Risk reduction and real estate portfolio size

Despite a number of papers that discuss the advantages of increased size on risk levels in real estate portfolios there is remarkably little empirical evidence based on actual portfolios. The objective of this paper is to remedy this deficiency by examining the portfolio risk of a large sample of actual property data over the period 1981 to 1996. The results show that all that can be said is that portfolios of properties of a large size, on the average, tend to have lower risks than small sized portfolios. More importantly portfolios of a few properties can have very high or very low risk

Challenges in cross-cultural/multilingual music information seeking

Understanding and meeting the needs of a broad range of music users across different cultures and languages are central in designing a global music digital library. This exploratory study examines cross-cultural/multilingual music information seeking behaviors and reveals some important characteristics of these behaviors by analyzing 107 authentic music information queries from a Korean knowledge search portal Naver (knowledge) iN and 150 queries from Google Answers website. We conclude that new sets of access points must be developed to accommodate music queries that cross cultural or language boundaries

MARVELS-1b: A Short-period, Brown Dwarf Desert Candidate from the SDSS-III Marvels Planet Search

We present a new short-period brown dwarf (BD) candidate around the star TYC 1240-00945-1. This candidate was discovered in the first year of the Multi-object APO Radial Velocity Exoplanets Large-area Survey (MARVELS), which is part of the Sloan Digital Sky Survey (SDSS) III, and we designate the BD as MARVELS-1b. MARVELS uses the technique of dispersed fixed-delay interferometery to simultaneously obtain radial velocity (RV) measurements for 60 objects per field using a single, custom-built instrument that is fiber fed from the SDSS 2.5 m telescope. From our 20 RV measurements spread over a ~370 day time baseline, we derive a Keplerian orbital fit with semi-amplitude K = 2.533 ± 0.025 km s^(–1), period P = 5.8953 ± 0.0004 days, and eccentricity consistent with circular. Independent follow-up RV data confirm the orbit. Adopting a mass of 1.37 ± 0.11 M_☉ for the slightly evolved F9 host star, we infer that the companion has a minimum mass of 28.0 ± 1.5 M_(Jup), a semimajor axis 0.071 ± 0.002 AU assuming an edge-on orbit, and is probably tidally synchronized. We find no evidence for coherent intrinsic variability of the host star at the period of the companion at levels greater than a few millimagnitudes. The companion has an a priori transit probability of ~14%. Although we find no evidence for transits, we cannot definitively rule them out for companion radii ≲ R_(Jup)

On the nonlinear three dimensional instability of Stokes layers and other shear layers to pairs of oblique waves

The nonlinear evolution of a pair of initially oblique waves in a high Reynolds Number Stokes layer is studied. Attention is focused on times when disturbances of amplitude epsilon have O(epsilon(exp 1/3)R) growth rates, where R is the Reynolds number. The development of a pair of oblique waves is then controlled by nonlinear critical-layer effects. Viscous effects are included by studying the distinguished scaling epsilon = O(R(exp -1)). This leads to a complicated modification of the kernel function in the integro-differential amplitude equation. When viscosity is not too large, solutions to the amplitude equation develop a finite-time singularity, indicating that an explosive growth can be introduced by nonlinear effects; we suggest that such explosive growth can lead to the bursts observed in experiments. Increasing the importance of viscosity generally delays the occurrence of the finite-time singularity, and sufficiently large viscosity may lead to the disturbance decaying exponentially. For the special case when the streamwise and spanwise wavenumbers are equal, the solution can evolve into a periodic oscillation. A link between the unsteady critical-layer approach to high-Reynolds-number flow instability, and the wave vortex approach is identified