Valuation accuracy: reconciling the timing of the valuation and sale

Carsberg (2002) suggested that the periodic valuation accuracy studies undertaken by, amongst others, IPD/Drivers Jonas (2003) should be undertaken every year and be sponsored by the RICS, which acts as the self-regulating body for valuations in the UK. This paper does not address the wider issues concerning the nature of properties which are sold and whether the sale prices are influenced by prior valuations, but considers solely the technical issues concerning the timing of the valuation and sales data. This study uses valuations and sales data from the Investment Property Databank UK Monthly Index to attempt to identify the date that sale data is divulged to valuers. This information will inform accuracy studies that use a cut-off date as to the closeness of valuations to sales completion date as a yardstick for excluding data from the analysis. It will also, assuming valuers are informed quickly of any agreed sales, help to determine the actual sale agreed date rather than the completion date, which includes a period of due diligence between when the sale is agreed and its completion. Valuations should be updated to this date, rather than the formal completion date, if a reliable measure of valuation accuracy is to be determined. An accuracy study is then undertaken using a variety of updating periods and the differences between the results are examined. The paper concludes that the sale only becomes known to valuers in the month prior to the sale taking place and that this assumes either that sales due diligence procedures are shortening or valuers are not told quickly of agreed sale prices. Studies that adopt a four-month cut-off date for any valuations compared to sales completion dates are over cautious, and this could be reduced to two months without compromising the data

Feasibility study of an explosive gun

Feasibility of high performance, explosively driven device, and calculations for deformable piston light gas gu

Diffusion bonding of IN 718 to VM 350 grade maraging steel

Diffusion bonding studies have been conducted on IN 718, VM 350 and the dissimilar alloy couple, IN 718 to maraging steel. The experimental processing parameters critical to obtaining consistently good diffusion bonds between IN 718 and VM 350 were determined. Interrelationships between temperature, pressure and surface preparation were explored for short bending intervals under vacuum conditions. Successful joining was achieved for a range of bonding cycle temperatures, pressures and surface preparations. The strength of the weaker parent material was used as a criterion for a successful tensile test of the heat treated bond. Studies of VM-350/VM-350 couples in the as-bonded condition showed a greater yielding and failure outside the bond region

Studies in a transonic rotor aerodynamics and noise facility

The design, construction and testing of a transonic rotor aerodynamics and noise facility was undertaken, using a rotating arm blade element support technique. This approach provides a research capability intermediate between that of a stationary element in a moving flow and that of a complete rotating blade system, and permits the acoustic properties of blade tip elements to be studied in isolation. This approach is an inexpensive means of obtaining data at high subsonic and transonic tip speeds on the effect of variations in tip geometry. The facility may be suitable for research on broad band noise and discrete noise in addition to high-speed noise. Initial tests were conducted over the Mach number range 0.3 to 0.93 and confirmed the adequacy of the acoustic treatment used in the facility to avoid reflection from the enclosure

Monte Carlo methods for lattice fields

Thesis (B.S.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 1989.Includes bibliographical references (leaf 49).by Richard S. Crosby.B.S

SlowFuzz: Automated Domain-Independent Detection of Algorithmic Complexity Vulnerabilities

Algorithmic complexity vulnerabilities occur when the worst-case time/space complexity of an application is significantly higher than the respective average case for particular user-controlled inputs. When such conditions are met, an attacker can launch Denial-of-Service attacks against a vulnerable application by providing inputs that trigger the worst-case behavior. Such attacks have been known to have serious effects on production systems, take down entire websites, or lead to bypasses of Web Application Firewalls. Unfortunately, existing detection mechanisms for algorithmic complexity vulnerabilities are domain-specific and often require significant manual effort. In this paper, we design, implement, and evaluate SlowFuzz, a domain-independent framework for automatically finding algorithmic complexity vulnerabilities. SlowFuzz automatically finds inputs that trigger worst-case algorithmic behavior in the tested binary. SlowFuzz uses resource-usage-guided evolutionary search techniques to automatically find inputs that maximize computational resource utilization for a given application.Comment: ACM CCS '17, October 30-November 3, 2017, Dallas, TX, US

Tenant mix variety in regional shopping centres: some UK empirical analyses

The variety and quality of the tenant mix within a shopping centre is a key concern in shopping centre management. Tenant mix determines the extent of externalities between outlets in the centre, helps establish the image of the centre and, as a result, determines the attractiveness of the centre for consumers. This then translates into sales and rents. However, the management of tenant mix has largely been based on perceived “optimum” arrangements and industry rules of thumb. This paper attempts to model the impact of tenant mix on the rent paid by retailers in larger UK shopping centres and, hence, the returns made by shopping centre landlords. It extends work on shopping centre rent determination (see Working Paper 10/03) utilising a database of 148 regional shopping centres in the UK, with detailed data for over 1900 tenants. Econometric models test the relationship between rental levels and the levels of retail concentration and diversity, while controlling for a range of continuous and qualitative characteristics of each tenant, each retail product, and each shopping centre. Factor analysis is then used to extract the core retail and service categories from the tenant lists of the 148 shopping centres. The factor scores from these core retailer factors are then tested against rent payable. The results from the empirical analysis allow us to generate some clear analytical and empirical implications for optimal retail management