Investor Overconfidence and Trading Activity in the Asia Pacific REIT Markets

Overconfidence is one of the most robust behavioral anomalies in financial markets. By attributing investment gains to their ability, investors become overconfident and trade aggressively in subsequent periods. Evidence from stock markets shows that overconfidence leads to excessive trading and, subsequently, inferior investment performance. However, studies on overconfidence effect are lacking in the real estate sector, which is particularly true for Asia Pacific real estate investment trust (REIT) markets. Thus, this study examines the overconfidence effect in six Asia Pacific REIT markets, namely, Australia, Hong Kong, Japan, Singapore, South Korea, and Taiwan. The study finds that the overconfidence effect is more conspicuous during market boom periods or in inefficient market conditions. In addition, simulation analysis demonstrates that overconfidence could lead to rather large volumes of excessive trading activities in certain markets. Findings are robust across the alternative measures of control variables. Moreover, the policy implications of the research are also discussed

Deduction of the quantum numbers of low-lying states of 6-nucleon systems based on symmetry

The inherent nodal structures of the wavefunctions of 6-nucleon systems have been investigated. The existence of a group of six low-lying states dominated by L=0 has been deduced. The spatial symmetries of these six states are found to be mainly {4,2} and {2,2,2}.Comment: 8 pages, no figure

The gut microbiota, bile acids and their correlation in primary sclerosing cholangitis associated with inflammatory bowel disease.

BACKGROUND: Patients with primary sclerosing cholangitis associated with inflammatory bowel disease (PSC-IBD) have a very high risk of developing colorectal neoplasia. Alterations in the gut microbiota and/or gut bile acids could account for the increase in this risk. However, no studies have yet investigated the net result of cholestasis and a potentially altered bile acid pool interacting with a dysbiotic gut flora in the inflamed colon of PSC-IBD. AIM: The aim of this study was to compare the gut microbiota and stool bile acid profiles, as well as and their correlation in patients with PSC-IBD and inflammatory bowel disease alone. METHODS: Thirty patients with extensive colitis (15 with concomitant primary sclerosing cholangitis) were prospectively recruited and fresh stool samples were collected. The microbiota composition in stool was profiled using bacterial 16S rRNA sequencing. Stool bile acids were assessed by high-performance liquid chromatography tandem mass spectrometry. RESULTS: The total stool bile acid pool was significantly reduced in PSC-IBD. Although no major differences were observed in the individual bile acid species in stool, their overall combination allowed a good separation between PSC-IBD and inflammatory bowel disease. Compared with inflammatory bowel disease alone, PSC-IBD patients demonstrated a different gut microbiota composition with enrichment in Ruminococcus and Fusobacterium genus compared with inflammatory bowel disease. At the operational taxonomic unit level major shifts were observed within the Firmicutes (73%) and Bacteroidetes phyla (17%). Specific microbiota-bile acid correlations were observed in PSC-IBD, where 12% of the operational taxonomic units strongly correlated with stool bile acids, compared with only 0.4% in non-PSC-IBD. CONCLUSIONS: Patients with PSC-IBD had distinct microbiota and microbiota-stool bile acid correlations as compared with inflammatory bowel disease. Whether these changes are associated with, or may predispose to, an increased risk of colorectal neoplasia needs to be further clarified.info:eu-repo/semantics/publishedVersio

Damage Assessment of Two-Way RC Slab Subjected to Blast Load using Mode Approximation Approach

Significant research efforts have been invested on studying the response and damage of structures subjected to blast loads for better life and property protections. The single-degree-of-freedom (SDOF) approach has been widely adopted to simplify the structural response analysis for engineering design purpose. However, such an approach under certain circumstances oversimplifies the structural behavior and might not give reliable predictions of structural responses to blast loads. On the other hand, although detailed high fidelity finite element (FE) approach is able to give relatively accurate predictions of structural response, it is unfortunately not straightforward for application and very time-consuming, which impedes its application among engineers. Therefore, a method that can assure not only reliability but also efficiency is highly needed for design practice. In the present study, mode approximation method with Pressure–Impulse (P-I) diagrams is applied to analyze response and damage of RC slab due to blast load. Slab under analysis is assumed rigid-plastic and simply supported. Shear failure, bending failure and combined failure modes are considered based on different failure modes. Critical equations for structural shear and bending failures are derived respectively with appropriate failure criteria. P–I diagrams are then developed for quick damage assessments. The analytical results are verified by comparing with high fidelity numerical simulations. The reliability and efficiency of using this approach for design and analyzing RC slab response under blast loads are demonstrated

The Impact of Urbanization on Farmland Productivity: Implications for China’s Requisition–Compensation Balance of Farmland Policy

The rapid growth of China’s economy since the reform in 1978 should be largely attributed to urbanization. Nonetheless, in terms of farmland productivity, urbanization may lead to perverse incentives and thus threaten food security. On the one hand, the requisition−compensation balance of farmland (RCBF) policy could reduce farmland productivity because of a “superior occupation and inferior compensation”; on the other hand, urbanization promotes the transfer of the younger labor force and thus reduces the productivity of the agricultural labor force. To investigate the undesirable effects, based on some stylized facts, this study selects 29,415 county-level samples in a Chinese county from 2000−2014 to construct an empirical model. With a new stochastic frontier analysis method that eliminates the classical econometric issues of endogeneity and heterogeneity, the empirical results show that there is a U-shaped relationship between the farmland use efficiency (productivity) and urbanization rate, indicating that only when the urbanization rate is relatively low would urbanization decrease the farmland use efficiency; in contrast, when the urbanization rate is relatively high, technical progress would obviously be accompanied by urbanization, and thus, the undesirable effects are fully offset. Furthermore, the U-shaped relationship is robust after considering the endogeneity of the urbanization rate and total-factor farmland use efficiency. With these findings, recommendations to implement sustainable management and conservation policies regarding farmland resources are made

DancingLines: An Analytical Scheme to Depict Cross-Platform Event Popularity

Nowadays, events usually burst and are propagated online through multiple modern media like social networks and search engines. There exists various research discussing the event dissemination trends on individual medium, while few studies focus on event popularity analysis from a cross-platform perspective. Challenges come from the vast diversity of events and media, limited access to aligned datasets across different media and a great deal of noise in the datasets. In this paper, we design DancingLines, an innovative scheme that captures and quantitatively analyzes event popularity between pairwise text media. It contains two models: TF-SW, a semantic-aware popularity quantification model, based on an integrated weight coefficient leveraging Word2Vec and TextRank; and wDTW-CD, a pairwise event popularity time series alignment model matching different event phases adapted from Dynamic Time Warping. We also propose three metrics to interpret event popularity trends between pairwise social platforms. Experimental results on eighteen real-world event datasets from an influential social network and a popular search engine validate the effectiveness and applicability of our scheme. DancingLines is demonstrated to possess broad application potentials for discovering the knowledge of various aspects related to events and different media

Changes in farmers' welfare from land requisition in the process of rapid urbanization

The marked impact of the welfare gap on total welfare within collectives has rarely, if at all, been addressed in traditional welfare theories and in Amartya Sen’s theory of welfare functioning and capabilities. With this observation as our starting point, we constructed a research framework that combined welfare functioning, the welfare gap, and welfare capability to assess and analyze changes in the welfare of farmers whose land was requisitioned in Zhejiang province. The findings of our study were as follows. (1) The total welfare functioning of farmers whose land was requisitioned increased by 11.8% as a result of improvements in economic and dwelling conditions and community surroundings. However, social security and psychological conditions deteriorated. (2) Although total welfare functioning has improved, gaps are widening in the distribution of welfare functioning among farmers who underwent land requisition. This was evidenced by the increase of the weighted Gini coefficient, which rose from 0.26 to 0.32 after land requisition. (3) As a result of the improvement in welfare capability, a judgmental bias is evident when farmers assess whether they have gained or lost welfare after land requisition. We conclude that welfare studies should focus not only on the quantitative aspects of welfare distribution, but should also pay more attention to its fairness and impartiality. This can prevent social problems posed by an oversized welfare gap. Moreover, after land requisition, the government and community should provide education and training services, and the current one-time compensation model should be replaced by a lifelong compensation model. At the same time, endowment insurance should be extended in rural areas and urban medical insurance should be progressively incorporated into the social security benefits of farmers who have undergone land requisition.This is the author's accepted manuscript. The final version is published by Elsevier in Land Use Policy here: http://www.sciencedirect.com/science/article/pii/S0264837714002099