Are property prices non-linear? An investigation of the behaviour of US REITs and UK property company shares

Linear models of market performance may be misspecified if the market is subdivided into distinct regimes exhibiting different behaviour. Price movements in the US Real Estate Investment Trusts and UK Property Companies Markets are explored using a Threshold Autoregressive (TAR) model with regimes defined by the real rate of interest. In both US and UK markets, distinctive behaviour emerges, with the TAR model offering better predictive power than a more conventional linear autoregressive model. The research points to the possibility of developing trading rules to exploit the systematically different behaviour across regimes.

Single transferable vote with Borda elimination: proportional representation, moderation, quasi-chaos and stability

Modifying single transferable vote (STV) by removing candidates according to their Borda scores creates a new vote counting system (STV-B) that is not quasi-chaotic, results in proportional representation, and promotes the election of moderate candidates. Dummett, M.A.E. [1997. Principles of Electoral Reform. Oxford University, New York] noted quasi-chaos in STV and proposed the “Quota/Borda system” (QBS) as a solution. STV-B and QBS retain proportional representation from STV, permit some influence on candidate selection to occur between voting blocks thereby promoting moderate results, and are much more stable than STV when subjected to small changes in voter preferences. Under STV-B, and not QBS, a minority that shares some preferences may elect a candidate even if the minority is not a solid coalition.

Do shares constitute property? Reconsidering a fundamental, yet unresolved, question

The author deals with a question that has challenged and troubled commercial law scholars for some time: do shares constitute property? The author explores some of the arguments that have been raised for why shares do not constitute property, but ultimately concludes that there are strong reasons – supported by prominent jurisprudential writing and judicial pronouncements – for why shares do indeed constitute property.

Single transferable vote with Borda elimination : a new vote counting system

Dummett (1997) notes particular difficulties with single transferable vote (STV) and proposes an alternative vote counting system called "Quota/Borda system" (QBS) to remedy specific difficulties. I propose an alternative system, structurally related to QBS, which accomplishes similar solutions but has some significant differences. This alternative system is identical to STV in all aspects except one. It eliminates candidates in reverse order of their Borda scores rather than by their current ranking of first-place votes. I designate this system STV with Borda elimination (STV-B). STV-B and QBS share general features. They retain proportional representation from STV. However, they differ from STV is two critical manners. First, both permit some influence on candidate selection to occur between voting blocks. Second, they are much more stable than STV when subjected to small changes in voter preferences. Outcomes from STV-B differ from QBS outcomes in two ways. Under STV-B, a minority that shares some preferences may elect a candidate even if the minority is not a solid coalition, as is required for minorities under QBS. Further, QBS always selects Borda winners, either for a minority or overall. STV-B may reject a Borda winner through emphasis on each voter's most preferred candidates.

An exploration of the relationship between size and risk in a downside risk framework applied to Malaysian property shares

The relationship between size and risk (systematic and unsystematic risk) has received considerable attention in recent literature. However, these studies employ variance as the risk measure, which the appropriateness for using this risk measure is always questioned by researchers and practitioners due to its underlying strict assumptions. Therefore, there is crucial to adopt an alternative risk measure for ascertaining the relationships. The aim of the study is to examine the relationships between size and systematic downside risk and unsystematic downside risk in line with the theoretical sound of this risk measure. The empirical evidences reveal that the size is strongly correlated with unsystematic downside risk. While, there is a weak inverse relationship between size and systematic downside risk.

A multi-objective sensitivity approach to training providers' evaluation and quota allocation planning

The practice of solely relying on the human resources department in the selection process of external training providers has cast doubts and mistrust across other departments as to how trainers are sourced. There are no measurable criteria used by human resource personnel, since most decisions are based on intuitive experience and subjective market knowledge. The present problem focuses on outsourcing of private training programs that are partly government funded, which has been facing accountability challenges. Due to the unavailability of a scientific decision-making approach in this context, a 12-step algorithm is proposed and tested in a Japanese multinational company. The model allows the decision makers to revise their criteria expectations, in turn witnessing the change of the training providers' quota distribution. Finally, this multi-objective sensitivity analysis provides a forward-looking approach to training needs planning and aids decision makers in their sourcing strategy.

Índices de participação da quota-parte do ICMS no contexto redistributivo de receitas : 1982 a 1993

On índices de participação da QPM-ICMS assumem atualmente características distintas aos seus princípios compensatórios. E isso deve-se, em grande medida, às mudanças na legislação estadual, aos fatores econômicos e principalmente institucionais que influenciaram as variáveis adotadas no cálculo dos índices

Price discovery in dual-class shares across multiple markets

We extend the standard price discovery analysis to estimate the information share of dual-class shares across domestic and foreign markets. By examining both common and preferred shares, we aim to extract information not only about the fundamental value of the rm, but also about the dual-class premium. In particular, our interest lies on the price discovery mechanism regulating the prices of common and preferred shares in the BM&FBovespa as well as the prices of their ADR counterparts in the NYSE and in the Arca platform. However, in the presence of contemporaneous correlation between the innovations, the standard information share measure depends heavily on the ordering we attribute to prices in the system. To remain agnostic about which are the leading share class and market, one could for instance compute some weighted average information share across all possible orderings. This is extremely inconvenient given that we are dealing with 2 share prices in Brazil, 4 share prices in the US, plus the exchange rate (and hence over 5,000 permutations!). We thus develop a novel methodology to carry out price discovery analyses that does not impose any ex-ante assumption about which share class or trading platform conveys more information about shocks in the fundamental price. As such, our procedure yields a single measure of information share, which is invariant to the ordering of the variables in the system. Simulations of a simple market microstructure model show that our information share estimator works pretty well in practice. We then employ transactions data to study price discovery in two dual-class Brazilian stocks and their ADRs. We uncover two interesting ndings. First, the foreign market is at least as informative as the home market. Second, shocks in the dual-class premium entail a permanent e ect in normal times, but transitory in periods of nancial distress. We argue that the latter is consistent with the expropriation of preferred shareholders as a class.

Technical change and factor shares

The implications of technical change that directly alters factor shares are examined. Such change can lower the income of some factors of production even when it raises total output, thus offering a possible explanation for episodes of social conflict such as the Luddite uprisings in 19th century England and the recent divergence in the U. S. between wages for skilled and unskilled labor. An explanation also why underdeveloped countries do not adopt the latest technology but continue to use outmoded production methods. Total factor productivity is shown to be a misleading measure of technical progress. Share-altering technical change brings into question the plausibility of a wide class of endogenous growth models.

Evaluation of electrophoretic profile and albumin quota in the cerebrospinal fluid of dogs with distemper showing or not neurvous signs

Estudaram-se o perfil eletroforético das proteínas liquóricas e a cota de albumina em cães sem e com cinomose na fase neurológica e não-neurológica. A punção da cisterna magna para a obtenção de amostras de liquor realizou-se em 30 cães. Analisaram-se teores de proteínas totais, cota de albumina e fracionamento eletroforético das proteínas liquóricas em gel de agarose. Os resultados foram semelhantes nos cães normais e nos cães com cinomose sem sinais neurológicos e significativamente elevados no grupo de cães com cinomose apresentando sinais neurológicos. O estudo do quadro protéico do líquido cérebroespinhal foi útil e contribuiu significativamente na detecção de lesões ao sistema nervoso central e de danos à barreira hematoencefálica durante a fase neurológica da cinomose.