Multivariate Modeling of Daily REIT Volatility

This paper examines volatility in REITs using a multivariate GARCH based model. The Multivariate VARGARCH technique documents the return and volatility linkages between REIT sub-sectors and also examines the influence of other US equity series. The motivation is for investors to incorporate time-varyng volatility and correlations in their portfolio selection. The results illustrate the differences in results when higher frequency daily data is tested in comparison to the monthly data that has been commonly used in the existing literature. The linkages both within the REIT sector and between REITs and related sectors such as value stocks are weaker than commonly found in monthly studies. The broad market would appear to be more influential in the daily case.

Modeling Long Memory in REITs

One stylized feature of financial volatility impacting the modeling process is long memory. This paper examines long memory for alternative risk measures, observed absolute and squared returns for Daily REITs and compares the findings for a market equity index. The paper utilizes a variety of tests for long memory finding evidence that REIT volatility does display persistence. Trading volume is found to be strongly associated with long memory. The results do however suggest differences in the findings with regard to REITs in comparison to the broader equity sector.

An analysis of the role of the textbook in the construction of accounting knowledge

This report examines the role of the textbook and training manual in the teaching of introductory financial accounting. Although it has long been recognised that the textbook plays an important role in the education process, the issue has not been systematically examined in a comprehensive manner with respect to the teaching of introductory financial accounting. Based on research carried out in 2005, the current report addresses this issue. It does so using a research framework proposed by Thompson (1990) which recommends a comprehensive approach to the understanding of texts involving three separate aspects: the production of the textbook/training manual; the content of the textbook/training manual; the usage of the textbook/training manual

Controlled fabrication of tunable delay using compound phase shifted resonators

Fine tuned, narrowband group delay (“slow light”) is obtained using a compound phase shifted grating and superposing resonances. Both simulation and experiments are reported

The tourist experience of heritage urban spaces : Valletta as a case study

This article provides an understanding of how tourists experience heritage urban spaces by investigating features that influence tourist experiences most. It is framed within urban design literature which refers to three elements of urban space namely physical setting (or form), activity, and meaning. These elements are used to explore how urban spaces are experienced by tourists. Its findings are derived from an in-depth qualitative analysis of interviews with tourists to Valletta, Malta. The research suggests that the intrinsic qualities of the space are relevant to the tourist experience but what is even more relevant are the interactions of the tourist with different elements within that space, namely interactions with surroundings, interactions with others, and interactions with self/meaning. Within this broad conceptual model, the research identifies important sub-themes. Some of these reinforce the findings of existing work on tourist experiences, but others are often under-estimated or neglected.peer-reviewe

Constructing meaning in the service of power : an analysis of the typical modes of ideology in accounting textbooks

This paper provides an analysis of the typical modes of ideology in introductory financial accounting textbooks and training materials. Drawing on Thompson's (1990) schema concerning the typical linguistic modes through which ideology operates, this research suggests that the operation of ideology is apparent within educational accounting texts, with particular strategies being more evident than others: in particular, the strategies of universalization, narrativization, rationalization and naturalization. Given the predominantly technical nature of introductory financial accounting textbooks and training manuals, the modes of ideology identified in the texts were often quite subtle; more specifically, the ideological characteristics displayed in each of the six texts analysed were often expressions of implicit or taken-for-granted assumptions

Response Fibre Bragg Grating (FBG) strain sensors embedded at different locations through the thickness around a delamination in a composite lamina

A few FBG strain sensors were embedded at a vicinity of delamination of a laminated composite plate. Reflected spectra of FBG sensors which located in the same layer as the delamination and one layer above the delamination were investigated in order to understand the change of the reflected spectra due to stress concentrations at the delamination. The reflected waveforms of sensors were broadened with the increase of loading, as expected. A considerable difference in the response of two sensors was observed during both uniaxial and flexural loading. These differences show that the FBG sensors are capable of capturing the precise nature of the delamination under various loading conditions. Further, these observations provide evidence of the feasibility of using FBG sensor responses obtained from various locations allows the location of the delamination to be determined. This paper details some new and interesting findings of the use of spectral shapes and strain measurements from embedded FBG sensors in damage detection

DESIGN OF A LIQUID FUEL INJECTOR FOR ALTERNATIVE FUEL STUDIES IN AN ATMOSPHERIC MODEL GAS TURBINE COMBUSTOR

A new liquid-fuel injector was designed for use in the atmospheric-pressure, model gas turbine combustor in Bucknell University’s Combustion Research Laboratory during alternative fuel testing. The current liquid-fuel injector requires a higher-than-desired pressure drop and volumetric flow rate to provide proper atomization of liquid fuels. An air-blast atomizer type of fuel injector was chosen and an experiment utilizing water as the working fluid was performed on a variable-geometry prototype. Visualization of the spray pattern was achieved through photography and the pressure drop was measured as a function of the required operating parameters. Experimental correlations were used to estimate droplet sizes over flow conditions similar to that which would be experienced in the actual combustor. The results of this experiment were used to select the desired geometric parameters for the proposed final injector design and a CAD model was generated. Eventually, the new injector will be fabricated and tested to provide final validation of the design prior to use in the combustion test apparatus