The impact of cross-border real estate investment on commercial real estate capitalisation rates

This study examines the impact of foreign real estate investment on the US office market capitalization rates. The geographic unit of analysis is MSA and the time period is 2001-2013. Drawing upon a database of commercial real estate transactions provided by Real Capital Analytics, we model the determinants of market capitalization rates with a particular focus on the significance of the proportion of market transactions involving foreign investors. We have employed several econometric techniques to explore the data, potential estimation biases, and test robustness of the results. The results suggest statistically significant effects of foreign investment across 38 US metro areas. It is estimated that, all else equal, a 100 basis points increase in foreign share of total investment in a US metropolitan office market causes about an 8 basis points decrease in the market cap rate.

The determinants of inward foreign direct investment in business services across European regions

The determinants of inward foreign direct investment in business services across European regions, Regional Studies. The role of forward linkages with manufacturing sectors and other service sectors as attractors of business services foreign direct investment (FDI) is studied at the regional level. Using data on 146 NUTS-2 regions, it is found that regions specialized in those (manufacturing) sectors that are high potential users of business services attract more FDI in the business services than other regions. Results are robust to the inclusion of the traditional determinants of foreign investments at the regional level as well as to controls for spatial dependence. The results suggest that regional policies aimed at attracting foreign investors in the business service industry might prove ineffective in the absence of a pre-existing local intermediate demand

Biases in comparative analyses of extinction risk: mind the gap

1. Comparative analyses are used to address the key question of what makes a species more prone to extinction by exploring the links between vulnerability and intrinsic species’ traits and/or extrinsic factors. This approach requires comprehensive species data but information is rarely available for all species of interest. As a result comparative analyses often rely on subsets of relatively few species that are assumed to be representative samples of the overall studied group. 2. Our study challenges this assumption and quantifies the taxonomic, spatial, and data type biases associated with the quantity of data available for 5415 mammalian species using the freely available life-history database PanTHERIA. 3. Moreover, we explore how existing biases influence results of comparative analyses of extinction risk by using subsets of data that attempt to correct for detected biases. In particular, we focus on links between four species’ traits commonly linked to vulnerability (distribution range area, adult body mass, population density and gestation length) and conduct univariate and multivariate analyses to understand how biases affect model predictions. 4. Our results show important biases in data availability with c.22% of mammals completely lacking data. Missing data, which appear to be not missing at random, occur frequently in all traits (14–99% of cases missing). Data availability is explained by intrinsic traits, with larger mammals occupying bigger range areas being the best studied. Importantly, we find that existing biases affect the results of comparative analyses by overestimating the risk of extinction and changing which traits are identified as important predictors. 5. Our results raise concerns over our ability to draw general conclusions regarding what makes a species more prone to extinction. Missing data represent a prevalent problem in comparative analyses, and unfortunately, because data are not missing at random, conventional approaches to fill data gaps, are not valid or present important challenges. These results show the importance of making appropriate inferences from comparative analyses by focusing on the subset of species for which data are available. Ultimately, addressing the data bias problem requires greater investment in data collection and dissemination, as well as the development of methodological approaches to effectively correct existing biases.

An analysis of linkage between foreign direct investment and GDP per Capita in Pakistan : A time series analysis

This study aims to investigate the relation between foreign direct investment (FDI) and per capita gross domestic product (GDP) in Pakistan. The study is based on a basic Cobb-Douglas production function. Population over age 15 to 64 is used as a proxy for labor in the investigation. The other variables used are gross capital formation, technological gap and a dummy variable measuring among other things political stability. We find positive correlation between GDP per capita in Pakistan and two variables, FDI and population over age 15 to 64. The GDP gap (gap between GDP of USA and GDP of Pakistan) is negatively correlated with GDP per capita as expected. Political instability, economic crisis, wars and polarization in the society have no significant impact on GDP per capita in the long run.

Foreign direct investment spillovers in Portugal: additional lessons from a country study

This paper investigates the impact of FDI on the productivity of Portuguese manufacturing sectors. Model specification is improved by considering the choice of the most appropriate interval of the technological gap for spillovers diffusion. We also allow for sectoral variation in the coefficients of the spillover effect; idiosyncratic sectoral factors are identified by means of a fixed effects model. Inter-sectoral positive spillover effects are examined. Significant spillovers require a proper technological differential between foreign and domestic producers and favourable sectoral characteristics. They may occur in modern industries in which the foreign firms have a clear, but not too sharp, edge on the domestic ones. Agglomeration effects are also one pertinent specific influence.

O método das opções reais aplicado na avaliação das oportunidades de investimento no setor de seguros

Esta dissertação tem como objetivo demonstrar a validade do método de análise da avaliação das oportunidades de investimentos que utiliza a Teoria das Opções Reais. De forma a demonstrar a aplicabilidade desta metodologia de avaliação, será exemplificado, com base no modelo das opções reais, uma oportunidade de investimento no setor de seguros. As opções reais fecham a brecha entre as finanças e o planejamento estratégico introduzindo um meio para incorporar o impacto da incerteza implícita nas oportunidades de investimento, e ao mesmo tempo considerando como as ações gerenciais podem limitar as possíveis perdas ou capitalizar os possíveis ganhos nos projetos de investimento. Este processo de avaliação não direciona somente os administradores a focar suas atenções nas diferentes oportunidades e alternativas estratégicas, mas fornece também uma metodologia sistemática para medir a influencia das ações contingentes sobre o próprio risco e valor do projeto. Os métodos tradicionais de avaliação dos investimentos assumem que os administradores adotem um comportamento passivo à implementação dos projetos, considerando somente o valor dos fluxos de caixa esperados dos mesmos. A partir da teoria de precificação das opções financeiras, as opções reais expandem o valor global do projeto incorporando os potenciais ganhos e limitando as possíveis perdas. O modelo de opções reais permite aos administradores alavancar o valor do acionista em um ambiente de negócios dinâmico considerando a possibilidade de uma gestão ótima das opções estratégicas e operacionais existentes. Tipicamente, o ativo subjacente é o valor bruto dos fluxos de caixa esperados do projeto, mas considerando a incerteza, o valor total do projeto deve considerar o valor implícito das opções reais presentes nas oportunidades de investimento. A flexibilidade gerencial, que permite adaptar as decisões futuras as mudanças inesperadas do mercado, representa um fonte crucial de valor agregado em um ambiente dinâmico. Muitas opções reais presentes nos projetos e que interagem entre si, podem ocorrer em paralelo ou seqüencialmente, de maneira que o valor combinado destas opções seja diferente da simples soma algébrica das opções individuais.

Foreign direct investment spillovers: what can we learn from portuguese data?

This paper investigates the impact of foreign direct investment on the productivity performance of domestic firms in Portugal. The data comprise nine manufacturing sectors for the period 1992-95. Relatively to previous studies, model specification is improved by taking into consideration several aspects: the influence of the “technological gap” on spill-overs diffusion and the choice of its most appropriate interval; sectoral variation in the coefficients of the spill-overs effect; identification of constant, idiosyncratic sectoral factors by means of a fixed effects model; and the search for inter-sectoral positive spillover effects. The relationship between domestic firms productivity and the foreign presence does take place in a positive way, only if a proper technology differential between the foreign and domestic producers exists and the sectoral characteristics are favourable. In broad terms, spillovers diffusion is associated to modern industries in which the foreign owned establishments have a clear, but not too sharp, edge on the domestic ones. Besides, other specific sectoral influences can be pertinent; agglomerative location factors being one example.

Foreign direct investment spillovers: additional lessons from a country study

We investigate the impact of foreign direct investment on the productivity of domestic firms, using sectoral data for Portugal. An improved analysis takes into account the most appropriate interval for the technological gap between foreign and domestic firms. Sectoral variation of spillovers, idiosyncratic sectoral factors and the search for inter-sectoral effects provide new insights on the subject. Significant spillovers require a proper technology differential between the foreign and domestic producers and favourable sectoral characteristics. Broadly, they occur in modern industries in which foreign firms have a clear, but not too sharp, edge on the domestic ones. Agglomeration effects are also identified as pertinent specific influences.

Gap solitons in Bose-Einstein condensates in linear and nonlinear optical lattices

Properties of localized states on array of BEC confined to a potential, representing superposition of linear and nonlinear optical lattices are investigated. For a shallow lattice case the coupled mode system has been derived. We revealed new types of gap solitons and studied their stability. For the first time a moving soliton solution has been found. Analytical predictions are confirmed by numerical simulations of the Gross-Pitaevskii equation with jointly acting linear and nonlinear periodic potentials. (c) 2007 Elsevier B.V. All rights reserved.

Tightly bound gap solitons in a Fermi gas

Within the framework of the mean-field hydrodynamic model of a degenerate Fermi gas ( DFG), we study, by means of numerical methods and variational approximation ( VA), the formation of fundamental gap solitons ( FGSs) in a DFG ( or in a BCS superfluid generated by weak interaction between spin- up and spin- down fermions), which is trapped in a periodic optical- lattice ( OL) potential. An effectively one- dimensional ( 1D) con. guration is considered, assuming strong transverse confinement; in parallel, a proper 1D model of the DFG ( which amounts to the known quintic equation for the Tonks- Girardeau gas in the OL) is considered too. The FGSs found in the first two bandgaps of the OL- induced spectrum ( unless they are very close to edges of the gaps) feature a ( tightly bound) shape, being essentially confined to a single cell of the OL. In the second bandgap, we also find antisymmetric tightly bound subfundamental solitons ( SFSs), with zero at the midpoint. The SFSs are also confined to a single cell of the OL, but, unlike the FGSs, they are unstable. The predicted solitons, consisting of similar to 10(4) - 10(5) atoms, can be created by available experimental techniques in the DFG of Li-6 atoms.

Quantum spin tunneling in a soluble quasi-spin model: an angle-based potential description

We propose an approach which allows one to construct and use a potential function written in terms of an angle variable to describe interacting spin systems. We show how this can be implemented in the Lipkin-Meshkov-Glick, here considered a paradigmatic spin model. It is shown how some features of the energy gap can be interpreted in terms of a spin tunneling. A discrete Wigner function is constructed for a symmetric combination of two states of the model and its time evolution is obtained. The physical information extracted from that function reinforces our description of phase oscillations in a potential. (c) 2004 Elsevier B.V. All rights reserved.

Gap solitons in a model of a superfluid fermion gas in optical lattices

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Gap solitons in fermion superfluids

We consider a dynamical model of a superfluid Fermi gas in the Bardeen-Cooper-Schrieffer regime trapped in a periodic optical lattice (OL) potential. The model is based on an equation for complex order parameter phi of the superfluid, which is derived from the relevant energy density and includes a self-repulsive term similar to phi(7/3). By means of the variational approximation (VA) and numerical simulations, we find families of stable one- and two-dimensional (I D and 2D) gap solitons (GSs) in this model. Chiefly, they are compact objects trapped in a single cell of the OL. Families of stable even and odd bound states of these GSs are also found in one dimension. A 3D GS family is constructed too, but solely within the framework of the VA. In the linear limit, the VA predicts an almost exact position of the left edge of the first band-gap in the OL-induced spectrum. The full VA provides an accurate description of families of I D and 2D fundamental GSs. We also demonstrate that a I D GS can be safely transported by an OL moving at a moderate velocity. (C) 2009 IMACS. Published by Elsevier B.V. All rights reserved.

Symbiotic gap and semigap solitons in Bose-Einstein condensates

Using the variational approximation and numerical simulations, we study one-dimensional gap solitons in a binary Bose-Einstein condensate trapped in an optical-lattice potential. We consider the case of interspecies repulsion, while the intraspecies interaction may be either repulsive or attractive. Several types of gap solitons are found: symmetric or asymmetric; unsplit or split, if centers of the components coincide or separate; intragap (with both chemical potentials falling into a single band gap) or intergap, otherwise. In the case of the intraspecies attraction, a smooth transition takes place between solitons in the semi-infinite gap, those in the first finite band gap, and semigap solitons (with one component in a band gap and the other in the semi-infinite gap).

Two-component gap solitons with linear interconversion

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)