Management Changes And Performance: The Case Of REITs

Management’s (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study extends the work of McIntosh et al (1994) and Friday et al (2006) by analyzing management changes involving Real Estate Investment Trusts from 1996 to 2008. I find that there is a significant relationship between negative performance and a management change from a period three months prior to the change in management. REITs specializing in office properties have the largest negative performance prior to management changes. Negative performance prior to management changes was highest during the tech bubble period

Do Management Changes Matter? An Empirical Investigation of REIT Performance

Management’s (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study addresses this issue by extending the work of McIntosh, Rogers, Sirmans and Liang (1994) by analyzing management changes within REITs from 1984 to 2002. The findings indicate a significant relationship between negative performance and a management change from a period three months prior to the change in management. Logit and probit analysis are used to determine whether negative firm performance (measured by its relationship to market returns) can predict the likelihood of a management change. No predictive ability is found.

NAV And Risk: The Case Of REITs

A study is done on Net Asset Value (NAV) of equity REITs from 1993 to 2006.  The value (growth) determination of REITs is investigated based on NAV per share as opposed to book value per share since the underlying value of the REITs’ assets (NAV) drives the trading decision.  The NAV to Market ratio (NM) is evaluated as a risk measure when used in a Fama-French and Carhart model setting.  We find this measure contributes only 0.10% to the REIT risk premium

A supersonic crowdion in mica: Ultradiscrete kinks with energy between 40^{40}K recoil and transmission sputtering

In this chapter we analyze in detail the behaviour and properties of the kinks found in an one dimensional model for the close packed rows of potassium ions in mica muscovite. The model includes realistic potentials obtained from the physics of the problem, ion bombardment experiments and molecular dynamics fitted to experiments. These kinks are supersonic and have an unique velocity and energy. They are ultradiscrete involving the translation of an interstitial ion, which is the reason they are called 'crowdions'. Their energy is below the most probable source of energy, the decay of the $^{40}$K isotope and above the energy needed to eject an atom from the mineral, a phenomenon that has been observed experimentallyComment: 28 pages, 15 figure

Must naive realists be relationalists?

Relationalism maintains that perceptual experience involves, as part of its nature, a distinctive kind of conscious perceptual relation between a subject of experience and an object of experience. Together with the claim that perceptual experience is presentational, relationalism is widely believed to be a core aspect of the naive realist outlook on perception. This is a mistake. I argue that naive realism about perception can be upheld without a commitment to relationalism

Flamingo Vol. III N 2

Anonymous. Cover. Picture. 0. Anonymous. Untitled. Picture. 4. Price, John M. Dada--Esthetic Nihilism. Prose. 5. G.C. Tolerance. Poem. 6. G.W.B. The Castaway. Poem. 6. G.W.B. Cinquains. Poem. 7. Holt, K. HORATI CARMINA, Liber I, ix. Prose. 7. W.A.V. Untitled. Poem. 7. A.E.R. Moods. Poem. 7. G.W.B. Some Say The Moon. Poem. 7. A.E.R. On Quoting The Night Has A Thousand Eyes . Poem. 7. Anonymous. Chapel Cherubs. Prose. 8. E.B. Untitled. Picture. 8. E.B. Untitled. Picture. 8. Anonymous. Untitled. Prose. 9. Anonymous. Untitled. Prose. 9. Anonymous. FLIP— MIGHT I ASK YOU FOR THIS DANCE? FLAP— PLEASE DO, I\u27VE BEEN DYING TO REFUSE YOU ALL EVENING. . Picture. 9. Anonymous. HUSBAND (SAVAGELY)— MARIA, WHERE\u27S MY CLOTHES? MARIA— GOOD HEAVENS, DEAR, I WONDER IF I USED THEM IN THE SALAD. Picture. 9. Anonymous. Our Log Table. Prose. 9. Anonymous. Approved Vocabulary For Fans. Prose. 9. Anonymous. Untitled. Prose. 9.; Anonymous. Untitled. Prose. 9. Anonymous. Untitled. Prose. 9. Anonymous. Untitled. Prose. 9. Anonymous. Only Too True! Prose. 10. F.T. GEORGE TOLD ME ALL THE SECRETS OF HIS PAST LAST NIGHT. REALLY! WHAT DID YOU THINK OF THEM? OH, I THOUGHT THEY WERE HORRIBLY DISAPPOINTING. Picture. 10. Anonymous. Untitled. Prose. 10. Anonymous. Untitled. Prose. 10. Anonymous. Untitled. Prose. 10. Howard, Lillis. The Engaged Homo. Poem. 10. Anonymous. Before and After. Poem. 11. Anonymous. Untitled. Poem. 11. Ubersax. AS OTHERS MIGHT SEE US—CLEVELAND HALL TO A CUBIST. Picture. 11. Anonymous. Untitled. Prose. 11. Anonymous. Untitled. Prose. 11. Anonymous. Untitled. Prose. 11. Anonymous. SECOND FROM THE RIGHT— WHAT\u27S THAT DESERTED OLD BUILDING OVER THERE? DITTO LEFT— MUST BE WHERE THEY USED TO MAKE HAIRPINS. Picture. 11. Anonymous. Untitled. Prose. 11. Anonymous. Untitled. Prose. 11. E.T.B. Broadway Bizarre. Prose. 12. E.B. Untitled. Picture. 13. E.B. The First One. Picture. 13. Anonymous. It\u27s done. Prose. 14. W.G.M. Mother. Prose. 15. Anonymous. Our Daily Mud. Prose. 15. G.C. Optimism. Poem. 15. Bridge. Denison Comics. Picture. 16. Anonymous. Our Asinetic Appreciation Corner. Prose. 18. Anonymous. STILL LIFE OF A NEAR-BEER AT THE TURNING POINT. Picture. 18. Rine, Russell. Stewed and Hashed. Poem. 18. Anonymous. Untitled. Poem. 18. Anonymous. Untitled. Poem. 19. Anonymous. Untitled. Prose. 19. Anonymous. Untitled. Prose. 19. Mercer, Hod. OUR OWN IDEA OF SOMETHING AESTHETIC. Picture. 19. Anonymous. Untitled. Prose. 19. Anonymous. Untitled. Prose. 19. Anonymous. Such Is Life. Poem. 19. Anonymous. Untitled. Prose. 19. Anonymous. Untitled. Prose. 19. Grayce. THE FLIGHT IS ON—THE FESTIVAL IS HERE. Picture. 20. W.G.K. Eutopia Regained. Prose. 20. Anonymous. Untitled. Prose. 20. Anonymous. Untitled. Prose. 20. Anonymous. Oh You Nine Weeks. Poem. 20. Anonymous. Untitled. Prose. 20. Anonymous. Untitled. Prose. 20. Anonymous. Untitled. Prose. 20. Anonymous. THAT MAUSOLEUM HAS BEEN CONDEMNED BY THE BUILDING INSPECTOR. WHAT\u27S WRONG WITH IT? IT HASN\u27T ANY FIRE ESCAPES. Picture. 20. Jester. Untitled. Prose. 24. Anonymous. Untitled. Prose. 24. Panther. Untitled. Prose. 24. Octopus. Untitled. Prose. 24. Mugwump. Untitled. Prose. 24. Reel, Virginia. Untitled. Prose. 24. Garber, Jock. Kows and Why Not. Prose. 25. Texas Scalper. Untitled. Prose. 25. Lord Jeff. Untitled. Prose. 28. Lampoon. Cut Rates. Prose. 28. Malteaser. Untitled. Prose. 28. Sun Dodger. Untitled. Prose. 28. Beanpot. Untitled. Prose. 28. Malteaser. Untitled. Prose. 28. Gargoyle. Putting It Fairly. Prose. 29. Malteaser. Untitled. Prose. 29. Gargoyle. Untitled. Prose. 29. Sun Dial. Untitled. Prose. 29. Gargoyle. Untitled. Prose. 30. Malteaser. Untitled. Prose. 30. Panther. Untitled. Prose. 30. Sun Dial. The Stuffed Kind. Prose. 30. Student Life. Untitled. Prose. 30. Malteaser. Heard in EC. Class. Prose. 30. Nashville Tennessean. Untitled. Prose. 30. Lemon Punch. Untitled. Prose. 31. Sun Dial. Untitled. Prose. 31. Gargoyle. Two is a Crowd. Prose. 31. Phoenix. Untitled. Prose. 31

Signalling Responses Following Varying Sequencing of Strength and Endurance Training in a Fed State.

The objective of this study was to compare anabolic signalling responses to differing sequences of concurrent strength and endurance training in a fed state.Eighteen resistance-trained males were randomly assigned to the following experimental conditions; i) strength training (ST), ii) strength followed by endurance training (ST-END) or iii) endurance followed by strength training (END-ST). Muscle tissue samples were taken from the vastus lateralis before each exercise protocol, upon cessation of exercise, and 1 h-post cessation of strength training. Tissue was analysed for total and phosphorylated (p-) signalling proteins linked to the mTOR and AMPK networks.Strength training performance was similar between ST, ST-END and END-ST. p-S6k1 was elevated from baseline 1 h post training in ST and ST-END (both p < 0.05). p-4E-BP1 was significantly lower than baseline post ST (p = 0.01), while 1 h post exercise in the ST-END condition p-4E-BP1 was significantly greater than post exercise (p = 0.04). p-ACC was elevated from baseline both post and 1 h post exercise (both p < 0.05) in the END-ST condition. AMPK, mTOR, p38, PKB, eEF2 responded similarly to the ST, ST-END and END-ST. Signalling responses to ST, ST-END and END were largely similar. As such it cannot be ascertained which sequence of concurrent strength and endurance training is most favourable in promoting anabolic signalling.These data indicate that in the case of the present study an acute bout of concurrent training of differing sequences elicited similar responses of the AMPK and mTOR networks

Ecological implications of fine-scale fire patchiness and severity in tropical savannas of northern Australia

Research ArticleUnderstanding fine-scale fire patchiness has significant implications for ecological processes and biodiversity conservation. It can affect local extinction of and recolonisation by relatively immobile fauna and poorly seed-dispersed flora in fire-affected areas. This study assesses fine-scale fire patchiness and severity, and associated implications for biodiversity, in north Australian tropical savanna systems. We used line transects to sample burning patterns of ground layer vegetation in different seasons and vegetation structure types, within the perimeter of 35 fires that occurred between 2009 and 2011. We evaluated two main fire characteristics: patchiness (patch density and mean patch length) and severity (inferred from char and scorch heights, and char and ash proportions). The mean burned area of ground vegetation was 83 % in the early dry season (EDS: May to July) and 93 % in the late dry season (LDS: August to November). LDS fires were less patchy (smaller and fewer unburned patches), and had higher fire severity (higher mean char and scorch heights, and twice the proportion of ash) than EDS fires. Fire patchiness varied among vegetation types, declining under more open canopy structure. The relationship between burned area and fire severity depended on season, being strongly correlated in the EDS and uncorrelated in the LDS. Simulations performed to understand the implications of patchiness on the population dynamics of fire-interval sensitive plant species showed that small amounts of patchiness substantially enhance survival. Our results indicate that the ecological impacts of high frequency fires on firesensitive regional biodiversity elements are likely to be lower than has been predicted from remotely sensed studies that are based on assumptions of homogeneous burninginfo:eu-repo/semantics/publishedVersio

Investigating the Present Day Cosmic Dust Flux at the Earth's Surface: Initial Results from the Kwajalein Micrometeorite Collection

Examination of impact craters on the Long Duration Exposure Facility satellite indicate a present day micrometeoroid flux of approx. 30,000 tonnes [1 after 2]. But what portion of this material arrives at the Earth's surface as micrometeorites? Studies of available micrometeorite collections from deep sea sediments [e.g. 3], Greenland blue ice [e.g. 4] and the South Pole water well [e.g. 1] may be complicated by terrestrial weathering and, in some cases, collection bias (magnetic separation for deep sea sediments) and poorly constrained ages. We have recently set up a micrometeorite collection station on Kwajalein Island in the Republic of the Marshall Islands in the Pacific Ocean, using high volume air samplers to collect particles directly from the atmosphere. By collecting in this way, the terrestrial age of the particles is known, the weathering they experience is minimal, and we are able to constrain particle arrival times. Collecting at this location also exploits the considerably reduced anthropogenic background [5]. Method: High volume air samplers were installed on top of the two-story airport building on Kwajalein. These were fitted with polycarbonate membrane filters with 5m diameter perforations. The flow rates were set to 0.5m3/min, and filters were changed once a week. After collection, filters were washed to remove salt and concentrate particles [see 5] in preparation for analysis by SEM. Results and Discussion: A selection of filters have been prepared and surveyed. Due to their ease of identification our initial investigations have focused on particles resembling cosmic spherules. The spheres can be divided into three main groups: 1. Silicate spherules rich in Al, Ca, K and Na (to varying degrees), 2. Silicate spherules rich in Mg and Fe and 3. Fe-rich spherules. Group 1 spherules are often vesiculated and can occur as aggregates. They are similar in appearance and composition to volcanic microspheres [e.g. 6] and are thus likely terrestrial in origin (volcanic). Those of groups 2 and 3, however, typically exhibit quenched surface textures consistent with cosmic spherules. Initial results suggest there is significant variation in the abundance of these groups from filter to filter. Work is ongoing to fully characterize these spherules and to constrain their flux with time

Analysis of Cosmic Spherule Candidates from the Kwajalein Micrometeorite Collection

The Kwajalein micrometeorite collection utilised high volume air samplers fitted with 5 micrometer laser-etched polycarbonate membrane filters to capture particles directly from the atmosphere. The filters were changed weekly over several months throughout 2011/12, providing the opportunity to investigate the contemporary flux of micrometeorites. We recently reported the results of our initial survey of cosmic spherule-like particles on several of these filters. We identified three main groups of particle based on bulk compositions: 1. Silicate spherules rich in Mg, Ca and Fe, 2. Silicate spherules rich in Al, Ca, K and/or Na and 3. Fe-rich spherules. Abundances appeared to change over time suggesting links with celestial activity (e.g. meteor showers), however, spherules similar to groups 2 and 3 can be produced by terrestrial and anthropogenic activity (e.g. volcanic microspherules exhibit similar compositions to group 2 spherules and metallic spherules similar to those of group 3 can be formed during fuel combustion). We are now studying the internal structures and chemistries of these spherules and comparing against cosmic spherules identified in other collections to confrim their origins and further contrain the contemporary micrometeorite flux. Particles are being picked, embedded in resin and polished through to reveal their interiors. Here we will describe our ongoing analyses of these particles via SEM. We will also introduce our new collection using this method that is currently being performed in the Antarctic