Diversification as a Value-Adding Strategy for Asian REITs: A Myth or Reality?

This study tests the impact of diversification strategies on the cash flows, expenses, risks and returns of REITs in Asia. Hirschman-Herfindahl indices (HHI) are computed based on 2281 properties owned by 63 sample Asian REITs for the periods from 2002 to 2007 to measure the levels of diversification by property type and geographical region. In our empirical tests that use weighted least square regressions, we find no significant effects of diversification by property types on cash flows, expenses and risk premiums of Asian REITs. However, significant variations in expenses and risk premiums of the REITs are explained by a geographical diversification strategy. REITs with assets distributed across different countries incur higher total expenses, interest expenses, general and administrative expenses and capital expenditure. Regionally diversified REITs have higher risk premiums. The results remain unchanged after controlling for country factor and simultaneity between the cash flows, expenses, risk and return variables.Diversification and focus strategies; Asian REITs; Illiquidity premiums

Kajian Aplikasi Kebijakan Hutan Kota di Kalimantan Timur

Dalam rangka mendukung upaya pengembangan dan pengelolaan hutan kota diperlukan sebuah tindakan dari pengawasan legal. Pemerintah telah mendukung USAha-USAha ini dengan menerbitkan Peraturan Pemerintah No.63/2002 tentang hutan kota dan kebijakan teknis berupa Peraturan Menteri Kehutanan No. P.71/2009 tentang pedoman penyelenggaraan hutan kota. Hasil penelitian pada empat kota di Kalimantan Timur (Samarinda, Balikpapan, Bontang dan Tarakan) menunjukkan bahwa, dasar legal (lingkup dan penegakan hukum) lebih banyak tentang rencana tata ruang wilayah sebagai isu strategis. Sebagai derivasi dari peraturan nasional, peraturan daerah diharapkan mendukung di dalam upaya pengembangan dan pengelolaan hutan kota pada level regional. Pemerintah daerah dapat mengeluarkan peraturan daerah untuk petunjuk teknis dalam strategi jangka pendek. Hingga tahun 2011, hanya kota Tarakan yang telah menetapkan peraturan daerah tentang hutan kota, tetapi semua kota tersebut telah menetapkan lahan berhutan sebagai hutan kota dari wilayah perkotaan meskipun belum mencapai target 10 persen. Selain itu, kebanyakan peraturan daerah dari empat kota tersebut relatif sedikit memberi perhatian bagi kebijakan kepemilikan lahan swasta. Dalam kajian ini, peraturan daerah tentang hutan kota yang ada di Kalimantan Timur dikaji, termasuk aspek hukum serta para pihak dan peranannya dalam pengelolaan hutan kota

Reduction from Complementary-Label Learning to Probability Estimates

Complementary-Label Learning (CLL) is a weakly-supervised learning problem that aims to learn a multi-class classifier from only complementary labels, which indicate a class to which an instance does not belong. Existing approaches mainly adopt the paradigm of reduction to ordinary classification, which applies specific transformations and surrogate losses to connect CLL back to ordinary classification. Those approaches, however, face several limitations, such as the tendency to overfit or be hooked on deep models. In this paper, we sidestep those limitations with a novel perspective--reduction to probability estimates of complementary classes. We prove that accurate probability estimates of complementary labels lead to good classifiers through a simple decoding step. The proof establishes a reduction framework from CLL to probability estimates. The framework offers explanations of several key CLL approaches as its special cases and allows us to design an improved algorithm that is more robust in noisy environments. The framework also suggests a validation procedure based on the quality of probability estimates, leading to an alternative way to validate models with only complementary labels. The flexible framework opens a wide range of unexplored opportunities in using deep and non-deep models for probability estimates to solve the CLL problem. Empirical experiments further verified the framework's efficacy and robustness in various settings

Subsolidus Phase Relations in Part of the System Si,Al,Y/N,O

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/65882/1/j.1151-2916.1979.tb12762.x.pd

Molecular Profiling of Endometrial Malignancies

Molecular profiling of endometrial neoplasms reveals genetic changes in endometrial carcinomas that support the dualistic model, in which type I carcinomas are estrogen-dependent, low grade lesions and type II carcinomas are nonestrogen dependent and high grade. The molecular changes in type I endometrial carcinomas include mutations in PTEN, PIK3CA, KRAS, and β-catenin, along with microsatellite instability, whereas type II endometrial carcinomas are characterized by genetic alterations in p53, HER2/neu, p16, and E-cadherin. For endometrial neoplasms with a malignant mesenchymal component, C-MYC mutations and loss of heterozygosity are frequently seen in carcinosarcomas, and a fusion gene, JAZF1/JJAZ1, is distinctive for endometrial stromal sarcoma. In addition, p53 mutations may play an important role in tumorigenesis of undifferentiated endometrial sarcoma. These molecular changes can help in the diagnosis of endometrial neoplasms, as well as form the basis of molecular targeted therapy

Barriers to active transport in Palmerston North

falsePalmerston North, New Zealan

Reply to “Comment on ‘Morphology of Silicon Nitride Grown from a Liquid Phase’”

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/65586/1/j.1151-2916.2000.tb01257.x.pd

Small T1−1T_1^{-1} coherence peak near TcT_c in unconventional superconductors

It is usually believed that a coherence peak just below T$_{c}$ in the nuclear spin lattice relaxation rate T$_{1}^{-1}$ in superconducting materials is a signature of conventional s-wave pairing. In this paper we demonstrate that any unconventional superconductor obeying BCS pure-case weak-coupling theory should show a small T$_{1}^{-1}$ coherence peak near T$_{c}$, generally with a height between 3 and 15 percent greater than the normal state T$_{1}^{-1}$ at T$_{c}$. It is largely due to impurity effects that this peak has not commonly been observed.Comment: 4 pages, 5 figure