Online problem gambling: a comparison of casino players and sports bettors via predictive modeling using behavioral tracking data

In this study, the differences in behavior between two groups of online gamblers were investigated. The first group comprised individuals who played casino games, and the second group comprised those who bet on sports events. The focal point of the study was on problem gambling, and the objective was to identify and quantify both common and distinct traits that are characteristic to casino and sports problem gamblers. To this end, a set of gamblers from the gaming operator LeoVegas was studied. Each gambler was ascribed two binary variables: one separating casino players from sports bettors, and one indicating whether there was an exclusion related to problem gambling. For each of the four combinations of the two variables, 2500 gamblers were randomly selected for a thorough comparison, resulting in a total of 10,000 participants. The comparison was performed by constructing two predictive models, estimating risk scores using these models, and scrutinizing the risk scores by means of a technique originating from collaborative game theory. The number of cash wagers per active day contributed the most to problem-gambling-related exclusion in the case of sports betting, whereas the volume of money spent contributed the most to this exclusion in the case of casino players. The contribution of the volume of losses per active day was noticeable in the case of both casino players and sports bettors. For casino players, gambling via desktop computers contributed positively to problem-gambling-related exclusion. For sports bettors, it was more concerning when the individual used mobile devices. The number of approved deposits per active day contributed to problem-gambling-related exclusion to a larger extent for sports bettors than casino players. The main conclusion is that the studied explanatory variables contribute differently to problem-gambling-related exclusion among casino players and sports bettors

Simulation of the influence of surface chemical composition on internal gas flow at large Knudsen numbers

On the basis of the developed model, an attempt to describe a rarefied gas flow in the cylindrical channel, whose surface chemical composition conforms with the real experimental conditions, has been made. During the modeling two cases are considered: the atomically clean silver channel surface and the surface fully covered with the adsorbate, which is simulated by oxygen according to the data of the Auger-spectroscopic analysis. The gas-surface interaction process is based on the molecular dynamic principle. Thermal vibrations of the surface atoms are also considered. The obtained results of calculation are compared with experimental data. © Copyright 2013 Published by Elsevier Ltd. All rights reserved

Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility Based Framework

We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis using data from 1992 to 2012. We examine optimal mean-variance portfolios of investors with different levels of risk aversion given access to different classes of assets and establish two main results. First, REIT preferred and common stock provides significant diversification benefits to investors. REIT common stock helps low risk aversion investors attain portfolios with higher returns, while REIT preferred stock helps high risk aversion investors by providing a venue for risk reduction. Both asset classes receive material allocations over plausible levels of risk aversion. Second, while REIT preferred stock appears to behave somewhat like a hybrid debt/equity asset, its risk/return profile appears to not easily be replicated by those asset classes. When given the opportunity, investors will reduce allocations to REIT common stock and investment grade bonds and invest in REIT preferred stock

Measuring the Value Added of REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach

An interesting, important, and challenging financial question both in academic research and in practice is how to determine asset managers’ investment performance. That is, how much can be attributed to luck or serendipitous timing and how much is skill? In this paper we demonstrate how return-based style analysis, known as attribution analysis, can be used to ascertain the extent to which managers of REITs add value to their firm’s stock returns. Developed by William F. Sharpe, a Nobel Laureate, the attribution analysis technique was originally used to analyze a manager’s investment style based on the individual’s equity portfolio (e.g., large cap growth versus large cap value) by comparing returns on various indices.1 The manager’s style would be inferred according to the extent to which a weighted combination of indices most closely replicated the actual performance of the manager’s portfolio over a specified time period. In this way, a fund manager’s style is determined by finding the mix of indices that provides returns that are the most similar to the manager’s portfolio’s returns. The manager’s performance can then be assessed from the resulting benchmark portfolio, which is constructed using the various indices. The unmanaged benchmark reflects how an investor would do if he or she owned a portfolio comprising the same indices but didn’t have the manager

Diversification Benefits of REIT Preferred and Common Stocks: A Long-Run Empirical Analysis

We study the diversification benefits of REIT preferred and common stocks. Taking the view of a long run investor, we conduct our analysis using data from 1992 to 2012. We examine optimal mean-variance portfolios of an investor given access to different classes of assets and establish five main results. First, preferred stock provides significant diversification benefits to all equity investors. Second, preferred stock appears to be a bond substitute. Third, preferred stock provides a venue for risk reduction for constrained investors who have access to bonds. Fourth, REITs provide an important value dimension to investors. Finally, REITs allow long only investors the ability to form higher total return portfolios than they otherwise would have been able to attain

The Role of REIT Preferred and Common Stock in Diversified Portfolios

While “maximizing returns” is a stated goal of many investors, it is clear that some are more willing than others to embrace risk in their pursuit of those returns. An analysis of risk-return profiles finds that investors see different purposes for real estate investment trust (REIT) common stock and preferred stock depending on their tolerance for risk. Using a utility-based approach and imposing realistic constraints on the investor’s portfolio, this report shows that REIT preferred and common stock provide diversification benefits, but to different sets of investors. Risk tolerant investors find REIT common stock beneficial, while risk averse investors find the preferred stock more favorable. The key highlight from the study is that investors, especially those who have investment grade bonds, should consider adding REIT preferred stock to their portfolios

Attribution Analysis Tool

**************************************************************************** Scroll down to Additional Files to access the calculator. **************************************************************************** The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach by Walter I. Boudry, Crocker H. Liu, and Andrey D. Ukhov. Attribution analysis also known as style analysis allows investors and managers to assess the extent to which managers add value to their firm’s common stock returns. Given a set of passive indices, the excel worksheet constructs a benchmark portfolio that most closely replicates the actual performance of a manager’s portfolio over a specified time period. Management performance is then measured relative to this benchmark portfolio. For more detailed information on how attribution analysis is used with respect to the performance of real estate commingled real estate funds to ascertain if a manager possesses skill or is simply lucky in his or her acquisitions, please see the NCREIF. For a useful publication on how it is used in practice, please click here.

Attribution Analysis Tool

The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called "Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach" by Walter I. Boudry, Crocker H. Liu, and Andrey D. Ukhov. Attribution analysis also known as style analysis allows investors and managers to assess the extent to which managers add value to their firm’s common stock returns. Given a set of passive indices, the excel worksheet constructs a benchmark portfolio that most closely replicates the actual performance of a manager’s portfolio over a specified time period. Management performance is then measured relative to this benchmark portfolio. For more detailed information on how attribution analysis is used with respect to the performance of real estate commingled real estate funds to ascertain if a manager possesses skill or is simply lucky in his or her acquisitions, please see the NCREIF. For a useful publication on how it is used in practice, please click here. .Attribution_Analysis_Tool.pdf: 1151 downloads, before Aug. 1, 2020.0-Boudry_Attribution_analysis_tool.xlsm: 272 downloads, before Aug. 1, 2020