem prover, but rather profit from the strength and advances of modern tool support. On the other hand, developers can choose to rely on existing tests to confirm that no assertion is triggered before executing the actual refactoring. Finally, we argue the correctness of our over-approximation.acceptedVersio