Production of relative clauses in monolingual Turkish children

Research on the production of relative clauses (RCs) has shown that in English, although children start using intransitive RCs at an earlier age, more complex, bi-propositional object RCs appear later (Hamburger & Crain, 1982; Diessel and Tomasello, 2005), and children use resumptive pronouns both in acceptable and unacceptable ways (McKee, McDaniel, & Snedeker, 1998; McKee & McDaniel, 2001). To date, it is unclear whether or not the same picture emerges in Turkish, a language with an SOV word-order and overt case marking. Some studies suggested that subject RCs are more frequent in adults and children (Slobin, 1986) and yield a better performance than object RCs (Özcan, 1996), but others reported the opposite pattern (Ekmekçi, 1990). Our study addresses this issue in Turkish children and adults, and uses participants’ errors to account for the emerging asymmetry between subject and object RCs. 37 5-to-8 year old monolingual Turkish children and 23 adult controls participated in a novel elicitation task involving cards, each consisting of four different pictures (see Figure 1). There were two sets of cards, one for the participant and one for the researcher. The former had animals with accessories (e.g., a hat) whereas the latter had no accessories. Participants were instructed to hold their card without showing it to the researcher and describe the animals with particular accessories. This prompted the use of subject and object RCs. The researcher had to identify the animals in her card (see Figure 2). A preliminary repeated measures ANOVA with the factor Group (pre-school, primary-school children) showed no differences between the groups in the use of RCs (p>.1), who were therefore collapsed into one for further analyses. A repeated measures ANOVA with the factors Group (children, adults) and RC-Type (Subject, Object) showed that children used fewer RCs than adults (F(1,58)=7.54, p<.01), and both groups used fewer object than subject RCs (F(1,58)=22.46, p<.001), but there was no Group by RC-Type interaction (see Figure 3). A similar ANOVA on the rate of grammatical RCs showed a main effect of Group (F(1,58)=77.25, p<.001), a main effect of RC-Type (F(1,58)=66.33, p<.001), and an interaction of Group by RC-Type (F(1,58)=64.6, p<.001) (see Figure 4). Children made more errors than adults in object RCs (F(1,58)=87.01, p<.001), and children made more errors in object compared to subject RCs (F(1,36)=106.35, p<.001), but adults did not show this asymmetry. The error analysis revealed that children systematically avoided the object-relativizing morpheme –DIK, which requires possessive agreement with the genitive-marked subject. They also used resumptive pronouns and resumptive full-DPs in the extraction site similarly to English children (see Figure 5). These findings are in line with Slobin (1986) and Özcan (1996). Children’s errors suggest that they avoid morphosyntactic complexity of object RCs and try to preserve the canonical word order by inserting resumptive pronouns in the extraction site. Finally, cross-linguistic similarity in the acquisition of RCs in typologically different languages suggests a higher accessibility of subject RCs both at the structural (Keenan and Comrie, 1977) and conceptual level (Bock and Warren, 1986).

The relative order and inverses of recurrent networks

Differential geometry is used to investigate the structure of neural-network-based control systems. The key aspect is relative order—an invariant property of dynamic systems. Finite relative order allows the specification of a minimal architecture for a recurrent network. Any system with finite relative order has a left inverse. It is shown that a recurrent network with finite relative order has a local inverse that is also a recurrent network with the same weights. The results have implications for the use of recurrent networks in the inverse-model-based control of nonlinear systems.

The dependence of clear-sky outgoing longwave radiation on surface temperature and relative humidity

A simulation of the earth's clear-sky long-wave radiation budget is used to examine the dependence of clear-sky outgoing long-wave radiation (OLR) on surface temperature and relative humidity. the simulation uses the European Centre for Medium-Range Weather Forecasts global reanalysed fields to calculate clear-sky OLR over the period from January 1979 to December 1993, thus allowing the seasonal and interannual time-scales to be resolved. the clear-sky OLR is shown to be primarily dependent on temperature changes at high latitudes and on changes in relative humidity at lower latitudes. Regions exhibiting a ‘super-greenhouse’ effect are identified and are explained by considering the changes in the convective regime associated with the Hadley circulation over the seasonal cycle, and with the Walker circulation over the interannual time-scale. the sensitivity of clear-sky OLR to changes in relative humidity diminishes with increasing relative humidity. This is explained by the increasing saturation of the water-vapour absorption bands with increased moisture. By allowing the relative humidity to vary in specified vertical slabs of the troposphere over an interannual time-scale it is shown that changes in humidity in the mid troposphere (400 to 700 hPa) are of most importance in explaining clear-sky OLR variations. Relative humidity variations do not appear to affect the positive thermodynamic water-vapour feedback significantly in response to surface temperature changes.

Private property vehicles: the valuation of interests in limited partnerships

This paper examines the extent to which the valuation of partial interests in private property vehicles should be closely aligned to the valuation of the underlying assets. A sample of vehicle managers and investors replied to a questionnaire on the qualities of private property vehicles relative to direct property investment. Applying the Analytic Hierarchy Process (AHP) technique the relative importance of the various advantages and disadvantages of investment in private property vehicles relative to acquisition of the underlying assets are assessed. The results suggest that the main drivers of the growth of the this sector have been the ability for certain categories of investor to acquire interests in assets that are normally inaccessible due to the amount of specific risk. Additionally, investors have been attracted by the ability to ‘outsource’ asset management in a manner that minimises perceived agency problems. It is concluded that deviations from NAV should be expected given that investment in private property vehicles differs from investment in the underlying assets in terms of liquidity, management structures, lot size, financial structure inter alia. However, reliably appraising the pricing implications of these variations is likely to be extremely difficult due to the lack of secondary market trading and vehicle heterogeneity.

The relative importance sector and regional factors in Italy

The benefits of sector and regional diversification have been well documented in the literature but have not previously been investigated in Italy. In addition, previous studies have used geographically defined regions, rather than economically functional areas, when performing the analysis even though most would argue that it is the economic structure of the area that will lead to differences in demand and hence property performance. This study therefore uses economically defined regions of Italy to test the relative benefits of regional diversification versus sector diversification within the Italian real estate portfolio. To examine this issue we use constrained cross-section regressions the on the sector and regional affiliation of 14 cities in Italy to extract the “pure” return effects of the different factors using annual data over the period 1989 to 2003. In contrast, to previous studies we find that regional factors effects in Italy have a much greater influence on property returns than sector-specific effects, which is probably a direct result of using the extremely diverse economic regions of Italy rather than arbitrary geographically locations. Be that as it may, the results strongly suggest that that diversification across the regions of Italy used here is likely to offer larger risk reduction benefits than a sector diversification strategy within a region. In other words, fund managers in Italy must monitor the regional composition of their portfolios more closely than its sector allocation. Additionally, the results supports that contemporary position that ‘regional areas’ based on economic function, provide greater diversification benefits rather than areas defined by geographical location.

Explaining deviations from NAV in UK property companies: rationality and sentimentality

One of the most vexing issues for analysts and managers of property companies across Europe has been the existence and persistence of deviations of Net Asset Values of property companies from their market capitalisation. The issue has clear links to similar discounts and premiums in closed-end funds. The closed end fund puzzle is regarded as an important unsolved problem in financial economics undermining theories of market efficiency and the Law of One Price. Consequently, it has generated a huge body of research. Although it can be tempting to focus on the particular inefficiencies of real estate markets in attempting to explain deviations from NAV, the closed end fund discount puzzle indicates that divergences between underlying asset values and market capitalisation are not a ‘pure’ real estate phenomenon. When examining potential explanations, two recurring factors stand out in the closed end fund literature as often undermining the economic rationale for a discount – the existence of premiums and cross-sectional and periodic fluctuations in the level of discount/premium. These need to be borne in mind when considering potential explanations for real estate markets. There are two approaches to investigating the discount to net asset value in closed-end funds: the ‘rational’ approach and the ‘noise trader’ or ‘sentiment’ approach. The ‘rational’ approach hypothesizes the discount to net asset value as being the result of company specific factors relating to such factors as management quality, tax liability and the type of stocks held by the fund. Despite the intuitive appeal of the ‘rational’ approach to closed-end fund discounts the studies have not successfully explained the variance in closed-end fund discounts or why the discount to net asset value in closed-end funds varies so much over time. The variation over time in the average sector discount is not only a feature of closed-end funds but also property companies. This paper analyses changes in the deviations from NAV for UK property companies between 2000 and 2003. The paper present a new way to study the phenomenon ‘cleaning’ the gearing effect by introducing a new way of calculating the discount itself. We call it “ungeared discount”. It is calculated by assuming that a firm issues new equity to repurchase outstanding debt without any variation on asset side. In this way discount does not depend on an accounting effect and the analysis should better explain the effect of other independent variables.

Another look at the relative importance of sectors and regions in determining property returns

This paper re-examines the relative importance of sector and regional effects in determining property returns. Using the largest property database currently available in the world, we decompose the returns on individual properties into a national effect, common to all properties, and a number of sector and regional factors. However, unlike previous studies, we categorise the individual property data into an ever-increasing number of property-types and regions, from a simple 3-by-3 classification, up to a 10 by 63 sector/region classification. In this way we can test the impact that a finer classification has on the sector and regional effects. We confirm the earlier findings of previous studies that sector-specific effects have a greater influence on property returns than regional effects. We also find that the impact of the sector effect is robust across different classifications of sectors and regions. Nonetheless, the more refined sector and regional partitions uncover some interesting sector and regional differences, which were obscured in previous studies. All of which has important implications for property portfolio construction and analysis.

Changes in the relative importance of sector and regional factors: 1987-2002

A stylised fact in the real estate portfolio diversification literature is that sector (property-type) effects are relatively more important than regional (geographical) factors in determining property returns. Thus, for those portfolio managers who follow a top-down approach to portfolio management, they should first choose in which sectors to invest and then select the best properties in each market. However, the question arises as to whether the dominance of the sector effects relative to regional effects is constant. If not property fund managers will need to take account of regional effects in developing their portfolio strategy. Using monthly data over the period 1987:1 to 2002:12 for a sample of over 1000 properties the results show that the sector-specific factors dominate the regional-specific factors for the vast majority of the time. Nonetheless, there are periods when the regional factors are of equal or greater importance than the sector effects. In particular, the sector effects tend to dominate during volatile periods of the real estate cycle; however, during calmer periods the sector and regional effects are of equal importance. These findings suggest that the sector effects are still the most important aspect in the development of an active portfolio strategy.

Relative order defines a topology for recurrent networks

This paper uses techniques from control theory in the analysis of trained recurrent neural networks. Differential geometry is used as a framework, which allows the concept of relative order to be applied to neural networks. Any system possessing finite relative order has a left-inverse. Any recurrent network with finite relative order also has an inverse, which is shown to be a recurrent network.