The Impact of Large Investors on the Portfolio Optimization of Single-Family Houses in Housing Markets

As a consequence of the real estate market crash after 2008, large investors invested a significant amount of wealth into single-family houses to construct a portfolio of rental dwellings, whose income is securitized in the capital. In some local housing markets, these investors own remarkable numbers of single-family houses. Furthermore, their trading activities have resulted in a new investment strategy, which exacerbates property wealth concentration and polarization. This new investment strategy and its portfolio optimization inspire curiosity about its influence on housing markets. This paper first aims to find an optimal portfolio strategy by employing an expected utility optimization from the terminal wealth, which adopts a stochastic model that includes a variety of economic states to estimate house prices. Second, it aims to analyze the effect of large investors on the housing market. The results show the investment strategies of large investors depend on the balance among economic state, maintenance cost, rental income, interest rate and investment willingness of large investors to housing and their effect depends on the state of the economy

Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey

This paper analyzes return enhancement patterns of Turkish REITs (T-REITs) from various perspectives over the period of July 2008 and March 2015. We find that T-REITs portfolio provides a slightly lower level of risk diversification benefit than investment trusts, but higher than the banks. The evidence suggests that portfolio managers and investors may not only be able to utilize knowledge deriving from the CAPM, but also utilize information retrieved from Fama-French model due to its relatively better performance on capturing the variation in T-REITs returns. Results also disclose that T-REITs show a degree of diversity in property focus, and reveal mainly defensive, small and financially distressed characteristics. Finally, based on the multiple observations, a case can be made for a possible linkage between property focus and yield improvement/risk taking structure of T-REITs. This study provides implications for the capacity of T-REITS and improve return enhancement capacity in an efficient portfolio management. Keywords: REIT, CAPM, Fama-French model, Turkish REITs, Borsa Istanbul, JEL codes: R30, G12, G1

Diffusion-weighted MR imaging findings of acute necrotizing encephalopathy

Multiple, symmetrical brain lesions affecting the bilateral thalami and cerebral white matter, which often show a concentric structure on CT and MR images, characterize acute necrotizing encephalopathy (ANE) of childhood. We describe the imaging findings of a 2-year-old child with ANE obtained with diffusion-weighted MR imaging. We discuss the significance of these findings, as well as the pathophysiology of ANE lesions, with reference to the appearance of the disease as revealed by diffusion-weighted MR imaging

Analysis of Laparoscopic Colorectal Surgery in High-risk Patients

The aim of this retrospective study is to examine the feasibility and safety of laparoscopic colorectal resection for colorectal malignancies to determine "high-risk" patients, In our classification, 3 minor criteria including patients over 70 years of age. body mass index over 30 m/kg(2), and cigarette smoking and 5 major criteria including cardiac, pulmonary, renal, liver disease. and diabetes mellitus were selected to determine a high-risk group. patients carrying I minor and I major criteria were classified as the high-risk group. Concerning patients and operations. hemodynamic values (mean arterial systolic and diastolic pressures and heart rates), Oxygen Saturations, end-expiratory carbon dioxide levels, respiratory mechanics (dynamic compliance, peak inspiratory pressure, airway resistance) were analyzed. Cardiovascular system (myocardial infarction, arrhythmia, hypertension). pulmonary system (respiratory insufficiency), digestive system (anastomotic leak, fistula, and paralytic ileus), fever, thrombophlebitis. urinary infections, wound infections, and central nervous system (delirium and cerebrovascular accident) were also investigated. A total number of 85 high-risk patients were included in the study. Gastrointestinal leaks in 2.3%, fistula in 1.1%, ileus in 3.5%, postoperative bleeding in 2.3%, postoperative fever in 5.8%, Wound infection in 5.8% and cerebrovascular accidents in 1.1% of patients were detected. The lowest values of hemodynamic and respiratory mechanics were observed at the induction of pneumoperitoneum and in this period the compliance and mean arterial pressure were determined to be 36 +/- 14 mm Hg and 84 +/- 14 mm Fig, respectively. No mortalities occurred. In experienced hands. laparoscopic colorectal resection can be performed safely for "high-risk" Surgical Patients

The contributions of virtual colonoscopy to laparoscopic colorectal surgery

Background/Aims: Operative tumor or polypectomy site localization and synchronous colonic lesions are challenging problems especially in laparoscopic surgery. We designed this prospective study to determine the contributions of virtual colonoscopy to laparoscopic colorectal surgery

The effects of N-acetylcysteine on intestinal ischemia/reperfusion injury in rats

Objectives: To evaluate the effects of N-acetylcysteine (NAC) on the injury of intestinal ischemia-reperfusion

Mechanical bowel preparation with different solutions in rats with selective left colonic ischemia and reperfusion injury

BACKGROUND: The aim of this study was to evaluate the effects of preoperative mechanical bowel preparation (MBP) on colonic ischemia/reperfusion (I/R) injury. METHODS: Seventy adult male Sprague-Dawley rats were divided randomly into 7 equal groups of 10 rats each. Groups were assigned as follows: group I = sham surgery; group II = I/R of left colon (control group); group III = intravenous heparin and metronidazole followed by I/R of the left colon; groups IV through VII = before I/R of the left colon, heparin and metronidazole and MBP were performed with sodium chloride (NaCl), Na phosphate, polyethylene glycol, and mannitol, respectively. Histopathogic and biochemical parameters were evaluated. RESULTS: According to the histopathologic changes, the groups least affected by I/R injury were groups V and VII. Catalase activity was significantly higher in groups V and VII, and copper-zinc superoxide dismutase activity was significantly higher in group VII compared with the control group (P <.002). CONCLUSIONS: MBP with sodium phosphate and mannitol appears to be more protective against I/R injury. (c) 2008 Elsevier Inc. All rights reserved

Endometrial Staining of CD56 (Uterine Natural Killer), BCL-6, and CD138 (Plasma Cells) Improve Diagnosis and Clinical Pregnancy Outcomes in Unexplained Infertility and Recurrent IVF Failures: Standardization of Diagnosis with Digital Pathology

In women with unexplained infertility (UI) and recurrent in vitro fertilization (IVF) failures, the etiology is often unclear. Endometrial immune perturbations and the use of immune markers associated with these dysregulations are of great interest in the diagnosis and treatment of UI. However, reliable biomarkers and standardized quantification methods are lacking. Here, to address endometrial immune dysregulation in UI patients with recurrent IVF failures, we performed endometrial tissue sampling and immunostaining of CD56 (uNK), CD138, and BCL-6. Of these cases, 57.9% had positive CD56 in the endometrial stroma, while 46.1% had positive BCL-6 in the glandular epithelium, and 14.5% of the cases were found to be positive for CD138. Combined staining rates were 60.5%, 68.4%, and 71.05% for (CD56 or BCL-6), (CD56 or CD138), and (CD56, BCL-6, or CD138), respectively. There was a significant correlation between CD56 and BCL-6 positivity, while CD138 positivity was an independent parameter. After the recommended targeted therapy, pregnancy rates were found to increase from 58.5% to 61.6% and 73.8% in CD56-positive, (CD56- or BCL-6-positive), and (CD56-, BCL-6-, or CD138-positive) cases, respectively. Notably, a retrospective evaluation of digital pathology and light microscopy results showed a significant correlation. This study suggests that the examination of CD56, BCL-6, and CD138 in the same endometrial sample may be an effective method in determining the etiology of UI and reaching an early diagnosis and treatment options. Moreover, digital pathology can be used in the evaluation of CD56 and BCL-6 to provide objective, rapid, and reliable results