REIT mergers and acquisitions : a meta-analysis

Purpose – Mergers and acquisitions in the real estate investment trust (REIT) sector have been studied in distinct periods and locations, often leading to findings which are relevant only for the period and/or location investigated. The purpose of this paper is to examine the merger and acquisition studies in aggregate using meta-analysis so that broader findings of factors influencing the returns by targets and bidders are divulged.

Design/methodology/approach – Using a methodology similar to Veld and Veld-Merkoulova a sample of 15 REIT studies with 35 observations for bidders and 25 observations for targets is analysed. A variety of potential factors influencing the returns for bidders and targets are explored.

Findings – Consistent with prior non-REIT research, the evidence shows targets enjoy positive and significant gains in a merger. There is also evidence that acquirers earn significant wealth when all previous studies are examined in aggregate. Meta-analysis results show targets experience higher wealth gains by accepting cash financed deals, but share total gains when both parties are REITs. Additionally, acquirers enjoy improved abnormal returns when the target is privately listed and the use of scrip and/or a combination of scrip and cash produces higher wealth gains for bidding REITs.

Originality/value – This paper aggregates the merger and acquisition literature of REITs to understand better factors influencing returns made by bidders and targets.

Automated methods for the location of the boundaries of chromatographic peaks

Several simple techniques are presented for the identification of the boundaries of chromatographic peaks. These methods provide a significant reduction in the time needed to perform the rapid, automatic calculation of the central peak moments and to evaluate the quality of a separation while improving the accuracy of the measurements of column efficiencies. It was found that the identification of the peak boundaries as functions of the peak widths and the examination of the slope of the signal to noise versus time plot are viable alternatives to a manual determination.

Online motor control in children with developmental coordination disorder: chronometric analysis of double-step reaching performance

Background
Although there are a number of plausible accounts to explain movement clumsiness in children [or developmental coordination disorder (DCD)], the cause(s) of the disorder remain(s) an issue of debate. One aspect of motor control that is particularly important to the fluid expression of skill is rapid online control (ROC). Data on DCD have been conflicting. While some recent work using double-step reaching suggests no difficulty in online control, others suggest deficits (e.g. based on sequential pointing). To help resolve this debate, we suggest two things: use of recent neuro-computational models as a framework for investigating motor control in DCD, and more rigorous investigation of double-step reaching. Our working assumption here is that ROC is only viable through the seamless integration of predictive (or forward) models of movement and feedback-based mechanisms.

Aim
The aim of this chronometric study was to explore ROC in children with DCD using a double-step reaching paradigm. We predicted slower online adjustments in DCD based on the argument that these children manifest a core difficulty in predictive control.

Methods
Participants were a group of 17 children with DCD and 27 typically developing children aged between 7 and 12 years. Visual targets were presented on a 17-inch LCD touch screen, inclined to an angle of 15° from horizontal. The children were instructed to press each target as it appeared as quickly and accurately as possible. For 80% of the trials, the central target location remained unchanged for the duration of the movement (non-jump trials), while for the remaining 20% of trials, the target jumped at movement onset to one of the two peripheral locations (jump trials). Reaction time (RT), movement time (MT) and reaching errors were recorded.

Results
For both groups, RT did not vary according to trial condition, while children with DCD were slower to initiate movement. Further, the MT of children with DCD was prolonged to a far greater extent on jump trials relative to controls, with a large effect size. As well, children with DCD committed significantly more errors, notably a reduced ability to inhibit central responses on jump trials.

Conclusion
Our findings help reconcile some disparate findings in the literature using similar tasks. The pattern of performance in children with DCD suggests impairment in the ability to make rapid online adjustments that are based on a predictive (or internal) model of the action. These results pave the way for future kinematic investigation.

Removing the ambiguity of data processing methods: Optimizing the location of peak boundaries for accurate moment calculations

The calculation of the first few moments of elution peaks is necessary to determine: the amount of component in the sample (peak area or zeroth moment), the retention factor (first moment), and the column efficiency (second moment). It is a time consuming and tedious task for the analyst to perform these calculations, thus data analysis is generally completed by data stations associated to modern chromatographs. However, data acquisition software is a black box which provides no information to chromatographers on how their data are treated. These results are too important to be accepted on blind faith. The location of the peak integration boundaries is most important. In this manuscript, we explore the relationships between the size of the integration area, the relative position of the peak maximum within this area, and the accuracy of the calculated moments. We found that relationships between these parameters do exist and that computers can be programmed with relatively simple routines to automatize the extraction of key peak parameters and to select acceptable integration boundaries. It was also found that the most accurate results are obtained when the S/N exceeds 200.

Phylogenetic analysis of beak and feather disease virus across a host ring-species complex

Pathogens have been hypothesized to play a major role in host diversity and speciation. Susceptibility of hybrid hosts to pathogens is thought to be a common phenomenon that could promote host population divergence and subsequently speciation. However, few studies have tested for pathogen infection across animal hybrid zones while testing for codivergence of the pathogens in the hybridizing host complex. Over 8 y, we studied natural infection by a rapidly evolving single-strand DNA virus, beak and feather diseases virus (BFDV), which infects parrots, exploiting a host-ring species complex (Platycercus elegans) in Australia. We found that host subspecies and their hybrids varied strikingly in both BFDV prevalence and load: both hybrid and phenotypically intermediate subspecies had lower prevalence and load compared with parental subspecies, while controlling for host age, sex, longitude and latitude, as well as temporal effects. We sequenced viral isolates throughout the range, which revealed patterns of genomic variation analogous to Mayr's ring-species hypothesis, to our knowledge for the first time in any host-pathogen system. Viral phylogeny, geographic location, intraspecific host density, and parrot community diversity and composition did not explain the differences in BFDV prevalence or load between subpopulations. Overall, our analyses suggest that functional host responses to infection, or force of infection, differ between subspecies and hybrids. Our findings highlight the role of host hybridization and clines in altering host-pathogen interactions, dynamics that can have important implications for models of speciation with gene flow, and offer insights into how pathogens may adapt to diverging host populations.

On the multicast lifetime of WANETs with multibeam antennas : Formulation, algorithms, and analysis

We explore the multicast lifetime capacity of energy-limited wireless ad hoc networks using directional multibeam antennas by formulating and solving the corresponding optimization problem. In such networks, each node is equipped with a practical smart antenna array that can be configured to support multiple beams with adjustable orientation and beamwidth. The special case of this optimization problem in networks with single beams have been extensively studied and shown to be NP-hard. In this paper, we provide a globally optimal solution to this problem by developing a general MILP formulation that can apply to various configurable antenna models, many of which are not supported by the existing formulations. In order to study the multicast lifetime capacity of large-scale networks, we also propose an efficient heuristic algorithm with guaranteed theoretical performance. In particular, we provide a sufficient condition to determine if its performance reaches optimum based on the analysis of its approximation ratio. These results are validated by experiments as well. The multicast lifetime capacity is then quantitatively studied by evaluating the proposed exact and heuristic algorithms using simulations. The experimental results also show that using two-beam antennas can exploit most lifetime capacity of the networks for multicast communications. © 2013 IEEE.

Australian children's consumption of caffeinated, formulated beverages: a cross-sectional analysis

BACKGROUND: Caffeine is a common additive in formulated beverages, including sugar-sweetened beverages. Currently there are no data on the consumption of caffeinated formulated beverages in Australian children and adolescents. This study aimed to determine total intake and consumption patterns of CFBs in a nationally representative sample of Australian children aged 2-16 years and to determine contribution of CFBs to total caffeine intake. Consumption by day type, mealtime and location was also examined.

METHODS: Dietary data from one 24-hour recall collected in the 2007 Australian National Children's Nutrition and Physical Activity Survey were analysed. CFBs were defined as beverages to which caffeine has been added as an additive, including cola-type beverages and energy drinks. Socioeconomic status was based on the highest level of education attained by the participant's primary caregiver. Time of day of consumption was classified based on traditional mealtimes and type of day of consumption as either a school or non-school day. Location of consumption was defined by the participant during the survey.

RESULTS: On the day of the survey 15% (n = 642) of participants consumed CFBs. Older children and those of low socioeconomic background were more likely to consume CFBs (both P < 0.001). Amongst the 642 consumers mean (95% CI) intakes were 151 (115-187)g/day, 287 (252-321)g/day, 442 (400-484)g/day, and 555 (507-602)g/day for 2-3, 4-8, 9-13 and 14-16 year olds respectively. Consumers of CFBs had higher intakes of caffeine (mean (95% CI) 61 (55-67)mg vs. 11 (10-12)mg) and energy (mean (95% CI) 9,612 (9,247-9978)kJ vs. 8,186 (8,040-8,335)kJ) than non-consumers (both P < 0.001). CFBs contributed 69% of total daily caffeine intake. CFB intake was higher on non-school days compared with school days (P < 0.005) and consumption occurred predominantly at the place of residence (56%), within the "dinner" time bracket (17:00-20:30, 44%).

CONCLUSIONS: The consumption of CFBs by all age groups within Australian children is of concern. Modifications to the permissibility of caffeine as a food additive may be an appropriate strategy to reduce the intake of caffeine in this age group. Additional areas for intervention include targeting parental influences over mealtime beverage choices.

Privacy preserving in location data release: A differential privacy approach

Communication devices with GPS chips allow people to generate large volumes of location data. However, location datasets have been confronted with serious privacy concerns. Recently, several privacy techniques have been proposed but most of them lack a strict privacy notion, and can hardly resist the number of possible attacks. This paper proposes a private release algorithm to randomize location datasets in a strict privacy notion, differential privacy. This algorithm includes three privacy-preserving operations: Private Location Clustering shrinks the randomized domain and Cluster Weight Perturbation hides the weights of locations, while Private Location Selection hides the exact locations of a user. Theoretical analysis on utility confirms an improved trade-off between the privacy and utility of released location data. The experimental results further suggest this private release algorithm can successfully retain the utility of the datasets while preserving users’ privacy.

A differentially private algorithm for location data release

The rise of mobile technologies in recent years has led to large volumes of location information, which are valuable resources for knowledge discovery such as travel patterns mining and traffic analysis. However, location dataset has been confronted with serious privacy concerns because adversaries may re-identify a user and his/her sensitivity information from these datasets with only a little background knowledge. Recently, several privacy-preserving techniques have been proposed to address the problem, but most of them lack a strict privacy notion and can hardly resist the number of possible attacks. This paper proposes a private release algorithm to randomize location dataset in a strict privacy notion, differential privacy, with the goal of preserving users’ identities and sensitive information. The algorithm aims to mask the exact locations of each user as well as the frequency that the user visits the locations with a given privacy budget. It includes three privacy-preserving operations: private location clustering shrinks the randomized domain and cluster weight perturbation hides the weights of locations, while private location selection hides the exact locations of a user. Theoretical analysis on privacy and utility confirms an improved trade-off between privacy and utility of released location data. Extensive experiments have been carried out on four real-world datasets, GeoLife, Flickr, Div400 and Instagram. The experimental results further suggest that this private release algorithm can successfully retain the utility of the datasets while preserving users’ privacy.

DoSTra: Discovering common behaviors of objects using the duration of staying on each location of trajectories

Since semantic trajectories can discover more semantic meanings of a user's interests without geographic restrictions, research on semantic trajectories has attracted a lot of attentions in recent years. Most existing work discover the similar behavior of moving objects through analysis of their semantic trajectory pattern, that is, sequences of locations. However, this kind of trajectories without considering the duration of staying on a location limits wild applications. For example, Tom and Anne have a common pattern of Home→Restaurant → Company → Restaurant, but they are not similar, since Tom works at Restaurant, sends snack to someone at Company and return to Restaurant while Anne has breakfast at Restaurant, works at Company and has lunch at Restaurant. If we consider duration of staying on each location we can easily to differentiate their behaviors. In this paper, we propose a novel approach for discovering common behaviors by considering the duration of staying on each location of trajectories (DoSTra). Our approach can be used to detect the group that has similar lifestyle, habit or behavior patterns and predict the future locations of moving objects. We evaluate the experiment based on synthetic dataset, which demonstrates the high effectiveness and efficiency of the proposed method.

Estimated Number and Location of Future Moose-Vehicle Collisions (MVC) in Maine

Moose (Alces alces) are a keystone herbivore in Maine. Because of the large number of rural roads in Maine, there is a high rate of moose-vehicle collisions (MVCs), which is increasing. On-road encounters with animals resulted in 231 fatalities in the United States in 1999. Because of the fatality of MVCs, it is important to know where they are most likely to occur. I used GIS analysis to estimate where future MVCs would occur, factoring in the variables of land cover suitability for moose, distance from water bodies, locations of past MVCs, and speed limits on the roads. I ran four different analyses, each one weighting the variables equally. I also ran a regression to determine if increasing road speed was associated with the increase in the number of MVCs per length of road. There was not a strong positive relationship between the number of MVCs per length of road and the speed limit, but it was interesting to note that there were more MVCs per length of road on 35mph and 40mph roads than on 45, 50, 55 or 65mph roads. Future research on MVCs would benefit from the inclusion of include moose population density and road traffic data.

Wind Power Suitability Analysis for the Gulf of Maine

This map shows one option for a viable energy source that is clean, free and endless: wind power. This map shows that the coast of Maine has the potential space and wind speed to be a location for wind farms. Four NOAA buoys placed in different locations along the Maine coast are the source of the wind speed data for this project. The average wind speed of every ten minutes of every day for the year 2004 were averaged so that each buoy was represented by one number of wind speed measured in meters/ second. The values in between these four buoys were estimated, or interpolated, using ArcGIS. Other factors that I took into consideration during this lab were distance from airports (no wind farm can be with in a three mile radius of an airport ) and distance from counties (no one wants an offshore wind farm that obstructs their view). I calculated the most appropriate locations for a wind farm in ArcGIS, by adding these three layers. The final output shows an area along Mt. Desert to be the most appropriate for development.

Investigating The Sources Of Fresh Water Affecting The Hydrological Balance Of Lakes Enriquillo And Azuei (Hispaniola) – Data Analysis

The Enriquillo and Azuei are saltwater lakes located in a closed water basin in the southwestern region of the island of La Hispaniola, these have been experiencing dramatic changes in total lake-surface area coverage during the period 1980-2012. The size of Lake Enriquillo presented a surface area of approximately 276 km2 in 1984, gradually decreasing to 172 km2 in 1996. The surface area of the lake reached its lowest point in the satellite observation record in 2004, at 165 km2. Then the recent growth of the lake began reaching its 1984 size by 2006. Based on surface area measurement for June and July 2013, Lake Enriquillo has a surface area of ~358 km2. Sumatra sizes at both ends of the record are 116 km2 in 1984 and 134 km2in 2013, an overall 15.8% increase in 30 years. Determining the causes of lake surface area changes is of extreme importance due to its environmental, social, and economic impacts. The overall goal of this study is to quantify the changing water balance in these lakes and their catchment area using satellite and ground observations and a regional atmospheric-hydrologic modeling approach. Data analyses of environmental variables in the region reflect a hydrological unbalance of the lakes due to changing regional hydro-climatic conditions. Historical data show precipitation, land surface temperature and humidity, and sea surface temperature (SST), increasing over region during the past decades. Salinity levels have also been decreasing by more than 30% from previously reported baseline levels. Here we present a summary of the historical data obtained, new sensors deployed in the sourrounding sierras and the lakes, and the integrated modeling exercises. As well as the challenges of gathering, storing, sharing, and analyzing this large volumen of data in a remote location from such a diverse number of sources.

Brazilian international and inter-state trade flows: an exploratory analysis using the gravity model

Recent efforts toward a world with freer trade, like WTO/GATT or regional Preferential Trade Agreements(PTAs), were put in doubt after McCallum's(1995) finding of a large border effect between US and Canadian provinces. Since then, there has been a great amount of research on this topic employing the gravity equation. This dissertation has two goals. The first goal is to review comprehensively the recent literature about the gravity equation, including its usages, econometric specifications, and the efforts to provide it with microeconomic foundations. The second goal is the estimation of the Brazilian border effect (or 'home-bias trade puzzle') using inter-state and international trade flow data. It is used a pooled cross-section Tobit model. The lowest border effect estimated was 15, which implies that Brazilian states trade among themselves 15 times more than they trade with foreign countries. Further research using industry disaggregated data is needed to qualify the estimated border effect with respect to which part of that effect can be attributed to actual trade costs and which part is the outcome of the endogenous location problem of the firm.

Trade or investment? location decisions under regional integration

This paper studies the production and trade patterns that may arise between two different countries if plant location is introduced as a first step in the producers' decision making. A three-stage game is used: the first deals with location and the next two with capacity and final sales decisions. Demand and cost structures differ by country, and the latter contain specific elements related to the foreign operation. The structure of possible Nash-equilibria is examined and an analysis of the changes in the solution, if the countries engage in an integration process, is made. As in previous models, though global welfare gains may not be very high, single country ones may be considerable, due to changes in the location of the plants. However, even if full integration takes place, global Marshallian welfare may decrease. Conditions which determine a tendency towards multinationalisation are obtained. Assuming a move toward integration, conditions are also provided to characterize when exporting will be preferred to local production. The fact that producers may retain a certain discriminating power, notwithstanding the elimination of barriers to arbitrage, creates a tendency to locate production in the country where prices are higher. This explains why welfare gains may not be obvious. An empirical illustration, with real data from two MERCOSUL countries (Brazil and Argentina) illustrates the possible outcomes.