An Examination of Informed Traders and the Market Microstructure of Real Estate Investment Trusts

A significant body of research exists documenting that REITs perform differently from other types of equity securities, although the reasons for these differences are unclear. This study examines the intraday trading behavior of Real Estate Investment Trusts (REITs). Specifically, intraday REIT returns, volume, trading activity, and bid/ask spread are examined in an attempt to better understand the patterns of intraday information flow for a sample of REITs trading on the NYSE. After controlling for differences in market capitalization, share price, and institutional holdings, this paper analyzes differences between REITs and non-REITs, and between REITs that are widely held by institutions and those that are not. The results suggest that, as a group, REITs exhibit lower average volumes and number of trades than do similar non-REITs. In addition, the findings suggest that mortgage REITs trade at spreads that are wider. Surprisingly, the analysis of institutional ownership suggests that equity REITs that are widely held by institutions exhibit the largest divergence from non-REITs in terms of both intraday trading activity and volume, but at the same time trade closer to non-REITs in terms of bid/ask spread. Overall, the results of this study confirm that REITs are treated differently by investors than similar non-REITs, and the institutional ownership findings suggest that trading activity is less important as a determinant of REIT performance than is the level of institutional ownership.

REIT Pricing Efficiency; Should Investors Still Be Concerned?

This study examines the impact of the REIT boom on the market microstructure of REIT common stocks. We analyze NYSE-traded REITs during the pre-boom period (1992) and the post-boom period (1994), and find significant reductions in bid/ask spreads over the period. We also find that the bid/ask spread differential between REITs and non-REITs has been roughly halved between 1991 and 1994. These reductions provide a direct benefit to REIT investors in terms of reduction in transaction costs and improved liquidity, and suggest that the level of uncertainty on the part of the REIT specialist has been reduced.

Biomechanical Determinants of the Reactive Strength Index During Drop Jumps

The Reactive Strength Index (RSI) is often used to quantify drop-jump (DJ) performance; however, not much is known about its biomechanical determinants. The purpose of this study was to investigate the correlations between the RSI and several biomechanical variables calculated from DJ performed with different initial drop heights. Twelve male NCAA Division I basketball players performed DJs from drop heights of 30, 45, and 60 cm. Force plates were used to calculate DJ performance parameters (ie, DJ height, contact time, and RSI) and DJ biomechanical variables (ie, vertical stiffness and eccentric/concentric energetics). Regression analyses were used to assess the correlations between variables at each drop height, and ANOVAs were used to assess the differences of all variables across drop heights. Follow-up analyses used 2 neural networks to determine if DJ performance and biomechanical data could accurately classify DJ trials by drop-height condition. Vertical-stiffness values were significantly correlated with RSI at each height but did not change across drop heights. Surprisingly, the RSI and other DJ parameters also did not vary across drop height, which resulted in the inability of these variables to accurately classify DJ trials. Given that vertical stiffness did not change across drop height and was highly correlated with RSI at each height, the RSI appears to reflect biomechanical behavior related to vertical stiffness during DJ. However, the inability of the RSI to accurately classify drop-height condition questions the use of RSI profiles established from DJs from different heights

Is there a link between self-perceived stress and physical activity levels in Scottish adolescents?

Purpose It is becoming more evident that Physical Activity (PA) has a moderating effect on the negative health consequences of excessive psycho-social stress (Stults-Kolehmainen & Sinha, 2014). Recent literature has highlighted that the relationship between stress and physical activity is bidirectional (Stults-Kolehmainen & Sinha, 2014). Furthermore, it has been suggested that the stress response impedes levels of participation in PA (Lutz, Stults-Kolehmainen, & Bartholomew, 2010). However, the impacts of accumulating life stress on PA remain under-investigated. Aims: i. To determine if significant differences exist in uptake of PA between adolescents who have experienced high life stress, in comparison to those who have not ii. To investigate the relationship between perceived stress in adolescents and PA. iii. To investigate whether high life stress can explain differences in other health behaviours, such as smoking and alcohol consumption Methods A purposive sampling strategy was employed. Adolescents from a low SES background who had experienced extensive life stress, were compared with more economically-affluent matched-controls. PA patterns were measured using the ‘Physical Activity Questionnaire for High School (PAQA)’(Kowalski, Crocker, & Kowalski, 1997) Stress scores were assessed using the 10 item version of the perceived stress scale (PSS-10). Statistical analysis was conducted Findings PA scores were significantly different between groups (p˂0.05), with the low SES group significantly less active every day (p˂0.05) except on Saturdays (Mann-Whitney U= 31.0, Z=-1.594, p = ˃0.05). Furthermore, Spearman’s correlation showed a negative relationship between total stress levels and PA during spare time ( rs = -0.61,n=10, p= ˂0.05). A similar relationship was evident for: PA levels during lunchtime, (rs = -0.69, n= 10, p= ˂0.05), evenings ( rs = -0.57, n= 10, p = ˂0.05) and for overall PA over a seven day period (rs =0.81, n = 10, p= ˂0.05). Conclusion These findings add to existing evidence suggesting stress, during adolescent transition periods, impedes PA uptake. Physical Educators should incorporate the stress remediating effects of PA into school practice, and strive to inculcate leisure-based physical activities promoting sustainable PA, especially with adolescents likely to have been exposed to excessive stress loads during critical developmental periods

What makes young people tick? A qualitative analysis of the beliefs and perceptions of school aged children towards PE and healthy living in ‘the sickest area of Europe’

Scottish children are reported to be among the least active in the world, additionally Scotland has previously been labelled ‘the sick man of Europe’ on account of its poor health record. In response, the Scottish Government has implemented a range of policies with a strong focus on increasing physical activity (PA), Physical Education (PE) and the integration of health and wellbeing (HWB) with the aim of promoting and sustaining PA throughout life. To date, limited qualitative research exploring pupil perspective of PE lessons and HWB exists. To address this deficit, within this study, focus groups were conducted with 39 secondary school pupils (S1-S2). The findings indicated that delivery of traditional PE lessons, prioritizing sporting ability, can act as a participation barrier to pupils who consider themselves ‘non-sporty’. Accordingly, a shift towards pedagogical models, rather than simply blocks of sports-related activities should be the priority of educators

Reversible pulmonary artery perfusion abnormalities in the postpartum period as a precursor to the development of pulmonary arterial hypertension

Deterioration, or a new presentation, of pulmonary arterial hypertension (PAH), are recognized complications of pregnancy. In this report, we describe a patient with a family history of PAH who developed peripartum breathlessness and hypoxemia with ventilation-perfusion mismatch but no evidence of thromboembolism or PAH. Significantly reduced perfusion at both lung bases was noted on perfusion scintigraphy and three-dimensional magnetic resonance (3D-MR) perfusion maps in the immediate postpartum period. These abnormalities spontaneously resolved by 16 weeks postpartum, consistent with reversible pulmonary abnormalities of pulmonary perfusion. However, she developed new breathlessness four years later and was found to have developed PAH. This case provides a mechanism which may contribute to the high mortality seen in pregnant patients with PAH in the peripartum period

Mechanical Demands of the Hang Power Clean and Jump Shrug: A Joint-level Perspective

The purpose of this study was to investigate the joint- and load-dependent changes in the mechanical demands of the lower extremity joints during the hang power clean (HPC) and the jump shrug (JS). Fifteen male lacrosse players were recruited from an NCAA DI team, and completed three sets of the HPC and JS at 30%, 50%, and 70% of their HPC 1-Repetition Maximum (1-RM HPC) in a counterbalanced and randomized order. Motion analysis and force plate technology were used to calculate the positive work, propulsive phase duration, and peak concentric power at the hip, knee, and ankle joints. Separate three-way analysis of variances were used to determine the interaction and main effects of joint, load, and lift type on the three dependent variables. The results indicated that the mechanics during the HPC and JS exhibit joint-, load-, and lift-dependent behavior. When averaged across joints, the positive work during both lifts increased progressively with external load, but was greater during the JS at 30% and 50% of 1-RM HPC than during the HPC. The JS was also characterized by greater hip and knee work when averaged across loads. The joint-averaged propulsive phase duration was lower at 30% than at 50% and 70% of 1-RM HPC for both lifts. Furthermore, the load-averaged propulsive phase duration was greater for the hip than the knee and ankle joint. The jointaveraged peak concentric power was the greatest at 70% of 1-RM for the HPC and at 30% to 50% of 1-RM for the JS. In addition, the joint-averaged peak concentric power of the JS was greater than that of the HPC. Furthermore, the load-averaged peak knee and ankle concentric joint powers were greater during the execution of the JS than the HPC. However, the loadaveraged power of all joints differed only during the HPC, but was similar between the hip and knee joints for the JS. Collectively, these results indicate that compared to the HPC the JS is characterized by greater hip and knee positive joint work, and greater knee and ankle peak concentric joint power, especially if performed at 30 and 50% of 1-RM HPC. This study provides important novel information about the mechanical demands of two commonly used exercises and should be considered in the design of resistance training programs that aim to improve the explosiveness of the lower extremity joints

Disease activity flares and pain flares in an early rheumatoid arthritis inception cohort; characteristics, antecedents and sequelae

© 2019 The Author(s). This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The Creative Commons Public Domain Dedication waiver (http://creativecommons.org/publicdomain/zero/1.0/) applies to the data made available in this article, unless otherwise stated.Background: RA flares are common and disabling. They are described in terms of worsening inflammation but pain and inflammation are often discordant. To inform treatment decisions, we investigated whether inflammatory and pain flares are discrete entities. Methods: People from the Early RA Network (ERAN) cohort were assessed annually up to 11 years after presentation (n = 719, 3703 person-years of follow up). Flare events were defined in 2 different ways that were analysed in parallel; DAS28 or Pain Flares. DAS28 Flares satisfied OMERACT flare criteria of increases in DAS28 since the previous assessment (≥1.2 points if active RA or ≥ 0.6 points if inactive RA). A ≥ 4.8-point worsening of SF36-Bodily Pain score defined Pain Flares. The first documented episode of each of DAS28 and Pain Flare in each person was analysed. Subgroups within DAS28 and Pain Flares were determined using Latent Class Analysis. Clinical course was compared between flare subgroups. Results: DAS28 (45%) and Pain Flares (52%) were each common but usually discordant, with 60% of participants in DAS28 Flare not concurrently in Pain Flare, and 64% of those in Pain Flare not concurrently in DAS28 Flare. Three discrete DAS28 Flare subgroups were identified. One was characterised by increases in tender/swollen joint counts (14.4%), a second by increases in symptoms (13.1%), and a third displayed lower flare severity (72.5%). Two discrete Pain Flare subgroups were identified. One occurred following low disease activity and symptoms (88.6%), and the other occurred on the background of ongoing active disease and pain (11.4%). Despite the observed differences between DAS28 and Pain Flares, each was associated with increased disability which persisted beyond the flare episode. Conclusion: Flares are both common and heterogeneous in people with RA. Furthermore our findings indicate that for some patients there is a discordance between inflammation and pain in flare events. This discrete flare subgroups might reflect different underlying inflammation and pain mechanisms. Treatments addressing different mechanisms might be required to reduce persistent disability after DAS28 and Pain Flares.Peer reviewedFinal Published versio