The Inflation-Hedging Properties of Risk Assets: The Case of REITs

This study examines the inflation-hedging abilities of REITs over the period 1972:2-1992:12 to determine whether REITs act as a hedge against expected and/or unexpected inflation. The time period used in this study is substantially longer than in earlier studies. A model of real estate returns is derived that has components for expected and unexpected returns and allows for variation in the real return on risky assets. The results indicate that REITs provide some hedging capability against expected inflation, but act as perverse hedges against unexpected inflation. These results are robust with respect to time period studied, measure of expected inflation and proxy for the market portfolio, indicating that the apparent perverse hedging property of real estate investments is not due to methodological problems.

Wrapped branes as qubits

Recent work has established a correspondence between the tripartite entanglement measure of three qubits and the macroscopic entropy of the four-dimensional 8-charge STU black hole of supergravity. Here we consider the configurations of intersecting D3-branes, whose wrapping around the six compact dimensions T^6 provides the microscopic string-theoretic interpretation of the charges, and associate the three-qubit basis vectors |ABC>, (A,B,C=0 or 1) with the corresponding 8 wrapping cycles. In particular, we relate a well-known fact of quantum information theory, that the most general real three-qubit state can be parameterized by four real numbers and an angle, to a well-known fact of string theory, that the most general STU black hole can be described by four D3-branes intersecting at an angle.Comment: Version appearing in Phys. Rev. Lett, includes Type IIA description as well as Type II

Measuring the Significance of Diversification Gains

This article investigates whether investing in alternative investment media provides statistically significant increases in portfolio performance. Employing methodology introduced by Kandel and Stambaugh (1987) and Gibbons, Ross and Shanken (1989), we measure the statistical significance of diversification gains for portfolios containing real and financial domestic assets, as well as international debt and equity issues. The NCREIF real estate series is further examined using the Geltner (1993) adjustment to the risk measure. In the 1978B93 sample period, neither international assets nor unadjusted real estate ever result in statistically significant increases in portfolio performance. When the Geltner adjustment is made, the allocation to real estate is substantially reduced in the expanded portfolio and also fails to result in a statistically significant increase in portfolio performance. These results may help to resolve the paradox between current portfolio allocations to real estate in practice and those suggested in the literature.

XVI. On some relations between the optical and the electrical qualities of metals

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Entropy-based measure of structural order in water

We analyze the nature of the structural order established in liquid TIP4P water in the framework provided by the multi-particle correlation expansion of the statistical entropy. Different regimes are mapped onto the phase diagram of the model upon resolving the pair entropy into its translational and orientational components. These parameters are used to quantify the relative amounts of positional and angular order in a given thermodynamic state, thus allowing a structurally unbiased definition of low-density and high-density water. As a result, the structurally anomalous region within which both types of order are simultaneously disrupted by an increase of pressure at constant temperature is clearly identified through extensive molecular-dynamics simulations.Comment: 5 pages, 2 figures, to appear in Phys. Rev. E (Rapid Communication

Small Orbits

We study both the "large" and "small" U-duality charge orbits of extremal black holes appearing in D = 5 and D = 4 Maxwell-Einstein supergravity theories with symmetric scalar manifolds. We exploit a formalism based on cubic Jordan algebras and their associated Freudenthal triple systems, in order to derive the minimal charge representatives, their stabilizers and the associated "moduli spaces". After recalling N = 8 maximal supergravity, we consider N = 2 and N = 4 theories coupled to an arbitrary number of vector multiplets, as well as N = 2 magic, STU, ST^2 and T^3 models. While the STU model may be considered as part of the general N = 2 sequence, albeit with an additional triality symmetry, the ST^2 and T^3 models demand a separate treatment, since their representative Jordan algebras are Euclidean or only admit non-zero elements of rank 3, respectively. Finally, we also consider minimally coupled N = 2, matter coupled N = 3, and "pure" N = 5 theories.Comment: 40 pages, 9 tables. References added. Expanded comments added to sections III. C. 1. and III. F.

Four-qubit entanglement from string theory

We invoke the black hole/qubit correspondence to derive the classification of four-qubit entanglement. The U-duality orbits resulting from timelike reduction of string theory from D=4 to D=3 yield 31 entanglement families, which reduce to nine up to permutation of the four qubits.Comment: 4 pages, 1 figure, 2 tables, revtex; minor corrections, references adde

An Empirical Examination of Subject Headings for Women’s Studies Core Materials

The ACRL Women’s Studies Section Technical Services Committee investigated the assignment of subject headings to core works in women’s studies. Annotations for the works were compared with subject headings on OCLC cataloging copy, mainly created by the Library of Congress. Inadequacies were identified and traced to three sources: inadequacy of terminology, the complexities of assigning headings in interdisciplinary and/or emerging fields, and standard cataloging practices. Recommendations for amelioration of these problems are made

Newcomer status as a protective factor among Hispanic migrant workers for HIV risk

The HIV rate among U.S. migrant workers is 10 times that of the national rate. The highly unstable lifestyle of migrant workers places them at heightened vulnerability to sexually transmitted infections; hence, there is a need to investigate the attitudes and sexual risk factors that may play a protective role in the transmission of HIV in this population. This study examines the association between attitudes and HIV risk behaviors among Hispanic male and female migrant workers (n = 255) and their length of stay (shorter length of stay as a protective factor) in Immokalee, FL, USA. Pearson’s correlation and regression analyses were utilized to analyze the relationship between HIV risk behaviors (intention to use condoms and alcohol use) with length of stay in Immokalee. Longer length of stay positively correlated with number of drinks (p \u3c 0.05) and frequency of drinks (p \u3c 0.01) and negatively correlated with ethnic identity search (p \u3c 0.05). Regression analysis showed that length of stay predicted both behavioral intention to use condoms (p \u3c 0.05) and alcohol consumption (p \u3c 0.05). The findings suggest that migrant workers who are new to Immokalee may have a higher likelihood of practicing protective HIV risk behaviors and having more favorable attitudes toward risk reduction than long-timers. This study might provide important new evidence on the drivers of multiple concurrent and potential protective factors against risky sexual behaviors among Hispanic migrant workers