The Information Content of the 1999 Announcement of Funds from Operations (FFO) Changes for Real Estate Investment Trusts

This study examines the market response to the 1999 announcement of a change in accounting for Funds from Operations (FFO) for Real Estate Investment Trusts (REITs). This change provides an increase in transparency in the accounting statements of REITs regarding the calculation of FFO. An analysis of this announcement finds that shareholder wealth increases but the significance of that increase is questionable. Additionally, an analysis of the adverse selection component of the bid-ask spread finds weak evidence to support the conjecture that the amount of information asymmetry in REIT prices declines after the announcement of the FFO accounting change.

Using hormones to manage dairy cow fertility: the clinical and ethical beliefs of veterinary practitioners

In the face of a steady decline in dairy cow fertility over several decades, using hormones to assist reproduction has become common. In the European Union, hormones are prescription-only medicines, giving veterinary practitioners a central role in their deployment. This study explored the clinical and ethical beliefs of practitioners, and provides data on their current prescribing practices. During 2011, 93 practitioners working in England completed a questionnaire (95% response rate). Of the 714 non-organic farms they attended, only 4 farms (0.6%) never used hormones to assist the insemination of lactating dairy cows. Practitioners agreed (.80%) that hormones improve fertility and farm businesses profitability. They also agreed(.80%) that if farmers are able to tackle management issues contributing to poor oestrus expression, then over a five year period these outcomes would both improve, relative to using hormones instead. If management issues are addressed instead of prescribing hormones, practitioners envisaged a less favourable outcome for veterinary practices profitability (p,0.01), but an improvement in genetic selection for fertility (p,0.01) and overall cow welfare (p,0.01). On farms making no efforts to address underlying management problems, long-term routine use at the start of breeding for timing artificial insemination or inducing oestrus was judged ‘‘unacceptable’’ by 69% and 48% of practitioners, respectively. In contrast, practitioners agreed ($90%) that both these types of use are acceptable, provided a period of time has been allowed to elapse during which the cow is observed for natural oestrus. Issues discussed include: weighing quality versus length of cow life, fiscal factors, legal obligations, and balancing the interests of all stakeholders, including the increasing societal demand for food. This research fosters debate and critical appraisal, contributes to veterinary ethics, and encourages the pro-active development of professional codes of conduct

Peierls transition in the quantum spin-Peierls model

We use the density matrix renormalization group method to investigate the role of longitudinal quantized phonons on the Peierls transition in the spin-Peierls model. For both the XY and Heisenberg spin-Peierls model we show that the staggered phonon order parameter scales as $\sqrt{\lambda}$ (and the dimerized bond order scales as $\lambda$) as $\lambda \to 0$ (where $\lambda$ is the electron-phonon interaction). This result is true for both linear and cyclic chains. Thus, we conclude that the Peierls transition occurs at $\lambda=0$ in these models. Moreover, for the XY spin-Peierls model we show that the quantum predictions for the bond order follow the classical prediction as a function of inverse chain size for small $\lambda$. We therefore conclude that the zero $\lambda$ phase transition is of the mean-field type

Signed zeros of Gaussian vector fields-density, correlation functions and curvature

We calculate correlation functions of the (signed) density of zeros of Gaussian distributed vector fields. We are able to express correlation functions of arbitrary order through the curvature tensor of a certain abstract Riemann-Cartan or Riemannian manifold. As an application, we discuss one- and two-point functions. The zeros of a two-dimensional Gaussian vector field model the distribution of topological defects in the high-temperature phase of two-dimensional systems with orientational degrees of freedom, such as superfluid films, thin superconductors and liquid crystals.Comment: 14 pages, 1 figure, uses iopart.cls, improved presentation, to appear in J. Phys.

Clinicopathological characteristics of histiocytic sarcoma affecting the central nervous system in dogs.

BackgroundHistiocytic sarcoma affecting the central nervous system (CNS HS) in dogs may present as primary or disseminated disease, often characterized by inflammation. Prognosis is poor, and imaging differentiation from other CNS tumors can be problematic.ObjectiveTo characterize the clinicopathological inflammatory features, breed predisposition, and survival in dogs with CNS HS.AnimalsOne hundred two dogs with HS, 62 dogs with meningioma.MethodsRetrospective case series. Records were reviewed for results of cerebrospinal fluid (CSF) analysis, CBC, treatment, and outcome data.ResultsPredisposition for CNS HS was seen in Bernese Mountain Dogs, Golden Retrievers, Rottweilers, Corgis, and Shetland Sheepdogs (P ≤ .001). Corgis and Shetland Sheepdogs had predominantly primary tumors; Rottweilers had exclusively disseminated tumors. Marked CSF inflammation was characteristic of primary rather than disseminated HS, and neoplastic cells were detected in CSF of 52% of affected dogs. Increased neutrophil to lymphocyte ratios were seen in all groups relative to controls (P <.008) but not among tumor subtypes. Definitive versus palliative treatment resulted in improved survival times (P < .001), but overall prognosis was poor.Conclusions and clinical importanceClinicopathological differences between primary and disseminated HS suggest that tumor biological behavior and origin may be different. Corgis and Shetland Sheepdogs are predisposed to primary CNS HS, characterized by inflammatory CSF. High total nucleated cell count and the presence of neoplastic cells support the use of CSF analysis as a valuable diagnostic test. Prognosis for CNS HS is poor, but further evaluation of inflammatory mechanisms may provide novel therapeutic opportunities

Ground-dwelling arthropod responses to succession in a pinyon-juniper woodland

Stand-replacing wildfire is an infrequent but important disturbance in southwestern pinyon-juniper woodlands. A typical successional cycle in these woodlands is approximately 300 years or more after a stand-replacing fire. Arthropods, especially ground-dwelling taxa, are one of the most abundant and diverse fauna in terrestrial ecosystems and are typically responsive to microhabitat change. Little is known regarding community responses of ground-dwelling arthropods to changes in woodland successional stages from early ecosystems dominated by grasses, herbaceous plants, and fire adapted shrubs to tree-dominated old-growth ecosystems. In 2007 and 2008, within Mesa Verde National Park, Colorado, we compared the community composition of ground-dwelling arthropods between old-growth pinyon-juniper stands that were 300–400 years old and early successional areas recovering from a stand-replacing fire in 2002. The 2002 fire eliminated the dominant woody vegetation, which was replaced by increased herbaceous vegetation and bare ground. The early successional arthropod community showed a significantly higher abundance in major arthropod taxonomic groups, except spiders, compared to old-growth woodland. Old-growth species richness was greater in late August–September, 2007 and greater in early successional habitats during April–July, 2008. Spatial variability of the habitat was much greater in the recently burned early successional plots than the old-growth late successional plots. The differences in habitat were strongly correlated with arthropod community composition, suggesting that ground-dwelling arthropods are very sensitive to habitat changes. Habitat affiliation was strong, with 83% (early succession ruderal) and 91% (old-growth woodland) of the species found primarily or exclusively in one habitat. Many habitat indicator species (defined as species found in significantly greater abundance in one habitat) were found in both burned and old-growth habitats. Several species were found to be strict specialists exclusive to only one of these habitats. Collectively, the results suggest that heightened concern over loss of old-growth woodlands is warranted, given the distinct nature of the ground-dwelling arthropod community in old-growth habitats

The distribution of extremal points of Gaussian scalar fields

We consider the signed density of the extremal points of (two-dimensional) scalar fields with a Gaussian distribution. We assign a positive unit charge to the maxima and minima of the function and a negative one to its saddles. At first, we compute the average density for a field in half-space with Dirichlet boundary conditions. Then we calculate the charge-charge correlation function (without boundary). We apply the general results to random waves and random surfaces. Furthermore, we find a generating functional for the two-point function. Its Legendre transform is the integral over the scalar curvature of a 4-dimensional Riemannian manifold.Comment: 22 pages, 8 figures, corrected published versio

Case Report : Neuroblastoma-Like Schwannoma in a Domestic Short-Haired Cat

An axillary mass was detected in a 6-year-old, neutered, male, domestic short-haired cat during a wellness exam. Gross examination following surgical removal revealed a discrete, deep subcutaneous, discoid mass that was between 0.5- and 0.7-cm-in-diameter and diffusely firm and white. Histologically, the mass was well-demarcated, partially encapsulated, and expanded the panniculus carnosus. It was composed of tightly packed, giant rosettes of radially arranged fusiform cells stacked in one to 10 layers with peripherally palisading nuclei and with centrally oriented, fibrillary, cytoplasmic processes, and collagenous fibers. Laminin immunoreactivity and ultrastructural examination highlighted a continuous basal lamina outside the plasma membrane of each neoplastic cell. Neoplastic cells were immunoreactive for GFAP, S100, periaxin, and Sox-10 and were immunonegative for synaptophysin, smooth muscle actin, and pancytokeratin. Collective findings were consistent with a diagnosis of neuroblastoma-like schwannoma. This is the first veterinary report of this rare variant of benign schwannoma