Multivariate Modeling of Daily REIT Volatility

This paper examines volatility in REITs using a multivariate GARCH based model. The Multivariate VARGARCH technique documents the return and volatility linkages between REIT sub-sectors and also examines the influence of other US equity series. The motivation is for investors to incorporate time-varyng volatility and correlations in their portfolio selection. The results illustrate the differences in results when higher frequency daily data is tested in comparison to the monthly data that has been commonly used in the existing literature. The linkages both within the REIT sector and between REITs and related sectors such as value stocks are weaker than commonly found in monthly studies. The broad market would appear to be more influential in the daily case.

Modeling Long Memory in REITs

One stylized feature of financial volatility impacting the modeling process is long memory. This paper examines long memory for alternative risk measures, observed absolute and squared returns for Daily REITs and compares the findings for a market equity index. The paper utilizes a variety of tests for long memory finding evidence that REIT volatility does display persistence. Trading volume is found to be strongly associated with long memory. The results do however suggest differences in the findings with regard to REITs in comparison to the broader equity sector.

An analysis of the role of the textbook in the construction of accounting knowledge

This report examines the role of the textbook and training manual in the teaching of introductory financial accounting. Although it has long been recognised that the textbook plays an important role in the education process, the issue has not been systematically examined in a comprehensive manner with respect to the teaching of introductory financial accounting. Based on research carried out in 2005, the current report addresses this issue. It does so using a research framework proposed by Thompson (1990) which recommends a comprehensive approach to the understanding of texts involving three separate aspects: the production of the textbook/training manual; the content of the textbook/training manual; the usage of the textbook/training manual

Controlled fabrication of tunable delay using compound phase shifted resonators

Fine tuned, narrowband group delay (“slow light”) is obtained using a compound phase shifted grating and superposing resonances. Both simulation and experiments are reported

The tourist experience of heritage urban spaces : Valletta as a case study

This article provides an understanding of how tourists experience heritage urban spaces by investigating features that influence tourist experiences most. It is framed within urban design literature which refers to three elements of urban space namely physical setting (or form), activity, and meaning. These elements are used to explore how urban spaces are experienced by tourists. Its findings are derived from an in-depth qualitative analysis of interviews with tourists to Valletta, Malta. The research suggests that the intrinsic qualities of the space are relevant to the tourist experience but what is even more relevant are the interactions of the tourist with different elements within that space, namely interactions with surroundings, interactions with others, and interactions with self/meaning. Within this broad conceptual model, the research identifies important sub-themes. Some of these reinforce the findings of existing work on tourist experiences, but others are often under-estimated or neglected.peer-reviewe

Constructing meaning in the service of power : an analysis of the typical modes of ideology in accounting textbooks

This paper provides an analysis of the typical modes of ideology in introductory financial accounting textbooks and training materials. Drawing on Thompson's (1990) schema concerning the typical linguistic modes through which ideology operates, this research suggests that the operation of ideology is apparent within educational accounting texts, with particular strategies being more evident than others: in particular, the strategies of universalization, narrativization, rationalization and naturalization. Given the predominantly technical nature of introductory financial accounting textbooks and training manuals, the modes of ideology identified in the texts were often quite subtle; more specifically, the ideological characteristics displayed in each of the six texts analysed were often expressions of implicit or taken-for-granted assumptions

DESIGN OF A LIQUID FUEL INJECTOR FOR ALTERNATIVE FUEL STUDIES IN AN ATMOSPHERIC MODEL GAS TURBINE COMBUSTOR

A new liquid-fuel injector was designed for use in the atmospheric-pressure, model gas turbine combustor in Bucknell University’s Combustion Research Laboratory during alternative fuel testing. The current liquid-fuel injector requires a higher-than-desired pressure drop and volumetric flow rate to provide proper atomization of liquid fuels. An air-blast atomizer type of fuel injector was chosen and an experiment utilizing water as the working fluid was performed on a variable-geometry prototype. Visualization of the spray pattern was achieved through photography and the pressure drop was measured as a function of the required operating parameters. Experimental correlations were used to estimate droplet sizes over flow conditions similar to that which would be experienced in the actual combustor. The results of this experiment were used to select the desired geometric parameters for the proposed final injector design and a CAD model was generated. Eventually, the new injector will be fabricated and tested to provide final validation of the design prior to use in the combustion test apparatus

An assessment of the contribution of the Church of Scotland to school education 1774-1872: focusing in particular on the work of the General Assembly Education Committee 1824-72

In 1824 the General Assembly of the Church of Scotland agreed to set up a committee to bring forward a plan for increasing the means of school education in Scotland. The following year the Assembly formally re-appointed this committee as an Education Committee whose remit was to plant schools to supplement parochial schools in areas where additional provision was most needed, particularly in the Highlands and Islands. This thesis describes the work of this committee over almost fifty years (1824-1872) during which time it established over 280 elementary schools throughout the country and two colleges for training teachers ("normal schools").The Education Committee was also answerable to the General Assembly for the oversight of the Church's statutory management of parochial schools through the supervision of local presbyteries and kirk sessions. This control of schools by the Church involved these church courts in visiting parish schools and in examining schoolmasters and ensuring that they were members of the Church.The Education Committee's endeavours were soon hampered by the lack of voluntary funding and it had to rely on government aid, particularly for its teacher training scheme. To make matters more difficult by the mid 1850s denominational and private enterprise had created a manifold pattern of education consisting of nine or ten different types of school, with the Free Church, the Scottish Episcopal Church and the Roman Catholic Church all engaged in setting up their own schools and all looking to the government for financial assistance. In this situation the Established Church's control of parish schools was challenged and in political and ecclesiastical circles a number of questions were raised, principally, should the management of all Scottish schools (including parochial schools and Church schools) be transferred to local boards under the supervision of some centralised body and if so who should be responsible for the delivery of religious instruction presently under the jurisdiction of the various denominations?This thesis recounts how the Education Committee responded to these questions by defending its status with regard to parochial schools and by opposing moves to abolish the traditional parish school system and replace it with a new national system of school education in Scotland. Up until 1872 the Church continued to add to the number of its Assembly schools and to promote the professionalism of teachers by raising teaching qualifications and standards. I will contend that by pursuing this strategy, which included a measure of co-operation with the government, the Church of Scotland made a significant and historically important contribution to Scottish school education in the nineteenth century