Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.

Genetic variation of the Ananas genus with ornamental potential

Brazil is one of the main centers of origin of pineapple species presenting the largest genetic variation of the Ananas genus. Embrapa Cassava and Fruits is a Brazilian Agricultural Research Corporation and has an ex-situ collection of 678 accessions of the Ananas genus and some other Bromeliaceae. The use of ornamental pineapple has increased in the last years demanding new varieties, mainly for the external market, due to the originality and colors of its tiny fruits. The main aim of the present study was describing accessions from the pineapple gene bank in order to quantify their genetic variation and identify possible progenitors to be used in breeding programs of ornamental pineapples. Eighty-nine accessions of Ananas comosus var. comosus, A. comosus var. bracteatus (Lindl.) Coppens et Leal, A. comosus var. ananassoides (Baker) Coppens et Leal, A. comosus var. erectifolius (L. B. Smith) Coppens et Leal, A. comosus var. parguasensis (Camargo et L. B. Smith) Coppens et Leal and A. macrodontes Morren were evaluated with 25 morphological descriptors. According to the results, the evaluated accessions were separated into the following categories: landscape plants, cut flower, potted plants, minifruits, foliage and hedge. The genetic distance among accessions was determined using the combined qualitative and quantitative data by the Gower algorithm. The pre-selected accessions presented genetic variation and ornamental potential for different uses. The multicategory analysis formed seven clusters through a classification method based on the average Euclidean distance between all accessions using the cut-point of genetic dissimilarity (D dg = 0.35). The genotypes A. comosus var. erectifolius were selected to be used as landscape plants, cut flower, minifruits and potted plants. Accessions of A. comosus var. bracteatus and A. macrodontes were selected as landscape plants and hedge. The highest variation was observed in A. comosus var. ananassoides genotypes, which presented high potential for use as cut flowers.