Duration and Risk

Duration has long been used as a means of managing the risk of bond portfolios. It has also been extended to the analysis of equities. Although it is often been compared with the half-life of an asset it is more correct to consider duration as the approximate percentage change in price for each one-percent change in yield. Given this view it will be seen that the volatility of an asset and its duration are closely related. This paper uses the duration of a conventional valuation model to estimate both the volatility and total risk of the each sector of the UK commercial property market relative to the property market as a whole. The approach has potential value in estimating the risk of a new property where historic time series information is either limited on not available. In addition, by drawing a distinction between ex-post and ex-ante measures of risk the paper also estimates the inflation flow through rate for different lease structures.

Survey of impact damper performance

An overall picture of the impact damper is obtained by using time-history solutions of the system motion for the oscillator in free decay. The impactor behavior depends very strongly on oscillator amplitude, and free decay can sample the full range of behavior from an infinite number of impacts per cycle at high amplitude to no impacts at low amplitude. The overall picture cannot be obtained by analysis of steady-state forced response. Yet, the predictions are relevant to forced response behavior when the damping is relatively light. Three major regimes of impact behavior are shown to exist: low, middle and high amplitude ranges

Hans Bethe: The Nuclear Many Body Problem

We discuss the work of Hans Bethe and others in formulating a theoretical foundation for the nuclear shell model. Written for a general audience, this article describes the evolution from Brueckner's reaction matrix theory to the Moszkowski-Scott separation method and ultimately to the Reference Spectrum method of Bethe, Brandow, and Petschek. We also discuss connections with the recently developed low momentum nucleon-nucleon interactions.Comment: 25 pages, 15 figures, In "Hans Bethe and His Physics" (World Scientific, Singapore, 2006

Experimental evaluation of a tuned electromagnetic damper for vibration control of cryogenic turbopump rotors

Experiments were performed on a passive tuned electromagnetic damper that could be used for damping rotor vibrations in cryogenic turbopumps for rocket engines. The tests were performed in a rig that used liquid nitrogen to produce cryogenic turbopump temperatures. This damper is most effective at cryogenic temperatures and is not a viable damper at room temperature. The unbalanced amplitude response of the rotor shaft was measured for undamped (baseline) and damped conditions at the critical speeds of the rotor (approx. 5900 to 6400 rpm) and the data were compared. The tests were performed for a speed range between 900 and 10 000 rpm. The tests revealed that the damper is very effective for damping single-mode narrow bandwidth amplitude response but is less effective in damping broadband response or multimode amplitude response

Performance tests of a cryogenic hybrid magnetic bearing for turbopumps

Experiments were performed on a Hybrid Magnetic Bearing designed for cryogenic applications such as turbopumps. This bearing is considerably smaller and lighter than conventional magnetic bearings and is more efficient because it uses a permanent magnet to provide a bias flux. The tests were performed in a test rig that used liquid nitrogen to simulate cryogenic turbopump temperatures. The bearing was tested at room temperature and at liquid nitrogen temperature (-320 F). The maximum speed for the test rig was 14000 rpm. For a magnetic bearing stiffness of 20000 lb/in, the flexible rotor had two critical speeds. A static (nonrotating) bearing stiffness of 85000 lb/in was achieved. Magnetic bearing stiffness, permanent magnet stiffness, actuator gain, and actuator force interaction between two axes were evaluated, and controller/power amplifier characteristics were determined. The tests revealed that it is feasible to use this bearing in the cryogenic environment and to control the rotor dynamics of flexible rotors when passing through bending critical speeds. The tests also revealed that more effort should be placed on enhancing the controller to achieve higher bearing stiffness and on developing displacement sensors that reduce drift caused by temperature and reduce sensor electrical noise

Excess Returns in the Hong Kong Commercial Real Estate Market

This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices then excess returns, if they exits, should be detected in both series. Our findings confirm that excess returns can be detected in both valuation and transaction-based series. They are not, however, persistent although there appear to be greater opportunities for earning excess returns in the office sector.

Broad Band Equilibration of Strangeness

We develop the "broad band equilibration" scenario for kaon productions at GSI energies with in-medium effects.Comment: 4 pages, latex with 2 eps figure, a talk in QM200

Low frequency vibration isolation technology for microgravity space experiments

The dynamic acceleration environment observed on Space Shuttle flights to date and predicted for the Space Station has complicated the analysis of prior microgravity experiments and prompted concern for the viability of proposed space experiments requiring long-term, low-g environments. Isolation systems capable of providing significant improvements in this environment exist, but have not been demonstrated in flight configurations. This paper presents a summary of the theoretical evaluation for two one degree-of-freedom (DOF) active magnetic isolators and their predicted response to both direct and base excitations, that can be used to isolate acceleration sensitive microgravity space experiments

Magnetic bearings with zero bias

A magnetic bearing operating without a bias field has supported a shaft rotating at speeds up to 12,000 rpm with the usual four power supplies and with only two. A magnetic bearing is commonly operated with a bias current equal to half of the maximum current allowable in its coils. This linearizes the relation between net force and control current and improves the force slewing rate and hence the band width. The steady bias current dissipates power, even when no force is required from the bearing. The power wasted is equal to two-thirds of the power at maximum force output. Examined here is the zero bias idea. The advantages and disadvantages are noted

Nonintrusive inertial vibration isolation technology for microgravity space experiments

The dynamic acceleration environment observed on Space Shuttle flights to date and predicted for the Space Station has complicated the analysis of prior microgravity experiments and prompted concern for the viability of proposed space experiments requiring long-term, microgravity environments. Isolation systems capable of providing significant improvements to this environment exist, but at present have not been demonstrated in flight configurations. A summary of the theoretical evaluation for two one degree-of-freedom (DOF) active magnetic isolators and their predicted response to both direct and base excitations is presented. These isolators can be used independently or in concert to isolate acceleration-sensitive microgravity space experiments, dependent on the isolation capability required for specific experimenter needs