Clustering in Real Estate Prices: Determinants and Consequences

We examine the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and the cost of rounding. However, the tendency to use just-below-even-ending prices is related to the cost of rounding and to listing agency characteristics. The transaction price and the number of days on market are associated with list price clustering and with listing agency characteristics. Most properties are listed at just-below-even-ending prices, but those listed at even-ending prices sell faster and at a higher price. Finally, better transaction outcomes are positively associated with the number of area-properties listed by the seller?s real-estate agency.

A systematic review and economic evaluation of subcutaneous and sublingual allergen immunotherapy in adults and children with seasonal allergic rhinitis

© Queen’s Printer and Controller of HMSO 2013Severe allergic rhinitis uncontrolled by conventional medication can substantially affect quality of life. Immunotherapy involves administering increasing doses of a specific allergen, with the aim of reducing sensitivity and symptomatic reactions. Recent meta-analyses have concluded that both subcutaneous immunotherapy (SCIT) and sublingual immunotherapy (SLIT) are more effective than placebo in reducing symptoms. It is uncertain which route of administration is more effective and whether or not treatment is cost-effective.National Institute for Health Research Health Technology Assessment programm

An Integrated Approach to the Evaluation of Commercial Real Estate

Hedonic estimation techniques have been applied to real estate markets for more than twenty years, but the literature is dominated by analyses of the single-family residential market. This paper focuses upon hedonic analysis as applied to commercial real estate when information is known about complex characteristics and net operating income. The model presented incorporates traditional hedonic specifications and rate of return analysis. The empirical illustration focuses upon the apartment market in Houston, Texas, during 1980s. It is found that the apartment complex price function displays the same type of nonlinearities often found in the single-family market and that apartment market cap rates vary substantially over time and across project types. This suggests that analysts of commercial real estate should be wary of applying simple price per square foot rules or common cap rates across all property types and across all locations.

Single Maximal versus Combination Punch Kinematics

The aim of this study was to determine the influence of punch type (Jab, Cross, Lead Hook and Reverse Hook) and punch modality (Single maximal, ‘In-synch’ and ‘Out of synch’ combination) on punch speed and delivery time. Ten competition-standard volunteers performed punches with markers placed on their anatomical landmarks for 3D motion capture with an eight-camera optoelectronic system. Speed and duration between key moments were computed. There were significant differences in contact speed between punch types (F 2,18,84.87 = 105.76, p = 0.001) with Lead and Reverse Hooks developing greater speed than Jab and Cross. There were significant differences in contact speed between punch modalities (F 2,64,102.87 = 23.52, p = 0.001) with the Single maximal (M ± SD: 9.26 ± 2.09 m/s) higher than ‘Out of synch’ (7.49 ± 2.32 m/s), ‘In-synch’ left (8.01 ± 2.35 m/s) or right lead (7.97 ± 2.53 m/s). Delivery times were significantly lower for Jab and Cross than Hook. Times were significantly lower ‘In-synch’ than a Single maximal or ‘Out of synch’ combination mode. It is concluded that a defender may have more evasion-time than previously reported. This research could be of use to performers and coaches when considering training preparations

RR Lyrae Stars in NGC 6388 and NGC 6441: A New Oosterhoff Group?

NGC 6388 and NGC 6441 are anomalies among Galactic globular clusters in that they cannot be readily place into either Oosterhoff group I or Oosterhoff group II despite their significant numbers of RR Lyrae variables. The mean pulsation periods, , of their RRab variables, at 0.71 d and 0.76 d, respectively, are even larger than for Oosterhoff II clusters. Moreover, Oosterhoff II clusters are very metal-poor, whereas NGC 6388 and NGC 6441 are the most metal-rich globular clusters known to contain RR Lyrae stars. The location of the NGC 6388 and NGC 6441 RRab variables in the period-amplitude diagram implies that the RR Lyrae stars in those two clusters are brighter than expected for their metallicities. Our results therefore indicate that a universal relationship may not exist between the luminosity and the metallicity of RR Lyrae variables.Comment: Four pages, three figures. ApJ (Letters), in pres

ChAInGeS: The Chandra Arp Interacting Galaxies Survey

We have conducted a statistical analysis of the ultra-luminous X-ray point sources (ULXs; L(X) >= 10^39 erg/s) in a sample of galaxies selected from the Arp Atlas of Peculiar Galaxies. We find a possible enhancement of a factor of ~2-4 in the number of ULXs per blue luminosity for the strongly interacting subset. Such an enhancement would be expected if ULX production is related to star formation, as interacting galaxies tend to have enhanced star formation rates on average. For most of the Arp galaxies in our sample, the total number of ULXs compared to the far-infrared luminosity is consistent with values found earlier for spiral galaxies. This suggests that for these galaxies, ULXs trace recent star formation. However, for the most infrared-luminous galaxies, we find a deficiency of ULXs compared to the infrared luminosity. For these very infrared-luminous galaxies, AGNs may contribute to powering the far-infrared; alternatively, ULXs may be highly obscured in the X-ray in these galaxies and therefore not detected by these Chandra observations. We determined local UV/optical colors within the galaxies in the vicinity of the candidate ULXs using GALEX UV and SDSS optical images. In most cases, the distributions of colors are similar to the global colors of interacting galaxies. However, the u - g and r - i colors at the ULX locations tend to be bluer on average than these global colors, suggesting that ULXs are preferentially found in regions with young stellar populations. In the Arp sample there is a possible enhancement of a factor of ~2 - 5 in the fraction of galactic nuclei that are X-ray bright compared to more normal spirals.Comment: 28 pages, 7 figures, Astronomical Journal, in pres