Absorption cross sections of minor constituents in planetary atmospheres from 1050 to 2100 angstrom

Absorption cross sections of minor constituent gases in planetary atmospheres from 1050 to 2100

Interest Rate Sensitivities of REIT Returns

In order to identify effective interest rate proxies for equity and mortgage REITs, this study analyzes seven different interest rate proxies that have been widely used in the REIT literature. They are the monthly holding period returns on long-term U.S. government bonds and high-grade corporate bonds, the percentage changes in yields for long-term U.S. government bonds and high-yield (Baa) corporate bonds, the difference between returns on long-term U.S. government bonds and T-bill rates, the spread between yields on high-yield (Baa) corporate bonds and returns on long-term U.S. government bonds, and the spread between returns on high-grade corporate bonds and returns on long-term U.S. government bonds. The overall OLS results suggest that mortgage REITs are sensitive to all proxies, while equity REITs are significantly affected by only changes in yields on long-term U.S. government bonds and high-yield corporate bonds. The time variation paths for sensitivities indicate that all interest rate sensitivities are time specific. Overall, the changes in yields on high-yield corporate bonds (Baa) has the strongest explanatory power for returns of equity and mortgage REITs for most of the 27-year sample period (1972 through 1998).

The Sensitivity of Bank Stocks to Mortgage Portfolio Composition

Previous studies have found that bank stock returns are very sensitive to changes in real estate returns in general. But how the composition and quality of bank real estate portfolios affect the sensitivity of bank stocks to real estate returns has not been rigorously examined. The purpose of this study is to empirically examine this important question. The results indicate that commercial mortgages contribute the most to the sensitivity of bank stock returns. Farmland loans have a negative impact on bank real estate return sensitivity. Thus, farmland loans could play a diversification role in terms of reducing the sensitivity of banks to real estate returns, if used appropriately.

Stationarity and Co-Integration in Systems with Three National Real Estate Indices

This study examines the stochastic properties of the commercial real estate wealth indices for three countries (the U.S., Canada, and the U.K.) and for several property types (aggregate, office, retail, and industrial). Each of the indices is tested for a unit root and all series are found to be nonstationary. Furthermore, all indices also indicate the presence of both drift and trend. The results are strongest when the indices are tested in real estate and exchange rate-adjusted form. Application of Johansen's model indicates that the system for the three countries shows evidence of co-integration for the aggregate, retail, office, and industrial properties. Again, the evidence is the strongest when the indices are tested in real and exchange rate-adjusted form. Hence, it is conceivable that inflationary expectations may be the factor that provides the common linkage between commercial real estate across national boundaries.

The Wealth Effects of Domestic vs International Joint Ventures: The Case of Real Estate

This study examines the wealth effect of international versus domestic real estate joint ventures on the U.S. participating firm's shareholders. This is done using traditional even study methodology for real estate joint venture announcements. The results suggest that domestic real estate joint ventures generally result in a significant increase in the firm's value, while international real estate joint ventures usually have a much less significant to nonsignificant wealth impact. This may be due to the immovability of real properties in foreign countries and the large amount of initial investment in real estate that increase both political and economic risks for international real estate joint ventures. This study also finds that hotel joint ventures generally have a weaker wealth effect than non-hotel real estate joint ventures.

Perfect State Transfer in Laplacian Quantum Walk

For a graph $G$ and a related symmetric matrix $M$, the continuous-time quantum walk on $G$ relative to $M$ is defined as the unitary matrix $U(t) = \exp(-itM)$, where $t$ varies over the reals. Perfect state transfer occurs between vertices $u$ and $v$ at time $\tau$ if the $(u,v)$-entry of $U(\tau)$ has unit magnitude. This paper studies quantum walks relative to graph Laplacians. Some main observations include the following closure properties for perfect state transfer: (1) If a $n$-vertex graph has perfect state transfer at time $\tau$ relative to the Laplacian, then so does its complement if $n\tau$ is an integer multiple of $2\pi$. As a corollary, the double cone over any $m$-vertex graph has perfect state transfer relative to the Laplacian if and only if $m \equiv 2 \pmod{4}$. This was previously known for a double cone over a clique (S. Bose, A. Casaccino, S. Mancini, S. Severini, Int. J. Quant. Inf., 7:11, 2009). (2) If a graph $G$ has perfect state transfer at time $\tau$ relative to the normalized Laplacian, then so does the weak product $G \times H$ if for any normalized Laplacian eigenvalues $\lambda$ of $G$ and $\mu$ of $H$, we have $\mu(\lambda-1)\tau$ is an integer multiple of $2\pi$. As a corollary, a weak product of $P_{3}$ with an even clique or an odd cube has perfect state transfer relative to the normalized Laplacian. It was known earlier that a weak product of a circulant with odd integer eigenvalues and an even cube or a Cartesian power of $P_{3}$ has perfect state transfer relative to the adjacency matrix. As for negative results, no path with four vertices or more has antipodal perfect state transfer relative to the normalized Laplacian. This almost matches the state of affairs under the adjacency matrix (C. Godsil, Discrete Math., 312:1, 2011).Comment: 26 pages, 5 figures, 1 tabl

Metagonimoides Oregonensis Price, 1931 Occurring in Ohio Raccoons (Trematoda: Heterophyidae)

Author Institution: Science Department, Waynesburg College, Waynesburg, Pa. ; Science Division, Southern Illinois University, Alto

The potential to reduce the embodied energy in construction through the use of renewable materials

The threat of dangerous levels of global warming demand that we significantly reduce carbon emissions over the coming decades. Globally, carbon emissions from all energy end-uses in buildings in 2004 were estimated to be 8.6 Gt CO2 or almost one quarter of total CO2 emissions (IPCC 2007). In Australia, nearly ten per cent of greenhouse gases come from the residential sector (DCCEE 2012). However, it is not merely the operation of the buildings that contributes to their CO2 emissions, but the energy used over their entire life cycle. Research has demonstrated that the embodied energy of the construction materials used in a building can sometimes equal the operational energy over the building’s entire lifetime (Crawford 2011). Therefore the materials used in construction need to be carefully considered. Conventional building materials not only represent high levels of embodied energy but also use resources that are finite and are being depleted. Renewable building materials are those materials that can be regenerated quickly enough to remove the threat of depletion and in theory their production could be carbon-neutral. To assess the potential for renewable building materials to reduce the embodied energy content of residential construction, the embodied energy of a small residential building has been determined. Wherever possible, the conventional construction materials were then replaced by commercially-available renewable building materials. The embodied energy of the building was then recalculated. The analysis showed that the embodied energy of the building could be reduced from 7.5 GJ per m2 to 5.4 GJ per m2 i.e. by 28%. The commercial availability of renewable materials, however, was a limiting factor and indicated that the industry is not yet well positioned to embrace this strategy to reduce embodied energy of construction. While some conventional building materials could readily be replaced, in many instances a renewable substitute could not be found