Intersatellite Link (ISL) application to commercial communications satellites. Volume 1: Executive summary

Based on a comprehensive evaluation of the fundamental Intersatellite Link (ISL) systems characteristics, potential applications of ISLs to domestic, regional, and global commercial satellite communications were identified, and their cost-effectiveness and other systems benefits quantified wherever possible. Implementation scenarios for the cost-effective communications satellite systems employing ISLs were developed for the first launch in 1993 to 1994 and widespread use of ISLs in the early 2000's. Critical technology requirements for both the microwave (60 GHz) and optical (0.85 micron) ISL implementations were identified, and their technology development programs, including schedule and cost estimates, were derived

Serial persistence in individual real estate returns in the UK

Persistence of property returns is a topic of perennial interest to fund managers as it suggests that choosing those properties that will perform well in the future is as simple as looking at those that performed well in the past. Consequently, much effort has been expended to determine if such a rule exists in the real estate market. This paper extends earlier studies in US, Australian, and UK markets in two ways. First, this study applies the same methodology originally used in Young and Graff (1996) making the results directly comparable with those in the US and Australian property markets. Second, this study uses a much longer and larger database covering all commercial property data available from the Investment Property Databank (IPD), for the years 1981 to 2002 for as many as 216,758 individual property returns. While the performance results of this study mimic the US and Australian results of greater persistence in the extreme first and fourth quartiles, they also evidence persistence in the moderate second and third quartiles, a notable departure from previous studies. Likewise patterns across property type, location, time, and holding period are remarkably similar leading to the conjecture that behaviors in the practice of commercial real estate investment management are themselves deeply rooted and persistent and perhaps influenced for good or ill by agency effect

Refining the Spin Hamiltonian in the Spin-1/2 Kagome Lattice Antiferromagnet ZnCu3_{3}(OH)6_{6}Cl2_{2} using Single Crystals

We report thermodynamic measurements of the S=1/2 kagome lattice antiferromagnet ZnCu$_{3}$(OH)$_{6}$Cl$_{2}$, a promising candidate system with a spin-liquid ground state. Using single crystal samples, the magnetic susceptibility both perpendicular and parallel to the kagome plane has been measured. A small, temperature-dependent anisotropy has been observed, where $\chi_{z}/ \chi_{p} > 1$ at high temperatures and $\chi_{z}/ \chi_{p} < 1$ at low temperatures. Fits of the high-temperature data to a Curie-Weiss model also reveal an anisotropy. By comparing with theoretical calculations, the presence of a small easy-axis exchange anisotropy can be deduced as the primary perturbation to the dominant Heisenberg nearest neighbor interaction. These results have great bearing on the interpretation of theoretical calculations based on the kagome Heisenberg antiferromagnet model to the experiments on ZnCu$_{3}$(OH)$_{6}$Cl$_{2}$.Comment: 4 pages, 4 figure

Non-normal real estate return distributions by property type in the U.K.

Investment risk models with infinite variance provide a better description of distributions of individual property returns in the IPD database over the period 1981 to 2003 than Normally distributed risk models, which mirrors results in the U.S. and Australia using identical methodology. Real estate investment risk is heteroscedastic, but the Characteristic Exponent of the investment risk function is constant across time yet may vary by property type. Asset diversification is far less effective at reducing the impact of non-systematic investment risk on real estate portfolios than in the case of assets with Normally distributed investment risk. Multi-risk factor portfolio allocation models based on measures of investment codependence from finite-variance statistics are ineffectual in the real estate context