A Multi-Factor Analysis of AREIT Returns

Since 1990, the Australian Real Estate Investment Trust (AREIT) sector has experienced substantial growth and popularity. While the AREIT sector had benefit from the increased flow of funds from institutional investors during the 1997 Asian financial crisis, the recent impact of the 2008 global financial crisis has been a negative one. In this paper, we examine the sensitivities of annualised AREIT returns against a set of seven firm-specific variables and four market-wide risk variables. Balanced and unbalanced panel regressions are conducted on three sub-periods during 1990 - 2008 corresponding to the major phases in evolution of the AREIT sector. Our regression results find that size has a negative impact on returns, and this effect has been diminishing over time. Overall market risk was also found to be significant and positive only since 2003, suggesting that recently AREITs behave more like stocks and less like defensive assets. The relationship with exchange rate risk has been positive in recent years, due to more AREITs choosing to diversify internationally, particularly in the U.S. property markets. Our findings on the relationship between market-to-book ratios and AREIT returns depart from standard finance literature. In comparison to REITs in other countries, AREITs have shifted their preferences away from property-type diversification and into more specialised investment strategies. We also find contrasting evidence on the impact of international diversification, and that domestic AREITs provide better returns than internationally diversified counterparts. The relationship between returns and short term interest rates was found to be positive and significant prior to 2002, and the relationship with long-term interest rates was found to be negative and significant since 2003, suggesting that AREITs exhibit less bond-like characteristics in the past five years.AREITs, AREIT returns, Property-type diversification, International diversification, Panel regressions

Virtual Enhancement to Physical Spaces: A QR Code Based Orientation Game

University orientations are typically passive events for students, with activities that include sitting and listening to speakers and perhaps talking to others seated nearby. In this project, the authors sought to provide a more active and collaborative component to a university orientation via a team-based game that incorporated content included in a typical orientation and modeled appropriate instructional technology use. This mobile orientation game used QR codes and videos to augment the physical environment of an academic building. This paper describes the design and development process for this game, and presents the results of an evaluation conducted at the end. The game, which lasted an hour, both helped players learn more about the people and key locations within the new program they were joining and, most importantly, helped participants meet and interact with their new peers prior to the beginning of classes

Object recognition using metric shape

AbstractMost previous studies of 3D shape perception have shown a general inability to visually perceive metric shape. In line with this, studies of object recognition have shown that only qualitative differences, not quantitative or metric ones can be used effectively for object recognition. Recently, Bingham and Lind (2008) found that large perspective changes (⩾45°) allow perception of metric shape and Lee and Bingham (2010) found that this, in turn, allowed accurate feedforward reaches-to-grasp objects varying in metric shape. We now investigated whether this information would allow accurate and effective recognition of objects that vary in respect to metric shape. Both judgment accuracies (d′) and reaction times confirmed that, with the availability of visual information in large perspective changes, recognition of objects using quantitative as compared to qualitative properties was equivalent in accuracy and speed of judgments. The ability to recognize objects based on their metric shape is, therefore, a function of the availability or unavailability of requisite visual information. These issues and results are discussed in the context of the Two Visual System hypothesis of Milner and Goodale (1995, 2006)

Alteration patterns of trabecular bone microarchitectural characteristics induced by osteoarthritis over time

10.2147/CIA.S32513Clinical Interventions in Aging7303-31

60 GHz indoor propagation studies for wireless communications based on a ray-tracing method

This paper demonstrates a ray-tracing method for modeling indoor propagation channels at 60 GHz. A validation of the ray-tracing model with our in-house measurement is also presented. Based on the validated model, the multipath channel parameter such as root mean square (RMS) delay spread and the fading statistics at millimeter wave frequencies are easily extracted. As such, the proposed ray-tracing method can provide vital information pertaining to the fading condition in a site-specific indoor environment

60 GHz indoor propagation studies for wireless communications based on a ray-tracing method

This paper demonstrates a ray-tracing method for modeling indoor propagation channels at 60 GHz. A validation of the ray-tracing model with our in-house measurement is also presented. Based on the validated model, the multipath channel parameter such as root mean square (RMS) delay spread and the fading statistics at millimeter wave frequencies are easily extracted. As such, the proposed ray-tracing method can provide vital information pertaining to the fading condition in a site-specific indoor environment

The effect of chain extender on viscosity and mechanical properties of poly (buthylene terepthalate) blending with recycled poly(ethylene terephthalate)-glass fiber composite

In this study, multi-functional styrene-acrylic oligomers was used as the chain extender in poly butylenes terephthalate/recycled glass-filled polyethylene terephthalate (PBT/RGF-PET) blends. Normally, usage of recycled plastics is favourable but somehow, during the reprocessing causes loss of properties. Thus, chain extender was added to restore the viscosity and mechanical properties of PBT/PET blends due to the incorporation of recycled poly (ethylene terephthalate) has lowered viscosity and molecular weight. Chain extender at 0.50 and 0.65 wt% was added into 50/50 PBT/RGF-PET using melt compounding method to compare viscosity and mechanical properties with virgin PBT and RGF-PET, respectively. Addition of chain extender has improved the viscosity of the PBT/RGF-PET which was in relation to the increment of molecular weight. When 0.50 w\.% of chain extender was added to PBT/RGF-PET blend at ratio of 50:50, the flexural modulus increased 9.6% to 3530 1.1Pacompared to the original flexural modulus at 3220 1.1Pa. This showed that a small amount of chain extender was successfully to improve the flexural modulus. The increment of molecular weight as induced by the addition of chain extender improved the impact resistance of the PBT/RGF-PET from 17 to 20.3 kJ m"? for addition of 0.50 wt.% chain extende