Real Asset Ownership and the Risk and Return to Stockholders

Many corporations own a significant amount of real assets and this includes real estate. However, the effect of real asset ownership on the risk and return for a firm’s stockholders is unknown. This study attempts to ascertain the effect, if any, of corporate real asset ownership on the risk and return to stockholders. Using data from 1985 through 1994, the results indicate a lack of diversification benefits associated with holding real assets.

Adaptive stepsize and instabilities in complex Langevin dynamics

Stochastic quantization offers the opportunity to simulate field theories with a complex action. In some theories unstable trajectories are prevalent when a constant stepsize is employed. We construct algorithms for generating an adaptive stepsize in complex Langevin simulations and find that unstable trajectories are completely eliminated. To illustrate the generality of the approach, we apply it to the three-dimensional XY model at nonzero chemical potential and the heavy dense limit of QCD.Comment: 12 pages, several eps figures; clarification and minor corrections added, to appear in PL

Assessment of Real Estate Brokerage Service Quality with a Practicing Professional's Instrument

This study explores factors that affect service quality for a large residential real estate brokerage in a diverse midwestern city. It examines the extent to which overall service quality influences homebuyers to recommend the brokerage firm and to use the firm for future transactions. A Linear Structural Relations model is fit to data using the firm's service quality instrument. Results indicate statistically significant relationships between both agent characteristics and the tangible aspects of the firm, and three measures of overall service quality. Implications for the real estate industry are discussed and suggestions for improvement and future research are provided.

Ares First Stage "Systemology" - Combining Advanced Systems Engineering and Planning Tools to Assure Mission Success

Ares is an integral part of NASA s Constellation architecture that will provide crew and cargo access to the International Space Station as well as low earth orbit support for lunar missions. Ares replaces the Space Shuttle in the post 2010 time frame. Ares I is an in-line, two-stage rocket topped by the Orion Crew Exploration Vehicle, its service module, and a launch abort system. The Ares I first stage is a single, five-segment reusable solid rocket booster derived from the Space Shuttle Program's reusable solid rocket motor. The Ares second or upper stage is propelled by a J-2X main engine fueled with liquid oxygen and liquid hydrogen. This paper describes the advanced systems engineering and planning tools being utilized for the design, test, and qualification of the Ares I first stage element. Included are descriptions of the current first stage design, the milestone schedule requirements, and the marriage of systems engineering, detailed planning efforts, and roadmapping employed to achieve these goals

Complex Langevin dynamics: criteria for correctness

The complex Langevin method is a leading candidate for solving the sign problem occurring in various physical situations, notably QCD at finite chemical potential. Its most vexing problem is `convergence to the wrong limit', where the simulation gives a well defined, but incorrect, result. Here, we first outline a formal justification of the method and identify points at which it might fail. From these we derive a condition that must be satisfied in order for correct results to be obtained. We then apply these ideas to the three-imensional SU(3) spin model at finite chemical potential and show strong indications that complex Langevin dynamics yields correct results in this theory.Comment: 7 pages, 5 figures. Contribution to the XXIX International Symposium on Lattice Field Theory, July 10 - 16 2011, Squaw Valley, Lake Tahoe, California. Several figure

Somatic Mutational Landscape of Splicing Factor Genes and Their Functional Consequences across 33 Cancer Types

Hotspot mutations in splicing factor genes have been recently reported at high frequency in hematological malignancies, suggesting the importance of RNA splicing in cancer. We analyzed whole-exome sequencing data across 33 tumor types in The Cancer Genome Atlas (TCGA), and we identified 119 splicing factor genes with significant non-silent mutation patterns, including mutation over-representation, recurrent loss of function (tumor suppressor-like), or hotspot mutation profile (oncogene-like). Furthermore, RNA sequencing analysis revealed altered splicing events associated with selected splicing factor mutations. In addition, we were able to identify common gene pathway profiles associated with the presence of these mutations. Our analysis suggests that somatic alteration of genes involved in the RNA-splicing process is common in cancer and may represent an underappreciated hallmark of tumorigenesis

Tree-ring stable isotopes and radiocarbon reveal pre- and post-eruption effects of volcanic processes on trees on Mt. Etna (Sicily, Italy)

Early detection of volcanic eruptions is of major importance for protecting human life. Ground deformation and changes in seismicity, geochemistry, petrology, and gravimetry are used to assess volcanic activity before eruptions. Studies on Mt. Etna (Italy) have demonstrated that vegetation can be affected by pre-eruptive activity before the onset of eruptions. During two consecutive years before Mt. Etna's 2002/2003 flank eruption, enhanced vegetation index (NDVI) values were detected along a distinct line which later developed into an eruptive fissure. However, the mechanisms by which volcanic activity can lead to changes in pre-eruption tree growth processes are still not well understood. We analysed ${\delta}^{13}$C, ${\delta}^{18}$O and $^{14}$C in the rings of the survived trees growing near to the line where the pre-eruptive increase in NDVI was observed in order to evaluate whether the uptake of water vapour or fossil volcanic CO2 could have contributed to the enhanced NDVI. We found a dramatic decrease in ${\delta}^{18}$O in tree rings formed before 2002/2003 in trees close to the eruption fissure, suggesting uptake of volcanic water by trees during pre-eruptive magma degassing. Moist conditions caused by outgassing of ascending magma may also have led to an observed reduction in tree-ring ${\delta}^{13}$C following the eruption. Furthermore, only ambiguous evidence for tree uptake of degassed CO2 was found. Our results suggest that additional soil water condensed from degassed water vapour may have promoted photosynthesis, explaining local increases in NDVI before the 2002/2003 Mt. Etna flank eruption. Tree-ring oxygen stable isotopes might be used as indicators of past volcanic eruptions