Performance Evaluation of Finite-Life Real Estate Investment Trusts

This study analyzes the investment performance of real estate investment trusts, comparing the finite-life trusts (FREIT) with traditional REITs and stock returns. The results indicate that the FREITs performed more poorly than the REITs, with both the FREITs and REITs underperforming the market index over the period studied. It was also found that while portfolio risk diversification benefits may exist for the REITs and FREITs, it is not clear that the reduced risk is warranted by the large reduction in returns. Finally, this research shows that little total or unanticipated inflation hedging capability exists for the REITs or FREITs over the period studied, although anticipated inflation hedging capabilities were found.

Measurement of inclusive D*+- and associated dijet cross sections in photoproduction at HERA

Inclusive photoproduction of D*+- mesons has been measured for photon-proton centre-of-mass energies in the range 130 < W < 280 GeV and a photon virtuality Q^2 < 1 GeV^2. The data sample used corresponds to an integrated luminosity of 37 pb^-1. Total and differential cross sections as functions of the D* transverse momentum and pseudorapidity are presented in restricted kinematical regions and the data are compared with next-to-leading order (NLO) perturbative QCD calculations using the "massive charm" and "massless charm" schemes. The measured cross sections are generally above the NLO calculations, in particular in the forward (proton) direction. The large data sample also allows the study of dijet production associated with charm. A significant resolved as well as a direct photon component contribute to the cross section. Leading order QCD Monte Carlo calculations indicate that the resolved contribution arises from a significant charm component in the photon. A massive charm NLO parton level calculation yields lower cross sections compared to the measured results in a kinematic region where the resolved photon contribution is significant.Comment: 32 pages including 6 figure

Measurement of event shapes in deep inelastic scattering at HERA

Inclusive event-shape variables have been measured in the current region of the Breit frame for neutral current deep inelastic ep scattering using an integrated luminosity of 45.0 pb^-1 collected with the ZEUS detector at HERA. The variables studied included thrust, jet broadening and invariant jet mass. The kinematic range covered was 10 < Q^2 < 20,480 GeV^2 and 6.10^-4 < x < 0.6, where Q^2 is the virtuality of the exchanged boson and x is the Bjorken variable. The Q dependence of the shape variables has been used in conjunction with NLO perturbative calculations and the Dokshitzer-Webber non-perturbative corrections (`power corrections') to investigate the validity of this approach.Comment: 7+25 pages, 6 figure

Angular and Current-Target Correlations in Deep Inelastic Scattering at HERA

Correlations between charged particles in deep inelastic ep scattering have been studied in the Breit frame with the ZEUS detector at HERA using an integrated luminosity of 6.4 pb-1. Short-range correlations are analysed in terms of the angular separation between current-region particles within a cone centred around the virtual photon axis. Long-range correlations between the current and target regions have also been measured. The data support predictions for the scaling behaviour of the angular correlations at high Q2 and for anti-correlations between the current and target regions over a large range in Q2 and in the Bjorken scaling variable x. Analytic QCD calculations and Monte Carlo models correctly describe the trends of the data at high Q2, but show quantitative discrepancies. The data show differences between the correlations in deep inelastic scattering and e+e- annihilation.Comment: 26 pages including 10 figures (submitted to Eur. J. Phys. C

Exercise capacity in children with isolated congenital complete atrioventricular block: does pacing make a difference?

Item does not contain fulltextThe management of patients with isolated congenital complete atrioventricular block (CCAVB) has changed during the last decades. The current policy is to pace the majority of patients based on a variety of criteria, among which is limited exercise capacity. Data regarding exercise capacity in this population stems from previous publications reporting small case series of unpaced patients. Therefore, we have investigated the exercise capacity of a group of contemporary children with CCAVB. Sixteen children (mean age 11.5 +/- 4; seven boys, nine girls) with CCAVB were tested. In 13 patients, a median number of three pacemakers were implanted, whereas in three patients no pacemaker was given. All patients had an echocardiogram and completed a cardiopulmonary cycle exercise test. Exercise parameters were determined and compared with reference values obtained from healthy Dutch peers. The peak oxygen uptake/body mass was reduced to 34.4 +/- 9.5 ml kg(-1) min(-1) (79 +/- 24% of predicted) and the ventilatory threshold was reduced to 52 +/- 17% of peak oxygen uptake (78 +/- 21% of predicted), whereas the peak work load/body mass was 2.8 +/- 0.6 W/kg (91 +/- 24% of predicted), which was similar to controls. Importantly, 25% of the paced patients showed upper rate restriction by the pacemaker. In conclusion, children with CCAVB show a reduced peak oxygen uptake and ventilatory threshold, whereas they show normal peak work rates. This indicates that they generate more energy during exercise from anaerobic energy sources. Paced children with CCAVB do not perform better than unpaced children.1 april 201

The Sensory Consequences of Speaking: Parametric Neural Cancellation during Speech in Auditory Cortex

When we speak, we provide ourselves with auditory speech input. Efficient monitoring of speech is often hypothesized to depend on matching the predicted sensory consequences from internal motor commands (forward model) with actual sensory feedback. In this paper we tested the forward model hypothesis using functional Magnetic Resonance Imaging. We administered an overt picture naming task in which we parametrically reduced the quality of verbal feedback by noise masking. Presentation of the same auditory input in the absence of overt speech served as listening control condition. Our results suggest that a match between predicted and actual sensory feedback results in inhibition of cancellation of auditory activity because speaking with normal unmasked feedback reduced activity in the auditory cortex compared to listening control conditions. Moreover, during self-generated speech, activation in auditory cortex increased as the feedback quality of the self-generated speech decreased. We conclude that during speaking early auditory cortex is involved in matching external signals with an internally generated model or prediction of sensory consequences, the locus of which may reside in auditory or higher order brain areas. Matching at early auditory cortex may provide a very sensitive monitoring mechanism that highlights speech production errors at very early levels of processing and may efficiently determine the self-agency of speech input

Explaining Institutional Change: Why Elected Politicians Implement Direct Democracy

In existing models of direct democratic institutions, the median voter benefits, but representative politicians are harmed since their policy choices can be overridden. This is a puzzle, since representative politicians were instrumental in creating these institutions. I build a model of direct democracy that explains why a representative might benefit from tying his or her own hands in this way. The key features are (1) that voters are uncertain about their representative's preferences; (2) that direct and representative elections are complementary ways for voters to control outcomes. The model shows that some politicians benefit from the introduction of direct democracy, since they are more likely to survive representative elections: direct democracy credibly prevents politicians from realising extreme outcomes. Historical evidence from the introduction of the initiative, referendum and recall in America broadly supports the theory, which also explains two empirical results that have puzzled scholars: legislators are trusted less, but reelected more, in US states with direct democracy. I conclude by discussing the potential for incomplete information and signaling models to improve our understanding of institutional change more generally

Inclusive jet cross sections in the Breit frame in neutral current deep inelastic scattering at HERA and determination of αs\alpha_{s}

Inclusive jet differential cross sections have been measured in neutral current deep inelastic e+p scattering for boson virtualities Q**2>125 GeV**2. The data were taken using the ZEUS detector at HERA and correspond to an integrated luminosity of 38.6 pb-1. Jets were identified in the Breit frame using the longitudinally invariant K_T cluster algorithm. Measurements of differential inclusive jet cross sections are presented as functions of jet transverse energy (E_T,jet), jet pseudorapidity and Q**2, for jets with E_T,jet>8 GeV. Next-to-leading-order QCD calculations agree well with the measurements both at high Q**2 and high E_T,jet. The value of alpha_s(M_Z), determined from an analysis of dsigma/dQ**2 for Q**2>500 GeV**2, is alpha_s(M_Z) = 0.1212 +/- 0.0017 (stat.) +0.0023 / -0.0031 (syst.) +0.0028 / -0.0027 (th.)

Measurement of the Diffractive Cross Section in Deep Inelastic Scattering using ZEUS 1994 Data

The DIS diffractive cross section, $d\sigma^{diff}_{\gamma^* p \to XN}/dM_X$, has been measured in the mass range $M_X < 15$ GeV for $\gamma^*p$ c.m. energies $60 < W < 200$ GeV and photon virtualities $Q^2 = 7$ to 140 GeV$^2$. For fixed $Q^2$ and $M_X$, the diffractive cross section rises rapidly with $W$, $d\sigma^{diff}_{\gamma^*p \to XN}(M_X,W,Q^2)/dM_X \propto W^{a^{diff}}$ with $a^{diff} = 0.507 \pm 0.034 (stat)^{+0.155}_{-0.046}(syst)$ corresponding to a $t$-averaged pomeron trajectory of \bar{\alphapom} = 1.127 \pm 0.009 (stat)^{+0.039}_{-0.012} (syst) which is larger than \bar{\alphapom} observed in hadron-hadron scattering. The $W$ dependence of the diffractive cross section is found to be the same as that of the total cross section for scattering of virtual photons on protons. The data are consistent with the assumption that the diffractive structure function $F^{D(3)}_2$ factorizes according to \xpom F^{D(3)}_2 (\xpom,\beta,Q^2) = (x_0/ \xpom)^n F^{D(2)}_2(\beta,Q^2). They are also consistent with QCD based models which incorporate factorization breaking. The rise of \xpom F^{D(3)}_2 with decreasing \xpom and the weak dependence of $F^{D(2)}_2$ on $Q^2$ suggest a substantial contribution from partonic interactions