ON DEMAND: CROSS-COUNTRY EVIDENCE FROM COMMERCIAL REAL ESTATE ASSET MARKETS

Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset price. Our empirical findings are consistent across countries and produce several new results. First, we find that real investment exerts a significant positive direct effect on asset price, which in turn feeds back to impact investment decisions. Second, idiosyncratic risk is found to be strongly positively related to asset price, and to complement supply effects. Third, systematic risk is priced as expected, where the strength of the relation between asset price and systematic risk is found to be higher than in previous studies of capital asset prices. Fourth, lagged values of price determinants (of up to two years) are consistently important in real asset demand estimation. Alternative explanations for our findings are analyzed and discussed. Implications for asset pricing model specification and interpretation are also considered.equity REIT; IPO; interest-rate sensitivity; risk-adjusted return performance

Real Estate Investment Trusts: A Review of the Financial Economics Literature

This paper is a survey of the literature on Real Estate Investment Trusts, commonly as REITs. The literature is separated into three major research topics: investment financing decisions, and return and risk issues. The central papers addressing each optics are described and their results are summarized. Suggestions for further also are provided

Universal Impedance Fluctuations in Wave Chaotic Systems

We experimentally investigate theoretical predictions of universal impedance fluctuations in wave chaotic systems using a microwave analog of a quantum chaotic infinite square well potential. Our approach emphasizes the use of the radiation impedance to remove the non-universal effects of the particular coupling from the outside world to the scatterer. Specific predictions that we test include the probability distribution functions (PDFs) of the real (related to the local density of states in disordered metals) and imaginary parts of the normalized cavity impedance, the equality of the variances of these PDFs, and the dependence of the universal PDFs on a single control parameter characterizing the level of loss. We find excellent agreement between the statistical data and theoretical predictions.Comment: 5 pages, 3 figures, submitted to Phys. Rev. Let

Universal Statistics of the Scattering Coefficient of Chaotic Microwave Cavities

We consider the statistics of the scattering coefficient S of a chaotic microwave cavity coupled to a single port. We remove the non-universal effects of the coupling from the experimental S data using the radiation impedance obtained directly from the experiments. We thus obtain the normalized, complex scattering coefficient whose Probability Density Function (PDF) is predicted to be universal in that it depends only on the loss (quality factor) of the cavity. We compare experimental PDFs of the normalized scattering coefficients with those obtained from Random Matrix Theory (RMT), and find excellent agreement. The results apply to scattering measurements on any wave chaotic system.Comment: 10 pages, 8 Figures, Fig.7 in Color, Submitted to Phys. Rev.

Experimental Test of Universal Conductance Fluctuations by means of Wave-Chaotic Microwave Cavities

The mathematical equivalence of the time-independent Schrodinger equation and the Helmholtz equation is exploited to provide a novel means of studying universal conductance fluctuations in ballistic chaotic mesoscopic systems using a two-dimensional microwave-cavity. The classically chaotic ray trajectories within a suitably-shaped microwave cavity play a role analogous to that of the chaotic dynamics of non-interacting electron transport through a ballistic quantum dot in the absence of thermal fluctuations. The microwave cavity is coupled through two single-mode ports and the effect of non-ideal coupling between the ports and cavity is removed by a previously developed method based on the measured radiation impedance matrix. The Landauer-Buttiker formalism is applied to obtain the conductance of a corresponding mesoscopic quantum-dot device. We find good agreement for the probability density functions (PDFs) of the experimentally derived surrogate conductance, as well as its mean and variance, with the theoretical predictions of Brouwer and Beenakker. We also observe a linear relation between the quantum dephasing parameter and the cavity ohmic loss parameter.Comment: 7 Pages,5 Figures (all figures in Color). Submitted to Phys. Rev. B. Updated with Referee/Editor comment

The 492 GHz emission of Sgr A* constrained by ALMA

We report linearly polarized continuum emission properties of Sgr A* at $\sim$492 GHz, based on the Atacama Large Millimeter Array (ALMA) observations. We used the observations of the likely unpolarized continuum emission of Titan, and the observations of C\textsc{i} line emission, to gauge the degree of spurious polarization. The Stokes I flux of 3.6$\pm$0.72 Jy during our run is consistent with extrapolations from the previous, lower frequency observations. We found that the continuum emission of Sgr A* at $\sim$492 GHz shows large amplitude differences between the XX and the YY correlations. The observed intensity ratio between the XX and YY correlations as a function of parallactic angle may be explained by a constant polarization position angle of $\sim$158$^{\circ}$$\pm$3$^{\circ}$. The fitted polarization percentage of Sgr A* during our observational period is 14\%$\pm$1.2\%. The calibrator quasar J1744-3116 we observed at the same night can be fitted to Stokes I = 252 mJy, with 7.9\%$\pm$0.9\% polarization in position angle P.A. = 4.1$^{\circ}$$\pm$4.2$^{\circ}$. The observed polarization percentage and polarization position angle in the present work appear consistent with those expected from longer wavelength observations in the period of 1999-2005. In particular, the polarization position angle at 492 GHz, expected from the previously fitted 167$^{\circ}$$\pm$7$^{\circ}$ intrinsic polarization position angle and (-5.6$\pm$0.7)$\times$10$^{5}$ rotation measure, is 155$^{+9}_{-8}$, which is consistent with our new measurement of polarization position angle within 1$\sigma$. The polarization percentage and the polarization position angle may be varying over the period of our ALMA 12m Array observations, which demands further investigation with future polarization observations.Comment: 10 pages, 6 figures, 1st referee report received and revise

Computation and visualization of photonic quasicrystal spectra via Blochs theorem

Previous methods for determining photonic quasicrystal (PQC) spectra have relied on the use of large supercells to compute the eigenfrequencies and/or local density of states (LDOS). In this manuscript, we present a method by which the energy spectrum and the eigenstates of a PQC can be obtained by solving Maxwells equations in higher dimensions for any PQC defined by the standard cut-and-project construction, to which a generalization of Blochs theorem applies. In addition, we demonstrate how one can compute band structures with defect states in the higher-dimensional superspace with no additional computational cost. As a proof of concept, these general ideas are demonstrated for the simple case of one-dimensional quasicrystals, which can also be solved by simple transfer-matrix techniques.Comment: Published in Physical Review B, 77 104201, 200

Characterization of Fluctuations of Impedance and Scattering Matrices in Wave Chaotic Scattering

In wave chaotic scattering, statistical fluctuations of the scattering matrix $S$ and the impedance matrix $Z$ depend both on universal properties and on nonuniversal details of how the scatterer is coupled to external channels. This paper considers the impedance and scattering variance ratios, $VR_z$ and $VR_s$, where $VR_z=Var[Z_{ij}]/\{Var[Z_{ii}]Var[Z_{jj}] \}^{1/2}$, $VR_s=Var[S_{ij}]/\{Var[S_{ii}]Var[S_{jj}] \}^{1/2}$, and $Var[.]$ denotes variance. $VR_z$ is shown to be a universal function of distributed losses within the scatterer. That is, $VR_z$ is independent of nonuniversal coupling details. This contrasts with $VR_s$ for which universality applies only in the large loss limit. Explicit results are given for $VR_z$ for time reversal symmetric and broken time reversal symmetric systems. Experimental tests of the theory are presented using data taken from scattering measurements on a chaotic microwave cavity.Comment: 6 pages, 5 figures, updated with referees' comment

Solvable model for chimera states of coupled oscillators

Networks of identical, symmetrically coupled oscillators can spontaneously split into synchronized and desynchronized sub-populations. Such chimera states were discovered in 2002, but are not well understood theoretically. Here we obtain the first exact results about the stability, dynamics, and bifurcations of chimera states by analyzing a minimal model consisting of two interacting populations of oscillators. Along with a completely synchronous state, the system displays stable chimeras, breathing chimeras, and saddle-node, Hopf and homoclinic bifurcations of chimeras.Comment: 4 pages, 4 figures. This version corrects a previous error in Figure 3, where the sign of the phase angle psi was inconsistent with Equation 1

The many faces of small B cell lymphomas with plasmacytic differentiation and the contribution of MYD88 testing

Plasmacytic differentiation may occur in almost all small B cell lymphomas (SBLs), although it varies from being uniformly present (as in lymphoplasmacytic lymphoma (LPL)) to very uncommon (as in mantle cell lymphomas (MCLs)). The discovery of MYD88 L265P mutations in the vast majority of LPLs has had a major impact on the study of these lymphomas. Review of the cases contributed to the 2014 European Association for Haematopathology/Society for Hematopathology slide workshop illustrated how mutational testing has helped refine the diagnostic criteria for LPL, emphasizing the importance of identifying a clonal monotonous lymphoplasmacytic population and highlighting how LPL can still be diagnosed with extensive nodal architectural effacement, very subtle plasmacytic differentiation, follicular colonization, or uncommon phenotypes such as CD5 or CD10 expression. MYD88 L265P mutations were found in 11/11 LPL cases versus only 2 of 28 other SBLs included in its differential diagnosis. Mutational testing also helped to exclude other cases that would have been considered LPL in the past. The workshop also highlighted how plasmacytic differentiation can occur in chronic lymphocytic leukemia/small lymphocytic lymphoma, follicular lymphoma, SOX11 negative MCL, and particularly in marginal zone lymphomas, all of which can cause diagnostic confusion with LPL. The cases also highlighted the difficulty in distinguishing lymphomas with marked plasmacytic differentiation from plasma cell neoplasms. Some SBLs with plasmacytic differentiation can be associated with amyloid, other immunoglobulin deposition, or crystal-storing histiocytosis, which may obscure the underlying neoplasm. Finally, although generally indolent, LPL may transform, with the workshop cases suggesting a role for TP53 abnormalities