An Examination of Informed Traders and the Market Microstructure of Real Estate Investment Trusts

A significant body of research exists documenting that REITs perform differently from other types of equity securities, although the reasons for these differences are unclear. This study examines the intraday trading behavior of Real Estate Investment Trusts (REITs). Specifically, intraday REIT returns, volume, trading activity, and bid/ask spread are examined in an attempt to better understand the patterns of intraday information flow for a sample of REITs trading on the NYSE. After controlling for differences in market capitalization, share price, and institutional holdings, this paper analyzes differences between REITs and non-REITs, and between REITs that are widely held by institutions and those that are not. The results suggest that, as a group, REITs exhibit lower average volumes and number of trades than do similar non-REITs. In addition, the findings suggest that mortgage REITs trade at spreads that are wider. Surprisingly, the analysis of institutional ownership suggests that equity REITs that are widely held by institutions exhibit the largest divergence from non-REITs in terms of both intraday trading activity and volume, but at the same time trade closer to non-REITs in terms of bid/ask spread. Overall, the results of this study confirm that REITs are treated differently by investors than similar non-REITs, and the institutional ownership findings suggest that trading activity is less important as a determinant of REIT performance than is the level of institutional ownership.

REIT Pricing Efficiency; Should Investors Still Be Concerned?

This study examines the impact of the REIT boom on the market microstructure of REIT common stocks. We analyze NYSE-traded REITs during the pre-boom period (1992) and the post-boom period (1994), and find significant reductions in bid/ask spreads over the period. We also find that the bid/ask spread differential between REITs and non-REITs has been roughly halved between 1991 and 1994. These reductions provide a direct benefit to REIT investors in terms of reduction in transaction costs and improved liquidity, and suggest that the level of uncertainty on the part of the REIT specialist has been reduced.

An integrated eddy current detection and imaging system on a silicon chip

Eddy current probes have been used for many years for numerous sensing applications including crack detection in metals. However, these applications have traditionally used the eddy current effect in the form of a physically wound single or different probe pairs which of necessity must be made quite large compared to microelectronics dimensions. Also, the traditional wound probe can only take a point reading, although that point might include tens of individual cracks or crack arrays; thus, conventional eddy current probes are beset by two major problems: (1) no detailed information can be obtained about the crack or crack array; and (2) for applications such as quality assurance, a vast amount of time must be taken to scan a complete surface. Laboratory efforts have been made to fabricate linear arrays of single turn probes in a thick film format on a ceramic substrate as well as in a flexible cable format; however, such efforts inherently suffer from relatively large size requirements as well as sensitivity issues. Preliminary efforts to fully extend eddy current probing from a point or single dimensional level to a two dimensional micro-eddy current format on a silicon chip, which might overcome all of the above problems, are presented

Subacute Sclerosing Panencephalitis of the Brainstem as a Clinical Entity.

Subacute sclerosing panencephalitis (SSPE) is a rare progressive neurological disorder of early adolescence caused by persistent infection of the measles virus, which remains prevalent worldwide despite an effective vaccine. SSPE is a devastating disease with a characteristic clinical course in subcortical white matter; however, atypical presentations of brainstem involvement may be seen in rare cases. This review summarizes reports to date on brainstem involvement in SSPE, including the clinical course of disease, neuroimaging presentations, and guidelines for treatment. A comprehensive literature search was performed for English-language publications with keywords "subacute sclerosing panencephalitis" and "brainstem" using the National Library of Medicine PubMed database (March 1981-September 2017). Eleven articles focusing on SSPE of the brainstem were included. Predominant brainstem involvement remains uncharacteristic of SSPE, which may lead to misdiagnosis and poor outcome. A number of case reports have demonstrated brainstem involvement associated with other intracranial lesions commonly presenting in later SSPE stages (III and IV). However, brainstem lesions can appear in all stages, independent of higher cortical structures. The varied clinical presentations complicate diagnosis from a neuroimaging perspective. SSPE of the brainstem is a rare but important clinical entity. It may present like canonical SSPE or with unique clinical features such as absence seizures and pronounced ataxia. While SSPE generally progresses to the brainstem, it can also begin with a primary focus of infection in the brainstem. Awareness of varied SSPE presentations can aid in early diagnosis as well as guide management and treatment

SPATIAL ANALYSIS OF FEEDER CATTLE HEDGING RISK

Optimal hedge ratios are estimated for various weights of feeder cattle in four cash markets based on CME data from 1992 to 1999. Three-month uniform hedges are simulated for every weight, contract, and cash market combination. Hedging effectiveness is compared empirically across locations to identify spatial differences in hedging risk.feeder cattle, hedging risk, hedge ratios, Livestock Production/Industries, Risk and Uncertainty,

Quantum computational renormalization in the Haldane phase

Single-spin measurements on the ground state of an interacting spin lattice can be used to perform a quantum computation. We show how such measurements can mimic renormalization group transformations and remove the short-ranged variations of the state that can reduce the fidelity of a computation. This suggests that the quantum computational ability of a spin lattice could be a robust property of a quantum phase. We illustrate our idea with the ground state of a spin-1 chain, which can serve as a quantum computational wire not only at the Affleck-Kennedy-Lieb-Tasaki point, but within the rotationally-invariant Haldane phase.Comment: v2: 4 pages, 3 figures; improved description of buffering scheme and connection to string operators. v3: final published versio

OPTIMAL HEDGING RATIOS AND HEDGING RISK FOR GRAIN BY-PRODUCTS

Optimal cross hedge ratios are estimated for a number of grain by-products used as livestock feed. Risk associated with these cross hedge ratios is measured to determine if cross hedging reduces grain by-product price risk. Results provide useful risk management guidelines for livestock and dairy producers.Marketing,