A Multi-Factor Analysis of AREIT Returns

Since 1990, the Australian Real Estate Investment Trust (AREIT) sector has experienced substantial growth and popularity. While the AREIT sector had benefit from the increased flow of funds from institutional investors during the 1997 Asian financial crisis, the recent impact of the 2008 global financial crisis has been a negative one. In this paper, we examine the sensitivities of annualised AREIT returns against a set of seven firm-specific variables and four market-wide risk variables. Balanced and unbalanced panel regressions are conducted on three sub-periods during 1990 - 2008 corresponding to the major phases in evolution of the AREIT sector. Our regression results find that size has a negative impact on returns, and this effect has been diminishing over time. Overall market risk was also found to be significant and positive only since 2003, suggesting that recently AREITs behave more like stocks and less like defensive assets. The relationship with exchange rate risk has been positive in recent years, due to more AREITs choosing to diversify internationally, particularly in the U.S. property markets. Our findings on the relationship between market-to-book ratios and AREIT returns depart from standard finance literature. In comparison to REITs in other countries, AREITs have shifted their preferences away from property-type diversification and into more specialised investment strategies. We also find contrasting evidence on the impact of international diversification, and that domestic AREITs provide better returns than internationally diversified counterparts. The relationship between returns and short term interest rates was found to be positive and significant prior to 2002, and the relationship with long-term interest rates was found to be negative and significant since 2003, suggesting that AREITs exhibit less bond-like characteristics in the past five years.AREITs, AREIT returns, Property-type diversification, International diversification, Panel regressions

Late-Time Optical Afterglow Observations with LBT and MDM

Using the 2.4m MDM and 8.4m Large Binocular Telescope, we observed nine GRB afterglows to systematically probe the late time behaviors of afterglows including jet breaks, flares, and supernova bumps. In particular, the LBT observations have typical flux limits of 25-26 mag in the Sloan r' band, which allows us to extend the temporal baseline for measuring jet breaks by another decade in time scale. We detected four jet breaks (including a "textbook" jet break in GRB070125) and a fifth candidate, all of which are not detectable without deep, late time optical observations. In the other four cases, we do not detect the jet breaks either because of contamination from the host galaxy light, the presence of a supernova bump, or the intrinsic faintness of the optical afterglow. This suggests that the basic picture that GRBs are collimated is still valid and that the apparent lack of Swift jet breaks is due to poorly sampled afterglow light curves, particularly at late times. Besides the jet breaks, we also detected late time flares, which could attribute to late central engine activities, and two supernova bumps.Comment: 5 pages, 5 figures, 2008 NANJING GAMMA-RAY BURST CONFERENCE. AIP Conference Proceedings, Volume 1065, pp. 93-97 (2008), Eds. Y.F. Huang, Z.G. Dai, B. Zhan

Observation of pinning mode in Wigner solid of 1/3 fractional quantum Hall excitations

We report the observation of a resonance in the microwave spectra of the real diagonal conductivities of a two-dimensional electron system within a range of ~ +- .0.015 $from filling factor$\nu=1/3$. The resonance is remarkably similar to resonances previously observed near integer$\nu$, and is interpreted as the collective pinning mode of a disorder-pinned Wigner solid phase of$e/3$-charged carriers .Comment: version with edits for clarity, improved Figure 3 and added referenc

Thermal Dissipation and Variability in Electrical Breakdown of Carbon Nanotube Devices

We study high-field electrical breakdown and heat dissipation from carbon nanotube (CNT) devices on SiO2 substrates. The thermal "footprint" of a CNT caused by van der Waals interactions with the substrate is revealed through molecular dynamics (MD) simulations. Experiments and modeling find the CNT-substrate thermal coupling scales proportionally to CNT diameter and inversely with SiO2 surface roughness (~d/{\Delta}). Comparison of diffuse mismatch modeling (DMM) and data reveals the upper limit of thermal coupling ~0.4 W/K/m per unit length at room temperature, and ~0.7 W/K/m at 600 C for the largest diameter (3-4 nm) CNTs. We also find semiconducting CNTs can break down prematurely, and display more breakdown variability due to dynamic shifts in threshold voltage, which metallic CNTs are immune to; this poses a fundamental challenge for selective electrical breakdowns in CNT electronics

Biaxial spin-nematic phase of two dimensional disordered rotor models and spin-one bosons in optical lattices

We show that the ground state of disordered rotor models with quadrupolar interactions can exhibit biaxial nematic ordering in the disorder-averaged sense. We present a mean-field analysis of the model and demonstrate that the biaxial phase is stable against small quantum fluctuations. We point out the possibility of experimental realization of such rotor models using ultracold spin-one Bose atoms in a spin-dependent and disordered optical lattice in the limit of a large number of atoms per site and also suggest an imaging experiment to detect the biaxial nematicity in such systems.Comment: revtex file 7 pages, 2 figures, version published in PR

Microwave resonance of the reentrant insulating quantum Hall phases in the 1st excited Landau Level

We present measurements of the real diagonal microwave conductivity of the reentrant insulating quantum Hall phases in the first excited Landau level at temperatures below 50 mK. A resonance is detected around filling factor $\nu=2.58$ and weaker frequency dependence is seen at $\nu=2.42$ and 2.28. These measurements are consistent with the formation of a bubble phase crystal centered around these $\nu$ at very low temperatures

Evidence for Two Different Solid Phases of Two Dimensional Electrons in High Magnetic Fields

We have performed RF spectroscopy on very high quality two dimensional electron systems in the high magnetic field insulating phase, usually associated with a Wigner solid (WS) pinned by disorder. We have found two different resonances in the frequency dependent real diagonal conductivity spectrum and we interpret them as coming from \textit{two} different pinned solid phases (labeled as "WS-A" and "WS-B"). The resonance of WS-A is observable for Landau level filling $\nu$$<$2/9 (but absent around the $\nu$=1/5 fractional quantum Hall effect (FQHE)); it then \textit{crosses over} for $\nu$$<$0.18 to the different WS-B resonance which dominates the spectrum at $\nu$$<$0.125. Moreover, WS-A resonance is found to show dispersion with respect to the size of transmission line, indicating that WS-A has a large correlation length (exceeding $\sim$100 $\mu$m); in contrast no such behavior is found for WS-B. We suggest that quantum correlations such as those responsible for FQHE may play an important role in giving rise to such different solids.Comment: 4 pages, 3 figure