Real estate portfolio construction and estimation risk

The use of MPT in the construction real estate portfolios has two serious limitations when used in an ex-ante framework: (1) the intertemporal instability of the portfolio weights and (2) the sharp deterioration in performance of the optimal portfolios outside the sample period used to estimate asset mean returns. Both problems can be traced to wide fluctuations in sample means Jorion (1985). Thus the use of a procedure that ignores the estimation risk due to the uncertain in mean returns is likely to produce sub-optimal results in subsequent periods. This suggests that the consideration of the issue of estimation risk is crucial in the use of MPT in developing a successful real estate portfolio strategy. Therefore, following Eun & Resnick (1988), this study extends previous ex-ante based studies by evaluating optimal portfolio allocations in subsequent test periods by using methods that have been proposed to reduce the effect of measurement error on optimal portfolio allocations.

Implementation of Parallel (p,q) Counters for High Speed Digital Multipliers

Both the (5,3) counter and (2,2,3) counter multiplication techniques are investigated for the efficiency of their operation speed and the viability of the architectures when implemented in a fast bipolar ECL technology. The implementation of the counters in series-gated ECL and threshold logic are contrasted for speed, noise immunity and complexity, and are critically compared with the fastest practical design of a full-adder. A novel circuit technique to overcome the problems of needing high fan-in input weights in threshold circuits through the use of negative weighted inputs is presented. The authors conclude that a (2,2,3) counter based array multiplier implemented in series-gated ECL should enable a significant increase in speed over conventional full adder based array multipliers.

Modelling and inverting complex-valued Wiener systems

We develop a complex-valued (CV) B-spline neural network approach for efficient identification and inversion of CV Wiener systems. The CV nonlinear static function in the Wiener system is represented using the tensor product of two univariate B-spline neural networks. With the aid of a least squares parameter initialisation, the Gauss-Newton algorithm effectively estimates the model parameters that include the CV linear dynamic model coefficients and B-spline neural network weights. The identification algorithm naturally incorporates the efficient De Boor algorithm with both the B-spline curve and first order derivative recursions. An accurate inverse of the CV Wiener system is then obtained, in which the inverse of the CV nonlinear static function of the Wiener system is calculated efficiently using the Gaussian-Newton algorithm based on the estimated B-spline neural network model, with the aid of the De Boor recursions. The effectiveness of our approach for identification and inversion of CV Wiener systems is demonstrated using the application of digital predistorter design for high power amplifiers with memory

Assimilation of RAPID array observations into an ocean model

Experiments assimilating the RAPID dataset of deep temperature and salinity profiles at 26.5°N on the western and eastern Atlantic boundaries into a 1° global NEMO ocean model have been performed. The meridional overturning circulation (MOC) is then assessed against the transports calculated directly from observations. The best initialization found for this short period was obtained by assimilating the EN3 upper-ocean hydrography database prior to 2004, after which different methods of assimilating 5-day average RAPID profiles at the western boundary were tested. The model MOC is strengthened by ∼ 2 Sv giving closer agreement with the RAPID array transports, when the western boundary profiles are assimilated only below 900 m (the approximate depth of the Florida Straits, which are not well resolved) and when the T,S observations are spread meridionally from 10 to 35°N along the deep western boundary. The use of boundary-focused covariances has the largest impact on the assimilation results, otherwise using more conventional Gaussian covariances has a very local impact on the MOC at 26°N with strong adverse impacts on the MOC stream function at higher and lower latitudes. Even using boundary-focused covariances only enables the MOC to be strengthened for ∼ 2 years, after which the increased transport of warm waters leads to a negative feedback on water formation in the subpolar gyre which then reduces the MOC. This negative feedback can be mitigated if EN3 hydrography data continue to be assimilated along with the RAPID array boundary data. Copyright © 2012 Royal Meteorological Society and Crown in the right of Canada.

A verification framework for interannual-to-decadal predictions experiments

Decadal predictions have a high profile in the climate science community and beyond, yet very little is known about their skill. Nor is there any agreed protocol for estimating their skill. This paper proposes a sound and coordinated framework for verification of decadal hindcast experiments. The framework is illustrated for decadal hindcasts tailored to meet the requirements and specifications of CMIP5 (Coupled Model Intercomparison Project phase 5). The chosen metrics address key questions about the information content in initialized decadal hindcasts. These questions are: (1) Do the initial conditions in the hindcasts lead to more accurate predictions of the climate, compared to un-initialized climate change projections? and (2) Is the prediction model’s ensemble spread an appropriate representation of forecast uncertainty on average? The first question is addressed through deterministic metrics that compare the initialized and uninitialized hindcasts. The second question is addressed through a probabilistic metric applied to the initialized hindcasts and comparing different ways to ascribe forecast uncertainty. Verification is advocated at smoothed regional scales that can illuminate broad areas of predictability, as well as at the grid scale, since many users of the decadal prediction experiments who feed the climate data into applications or decision models will use the data at grid scale, or downscale it to even higher resolution. An overall statement on skill of CMIP5 decadal hindcasts is not the aim of this paper. The results presented are only illustrative of the framework, which would enable such studies. However, broad conclusions that are beginning to emerge from the CMIP5 results include (1) Most predictability at the interannual-to-decadal scale, relative to climatological averages, comes from external forcing, particularly for temperature; (2) though moderate, additional skill is added by the initial conditions over what is imparted by external forcing alone; however, the impact of initialization may result in overall worse predictions in some regions than provided by uninitialized climate change projections; (3) limited hindcast records and the dearth of climate-quality observational data impede our ability to quantify expected skill as well as model biases; and (4) as is common to seasonal-to-interannual model predictions, the spread of the ensemble members is not necessarily a good representation of forecast uncertainty. The authors recommend that this framework be adopted to serve as a starting point to compare prediction quality across prediction systems. The framework can provide a baseline against which future improvements can be quantified. The framework also provides guidance on the use of these model predictions, which differ in fundamental ways from the climate change projections that much of the community has become familiar with, including adjustment of mean and conditional biases, and consideration of how to best approach forecast uncertainty.

Affinity purification of 61- and 65-kDa rat brain corticotropin-releasing factor receptors and receptor-associated G proteins.

Corticotropin-releasing factor (CRF) has been shown to have a central role in physiological adaptation to stress. It is recognized for stimulating the release of adrenocorticotropin from the anterior pituitary gland, and has more recently been implicated as a regulator of autonomic and immunological responses to stress. Much confusion has surrounded the characterization of CRF receptors, with proteins of varying molecular weights having been identified but never purified and characterized. Recently, two CRF receptors have been cloned from brain and pituitary gland, but evidence from in-situ hybridization studies suggests that further CRF receptor types exist. We therefore developed two techniques which enable the isolation of CRF receptors from whole rat brain. The use of a solid-phase CRF analogue affinity column and elution using a competing ligand resulted in the purification of a single protein of 61 kDa. A second technique was devised which allowed the co-isolation of associated signalling proteins and the identification of CRF bound species following purification. CRF was covalently cross-linked to receptors and the complex purified using antibodies specific for the ligand. This enabled the purification of a CRF receptor of approximately 65 kDa and associated alpha and beta gamma G protein subunits. This study demonstrates the successful isolation of CRF receptors which are of different molecular weights to those previously observed from affinity cross-linking studies or predicted from cloned genes. In addition, we confirm the involvement of G proteins in CRF stimulated cell signalling by demonstrating their association with purified CRF receptor.

Assessment of wheat cultivars for drought tolerance via osmotic stress imposed at early seedling growth stages

A study was conducted in the Department of Plant Breeding and Genetics,Sindh Agriculture University, Tandojam, Pakistan during the year 2009. Sixteen spring wheat cultivars (Triticum aestivum L.) were screened under osmotic stress with three treatments i.e. control-no PEG (polyethylene glycol), 15 percent and 25 percent PEG-6000 solution. The analysis of variance indicated significant differences among treatments for all seedling traits except seed germination percentage. Varieties also differed significantly in germination percentage, coleoptile length, shoot root length, shoot weight, root/shoot ratio and seed vigour index. However, shoot and root weights were non-significant. Significant interactions revealed that cultivars responded variably to osmotic stress treatments; hence provided better opportunity to select drought tolerant cultivars at seedling growth stages. The relative decrease over averages due to osmotic stress was 0.8 percent in seed germination, 53 percent in coleoptile length 62.9 percent in shoot length, 74.4 percent in root length, 50.6 percent in shoot weight, 45.1 percent in root weight, 30.2 percent in root/shoot ratio and 68.5 percent in seed vigour index. However, relative decrease of individual variety for various seedling traits could be more meaningful which indicated that cultivar TD-1 showed no reduction in coleoptile length, while minimum decline was noted in Anmol. For shoot length, cultivar Sarsabz expressed minimum reduction followed by Anmol. However, cultivars Anmol, Moomal, Inqalab-91, and Pavan gave almost equally lower reductions for root length suggesting their higher stress tolerance. In other words, cultivars Anmol, Moomal, Inqalab-91, Sarsabz, TD-1, ZA-77 and Pavan had relatively longer coleoptiles, shoots and roots, and were regarded as drought tolerant. Correlation coefficients among seedlings traits were significant and positive for all traits except germination percentage which had no significant correlation with any of other trait. The results indicated that increase in one trait may cause simultaneous increase in other traits; hence selection for any of these seedling attributes will lead to develop drought tolerant wheat cultivars.

Initialized decadal predictions of the rapid warming of the North Atlantic Ocean in the mid 1990s

In the mid 1990s the North Atlantic subpolar gyre (SPG) warmed rapidly, with sea surface temperatures (SST) increasing by 1°C in just a few years. By examining initialized hindcasts made with the UK Met Office Decadal Prediction System (DePreSys), it is shown that the warming could have been predicted. Conversely, hindcasts that only consider changes in radiative forcings are not able to capture the rapid warming. Heat budget analysis shows that the success of the DePreSys hindcasts is due to the initialization of anomalously strong northward ocean heat transport. Furthermore, it is found that initializing a strong Atlantic circulation, and in particular a strong Atlantic Meridional Overturning Circulation, is key for successful predictions. Finally, we show that DePreSys is able to predict significant changes in SST and other surface climate variables related to the North Atlantic warming.

Gibberellin-responsive and -insensitive dwarfing alleles on wheat performance in contrasting tillage systems

Near-isogenic lines (NILs) of winter wheat varying for alleles for reduced height (Rht), gibberellin (GA) response and photoperiod insensitivity (Ppd-D1a) in cv. Mercia background (rht (tall), Rht-B1b, Rht-D1b, Rht-B1c, Rht8c+Ppd-D1a, Rht-D1c, Rht12) and cv. Maris Widgeon (rht (tall), Rht-D1b, Rht-B1c) backgrounds were compared to investigate main effects and interactions with tillage (plough-based, minimum-, and zero-tillage) over two years. Both minimum- and zero- tillage were associated with reduced grain yields allied to reduced harvest index, biomass accumulation, interception of photosynthetically active radiation (PAR), and plant populations. Grain yields were optimized at mature crop heights of around 740mm because this provided the best compromise between harvest index which declined with height, and above ground biomass which increased with height. Improving biomass with height was due to improvements in both PAR interception and radiation-use efficiency. Optimum height for grain yield was unaffected by tillage system or GA-sensitivity. After accounting for effects of height, GA insensitivity was associated with increased grain yields due to increased grains per spike, which was more than enough to compensate for poorer plant establishment and lower mean grain weights compared to the GA-sensitive lines. Although better establishment was possible with GA-sensitive lines, there was no evidence that this effect interacted with tillage method. We find, therefore, little evidence to question the current adoption of wheats with reduced sensitivity to GA in the UK, even as tillage intensity lessens.

Online modeling with tunable RBF network

In this paper, we propose a novel online modeling algorithm for nonlinear and nonstationary systems using a radial basis function (RBF) neural network with a fixed number of hidden nodes. Each of the RBF basis functions has a tunable center vector and an adjustable diagonal covariance matrix. A multi-innovation recursive least square (MRLS) algorithm is applied to update the weights of RBF online, while the modeling performance is monitored. When the modeling residual of the RBF network becomes large in spite of the weight adaptation, a node identified as insignificant is replaced with a new node, for which the tunable center vector and diagonal covariance matrix are optimized using the quantum particle swarm optimization (QPSO) algorithm. The major contribution is to combine the MRLS weight adaptation and QPSO node structure optimization in an innovative way so that it can track well the local characteristic in the nonstationary system with a very sparse model. Simulation results show that the proposed algorithm has significantly better performance than existing approaches.

Real-time multi-model decadal climate predictions

We present the first climate prediction of the coming decade made with multiple models, initialized with prior observations. This prediction accrues from an international activity to exchange decadal predictions in near real-time, in order to assess differences and similarities, provide a consensus view to prevent over-confidence in forecasts from any single model, and establish current collective capability. We stress that the forecast is experimental, since the skill of the multi-model system is as yet unknown. Nevertheless, the forecast systems used here are based on models that have undergone rigorous evaluation and individually have been evaluated for forecast skill. Moreover, it is important to publish forecasts to enable open evaluation, and to provide a focus on climate change in the coming decade. Initialized forecasts of the year 2011 agree well with observations, with a pattern correlation of 0.62 compared to 0.31 for uninitialized projections. In particular, the forecast correctly predicted La Niña in the Pacific, and warm conditions in the north Atlantic and USA. A similar pattern is predicted for 2012 but with a weaker La Niña. Indices of Atlantic multi-decadal variability and Pacific decadal variability show no signal beyond climatology after 2015, while temperature in the Niño3 region is predicted to warm slightly by about 0.5 °C over the coming decade. However, uncertainties are large for individual years and initialization has little impact beyond the first 4 years in most regions. Relative to uninitialized forecasts, initialized forecasts are significantly warmer in the north Atlantic sub-polar gyre and cooler in the north Pacific throughout the decade. They are also significantly cooler in the global average and over most land and ocean regions out to several years ahead. However, in the absence of volcanic eruptions, global temperature is predicted to continue to rise, with each year from 2013 onwards having a 50 % chance of exceeding the current observed record. Verification of these forecasts will provide an important opportunity to test the performance of models and our understanding and knowledge of the drivers of climate change.

International office investment in global cities: the production of financial space and systemic risk

The paper explores the relationships between UK commercial real estate and regional economic development as a foundation for the analysis of the role of real estate investment in local economic development. Linkages between economic growth, development, real estate performance and investment allocations are documented. Long-run regional property performance is not the product of long-run economic growth, and weakly related to indicators of long-run supply and demand. Changes in regional portfolio weights seem driven by neither market performance nor underlying fundamentals. In the short run, regional investment shifts show no clear leads or lags with market performance.

Alverata: Latin, Greek and Cyrillic typeface

Alverata: a typeface design for Europe This typeface is a response to the extraordinarily diverse forms of letters of the Latin alphabet in manuscripts and inscriptions in the Romanesque period (c. 1000–1200). While the Romanesque did provide inspiration for architectural lettering in the nineteenth century, these letterforms have not until now been systematically considered and redrawn as a working typeface. The defining characteristic of the Romanesque letterform is variety: within an individual inscription or written text, letters such as A, C, E and G might appear with different forms at each appearance. Some of these forms relate to earlier Roman inscriptional forms and are therefore familiar to us, but others are highly geometric and resemble insular and uncial forms. The research underlying the typeface involved the collection of a large number of references for lettering of this period, from library research and direct on-site ivestigation. This investigation traced the wide dispersal of the Romanesque lettering tradition across the whole of Europe. The variety of letter widths and weights encountered, as well as variant shapes for individual letters, offered both direct models and stylistic inspiration for the characters and for the widths and weight variants of the typeface. The ability of the OpenType format to handle multiple stylistic variants of any one character has been exploited to reflect the multiplicity of forms available to stonecutters and scribes of the period. To make a typeface that functions in a contemporary environment, a lower case has been added, and formal and informal variants supported. The pan-European nature of the Romanesque design tradition has inspired an pan-European approach to the character set of the typeface, allowing for text composition in all European languages, and the typeface has been extended into Greek and Cyrillic, so that the broadest representation of European languages can be achieved.

CUP Intermediate Greek-English Lexicon

Document design and typeface design: A typographic specification for a new Intermediate Greek-English Lexicon by CUP, accompanied by typefaces modified for the specific typographic requirements of the text. The Lexicon is a substantial (over 1400 pages) publication for HE students and academics intended to complement Liddell-Scott (the standard reference for classical Greek since the 1850s), and has been in preparation for over a decade. The typographic appearance of such works has changed very little since the original editions, largely to the lack of suitable typefaces: early digital proofs of the Lexicon utilised directly digitised versions of historical typefaces, making the entries difficult to navigate, and the document uneven in typographic texture. Close collaboration with the editors of the Lexicon, and discussion of the historical precedents for such documents informed the design at all typographic levels to achieve a highly reader-friendly results that propose a model for this kind of typography. Uniquely for a work of this kind, typeface design decisions were integrated into the wider document design specification. A rethinking of the complex typography for Greek and English based on historical editions as well as equivalent bilingual reference works at this level (from OUP, CUP, Brill, Mondadori, and other publishers) led a redefinition of multi-script typeface pairing for the specific context, taking into account recent developments in typeface design. Specifically, the relevant weighting of elements within each entry were redefined, as well as the typographic texture of type styles across the two scripts. In details, Greek typefaces were modified to emphasise clarity and readability, particularly of diacritics, at very small sizes. The relative weights of typefaces typeset side-by-side were fine-tuned so that the visual hierarchy of the entires was unambiguous despite the dense typesetting.

Current problems in four-dimensional data assimilation

The purpose of this lecture is to review recent development in data analysis, initialization and data assimilation. The development of 3-dimensional multivariate schemes has been very timely because of its suitability to handle the many different types of observations during FGGE. Great progress has taken place in the initialization of global models by the aid of non-linear normal mode technique. However, in spite of great progress, several fundamental problems are still unsatisfactorily solved. Of particular importance is the question of the initialization of the divergent wind fields in the Tropics and to find proper ways to initialize weather systems driven by non-adiabatic processes. The unsatisfactory ways in which such processes are being initialized are leading to excessively long spin-up times.