An Investigation into REIT Performance Persistency

Using a sample of EREIT returns during the period 1993 to 2006 from the CRSP/Ziman REITs database, I construct portfolios of equity REITs based on past raw returns and evaluate their raw returns and risk-adjusted returns during the holding period for persistence. After adjusting for risk with Carhart (1997)’s 4-factor model, I find no evidence of persistence. By implication, a momentum strategy of buying historical winners and short-selling losers does not generate statistically significant abnormal returns. However, I do find strong evidence of performance reversal based on two-year and three-year ranking and holding periods. Consistent with DeBondt and Thaler (1985)’s overreaction theory, investors tend to overreact based on long-term rather than short-term performance records. This would suggest that investors tend to take a much longer period of time to formulate an opinion regarding a REIT’s performance record than previously assumed by earlier researchers. While there is a measurable tendency toward performance reversal, the return spread between the best performing EREITs and worst performing EREITs is marginal. This would indicate that the REIT markets are behaving in a generally efficient fashion. The investigation of the association of EREIT characteristics and performance persistence suggests a property type focus and geographic diversification strategy for EREITs. At the same time, EREITs with high leverage also tend to exhibit good performance persistently

Combination resonance analysis of a multi-DOF controllable close-chain linkage mechanism system

The two-DOF controllable close-chain linkage mechanism system is investigated in this paper. Based on the air-gap field of the non-uniform airspace of motors caused by the eccentricity of rotor, the electromechanical coupling relation in the real running state of motors is analyzed. The electromechanical coupling dynamic model of the system is established by means of the finite element method. The dynamic equation constitutes the basis on which the combination resonance characteristics of the system caused by electromagnetic parameter excitations of the two motors are analyzed by the multiple scales method. The first-order stationary solution is obtained under that condition, and the stability conditions of the stationary solution are also given. Finally, an experiment is presented. Results indicate that it is feasible and beneficial to explain some unexpected strong vibration phenomena in the high-speed operation of such multi-DOF controllable close-chain linkage mechanism using nonlinear combination resonance theories

Experimental Review of ΛΛ¯ Production

Exclusive hyperon-antihyperon production provides a unique insight for understanding of the intrinsic dynamics when strangeness is involved. In this paper, we review the results of ΛΛ¯ production via different reactions from various experiments, e.g., via p¯p annihilation from the LEAR experiment PS185, via electron-positron annihilation using the energy scan method at the CLEO-c and BESIII experiments and the initial-state-radiation approach utilized at the BaBar experiment. The production cross section of ΛΛ¯ near the threshold is sensitive to QCD based prediction. Experimental high precision data for p¯p→Λ¯Λ close to the threshold region is obtained. The cross section of e+e−→ΛΛ¯ is measured from its production threshold to high energy. A non-zero cross section for e+e−→ΛΛ¯ near threshold is observed at BaBar and BESIII, which is in disagreement with the pQCD prediction. However, more precise data is needed to confirm this observation. Future experiments, utilizing p¯p reaction such as PANDA experiment or electron-positron annihilation such as the BESIII and BelleII experiments, are needed to extend the experimental data and to understand the ΛΛ¯ production

Production Mechanism of the Charmed Baryon Λc+

As the lightest charmed baryon, precision measurement of the pair production cross section of Λc+ provides unprecedented experimental information for the investigation of baryon production mechanism. In addition, the extraction of the polar angle distributions of the outgoing Λc+ in the annihilation of the electron–positron help to determine its electromagnetic form factors, which is currently the unique key to access the internal structure of the baryons. In this article, the measurement of e+e−→Λc+Λ¯c− process via the initial state radiation technique at Belle detector and direct electron–positron annihilation at BESIII with discrete center-of-mass energies near threshold are briefly reviewed. In addition, the electromagnetic form factor ratios of Λc+ measured by BESIII are also investigated. A few theoretical models that parameterize the center-of-mass energy dependence of the cross section and electromagnetic form factors of baryon are introduced and the contributions of Λc+ data to them are discussed

Effect of microstructure on corrosion resistance and anodising behaviour of AA 2099-T8 aluminium alloy

The effect of microstructure on corrosion resistance and anodising behaviour of a 3rd generation lithium-containing aluminium alloy, AA 2099-T8, has been studied. Microstructural characterisation of the alloy has shown elongated grains with high angle grain boundaries and approximately equiaxed subgrains with low angle grain boundaries. Two types of constituent particles of high and reduced contents of copper were found, which are present individually or in the form of multiphase particles. The alloy also contains rod-like Al-Cu-Mn-Li and spherical (Al3Zr) dispersoids, and fine age hardening precipitates of T1 (Al2CuLi), (Al3Li) and (Al2Cu).Immersion testing in a chloride-containing solution revealed two types of localised corrosion sites: one was initiated from intermetallics and quickly became passivated; the other lasted for the course of testing, with extensive boundary attack. The latter has been correlated to grains and subgrains with relatively high stored energy.Alkaline etching removed intermetallics from alloy surface; generated a copper-enriched layer in the alloy matrix immediately beneath the residual alumina film; and gradually developed a surface nanotexture. The surface nanotexture has been correlated to the formation of copper-rich nanoparticles within the copper-enriched layer.Anodising the alloy in tartaric-sulphuric acid disclosed that copper in the alloy matrix could be occluded in the anodic film material as copper-rich nanoparticles or be oxidized and incorporated into the film material as copper ions, depending on the anodising voltage. In the latter case, the process was accompanied by oxygen gas generation within the film material, forming anodic films with lateral porosity. Intermetallics of different compositions behaved differently during anodising, leading to modification of the morphology and composition of anodic films. Concerning the effect of alkaline etching on anodising behaviour of the alloy, the removal of intermetallics increased anodising efficiency; the pre-developed copper-enriched layer advanced the establishment of the steady-state film/alloy interface. Variation of copper-enriched layer structure is revealed by the detection of copper-rich nanoparticles in the copper-enriched layer. The copper-rich nanoparticles have structures consistent with either θ", θ' or θ phases. Machining damage can be detected not only by chromic acid anodising (CAA) but also by tartaric-sulphuric acid anodising (TSAA). Neither CAA nor TSAA can be used for detecting shallow corrosion pits.EThOS - Electronic Theses Online ServiceEPSRC LATEST Portfolio PartnershipAirbus Operations LimitedGBUnited Kingdo

3D imaging by serial block face scanning electron microscopy for materials science using ultramicrotomy

AbstractMechanical serial block face scanning electron microscopy (SBFSEM) has emerged as a means of obtaining three dimensional (3D) electron images over volumes much larger than possible by focused ion beam (FIB) serial sectioning and at higher spatial resolution than achievable with conventional X-ray computed tomography (CT). Such high resolution 3D electron images can be employed for precisely determining the shape, volume fraction, distribution and connectivity of important microstructural features. While soft (fixed or frozen) biological samples are particularly well suited for nanoscale sectioning using an ultramicrotome, the technique can also produce excellent 3D images at electron microscope resolution in a time and resource-efficient manner for engineering materials. Currently, a lack of appreciation of the capabilities of ultramicrotomy and the operational challenges associated with minimising artefacts for different materials is limiting its wider application to engineering materials. Consequently, this paper outlines the current state of the art for SBFSEM examining in detail how damage is introduced during slicing and highlighting strategies for minimising such damage. A particular focus of the study is the acquisition of 3D images for a variety of metallic and coated systems