Measurement of infrared multilayer filters at temperatures down to 4 deg K

Measurement is reported at 4 deg K (and blocked transmission below 10-5) of PbTe/ZnS thin-film filters deposited on Ge substrates. The reduced carrier-absorption which is obtained by cooling these PbTe films is found to accord with simple theory. Advantage for various high-performance multilayers by cooling is significant at the longer wavelengths, and has been verified.

Non-normal real estate return distributions by property type in the U.K.

Investment risk models with infinite variance provide a better description of distributions of individual property returns in the IPD database over the period 1981 to 2003 than Normally distributed risk models, which mirrors results in the U.S. and Australia using identical methodology. Real estate investment risk is heteroscedastic, but the Characteristic Exponent of the investment risk function is constant across time yet may vary by property type. Asset diversification is far less effective at reducing the impact of non-systematic investment risk on real estate portfolios than in the case of assets with Normally distributed investment risk. Multi-risk factor portfolio allocation models based on measures of investment codependence from finite-variance statistics are ineffectual in the real estate context.