Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.

Equilibrium topology for plasmas with reversed current density.

Actually, transition from positive to negative plasma current and quasi-steady-state alternated current (AC) operation have been achieved experimentally without loss of ionization. The large transition times suggest the use of MHD equilibrium to model the intermediate magnetic field configurations for corresponding current density reversals. In the present work we show, by means of Maxwell equations, that the most robust equilibrium for any axisymmetric configuration with reversed current density requires the existence of several nonested families of magnetic surfaces inside the plasma. We also show that the currents inside the nonested families satisfy additive rules restricting the geometry and sizes of the axisymmetric magnetic islands; this is done without restricting the equilibrium through arbitrary functions. Finally, we introduce a local successive approximations method to describe the equilibrium about an arbitrary reversed current density minimum and, consequently, the transition between different nonested topologies is understood in terms of the eccentricity of the toroidal current density level sets.

The Impact of Greek Affiliation on Students’ Educational Objectives: Longitudinal Change in Clark-Trow Educational Philosophies

Change in 4,119 students' freshman to senior ratings of four educational philosophies (vocational, academic, collegiate, and nonconformist) provided four measures of educational impact. Repeated measures analyses of variance compared changes in philosophy as a function of Greek affiliation, controlling for sex, historical era, major, parents' education, scholastic aptitude, and academic motivation. Small but significantly different degrees of change in the collegiate and nonconformist philosophies suggested that Greek affiliation increased social interests and inhibited some forms of intellectual interests. These small differences across all students masked the moderating effect of major. In the nonconformist philosophy, for example, the Greek × major interaction reflected substantial Greek–independent differences among humanities majors, and progressively smaller differences or reversals among social science, physical science, and engineering majors. Possible interpretations of this interaction are offered.

When left becomes right and vice versa: mirrored vision after cerebral hypoxia

The combination of acquired mirror writing and reading is an extremely rare neurological disorder. It is encountered when brain damaged patients prefer horizontally mirrored over normal script in writing and reading. Previous theories have related this pathology to a disinhibition of mirrored engrams in the non-dominant hemisphere, possibly accompanied by a reversal of the preferred scanning direction. Here, we report the experimental investigation of PR, a patient who developed pronounced mirror writing and reading following septic shock that caused hypoxic brain damage. A series of five oculomotor experiments revealed that the patient's preferred scanning direction was indeed reversed. However, PR showed striking scanpath abnormalities and mirror reversals that cannot be explained by previous theories. Considered together with mirror phenomena she displayed in neuropsychological tasks and everyday activities, our findings suggest a horizontal reversal of visual information on a perceptual level. In addition, a systematic manipulation of visual variables within two further experiments had dramatic effects on her mirror phenomena. When confronted with moving, flickering or briefly presented stimuli, PR showed hardly any left-right reversals. Not only do these findings underline the perceptual nature of her disorder, but also allow interpretation of the pathology in terms of a dissociation between visual subsystems. We speculate that early visual cortices are crucially involved in this dissociation. More generally, her mirrored vision may represent an extreme clinical manifestation of the relative instability of the horizontal axis in spatial vision.

TUNING, AVO, AND FLAT-SPOT EFFECTS IN A SEISMIC ANALYSIS OF NORTH SEA BLOCK F3

Reflection seismic data from the F3 block in the Dutch North Sea exhibits many large-amplitude reflections at shallow horizons, typically categorized as “brightspots ” (Schroot and Schuttenhelm, 2003), mainly because of their bright appearance. In most cases, these bright reflections show a significant “flatness” contrasting with local structural trends. While flatspots are often easily identified in thick reservoirs, we have often occasionally observed apparent flatspot tuning effects at fluid contacts near reservoir edges and in thin reservoir beds, while only poorly understanding them. We conclude that many of the shallow large-amplitude reflections in block F3 are dominated by flatspots, and we investigate the thin-bed tuning effects that such flatspots cause as they interact with the reflection from the reservoir’s upper boundary. There are two possible effects to be considered: (1) the “wedge-model” tuning effects of the flatspot and overlying brightspots, dimspots, or polarity-reversals; and (2) the stacking effects that result from possible inclusion of post-critical flatspot reflections in these shallow sands. We modeled the effects of these two phenomena for the particular stratigraphic sequence in block F3. Our results suggest that stacking of post-critical flatspot reflections can cause similar large-amplitude but flat reflections, in some cases even causing an interface expected to produce a ‘dimspot’ to appear as a ‘brightspot’. Analysis of NMO stretch and muting shows the likely exclusion of critical offset data in stacked output. If post-critical reflections are included in stacking, unusual results will be observed. In the North Sea case, we conclude the tuning effect was the primary reason causing for the brightness and flatness of these reflections. However, it is still important to note that care should be taken while applying muting on reflections with wide range of incidence angles and the inclusion of critical offset data may cause some spurious features in the stacked section.

Sight-reading of violinists: eye movements anticipate the musical flow

When sight-reading a piece of music the eyes constantly scan the score slightly ahead of music execution. This separation between reading and acting is commonly termed eye-hand span and can be expressed in two ways: as anticipation in notes or in time. Previous research, predominantly in piano players, found skill-dependent differences of eye-hand span. To date no study has explored visual anticipation in violinists. The present study investigated how structural properties of a piece of music affect the eye-hand span in a group of violinists. To this end eye movements and bow reversals were recorded synchronously while musicians sight-read a piece of music. The results suggest that structural differences of the score are reflected in the eye-hand span in a way similar to skill level. Specifically, the piece with higher complexity was associated with lower anticipation in notes, longer fixation duration and a tendency for more regressive fixations. Anticipation in time, however, remained the same (approximately 1 s) independently of the score played but was correlated with playing tempo. We conclude that the eye-hand span is not only influenced by the experience of the musician, but also by the structure of the score to be played.

Chronology of Lake El'gygytgyn sediments – a combined magnetostratigraphic, palaeoclimatic and orbital tuning study based on multi-parameter analyses

A 318-metre-long sedimentary profile drilled by the International Continental Scientific Drilling Program (ICDP) at Site 5011-1 in Lake El’gygytgyn, Far East Russian Arctic, has been analysed for its sedimentologic response to global climate modes by chronostratigraphic methods. The 12 km wide lake is sited off-centre in an 18 km large crater that was created by the impact of a meteorite 3.58 Ma ago. Since then sediments have been continuously deposited. For establishing their chronology, major reversals of the earth’s magnetic field provided initial tie points for the age model, confirming that the impact occurred in the earliest geomagnetic Gauss chron. Various stratigraphic parameters, reflecting redox conditions at the lake floor and climatic conditions in the catchment were tuned synchronously to Northern Hemisphere insolation variations and the marine oxygen isotope stack, respectively. Thus, a robust age model comprising more than 600 tie points could be defined. It could be shown that deposition of sediments in Lake El’gygytgyn occurred in concert with global climatic cycles. The upper �160m of sediments represent the past 3.3 Ma, equivalent to sedimentation rates of 4 to 5 cm ka−1, whereas the lower 160m represent just the first 0.3 Ma after the impact, equivalent to sedimentation rates in the order of 45 cm ka−1. This study also provides orbitally tuned ages for a total of 8 tephras deposited in Lake El’gygytgyn.

Metamorphism, Transient Mid-Crustal Rheology, Strain Localization and the Exhumation of High-Grade Metamorphic Rocks

We present a series of three-dimensional numerical models investigating the effects of metamorphic strengthening and weakening on the geodynamic evolution of convergent orogens that are constrained by observations from an exposed mid-crustal section in the New England Appalachians. The natural mid-crustal section records evidence for spatially and temporally variable mid-crustal strength as a function of metamorphic grade during prograde polymetamorphism. Our models address changes in strain rate partitioning and topographic uplift as a function of strengthening/weakening in the middle crust, as well as the resultant changes in deformation kinematics and potential exhumation patterns of high-grade metamorphic rock. Results suggest that strengthening leads to strain rate partitioning around the zone and suppressed topographic uplift rates whereas weakening leads to strain rate partitioning into the zone and enhanced topographic uplift rates. Deformation kinematics recorded in the orogen are also affected by strengthening/weakening, with complete reversals in shear sense occurring as a function of strengthening/weakening without changes in plate boundary kinematics.

Kuroshio Intrusion and the Circulation in the South China Sea

The Princeton Ocean Model is used to study the circulation in the South China Sea (SCS) and its seasonal transition. Kuroshio enters ( leaves) the SCS through the southern ( northern) portion of the Luzon Strait. The annually averaged net volume flux through the Luzon Strait is similar to2 Sv into the SCS with seasonal reversals. The inflow season is from May to January with the maximum intrusion of Kuroshio water reaching the western SCS during fall in compensation of summertime surface offshore transport associated with coastal upwelling. From February to April the net transport reverses from the SCS to the Pacific. The intruded Kuroshio often forms an anticyclonic current loop west of the Luzon Strait. The current loop separates near the Dongsha Islands with the northward branch continuously feeding the South China Sea Warm Current (SCSWC) near the shelf break and the westward branch becoming the South China Sea Branch of Kuroshio on the slope, which is most apparent in the fall. The SCSWC appears from December to February on the seaward side of the shelf break, flowing eastward against the prevailing wind. Diagnosis shows that the onshore Ekman transport due to northeasterly monsoon generates upwelling when moving upslope, and the particular distributions of the density and sea level associated with the cross shelf motion supports the SCSWC.

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops

Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less affected by external shocks. We reconcile these two observations using a calibrated DSGE model that extends the financial accelerator framework developed in Bernanke, Gertler, and Gilchrist (1999). The model captures financial market institutional quality with creditors. ability to recover assets from bankrupt firms. Bankruptcy costs affect vulnerability to sudden stops directly but also indirectly by affecting the degree of liability dollarization. Simulations reveal an inverted U-shaped relationship between bankruptcy recovery rates and the output loss following sudden stops. We provide empirical evidence that this non-linear relationship exists.

(Table S1) Cation compositions of titanomaghemite in DSDP Hole 89-462A basalts

Cretaceous lava flows overlie Jurassic to Early Cretaceous oceanic crust in the Nauru Basin of the western equatorial Pacific, but their exact age and origin is controversial. In one model, they are generically related to volcanism forming the Ontong Java Plateau. However, paleomagnetic data from basalts recovered by ocean drilling in the Nauru Basin have been interpreted as recording numerous geomagnetic reversals, suggesting the Nauru Basin basalts are older than the Early Aptian flows on the Ontong Java Plateau, and the correlative volcanism seen in the western equatorial and southwestern Pacific Ocean basin. Here, we examine the magnetic fidelity of the Nauru Basin basalts through rock magnetic and paleomagnetic approaches. We find the magnetic carriers in the lavas are unlike most basaltic units recovered by oceanic drilling in that they are magnetically soft. This quality makes the rocks especially prone to the acquisition of secondary magnetic components induced during drilling. We demonstrate that the reversed polarity intervals are illusory, and instead record subtle changes in magnetic hardness that result in partial and complete overprinting by the magnetic field associated with the drill string (e.g., the core barrel, drill pipe and bit). The recognition of these magnetic overprints, the identification of only normal polarity in the Nauru Basin basalts, and a critical consideration of the available radiometric and biostratigraphic age data lead us to conclude that coeval formation of the Nauru Basin basalts and Ontong Java Plateau in Aptian times remains a viable hypothesis.

Distribution of abundance of planktic foraminifera and calcareous nannofossils at DSDP Sites 17-167 and 62-463

New paleomagnetic and paleontologic data from Pacific DSDP Sites 463 and 167 define the magnetic reversals that predate the Cretaceous Normal Polarity Superchron (K-N). Data from Mid-Pacific Mountain Site 463 provide the first definition of polarity chron M0 in the Pacific deep-sea sedimentary record. Foraminiferal biostratigraphy suggests that polarity chron M0 is contained entirely within the lower Aptian Hedbergella similis Zone, in agreement with foraminiferal data from the Italian Southern Alps and Atlantic Ocean. Nannofossil assemblages also suggest an early Aptian age for polarity chron M0, contrary to results from the Italian Umbrian Apennines and Southern Alps, which place polarity chron M0 on the Barremian-Aptian boundary. Biostratigraphic dating discrepancies caused by the time-transgressive, preservational, or provincial nature of paleontological species might be reconciled by the use of magnetostratigraphy, specifically polarity chron M0 which lies close to the Barremian-Aptian boundary. At Magellan Rise Site 167, five reversed polarity zones are recorded in Hauterivian to Aptian sediments. Correlation with M-anomalies is complicated by synsedimentary and postsedimentary sliding about 25 m.y. after basement formation, producing gaps in, and duplications of, the stratigraphic sequence. The magnitude and timing of such sliding must be addressed when evaluating the stratigraphy of these oceanic-rise environments.

(Table 1) Magnetozone boundaries at DSDP Site 68-502

Obtaining long, continuous, and undisturbed sections of unconsolidated Neogene deep sea sedimentary sections has been limited by (1) practical length of piston cores to about 30 meters and (2) disturbance of sediment by rotary drilling with Glomar Challenger. The relatively high deposition rates of late Neogene sediments in the North Atlantic and in the Caribbean in particular has limited penetration, with conventional piston coring, to sediments not much older than late Pliocene in the Atlantic and not even through the late Pleistocene in the Caribbean. Rotary drilling has penetrated much older sediments in both areas, but the cores suffered extensive drilling disturbance that seriously degrades the Paleomagnetism of the material. Utilization of the hydraulic piston corer on the Challenger combines the advantage of a generally undisturbed recovery and great penetration to produce long, relatively undisturbed sections of late Neogene and Quaternary sediments suitable for paleomagnetic studies. In this chapter we present paleomagnetic data from Site 502. We tried to determine relative azimuthal orientation of successive cores (see Introduction for details). Because the low latitude of the site meant a small (inclination of about 22°) vertical component of magnetization, reversals of magnetization could easily be detected only in changes in the horizontal component, as 180° shifts in the declination direction of magnetization. Based on information from the core orienting device, a fiducial line was drawn the length of each core prior to cutting it into the standard 1.5 meter sections.

A low-latitude Upper Pleistocene oxygen isotope stack

Below oxygen isotope stage 16, the orbitally derived time-scale developed by Shackleton et al. (1990) from ODP site 677 in the equatorial Pacific differs significantly from previous ones (e.g. Kominz and Pisias, 1979 doi:10.1126/science.204.4389.171; Morley and Hays, 1981 doi:10.1016/0012-821X(81)90034-0, Imbrie et al. 1984), yielding estimated ages for the last Earth magnetic reversals that are 5-7% older than the K/Ar values (Mankinen and Dalrymple, 1979 doi:10.1029/JB084iB02p00615; Berggren et al., 1985; Harland and Armstrong, 1989) but are in good agreement with recent Ar/Ar dating (Baksi et al., 1991; 1992 doi:10.1126/science.256.5055.356; Spell and McDougall, 1992 doi:10.1029/92GL01125). These results suggest that in the lower Brunhes and upper Matuyama chronozones most deep-sea climatic records retrieved so far apparently missed or misinterpreted several oscillations predicted by the astronomical theory of climate. To test this hypothesis, we studied a high-resolution oxygen isotope record from giant piston core MD900963 (Maldives area, tropical Indian Ocean) in which precession-related oscillations in delta18O are particularly well expressed, owing to the superimposition of a local salinity signal on the global ice volume signal (Rostek et al., 1993 doi:10.1038/364319a0). Three additional precession-related cycles are observed in oxygen isotope stages 17 and 18 of core MD900963, compared to the SPECMAP composite curves (Imbrie et al., 1984; Prell et al., 1986 doi:10.1029/PA001i002p00137), and stage 21 clearly presents three precession oscillations, as predicted by Shackleton et al. (1990). The precession peaks found in the delta18O record from core MD900963 are in excellent agreement with climatic oscillations predicted by the astronomical theory of climate. Our delta18O record therefore permits the development of an accurate astronomical time-scale. Based on our age model, the Brunhes-Matuyama reversal is dated at 775 +/- 10 ka, in good agreement with the age estimate of 780 ka obtained by Shackleton et al. (1990) and recent radiochronological Ar/Ar datings on lavas (Baksi et al., 1991; 1992; Spell and McDougall, 1992). We developed a new low-latitude, Upper Pleistocene delta18O reference record by stacking and tuning the delta18O records from core MD900963 and site 677 to orbital forcing functions.

Chemical, and Sr and Li isotopic composition of pore fluids and sediments from ODP Leg 170 and Leg 205 sites

Pore fluid and sediment chemical and isotopic data were obtained for samples from Ocean Drilling Program (ODP) Leg 205 Sites 1253, 1254, and 1255 in the Costa Rica subduction zone. The chemical and isotopic data reported here were generated in our shore-based laboratories to complement shipboard inorganic geochemical data. Li isotopic analyses were carried out by L.-H. Chan at Louisiana State University (USA). The data reported herein include fluoride, bromide, rubidium, cesium, and barium concentrations; Li and Sr isotopic compositions in pore fluids; and Rb, Cs, and Ba concentrations in representative bulk sediments. The data also include new pore fluid fluoride and bromide concentrations from corresponding ODP Leg 170 Sites 1039, 1040, and 1043. O.M. Saether's Site 1039 and 1040 fluoride concentration data are shown for comparison. Basal sediment fluoride concentrations and Li and Sr isotope ratios at both Sites 1253 and 1039 show reversals that approach modern seawater values. Br/Cl ratios are, however, conservative throughout the sediment section at Sites 1039 and 1253. The observed sharp F and Br concentration maxima, Rb and K concentration minima, the most radiogenic 87Sr/86Sr ratios, and highest 7Li values along the décollement and fracture zone (Sites 1040, 1043, 1254, and 1255) strengthen the evidence obtained during Leg 170 that a deeply sourced fluid, originating from fluid-rock reactions at ~150°C and corresponding to between 10 and 15 km depth, is transporting solutes to the ocean.