Style analysis in real estate markets: beyond the sectors and regions dichotomy

While style analysis has been studied extensively in equity markets, applications of this valuable tool for measuring and benchmarking performance and risk in a real estate context are still relatively new. Most previous real estate studies on this topic have identified three investment categories (rather than styles): sectors, administrative regions and economic regions. However, the low explanatory power reveals the need to extend this analysis to other investment styles. We identify four main real estate investment styles and apply a multivariate model to randomly generated portfolios to test the significance of each style in explaining portfolio returns. Results show that significant alpha performance is significantly reduced when we account for the new investment styles, with small vs. big properties being the dominant one. Secondly, we find that the probability of obtaining alpha performance is dependent upon the actual exposure of funds to style factors. Finally we obtain that both alpha and systematic risk levels are linked to the actual characteristics of portfolios. Our overall results suggest that it would be beneficial for real estate fund managers to use these style factors to set benchmarks and to analyze portfolio returns.

Controlling for culture-specific response bias using ipsatization and response style indicators: Family orientation in seventeen cultures and two generations

Within-subject standardization (ipsatization) has been advocated as a possible means to control for culture-specific responding (e.g., Fisher, 2004). However, the consequences of different kinds of ipsatization procedures for the interpretation of mean differences remain unclear. The current study compared several ipsatization procedures with ANCOVA-style procedures using response style indicators for the construct of family orientation with data from 14 cultures and two generations from the Value-of-Children-(VOC)-Study (4135 dyads). Results showed that within-subject centering/standardizing across all Likert-scale items of the comprehensive VOC-questionnaire removed most of the original cross-cultural variation in family orientation and lead to a non-interpretable pattern of means in both generations. Within-subject centering/standardizing using a subset of 19 unrelated items lead to a decrease to about half of the original effect size and produced a theoretically meaningful pattern of means. A similar effect size and similar mean differences were obtained when using a measure of acquiescent responding based on the same set of items in an ANCOVA-style analysis. Additional models controlling for extremity and modesty performed worse, and combinations did not differ from the acquiescence-only model. The usefulness of different approaches to control for uniform response styles (scalar equivalence not given) in cross- cultural comparisons is discussed.

Deutsch als L4 für Muttersprachler des Persischen

Das Erkenntnisinteresse der vorliegenden Arbeit besteht darin, im Rahmen einer explorativ-interpretativen Querschnittstudie vertiefte Einblicke in den Sprachgebrauch von mehrsprachigen Deutschlernenden am Beispiel von Verb-Nomen Kollokationen zu gewinnen. Unter Berücksichtigung der in diesem Zusammenhang bisher nicht untersuchten Sprachenkonstellation L1 Persisch, L2 Englisch, L3 Arabisch und L4 Deutsch sollen die von den Lernenden angewendeten lexikalischen Transferstrategien erforscht werden. Der Untersuchungsgegenstand sind die soziokognitiven Löseprozesse der ProbandInnen bei der dyadischen Bearbeitung von Kollokationsaufgaben. Zur Identifizierung der Transferphänomene und der TL-Strategien (Target Language-Strategien) werden Gesprächs-protokolle ausgewählter Dyaden analysiert. Überdies werden zwecks Rekonstruktion und Interpretation der Löseprozesse stimulated recall-Interviews mit den ProbandInnen herangezogen, wodurch die Datensets miteinander trianguliert werden. Zudem wird ermittelt, inwieweit ausgewählte Faktoren (Psychotypologie, Kompetenz in der Zielsprache und Kompetenz in den zuvor gelernten Sprachen) den Transferprozess beeinflussen. Hierzu dienen die Erkenntnisse aus begleitend durchgeführten Leitfadeninterviews und Sprachstandstests (TOEFL- und Arabischtest). Ferner wird der Arbeitsstil der ProbandInnen bei der dyadischen Aufgabenbearbeitung anhand des Fragebogens Style Analysis Survey von Oxford (1995) bestimmt. An der Studie, die im Deutschen Sprachinstitut Teheran durchgeführt wurde, nahmen 14 iranische Deutschlernende auf dem Niveau B2.1 und C2.2 teil. Sie wurden aufgrund ihrer mittels eines Fragebogens erhobenen Sprachlernbiografien ausgewählt. Die Gesprächsprotokolle der Dyadenarbeit und die Interviews wurden vollständig transkribiert bzw. transliteriert und anschließend qualitativ-interpretativ ausgewertet. Um ihre Wissenslücken bei der Bearbeitung der Kollokationsaufgaben zu kompensieren, setzten die ProbandInnen verschiedene inter- und intralinguale Strategien ein. Dabei ist der L1 Persisch und der L4 Deutsch insgesamt der größte Einfluss beizumessen. Diesbezüglich wird deutlich, dass zwischen Sprachniveau und Transferverhalten der Lernenden ein Zusammenhang besteht, insofern als fortgeschrittene Lernende stärker zu intralingualem Transfer neigen. Zudem lässt sich festhalten, dass ein Zusammenhang zwischen der empfundenen psychotypologischen Distanz und der Rolle der Muttersprache besteht, d.h. bei als größer empfundener psychotypologischer Distanz zwischen Persisch und Deutsch wird seltener aus dem Persischen transferiert. Überdies ist festzustellen, dass die L2 Englisch zwar gelegentlich mitaktiviert wird, jedoch nur eine untergeordnete Rolle spielt. Ein Einfluss der L3 Arabisch kann aus verschiedenen Gründen (u.a. geringes Niveau und mangelnder Gebrauch dieser Sprache) nicht festgestellt werden. Die vorliegende Arbeit versteht sich als ein Plädoyer für die Relevanz der Schulung von Kollokationen im Fremdsprachenunterricht, da die produktive Kollokationskompetenz der ProbandInnen auch auf einem hohen Niveau gravierende Defizite aufweist.

Emotional well-being and adjustment to vision loss in later life: a meta-synthesis of qualitative studies.

Purpose: To review perceived emotional well-being in older people with visual impairment and perceived factors that inhibit/facilitate psychosocial adjustment to vision loss. Method: The databases of MEDLINE, EMBASE, PsycINFO and CINAHL were searched for studies published from January 1980 to December 2010, which recruited older people with irreversible vision loss, and used qualitative methods for both data collection and analysis. Results sections of the papers were synthesised using a thematic-style analysis to identify the emergent and dominant themes. Results: Seventeen qualitative papers were included in the review, and five main themes emerged from the synthesis: 1) the trauma of an ophthalmic diagnosis, 2) impact of vision loss on daily life, 3) negative impact of visual impairment on psychosocial well-being, 4) factors that inhibit social well-being, and 5) factors that facilitate psychological well-being. We found the response shift model useful for explaining our synthesis. Conclusions: Acquired visual impairment can have a significant impact on older people's well-being and make psychosocial adjustment to the condition a major challenge. Acceptance of the condition and a positive attitude facilitate successful psychosocial adjustment to vision loss as well as social support from family, friends and peers who have successfully adjusted to the condition. [Box: see text].

Real estate mutual funds: herding, momentum-trading and performance

This study jointly examines herding, momentum trading and performance in real estate mutual funds (REMFs). We do this using trading and performance data for 159 REMFs across the period 1998–2008. In support of the view that Real Estate Investment Trust (REIT) stocks are relatively more transparent, we find that stock herding by REMFs is lower in REIT stocks than other stock. Herding behavior in our data reveals a tendency for managers to sell winners, reflective of the “disposition effect.” We find low overall levels of REMF momentum trading, but further evidence of the disposition effect when momentum trading is segregated into buy–sell dimensions. We test the robustness of our analysis using style analysis, and by reference to the level of fund dividend distribution. Our results for this are consistent with our conjecture about the role of transparency in herding, but they provide no new insights in relation to the momentum-trading dimensions of our analysis. Summarizing what are complex interrelationships, we find that neither herding nor momentum trading are demonstrably superior investment strategies for REMFs.

Estilo e agrupamento de fundos : um estudo aplicado aos fundos multimercados brasileiros

Uma classificação adequada de fundos é importante para que o investidor possa organizar a informação disponível de tal modo que possa tomar decisões de aplicação de seus recursos de forma eficiente. No Brasil, existem dois sistemas de classificação amplamente utilizados, o CVM e o ANBIMA, porem ambos possuem categorias com fronteiras subjetivas, isto é, possuem um elevado grau de arbitrariedade na definição de suas categorias, este fato prejudica uma alocação eficiente por parte do investidor. Fundos multimercado são fundos que possuem política de investimento que envolvem vários fatores de risco sem concentração em nenhum fator especial, diferentemente das outras classes de fundos do mercado brasileiro. Sob este aspecto, uma categorização adequada dos fundos multimercados traria inúmeros benefícios tais como a redução do custo de análise, a maior facilidade no processo de tomada de decisão de investimento, uma diversificação mais eficiente, clareza na comparação de desempenho e o melhor entendimento dos riscos incorridos dentre outros benefícios. O presente trabalho tem como objetivo, utilizando-se da já consagrada técnica de análise de estilo de Sharpe (1992), decompor a exposição de cada fundo em seus principais fatores de risco, após isto, utilizar-se da análise de cluster para agrupar os fundos de forma coerente a suas exposições, tentando assim fazer um classificação mais eficiente; isto seria um contraponto a classificação mais utilizada pelo mercado brasileiro, a classificação Anbima, que se baseia no regulamento do fundo, isto é, no que o fundo “pode” investir, e não no que o fundo efetivamente investe.

Análise do alongamento das carteiras dos fundos de previdência complementar aberta

O objetivo deste estudo é analisar as durações das carteiras de renda fixa dos fundos previdenciários, que são paradoxalmente curtas em relação aos objetivos de longo prazo inerentes à previdência, e os eventuais efeitos dos incentivos de permanência existentes nos planos coletivos instituídos, como o custeio do instituidor e regras de desligamento – vesting – no alongamento dessas carteiras. Como forma de sobrepujar as dificuldades da observação direta dos prazos de alongamento das carteiras dos fundos analisados, foi proposto um índice de alongamento calcado na Análise de Estilo Baseada nos Retornos desenvolvida por SHARPE (1992) empregando-se as componentes principais dos Índices de Duração Constante da Anbima (IDkA) para a avaliação da sensibilidade dos retornos mensais dos fundos analisados às curvas de juros real e nominal. Os resultados obtidos não mostram evidências de que os fundos que recebem recursos exclusivamente de planos instituídos apresentem duração maior do que daqueles que recebem recursos de planos individuais e coletivos averbados. Por outro lado, os fundos classificados como “Previdência Data Alvo” pela Anbima destacam-se por apresentar índices de alongamento maiores frente à média dos fundos classificados como “Previdência Renda Fixa” ou “Previdência Balanceado” e correlação positiva entre seus índices de alongamento e Ano Alvo do fundo, o que sugere que políticas que trabalhem o conjunto de informação dos agentes, investidores e gestores, são capazes de modificar a alocação dos investimentos. Basta informação para melhorar a alocação.

Polymorphic toxin systems: Comprehensive characterization of trafficking modes, processing, mechanisms of action, immunity and ecology using comparative genomics

Background: Proteinaceous toxins are observed across all levels of inter-organismal and intra-genomic conflicts. These include recently discovered prokaryotic polymorphic toxin systems implicated in intra-specific conflicts. They are characterized by a remarkable diversity of C-terminal toxin domains generated by recombination with standalone toxin-coding cassettes. Prior analysis revealed a striking diversity of nuclease and deaminase domains among the toxin modules. We systematically investigated polymorphic toxin systems using comparative genomics, sequence and structure analysis. Results: Polymorphic toxin systems are distributed across all major bacterial lineages and are delivered by at least eight distinct secretory systems. In addition to type-II, these include type-V, VI, VII (ESX), and the poorly characterized "Photorhabdus virulence cassettes (PVC)", PrsW-dependent and MuF phage-capsid-like systems. We present evidence that trafficking of these toxins is often accompanied by autoproteolytic processing catalyzed by HINT, ZU5, PrsW, caspase-like, papain-like, and a novel metallopeptidase associated with the PVC system. We identified over 150 distinct toxin domains in these systems. These span an extraordinary catalytic spectrum to include 23 distinct clades of peptidases, numerous previously unrecognized versions of nucleases and deaminases, ADP-ribosyltransferases, ADP ribosyl cyclases, RelA/SpoT-like nucleotidyltransferases, glycosyltranferases and other enzymes predicted to modify lipids and carbohydrates, and a pore-forming toxin domain. Several of these toxin domains are shared with host-directed effectors of pathogenic bacteria. Over 90 families of immunity proteins might neutralize anywhere between a single to at least 27 distinct types of toxin domains. In some organisms multiple tandem immunity genes or immunity protein domains are organized into polyimmunity loci or polyimmunity proteins. Gene-neighborhood-analysis of polymorphic toxin systems predicts the presence of novel trafficking-related components, and also the organizational logic that allows toxin diversification through recombination. Domain architecture and protein-length analysis revealed that these toxins might be deployed as secreted factors, through directed injection, or via inter-cellular contact facilitated by filamentous structures formed by RHS/YD, filamentous hemagglutinin and other repeats. Phyletic pattern and life-style analysis indicate that polymorphic toxins and polyimmunity loci participate in cooperative behavior and facultative 'cheating' in several ecosystems such as the human oral cavity and soil. Multiple domains from these systems have also been repeatedly transferred to eukaryotes and their viruses, such as the nucleo-cytoplasmic large DNA viruses. Conclusions: Along with a comprehensive inventory of toxins and immunity proteins, we present several testable predictions regarding active sites and catalytic mechanisms of toxins, their processing and trafficking and their role in intra-specific and inter-specific interactions between bacteria. These systems provide insights regarding the emergence of key systems at different points in eukaryotic evolution, such as ADP ribosylation, interaction of myosin VI with cargo proteins, mediation of apoptosis, hyphal heteroincompatibility, hedgehog signaling, arthropod toxins, cell-cell interaction molecules like teneurins and different signaling messengers.

Jan Steen and The doctor’s visit: Classical Tradition in Golden Age Dutch painting (1st Part)

First one of a two-part analysis on the influence of the Classical Tradition on a favourite theme along the Dutch painters of the Golden Age, The doctor’s visit or The lovesick maiden, especially in the Leiden artist’s production, Jan Steen (1626-1679).

Analysis of the Nicotiana tabacum Stigma/Style Transcriptome Reveals Gene Expression Differences between Wet and Dry Stigma Species

The success of plant reproduction depends on pollen-pistil interactions occurring at the stigma/style. These interactions vary depending on the stigma type: wet or dry. Tobacco (Nicotiana tabacum) represents a model of wet stigma, and its stigmas/styles express genes to accomplish the appropriate functions. For a large-scale study of gene expression during tobacco pistil development and preparation for pollination, we generated 11,216 high-quality expressed sequence tags (ESTs) from stigmas/styles and created the TOBEST database. These ESTs were assembled in 6,177 clusters, from which 52.1% are pistil transcripts/genes of unknown function. The 21 clusters with the highest number of ESTs (putative higher expression levels) correspond to genes associated with defense mechanisms or pollen-pistil interactions. The database analysis unraveled tobacco sequences homologous to the Arabidopsis (Arabidopsis thaliana) genes involved in specifying pistil identity or determining normal pistil morphology and function. Additionally, 782 independent clusters were examined by macroarray, revealing 46 stigma/style preferentially expressed genes. Real-time reverse transcription-polymerase chain reaction experiments validated the pistil-preferential expression for nine out of 10 genes tested. A search for these 46 genes in the Arabidopsis pistil data sets demonstrated that only 11 sequences, with putative equivalent molecular functions, are expressed in this dry stigma species. The reverse search for the Arabidopsis pistil genes in the TOBEST exposed a partial overlap between these dry and wet stigma transcriptomes. The TOBEST represents the most extensive survey of gene expression in the stigmas/styles of wet stigma plants, and our results indicate that wet and dry stigmas/styles express common as well as distinct genes in preparation for the pollination process.

Relative influence of age, resting heart rate and sedentary life style in short-term analysis of heart rate variability

In order to assess the relative influence of age, resting heart rate (HR) and sedentary life style, heart rate variability (HRV) was studied in two different groups. The young group (YG) consisted of 9 sedentary subjects aged 15 to 20 years (YG-S) and of 9 nonsedentary volunteers (YG-NS) also aged 15 to 20. The elderly sedentary group (ESG) consisted of 16 sedentary subjects aged 39 to 82 years. HRV was assessed using a short-term procedure (5 min). R-R variability was calculated in the time-domain by means of the root mean square successive differences. Frequency-domain HRV was evaluated by power spectrum analysis considering high frequency and low frequency bands. In the YG the effort tolerance was ranked in a bicycle stress test. HR was similar for both groups while ESG showed a reduced HRV compared with YG. Within each group, HRV displayed a negative correlation with HR. Although YG-NS had better effort tolerance than YG-S, their HR and HRV were not significantly different. We conclude that HRV is reduced with increasing HR or age, regardless of life style. The results obtained in our short-term study agree with others of longer duration by showing that age and HR are the main determinants of HRV. Our results do not support the idea that changes in HRV are related to regular physical activity.