Real estate portfolio size and risk reduction

The reduction of portfolio risk is important to all investors but is particularly important to real estate investors as most property portfolios are generally small. As a consequence, portfolios are vulnerable to a significant risk of under-performing the market, or a target rate of return and so investors may be exposing themselves to greater risk than necessary. Given the potentially higher risk of underperformance from owning only a few properties, we follow the approach of Vassal (2001) and examine the benefits of holding more properties in a real estate portfolio. Using Monte Carlo simulation and the returns from 1,728 properties in the IPD database, held over the 10-year period from 1995 to 2004, the results show that increases in portfolio size offers the possibility of a more stable and less volatile return pattern over time, i.e. down-side risk is diminished with increasing portfolio size. Nonetheless, increasing portfolio size has the disadvantage of restricting the probability of out-performing the benchmark index by a significant amount. In other words, although increasing portfolio size reduces the down-side risk in a portfolio, it also decreases its up-side potential. Be that as it may, the results provide further evidence that portfolios with large numbers of properties are always preferable to portfolios of a smaller size

Normal modes in an overmoded circular waveguide coated with lossy material

The normal modes in an overmoded waveguide coated with a lossy material are analyzed, particularly for their attenuation properties as a function of coating material, layer thickness, and frequency. When the coating material is not too lossy, the low-order modes are highly attenuated even with a thin layer of coating. This coated guide serves as a mode suppressor of the low-order modes, which can be particularly useful for reducing the radar cross section (RCS) of a cavity structure such as a jet inlet. When the coating material is very lossy, low-order modes fall into two distinct groups: highly and lowly attenuated modes. However, as a/lambda (a = radius of the cylinder; lambda = the free-space wavelength) increases, the separation between these two groups becomes less distinctive. The attenuation constants of most of the low-order modes become small, and decrease as a function of lambda sup 2/a sup 3

Motion of a sphere in the presence of a plane interface. Part 2. An exact solution in bipolar co-ordinates

A general solution for Stokes’ equation in bipolar co-ordinates is derived, and then applied to the arbitrary motion of a sphere in the presence of a plane fluid/fluid interface. The drag force and hydrodynamic torque on the sphere are then calculated for four specific motions of the sphere; namely, translation perpendicular and parallel to the interface and rotation about an axis which is perpendicular and parallel, respectively, to the interface. The most significant result of the present work is the comparison between these numerically exact solutions and the approximate solutions from part 1. The latter can be generalized to a variety of particle shapes, and it is thus important to assess their accuracy for this case of spherical particles where an exact solution can be obtained. In addition to comparisons with the approximate solutions, we also examine the predicted changes in the velocity, pressure and vorticity fields due to the presence of the plane interface. One particularly interesting feature of the solutions is the fact that the direction of rotation of a freely suspended sphere moving parallel to the interface can either be the same as for a sphere rolling along the interface (as might be intuitively expected), or opposite depending upon the location of the sphere centre and the ratio of viscosities for the two fluids

Response analysis of an automobile shipping container

The design and development of automobile shipping containers to reduce enroute damage are discussed. Vibration tests were conducted to determine the system structural integrity. A dynamic analysis was made using NASTRAN and the results of the test and the analysis are compared

Numerical methods for analyzing electromagnetic scattering

Numerical methods to analyze electromagnetic scattering are presented. The dispersions and attenuations of the normal modes in a circular waveguide coated with lossy material were completely analyzed. The radar cross section (RCS) from a circular waveguide coated with lossy material was calculated. The following is observed: (1) the interior irradiation contributes to the RCS much more than does the rim diffraction; (2) at low frequency, the RCS from the circular waveguide terminated by a perfect electric conductor (PEC) can be reduced more than 13 dB down with a coating thickness less than 1% of the radius using the best lossy material available in a 6 radius-long cylinder; (3) at high frequency, a modal separation between the highly attenuated and the lowly attenuated modes is evident if the coating material is too lossy, however, a large RCS reduction can be achieved for a small incident angle with a thin layer of coating. It is found that the waveguide coated with a lossy magnetic material can be used as a substitute for a corrugated waveguide to produce a circularly polarized radiation yield

The creeping motion of a spherical particle normal to a deformable interface

Numerical results are presented for the approach of a rigid sphere normal to a deformable fluid-fluid interface in the velocity range for which inertial effects may be neglected. Both the case of a sphere moving with constant velocity, and that of a sphere moving under the action of a constant non-hydrodynamic body force are considered for several values of the viscosity ratio, density difference and interfacial tension between the two fluids. Two distinct modes of interface deformation are demonstrated: a film drainage mode in which fluid drains away in front of the sphere leaving an ever-thinning film, and a tailing mode where the sphere passes several radii beyond the plane of the initially undeformed interface, while remaining encapsulated by the original surrounding fluid which is connected with its main body by a thin thread-like tail behind the sphere. We consider the influence of the viscosity ratio, density difference, interfacial tension and starting position of the sphere in deter-mining which of these two modes of deformation will occur

Numerical methods for analyzing electromagnetic scattering

Attenuation properties of the normal modes in an overmoded waveguide coated with a lossy material were analyzed. It is found that the low-order modes, can be significantly attenuated even with a thin layer of coating if the coating material is not too lossy. A thinner layer of coating is required for large attenuation of the low-order modes if the coating material is magnetic rather than dielectric. The Radar Cross Section (RCS) from an uncoated circular guide terminated by a perfect electric conductor was calculated and compared with available experimental data. It is confirmed that the interior irradiation contributes to the RCS. The equivalent-current method based on the geometrical theory of diffraction (GTD) was chosen for the calculation of the contribution from the rim diffraction. The RCS reduction from a coated circular guide terminated by a PEC are planned schemes for the experiments are included. The waveguide coated with a lossy magnetic material is suggested as a substitute for the corrugated waveguide