Extrapolation Theory and the Pricing of REIT Stocks

This paper is the winner of the best paper on Real Estate Investment Trusts award (sponsored by the National Association of Real Estate Investment Trusts (NAREIT)] presented at the 2005 American Real Estate Society Annual Meeting. This study evaluates the investment prospects of value stocks in the real estate investment trust (REIT) market. Value stocks are defined as those that carry low prices relative to their earnings, dividends, book assets, or other measures of fundamental value. The empirical results show that from 1990 onwards, value REITs provide superior returns without exposing investors to higher risks. The evidence is consistent with the extrapolation theory, which attributes the mispricing to investors over extrapolating past corporate results into the future. Interestingly, the findings reveal that such extrapolation is asymmetric in the REIT market. While value REITs are underpriced in accordance with the extrapolation theory, no evidence is found that growth REITs are overpriced. The value anomaly also exhibited several temporal traits. Firstly, the value premium varies over time. Secondly, the magnitude of the premium is inversely associated with the market performance. Finally, the value anomaly is not evident in the pricing of REITs in the 1980s.

An eigenmode analysis of time delays in an acoustically coupled multi-bubble system

The acoustic properties of an inhomogeneous bubbly medium are complex owing to the absorption and re-emission of acoustic energy by the bubbles. This phenomena can be approximated by a globally coupled system of linear oscillators. In previous studies, it has been shown that this simple model can produce results that are in qualitative agreement with experimental data. In order to achieve better quantitative agreement with experimental data, time-delays need to be introduced into the mathematical model. In the present study, the resulting delayed differential equations were solved numerically using a 4th order Runge-Kutta method. The numerical methodology was validated by comparing simplified cases with the solution using analytical methods. The effects of time-delay were assessed by comparing non-timedelayed and time-delayed versions of the mathematical model. Results from numerical simulations were then compared to assess the effects and importance of the inclusion of time-delay in the mathematical model. This study shows that the inclusion of time-delay has a noticeable effect on the lower frequency modes of the model. This effect propagates to the higher frequency modes as the magnitude of the time-delay increases. The results also shows that the time-delay shifts the dominant modes from the lower frequency modes to the higher frequency mode

Complex Relationships between Competing Guilds along Large-Scale Environmental Gradients

Despite much research over the past 30 years there is still little general understanding of how the outcomes of interactions vary along environmental gradients, particularly at large geographic scales. A simple expectation is that decreasing environmental quality should reduce densities of competitors and hence the effects of competition should weaken in poorer environments. A counter-intuitive consequence is that associations between densities of competitors might change from negative to positive as environments decrease in quality. Here we test these predictions in a set of vascular plant communities where perennial species share space and resources with less competitive annuals. We surveyed nine grey dune communities annually for 5 years along a cross-European latitudinal gradient of habitat quality. We find that densities of annual and perennial species are negatively correlated at the high-quality end of the gradient, while at the low-quality end guild densities are uncorrelated or positively correlated, consistent with a weakening of competition linked to increasing environmental limitations. Our results suggest that even simple interactions can give rise to non-obvious changes in species associations along environmental gradients. They highlight that understanding the outcome of species interactions may require explicit characterization of their changing intensity with environmental quality, and that the factors limiting species’ co-distribution can vary along environmental gradients

A New Phenomenology for the Disordered Mixed Phase

A universal phase diagram for type-II superconductors with weak point pinning disorder is proposed. In this phase diagram, two thermodynamic phase transitions generically separate a ``Bragg glass'' from the disordered liquid. Translational correlations in the intervening ``multi-domain glass'' phase are argued to exhibit a significant degree of short-range order. This phase diagram differs significantly from the currently accepted one but provides a more accurate description of experimental data on high and low-T$_c$ materials, simulations and current theoretical understanding.Comment: 15 pages including 2 postscript figures, minor changes in published versio

Symmetric mode resonance of bubbles near a rigid boundary - the nonlinear case with time delay effects

A fundamental understanding of the effect of a surface on the resonance frequency of bubbles will be useful in the future development of diagnostic medical ultrasound equipment, and specifically in the area of targeted contrast agents for the screening and possible treatment of colon cancer. In this work we turn to the wall effects on the nonlinear resonance frequency response of air bubbles in water, following on from an earlier work which considered linear interactions (E. M. B. Payne, S. Illesinghe, A. Ooi, R. Manasseh, J. Acoust Soc. Am. 118, 2841-2849 (2005)). Numerical results for micron-sized bubbles near a rigid boundary are presented, showing the shift in frequency caused by the presence of the boundary and the presence of other bubbles. Time delay effects are also included, showing a damping of the frequency response. Simulations are limited to the special case where all bubbles are in phase (i.e., the symmetric mode), which refers to the case where all bubbles have the same initial conditions and are subjected to the same excitation pressure field. As a result they have identical time histories. An experimental method for measuring the frequency response of a single bubble attached to a surface is also briefly mentioned

The magnitude and dynamics of interocular suppression affected by monocular boundary contour and conflicting local features

AbstractA monocular boundary contour (MBC) rivalry stimulus has two half-images, a homogeneous grating and the same homogeneous grating with an additional disc region. The outline/frame of the MBC disc is created by relative phase-shift, or orientation-difference. We found the increment contrast threshold and reaction time to detect a monocular Gabor probe elevated on the homogeneous half-image pedestal. The interocular suppression begins as early as 80ms upon stimulus onset. Moreover, the suppression magnitude is larger when the MBC disc is defined by orientation-difference rather than phase-shift, revealing the suppression caused by competing local features in addition to MBC

Activity Study of Absorbent Prepared from CaO/CaSO4/Coal Fly Ash for SO2 Removal at Low Temperatures.

This study presents findings from an experimental investigation of the influences of several factors on the desulfurization capacity of absorbent prepared from coal fly ash, CaO, and CaSO4. The absorbent was synthesized using hydrothermal reaction while the sulfation experiments were performed in a fixed-bed reactor under isothermal conditions at low temperature

Histone H3.3 Variant Dynamics in the Germline of Caenorhabditis elegans

Germline chromatin undergoes dramatic remodeling events involving histone variants during the life cycle of an organism. A universal histone variant, H3.3, is incorporated at sites of active transcription throughout the cell cycle. The presence of H3.3 in chromatin indicates histone turnover, which is the energy-dependent removal of preexisting histones and replacement with new histones. H3.3 is also incorporated during decondensation of the Drosophila sperm pronucleus, indicating a direct role in chromatin remodeling upon fertilization. Here we present a system to monitor histone turnover and chromatin remodeling during Caenorhabditis elegans development by following the developmental dynamics of H3.3. We generated worm strains expressing green fluorescent protein– or yellow fluorescent protein–fused histone H3.3 proteins, HIS-71 and HIS-72. We found that H3.3 is retained in mature sperm chromatin, raising the possibility that it transmits epigenetic information via the male germline. Upon fertilization, maternal H3.3 enters both male and female pronuclei and is incorporated into paternal chromatin, apparently before the onset of embryonic transcription, suggesting that H3.3 can be incorporated independent of transcription. In early embryos, H3.3 becomes specifically depleted from primordial germ cells. Strikingly, the X chromosome becomes deficient in H3.3 during gametogenesis, indicating a low level of histone turnover. These results raise the possibility that the asymmetry in histone turnover between the X chromosome and autosomes is established during gametogenesis. H3.3 patterns are similar to patterns of H3K4 methylation in the primordial germ cells and on the X chromosome during gametogenesis, suggesting that histone turnover and modification are coupled processes. Our demonstration of dynamic H3.3 incorporation in nondividing cells provides a mechanistic basis for chromatin changes during germ cell development