Multicore-enabling the MPJ express messaging library

With the transition to multicore processors almost complete, the parallel processing community is seeking efficient ways to port legacy message passing applications on shared memory and multicore processors. MPJ Express is our reference implementation of Message Passing Interface (MPI)-like bindings for the Java language. Starting with the current release, the MPJ Express software can be configured in two modes: the multicore and the cluster mode. In the multicore mode, parallel Java applications execute on shared memory or multicore processors. In the cluster mode, Java applications parallelized using MPJ Express can be executed on distributed memory platforms like compute clusters and clouds. The multicore device has been implemented using Java threads in order to satisfy two main design goals of portability and performance. We also discuss the challenges of integrating the multicore device in the MPJ Express software. This turned out to be a challenging task because the parallel application executes in a single JVM in the multicore mode. On the contrary in the cluster mode, the parallel user application executes in multiple JVMs. Due to these inherent architectural differences between the two modes, the MPJ Express runtime is modified to ensure correct semantics of the parallel program. Towards the end, we compare performance of MPJ Express (multicore mode) with other C and Java message passing libraries---including mpiJava, MPJ/Ibis, MPICH2, MPJ Express (cluster mode)---on shared memory and multicore processors. We found out that MPJ Express performs signicantly better in the multicore mode than in the cluster mode. Not only this but the MPJ Express software also performs better in comparison to other Java messaging libraries including mpiJava and MPJ/Ibis when used in the multicore mode on shared memory or multicore processors. We also demonstrate effectiveness of the MPJ Express multicore device in Gadget-2, which is a massively parallel astrophysics N-body siimulation code.

Drivers of fund performance: a panel data analysis

The principle aim of this research is to elucidate the factors driving the total rate of return of non-listed funds using a panel data analytical framework. In line with previous results, we find that core funds exhibit lower yet more stable returns than value-added and, in particular, opportunistic funds, both cross-sectionally and over time. After taking into account overall market exposure, as measured by weighted market returns, the excess returns of value-added and opportunity funds are likely to stem from: high leverage, high exposure to development, active asset management and investment in specialized property sectors. A random effects estimation of the panel data model largely confirms the findings obtained from the fixed effects model. Again, the country and sector property effect shows the strongest significance in explaining total returns. The stock market variable is negative which hints at switching effects between competing asset classes. For opportunity funds, on average, the returns attributable to gearing are three times higher than those for value added funds and over five times higher than for core funds. Overall, there is relatively strong evidence indicating that country and sector allocation, style, gearing and fund size combinations impact on the performance of unlisted real estate funds.

Judgments, forecasts and decisions: an analysis of fund managers over time

Decision theory is the study of models of judgement involved in, and leading to, deliberate and (usually) rational choice. In real estate investment there are normative models for the allocation of assets. These asset allocation models suggest an optimum allocation between the respective asset classes based on the investors’ judgements of performance and risk. Real estate is selected, as other assets, on the basis of some criteria, e.g. commonly its marginal contribution to the production of a mean variance efficient multi asset portfolio, subject to the investor’s objectives and capital rationing constraints. However, decisions are made relative to current expectations and current business constraints. Whilst a decision maker may believe in the required optimum exposure levels as dictated by an asset allocation model, the final decision may/will be influenced by factors outside the parameters of the mathematical model. This paper discusses investors' perceptions and attitudes toward real estate and highlights the important difference between theoretical exposure levels and pragmatic business considerations. It develops a model to identify “soft” parameters in decision making which will influence the optimal allocation for that asset class. This “soft” information may relate to behavioural issues such as the tendency to mirror competitors; a desire to meet weight of money objectives; a desire to retain the status quo and many other non-financial considerations. The paper aims to establish the place of property in multi asset portfolios in the UK and examine the asset allocation process in practice, with a view to understanding the decision making process and to look at investors’ perceptions based on an historic analysis of market expectation; a comparison with historic data and an analysis of actual performance.