An Optimal Incentive System For Real Estate Agents

This article presents an alternative system for selling real estate. It overcomes the well-known deficiencies of the percentage commission system. In our system, the agent purchases the property from the seller and simultaneously receives a put option. The put option gives the agent the right to put the property back to the original owner. It is shown that this system has many of the desirable properties of a dealer system, while avoiding some of the problems that are inherent in that system.

An information explanation of the survival of technical analysis in capital market

In an efficient market, technical analysis cannot earn abnormal returns. Technical strategies are inferior to a buy and hold strategy since they typically churn investor accounts. Nonetheless, technical analysis appears to thrive. The purpose of this paper is to explain why technical analysis survives even though it is inferior to a buy-and-hold strategy. A model is developed that compares four investor groups --informed insiders, buy-and-hold investors, technical traders, and uninformed naive fundamental traders --and are comparedin the model. Surprisingly, it demonstrates the superiority of technical analysis relative to fundamental analysis. The equilibrium requires that different classes of investors earn different rates of return. Informed traders can only earn sufficient returns to cover their costs if there exist traders who, in some sense, are trading on bad information or noise in the Fisher Black sense. The ultimate explanation for the survival of naive investment strategies is that informed traders must have someone with whom to trade. If all uninformed traders are driven out of the market there is no benefit to being informed

An information explanation of the survival of technical analysis in capital market

In an efficient market, technical analysis cannot earn abnormal returns. Technical strategies are inferior to a buy and hold strategy since they typically churn investor accounts. Nonetheless, technical analysis appears to thrive. The purpose of this paper is to explain why technical analysis survives even though it is inferior to a buy-and-hold strategy. A model is developed that compares four investor groups --informed insiders, buy-and-hold investors, technical traders, and uninformed naive fundamental traders --and are comparedin the model. Surprisingly, it demonstrates the superiority of technical analysis relative to fundamental analysis. The equilibrium requires that different classes of investors earn different rates of return. Informed traders can only earn sufficient returns to cover their costs if there exist traders who, in some sense, are trading on bad information or noise in the Fisher Black sense. The ultimate explanation for the survival of naive investment strategies is that informed traders must have someone with whom to trade. If all uninformed traders are driven out of the market there is no benefit to being informed

Characterization of the South Atlantic marine boundary layer aerosol using an Aerodyne Aerosol Mass Spectrometer

International audienceMeasurements of the submicron fraction of the atmospheric aerosol in the marine boundary layer were performed from January to March 2007 (Southern Hemisphere summer) onboard the French research vessel Marion Dufresne in the Southern Atlantic and Indian Ocean (20° S?60° S, 70° W?60° E). For chemical composition measurements an Aerodyne High-Resolution-Time-of-Flight AMS was used to measure mass concentrations and species-resolved size distributions of non-refractory aerosol components in the submicron range. Within the "standard" AMS compounds (ammonium, chloride, nitrate, sulfate, organics) "sulfate" is the dominating species in the marine boundary layer reaching concentrations between 50 ng m?3 and 3 ?g m?3. Furthermore, what is seen as "sulfate" by the AMS seems to be mostly sulfuric acid. Another sulfur containing species that can ubiquitously be found in marine environments is methanesulfonic acid (MSA). Since MSA has not been directly measured before with an AMS, and is not part of the standard AMS analysis, laboratory experiments needed to be performed in order to be able to identify it within the AMS raw data and to extract mass concentrations for MSA from the field measurements. To identify characteristic air masses and their source regions backwards trajectories were used and averaged concentrations for AMS standard compounds were calculated for each air mass type. Sulfate mass size distributions were measured for these periods showing a distinct difference between oceanic air masses and those from African outflow. While the peak size in the mass distribution was roughly 250 nm in marine air masses it was shifted to 470 nm in African outflow air. Correlations between the mass concentrations of sulfate, organics and MSA were calculated which show a narrow correlation for MSA with sulfate/sulfuric acid coming from the ocean but not with continental sulfate

Mutual Fund Tournaments: Evidence From Global And International Funds

For a sample of global and international equity mutual funds, we test the proposition that managers likely to end up as losers manipulate fund risk differently from interim winners. In contrast with Brown, Harlow, and Starks (1996) who found robust support for the tournament model, we found no evidence of tournament like behavior for international and global mutual funds. A possible explanation of this behavior is that investors in these funds are primarily seeking diversification and therefore are less sensitive to relative performance

TARGET: A Digitizing And Trigger ASIC For The Cherenkov Telescope Array

The future ground-based gamma-ray observatory Cherenkov Telescope Array (CTA) will feature multiple types of imaging atmospheric Cherenkov telescopes, each with thousands of pixels. To be affordable, camera concepts for these telescopes have to feature low cost per channel and at the same time meet the requirements for CTA in order to achieve the desired scientific goals. We present the concept of the TeV Array Readout Electronics with GSa/s sampling and Event Trigger (TARGET) Application Specific Circuit (ASIC), envisaged to be used in the cameras of various CTA telescopes, e.g. the Gamma-ray Cherenkov Telescope (GCT), a proposed 2-Mirror Small-Sized Telescope, and the Schwarzschild-Couder Telescope (SCT), a proposed Medium-Sized Telescope. In the latest version of this readout concept the sampling and trigger parts are split into dedicated ASICs, TARGET C and T5TEA, both providing 16 parallel input channels. TARGET C features a tunable sampling rate (usually 1 GSa/s), a 16k sample deep buffer for each channel and on-demand digitization and transmission of waveforms with typical spans of ~100 ns. The trigger ASIC, T5TEA, provides 4 low voltage differential signal (LVDS) trigger outputs and can generate a pedestal voltage independently for each channel. Trigger signals are generated by T5TEA based on the analog sum of the input in four independent groups of four adjacent channels and compared to a threshold set by the user. Thus, T5TEA generates four LVDS trigger outputs, as well as 16 pedestal voltages fed to TARGET C independently for each channel. We show preliminary results of the characterization and testing of TARGET C and T5TEA.Comment: 6 pages, 8 figures, Proceedings of the 6th International Symposium on High-Energy Gamma-Ray Astronomy (Gamma2016