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

Exponential decay of dispersion managed solitons for vanishing average dispersion

We show that any $L^2$ solution of the Gabitov-Turitsyn equation describing dispersion managed solitons decay exponentially in space and frequency domains. This confirms in the affirmative Lushnikov's conjecture of exponential decay of dispersion managed solitons.Comment: 15 pages, 1 figur

Schwannomatosis of the Spinal Accessory Nerve: A Case Report.

Schwannomatosis is a distinct syndrome characterized by multiple peripheral nerve schwannomas that can be sporadic or familial in nature. Cases affecting the lower cranial nerves are infrequent. Here, the authors present a rare case of schwannomatosis affecting the left spinal accessory nerve. Upon genetic screening, an in-frame insertion at codon p.R177 of the Sox 10 gene was observed. There were no identifiable alterations in NF1, NF2, LZTR1, and SMARCB1. This case demonstrates a rare clinical presentation of schwannomatosis in addition to a genetic aberration that has not been previously reported in this disease context

IMPLICIT PRICE AND DEMAND IN OLIGOPOLISTIC COMPETITION: AN APPLICATION TO THE U.S. TROUT MARKET

This study provides an example of how implicit price and demand models can be developed and used for empirical analysis. In particular, empirical application of these models can quantify the impact of implicit economic variables representing preference, relative price, production efficiency, the degree of price sensitivity to quantity supplied, and substitutability on market price and demand for domestic and imported products. Furthermore, the simultaneous impact of these implicit economic variables on market price and demand can be quantified using these implicit price and demand models.International Relations/Trade,

STRUCTURAL APPROACH TO ANALYZE THE EFFECTS OF EXHCHANGE RATE ON IMPORT DEMAND

The purpose of this study is to determine the impact the exchange rate has on local prices and import demand.Exchange rate, Direct and indirect effects, Korean beef market, International Relations/Trade, F10, F11, F13,

NORTH KOREAN FOOD SUPPLY AND DEMAND: AN ECONOMETRIC ANALYSIS

This study simulates North Korean food supply and demand using an econometric regression based upon neo-classical economic theory. In doing so, this study at first describes the autarky condition that exists in the closed economy of North Korea and the relationship between pro-military oriented economic policy and deficiency in the dietary needs required by the average North Korean. This study then quantifies the impact agricultural resources and policy have had on the production of food for the sample period of 1995 to 2008. Results show that food production decreases along with a decrease in agricultural input factors and with the implementation of a more pro-military oriented economic policy. Finally, this study simulates ex ante food balance. In order to meet food demand, the rate at which agricultural input factors are made available should be much more greater than the increasing rate of population, regardless of whether pro-market oriented economic policy reforms are implemented or not. And if a more pro-market approach is implemented by North Korea, the food balance appears to recover more quickly from food deficiency to food surplus given a specific level of agricultural resources.Political Economy,

Determining the Impact of Crawfish Imports on U.S. Domestic Prices

The study identifies the linkage between imports and the domestic price of crawfish. The results show a simultaneous increase in imports and domestic prices of crawfish while showing a negative relationship between domestic landings and price. Each model shows that there is a seasonality effect on the domestic price of crawfish. The study also shows that increases in the domestic supplies of shrimp, tilapia, and clams generated increases in the domestic crawfish price while increases in imported and domestic supplies of beef and imported supplies of pork decreased the domestic crawfish price.Demand and Price Analysis, International Relations/Trade,

IMPORT DEMAND SYSTEM ANALYSIS OF THE SOUTH KOREAN WINE MARKET WITH THE SOURCE DIFFERENTATED AIDS MODEL

Under the assumption of block substitutability and partial aggregation, a source differentiated AIDS model was used to estimate South Korean wine import demand. Empirical results indicate that South Korean wine consumers have a strong preference for high quality French wines. French wines are shown to be substitutes for wines from other countries in the South Korean wine market. Since the implementation of a free trade agreement between South Korea and Chile, Chilean wines have steadily increased their market share exhibiting strong price competitiveness in the South Korean wine market.wine, AIDS, block substitutability, import demand, Demand and Price Analysis,

A Demand System Analysis of the U.S. Trout Market

The objective of this study is to analyze how imported trout affects the domestic U.S. trout industry.Trout, Demand System, Import, International Relations/Trade, F10, F11, F13,