Interrelationships of Fishes of the Order Stomiiformes

The order Stomiiformes (Vertebrata: Actinopterygii) is composed of 417 of deep open ocean fishes, including some of the most abundant vertebrates on earth. The monophyly of the order is well established morphologically, but its phylogenetic position relative to other fishes is not certain. While the prevailing view is that Stomiiformes is the basal neoteleost taxon, sister to Eurypterygii, some authors have placed the group in a clade with the osmeroid and galaxioid fishes. Furthermore, the relationships within the Stomiiformes are poorly understood, and much of the existing classification is suspected not to reflect natural groups. Previous attempts to understand the relationships of stomiiform fishes have been complicated by the extensive morphological homoplasy within the group. The present study is based on DNA sequence data from the nuclear and mitochondrial genomes and examines the phylogenetic position of Stomiiformes as well as the relationships within the group. The phylogeny is reconstructed using the parsimony and maximum likelihood criteria, and via Bayesian inference. The relationships recovered via all three methods are similar. Stomiiformes is recovered in a clade with osmeroids and galaxioids, not as the basal neoteleost group. Furthermore, the relationships recovered within the group contradict much of the existing classification

Occupier Satisfaction and Investment Returns from UK Commercial Real Estate

Purpose The purpose of this paper is to investigate the relationship between occupiers’ satisfaction with the property management service they receive and the financial performance of commercial real estate. Design/methodology/approach The study uses occupier satisfaction data for 240 UK commercial properties collected over a 12-year period and the annual total returns achieved by those properties. Various statistical techniques are employed to assess whether increasing occupier satisfaction leads to greater returns for investors. These include comparing excess returns and risk-adjusted returns with occupier satisfaction at each property to assess whether superior property management generates outperformance (“positive alpha”). The study also investigates whether the relationship between occupier satisfaction and returns is the same across all sectors and whether it is affected by market conditions. Findings A positive correspondence is found between benchmark outperformance and occupier satisfaction. The relationship is similar for all sectors of commercial property and is particularly strong during the Global Financial Crisis, indicating that paying attention to satisfying the needs of occupiers has particular benefits during periods when the supply of commercial real estate exceeds demand. Research limitations/implications The sample of properties was restricted to those for which occupier satisfaction data had been collected by RealService Ltd and whose owners permitted access to the financial performance results. This meant that the properties belong to only three landlords, all UK REITs that care sufficiently about occupier satisfaction to commission studies. Thus the findings might not apply to all commercial properties. The mechanism by which the positive relationship between satisfaction and financial performance occurs is not tested, but the conventional mechanisms of reputation and customer loyalty (the “service-profit chain”) are discussed. Practical implications The findings suggest that it is worthwhile for landlords, or property managers acting on their behalf, to understand the needs of their occupiers in order to deliver the level of service that those occupiers desire. Leases in the UK are generally “triple net” and the total returns used for this analysis are net of property management costs, so the positive relationship between satisfaction and performance is not the result of economising on service delivery. A further implication is that valuers should take more account of occupier satisfaction when assessing the capital value of a property, from which total returns are assessed. Originality/value Demonstrating the links between customer service, customer satisfaction and business profitability is rarely attempted because of the many confounding factors that affect profitability. UK listed real estate companies are typically reluctant to reveal the financial performance of individual properties, and information about occupiers’ satisfaction is not generally available. The authors were fortunate to be granted access to a time series of such data, and to be able to demonstrate that attention to delivering a property management service that satisfies occupiers is likely to bring financial rewards to the owners of the property

Diversity in parasitic nematode genomes: the microRNAs of Brugia pahangi and Haemonchus contortus are largely novel

<b>BACKGROUND:</b> MicroRNAs (miRNAs) play key roles in regulating post-transcriptional gene expression and are essential for development in the free-living nematode Caenorhabditis elegans and in higher organisms. Whether microRNAs are involved in regulating developmental programs of parasitic nematodes is currently unknown. Here we describe the the miRNA repertoire of two important parasitic nematodes as an essential first step in addressing this question. <b>RESULTS:</b> The small RNAs from larval and adult stages of two parasitic species, Brugia pahangi and Haemonchus contortus, were identified using deep-sequencing and bioinformatic approaches. Comparative analysis to known miRNA sequences reveals that the majority of these miRNAs are novel. Some novel miRNAs are abundantly expressed and display developmental regulation, suggesting important functional roles. Despite the lack of conservation in the miRNA repertoire, genomic positioning of certain miRNAs within or close to specific coding genes is remarkably conserved across diverse species, indicating selection for these associations. Endogenous small-interfering RNAs and Piwi-interacting (pi)RNAs, which regulate gene and transposon expression, were also identified. piRNAs are expressed in adult stage H. contortus, supporting a conserved role in germline maintenance in some parasitic nematodes. <b>CONCLUSIONS:</b> This in-depth comparative analysis of nematode miRNAs reveals the high level of divergence across species and identifies novel sequences potentially involved in development. Expression of novel miRNAs may reflect adaptations to different environments and lifestyles. Our findings provide a detailed foundation for further study of the evolution and function of miRNAs within nematodes and for identifying potential targets for intervention

Fourier Based Three Phase Power Metering System

The increased application of higher frequency nonlinear loads, such as electronic fluorescent ballasts and higher speed adjustable drives, has resulted in the need to monitor the higher power system harmonics which were largely ignored in earlier power monitors. Addressing this need requires a meter with substantially higher sample rate and greater computational power. This paper describes a zero-blind, three-phase, three-element power meter that samples three voltages and four currents at 256 points per cycle. The instrument relies on the FFT to compute real and reactive power at each harmonic and reports total real, reactive, and distortion power on each phase. The innovative design is based on a multiprocessor chip which incorporates a DSP for acquisition and point metering, a CISC processor for floating point summary data, and a RISC processor for interface to support communications with the host PC. The paper concludes with a system evaluation on highly distorted industrial power system waveforms

Dynamical Phase Transitions In Driven Integrate-And-Fire Neurons

We explore the dynamics of an integrate-and-fire neuron with an oscillatory stimulus. The frustration due to the competition between the neuron's natural firing period and that of the oscillatory rhythm, leads to a rich structure of asymptotic phase locking patterns and ordering dynamics. The phase transitions between these states can be classified as either tangent or discontinuous bifurcations, each with its own characteristic scaling laws. The discontinuous bifurcations exhibit a new kind of phase transition that may be viewed as intermediate between continuous and first order, while tangent bifurcations behave like continuous transitions with a diverging coherence scale.Comment: 4 pages, 5 figure

Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn

This paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments (ethical norms and legal and institutional frameworks), the salience of the appraisal(s) to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, the level of moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients.This is the author accepted manuscript. The final version is available from Springer via http://dx.doi.org/10.1007/s10551-015-2953-

Reversible skew laurent polynomial rings and deformations of poisson automorphisms

A skew Laurent polynomial ring S = R[x(+/- 1); alpha] is reversible if it has a reversing automorphism, that is, an automorphism theta of period 2 that transposes x and x(-1) and restricts to an automorphism gamma of R with gamma = gamma(-1). We study invariants for reversing automorphisms and apply our methods to determine the rings of invariants of reversing automorphisms of the two most familiar examples of simple skew Laurent polynomial rings, namely a localization of the enveloping algebra of the two-dimensional non-abelian solvable Lie algebra and the coordinate ring of the quantum torus, both of which are deformations of Poisson algebras over the base field F. Their reversing automorphisms are deformations of Poisson automorphisms of those Poisson algebras. In each case, the ring of invariants of the Poisson automorphism is the coordinate ring B of a surface in F-3 and the ring of invariants S-theta of the reversing automorphism is a deformation of B and is a factor of a deformation of F[x(1), x(2), x(3)] for a Poisson bracket determined by the appropriate surface