Modeling regional house prices

We develop a parsimonious panel model for quarterly regional house prices, for which both the cross-section and the time series dimension is large. The model allows for stochastic trends, cointegration, cross-equation correlations and, most importantly, latent-class clustering of regions. Class membership is fully data-driven and based on (i) average growth rates of house prices, (ii) the propagation of shocks to house prices across regions, also known as the ripple effect, and (iii) the relationship of house prices with economic growth and other variables. Applying the model to quarterly data for the Netherlands, we find convincing evidence for the existence of two distinct clusters of regions, with pronounced differences in house price dynamics.cointegration;ripple effect;cross-section dependence

Surface Modification of a PCB Substrate for Better Adhesion of Inkjet Printed Circuit Structures

The robustness and service life of inkjet printed electronic circuit structures are highly influenced by the state of the interface between these structures and the substrate. In the case of polymeric substrate materials, surface modification is necessary to realise a favourable interface, as these materials are generally not very receptive to chemical bond formation with the deposited ink. This paper deals with the surface modification of a high frequency laminate (substrate) using two different techniques to improve interfacial adhesion. The techniques deployed are CF4/O2 based plasma treatment and micro structuring using pulsed laser. The plasma treatment parameters were varied systematically using a statistical design of experiments. Substrates with varying surface characteristics, resulting from different plasma treatment parameters, were subjected to post-processing steps including surface energy and surface roughness measurements. Similarly, the influence of laser treatment parameters on surface characteristics of the substrate was also studied in detail. The outcomes of these two surface modification techniques are discussed in this paper

A comparative study of two conductive inkjet inks for fabrication of RF circuit structures

Two commercially available silver inks were inkjet printed to fabricate the seed tracks (seed layers) of radio frequency (RF) circuit structures on a high frequency substrate material. One of them is a nanoparticle based ink, and the other, a non-particle based organic silver complex ink. Subsequent to printing, these seed layers were copper plated using an electroless copper plating process, to impart the desired thickness to the circuit structures. The inkjet printing-electroless plating process combination was validated with the example of an S-band filter and an RF transmission line. Prior to the fabrication of the circuit structures, the substrates were plasma treated, in order to modify their surface and promote mechanical interlocking with the printed structures.\ud Finally, experiments were conducted to determine the solderability\ud of inkjet printed as well as printed-plated structures. Conclusions on\ud the suitability of the two inks for RF circuit fabrication have been\ud drawn based on experimental results

Magnetostriction of a Superconductor: -Results from the Critical-State Model

In many cases, the critical-state theory can be treated as a suffi ciently accurate approximation for the modelling of the magnetic properties of superconductors. In the present work, the magnetostrictive hysteresis is computed for a quite general case of the modified Kim-Anderson model. The results obtained reproduce many features of the giant magnetostriction (butterfly-shaped curves) reported in the literature for measurements made on single-crystal samples of the high-temperature superconductor $Bi_2Sr_2CaCu_2O_8$. It is shown that addition of a contribution to the magnetostriction in the superconducting state which is of similar origin as in the normal state, offers a broader phenomenological interpretation of the complex magnetostriction hysteresis found in such heavy-fermion compounds as $UPt_3$, $URu_2Si_2$ or $UBe_{13}$.Comment: 9 LaTeX pages, 4 Postscript figures, WWW version available at http://is.dal.ca/~zkoziol/super.htm

The Dividend and Share Repurchase Policies of Canadian Firms

We empirically investigate dividend and share repurchase policies of Canadian firms. We have sent aquestionnaire to the 500 largest non-financial Canadian companies listed on the Toronto StockExchange, of which 191 usable responses were returned. These data are used to measure firmcharacteristics. We use several logit regression analyses to test the structure and determinants of thedividend and share repurchase choice. Our results are consistent with a structure in which thecompany first decides whether it wants to pay out cash to its shareholders or not. In the second stagethe firm decides on the form of the payout: dividends, share repurchases or both. Payout is determinedby free cash flow. The choice for dividends and repurchases depends on behavioral and taxpreferences. Furthermore, the payout is less likely to be dividends if the company has executive stockoption plans. Finally, we find evidence for the Brennan and Thakor (1990) model. According to thismodel the existence of asymmetric information amongst outsiders is associated with a preference fordividend payments over share repurchases.dividends;nested logit models;payout decisions;share repurchases;strategic financial decisions

The Dividend and Share Repurchase Policies of Canadian Firms: Empirical Evidence based on New Research Design

We empirically investigate dividend and share repurchase policies of Canadian firms. We use several logit regression analyses to test the structure and determinants of the dividend and share repurchase choice. We have sent a questionnaire to the 500 largest non-financial Canadian companies listed on the Toronto Stock Exchange, of which 191 usable responses were returned. These data are used to measure firm characteristics. Our results are consistent with a structure in which the company first decides whether it wants to pay out cash to its shareholders or not. In the second stage the firm decides on the form of the payout: dividends, share repurchases or both. Payout is determined by free cash flow. The type of payout depends on behavioral and tax preferences. Furthermore, the payout is less likely to be dividends if the company has executive stock option plans. Finally, we find evidence for the Brennan and Thakor (1990) model. According to this model the existence of asymmetric information amongst outsiders is associated with a preference for dividend payments over share repurchases.dividend policy;shares

Explaining individual response using aggregated data

Empirical analysis of individual response behavior is sometimes limited due to the lack of explanatory variables at the individual level. In this paper we put forward a new approach to estimate the effects of covariates on individual response, where the covariates are unknown at the individual level but observed at some aggregated level. This situation may, for example, occur if the response variable is available at the household level but covariates only at the zip-code level. We describe the missing individual covariates by a latent variable model which matches the sample information at the aggregate level. Parameter estimates can be obtained using maximum likelihood or a Bayesian approach. We illustrate the approach estimating the effects of household characteristics on donating behavior to a Dutch charity. Donating behavior is observed at the household level, while the covariates are only observed at the zip-code level

Magnetism of Superconducting UPt3

The phase diagram of superconducting $U\!Pt_{3}$ in pressure-temperature plane, together with the neutron scattering data is studied within a two component superconducting order parameter scenario. In order to give a qualitative explanation to the experimental data a set of two linearly independent antiferromagnetic moments which emerge appropriately at the temperature \mbox{$T_{N}\sim 10\cdot T_{c}$} and \mbox{$T_{m}\sim T_{c}$} and couple to superconductivity is proposed. Several constraints on the fourth order coefficients in the Ginzburg-Landau free energy are obtained.Comment: 17 pages, figures available on request to [email protected]

Modeling regional house prices

We develop a parsimonious panel model for quarterly regional house prices, for which both the cross-section and the time series dimension is large. The model allows for stochastic trends, cointegration, cross-equation correlations and, most importantly, latent-class clustering of regions. Class membership is fully data-driven and based on (i) average growth rates of house prices, (ii) the propagation of shocks to house prices across regions, also known as the ripple effect, and (iii) the relationship of house prices with economic growth and other variables. Applying the model to quarterly data for the Netherlands, we find convincing evidence for the existence of two distinct clusters of regions, with pronounced differences in house price dynamics