“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The paper reports preliminary findings from a project funded by the Corporation of London and the RICS Research Foundation examining a number of innovative schemes to identify, within a formal finance framework, sources of added value and hidden costs. The analysis indicates that many of the gains claimed conceal costs – in terms of market value of debt or flexibility of management – while others result from unusual firm or market conditions (for example utilising the UK long lease and the unusual shape of the yield curve). Nonetheless, there are real gains resulting from the innovations, reflecting arbitrage and institutional constraints in the direct (private) real estate market

Symmetric Push-Sum Protocol for decentralised aggregation

Gossip (or Epidemic) protocols have emerged as a communication and computation paradigm for large-scale networked systems. These protocols are based on randomised communication, which provides probabilistic guarantees on convergence speed and accuracy. They also provide robustness, scalability, computational and communication efficiency and high stability under disruption. This work presents a novel Gossip protocol named Symmetric Push-Sum Protocol for the computation of global aggregates (e.g., average) in decentralised and asynchronous systems. The proposed approach combines the simplicity of the push-based approach and the efficiency of the push-pull schemes. The push-pull schemes cannot be directly employed in asynchronous systems as they require synchronous paired communication operations to guarantee their accuracy. Although push schemes guarantee accuracy even with asynchronous communication, they suffer from a slower and unstable convergence. Symmetric Push- Sum Protocol does not require synchronous communication and achieves a convergence speed similar to the push-pull schemes, while keeping the accuracy stability of the push scheme. In the experimental analysis, we focus on computing the global average as an important class of node aggregation problems. The results have confirmed that the proposed method inherits the advantages of both other schemes and outperforms well-known state of the art protocols for decentralized Gossip-based aggregation.

An improved sum-product estimate for general finite fields

An improved sum-product estimate for subsets of a finite field whose order is not prime is provided. It is shown, under certain conditions, that max{∣∣∣A+A∣∣∣,∣∣∣A⋅A∣∣∣}≫∣∣A∣∣12/11(log2∣∣A∣∣)5/11. This new estimate matches, up to a logarithmic factor, the current best known bound obtained over prime fields by Rudnev

Twentieth-century global-mean sea-level rise: is the whole greater than the sum of the parts?

Confidence in projections of global-mean sea level rise (GMSLR) depends on an ability to account for GMSLR during the twentieth century. There are contributions from ocean thermal expansion, mass loss from glaciers and ice sheets, groundwater extraction, and reservoir impoundment. Progress has been made toward solving the “enigma” of twentieth-century GMSLR, which is that the observed GMSLR has previously been found to exceed the sum of estimated contributions, especially for the earlier decades. The authors propose the following: thermal expansion simulated by climate models may previously have been underestimated because of their not including volcanic forcing in their control state; the rate of glacier mass loss was larger than previously estimated and was not smaller in the first half than in the second half of the century; the Greenland ice sheet could have made a positive contribution throughout the century; and groundwater depletion and reservoir impoundment, which are of opposite sign, may have been approximately equal in magnitude. It is possible to reconstruct the time series of GMSLR from the quantified contributions, apart from a constant residual term, which is small enough to be explained as a long-term contribution from the Antarctic ice sheet. The reconstructions account for the observation that the rate of GMSLR was not much larger during the last 50 years than during the twentieth century as a whole, despite the increasing anthropogenic forcing. Semiempirical methods for projecting GMSLR depend on the existence of a relationship between global climate change and the rate of GMSLR, but the implication of the authors' closure of the budget is that such a relationship is weak or absent during the twentieth century.

D*D rho vertex from QCD sum rules

We calculate the form factors and the coupling constant in the D*D rho vertex in the framework of QCD sum rules. We evaluate the three-point correlation functions of the vertex considering D, rho and D* mesons off-shell. The form factors obtained are very different but give the same coupling constant: g(D*D rho) = 4.3 +/- 0.9 GeV(-1). (C) 2011 Elsevier B.V. All rights reserved.

QCD sum rules for the production of the X(3872) as a mixed molecule-charmonium state in B meson decay

We use QCD sum rules to calculate the branching ratio for the production of the meson X(3872) in the decay B -> X(3872)K, assumed to be a mixture between charmonium and exotic molecular vertical bar c (q) over bar vertical bar vertical bar q (c) over bar vertical bar states with J(PC) = 1(++). We find that in a small range for the values of the mixing angle, 5 degrees <= theta <= 13 degrees, we get the branching ratio B(B -> XK) = (1.00 +/- 0.68) x 10(-5), which is in agreement with the experimental upper limit. This result is compatible with the analysis of the mass and decay width of the mode J/psi(n pi) and the radiative decay mode J/psi gamma performed in the same approach. (C) 2011 Elsevier B.V. All rights reserved.

A QCD sum rule calculation for the Y(4140) narrow structure

We use the QCD sum rules to evaluate the mass of a possible scalar mesonic state that couples to a molecular D(s)*(D) over bar (s)* current. We find a mass m(Ds)*(Ds)* = (4.14 +/- 0.09) GeV, which is in an excellent agreement with the recently observed Y(4140) charmonium state. We consider the contributions of condensates up to dimension-eight, we work at leading order in alpha(s) and we keep terms which are linear in the strange quark mass m(s). We also consider a molecular D*(D) over bar* current and we obtain m m(D)*(D)* = (4.13 +/- 0.10), around 200 MeV above the mass of the Y(3930) charmonium state. We conclude that it is possible to describe the Y(4140) structure as a D(s)*(D) over bar (s)* molecular state or even as a mixture of D(s)*(D) over bar (s)* and D*(D) over bar* molecular states. (C) 2009 Elsevier B.V. All rights reserved.

QCD sum rule calculation for the charmonium-like structures in the J/psi phi and J/psi omega invariant mass spectra

Using the QCD sum rules we test if the charmonium-like structure Y(4274), observed in the J/psi phi invariant mass spectrum, can be described with a D(s)(D) over bar (s0)(2317)+ h.c. molecular current with J(PC) = 0(-+). We consider the contributions of condensates up to dimension ten and we work at leading order in alpha(s). We keep terms which are linear in the strange quark mass m(s). The mass obtained for such state is mD(s)D(s0) = (4.78 +/- 0.54) GeV. We also consider a molecular 0(-+) D (D) over bar (0)(2400)+ h.c. current and we obtain m(DD0) = (4.55 +/- 0.49) GeV. Our study shows that the newly observed Y(4274) in the J/psi phi invariant mass spectrum can be, considering the uncertainties, described using a molecular charmonium current. (C) 2011 Elsevier B.V. All rights reserved.

QCD sum rules study of the J(PC)=1(- -) charmonium Y mesons

We use QCD sum rules to test the nature of the recently observed mesons Y(4260), Y(4350) and Y(4660), assumed to be exotic four-quark (c (c) over barq (q) over bar) or (c (c) over bars (s) over bar) states with J(PC)= 1(--). We work at leading order in alpha(s), consider the contributions of higher dimension condensates and keep terms which are linear in the strange quark mass m(s). We find for the (c (c) over bars (s) over bar) state a mass in m(Y) = (4.65 +/- 0.10) GeV which is compatible with the experimental candidate Y (4660), while for the (c (c) over barq (q) over bar) state we find a mass in m(Y) = (4.49 +/- 0.11) GeV, which is still consistent with the mass of the experimental candidate Y(4350). With the tetraquark structure we are working we cannot explain the Y(4260) as a tetraquark state. We also consider molecular D(s0)(D) over bar (s)* and D(0)(D) over bar* states. For the D(s0)(D) over bar (s)* molecular state we get m(Ds0 (D) over bars*) = (4.42 +/- 0.10) GeV which is consistent, considering the errors, with the mass of the meson Y(4350) and for the D(0)(D) over bar* molecular state we get m(D0 (D) over bar*) = (4.27 +/- 0.10) GeV in excellent agreement with the mass of the meson Y(4260). (C) 2008 Elsevier B.V. All rights reserved.

QCD sum rules study of the meson Z(+)(4430)

We use QCD sum rules to study the recently observed meson Z(+)(4430), considered as a D*D-1 molecule with J(P) = 0(-). We consider the contributions of condensates up to dimension eight and work at leading order in alpha(s). We get m(Z) = (4.40 +/- 0.10) GeV in a very good agreement with the experimental value. We also make predictions for the analogous mesons Z(s) and Z(bb) considered as D-s*D-1 and B*B-1 molecules, respectively. For Z(s) we predict mZ(s) = (4.70 +/- 0.06) GeV, which is above the D-s* D-1 threshold, indicating that it is probably a very broad state and, therefore, difficult to observe experimentally. For Z(bb) we predict m(Zbb) = (10.74 +/- 0.12) GeV, in agreement with quark model predictions. (c) 2008 Elsevier B.V. All rights reserved.