АКАДЕМИК Н.А. ЛОГАЧЕВ И ЕГО НАУЧНАЯ ШКОЛА: ВКЛАД В ИЗУЧЕНИЕ КАЙНОЗОЙСКОГО КОНТИНЕНТАЛЬНОГО РИФТОГЕНЕЗА

N.A. Florensov and N.A. Logatchev pioneered development of fundamental concepts of the structure and evolution of the Baikal system of rift basins. At the turn to the 21st century, in view of the wide availability of scientific research data on the Cenozoic continental rift zones located in Eurasia, Africa and North America, and taking into account the application of new research methods and options to process and analyze huge amounts of geological and geophysical data, a priority was comprehensive modeling of rifting from its origin to the current period of time. This scientific challenge was addressed by the research team under the leadership of N.A. Logachev.Фундаментальные представления о строении и развитии Байкальской системы рифтовых впадин были заложены в трудах Н.А. Флоренсова и Н.А. Логачева. Высокая степень изученности кайнозойских континентальных рифтовых зон Евразии, Африки и Северной Америки, а также новые методики и возможности обработки и анализа больших массивов геологической и геофизической информации выдвинули на рубеже XX и XXI столетий в качестве приоритетной задачи создание комплексной модели развития рифтогенеза с его зарождения до современности. Решение поставленной задачи осуществлялось в рамках работ научной школы под руководством Н.А. Логачева

Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds

Funds of funds (FOFs) are created when investment companies invest in other investment companies. Although the additional layer of fees incurred by FOFs has a negative effect on returns, there is empirical evidence that real estate FOFs generate superior performance net of fees and risk adjustments. The evidence is inconsistent with a growing consensus that most actively managed mutual funds do not, on average, generate excess returns after adjusting for fees and risk. This study explains this apparent contradiction and finds that most real estate FOFs do not outperform their benchmarks under alternative risk adjustment specifications. Copyright 2008 American Real Estate and Urban Economics Association

REIT Mimicking Portfolio Analysis

It is well known that expected returns vary by industry (Lyon et al., 1999), and that REIT-based mimicking portfolios may capture the information in real estate investment trust (REIT) prices (Downs, 2000). This study performs REIT-based mimicking portfolio analysis. The results indicate that when the Capital Asset Pricing Model and the Fama-French (1993) three-factor model are used to evaluate the performance of a REIT portfolio, the probability for making Type I error exceeds its significance level. Performance tests are better specified when mimicking portfolios are constructed with the firms from the REIT industry. In addition, the market beta of REIT portfolios appears to converge to the market beta of the NCREIF Index when REIT-based mimicking portfolios are included into the specification. The result is consistent with the notion that there is a strong linkage between REIT returns and the underlying real estate factor (Ziering et al., 1997).REIT; mimicking portfolio; performance evaluation

ACADEMICIAN N.A. LOGATCHEV AND HIS SCIENTIFIC SCHOOL: CONTRUBITION TO STUDIES OF THE CENOZOIC CONTINENTAL RIFTING

N.A. Florensov and N.A. Logatchev pioneered development of fundamental concepts of the structure and evolution of the Baikal system of rift basins. At the turn to the 21st century, in view of the wide availability of scientific research data on the Cenozoic continental rift zones located in Eurasia, Africa and North America, and taking into account the application of new research methods and options to process and analyze huge amounts of geological and geophysical data, a priority was comprehensive modeling of rifting from its origin to the current period of time. This scientific challenge was addressed by the research team under the leadership of N.A. Logachev