Valuing and Pricing Retail Leases with Renewal and Overage Options

We consider retail leases with landlord overages options, with tenant renewal options, with both and with neither. We illustrate how the ratio of initial expected sales to the sales threshold can be manipulated to equate the value of the landlord overage options to that of the tenant renewal option at the same initial rent. As a result, not only are the values of the dual option overage plus renewal lease and no option leases are equal, but the cumulative distributions of potential IRRs on the two leases are nearly identical, suggesting that these leases are equally attractive to risk-adverse investors and thus that the same risky discount rate can be used in valuing the leases. The analysis is carried out in a risk-neutral framework, and sensitivity of the results to interest rate uncertainty, real sales volatility and growth, and the required risk premium on retail real estate is shown. The appropriate risky discount rate for the overage lease is calculated to be 75 to 160 basis points greater than that for the renewal lease.

House price dynamics and their reaction to macroeconomic changes

This article applies a three-regime Markov switching model to investigate the impact of the macroeconomy on the dynamics of the residential real estate market in the US. Focusing on the period between 1960 and 2011, the methodology implemented allows for a clearer understanding of the drivers of the real estate market in “boom”, “steady-state” and “crash” regimes. Our results show that the sensitivity of the real estate market to economic changes is regime-dependent. The paper then proceeds to examine whether policymakers are able to influence a regime switch away from the crash regime. We find that a decrease in interest rate spreads could be an effective catalyst to precipitate such a change of state

Perceived discrimination and depressive symptoms among US Latinos: the modifying role of educational attainment

Objective: Despite growing evidence that discrimination may contribute to poor mental health, few studies have assessed this association among US Latinos. Furthermore, the interaction between discrimination and educational attainment in shaping Latino mental health is virtually unexplored. This study aims to examine the association between perceived discrimination and depressive symptoms and the modifying role of education among a population of Mexican-origin adults. Design: We utilized population-based data from 629 Mexican-origin adults (mean age = 52.8 years) participating the Niños Lifestyle and Diabetes Study (2013–2014). Perceived discrimination was defined as responding ‘sometimes’ or ‘often’ to at least one item on the 9-item Everyday Discrimination Scale. High depressive symptoms were defined as scoring ≥10 on the CESD-10. We used log-binomial and linear-binomial models to estimate prevalence ratios (PR) and prevalence differences (PD), respectively, of high depressive symptoms for levels of perceived discrimination. Final models were adjusted for age, sex, education, cultural orientation, and nativity. General estimating equations were employed to account for within-family clustering. Results: Prevalence of perceived discrimination and high depressive symptoms were 49.5% and 29.2%, respectively. Participants experiencing discrimination had higher depressive symptom prevalence than those never or rarely experiencing discrimination [PR = 1.94, 95% confidence interval (CI): 1.46–2.58; PD = 0.19, 95% CI: 0.12–0.27]. The strength of this association varied by education level. The association between discrimination and depressive symptoms was stronger among those with >12 years of education (PR = 2.69; PD = 0.24) compared to those with ≤12 years of education (PR = 1.36; PD = 0.09). Conclusion: US Latinos suffer a high burden of depressive symptoms, and discrimination may be an important driver of this burden. Our results suggest that effortful coping strategies, such as achieving high education despite high perceived discrimination, may magnify discrimination’s adverse effect on Latino mental health

Neighborhood language isolation and depressive symptoms among elderly U.S. Latinos

Purpose: Neighborhood segregation related to cultural factors, such as language use, may influence elderly Latino depression. We examined the association between neighborhood-level Spanish language segregation and individual depressive symptoms among elderly Latinos. Methods: We linked U.S. Census language use data with geocoded population-based data from 1789 elderly Latinos (mean age = 70.6 years) participating in the Sacramento Area Latino Study on Aging (1998–2008). Neighborhood language segregation was measured with the Index of Concentration at the Extremes, which demonstrates the extent to which residents are concentrated at extremes of deprivation and privilege. We fit two-level generalized linear-mixed models with random intercepts for census tracts to quantify the association between neighborhood-level language segregation and depressive symptoms, adjusting for identified confounders. Results: After adjusting for age, sex, and nativity, residents of highly segregated Spanish-speaking neighborhoods had more depressive symptoms than those in highly segregated English-only-speaking neighborhoods (β = −4.410; 95% confidence interval [CI] = −6.851 to −1.970). This association was largely attenuated upon adjustment for individual-level education (β = −2.119; 95% CI = −4.650 to 0.413). Conclusions: Linguistically segregated communities may benefit from targeted outreach given the high depression prevalence in these neighborhoods. Furthermore, our findings suggest that limited access to fundamental social protections, such as education, may drive the segregation-depression association among U.S. Latinos. © 2018 Elsevier Inc

Educational mobility across generations and depressive symptoms over 10 years among US latinos

Few studies have collected intergenerational data to assess the association between educational mobility across multiple generations and offspring depression. Using data from the Sacramento Area Latino Study on Aging (1998-2008), we assessed the influence of intergenerational education on depressive symptoms over 10 years among 1,786 Latino individuals (mean age = 70.6 years). Educational mobility was classified as stable-low (low parental/low offspring education), upwardly mobile (low parental/high offspring education), stable-high (high parental/ high offspring education), or downwardly mobile (high parental/low offspring education). Depressive symptoms were measured with the Center for Epidemiological Studies-Depression Scale (CES-D); higher scores indicated more depressive symptoms. To quantify the association between educational mobility and CES-D scores over follow-up, we used generalized estimating equations to account for repeated CES-D measurements and adjusted for identified confounders. Within individuals, depressive symptoms remained relatively stable over follow-up. Compared with stable-low education, stable-high education and upward mobility were associated with significantly lower CES-D scores (β = -2.75 and -2.18, respectively). Downwardly mobile participants had slightly lower CES-D scores than stable-low participants (β = -0.77). Our results suggest that sustained, low educational attainment across generations may have adverse mental health consequences, and improved educational opportunities in underresourced communitiesmay counteract the adverse influence of low parental education on Latino depression

Investigating Gravity Wave Characteristics and Mesospheric Temperature Variability over Antarctica

第2回極域科学シンポジウム/第35回極域宙空圏シンポジウム 11月14日（月） 国立極地研究所 2階大会議

Book Reviews

Reviews of the following books: Was Baseball Really Invented in Maine? by Will Anderson; Acadian Hard Times: The Farm Security Administration in Maine\u27s St. John Valley, 1940-1943 by C. Stewart Doty; The Latchstring Was Always Out: A History of Lodging Hospitality and Tourism in Bartlett, New Hampshire by Aileen M. Carroll; A Fair Field and No Favor: A Concise History of the Maine State Grange by Stanley Russell Howe; Dell Turner: The Stories of His Life by John T. Meader; Hail Britannia: Maine Pewter and Silverplate: An Exhibition of Maine Britannia Ware and Silverplate, 1829-1941, in the Collections of the Maine State Museum, May 15, 1992-May 15, 1993 by Edwin A. Churchil

Recent developments in planet migration theory

Planetary migration is the process by which a forming planet undergoes a drift of its semi-major axis caused by the tidal interaction with its parent protoplanetary disc. One of the key quantities to assess the migration of embedded planets is the tidal torque between the disc and planet, which has two components: the Lindblad torque and the corotation torque. We review the latest results on both torque components for planets on circular orbits, with a special emphasis on the various processes that give rise to additional, large components of the corotation torque, and those contributing to the saturation of this torque. These additional components of the corotation torque could help address the shortcomings that have recently been exposed by models of planet population syntheses. We also review recent results concerning the migration of giant planets that carve gaps in the disc (type II migration) and the migration of sub-giant planets that open partial gaps in massive discs (type III migration).Comment: 52 pages, 18 figures. Review article to be published in "Tidal effects in Astronomy and Astrophysics", Lecture Notes in Physic

On type-I migration near opacity transitions. A generalized Lindblad torque formula for planetary population synthesis

We give an expression for the Lindblad torque acting on a low-mass planet embedded in a protoplanetary disk that is valid even at locations where the surface density or temperature profile cannot be approximated by a power law, such as an opacity transition. At such locations, the Lindblad torque is known to suffer strong deviation from its standard value, with potentially important implications for type I migration, but the full treatment of the tidal interaction is cumbersome and not well suited to models of planetary population synthesis. The expression that we propose retains the simplicity of the standard Lindblad torque formula and gives results that accurately reproduce those of numerical simulations, even at locations where the disk temperature undergoes abrupt changes. Our study is conducted by means of customized numerical simulations in the low-mass regime, in locally isothermal disks, and compared to linear torque estimates obtained by summing fully analytic torque estimates at each Lindblad resonance. The functional dependence of our modified Lindblad torque expression is suggested by an estimate of the shift of the Lindblad resonances that mostly contribute to the torque, in a disk with sharp gradients of temperature or surface density, while the numerical coefficients of the new terms are adjusted to seek agreement with numerics. As side results, we find that the vortensity related corotation torque undergoes a boost at an opacity transition that can counteract migration, and we find evidence from numerical simulations that the linear corotation torque has a non-negligible dependency upon the temperature gradient, in a locally isothermal disk.Comment: Appeared in special issue of "Celestial Mechanics and Dynamical Astronomy" on Extrasolar Planetary System