Substitutability between Equity REITs and Mortgage REITs

This study extends Seck’s (1996) approach to investigate the degree of substitutability between equity real estate investment trusts (EREITs) and mortgage real estate investment trusts (MREITs). The variance ratio test and the variance decomposition of forecast errors yield results indicating the existence of informational commonality between EREITs and MREITs. The findings indicate that the two types of REITs are substitutable. A direct implication is that investors who believe they have superior forecasting ability will be indifferent to invest in either type of REIT. Another implication is that REITs can be treated as a single asset class in constructing a diversified multi-asset portfolio.

A Necessary And Sufficient Condition of Distillability with unite fidelity from Finite Copies of a Mixed State: The Most Efficient Purification Protocol

It is well known that any entangled mixed state in $2\otimes 2$ systems can be purified via infinite copies of the mixed state. But can one distill a pure maximally entangled state from finite copies of a mixed state in any bipartite system by local operation and classical communication? This is more meaningful in practical application. We give a necessary and sufficient condition of this distillability. This condition can be expressed as: there exists distillable-subspaces. According to this condition, one can judge whether a mixed state is distillable or not easily. We also analyze some properties of distillable-subspaces, and discuss the most efficient purification protocols. Finally, we discuss the distillable enanglement of two-quibt system for the case of finite copies.Comment: a revised versio

Optimal Teleportation Based on Bell Measurement

We study optimal teleportation based on the Bell measurements. An explicit expression for the quantum channel associated with the optimal teleportation with an arbitrary mixed state resource is presented. The optimal transmission fidelity of the corresponding quantum channel is calculated and shown to be related to the fully entangled fraction of the quantum resource, rather than the singlet fraction as in the standard teleportation protocol.Comment: 7 pages, latex, no figure

Chasing housing prices: Working paper series--06-08

If a person or organization is planning to buy real estate in the future but is unable or unwilling to buy it now, how can they best "hedge" this purchase? In what class of asset should they invest their money until they are ready to purchase the real estate? This paper uses Monte Carlo simulation and bootstrap techniques to help answer these questions. We find that the best "purchase early" hedge for both residential and commercial real estate is small value stocks. Small value stocks would be the most likely to provide returns at least as good as real estate and they would be least likely to suffer losses relative to real estate. The effectiveness of the hedge increases the longer the time horizon of the investor. Large value stocks and equity REITs are also quite good but not as good as small value stocks. Other asset classes are not nearly as effective. The least effective asset class is T-Bills

Chasing Housing Prices?

If a person or organization is planning to buy real estate in the future but is unable or unwilling to buy it now, how can they best “hedge” this purchase? In what class of asset should they invest their money until they are ready to purchase the real estate? This paper uses Monte Carlo simulation and bootstrap techniques to investigate the effectiveness of using traditional asset classes in managing the long-term risks associated with the future purchase of real estate. We find that the best “purchase early” hedge for both residential and commercial real estate is small value stocks. Small value stocks would be the most likely to provide returns at least as good as real estate and they would be least likely to suffer losses relative to real estate. The effectiveness of the hedge increases the longer the time horizon of the investor. Large value stocks and equity REIT’s are also quite good but not as good as small value stocks. Other asset classes are not nearly as effective. The least effective asset class is T-Bills

RFID in the warehouse:a literature analysis (1995-2010) of its applications, benefits, challenges and future trends

Radio Frequency Identification (RFID) has been identified as a crucial technology for the modern 21st century knowledge-based economy. Some businesses have realised benefits of RFID adoption through improvements in operational efficiency, additional cost savings, and opportunities for higher revenues. RFID research in warehousing operations has been less prominent than in other application domains. To investigate how RFID technology has had an impact in warehousing, a comprehensive analysis of research findings available from articles through leading scientific article databases has been conducted. Articles from years 1995 to 2010 have been reviewed and analysed with respect to warehouse operations, RFID application domains, benefits achieved and obstacles encountered. Four discussion topics are presented covering RFID in warehousing focusing on its applications, perceived benefits, obstacles to its adoption and future trends. This is aimed at elucidating the current state of RFID in the warehouse and providing insights for researchers to establish new research agendas and for practitioners to consider and assess the adoption of RFID in warehousing functions

Faithful remote state preparation using finite classical bits and a non-maximally entangled state

We present many ensembles of states that can be remotely prepared by using minimum classical bits from Alice to Bob and their previously shared entangled state and prove that we have found all the ensembles in two-dimensional case. Furthermore we show that any pure quantum state can be remotely and faithfully prepared by using finite classical bits from Alice to Bob and their previously shared nonmaximally entangled state though no faithful quantum teleportation protocols can be achieved by using a nonmaximally entangled state.Comment: 6 page

Separability and entanglement in 2x3xN composite quantum systems

The separability and entanglement of quantum mixed states in \Cb^2 \otimes \Cb^3 \otimes \Cb^N composite quantum systems are investigated. It is shown that all quantum states $\rho$ with positive partial transposes and rank $r(\rho)\leq N$ are separable.Comment: Latex, 15 page

Relations between entanglement, Bell-inequality violation and teleportation fidelity for the two-qubit X states

Based on the assumption that the receiver Bob can apply any unitary transformation, Horodecki {\it et al.} [Phys. Lett. A {\bf 222}, 21 (1996)] proved that any mixed two spin-1/2 state which violates the Bell-CHSH inequality is useful for teleportation. Here, we further show that any X state which violates the Bell-CHSH inequality can also be used for nonclassical teleportation even if Bob can only perform the identity or the Pauli rotation operations. Moreover, we showed that the maximal difference between the two average fidelities achievable via Bob's arbitrary transformations and via the sole identity or the Pauli rotation is 1/9.Comment: 5 pages, to be published in "Quantum Information Processing