Cancellation of residual ghost VSB components from video IIR deghoster systems

Certain deghosters suffer from the presence of distortion caused by the quadrature forming nature of the IF VSB filter operating on a ghosted IF signal. By analysing this a priori effect, a specific deghoster solution is found by using the phase quadrature detected IF signal to cancel the VSB induced ghost quadrature distortions from the detected inphase signal before deghosting takes place.

Plastic films for polytunnels can prolong the effective residual life of cypermethrin to over 6 months

Synthetic pyrethroid insecticides are degraded almost entirely by ultraviolet (UV)-catalysed oxidation. A bioassay using the beetle Tribolium confusum duVal caged on bandages soaked in 0.04% a.i. cypermethrin showed large differences in residual insecticide-life under three plastic films available for cladding polytunnels. Cypermethrin exposed to a UV film that transmitted 70% of UVB and 80% of UVA killed all beetles for 8 weeks, compared to only 3 weeks for cypermethrin exposed in a clear plastic envelope. Cypermethrin under a UV-absorbing film that reduced the transmission of UVB and UVA to 14% and 50%, respectively, gave a complete kill for 17 weeks. Reducing the transmission of UVB to virtually zero, and that of UVA to only 3%, using a UV-opaque film prolonged the effective life of the cypermethrin residue to 26 weeks, and some beetles were still killed for a further 11 weeks. Even after this time, beetles exposed to cypermethrin from the UV-opaque treatment were still affected by the insecticide, and only showed near-normal mobility after 24 months of pesticide exposure to the UV-opaque film. These results have implications for the recommended intervals between cypermethrin treatment and crop harvest, and on the time of introduction of insect-based biological control agents, when UV-opaque films are used in commercial horticulture.

Depreciation, income distribution and the UK REIT

Purpose – The purpose of this paper is to consider prospects for UK REITs, which were introduced on 1 January 2007. It specifically focuses on the potential influence of depreciation and expenditure on income and distributions. Design/methodology/approach – First, the ways in which depreciation can affect vehicle earnings and value are discussed. This is then set in the context of the specific rules and features of REITs. An analysis using property income and expenditure data from the Investment Property Databank (IPD) then assesses what gross and net income for a UK REIT might have been like for the period 1984-2003. Findings – A UK REIT must distribute at least 90 per cent of net income from its property rental business. Expenditure therefore plays a significant part in determining what funds remain for distribution. Over 1984-2003, expenditure has absorbed 20 per cent of gross income and been a source of earnings volatility, which would have been exacerbated by gearing. Practical implications – Expenditure must take place to help UK REITs maintain and renew their real estate portfolios. In view of this, investors should moderate expectations of a high and stable income return, although it may well still be so relative to alternative investments. Originality/value – Previous literature on depreciation has not quantified amounts spent on portfolios to keep depreciation at those rates. Nor, to our knowledge, has its ideas been placed in the indirect investor context.

American option valuation: implied calibration of GARCH pricing models

This study analyzes the issue of American option valuation when the underlying exhibits a GARCH-type volatility process. We propose the usage of Rubinstein's Edgeworth binomial tree (EBT) in contrast to simulation-based methods being considered in previous studies. The EBT-based valuation approach makes an implied calibration of the pricing model feasible. By empirically analyzing the pricing performance of American index and equity options, we illustrate the superiority of the proposed approach.

German open ended funds: was there a valuation problem?

In late 2005, a number of German open ended funds suffered significant withdrawals by unit holders. The crisis was precipitated by a long term bear market in German property investment and the fact that these funds offered short term liquidity to unit holders but had low levels of liquidity in the fund. A more controversial suggestion was that the crisis was exacerbated by a perception that the valuations of the fund were too infrequent and inaccurate. As units are priced by reference to these valuations with no secondary market, the valuation process is central to the process. There is no direct evidence that these funds were over-valued but there is circumstantial evidence and this paper examines the indirect evidence of the process to see whether the hypothesis that valuation is an issue for the German funds holds any credibility. It also discusses whether there is a wider issue for other funds of this nature or whether it is a parochial problem confined to Germany. The conclusions are that there is reason to believe that German valuation processes make over-valuation in a recession more likely than in other countries and that more direct research into the German valuation system is required to identify the issues which need to be addressed to make the valuation system more trusted.