Modelling and Forecasting Property Rents and Returns (summary section only)

Recently, focus of real estate investment has expanded from the building-specific level to the aggregate portfolio level. The portfolio perspective requires investment analysis for real estate which is comparable with that of other asset classes, such as stocks and bonds. Thus, despite its distinctive features, such as heterogeneity, high unit value, illiquidity and the use of valuations to measure performance, real estate should not be considered in isolation. This means that techniques which are widely used for other assets classes can also be applied to real estate. An important part of investment strategies which support decisions on multi-asset portfolios is identifying the fundamentals of movements in property rents and returns, and predicting them on the basis of these fundamentals. The main objective of this thesis is to find the key drivers and the best methods for modelling and forecasting property rents and returns in markets which have experienced structural changes. The Finnish property market, which is a small European market with structural changes and limited property data, is used as a case study. The findings in the thesis show that is it possible to use modern econometric tools for modelling and forecasting property markets. The thesis consists of an introduction part and four essays. Essays 1 and 3 model Helsinki office rents and returns, and assess the suitability of alternative techniques for forecasting these series. Simple time series techniques are able to account for structural changes in the way markets operate, and thus provide the best forecasting tool. Theory-based econometric models, in particular error correction models, which are constrained by long-run information, are better for explaining past movements in rents and returns than for predicting their future movements. Essay 2 proceeds by examining the key drivers of rent movements for several property types in a number of Finnish property markets. The essay shows that commercial rents in local markets can be modelled using national macroeconomic variables and a panel approach. Finally, Essay 4 investigates whether forecasting models can be improved by accounting for asymmetric responses of office returns to the business cycle. The essay finds that the forecast performance of time series models can be improved by introducing asymmetries, and the improvement is sufficient to justify the extra computational time and effort associated with the application of these techniques.

Elastic property estimation using Ultrasound Assisted Optical Elastography through Remote Palpation - A simulation study - art. no. 61640Q

We propose an effective elastography technique in which an acoustic radiation force is used for remote palpation to generate localized tissue displacements, which are directly correlated to localized variations of tissue stiffness and are measured using a light probe in the same direction of ultrasound propagation. The experimental geometry has provision to input light beam along the ultrasound propagation direction, and hence it can be prealigned to ensure proper interception of the focal region by the light beam. Tissue-mimicking phantoms with homogeneous and isotropic mechanical properties of normal and malignant breast tissue are considered for the study. Each phantom is insonified by a focusing ultrasound transducer (1 MHz). The focal volume of the transducer and the ultrasound radiation force in the region are estimated through solving acoustic wave propagation through medium assuming average acoustic properties. The forward elastography problem is solved for the region of insonification assuming the Lame's parameters and Poisson's ratio, under Dirichlet boundary conditions which gives a distribution of displacement vectors. The direction of displacement, though presented spatial variation, is predominantly towards the ultrasound propagation direction. Using Monte Carlo (MC) simulation we have traced the photons through the phantom and collected the photons arriving at the detector on the boundary of the object in the direction of ultrasound. The intensity correlations are then computed from detected photons. The intensity correlation function computed through MC simulation showed a modulation whose strength is found to be proportional to the amplitude of displacement and inversely related to the storage (elastic) modulus. It is observed that when the storage modulus in the focal region is increased the computed displacement magnitude, as indicated by the depth of modulation in the intensity autocorrelation, decreased and the trend is approximately exponential.

Selective inhibition of cyclooxygenase-2 by C-phycocyanin, a biliprotein from Spirulina platensis

We report data from two related assay systems (isolated enzyme assays and whole blood assays) that C-phycocyanin a biliprotein from Spirulina platensis is a selective inhibitor of cyclooxygenase-a (COX-2) with a very low IC50 COX-2/IC50 COX-1 ratio (0.04). The extent of inhibition depends on the period of preincubation of phycocyanin with COX-2, but without any effect on the period of preincubation with COX-1. The IC50 value obtained for the inhibition of COX-2 by phycocyanin is much lower (180 nM) as compared to those of celecoxib (255 nM) and rofecoxib (401 nM), the well-known selective COX-2 inhibitors. In the human whole blood assay, phycocyanin very efficiently inhibited COX-2 with an IC50 value of 80 nM. Reduced phycocyanin and phycocyanobilin, the chromophore of phycocyanin are poor inhibitors of COX-2 without COX-2 selectivity. This suggests that apoprotein in phycocyanin plays a key role in the selective inhibition of COX-2. The present study points out that the hepatoprotective, anti-inflammatory, and anti-arthritic properties of phycocyanin reported in the literature may be due, in part, to its selective COX-2 inhibitory property, although its ability to efficiently scavenge free radicals and effectively inhibit lipid peroxidation may also be involved. (C) 2000 Academic Press.

Anti-amyloidogenic property of leaf aqueous extract of Caesalpinia crista

Amyloid beta (A beta) is the major etiological factor implicated in Alzheimer's disease (AD). A beta(42) self-assembles to form oligomers and fibrils via multiple aggregation process. The recent studies aimed to decrease A beta levels or prevention of A beta aggregation which are the major targets for therapeutic intervention. Natural products as alternatives for AD drug discovery are a current trend. We evidenced that Caesalpinia crista leaf aqueous extract has anti-amyloidogenic potential. The studies on pharmacological properties of C. crista are very limited. Our study focused on ability of C. crista leaf aqueous extract on the prevention of (i) the formation of oligomers and aggregates from monomers (Phase I: A beta(42) + extract co-incubation); (ii) the formation of fibrils from oligomers (Phase II: extract added after oligomers formation); and (iii) dis-aggregation of pre-formedfibrils (Phase III: aqueous extract added to matured fibrils and incubated for 9 days). The aggregation kinetics was monitored using thioflavin-T assay and transmission electron microscopy (TEM). The results showed that C. crista aqueous extract could able to inhibit the A beta(42) aggregation from monomers and oligomers and also able todis-aggregate the pre-formed fibrils. The study provides an insight on finding new natural products for AD therapeutics. (C) 2010 Elsevier Ireland Ltd. All rights reserved.

Sorghum proteinase inhibitors: purification and some biochemical properties

An investigation has been carried out on the proteinase inhibitors of grain sorghum (Sorghum bicolor (L.) Moench). One of the inhibitors has been isolated in a pure form and characterized. The proteinase inhibitor was extracted from the acetone-defatted sorghum meal and purified by selective thermal denaturation, ammonium sulfate fractionation, Sephadex gel filtration and DEAE-cellulose chromatography (DEAE-preparation II). This preparation was demonstrated to be a mixture of three inhibitor components by polyacrylamide disc gel electrophoresis. Further resolution of this mixture into Inhibitors I to III was achieved by QAE-Sephadex chromatography. Sorghum Inhibitor III was homogeneous by the criteria of disc gel electrophoresis and has been more fully characterized. A molecular weight of 25,000 was obtained for Inhibitor III by gel filtration and was in agreement with the value calculated from the amino acid composition of the inhibitor. The N-terminal amino acid residue of Inhibitor III, a single chain protein, was isoleucine. Sorghum proteinase inhibitors inhibit specifically the serine proteinases and are inactive towards the other classes of proteinases. Inhibitor III is primarily a chymotrypsin inhibitor, whereas Inhibitors I and II inhibit both trypsin and chymotrypsin.

Varistor property of n‐BaTiO3 based current limiters

Highly stable varistor (voltage-limiting) property is observed for ceramics based on donor doped (Ba1-xSrx)Ti1-yZryO3 (x < 0.35, y < 0.05), when the ambient temperature (T(a)) is above the Curie point (T(c)). If T(a) < T(c), the same ceramics showed stable current-limiting behavior. The leakage current and the breakdown voltage as well as the nonlinearity coefficient (alpha = 30-50) could be varied with the T(c)-shifting components, the grain boundary layer modifiers and the post-sintering annealing. Analyses of the current-voltage relations show that grain boundary layer conduction at T(a) < T(c) corresponds to tunneling across asymmetric barriers formed under steady-state joule heating. At T(a) > T(c), trap-related conduction gives way to tunneling across symmetric barriers as the field strength increases.

A novel property of an Auto-Correlation Sequence and some Applications

In this article, we use some spectral properties of polynomials presented in 1] and map an auto-correlation sequence to a set of Line Spectral Frequencies(LSFs) and reflection coefficients. This novel characterization of an auto-correlation sequence is used to obtain a lattice structure of a Linear-Phase(LP) FIR filter.

ADC Static Nonlinearity Estimation Using Linearity Property of Sinewave

Prohibitive test time, nonuniformity of excitation, and signal nonlinearity are major concerns associated with employing dc, sine, and triangular/ramp signals, respectively, while determining static nonlinearity of analog-to-digital converters (ADCs) with high resolution (i.e., ten or more bits). Attempts to overcome these issues have been examined with some degree of success. This paper describes a novel method of estimating the ``true'' static nonlinearity of an ADC using a low-frequency sine signal (for example, less than 10 Hz) by employing the histogram-based approach. It is based on the well-known fact that the variation of a sine signal is ``reasonably linear'' when the angle is small, for example, in the range of +/- 5 degrees to +/- 7 degrees. In the proposed method, the ADC under test has to be ``fed'' with this ``linear'' portion of the sinewave. The presence of any harmonics and offset in input excitation makes this linear part of the sine signal marginally different compared with that of an ideal ramp signal of equal amplitude. However, since it is a sinusoid, this difference can be accurately determined and later compensated from the measured ADC output. Thus, the corrected ADC output will correspond to the true ADC static nonlinearity. The implementation of the proposed method is discussed along with experimental results for two 8-b ADCs and one 10-b ADC which are then compared with the static characteristics estimated by the conventional DC method.