Ownership Structure, Property Performance, Multifamily Properties and REITs

This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT-owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance.

An evolutionary approach to the optimisation of autonomous pod distribution for application in an urban transportation service

For autonomous vehicles (AVs), which when deployed in urban areas are called “pods”, to be used as part of a commercially viable low-cost urban transport system, they will need to operate efficiently. Among ways to achieve efficiency, is to minimise time vehicles are not serving users. To reduce the amount of wasted time, this paper presents a novel approach for distribution of AVs within an urban environment. Our approach uses evolutionary computation, in the form of a genetic algorithm (GA), which is applied to a simulation of an intelligent transportation service, operating in the city of Coventry, UK. The goal of the GA is to optimise distribution of pods, to reduce the amount of user waiting time. To test the algorithm, real-world transport data was obtained for Coventry, which in turn was processed to generate user demand patterns. Results from the study showed a 30% increase in the number of successful journeys completed in a 24 hours, compared to a random distribution. The implications of these findings could yield significant benefits for fleet management companies. These include increases in profits per day, a decrease in capital cost, and better energy efficiency. The algorithm could also be adapted to any service offering pick up and drop of points, including package delivery and transportation of goods

Credit Line Availability and Utilization in REITs

Analysis of REIT credit line availability and use under normal conditions and during the recent financial crisis are provided. Descriptive statistics indicate REIT credit lines represent an important component of capital structure, credit line availability and utilization have increased substantially over the sample period, and REITs maintain precautionary liquidity via credit lines rather than holding cash. Multivariate results indicate that credit line availability is directly associated with cash flow uncertainty, dividend distributions, acquisitions, and capital market access and is inversely linked to the market-to-book ratio. Credit line use is unrelated to cash flow volatility and dividends, but is correlated with operating cash flow, acquisitions, and capital market access. Unlike with non-REITs, when setting credit limits lenders focus on dividends and not just operating cash flow. Despite finding that line availability is influenced by dividend payments, REITs do not systematically use lines to pay dividends implying that dividends are paid from operating cash flows.

Price Discovery and the Accuracy of Consolidated Data Feeds in the U.S. Equity Markets

Both the scientific community and the popular press have paid much attention to the speed of the Securities Information Processor, the data feed consolidating all trades and quotes across the US stock market. Rather than the speed of the Securities Information Processor, or SIP, we focus here on its accuracy. Relying on Trade and Quote data, we provide various measures of SIP latency relative to high-speed data feeds between exchanges, known as direct feeds. We use first differences to highlight not only the divergence between the direct feeds and the SIP, but also the fundamental inaccuracy of the SIP. We find that as many as 60 percent or more of trades are reported out of sequence for stocks with high trade volume, therefore skewing simple measures such as returns. While not yet definitive, this analysis supports our preliminary conclusion that the underlying infrastructure of the SIP is currently unable to keep pace with the trading activity in today's stock market.Comment: 18 pages, 20 figures, 2 table

The Turbulent Warm Ionized Medium: Emission Measure Distribution and MHD Simulations

We present an analysis of the distribution of H-alpha emission measures for the warm ionized medium (WIM) of the Galaxy using data from the Wisconsin H-Alpha Mapper (WHAM) Northern Sky Survey. Our sample is restricted to Galactic latitudes |b| > 10. We removed sightlines intersecting nineteen high-latititude classical H II regions, leaving only sightlines that sample the diffuse WIM. The distribution of EM sin |b| for the full sample is poorly characterized by a single normal distribution, but is extraordinarily well fit by a lognormal distribution, with = 0.146 +/- 0.001 and standard deviation 0.190 +/- 0.001. drops from 0.260 +/- 0.002 at Galactic latitude 10<|b|<30 to 0.038 +/- 0.002 at Galactic latitude 60<|b|<90. The distribution may widen slightly at low Galactic latitude. We compare the observed EM distribution function to the predictions of three-dimensional magnetohydrodynamic simulations of isothermal turbulence within a non-stratified interstellar medium. We find that the distribution of EM sin |b| is well described by models of mildy supersonic turbulence with a sonic Mach number of ~1.4-2.4. The distribution is weakly sensitive to the magnetic field strength. The model also successfully predicts the distribution of dispersion measures of pulsars and H-alpha line profiles. In the best fitting model, the turbulent WIM occupies a vertical path length of 400-500 pc within the 1.0-1.8 kpc scale height of the layer. The WIM gas has a lognormal distribution of densities with a most probable electron density n_{pk} = 0.03 cm^{-3}. We also discuss the implications of these results for interpreting the filling factor, the power requirement, and the magnetic field of the WIM.Comment: 16 pages, 13 figures, ApJ in press. Replacement reflects version accepted for publicatio

Constructing Gravitational Dimensions

It would be extremely useful to know whether a particular low energy effective theory might have come from a compactification of a higher dimensional space. Here, this problem is approached from the ground up by considering theories with multiple interacting massive gravitons. It is actually very difficult to construct discrete gravitational dimensions which have a local continuum limit. In fact, any model with only nearest neighbor interactions is doomed. If we could find a non-linear extension for the Fierz-Pauli Lagrangian for a graviton of mass mg which does not break down until the scale Lambda_2=(mg Mpl)^(1/2), this could be used to construct a large class of models whose continuum limit is local in the extra dimension. But this is shown to be impossible: a theory with a single graviton must break down by Lambda_3 = (mg^2 Mpl)^(1/3). Next, we look at how the discretization prescribed by the truncation of the KK tower of an honest extra diemsinon rasies the scale of strong coupling. It dictates an intricate set of interactions among various fields which conspire to soften the strongest scattering amplitudes and allow for a local continuum limit. A number of canditate symmetries associated with locality in the discretized dimension are also discussed.Comment: 21 pages, 6 diagrams, 1 figur

Fluoride-containing bioactive glasses: Effect of glass design and structure on degradation, pH and apatite formation in simulated body fluid

NOTICE: this is the author’s version of a work that was accepted for publication in Acta Biomaterialia. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Acta Biomaterialia, [VOL 6, ISSUE 8, (2010)] DOI: 10.1016/j.actbio.2010.01.04

Heliosheath Space Environment Interactions with Icy Bodies in the Outermost Solar System

The Voyager 1 and 2 spacecraft are exploring the space environment of the outermost solar system at the same time that earth-based astronomy continues to discover new icy bodies, one larger than Pluto, in the transitional region outward from the Classical Kuiper Belt to the Inner Oort Cloud. Some of the Scattered Disk Objects in this region periodically pass through the heliosheath, entered by Voyager 1 in Dec. 2004 and later expected to be reached by Voyager 2, and out even beyond the heliopause into the Very Local Interstellar Medium. The less energetic heliosheath ions, important for implantation and sputtering processes, are abundant near and beyond the termination shock inner boundary, but the source region of the more penetrating anomalous cosmic ray component has not yet been found. Advantageous for modeling of icy body interactions, the measured heliosheath flux spectra are relatively more stable within this new regime of isotropic compressional magnetic turbulence than in the upstream heliospheric environment. The deepest interactions and resultant radiation-induced chemistry arise from the inwardly diffusing component of the galactic cosmic ray ions with significant intensity modulation also arising in the heliosheath beyond Voyager 1. Surface gardening by high-velocity impacts of smaller bodies (e.g., fragments of previous KBO collisions) and dust is a further space weathering process setting the time scales for long term exposure of different regolith layers to the ion irradiation. Sputtering and ionization of impact ejecta grains may provide a substantial feedback of pickup ions for multiple cycles of heliosheath acceleration and icy body interaction. Thus the space weathering interactions are potentially of interest not only for effects on sensible surface composition of the icy bodies but also for evolution of the heliosheath plasma energetic ion, and neutral emission environment

Hyperoxia Causes Mitochondrial Fragmentation in Pulmonary Endothelial Cells by Increasing Expression of Pro-Fission Proteins

Objective—We explored mechanisms that alter mitochondrial structure and function in pulmonary endothelial cells (PEC) function after hyperoxia. Approach and Results—Mitochondrial structures of PECs exposed to hyperoxia or normoxia were visualized and mitochondrial fragmentation quantified. Expression of pro-fission or fusion proteins or autophagy-related proteins were assessed by Western blot. Mitochondrial oxidative state was determined using mito-roGFP. Tetramethylrhodamine methyl ester estimated mitochondrial polarization in treatment groups. The role of mitochondrially derived reactive oxygen species in mt-fragmentation was investigated with mito-TEMPOL and mitochondrial DNA (mtDNA) damage studied by using ENDO III (mt-tat-endonuclease III), a protein that repairs mDNA damage. Drp-1 (dynamin-related protein 1) was overexpressed or silenced to test the role of this protein in cell survival or transwell resistance. Hyperoxia increased fragmentation of PEC mitochondria in a time-dependent manner through 48 hours of exposure. Hyperoxic PECs exhibited increased phosphorylation of Drp-1 (serine 616), decreases in Mfn1 (mitofusion protein 1), but increases in OPA-1 (optic atrophy 1). Pro-autophagy proteins p62 (LC3 adapter–binding protein SQSTM1/p62), PINK-1 (PTEN-induced putative kinase 1), and LC3B (microtubule-associated protein 1A/1B-light chain 3) were increased. Returning cells to normoxia for 24 hours reversed the increased mt-fragmentation and changes in expression of pro-fission proteins. Hyperoxia-induced changes in mitochondrial structure or cell survival were mitigated by antioxidants mito-TEMPOL, Drp-1 silencing, or inhibition or protection by the mitochondrial endonuclease ENDO III. Hyperoxia induced oxidation and mitochondrial depolarization and impaired transwell resistance. Decrease in resistance was mitigated by mito-TEMPOL or ENDO III and reproduced by overexpression of Drp-1. Conclusions—Because hyperoxia evoked mt-fragmentation, cell survival and transwell resistance are prevented by ENDO III and mito-TEMPOL and Drp-1 silencing, and these data link hyperoxia-induced mt-DNA damage, Drp-1 expression, mt-fragmentation, and PEC dysfunction

Dual positive and negative regulation of GPCR signaling by GTP hydrolysis

G protein-coupled receptors (GPCRs) regulate a variety of intracellular pathways through their ability to promote the binding of GTP to heterotrimeric G proteins. Regulator of G protein signaling (RGS) proteins increase the intrinsic GTPase activity of G-subunits and are widely regarded as negative regulators of G protein signaling. Using yeast we demonstrate that GTP hydrolysis is not only required for desensitization, but is essential for achieving a high maximal (saturated level) response. Thus RGS-mediated GTP hydrolysis acts as both a negative (low stimulation) and positive (high stimulation) regulator of signaling. To account for this we generated a new kinetic model of the G protein cycle where GGTP enters an inactive GTP-bound state following effector activation. Furthermore, in vivo and in silico experimentation demonstrates that maximum signaling output first increases and then decreases with RGS concentration. This unimodal, non-monotone dependence on RGS concentration is novel. Analysis of the kinetic model has revealed a dynamic network motif that shows precisely how inclusion of the inactive GTP-bound state for the G produces this unimodal relationship