REIT Capital Structure Choices: Preparation Matters

Sun, Titman, and Twite (2015) find that capital structure risks, namely high leverage and a high share of short-term debt, reduced the cumulative total return of US REITs in the 2007-2009 financial crisis. We find that mitigating capital structure risks ahead of the crisis by reducing leverage and extending debt maturity in 2006, was associated with a significantly higher cumulative total return 2007-2009, after controlling for the levels of those variables at the start of the financial crisis. We further identify two systematic cross-sectional differences between those REITs that reduced capital structure risks prior to the financial crisis and those that did not: the exposure to capital structure risks and the strength of corporate governance. On balance, our findings are consistent with the interpretation of risk-reducing adjustments to capital structure ahead of the crisis as a component of managerial skill and discipline with significant implications for firm value during the crisis.

New statin use and left ventricular structure: estimating long-term associations in the Multi-Ethnic Study of Atherosclerosis (MESA)

Thesis (Master's)--University of Washington, 2016-08

Contemporary population genetic structure and phylogeography of pink salmon

Thesis (Master's)--University of Washington, 2016-06

Phocid seal leptin: tertiary structure and hydrophobic receptor binding site preservation during distinct leptin gene evolution

The cytokine hormone leptin is a key signalling molecule in many pathways that control physiological functions. Although leptin demonstrates structural conservation in mammals, there is evidence of positive selection in primates, lagomorphs and chiropterans. We previously reported that the leptin genes of the grey and harbour seals (phocids) have significantly diverged from other mammals. Therefore we further investigated the diversification of leptin in phocids, other marine mammals and terrestrial taxa by sequencing the leptin genes of representative species. Phylogenetic reconstruction revealed that leptin diversification was pronounced within the phocid seals with a high dN/dS ratio of 2.8, indicating positive selection. We found significant evidence of positive selection along the branch leading to the phocids, within the phocid clade, but not over the dataset as a whole. Structural predictions indicate that the individual residues under selection are away from the leptin receptor (LEPR) binding site. Predictions of the surface electrostatic potential indicate that phocid seal leptin is notably different to other mammalian leptins, including the otariids. Cloning the grey seal leptin binding domain of LEPR confirmed that this was structurally conserved. These data, viewed in toto, support a hypothesis that phocid leptin divergence is unlikely to have arisen by random mutation. Based upon these phylogenetic and structural assessments, and considering the comparative physiology and varying life histories among species, we postulate that the unique phocid diving behaviour has produced this selection pressure. The Phocidae includes some of the deepest diving species, yet have the least modified lung structure to cope with pressure and volume changes experienced at depth. Therefore, greater surfactant production is required to facilitate rapid lung re-inflation upon surfacing, while maintaining patent airways. We suggest that this additional surfactant requirement is met by the leptin pulmonary surfactant production pathway which normally appears only to function in the mammalian foetus.

Effect of soil structure on temporal and spatial dynamics of bacteria

Soil is a complex heterogeneous system comprising of highly variable and dynamic micro-habitats that have significant impacts on the growth and activity of resident microbiota. A question addressed in this research is how soil structure affects the temporal dynamics and spatial distribution of bacteria. Using repacked microcosms, the effect of bulk-density, aggregate sizes and water content on growth and distribution of introduced Pseudomonas fluorescens and Bacillus subtilis bacteria was determined. Soil bulk-density and aggregate sizes were altered to manipulate the characteristics of the pore volume where bacteria reside and through which distribution of solutes and nutrients is controlled. X-ray CT was used to characterise the pore geometry of repacked soil microcosms. Soil porosity, connectivity and soil-pore interface area declined with increasing bulk-density. In samples that differ in pore geometry, its effect on growth and extent of spread of introduced bacteria was investigated. The growth rate of bacteria reduced with increasing bulk-density, consistent with a significant difference in pore geometry. To measure the ability of bacteria to spread thorough soil, placement experiments were developed. Bacteria were capable of spreading several cm’s through soil. The extent of spread of bacteria was faster and further in soil with larger and better connected pore volumes. To study the spatial distribution in detail, a methodology was developed where a combination of X-ray microtopography, to characterize the soil structure, and fluorescence microscopy, to visualize and quantify bacteria in soil sections was used. The influence of pore characteristics on distribution of bacteria was analysed at macro- and microscales. Soil porosity, connectivity and soil-pore interface influenced bacterial distribution only at the macroscale. The method developed was applied to investigate the effect of soil pore characteristics on the extent of spread of bacteria introduced locally towards a C source in soil. Soil-pore interface influenced spread of bacteria and colonization, therefore higher bacterial densities were found in soil with higher pore volumes. Therefore the results in this showed that pore geometry affects the growth and spread of bacteria in soil. The method developed showed showed how thin sectioning technique can be combined with 3D X-ray CT to visualize bacterial colonization of a 3D pore volume. This novel combination of methods is a significant step towards a full mechanistic understanding of microbial dynamics in structured soils.

Effect of time and diet change on the bacterial community structure throughout the gastrointestinal tract and in faeces of the northern brown bandicoot, Isoodon macrourus

A significant gap, in not only peramelid nutritional physiology but marsupial nutrition as a whole, is the lack of information relating to microorganisms of the gastrointestinal tract. This research is a preliminary investigation that will provide a baseline for comparisons among peramelids. The high degree of 16S rRNA gene clones identified in this research that are closely related to culturable bacteria suggests that additional research will enable a more complete description of the gastrointestinal bacteria of I. macrourus. Most identifiable clones belonged to Clostridium and Ruminococcus. This research has confirmed that the hindgut of I. macrourus, the caecum, proximal colon and distal colon, are the main sites for microbial activity.

Essays on the term structure of interest rates

This PhD thesis contains three main chapters on macro finance, with a focus on the term structure of interest rates and the applications of state-of-the-art Bayesian econometrics. Except for Chapter 1 and Chapter 5, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict the term structure of US interest rates in a data rich environment. We allow the model dimension and parameters to change over time, accounting for model uncertainty and sudden structural changes. The proposed timevarying parameter Nelson-Siegel Dynamic Model Averaging (DMA) predicts yields better than standard benchmarks. DMA performs better since it incorporates more macro-finance information during recessions. The proposed method allows us to estimate plausible realtime term premia, whose countercyclicality weakened during the financial crisis. Chapter 3 investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in the bond yields of seven advanced economies is due to global co-movement. Our results suggest that global inflation is the most important factor among global macro fundamentals. Non-fundamental factors are essential in driving global co-movements, and are closely related to sentiment and economic uncertainty. Lastly, we analyze asymmetric spillovers in global bond markets connected to diverging monetary policies. Chapter 4 proposes a no-arbitrage framework of term structure modeling with learning and model uncertainty. The representative agent considers parameter instability, as well as the uncertainty in learning speed and model restrictions. The empirical evidence shows that apart from observational variance, parameter instability is the dominant source of predictive variance when compared with uncertainty in learning speed or model restrictions. When accounting for ambiguity aversion, the out-of-sample predictability of excess returns implied by the learning model can be translated into significant and consistent economic gains over the Expectations Hypothesis benchmark.

Essays on the term structure of interest rates

This PhD thesis contains three main chapters on macro finance, with a focus on the term structure of interest rates and the applications of state-of-the-art Bayesian econometrics. Except for Chapter 1 and Chapter 5, which set out the general introduction and conclusion, each of the chapters can be considered as a standalone piece of work. In Chapter 2, we model and predict the term structure of US interest rates in a data rich environment. We allow the model dimension and parameters to change over time, accounting for model uncertainty and sudden structural changes. The proposed time-varying parameter Nelson-Siegel Dynamic Model Averaging (DMA) predicts yields better than standard benchmarks. DMA performs better since it incorporates more macro-finance information during recessions. The proposed method allows us to estimate plausible real-time term premia, whose countercyclicality weakened during the financial crisis. Chapter 3 investigates global term structure dynamics using a Bayesian hierarchical factor model augmented with macroeconomic fundamentals. More than half of the variation in the bond yields of seven advanced economies is due to global co-movement. Our results suggest that global inflation is the most important factor among global macro fundamentals. Non-fundamental factors are essential in driving global co-movements, and are closely related to sentiment and economic uncertainty. Lastly, we analyze asymmetric spillovers in global bond markets connected to diverging monetary policies. Chapter 4 proposes a no-arbitrage framework of term structure modeling with learning and model uncertainty. The representative agent considers parameter instability, as well as the uncertainty in learning speed and model restrictions. The empirical evidence shows that apart from observational variance, parameter instability is the dominant source of predictive variance when compared with uncertainty in learning speed or model restrictions. When accounting for ambiguity aversion, the out-of-sample predictability of excess returns implied by the learning model can be translated into significant and consistent economic gains over the Expectations Hypothesis benchmark.

The functional structure of the sentence: evidence from non-finite clauses

Non-finite clauses are sentential constituents with a verbal head that lacks a morphological specification for tense and agreement. In this paper I contend that these clauses are defective not only morphologically but also syntactically, in the sense that they all lack some of the functional categories that make up a full sentence. In particular I argue that to-infinitive clauses, gerund(ive) clauses and participial clauses differ among themselves, and with respect to other subordinate clauses, in the degree of structural defectiveness they display, which goes from the almost complete functional structure of the infinitive to the maximal degree of syntactic truncation of participial clauses (analyzed here as verbal small clauses). I also show the significant parallelism that exists in this respect between English and Spanish non-finite clauses, pointing to the implication this may have for a cross-linguistic approach to the cartography of syntactic structures.

Influência dos obstáculos de pequena dimensão na estruturação dos agrupamentos piscícolas: The impact of small physical obstacles on the structure of freshwater fish assemblages

O efeito das grandes barragens na comunidade piscícola vem sendo documentado por numerosos estudos, enquanto o número de trabalhos que incidem sobre o efeito dos obstáculos de pequena dimensão é bastante mais reduzido. A comunidade piscícola foi amostrada e as variáveis ambientais foram caracterizadas em 28 locais divididos por dois cursos de água da Península Ibérica, 14 dos quais localizados imediatamente a montante, jusante e entre cinco pequenos obstáculos na Ribeira de Muge e 14 na Ribeira de Erra, considerada a linha de água de referência. Através de análise estatística multivariada foi possível verificar que variáveis de habitat como a velocidade de corrente e a profundidade, e não as variáveis físico-químicas, foram as principais responsáveis pela discriminação dos vários grupos de locais nas duas ribeiras. A ribeira de referência exibiu um gradiente longitudinal de velocidade de corrente que, contudo, não era suficientemente forte para causar alterações significativas na composição e estrutura dos agrupamentos piscícolas. Através da sucessiva e drástica repetição deste gradiente junto a cada estrutura, a ribeira com obstáculos apresentou diferenças na fauna piscícola entre os três tipos de locais. Os troços lênticos a montante apresentavam uma densidade mais elevada de espécies limnofilicas, omnívoras e exóticas, como o góbio (Gobio lozanoi), que estão bem adaptadas a este tipo de habitat. Os locais de amostragem situados a jusante e entre os obstáculos caracterizavam-se pela dominância de taxa reófilos e invetivo-os (i.e. barbo, Luciobarbus bocagei). As métricas relacionadas com a riqueza específica não apresentaram diferenças entre os três tipos de locais, ao contrário da diversidade que foi mais elevada nos pontos situados entre os obstáculos, afastados da sua influência directa, onde a diversidade de habitats também é mais elevada. Contrariamente aos locais a montante, os troços a jusante e entre os obstáculos apresentaram similaridades, em muitas das características estudadas, com a ribeira de referência, sugerindo que este tipo de estruturas provoca uma alteração mais significativa na comunidade piscícola a montante. Este estudo sugere que os efeitos dos pequenos obstáculos no habitat e na ictiofauna são, em parte, semelhantes aos descritos para as grandes barragens, fornecendo considerações importantes para os esforços de conservação dos ecossistemas ribeirinhos. ABSTRACT; Many studies have assessed the effects of large dams on fishes but few have examined the effects of small obstacles. Fishes were sampled and environmental variables were characterized at 28 sites in two lberian streams, 14 located immediately downstream, upstream and between five small obstacles at River Muge and 14 at River Erra, considered as the reference stream. Multivariate analysis indicated that habitat variables like current velocity and depth, but not physicochemistry, were the main responsible for site groups' discrimination in both streams. The reference stream exhibited a longitudinal gradient of current velocity that, however, wasn't strong enough to cause significant changes in the fish assemblage's composition and structure. By successive and drastically repeating this gradient near each structure, the obstac1es stream presented differences in fish fauna between the three site types. Lentic upstream sites presented higher density of limnophilic, omnivorous and exotic species, like gudgeon Gobio lozanoi, who are well adapted to this type of habitat. Downstream and between obstacles sites were characterized by the dominance of rheophilic and invertivorous taxa, especially barbel Luciobarbus bocagei. Richness metrics did not differ among site types, but diversity was higher in sites located between the obstacles away from its direct influence, where the habitat diversity was higher. Contrarily to upstream sites, downstream and between obstacles sites were similar in many of the studied features to the reference stream, implying that this type of structures cause a higher modification in the upstream fish community. This study suggests that the effects of small obstacles on habitat and fishes are similar, in some extent, to those reported for larger dams, providing important considerations for riverine ecosystem conservation efforts.

Un poison même à petite dose : étude de la structure latente et des facteurs développementaux du sadisme sexuel

Les délinquants sexuels sadiques sont généralement décrits comme une entité clinique particulière commettant des délits graves. Or, la notion même de sadisme sexuel pose un nombre important de problèmes. Parmi ceux-ci, on retrouve des problèmes de validité et de fidélité. Perçu comme une maladie dont on est atteint ou pas, le sadisme a été étudié comme si les sadiques étaient fondamentalement différents. À l’heure actuelle, plusieurs travaux laissent croire que la majorité des troubles psychologiques se présentent comme une différence d'intensité (dimension) plutôt qu’une différence de nature (taxon). Même si la conception médicale prévaut encore en ce qui concerne le sadisme sexuel, plusieurs évoquent l’idée qu’il pourrait être mieux conceptualisé à l’aide d’une approche dimensionnelle. En parallèle, nos connaissances sur les facteurs contributifs au développement du sadisme sexuel sont limitées et reposent sur de faibles appuis empiriques. Jusqu'à présent, très peu d'études se sont intéressées aux facteurs menant au développement du sadisme sexuel et encore moins ont tenté de valider leurs théories. En outre, nos connaissances proviennent majoritairement d'études de cas portant sur les meurtriers sexuels, un sous-groupe très particulier de délinquants fréquemment motivé par des intérêts sexuels sadiques. À notre connaissance, aucune étude n'a proposé jusqu'à présent de modèle développemental portant spécifiquement sur le sadisme sexuel. Pourtant, l'identification de facteurs liés au développement du sadisme sexuel est essentielle dans notre compréhension ainsi que dans l'élaboration de stratégie d'intervention efficace. La présente thèse s'inscrit dans un contexte visant à clarifier le concept de sadisme sexuel. Plus spécialement, nous nous intéressons à sa structure latente, à sa mesure et à ses origines développementales. À partir d'un échantillon de 514 délinquants sexuels évalué au Massachusetts Treatment Center, la viabilité d’une conception dimensionnelle du sadisme sexuel sera mise à l’épreuve à l'aide d'analyses taxométriques permettant d'étudier la structure latente d'un construit. Dans une seconde étape, à l'aide d'analyses de Rasch et d'analyses appartenant aux théories de la réponse à l'item à deux paramètres, nous développerons la MTC Sadism Scale (MTCSS), une mesure dimensionnelle du sadisme sexuel. Dans une troisième et dernière étape, un modèle développemental sera élaboré à l'aide d'équations structurales. La présente thèse permettra de contribuer à la clarification du concept de sadisme sexuel. Une clarification de la structure latente et des facteurs développementaux permettra de saisir les devis de recherche les plus à même de capturer les aspects essentiels. En outre, ceci permettra d'identifier les facteurs pour lesquels une intervention est la plus appropriée pour réduire la récidive, ou la gravité de celle-ci.

Anopheles darlingi polytene chromosomes: revised maps including newly described inversions and evidence for population structure in Manaus

Salivary gland polytene chromosomes of 4th instar Anopheles darlingi Root were examined from multiple locations in the Brazilian Amazon. Minor modifications were made to existing polytene photomaps. These included changes to the breakpoint positions of several previously described paracentric inversions and descriptions of four new paracentric inversions, two on the right arm of chromosome 3 and two on the left arm of chromosome 3 that were found in multiple locations. A total of 18 inversions on the X (n = 1) chromosome, chromosome 2 (n = 7) and 3 (n = 11) were scored for 83 individuals from Manaus, Macapá and Porto Velho municipalities. The frequency of 2Ra inversion karyotypes in Manaus shows significant deficiency of heterozygotes (p < 0.0009). No significant linkage disequilibrium was found between inversions on chromosome 2 and 3. We hypothesize that at least two sympatric subpopulations exist within the An. darlingi population at Manaus based on inversion frequencies.

Environmental variables, habitat discontinuity and life history shaping the genetic structure of Pomatoschistus marmoratus

Coastal lagoons are semi-isolated ecosystems exposed to wide fluctuations of environmental conditions and showing habitat fragmentation. These features may play an important role in separating species into different populations, even at small spatial scales. In this study, we evaluate the concordance between mitochondrial (previous published data) and nuclear data analyzing the genetic variability of Pomatoschistus marmoratus in five localities, inside and outside the Mar Menor coastal lagoon (SE Spain) using eight microsatellites. High genetic diversity and similar levels of allele richness were observed across all loci and localities, although significant genic and genotypic differentiation was found between populations inside and outside the lagoon. In contrast to the FST values obtained from previous mitochondrial DNA analyses (control region), the microsatellite data exhibited significant differentiation among samples inside the Mar Menor and between lagoonal and marine samples. This pattern was corroborated using Cavalli-Sforza genetic distances. The habitat fragmentation inside the coastal lagoon and among lagoon and marine localities could be acting as a barrier to gene flow and contributing to the observed genetic structure. Our results from generalized additive models point a significant link between extreme lagoonal environmental conditions (mainly maximum salinity) and P. marmoratus genetic composition. Thereby, these environmental features could be also acting on genetic structure of coastal lagoon populations of P. marmoratus favoring their genetic divergence. The mating strategy of P. marmoratus could be also influencing our results obtained from mitochondrial and nuclear DNA. Therefore, a special consideration must be done in the selection of the DNA markers depending on the reproductive strategy of the species.

Small-scale genetic structure of Cerastoderma glaucum in a lagoonal environment: potential significance of habitat discontinuity and unstable population dynamics

Environmental heterogeneity in coastal lagoons is expected to facilitate local adaptation in response to different ecological conditions, causing significant genetic structuring within lagoon populations at a small scale and also differentiation between lagoons. However, these patterns and processes of genetic structuring are still poorly understood. The aims of our study were (1) to seek genetic structure at a small scale in Cerastoderma glaucum inside the Mar Menor coastal lagoon using a mitochondrial DNA marker (COI) that has previously detected genetic differentiation inside the lagoon in other species and (2) to evaluate the influence of extreme environmental conditions and habitat discontinuity on its genetic composition. The results indicate high levels of haplotype diversity and low values of nucleotide diversity. COI data provide evidence of significant population differentiation among some localities within the lagoon. Limited gene flow and unstable population dynamics (i.e. fluctuations in population size caused by local extinction and recolonization), probably due to the high environmental heterogeneity, could generate the small-scale genetic divergence detected between populations within the lagoon.

Connectivity patterns inferred from the genetic structure of white seabream (Diplodus sargus L.)

Themarine environment seems, at first sight, to be a homogeneousmediumlacking barriers to species dispersal. Nevertheless, populations of marine species show varying levels of gene flow and population differentiation, so barriers to gene flow can often be detected. Weaimto elucidate the role of oceanographical factors ingenerating connectivity among populations shaping the phylogeographical patterns in the marine realm, which is not only a topic of considerable interest for understanding the evolution ofmarine biodiversity but also formanagement and conservation of marine life. For this proposal,we investigate the genetic structure and connectivity between continental and insular populations ofwhite seabreamin North East Atlantic (NEA) and Mediterranean Sea (MS) aswell as the influence of historical and contemporary factors in this scenario using mitochondrial (cytochrome b) and nuclear (a set of 9 microsatellite) molecular markers. Azores population appeared genetically differentiated in a single cluster using Structure analysis. This result was corroborated by Principal Component Analysis (PCA) and Monmonier algorithm which suggested a boundary to gene flow, isolating this locality. Azorean population also shows the highest significant values of FST and genetic distances for both molecular markers (microsatellites and mtDNA). We suggest that the breakdown of effective genetic exchange between Azores and the others' samples could be explained simultaneously by hydrographic (deep water) and hydrodynamic (isolating current regimes) factors acting as barriers to the free dispersal of white seabream(adults and larvae) and by historical factors which could be favoured for the survival of Azorean white seabream population at the last glaciation. Mediterranean islands show similar genetic diversity to the neighbouring continental samples and nonsignificant genetic differences. Proximity to continental coasts and the current system could promote an optimal larval dispersion among Mediterranean islands (Mallorca and Castellamare) and coasts with high gene flow.