Continental shift? An analysis of convergence trends in European real estate equities

European economic and political integration have been recognised as having implications for patterns of performance in national real estate and capital markets and have generated a wide body of research and commentary. In 1999, progress towards monetary integration within the European Union culminated in the introduction of a common currency and monetary policy. This paper investigates the effects of this ‘event’ on the behaviour of stock returns in European real estate companies. A range of statistical tests is applied to the performance of European property companies to test for changes in segmentation, co-movement and causality. The results suggest that, relative to the wider equity markets, the dispersion of performance is higher, correlations are lower, a common contemporaneous factor has much lower explanatory power whilst lead-lag relationships are stronger. Consequently, the evidence of transmission of monetary integration to real estate securities is less noticeable than to general securities. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local and national nature of the majority of the companies’ portfolios

Continental Shift? An Analysis of Convergence Trends in European Real Estate Equities

This paper investigates the effects of European monetary integration on the behavior of stock returns in European real estate companies from the perspective of a dollar-denominated investor. A range of statistical tests is applied to assess changes in segmentation, co-movement and causality. The results suggest that, relative to the wider equity markets, the dispersion of performance is higher, correlations are lower, a common contemporaneous factor has much lower explanatory power whilst lead-lag relationships are stronger. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local nature of many real estate companies’ portfolios.

Monetary Integration and Real Estate Markets: An Investigation of the Impact of the Introduction of a Single Currency on Real Estate Performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period.

Assessing Hitting Skill in Baseball using Simulated and Representative Tasks

Previous research has demonstrated that the ability to accurately anticipate the outcome of dynamic and representative situations under standardized conditions is an effective predictor of skill-level in many complex domains, including sport (for a review, see Suss & Ward, 2015). Moreover, skill at anticipating the outcome as early as possible, in addition to making the correct anticipatory decision, and skill at recognizing the play are equally important (e.g., Fadde, 2006; Jones & Miles, 1978; Savelsbergh, Williams, Van Der Kamp, & Ward, 2002). The current research aims to leverage this body of research in developing and evaluating a commercially available software tool designed for the assessment of such sports skills developed by Axon Sports. In this research we use the Axon Sports Baseball Hitting Assessment tool to measure anticipation and recognition skill in an NCAA baseball team. The results provide support that recognition and anticipation accuracy are useful indicators of skill in sport and extend the application of this body of work into a real-world settin

Decompositions of Complete Uniform Multipartite Hypergraphs

In recent years, researchers have studied the existence of complete uniform hypergraphs into small-order hypergraphs. In particular, results on small 3-uniform graphs including loose 3, 4, and 5 cycles have been studied, as well as 4-uniform loose cycles of length 3. As part of these studies, decompositions of multipartite hypergraphs were constructed. In this paper, we extend this work to higher uniformity and order as well as expand the class of hypergraphs

Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period

Constructing a Methodology for Developing a Cybersecurity Program

This paper serves to introduce the problem of constructing a methodology to develop a cybersecurity program. The goal of the program is to prepare students graduating from an accredited two-year college for success in cybersecurity careers. Several challenges must be addressed such as program accreditation, workforce development, and DHS/NSA Center of Academic Excellence in Cyber Defense (CAE-CD) designation. All of these serve as inputs in constructing a methodology to develop such a program to meet local industry needs for cyber professional

“Explore Fullerton”: An ArcGIS Server Web Mapping Application for the City of Fullerton, California

The City of Fullerton, California, is home to a revitalized downtown business district, five institutions of higher education, and three critical freeways. “Explore Fullerton” is an ArcGIS Server Web mapping application that promotes tourism for the numerous businesses located in and around the city’s central business district (CBD). The application also displays the city’s streets, traffic control points, road projects, parking lots, parks, and city boundary for the public to view. Moreover, because the application is driven by ArcGIS Network Analyst extension, residents can geocode two addresses within the city limit and receive driving routes as well as written step-by-step directions. The application was built using ArcGIS Server Manager’s out-of-the-box functionality, and customized with VB.NET in Microsoft Visual Studio 2005

Modeling And Control Of A Planar Bounding Quadrupedal Robot

Legged robots have the potential to be a valuable technology that provides agile and adaptive locomotion over complex terrain. To realize legged locomotion\u27s full abilities a control design must consider the nonlinear piecewise dynamics of the systems. This paper aims to develop a controller for the planar bounding of a quadrupedal robot. The bounding of the quadruped robot is characterized by a simplified hybrid model that consists of two subsystems for stance and flight phases and the switching laws between the two states. An additional model, the Multibody model, with fewer simplifications, is used concurrently to best approximate real-world behavior. The bounding gait (periodic orbit) of the robot is predicted by an optimization method based on the numerical integration of the differential equations of subsystems. To stabilize the gait, a switching controller is applied which can be split into two separate phases: stance-phase and swing-phase control. The stance phase implements reaction force control utilizing a body state feedback controller and a gait stabilizer, while the swing phase deploys position control in conjunction with a trajectory planning algorithm to ensure proper footfall. Numerical simulations are carried out for the system with/without control. The control strategy is further validated by simulations of the Simscape multibody model. The overall simulated controller results are promising and demonstrate stable bounding for four system cycles