The impact of exchanges rates on international real estate portfolio allocation

This paper, examines whether the asset holdings and weights of an international real estate portfolio using exchange rate adjusted returns are essentially the same or radically different from those based on unadjusted returns. The results indicate that the portfolio compositions produced by exchange rate adjusted returns are markedly different from those based on unadjusted returns. However following the introduction of the single currency the differences in portfolio composition are much less pronounced. The findings have a practical consequence for the investor because they suggest that following the introduction of the single currency international investors can concentrate on the real estate fundamentals when making their portfolio choices, rather than worry about the implications of exchange rate risk.

Effects of urban density on carbon dioxide exchanges: observations of dense urban, suburban and woodland areas of southern England

Anthropogenic and biogenic controls on the surface–atmosphere exchange of CO2 are explored for three different environments. Similarities are seen between suburban and woodland sites during summer, when photosynthesis and respiration determine the diurnal pattern of the CO2 flux. In winter, emissions from human activities dominate urban and suburban fluxes; building emissions increase during cold weather, while traffic is a major component of CO2 emissions all year round. Observed CO2 fluxes reflect diurnal traffic patterns (busy throughout the day (urban); rush-hour peaks (suburban)) and vary between working days and non-working days, except at the woodland site. Suburban vegetation offsets some anthropogenic emissions, but 24-h CO2 fluxes are usually positive even during summer. Observations are compared to estimated emissions from simple models and inventories. Annual CO2 exchanges are significantly different between sites, demonstrating the impacts of increasing urban density (and decreasing vegetation fraction) on the CO2 flux to the atmosphere.

Improved simulation of fire–vegetation interactions in the Land surface Processes and eXchanges dynamic global vegetation model (LPX-Mv1)

The Land surface Processes and eXchanges (LPX) model is a fire-enabled dynamic global vegetation model that performs well globally but has problems representing fire regimes and vegetative mix in savannas. Here we focus on improving the fire module. To improve the representation of ignitions, we introduced a reatment of lightning that allows the fraction of ground strikes to vary spatially and seasonally, realistically partitions strike distribution between wet and dry days, and varies the number of dry days with strikes. Fuel availability and moisture content were improved by implementing decomposition rates specific to individual plant functional types and litter classes, and litter drying rates driven by atmospheric water content. To improve water extraction by grasses, we use realistic plant-specific treatments of deep roots. To improve fire responses, we introduced adaptive bark thickness and post-fire resprouting for tropical and temperate broadleaf trees. All improvements are based on extensive analyses of relevant observational data sets. We test model performance for Australia, first evaluating parameterisations separately and then measuring overall behaviour against standard benchmarks. Changes to the lightning parameterisation produce a more realistic simulation of fires in southeastern and central Australia. Implementation of PFT-specific decomposition rates enhances performance in central Australia. Changes in fuel drying improve fire in northern Australia, while changes in rooting depth produce a more realistic simulation of fuel availability and structure in central and northern Australia. The introduction of adaptive bark thickness and resprouting produces more realistic fire regimes in Australian savannas. We also show that the model simulates biomass recovery rates consistent with observations from several different regions of the world characterised by resprouting vegetation. The new model (LPX-Mv1) produces an improved simulation of observed vegetation composition and mean annual burnt area, by 33 and 18% respectively compared to LPX.

GRAPHICAL REPRESENTATIONS of MESSAGE EXCHANGES INTO WEB SERVICE-BASED APPLICATIONS

Web service-based application is an architectural style, where a collection of Web services communicate to each other to execute processes. With the popularity increase of Web service-based applications and since messages exchanged inside of this applications can be complex, we need tools to simplify the understanding of interrelationship among Web services. This work present a description of a graphical representation of Web service-based applications and the mechanisms inserted among Web service requesters and providers to catch information to represent an application. The major contribution of this paper is to discus and use HTTP and SOAP information to show a graphical representation similar to a UML sequence diagram of Web service-based applications.

SISTER CHROMATID EXCHANGES IN HETEROZYGOTE BETA-THALASSEMIC PATIENTS WITH NORMAL FOLATE LEVELS

Lymphocytes from beta thalassaemia heterozygote patients, with normal levels of plasma folic acid cultured for 72 h in a folate rich medium, were not found to contain increased rates of sister chromatid exchanges (SCE). A wide intra and interindividual variability was found in both thalassaemic and control groups and methodological and biological factors, such as types of peripheral lymphocytes, sex, age, and smoking, alcohol and coffee drinking, as well as dietary habits, are possibly responsible for these variations.

Sister-chromatid exchanges in β-thalassaemic patients under conditions of in vivo and in vitro depletion of folic acid

In order to investigate the effect of folate depletion, lymphocyte sister-chromatid exchange (SCE) rates were compared among homozygous β-thalassaemic patients with low folic acid levels, heterozygous β-thalassaemic patients with normal folate levels and healthy persons with normal haemoglobin, in cultures with both normal and depleted folate conditions. Significantly higher SCE rates were found in homozygous patients in all assays, but the in vitro folate depletion did not induce an increase in SCE frequency in any group.

Heavy-light mesons scattering from nucleons: Quark-gluon and meson exchanges

We investigate the scattering of heavy-light K and D mesons by nucleons at low energies. The short-distance part of the interaction is described by quark-gluon interchange and the longdistance part is described by a one-meson-exchange model that includes the contributions of vector (ρ, ω) and scalar (σ) mesons. The microscopic quark model incorporates a confining Coulomb potential extracted from lattice QCD simulations and a transverse hyperfine interaction consistent with a finite gluon propagator in the infrared. The derived effective meson-nucleon potential is used in a Lippmann-Schwinger equation to obtain s-wave phase shifts. Our final aim is to set up a theoretical framework that can be extended to finite temperatures and baryon densities. © 2010 American Institute of Physics.

Report of the Meeting on the Roles of Commodity Exchanges in the Expansion of Latin American and Caribbean Primary Exports

Publicado anteriormente en español con el mismo símbolo