Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns: A comparative analysis using GARCH-M

This paper employs a Generalised Autoregressive Conditional Heteroskedasticity in Mean (GARCH-M) model to consider the effect of macroeconomic factors on Australian property returns over the period 1985 to 2002 Three direct (office, retail and industrial property) and two indirect (listed property trust and property stock) returns are included in the analysis, along with market returns, short, medium and long-term interest rates, expected and unexpected inflation, construction activity and industrial employment and production. In general, the macroeconomic factors examined are found to be significant risk factors in Australian commercial property returns. However, the results also indicate that forecast accuracy in these models is higher for direct office, listed property trust and property stock returns and that the persistence of volatility shocks varies across the different markets, with volatility half lives of between five and seven months for direct retail and industrial property, two and three months for direct office property and less than two months with both forms of indirect property investment

Liquid drop splashing on smooth, rough and textured surfaces

Splashing occurs when a liquid drop hits a dry solid surface at high velocity. This paper reports experimental studies of how the splash depends on the roughness and the texture of the surfaces as well as the viscosity of the liquid. For smooth surfaces, there is a "corona" splash caused by the presence of air surrounding the drop. There are several regimes that occur as the velocity and liquid viscosity are varied. There is also a "prompt" splash that depends on the roughness and texture of the surfaces. A measurement of the size distribution of the ejected droplets is sensitive to the surface roughness. For a textured surface in which pillars are arranged in a square lattice, experiment shows that the splashing has a four-fold symmetry. The splash occurs predominantly along the diagonal directions. In this geometry, two factors affect splashing the most: the pillar height and spacing between pillars.Comment: 9 pages, 11 figure

Large droplet impact on water layers

The impact of large droplets onto an otherwise undisturbed layer of water is considered. The work, which is motivated primarily with regard to aircraft icing, is to try and help understand the role of splashing on the formation of ice on a wing, in particular for large droplets where splash appears, to have a significant effect. Analytical and numerical approaches are used to investigate a single droplet impact onto a water layer. The flow for small times after impact is determined analytically, for both direct and oblique impacts. The impact is also examined numerically using the volume of fluid (VOF) method. At small times there are promising comparisons between the numerical results, the analytical solution and experimental work capturing the ejector sheet. At larger times there is qualitative agreement with experiments and related simulations. Various cases are considered, varying the droplet size to layer depth ratio, including surface roughness, droplet distortion and air effects. The amount of fluid splashed by such an impact is examined and is found to increase with droplet size and to be significantly influenced by surface roughness. The makeup of the splash is also considered, tracking the incoming fluid, and the splash is found to consist mostly of fluid originating in the layer

Irreversible Magnetization Deep in the Vortex-Liquid State of a 2D Superconductor at High Magnetic Fields

The remarkable phenomenon of weak magnetization hysteresis loops, observed recently deep in the vortex-liquid state of a nearly two-dimensional (2D) superconductor at low temperatures, is shown to reflect the existence of an unusual vortex-liquid state, consisting of collectively pinned crystallites of easily sliding vortex chains.Comment: 5 pages, 4 figure

Spall And Dynamic Yielding Of Aluminum And Aluminum Alloys At Strain Rates Of 3X10(6) S(-1)

We have explored the role that grain size, impurity particles and alloying in aluminum play in dynamic yielding and spall fracture at tensile strain rates of similar to 3x10(6) We achieved these strain rates shocking the aluminum specimens via laser ablation using the Z-Beamlet Laser at Sandia National Laboratories. The high purity aluminum and 1100 series aluminum alloy produced very different spall strengths and nearly the same yield strengths. In contrast, various grain-sized Al + 3 wt. % Mg specimens presented the lowest spall strength, but the greatest dynamic yield strength. Fracture morphology results and particle analysis are presented along with hydrodynamic simulations to put these results in context. Impurity particles appeared to play a vital role in spall fracture at these fast strain rates. Alloying elements such as Mg seem to be the dominant factor in the dynamic yield results.Mechanical Engineerin

Splash control of drop impacts with geometric targets

Drop impacts on solid and liquid surfaces exhibit complex dynamics due to the competition of inertial, viscous, and capillary forces. After impact, a liquid lamella develops and expands radially, and under certain conditions, the outer rim breaks up into an irregular arrangement of filaments and secondary droplets. We show experimentally that the lamella expansion and subsequent break up of the outer rim can be controlled by length scales that are of comparable dimension to the impacting drop diameter. Under identical impact parameters, ie. fluid properties and impact velocity, we observe unique splashing dynamics by varying the target cross-sectional geometry. These behaviors include: (i) geometrically-shaped lamellae and (ii) a transition in splashing stability, from regular to irregular splashing. We propose that regular splashes are controlled by the azimuthal perturbations imposed by the target cross-sectional geometry and that irregular splashes are governed by the fastest-growing unstable Plateau-Rayleigh mode

Drop Splashing on a Dry Smooth Surface

The corona splash due to the impact of a liquid drop on a smooth dry substrate is investigated with high speed photography. A striking phenomenon is observed: splashing can be completely suppressed by decreasing the pressure of the surrounding gas. The threshold pressure where a splash first occurs is measured as a function of the impact velocity and found to scale with the molecular weight of the gas and the viscosity of the liquid. Both experimental scaling relations support a model in which compressible effects in the gas are responsible for splashing in liquid solid impacts.Comment: 11 pages, 4 figure

Association of the CCR5 gene with juvenile idiopathic arthritis

The CC chemokine receptor 5 (CCR5) has been shown to be important in the recruitment of T-helper cells to the synovium, where they accumulate, drive the inflammatory process and the consequent synovitis and joint destruction. A 32 base-pair insertion/deletion variant (CCR5Δ32) within the gene leads to a frame shift and a nonfunctional receptor. CCR5Δ32 has been investigated for its association with juvenile idiopathic arthritis (JIA), with conflicting results. The aim of this study was to investigate whether CCR5Δ32 is associated with JIA in an UK population. CCR5Δ32 was genotyped in JIA cases (n=1054) and healthy controls (n=3129) and genotype and allele frequencies were compared. A meta-analysis of our study combined with previously published studies was performed. CCR5Δ32 was significantly associated with protection from developing JIA, in this UK data set (P(trend)=0.006, odds ratio (OR) 0.79 95% confidence interval (95% CI): 0.66-0.94). The meta-analysis of all published case-control association studies confirmed the protective association with JIA (P=0.001 OR 0.82 95% CI: 0.73-0.93). CCR5Δ32 is a functional variant determining the number of receptors on the surface of T cells, and it is hypothesized that the level of CCR5 expression could influence the migration of proinflammatory T cells into the synovium and thus susceptibility to JIA