Drivers of fund performance: a panel data analysis

The principle aim of this research is to elucidate the factors driving the total rate of return of non-listed funds using a panel data analytical framework. In line with previous results, we find that core funds exhibit lower yet more stable returns than value-added and, in particular, opportunistic funds, both cross-sectionally and over time. After taking into account overall market exposure, as measured by weighted market returns, the excess returns of value-added and opportunity funds are likely to stem from: high leverage, high exposure to development, active asset management and investment in specialized property sectors. A random effects estimation of the panel data model largely confirms the findings obtained from the fixed effects model. Again, the country and sector property effect shows the strongest significance in explaining total returns. The stock market variable is negative which hints at switching effects between competing asset classes. For opportunity funds, on average, the returns attributable to gearing are three times higher than those for value added funds and over five times higher than for core funds. Overall, there is relatively strong evidence indicating that country and sector allocation, style, gearing and fund size combinations impact on the performance of unlisted real estate funds.

Defining user perception of distributed multimedia quality

This article presents the results of a study that explored the human side of the multimedia experience. We propose a model that assesses quality variation from three distinct levels: the network, the media and the content levels; and from two views: the technical and the user perspective. By facilitating parameter variation at each of the quality levels and from each of the perspectives, we were able to examine their impact on user quality perception. Results show that a significant reduction in frame rate does not proportionally reduce the user's understanding of the presentation independent of technical parameters, that multimedia content type significantly impacts user information assimilation, user level of enjoyment, and user perception of quality, and that the device display type impacts user information assimilation and user perception of quality. Finally, to ensure the transfer of information, low-level abstraction (network-level) parameters, such as delay and jitter, should be adapted; to maintain the user's level of enjoyment, high-level abstraction quality parameters (content-level), such as the appropriate use of display screens, should be adapted.

Infotainment across access devices: the perceptual impact of multimedia QoS

The introduction of multimedia on pervasive and mobile communication devices raises a number of perceptual quality issues. However, limited work has been done examining the 3-way interaction between use of equipment, user perceptual quality and quality of service. Our work measures user perceptual quality with the quality of perception (QoP) metrics which comprises levels of informational transfer (objective) and user satisfaction (subjective) when users are presented with multimedia video clips at three different frame rates, using four different display devices. Finally, our results will show that variation in frame-rate does not impact a user’s level of information assimilation (IA), however, does impact a users’ perception of multimedia video ‘quality’.

Offering 802.11 MAC frame transport over multiband OFDM for consumer devices

A method to map all the variants of the IEEE 802.11 MAC frames into the Multiband OFDM based ECMA-368 Physical standard is proposed, without contravening the standard. The transportation of IEEE 802.11 MAC frames over ECMA-368 allows for the migration current of Wireless LAN applications towards a Wireless Personal Area Network (WPAN) solution. This system benefits the Consumer Electronics Market as the high data-rate WPAN is capable of transporting broadcast-quality video while the same system can also transport existing applications available today, maintaining existing effort, products and backward-compatibility(1).

A block coprocessor for user data rate improvements to GPRS coding scheme 4

The general packet radio service (GPRS) has been developed to allow packet data to be transported efficiently over an existing circuit-switched radio network, such as GSM. The main application of GPRS are in transporting Internet protocol (IP) datagrams from web servers (for telemetry or for mobile Internet browsers). Four GPRS baseband coding schemes are defined to offer a trade-off in requested data rates versus propagation channel conditions. However, data rates in the order of > 100 kbits/s are only achievable if the simplest coding scheme is used (CS-4) which offers little error detection and correction (EDC) (requiring excellent SNR) and the receiver hardware is capable of full duplex which is not currently available in the consumer market. A simple EDC scheme to improve the GPRS block error rate (BLER) performance is presented, particularly for CS-4, however gains in other coding schemes are seen. For every GPRS radio block that is corrected by the EDC scheme, the block does not need to be retransmitted releasing bandwidth in the channel and improving the user's application data rate. As GPRS requires intensive processing in the baseband, a viable field programmable gate array (FPGA) solution is presented in this paper.

Improving CS-4 user data rate in GPRS enabled devices by using a BLER co-processor

The General Packet Radio Service (GPRS) was developed to allow packet data to be transported efficiently over an existing circuit switched radio network. The main applications for GPRS are in transporting IP datagram’s from the user’s mobile Internet browser to and from the Internet, or in telemetry equipment. A simple Error Detection and Correction (EDC) scheme to improve the GPRS Block Error Rate (BLER) performance is presented, particularly for coding scheme 4 (CS-4), however gains in other coding schemes are seen. For every GPRS radio block that is corrected by the EDC scheme, the block does not need to be retransmitted releasing bandwidth in the channel, improving throughput and the user’s application data rate. As GPRS requires intensive processing in the baseband, a viable hardware solution for a GPRS BLER co-processor is discussed that has been currently implemented in a Field Programmable Gate Array (FPGA) and presented in this paper.

Electromagnetic atmosphere-plasma coupling: the global atmospheric electric circuit

A description is given of the global atmospheric electric circuit operating between the Earth’s surface and the ionosphere. Attention is drawn to the huge range of horizontal and vertical spatial scales, ranging from 10−9 m to 1012 m, concerned with the many important processes at work. A similarly enormous range of time scales is involved from 10−6 s to 109 s, in the physical effects and different phenomena that need to be considered. The current flowing in the global circuit is generated by disturbed weather such as thunderstorms and electrified rain/shower clouds, mostly occurring over the Earth’s land surface. The profile of electrical conductivity up through the atmosphere, determined mainly by galactic cosmic ray ionization, is a crucial parameter of the circuit. Model simulation results on the variation of the ionospheric potential, ∼250 kV positive with respect to the Earth’s potential, following lightning discharges and sprites are summarized. Experimental results comparing global circuit variations with the neutron rate recorded at Climax, Colorado, are then discussed. Within the return (load) part of the circuit in the fair weather regions remote from the generators, charge layers exist on the upper and lower edges of extensive layer clouds; new experimental evidence for these charge layers is also reviewed. Finally, some directions for future research in the subject are suggested.

Optimal frame length for keeping normalized goodput with lowest requirement on BER

This paper presents an adaptive frame length mechanism based on a cross-layer analysis of intrinsic relations between the MAC frame length, bit error rate (BER) of the wireless link and normalized goodput. The proposed mechanism selects the optimal frame length that keeps the service normalized goodput at required levels while satisfying the lowest requirement on the BER, thus increasing the transmission reliability. Numerical results are provided and show that an optimal frame length satisfying the lowest BER requirement does indeed exist. The performance of BER requirement as a function of the MAC frame length is evaluated and compared for transmission scenarios with and without automatic repeat request (ARQ). Furthermore, issues related to the MAC overhead length are also discussed to illuminate the functionality and performance of the proposed mechanism.

Motion of the dayside polar cap boundary during substorm cycles: I. Observations of pulses in the magnetopause reconnection rate

Using data from the EISCAT (European Incoherent Scatter) VHF radar and DMSP (Defense Meteorological Satellite Program) spacecraft passes, we study the motion of the dayside open-closed field line boundary during two substorm cycles. The satellite data show that the motions of ion and electron temperature boundaries in EISCAT data, as reported by Moen et al. (2004), are not localised around the radar; rather, they reflect motions of the open-closed field line boundary at all MLT throughout the dayside auroral ionosphere. The boundary is shown to erode equatorward when the IMF points southward, consistent with the effect of magnetopause reconnection. During the substorm expansion and recovery phases, the dayside boundary returns poleward, whether the IMF points northward or southward. However, the poleward retreat was much faster during the substorm for which the IMF had returned to northward than for the substorm for which the IMF remained southward – even though the former substorm is much the weaker of the two. These poleward retreats are consistent with the destruction of open flux at the tail current sheet. Application of a new analysis of the peak ion energies at the equatorward edge of the cleft/cusp/mantle dispersion seen by the DMSP satellites identifies the dayside reconnection merging gap to extend in MLT from about 9.5 to 15.5 h for most of the interval. Analysis of the boundary motion, and of the convection velocities seen near the boundary by EISCAT, allows calculation of the reconnection rate (mapped down to the ionosphere) from the flow component normal to the boundary in its own rest frame. This reconnection rate is not, in general, significantly different from zero before 06:45 UT (MLT<9.5 h) – indicating that the X line footprint expands over the EISCAT field-of-view to earlier MLT only occasionally and briefly. Between 06:45 UT and 12:45UT (9.5rate variation shows considerable pulsing on timescales of 2–20 min during periods of steady southward IMF.

Heart rate variability is associated with amygdala functional connectivity with MPFC across younger and older adults

The ability to regulate emotion is crucial to promote well-being. Evidence suggests that the medial prefrontal cortex (mPFC) and adjacent anterior cingulate (ACC) modulate amygdala activity during emotion regulation. Yet less is known about whether the amygdala-mPFC circuit is linked with regulation of the autonomic nervous system and whether the relationship differs across the adult lifespan. The current study tested the hypothesis that heart rate variability (HRV) reflects the strength of mPFC-amygdala interaction across younger and older adults. We recorded participants’ heart rates at baseline and examined whether baseline HRV was associated with amygdala-mPFC functional connectivity during rest. We found that higher HRV was associated with stronger functional connectivity between the amygdala and the mPFC during rest across younger and older adults. In addition to this age-invariant pattern, there was an age-related change, such that greater HRV was linked with stronger functional connectivity between amygdala and ventrolateral PFC (vlPFC) in younger than in older adults. These results are in line with past evidence that vlPFC is involved in emotion regulation especially in younger adults. Taken together, our results support the neurovisceral integration model and suggest that higher heart rate variability is associated with neural mechanisms that support successful emotional regulation across the adult lifespan.