Real estate portfolio size and risk reduction

The reduction of portfolio risk is important to all investors but is particularly important to real estate investors as most property portfolios are generally small. As a consequence, portfolios are vulnerable to a significant risk of under-performing the market, or a target rate of return and so investors may be exposing themselves to greater risk than necessary. Given the potentially higher risk of underperformance from owning only a few properties, we follow the approach of Vassal (2001) and examine the benefits of holding more properties in a real estate portfolio. Using Monte Carlo simulation and the returns from 1,728 properties in the IPD database, held over the 10-year period from 1995 to 2004, the results show that increases in portfolio size offers the possibility of a more stable and less volatile return pattern over time, i.e. down-side risk is diminished with increasing portfolio size. Nonetheless, increasing portfolio size has the disadvantage of restricting the probability of out-performing the benchmark index by a significant amount. In other words, although increasing portfolio size reduces the down-side risk in a portfolio, it also decreases its up-side potential. Be that as it may, the results provide further evidence that portfolios with large numbers of properties are always preferable to portfolios of a smaller size

Non-normal real estate return distributions by property type in the U.K.

Investment risk models with infinite variance provide a better description of distributions of individual property returns in the IPD database over the period 1981 to 2003 than Normally distributed risk models, which mirrors results in the U.S. and Australia using identical methodology. Real estate investment risk is heteroscedastic, but the Characteristic Exponent of the investment risk function is constant across time yet may vary by property type. Asset diversification is far less effective at reducing the impact of non-systematic investment risk on real estate portfolios than in the case of assets with Normally distributed investment risk. Multi-risk factor portfolio allocation models based on measures of investment codependence from finite-variance statistics are ineffectual in the real estate context

Cantor bouquets, explosions, and Knaster continua : dynamics of complex exponentials

We describe some of the interesting dynamical and topological properties of the complex exponential family [lambda]ez and its associated Julia sets

The isolation of differentially expressed cDNA clones from the filarial nematode <i>Brugia pahangi</i>

A cDNA library constructed from 3 day post-infective L3 of the filarial nematode Brugia pahangi was screened by differential hybridization with cDNA probes prepared from different life-cycle stages. Five cDNA clones hybridizing selectively to the mosquito-derived L3 probe were isolated and characterized. Northern blot analysis of 4 of the clones confirmed that each was most highly expressed in the mosquito-derived L3. The expression of each mRNA during parasite development in the mosquito vector was investigated using RT-PCR, and all were shown to be abundant in the immature L3. Four of the 5 cDNAs cloned coded for structural proteins: 2 cuticular collagens, and the muscle proteins tropomyosin and troponin. Further studies on troponin using an antiserum raised to the recombinant protein demonstrated that the protein, unlike the mRNA, was present in all life-cycle stages examined, while immunogold labelling demonstrated that it was localized to the muscle blocks

Some considerations on the WHO Histological classification of laryngeal neoplasms

A new edition of the World Health Organization (WHO) Histological classification of tumours of the hypopharynx, larynx, trachea and parapharyngeal space was published in 2017. We have considered this classification regarding laryngeal neoplasms and discuss the grounds for said revision. Many of the laryngeal neoplasms described in the literature and in the previous WHO edition from 2005 have been omitted from this current revision. Many are described elsewhere in the book but it may give the new generation of pathologists/surgeons/oncologists the false impression that these tumour entities do not exist in the larynx.info:eu-repo/semantics/publishedVersio

Checkerboard Julia Sets for Rational Maps

In this paper, we consider the family of rational maps \F(z) = z^n + \frac{\la}{z^d}, where $n \geq 2$, $d\geq 1$, and\la \in \bbC. We consider the case where \la lies in the main cardioid of one of the $n-1$ principal Mandelbrot sets in these families. We show that the Julia sets of these maps are always homeomorphic. However, two such maps \F and $F_\mu$ are conjugate on these Julia sets only if the parameters at the centers of the given cardioids satisfy \mu = \nu^{j(d+1)}\la or \mu = \nu^{j(d+1)}\bar{\la} where j \in \bbZ and $\nu$ is an $n-1^{\rm st}$ root of unity. We define a dynamical invariant, which we call the minimal rotation number. It determines which of these maps are are conjugate on their Julia sets, and we obtain an exact count of the number of distinct conjugacy classes of maps drawn from these main cardioids.Comment: 25 pages, 14 figures; Changes since March 19 version: added nine figures, fixed one proof, added a section on a group actio

Truncated states obtained by iteration

Quantum states of the electromagnetic field are of considerable importance, finding potential application in various areas of physics, as diverse as solid state physics, quantum communication and cosmology. In this paper we introduce the concept of truncated states obtained via iterative processes (TSI) and study its statistical features, making an analogy with dynamical systems theory (DST). As a specific example, we have studied TSI for the doubling and the logistic functions, which are standard functions in studying chaos. TSI for both the doubling and logistic functions exhibit certain similar patterns when their statistical features are compared from the point of view of DST. A general method to engineer TSI in the running-wave domain is employed, which includes the errors due to the nonidealities of detectors and photocounts.Comment: 10 pages, 22 figure

Forest cover estimation in Ireland using radar remote sensing: a comparative analysis of forest cover assessment methodologies

Quantification of spatial and temporal changes in forest cover is an essential component of forest monitoring programs. Due to its cloud free capability, Synthetic Aperture Radar (SAR) is an ideal source of information on forest dynamics in countries with near-constant cloud-cover. However, few studies have investigated the use of SAR for forest cover estimation in landscapes with highly sparse and fragmented forest cover. In this study, the potential use of L-band SAR for forest cover estimation in two regions (Longford and Sligo) in Ireland is investigated and compared to forest cover estimates derived from three national (Forestry2010, Prime2, National Forest Inventory), one pan-European (Forest Map 2006) and one global forest cover (Global Forest Change) product. Two machine-learning approaches (Random Forests and Extremely Randomised Trees) are evaluated. Both Random Forests and Extremely Randomised Trees classification accuracies were high (98.1–98.5%), with differences between the two classifiers being minimal (&#60;0.5%). Increasing levels of post classification filtering led to a decrease in estimated forest area and an increase in overall accuracy of SAR-derived forest cover maps. All forest cover products were evaluated using an independent validation dataset. For the Longford region, the highest overall accuracy was recorded with the Forestry2010 dataset (97.42%) whereas in Sligo, highest overall accuracy was obtained for the Prime2 dataset (97.43%), although accuracies of SAR-derived forest maps were comparable. Our findings indicate that spaceborne radar could aid inventories in regions with low levels of forest cover in fragmented landscapes. The reduced accuracies observed for the global and pan-continental forest cover maps in comparison to national and SAR-derived forest maps indicate that caution should be exercised when applying these datasets for national reporting

Dynamical Phase Transitions In Driven Integrate-And-Fire Neurons

We explore the dynamics of an integrate-and-fire neuron with an oscillatory stimulus. The frustration due to the competition between the neuron's natural firing period and that of the oscillatory rhythm, leads to a rich structure of asymptotic phase locking patterns and ordering dynamics. The phase transitions between these states can be classified as either tangent or discontinuous bifurcations, each with its own characteristic scaling laws. The discontinuous bifurcations exhibit a new kind of phase transition that may be viewed as intermediate between continuous and first order, while tangent bifurcations behave like continuous transitions with a diverging coherence scale.Comment: 4 pages, 5 figure

Capture zones of the family of functions lambda z^m exp(z)

We consider the family of entire transcendental maps given by $F_{\lambda,m}= \lambda z^m exp(z)$ where m>=2. All functions $F_{\lambda,m}$ have a superattracting fixed point at z=0, and a critical point at z=-m. In the dynamical plane we study the topology of the basin of attraction of z=0. In the parameter plane we focus on the capture behaviour, i.e., \lambda values such that the critical point belongs to the basin of attraction of z=0. In particular, we find a capture zone for which this basin has a unique connected component, whose boundary is then non-locally connected. However, there are parameter values for which the boundary of the immediate basin of z=0 is a quasicircle.Comment: 25 pages, 14 figures. Accepted for publication in the International Journal of bifurcation and Chao