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.

PENGGUNAAN JERAT LISTRIK BERAKIBAT JATUHNYA KORBAN DARI SUDUT TINDAK PIDANA DAN ALASAN PEMBELAAN TERPAKSA

Tujuan dilakukannya penelitian ini yaitu untuk mengetahui bagaimana pengaturan KUHP tentang perbuatan penggunaan jerat listrik berakibat jatuhnya korban dan bagaimana perbuatan penggunaan jerat listrik berakibat jatuhnya korban dari dari sudut pembelaan terpaksa yang mana dengan metode penelitian hukum normatif disimpulkan: 1. Pengaturan KUHP tentang perbuatan penggunaan jerat listrik berakibat jatuhnya korban, yaitu jika pemasangan jerat listrik adalah untuk menjerat hama hewan tetapi yang jadi korban adalah manusia maka pelaku dapat dikenakan dengan Pasal 359 KUHP (korban mati) atau Pasal 360 (korban luka); sedangkan jika pemasangan jerat listrik adalah ditujukan kepada manusia sedangkan ada korban manusia sampai mati, maka pelaku mungkin saja didakwa dengan Pasal 338 KUHP tentang tindak pidana pembunuhan. 2. Perbuatan penggunaan jerat listrik berakibat jatuhnya korban tidak dapat menggunakan alasan pembelaan terpaksa (Pasal 49 ayat (1) KUHP) karena tidak dapat memenuhi unsur “ada serangan atau ancaman serangan yang sangat dekat pada saat itu†dengan kata lain pelaku telah melakukan pembelaan diri sebelum ada serangan.Kata kunci: pembelaan terpaksa; jerat listrik

Understanding patients' perspective in the use of generic antiepileptic drugs: compelling lessons for physicians to improve physician/patient communication

<p>Abstract</p> <p>Background</p> <p>Epilepsy is a condition in which consistency of treatment is paramount to successful management and for most patients, effective seizure control can be achieved. Given the severe consequences of even a single breakthrough seizure, patients should be afforded every opportunity to succeed on their given regimens.</p> <p>Discussion</p> <p>Some experts argue that global policy on generic antiepileptic drug substitution in epilepsy should be limited – occurring at the discretion of and with careful monitoring by the physician. While the debate continues, physicians still have daily responsibilities to their patients to help them best manage their epilepsy within the context of the current environment – the reality of which may involve switching to a generic antiepileptic drug or navigating various formulations between generics.</p> <p>Summary</p> <p>To provide context, this paper first reviews the main "hot button" issues fueling the ongoing generic debate, including a broad overview of the current state of the literature. The main goal however is to provide physicians with a patient perspective on generic antiepileptic drug use in epilepsy as a source of clinically useful, everyday advice to improve communication and increase patient self-advocacy, both of which are necessary for optimal patient outcome.</p

Application of Machine Learning to Mapping and Simulating Gene Regulatory Networks

This dissertation explores, proposes, and examines methods of applying modernmachine learning and Bayesian statistics in the quantitative and qualitative modeling of gene regulatory networks using high-throughput gene expression data. A semi-parametric Bayesian model based on random forest is developed to infer quantitative aspects of gene regulation relations; a parametric model is developed to predict geneexpression levels solely from genotype information. Simulation of network behavior is shown to complement regression analysis greatly in capturing the dynamics of gene regulatory networks. Finally, as an application and extension of novel approaches in gene expression analysis, new methods of discovering topological structure of gene regulatory networks are developed and shown to provide improvement over existing methods

Synthesising Resource-Advantage and Hofstede Cultural Dimensions: Customer Orientation, Knowledge Creation and Firm Performance

There is a dearth of studies on synthesising the resource-advantage theory and Hofstedecultural dimensions that explore the influence of customer orientation and knowledgecreation on the firm performance for small hotels. This paper reviews extant literaturethat provides insights on the influence of customer orientation and knowledge creationon firm performance. In-depth interviews with three hotel owners and three hotelmanagers were performed in this study. The results disclose that forging memorableand positive customer experiences and developing informed knowledge databases arebusiness practices that sustain the firm performance. From the theoretical aspect, it is apreliminary step to blend the culturally relevant customer orientation and knowledgecreation elements into forming a firm performance framework designed for small hotels

Evaluation of mini axial & reverse flow hydrocyclone flow field and separation mechanism

Axial flow hydrocyclones are competitive to the standard reverse flow hydrocyclones in terms of liquid-solid separation. A numerical investigation of simple mini axial and reverse flow hydrocyclone with 5mm diameter is presented here. The Lagrangian approach was followed to solve the flow field, and for numerical study, the large eddy simulation (LES) model was employed

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

Investigation of a 75mm axial flow hydrocyclone for industrial use: an alternative to the reverse flow hydrocyclone

The axial flow hydrocyclone is a competitive alternative to the reverse flow hydrocyclone for industrial use. A comprehensive study of axial flow hydrocyclone will enormously improve the understanding on the possibility of its use for industrial applications. In this work, the influence of particle concentration on the axial hydrocyclone’s pressure drop (∆P), separation efficiency, cut size (d50) and sharpness of separation (I) was investigated numerically using computational fluid dynamics (CFD). The length and diameter of the 75mm reverse flow hydrocyclone from Hsieh’s (1988) experimental work were used as the reference geometrical dimensions for modelling the 75mm axial flow hydrocyclone with a tangential inlet. Three hexahedral grids of 6.5, 7.5, and 8.5 million cells have been used for the simulation, and the quality of the grids was checked using the grid convergence index (GCI). To compare their particle separation efficiencies, the performance of the axial and reverse flow hydrocyclone were compared for different particle concentrations. The LES turbulence model was used to model the continuous phase flow field, and the Lagrangian discrete phase model (DPM) was used to model the particle trajectories. As there is no entrainment of air through the outlets, the air core formation was not modelled. The investigation showed that the cut size of axial flow hydrocyclone (d50=20.46 and 20.3 micrometres) was larger than the reverse flow hydrocyclone (d50=17.73 and 17.81 micrometres) at particle concentrations of 4.88% and 10.47%, respectively. The pressure drop over the axial hydrocyclone is significantly lower than that of the reverse flow hydrocyclone. The pressure loss was found to be 1.24 and 8.3 kPa for axial hydrocyclone, whereas the reverse flow hydrocyclone has a pressure loss of 60 and 69.3 kPa for particle concentrations of 4.88% and 10.47%, respectively. The CFD-based investigation showed that the axial flow hydrocyclone could be successfully used to classify particles in the industry with a substantially lower pressure loss and pumping energy requirements