Neural competition for conscious representation across time: An fMRI study

Background The information processing capacity of the human mind is limited, as is evidenced by the attentional blink (AB) - a deficit in identifying the second of two temporally-close targets (T1 and T2) embedded in a rapid stream of distracters. Theories of the AB generally agree that it results from competition between stimuli for conscious representation. However, they disagree in the specific mechanisms, in particular about how attentional processing of T1 determines the AB to T2. Methodology/Principal Findings The present study used the high spatial resolution of functional magnetic resonance imaging (fMRI) to examine the neural mechanisms underlying the AB. Our research approach was to design T1 and T2 stimuli that activate distinguishable brain areas involved in visual categorization and representation. ROI and functional connectivity analyses were then used to examine how attentional processing of T1, as indexed by activity in the T1 representation area, affected T2 processing. Our main finding was that attentional processing of T1 at the level of the visual cortex predicted T2 detection rates Those individuals who activated the T1 encoding area more strongly in blink versus no-blink trials generally detected T2 on a lower percentage of trials. The coupling of activity between T1 and T2 representation areas did not vary as a function of conscious T2 perception. Conclusions/Significance These data are consistent with the notion that the AB is related to attentional demands of T1 for selection, and indicate that these demands are reflected at the level of visual cortex. They also highlight the importance of individual differences in attentional settings in explaining AB task performance.

Holding periods and investment performance: analysing UK office returns 1983-2003

Drawing on a unique database of office properties constructed for Gerald Eve by IPD, this paper examines the holding periods of individual office properties sold between 1983 and 2003. It quantifies the holding periods of sold properties and examines the relationship between the holding period and investment performance. Across the range of holding periods, excess returns (performance relative to the market) are evenly distributed. There are as many winners as there are losers. The distribution of excess returns over different holding periods is widely spread with the risk of under-performance greater over short holding periods. Over the longer term, excess performance is confined to a narrow range and individual returns are more likely to perform in line with the market as a whole.

The impact of real estate on the mixed-asset portfolio in periods of financial stress

The case for holding real estate in the mixed-asset portfolio is typically made on its stabilising effect as a result of its diversification benefits. However, portfolio diversification often fails when it is most needed, i.e. during periods of financial stress. In these periods, the variability of returns for most asset classes increases thus reducing the stabilising effect of a diversified portfolio. This paper applies the approach of Chow et al (1999) to the US domestic mixed-asset portfolio to establish whether real estate, represented by REITs, is especially useful in times of financial stress. To this end monthly returns data on five assets classes: large cap stocks, small cap stocks, long dated government bonds, cash (T-Bills) and real estate (REITs) are evaluated over the period January 1972 to December 2001. The results indicate that the inclusion of REITs in the mixed-asset portfolio can lead to increases or decreases in returns depending on the asset class replaced and whether the period is one of calm or stress. However, the inclusion of REITs invariably leads to reductions in portfolio risk that are greater than any loss in return, especially in periods of financial stress. In other words, REITs acts as a stabilising force on the mixed-asset portfolio when it is most needed, i.e. in periods of financial stress.