Housing Services and Volatility Bounds with Real Estate Returns

Abstract We investigate the role of a real estate market in consumption based asset pricing models. A long-standing issue in this context is the inability of these models to match the equity premium observed in the data. Piazzesi, Schneider, and Tuzel (2007) use a model with housing services that comes closer to matching the premium. We look at the performance of this model from a different perspective. Rather than focusing on the model implied returns, we use historical returns to construct the Hansen-Jagannathan volatility bounds for the inter-temporal rate of substitution (a stochastic discount factor). Our returns include real estate returns in addition to the typically included returns on stocks and a risk-free asset. Then we calculate moments of a stochastic discount factor implied by the model fro

Bydlení, spotřeba a návratnost akcí: sjednocený ekonometrický model

Various theoretical models and empirical studies suggest a dynamic relationshipamong property returns, consumption, and stock returns. The present paper pro-poses a joint Markov switching model for the three variables, which allows for dif-fering means and variances of the individual series

Výhodnocení úspěšnosti obnovy lesa na požářišti Bzenec

The aim of this thesis was to evaluate successfulness of forestation at a seat of fire near Bzenec. Several types of planting stock varying in the type of species, plant cover, the way of growing and coverage by surrounding growths after planting were used. Two independent measurings were taken, during which shoot height, root crown thickness, growt length, losses, vitality, diversion from vertical, trunk straightness, damage by biotic agents (mainly by forest cockchafer), the weight of dry matter and root deformations were investigated. The paper strip method executed by a rotary cultivator proved to be little effective, because cockchafer grubs were not affected in any way when the soil was prepared this way. Big losses were found out already during spring evaluation. These losses doubled, even tripled, during a vegetation period. The losses were caused mainly by cockchafer grubs. It is possible to recommend suitable forestation of weeded areas by containerized planting stock of pine and bare-rooted broad-leaved trees as a possible solution

Identification of material properties of sandwich structure with piezoelectric patches

The work focuses on light-weight sandwich structures made of carbon-epoxy skins and foam core which have unique bending stiffness compared to conventional materials. The skins are manufactured by vacuum autoclave technology from unidirectional prepregs and the sandwich is then glued together. The resulting material properties of the structure usually differ from those provided by manufacturer or even those obtained from experimental tests on separatematerials, which makes computationalmodels unreliable. Therefore, the properties are identified using the combination of experimental analysis of the sandwich with attached piezoelectric transducer and corresponding static and modal finite element analyses. Simple mathematical optimization with repetitive finite element solution is used. The model is then verified by transient analysis when the piezoelectric patch is excited by harmonic signals covering the first two eigen-frequencies and the induced oscillations are measured by laser sensor

Modal analysis of beam with piezoelectric sensors a actuators

One dimensional finite element is developed for the analysis of structures with applied piezoelectric sensors and actuators, i.e. smart structures, mechanical behavior of which can be controlled in real-time. The element is based on Euler-Bernoulli theory and it assumes bilinear distribution of electric field potential. Mathematical model was implemented in MATLAB environment. Sensitivity analysis is carried out for the case of modal analysis with and without piezo patches

Visualization of archeological sites

This contribution describes the progress that has been achieved in the early stage of the project for rendering and animation of the archaeological site of circular structure in Tesetice, Czech Republic. The model of the site is based on CSG and it was currently rendered using ray tracing. This paper describes how the site was modeled and rendered