An assessment of the relationship between public real estate markets and stock markets at the local, regional, and global levels

The primary contribution of this study is to assess whether public real estate markets and stock markets are linked at the local, regional, and global levels, and to assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlation between real estate and stock markets are time-varying and are, at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets; while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies, indicating a tendency of return convergence between real estate and stock market in an international environment. --Time-Varying Integration,Return and Volatility Causality,Multivariate Asymmetric DCC-GARCH,Return Convergence,Securitized Real Estate Markets,International Stock Markets

Risk-Adjusted Performance of Real Estate Stocks: Evidence From Developing Markets

This paper examines the performance of real estate stocks listed in seven developing markets in East Asia between 1992 and 2002. Using panel regressions, the goal is to identify determinants of the risk-adjusted returns of real estate securities traded in these markets. The empirical evidence suggests that size, book-to-market value, capital structure and market diversification have significant influence on the performance of real estate securities. Asset structure and development exposure, however, do not appear to have any significant effect on the returns behavior, while dividend yield has limited influence. As expected, interest rates and market condition have significant impact on the returns of real estate stocks. The Asian Financial Crisis also has an adverse impact on stocks? performance.

An assessment of the relationship between public real estate markets and stock markets at the local, regional, and global levels

The primary contribution of this study is to assess whether public real estate markets and stock markets are linked at the local, regional, and global levels, and to assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlation between real estate and stock markets are time-varying and are, at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets; while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies, indicating a tendency of return convergence between real estate and stock market in an international environment

Malaysia perlu promosi terapi canggih

BARU-BARU ini, seorang lelaki Amerika yang mengalami kecederaan lutut yang teruk datang ke Malaysia untuk menjalani prosedur articular cartilage regeneration (ACR- pertumbuhan semula rawan secara semula jadi) dengan menggunakan sel stem. Pembedahan ini hanya dapat dilakukan di Malaysia

Semantic Assessment Battery for Malay-speaking Dysphasics

There are no formal language assessment tools for the 200m Malay-speakers in SE Asia. To support evidence-based practice with the Malay-speaking dysphasic population, six computerised subtests for both auditory and written input modalities, was developed using the principles of cognitive neuropsychology: Word-to-Picture Matching (WPM), Picture Naming (PN), and Semantic Matching (SM), for Malay nouns and verbs. Normative data (N=63) revealed effects of modality (oral > written) in PN, word class (nouns > verbs), and processing modality (receptive WPM > expressive PN). These conventional effects were particularly marked in the normal elderly (>60 years) probably as a result of limited educational opportunities

HUBUNGAN TINDAKAN BULLYING DI SEKOLAH DENGAN SELF ESTEEM SISWA

Penelitian ini bertujuan untuk mengetahui hubungan tindakan bullying di sekolah dengan self esteem siswa. Data yang telah diperoleh kemudian dianalisis dengan menggunakan korelasi bivariate dengan bantuan SPSS versi 12.00. Jumlah sampel penelitian berjumlah 190 siswa/i kelas 1 SLTP negeri 12 dengan teknik purposive sampling. Hasil penelitian menunjukkan bahwa terdapat hubungan yang signifikan antara self esteem dengan bullying dengan angka signifikan 2-tailed sebesar 0,000. Subjek dalam penelitian ini mengalami tindakan bullying dalam kriteria sedang dan memiliki self esteem yang berada dalam kriteria sangat tinggi

A simple mathematical model of gradual Darwinian evolution: Emergence of a Gaussian trait distribution in adaptation along a fitness gradient

We consider a simple mathematical model of gradual Darwinian evolution in continuous time and continuous trait space, due to intraspecific competition for common resource in an asexually reproducing population in constant environment, while far from evolutionary stable equilibrium. The model admits exact analytical solution. In particular, Gaussian distribution of the trait emerges from generic initial conditions.Comment: 21 pages, 2 figures, as accepted to J Math Biol 2013/03/1

Bayesian Estimation of Speciation and Extinction from Incomplete Fossil Occurrence Data

The temporal dynamics of species diversity are shaped by variations in the rates of speciation and extinction, and there is a long history of inferring these rates using first and last appearances of taxa in the fossil record. Understanding diversity dynamics critically depends on unbiased estimates of the unobserved times of speciation and extinction for all lineages, but the inference of these parameters is challenging due to the complex nature of the available data. Here, we present a new probabilistic framework to jointly estimate species-specific times of speciation and extinction and the rates of the underlying birth-death process based on the fossil record. The rates are allowed to vary through time independently of each other, and the probability of preservation and sampling is explicitly incorporated in the model to estimate the true lifespan of each lineage. We implement a Bayesian algorithm to assess the presence of rate shifts by exploring alternative diversification models. Tests on a range of simulated data sets reveal the accuracy and robustness of our approach against violations of the underlying assumptions and various degrees of data incompleteness. Finally, we demonstrate the application of our method with the diversification of the mammal family Rhinocerotidae and reveal a complex history of repeated and independent temporal shifts of both speciation and extinction rates, leading to the expansion and subsequent decline of the group. The estimated parameters of the birth-death process implemented here are directly comparable with those obtained from dated molecular phylogenies. Thus, our model represents a step towards integrating phylogenetic and fossil information to infer macroevolutionary processes.[BDMCMC; biodiversity trends; Birth-death process; incomplete fossil sampling; macroevolution; species rise and fall.

Retrieval evidence of impingement at the third articulation in contemporary dual mobility cups for total hip arthroplasty

PURPOSE: We aimed to assess polyethylene liners of retrieved hips of one design of a dual mobility (DM) cup liner and two designs of femoral stems to better understand the role of femoral stem design on polyethylene impingement. METHODS: This was a case-control study involving 70 retrieved highly cross-linked polyethylene (X3) liners used with ABGII (n = 35) and Rejuvenate (n = 35) stems (Stryker). All polyethylene liners were assessed for evidence of rim deformation and the damage quantified using metrology methods. RESULTS: A total of 80% of polyethylene liners paired with ABGII necks had macroscopic evidence of neck impingement resulting in a raised lip whilst 23% of liners paired with Rejuvenate necks had evidence of a raised lip (p < 0.0001). The height of the raised rims of the DM cups paired with ABGII necks had a median (range) of 139 μm (72-255). The height of the raised rims of the DM cups paired with Rejuvenate necks had a median (range) of 52 μm (45-90) (p < 0.0001). CONCLUSION: Our new findings from retrieved dual mobility bearings showed that polyethylene liner rim deformation resulting from impingement with the femoral neck occurs in early in-human function, is circumferential in distribution, and is affected by the stem neck design. We recommend the use of highly polished and non-edged neck designs when used in conjunction with DM cups

Simulation of the Control of Vortex Breakdown in a Closed Cylinder Using a Small Rotating Disk

The enhancement or suppression of vortex breakdown in a closed cylinder caused by a small rotating disk embedded in the nonrotating endwall is simulated in this study. This paper shows that corotation or counter-rotation of the control disk with respect to the driving lid is able to promote or suppress the “bubble-type” vortex breakdown. This is achieved using only a small fraction of the power required to drive the main lid. The simulations show that the vortex breakdown induced or suppressed by flow control displays similar characteristics near the breakdown region as produced by varying the flow Reynolds number. These include near-axis swirl, centerline axial velocity, and centerline pressure. The influence of the size of the control disk is also quantified