Digital Marketing

Little is known about the performance and possible diversification benefits from real estate investments in emerging capital markets. During the period examined, property indices experienced relatively high total risk and low returns, but only a few of these indices underperformed on a riskadjusted basis. Real estate investments offered diversification opportunities to equity market investors in emerging markets as well as to real estate and equity market investors in developed markets. Policymakers should recognize that there is a tradeoff between potential benefits from keeping capital in their domestic markets versus reductions in diversification benefits available to domestic investors.

We examine the robustness of size and book-to-market effects in 35 emerging equity markets during 1985᎐2000. Mean returns for high book-to-market firms significantly exceed mean returns for low book-to-market firms. These findings are robust to tests that control for size effects and that remove extreme returns. Similarly, mean returns for small firms exceed mean returns for large firms. But, the firm size results lack robustness to the removal of extreme returns. Moreover, significant size effects are found in tests that define firm size relative to the local market average, but generally are not found in tests that use absolute firm size. Our findings are confirmed by cross-sectional regressions that control for systematic risk at the global and local levels.

Silty loams of the rolling Pampa of Argentina are affected by different soil degradation levels. It is still poorly understood how soil degradation affects the regeneration of a desirable topsoil structure in pampean silty loams. A greenhouse pot experiment was carried out to evaluate changes in soil aggregation after 4 and 12 months exposure to varying: (i) soil management regimes: pasture, conventional tillage (CT) and eroded conventional tillage (CTer); (ii) water regimes: constant field capacity (FC) and wetting-drying cycles (W/D); and (iii) vegetation: sterilized and ryegrass. After 4 months (October-January), the size of aggregates measured by their mean weight diameter (MWD) after dry sieving, varied from 1.78 to 3.54 mm. This was significantly increased by soil degradation level (pasture < CT < CTer), FC, and ryegrass. The stability of these aggregates, measured by their MWD after wet sieving, varied from 0.75 to 5.09 mm. This was mainly due to highly significant (P < 0.001) ''vegetation  water regime'' interactions. Soil W/D cycles increased aggregate stability in ryegrass pots, but decreased stability in sterilized pots. In FC pots, wet MWD was similar in sterilized and ryegrass pots. This shows the prevalence of abiotic mechanisms of cohesion development under a constant water regime. Results after 12 months of experiments differed little from those found after 4 months. The exception was soil wet MWD in sterilized pots under W/D cycles, which increased significantly from 4 to 12 months. In the studied silty loam, soil aggregation was maximized after 4 months in ryegrass pots under W/D cycles. Soil degradation level caused only minor effects on aggregate stability.

The task of classifying and constructing all maximal Abelian subalgebras of su(p, y) (p > y > 1) is reduced to that of classifying orthogonally indecomposable MASAs. These are either maximal Abelian nilpotent subalgebras (represented by nilpotent matrices in any finite-dimensional representation), or for p = q they can be (nonorthogonally) decomposable and their study can be reduced to a construction of MANSs of sl(p, C). Two types of MANSs of su(p, y) are shown to exist ("one-rowed" and "non-one-rowed"). Numerous classification theorems are proven and applied to obtain all MASAs of su(p, I), su(p,2), and su(p, q) with p + 9 Q 6. Physical applications are discussed. I. *Ce rapport a Ct6 publie en partie g&e B one subvention du Fonds FCAR pour l'aide et le soutien a la recherche.

We examine factors underlying differences in CREF performance using a sample of 65 CREFs during 1985-2002. More than half of the individual CREFs underperformed the employed benchmark. However, portfolios of CREFs performed well in both up and down markets, smaller CREFs outperformed larger CREFs, and top performing CREFs continued to outperform. Differential CREF performance appears to be attributable to property selection, rather than allocation across real estate sectors. Liquidityconstrained CREFs exhibited lower risk. CREFs with large benchmark tracking error experienced inferior performance. These findings indicate important cross-sectional differences among CREFs and diversification opportunities for pensions employing multiple CREF investment strategies. Differentiating CREF Performance Introduction Real estate represents an important component of pension fund assets. 1 A substantial amount of institutionally managed pension real estate assets are invested via commingled real estate funds (CREFs). However, surprisingly little is known about the factors underlying differences in CREF performance. Early research focuses on CREF diversification potential and performance. 2 For example, Brueggeman, Chen, and Thibodeau (1984) examine the diversification benefits from adding two CREFs to a portfolio of stocks and bonds. Hartzell, Hekman, and Miles (1986) use data for a single institutionally managed real estate fund to examine diversification within the real estate sector. Myer and Webb (1993) and Myer, Webb and He (1997) examine risk-adjusted CREF performance. 3 We extend prior literature by examining factors underlying differences in CREF performance using a sample of 65 CREFs during 1985-2002. 4 Initial results for individual CFEFs show most of the funds underperformed the National Council of Real Estate Investment Fiduciaries National Property Index (NPI) during 1985-2002, after adjusting for risk measured by standard deviation. Reported performance improves when using returns below the mean, or downside risk, rather than total risk. Further, we find that most of the CREFs outperformed the NPI when computing Jensen alphas that adjust for the CREF's risk relative to the NPI. We group CREFs into portfolios and analyze risk-adjusted performance differences based on asset size, varying market condition, prior year performance, liquidity constraints, sector allocation, property selection, and benchmark tracking error. We find that the portfolios performed well against the NPI. CREF portfolios performed well in both up and down markets, smaller CREFs outperform larger CREFs, and top performing CREFs continue to outperform.

Event studies have been used to examine the direction, magnitude, and speed of security price reactions to various phenomenon. Concerns over the lack of normality in stock return distributions motivated the introduction of nonparametric test statistics in the event study literature. A parametric procedure (OLS), however, has been extensively employed in the estimation of parameters for the market model. This

We present an Overlapping Generations Model with two final goods: tradable goods are produced with a standard Cobb-Douglas production function and non-tradable goods are produced with linear production function where the only factor is labor. We maintain the fundamental assumption of factor mobility between sectors so model is consistent with the Balassa-Samuelson hypothesis. Given the general equilibrium structure of our model we can examine the effect of the saving rate on migration and non-tradable relative prices. Under this setting, we find that the elderly have incentives to migrate from economies where productivity is high to economies with low productivity because of the lower cost of living. In more general terms the elderly migration is likely to go from rich to poor countries. We also find that, for poor countries, the elderly migration has a positive effect in wages and capital accumulation.

The land-value surface in suburban Washington, D.C., changed dramatically over the decade of the 1980s. This article explains these changes in terms of the decentralization of jobs versus socioeconomic trends. Contemporaneous correlation among selected variables needs to be controlled with reduced forms and SES techniques. But all explanatory variables except distance from some unchanged point are determined simultaneously. Predetermined variables control for this double-endogeneity issue. Land values in 1990 have a U-shape with respect to distance from the U.S. Capitol Building after controlling for other variables. The data indicate that this is the result of demographic changes rather than the development of suburban employment nodes: polycentric SUE theory is rejected. Land values are an increasing function of lagged land values, a decreasing function of work at home. Moreover, work at home is attracted by low structural density and high socioeconomic status as well as low land values. This supports the argument that demographics and technological innovations have shaped the land-value surface; baby boomers are seeking low-density housing for work and family life.

En este artículo se introducen los salarios de eficiencia como microfundamento para explicar la existencia de desempleo involuntario permanente y la rigidez de los salarios a la baja. Los salarios de efciencia se incorporan en un modelo de crecimiento económico de generaciones traslapadas, en el cual se puede alcanzar un equilibrio de largo plazo en el que existe desempleo involuntario

carme fernández pérez-sanjulián, mª antonia pérez rodríguez, eduardo rodríguez lópez y ánxeles saavedra places «Recursos para a clasificación da produción editorial na Galiza durante a etapa franquista: deseño e alimentación da base de datos» Humanidades Digitales: desafíos, logros y perspectivas de futuro. Janus, Anexo 1 (2014), pp. 161-174 Recursos para a clasificación da produción editorial na Galiza durante a etapa franquista: deseño e alimentación da base de datos 1 carme fernández pérez-sanjulián mª antonia pérez rodríguez eduardo rodríguez lópez ánxeles saavedra places

Drought hotspot identification requires continuous drought monitoring and spatial risk assessment. The present study analyzed drought events in the agriculture-dominated Mid-Mahanadi River Basin in Odisha, India, using crop water stress as a drought indicator. This drought index incorporated different factors that affect crop water deficit such as the cropping pattern, soil characteristics, and surface soil moisture. The drought monitoring framework utilized a relevance vector machine (RVM) model-based classification, that provided the uncertainty associated with drought categorization. Using the proposed framework, drought hotspots are identified in the study region, and compared with indices based on precipitation and soil moisture. Further, a bivariate copula is employed to model the agricultural drought characteristics and develop the drought severity-duration-frequency (S-D-F) relationships. The drought hotspot maps and S-D-F curves are developed for different locations in the region. These provided useful information on the site-specific drought patterns and the characteristics of the devastating droughts of 2002 and 2012, characterized by an average drought duration of 7 months at several locations. The site-specific risk of short-and longterm agricultural droughts are then investigated using the conditional copula. The results suggest that the conditional return periods and the S-D-F curves are valuable tools to assess the spatial variability of drought risk in the region.

temporal analysis of soil moisture based on 41,832 in-situ measurements at watershed scale (500 km 2) 2. Soil moisture measurements at few locations are sufficient for estimation of watershed-mean soil moisture 3. Significant physical parameters that jointly control the spatio-temporal variability of soil moisture are soil properties and topography

Agriculture is the major contributor and victim of nonpoint source (NPS) pollution. Quantification and control of NPS pollutants both at localized and regional scale is of paramount importance to minimize health hazards. The existing models can hardly simulate the surface transport and leaching of NPS pollutants precisely. Keeping these facts in mind, the reported study has a major goal of developing an integrated approach to determine the fate and balance of major agrichemicals and to develop a Decision Support System (DSS) using the results of laboratory, lysimetric, and field studies. The cutoff limit of agrichemical not causing soil and water pollutions was determined through watershed scale study and optimization technique. Lysimetric leaching study revealed that irrigation scheduling based on 10% maximum allowable depletion (MAD) of available soil water (ASW) results in more leaching losses of nutrients than that based on 40% and 60% MAD of ASW. Controlled field experiments re...

The major objective of this study was to analyze the trend and variability of rainfall in the middle Mahandi river basin located in eastern India. The trend of variation of extreme rainfall events has predominant effect on agricultural water management and extreme hydrological events such as floods and droughts. Mahanadi river basin is one of the major river basins of India having an area of 1,41,589 km&lt;sup&gt;2&lt;/sup&gt; and divided into three regions: Upper, middle and delta region. The middle region of Mahanadi river basin has an area of 48,700 km&lt;sup&gt;2&lt;/sup&gt; and it is mostly dominated by agricultural land, where agriculture is mostly rainfed. The study region has five Agro-climatic zones namely: East and South Eastern Coastal Plain, North Eastern Ghat, Western Undulating Zone, Western Central Table Land and Mid Central Table Land, which were numbered as zones 1 to 5 respectively for convenience in reporting. In the present study, analysis of variability and tren...

continued a series of events covering topics related to bioinformatics, biocomputational systems and biotechnologies. Bioinformatics deals with the system-level study of complex interactions in biosystems providing a quantitative systemic approach to understand them and appropriate tool support and concepts to model them. Understanding and modeling biosystems requires simulation of biological behaviors and functions. Bioinformatics itself constitutes a vast area of research and specialization, as many classical domains such as databases, modeling, and regular expressions are used to represent, store, retrieve and process a huge volume of knowledge. There are aspects concerning biocomputation technologies, bioinformatics mechanisms dealing with chemoinformatics, bioimaging, and neuroinformatics. Biotechnology is defined as the industrial use of living organisms or biological techniques developed through basic research. Bio-oriented technologies became very popular in various research topics and industrial market segments. Current human mechanisms seem to offer significant ways for improving theories, algorithms, technologies, products and systems. The focus is driven by fundamentals in approaching and applying biotechnologies in terms of engineering methods, special electronics, and special materials and systems. Borrowing simplicity and performance from the real life, biodevices cover a large spectrum of areas, from sensors, chips, and biometry to computing. One of the chief domains is represented by the biomedical biotechnologies, from instrumentation to monitoring, from simple sensors to integrated systems, including image processing and visualization systems. As the state-of-the art in all the domains enumerated in the conference topics evolve with high velocity, new biotechnologes and biosystems become available. Their rapid integration in the real life becomes a challenge. Brain-computing, biocomputing, and computation biology and microbiology represent advanced methodologies and mechanisms in approaching and understanding the challenging behavior of life mechanisms. Using bio-ontologies, biosemantics and special processing concepts, progress was achieved in dealing with genomics, biopharmaceutical and molecular intelligence, in the biology and microbiology domains. The area brings a rich spectrum of informatics paradigms, such as epidemic models, pattern classification, graph theory, or stochastic models, to support special biocomputing applications in biomedical, genetics, molecular and cellular biology and microbiology. While progress is achieved with a high speed, challenges must be overcome for large-scale bio-subsystems, special genomics cases, bionanotechnologies, drugs, or microbial propagation and immunity. The conference had the following tracks:  Microbiology  Bioinformatics  Bio-medical technologies The conference also featured the following symposium: • BIOCOMPUTATION 2015, The International Symposium on Big Data and BioComputation We take here the opportunity to warmly thank all the members of the BIOTECHNO 2015 technical program committee, as well as the numerous reviewers. The creation of such a high quality conference program would not have been possible without their involvement. We also kindly thank all the authors that dedicated much of their time and effort to contribute to BIOTECHNO 2015. We truly believe that, thanks to all these efforts, the final conference program consisted of top quality contributions. Also, this event could not have been a reality without the support of many individuals, organizations and sponsors. We also gratefully thank the members of the BIOTECHNO 2015 organizing committee for their help in handling the logistics and for their work that made this professional meeting a success. We hope BIOTECHNO 2015 was a successful international forum for the exchange of ideas and results between academia and industry and to promote further progress in the area of bioinformatics, biocomputational systems and biotechnologies. We also hope that Rome, Italy provided a pleasant environment during the conference and everyone saved some time to enjoy the historic beauty of the city.