Can Residential Build to Rent provide a profitable low risk investment option?

Purpose : Recently there has been a refocusing on the yields of investment assets. Accordingly, as risks to income yields rise, this research investigates how residential Build to Rent (BtR) may provide an effectively diversified portfolio. Emergence of this new investment sector requires a comparison between the rate of return of (BtR) and other asset classes. We seek to ascertain how BtR can be used by investors to reduce risk and provide diversification benefits within a mixedasset portfolio. Methodology:The research methodology adopted utilised secondary data produced by a reputable research organisation, coupled with personal interviews with major participants within the BtR sector. Findings: Diversification of assets within an investment portfolio reduces the total risk and volatility of an investment portfolio based upon the Markowitz (1952) Modern Portfolio Theory (MPT) model. Analysis of BtR performance against other traditional asset classes including traditional investment property, proved BtR a valuable inclusion, reducing risk and providing valuable returns. Discussion:Limited UK based research material on BtR as an investment option for institutions (and individuals), indicates its relatively short history as an investment option. Accordingly, some reliance was placed upon traditional private residential rental data. Despite this, the BtR investment asset in a mixed asset portfolio proved a source of l

A pilot survey of junior doctors’ attitudes and awareness around medication review: time to change our educational approach?

© 2015, BMJ Publishing Group. All rights reserved.Objectives Our aim was to explore junior doctors attitudes and awareness around concepts related to medication review, in order to find ways to change the culture for reviewing, altering and stopping inappropriate or unnecessary medicines. Having already demonstrated the value of team working with senior doctors and pharmacists and the use of a medication review tool, we are now looking to engage first year clinicians and undergraduates in the process. Method An online survey about medication review was distributed among all 42 foundation year one (FY1) doctors at the Chelsea and Westminster Hospital NHS Foundation Trust in November 2014. Descriptive statistics were used for analysis. Results Twenty doctors completed the survey (48%). Of those, 17 believed that it was the pharmacists duty to review medicines; and 15 of 20 stated the general practitioner (GP). Sixteen of 20 stated that they would consult a senior doctor first before stopping medication. Eighteen of 20 considered the GP and consultant to be responsible for alterations, rather than themselves. Sixteen of 20 respondents were not aware of the availability of a medication review tool. Seventeen of 20 felt that more support from senior staff would help them become involved with medication review. Conclusions Junior doctors report feeling uncomfortable altering mediations without consulting a senior first. They appear to be building confidence with prescribing in their first year but not about the medication review process or questioning the drugs already prescribed. Consideration should be given to what we have termed a bottom-up educational approach to provide early experience of and change the culture around medication review, to include the education of undergraduate and foundation doctors and pharmacists

Generalized Log-Normal Chain-Ladder

We propose an asymptotic theory for distribution forecasting from the log normal chain-ladder model. The theory overcomes the difficulty of convoluting log normal variables and takes estimation error into account. The results differ from that of the over-dispersed Poisson model and from the chain-ladder based bootstrap. We embed the log normal chain-ladder model in a class of infinitely divisible distributions called the generalized log normal chain-ladder model. The asymptotic theory uses small $\sigma$ asymptotics where the dimension of the reserving triangle is kept fixed while the standard deviation is assumed to decrease. The resulting asymptotic forecast distributions follow t distributions. The theory is supported by simulations and an empirical application

Two-particle entanglement as a property of three-particle entangled states

In a recent article [Phys. Rev. A 54, 1793 (1996)] Krenn and Zeilinger investigated the conditional two-particle correlations for the subensemble of data obtained by selecting the results of the spin measurements by two observers 1 and 2 with respect to the result found in the corresponding measurement by a third observer. In this paper we write out explicitly the condition required in order for the selected results of observers 1 and 2 to violate Bell's inequality for general measurement directions. It is shown that there are infinitely many sets of directions giving the maximum level of violation. Further, we extend the analysis by the authors to the class of triorthogonal states |Psi> = c_1 |z_1>|z_2>|z_3> + c_2 |-z_1>|-z_2>|-z_3>. It is found that a maximal violation of Bell's inequality occurs provided the corresponding three-particle state yields a direct ("all or nothing") nonlocality contradiction.Comment: REVTeX, 7 pages, no figure

Localization of Bogoliubov quasiparticles in interacting Bose gases with correlated disorder

We study the Anderson localization of Bogoliubov quasiparticles (elementary many-body excitations) in a weakly interacting Bose gas of chemical potential $\mu$ subjected to a disordered potential $V$. We introduce a general mapping (valid for weak inhomogeneous potentials in any dimension) of the Bogoliubov-de Gennes equations onto a single-particle Schr\"odinger-like equation with an effective potential. For disordered potentials, the Schr\"odinger-like equation accounts for the scattering and localization properties of the Bogoliubov quasiparticles. We derive analytically the localization lengths for correlated disordered potentials in the one-dimensional geometry. Our approach relies on a perturbative expansion in $V/\mu$, which we develop up to third order, and we discuss the impact of the various perturbation orders. Our predictions are shown to be in very good agreement with direct numerical calculations. We identify different localization regimes: For low energy, the effective disordered potential exhibits a strong screening by the quasicondensate density background, and localization is suppressed. For high-energy excitations, the effective disordered potential reduces to the bare disordered potential, and the localization properties of quasiparticles are the same as for free particles. The maximum of localization is found at intermediate energy when the quasicondensate healing length is of the order of the disorder correlation length. Possible extensions of our work to higher dimensions are also discussed.Comment: Published versio

Quantum temporal correlations and entanglement via adiabatic control of vector solitons

It is shown that optical pulses with a mean position accuracy beyond the standard quantum limit can be produced by adiabatically expanding an optical vector soliton followed by classical dispersion management. The proposed scheme is also capable of entangling positions of optical pulses and can potentially be used for general continuous-variable quantum information processing.Comment: 5 pages, 1 figure, v2: accepted by Physical Review Letters, v3: minor editing and shortening, v4: included the submitted erratu

Transfer Entropy as a Log-likelihood Ratio

Transfer entropy, an information-theoretic measure of time-directed information transfer between joint processes, has steadily gained popularity in the analysis of complex stochastic dynamics in diverse fields, including the neurosciences, ecology, climatology and econometrics. We show that for a broad class of predictive models, the log-likelihood ratio test statistic for the null hypothesis of zero transfer entropy is a consistent estimator for the transfer entropy itself. For finite Markov chains, furthermore, no explicit model is required. In the general case, an asymptotic chi-squared distribution is established for the transfer entropy estimator. The result generalises the equivalence in the Gaussian case of transfer entropy and Granger causality, a statistical notion of causal influence based on prediction via vector autoregression, and establishes a fundamental connection between directed information transfer and causality in the Wiener-Granger sense