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  • 1
    Electronic Resource
    Electronic Resource
    Buy-sell strategies in the Hong Kong commercial property market (1996)
    Bradford : Emerald
    Journal of property finance 7 (1996), S. 30-42 
    Details
    ISSN: 0958-868X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Developing a successful strategy for investment in property is not easy. Research shows that abnormal returns, net of transactions costs, are difficult to achieve even though there is a widespread belief amongst valuers that property markets are inefficient. This is compounded by the fact that reliable data on property performance is usually difficult to obtain. It is possible, however, to make use of publicly available data and use it in a way which may help investors guide their decisions. If abnormal returns are difficult to achieve on a consistent basis then the use of methods of analysis which give the investor some competitive advantage are worth pursuing. Although high returns have been achieved in the Hong Kong commercial property market this does not imply that those returns are abnormal in an economic sense; they may merely offer compensation for risk. By extracting equilibrium market values and implied prices from market data this paper examines abnormal returns earned by Hong Kong commercial property over the period 1985-95 and shows that, in general, the market exhibits a high degree of efficiency. The least efficient sector was offices, which showed an average abnormal return of 1.73 per cent per quarter, although this was statistically indistinguishable from zero. Identifying when the market is under- and overpriced may improve the negotiating position of the investor. It may also be possible to develop similar buy-sell strategies to exploit informational inefficiencies at the individual property level.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/09588689610152372
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  • 2
    Electronic Resource
    Electronic Resource
    Estimating effective rents (1995)
    Bradford : Emerald
    Journal of property finance 6 (1995), S. 33-42 
    Details
    ISSN: 0958-868X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Develops an approach to estimating effective rents based on theassumption that the net present value of incentives should be zero.Investors should not be able to profit from lease incentive packages ifthey are valued correctly because they should have no influence oncapital values. If ad hoc methods of valuation are used inpractice then there may be opportunities to identify mispricedproperties. Presents a model which recognizes that different aspects ofthe cashflows can carry different risk and should be valued accordingly.Suggests that although the resulting model is more complex thangenerally found in practice it can nevertheless easily be solved with aspreadsheet. Develops the economic and financial principles involvedrather than focusing on rule of thumb procedures.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/09588689510096079
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  • 3
    Electronic Resource
    Electronic Resource
    Using commercial property indices for measuring portfolio performance (1995)
    Bradford : Emerald
    Journal of property finance 6 (1995), S. 27-38 
    Details
    ISSN: 0958-868X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: The measurement of property portfolio performance is an importantissue that, superficially, appears very straightforward. All that isrequired is an index of property market movements which can then be usedas a reference point for comparing performance. Problems can arise,however, if the statistical characteristics of the index are differentfrom the portfolio being analysed. This is not a trivial issue as thedifference can be large enough to obscure the true performance of theportfolio and can lead to an inaccurate diagnosis of investment skill.Draws on recent research into index construction and examines some ofthe issues surrounding these problems. Discusses tracking errors andbenchmarking issues.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/09588689510101667
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  • 4
    Electronic Resource
    Electronic Resource
    Equilibrium time on the market (ETOM) for commercial real estate in the UK (2004)
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 22 (2004), S. 458-471 
    Details
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Time on the market (TOM) has been widely tested in the US real estate literature using listing and selling data of houses captured in the multiple listing services (MLSs). Unfortunately in the UK there are no MLSs so it is not possible to undertake similar analyses. The approach adopted in this paper differs from traditional TOM analyses in that it focuses on the speed or time the market takes to correct for information differences between open market valuations and traded prices. In this context the paper introduces the concept of equilibrium time on the market (ETOM). The study therefore adopts a different approach to estimating TOM and in addition also examines the phenomenon within the UK commercial real estate sector. Based on a simple present value model, the time taken for the difference between an appraiser's estimate of open market value and known selling prices define our time on the market under equilibrium market conditions. Using the annualised UK Investment Property Databank all-property total return index for a sample period of 17 years between 1983 and 1999, the average ETOM was estimated to be 8.4 months. This figure, however, varied and depended on market conditions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/14635780410569452
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  • 5
    Electronic Resource
    Electronic Resource
    Cerebrospinal Fluid Correlates of Suicide Attempts and Aggression (1986)
    Oxford, UK : Blackwell Publishing Ltd
    Annals of the New York Academy of Sciences 487 (1986), S. 0 
    Details
    ISSN: 1749-6632
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Natural Sciences in General
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1749-6632.1986.tb27897.x
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  • 6
    Electronic Resource
    Electronic Resource
    Dynamic factorization in large-scale optimization (1994)
    Springer
    Mathematical programming 64 (1994), S. 17-51 
    Details
    ISSN: 1436-4646
    Keywords: Factorization ; Linear programming ; Generalized upper bounds ; Pure networks ; Generalized networks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Mathematics
    Notes: Abstract Factorization of linear programming (LP) models enables a large portion of the LP tableau to be represented implicitly and generated from the remaining explicit part. Dynamic factorization admits algebraic elements which change in dimension during the course of solution. A unifying mathematical framework for dynamic row factorization is presented with three algorithms which derive from different LP model row structures: generalized upper bound rows, pure network rows, and generalized network rows. Each of these structures is a generalization of its predecessors, and each corresponding algorithm exhibits just enough additional richness to accommodate the structure at hand within the unified framework. Implementation and computational results are presented for a variety of real-world models. These results suggest that each of these algorithms is superior to the traditional, non-factorized approach, with the degree of improvement depending upon the size and quality of the row factorization identified.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01582564
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  • 7
    Electronic Resource
    Electronic Resource
    Extracting embedded generalized networks from linear programming problems (1985)
    Springer
    Mathematical programming 32 (1985), S. 11-31 
    Details
    ISSN: 1436-4646
    Keywords: Linear Programming ; Generalized Networks ; Basis Factorization ; Computational Complexity ; Heuristic Algorithms
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Mathematics
    Notes: Abstract If a linear program (LP) possesses a large generalized network (GN) submatrix, this structure can be exploited to decrease solution time. The problems of finding maximum sets of GN constraints and finding maximum embedded GN submatrices are shown to be NP-complete, indicating that reliable, efficient solution of these problems is difficult. Therefore, efficient heuristic algorithms are developed for identifying such structure and are tested on a selection of twenty-three real-world problems. The best of four algorithms for identifying GN constraint sets finds a set which is maximum in twelve cases and averages 99.1% of maximum. On average, the GN constraints identified comprise more than 62.3% of the total constraints in these problems. The algorithm for identifying embedded GN submatrices finds submatrices whose sizes, rows plus columns, average 96.8% of an LP upper bound. Over 91.3% of the total constraint matrix was identified as a GN submatrix in these problems, on average.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01585656
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  • 8
    Electronic Resource
    Electronic Resource
    In organello mitochondrial DNA and RNA synthesis in fertile and cytoplasmic male sterile Zea mays L (1986)
    Springer
    Current genetics 11 (1986), S. 151-160 
    Details
    ISSN: 1432-0983
    Keywords: In organello nucleic acid synthesis ; Linear plasmids ; Mitochondria ; Male-sterile cytoplasms ; Zea mays
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology
    Notes: Summary An in organello system is described in which radioactive nucleoside triphosphates are linearly incorporated into maize mitochondrial DNA and RNA for more than 60 minutes at 37 °C. The nuclear control over plasmid-like mitochondrial DNAs observed in vivo is faithfully duplicated in this system. These plasmid-like DNAs are replicated and transcribed very efficiently. In organello transcription included most of, if not the entire, mitochondrial genome, which suggests that the great sequence complexity in maize mitochondrial DNA is not necessarily derived from extensive noncoding regions. Regulation over cytoplasmic expression is indicated by the quantitative but not qualitative variation in transcription between mitochondrial chromosome segments isolated from different cytoplasms. This system provides a tool in studying regulation of organellar gene expression and DNA synthesis as well as evidence that higher plant mitochondrial messenger RNA is polyadenylated.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00378208
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  • 9
    Electronic Resource
    Electronic Resource
    Nuclear free (1991)
    [s.l.] : Nature Publishing Group
    Nature 352 (1991), S. 392-392 
    Details
    ISSN: 1476-4687
    Source: Nature Archives 1869 - 2009
    Topics: Biology , Chemistry and Pharmacology , Medicine , Natural Sciences in General , Physics
    Notes: [Auszug] CHARM pervades this text, designed "for use by university undergraduates in the penultimate year of their studies for a first degree in physics". Williams begins by sketching the developments around the turn of the century that gave rise to atomic and nuclear physics, complete with lovely ...
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1038/352392b0
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  • 10
    Electronic Resource
    Electronic Resource
    Sticky Valuations, Aggregation Effects, and Property Indices (2000)
    Springer
    The journal of real estate finance and economics 20 (2000), S. 49-66 
    Details
    ISSN: 1573-045X
    Keywords: smoothing ; serial correlation ; cross correlation ; sticky valuations
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Previous studies on real estate smoothing have generally focused on the second moment of returns for individual properties. Although this body of research has developed plausible reasons for explaining the observed lower risk associated with real estate, no explanation has, however, been offered to account for the large difference in serial correlation at the individual property level compared with the index level. This article addresses this issue and also offers an explanation for the difference in serial correlation observed with different frequency real estate indices. Employing the framework developed by Holbrook Working (1960), we argue that the high levels of serial correlation typically observed in real estate indices results from a combination of random and sticky appraisals that induce cross-correlations between the component returns. Using the concept of sticky values we question the results of Lai and Wang (1998) in which they argue that the variance of appraisal-based returns should always be greater than true returns. We argue that a pragmatic conclusion regarding volatility should be conditioned on the underlying stochastic processes. We draw a distinction between serial cross-sectional and temporal sticky appraisal processes that influence smoothing at the index and individual property levels. Our results indicate that smoothing does not appear to be a serious issue at the individual property level. However, when different appraisal processes are aggregated into an index the underlying cross-correlation between those processes can induce high levels of smoothing.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007879805481
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