1,245 research outputs found
ON DEMAND: CROSS-COUNTRY EVIDENCE FROM COMMERCIAL REAL ESTATE ASSET MARKETS
Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.equity REIT; IPO; interest-rate sensitivity; risk-adjusted return performance
Universal Impedance Fluctuations in Wave Chaotic Systems
We experimentally investigate theoretical predictions of universal impedance
fluctuations in wave chaotic systems using a microwave analog of a quantum
chaotic infinite square well potential. Our approach emphasizes the use of the
radiation impedance to remove the non-universal effects of the particular
coupling from the outside world to the scatterer. Specific predictions that we
test include the probability distribution functions (PDFs) of the real (related
to the local density of states in disordered metals) and imaginary parts of the
normalized cavity impedance, the equality of the variances of these PDFs, and
the dependence of the universal PDFs on a single control parameter
characterizing the level of loss. We find excellent agreement between the
statistical data and theoretical predictions.Comment: 5 pages, 3 figures, submitted to Phys. Rev. Let
Universal Statistics of the Scattering Coefficient of Chaotic Microwave Cavities
We consider the statistics of the scattering coefficient S of a chaotic
microwave cavity coupled to a single port. We remove the non-universal effects
of the coupling from the experimental S data using the radiation impedance
obtained directly from the experiments. We thus obtain the normalized, complex
scattering coefficient whose Probability Density Function (PDF) is predicted to
be universal in that it depends only on the loss (quality factor) of the
cavity. We compare experimental PDFs of the normalized scattering coefficients
with those obtained from Random Matrix Theory (RMT), and find excellent
agreement. The results apply to scattering measurements on any wave chaotic
system.Comment: 10 pages, 8 Figures, Fig.7 in Color, Submitted to Phys. Rev.
Experimental Test of Universal Conductance Fluctuations by means of Wave-Chaotic Microwave Cavities
The mathematical equivalence of the time-independent Schrodinger equation and
the Helmholtz equation is exploited to provide a novel means of studying
universal conductance fluctuations in ballistic chaotic mesoscopic systems
using a two-dimensional microwave-cavity. The classically chaotic ray
trajectories within a suitably-shaped microwave cavity play a role analogous to
that of the chaotic dynamics of non-interacting electron transport through a
ballistic quantum dot in the absence of thermal fluctuations. The microwave
cavity is coupled through two single-mode ports and the effect of non-ideal
coupling between the ports and cavity is removed by a previously developed
method based on the measured radiation impedance matrix. The Landauer-Buttiker
formalism is applied to obtain the conductance of a corresponding mesoscopic
quantum-dot device. We find good agreement for the probability density
functions (PDFs) of the experimentally derived surrogate conductance, as well
as its mean and variance, with the theoretical predictions of Brouwer and
Beenakker. We also observe a linear relation between the quantum dephasing
parameter and the cavity ohmic loss parameter.Comment: 7 Pages,5 Figures (all figures in Color). Submitted to Phys. Rev. B.
Updated with Referee/Editor comment
Computation and visualization of photonic quasicrystal spectra via Blochs theorem
Previous methods for determining photonic quasicrystal (PQC) spectra have
relied on the use of large supercells to compute the eigenfrequencies and/or
local density of states (LDOS). In this manuscript, we present a method by
which the energy spectrum and the eigenstates of a PQC can be obtained by
solving Maxwells equations in higher dimensions for any PQC defined by the
standard cut-and-project construction, to which a generalization of Blochs
theorem applies. In addition, we demonstrate how one can compute band
structures with defect states in the higher-dimensional superspace with no
additional computational cost. As a proof of concept, these general ideas are
demonstrated for the simple case of one-dimensional quasicrystals, which can
also be solved by simple transfer-matrix techniques.Comment: Published in Physical Review B, 77 104201, 200
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