This paper attempts to investigate the spatial spillover effects of urban landscape views and the accessibility to amenities on the property price in CBD of Guangzhou city via spatial econometric ...analysis. The paper overcomes the shortcomings of the previous studies by employing an improved spatial weight matrix and providing a series of reasonable spatial model selection procedures. In addition to investigating the direct and indirect (spillover) effects, this study further explores the partitioning of direct and indirect effects, and finds out the impacts of the neighboring characteristics from close distance (immediate neighbors) to the far away distance on property price.
Its key finding suggests that people in CBD are willing to pay an extra premium for enjoying a better environment. It provides useful message to urban planners and developers that new properties can be built in the neighborhood of parks, enabling potential investors to have a park view.
•This paper attempts to investigate the spatial spillover effects of urban landscape views and the accessibility to amenities on the property price in CBD of Guangzhou city via spatial econometric analysis.•The paper employs an improved spatial weight matrix and provides spatial model selection procedures.•This paper further explores the partitioning direct and indirect effects, to find out the impacts of the neighboring characteristics from close distance (immediate neighbors) to the far away distance on property price.•This paper suggests that people in CBD are willing to pay an extra premium for enjoying better environment. It provides useful message to urban planners and developers that new properties can be built in the neighborhood of parks, enabling potential investors to have access to park view.
Recent literature has widely discussed how housing price is linked to consumption and tenure choices, while tended to ignore that consumption and tenure choices are inter-correlated. This study ...employs the simultaneous equation model to explore how the housing purchase intention affects the non-housing consumption, considering the role of housing market sentiment. The result shows, on average, the housing purchase intention is associated with higher non-housing consumption, and a higher sentiment magnifies this positive relationship. Housing price level and growth decrease the household's enthusiasm of purchasing a new house, while sentiment is positively related to the housing purchase intention. Renters' behavior is less likely be affected by sentiment. In addition, the heterogeneous analysis indicates that households face a trade-off between housing and certain kinds of commodities. This study has some significant, practical implications on optimizing households' wealth allocation, implementing housing policy and improving the social welfare.
Abstract
Urban landscapes are important factors that affect housing prices, and significant differences between landscape preferences of various homebuyers may be observed because of the different ...reasons for purchasing a house (consumption or investment). However, the hedonic price model widely applied in most existing studies only captures the average effects of landscapes as a whole sample, and may ignore the heterogeneity of landscape preferences. To fill this gap, this study constructed hedonic price models and quantile regression models with the housing data in Guangzhou, China from 2013 to 2016 and analyzed the landscape preferences of buyers with different purchase motivations. Empirical results showed that the landscape preferences of buyers were different in housing submarkets. The implicit value of landscapes was greater in consumption demand than in investment demand, whereas investment buyers were more vulnerable to the disamenity effect of unattractive landscapes. In addition, the quantile effect of landscapes was identified, in which the buyers of high-priced housing will pay more for high-quality landscapes. This study revealed the diversified housing demands and landscape preferences of homebuyers, which is important for urban planning and project development.
Abstract
An improved real option pricing model that incorporates the depreciation effect for two-stage redevelopment projects will be demonstrated to estimate the redevelopment project values in a ...wide range of scenarios. Based on a stochastic differential equation, numerical analyses will focus on new factors that influence the expected exercise time, that is, depreciation rate, the annual increase in average building age, building age of the targeted property, and the average building ages in the same region. The depreciation rate is the most influential factor in this model. More importantly, this study will summarize three exercise strategies that cover all combination of the parameters. In some cases, with a low capital return rate, or high depreciation rate, or both, the traditional simultaneous exercise strategy based on the optimal demolition price-to-cost ratio is not feasible. Instead, either a sequential exercise or simultaneous exercise that is based on the optimal rebuilding price-to-cost ratio is the best choice. Detailed procedures on how to adopt the best strategy will be demonstrated. The acquisition price of the old property proved to be sensitive to the depreciation rate and the capital return rate within a certain range. To apply this model properly, the feasible time interval for the traditional simultaneous exercise strategy and the depreciation rate should be estimated accurately.
Summary
Current methods to assess the airway before tracheal intubation are variable in their ability to predict a difficult airway accurately. We hypothesised that sublingual ultrasound could ...provide additional information to predict a difficult airway with greater success than current methods. We recruited 110 patients to perform sublingual ultrasound on themselves following brief instruction. Ability to view the hyoid bone on sublingual ultrasound, mouth opening distance, thyromental distance, neck mobility, size of mandible and modified Mallampati classification were recorded and assessed for ability to predict a difficult intubation based on the grade of laryngoscope. Visibility of the hyoid using ultrasound was associated with a laryngoscopic grade of 1–2 (p < 0.0001), and (p < 0.0001) had a positive likelihood ratio of 21.6 and a negative likelihood ratio of 0.28. Each of the other methods had considerably lower positive likelihood ratios and lower sensitivity. Our results suggest that sublingual ultrasound is a potential tool for predicting a difficult airway in addition to conventional methods.
A recent phase 1 trial of the fatty acid amide hydrolase (FAAH) inhibitor BIA 10-2474 led to the death of one volunteer and produced mild-to-severe neurological symptoms in four others. Although the ...cause of the clinical neurotoxicity is unknown, it has been postulated, given the clinical safety profile of other tested FAAH inhibitors, that off-target activities of BIA 10-2474 may have played a role. Here we use activity-based proteomic methods to determine the protein interaction landscape of BIA 10-2474 in human cells and tissues. This analysis revealed that the drug inhibits several lipases that are not targeted by PF04457845, a highly selective and clinically tested FAAH inhibitor. BIA 10-2474, but not PF04457845, produced substantial alterations in lipid networks in human cortical neurons, suggesting that promiscuous lipase inhibitors have the potential to cause metabolic dysregulation in the nervous system.
Quantitative measurement of plasma Epstein–Barr virus (EBV) DNA by real-time PCR at the end of primary treatment is a robust prognostic marker for nasopharyngeal carcinoma (NPC) patients. However, up ...to 40% of patients who would later develop disease recurrence had undetectable post-treatment plasma EBV DNA. Targeted sequencing for the entire EBV genome potentially allows a more comprehensive and unbiased detection of plasma EBV DNA and enables the use of other parameters such as fragment size as biomarkers. Hence, we explored if plasma EBV DNA sequencing might allow more accurate prognostication of NPC patients.
Plasma samples collected from 769 patients with stage IIB-IVB NPC at 6-8 weeks after radiotherapy were analysed using targeted sequencing for EBV DNA.
The sensitivities of the PCR-based analysis, at a cut-off of any detectable levels of plasma EBV DNA, for prediction of local and distant recurrences were 42.3% and 85.3%, respectively. The sequencing-based analysis (involving quantitation and size profiling) achieved better performance for both local and distant recurrences than PCR. Using a cut-off of the proportion of plasma EBV DNA deduced by sequencing at 0.01%, the sensitivities of the sequencing-based analysis for local and distant recurrences were 88.5% and 97.1%, with the resultant negative predictive values of 99.1% and 99.4%, respectively. Among patients with undetectable EBV DNA on quantitative PCR, sequencing could further define a subgroup that enjoyed superior survival outcomes based on the proportion of plasma EBV DNA, with a 5-year progression-free survival (PFS) approaching 90%. On multivariate analysis, sequencing-based quantitative level of plasma EBV DNA was the independent prognostic factor with the highest hazard ratio for prediction of overall survival and PFS.
NPC prognostication using post-treatment plasma EBV DNA could be enhanced through sequencing.
•PCR-based analysis of plasma EBV DNA has limited sensitivity in predicting recurrences of NPC.•Sequencing analysis of post-treatment plasma EBV DNA improves the sensitivity for both local and distant relapses of NPC.•Sequencing analysis of post-treatment plasma EBV DNA could better stratify the mortality risk of NPC patients than PCR.
Abstract
The recent discovery of a kilonova from the long-duration gamma-ray burst (GRB) GRB 211211A challenges classification schemes based on temporal information alone. Gamma-ray properties of GRB ...211211A reveal an extreme event, which stands out among both short and long GRBs. We find very short variations (few milliseconds) in the lightcurve of GRB 211211A and estimate ∼1000 for the Lorentz factor of the outflow. We discuss the relevance of the short variations in identifying similar long GRBs resulting from compact mergers. Our findings indicate that in future gravitational-wave follow-up campaigns, some long-duration GRBs should be treated as possible strong gravitational-wave counterparts.
This research examines whether real estate professionals detected the property bubble and foresaw the consequent financial crisis of 2007-2008. By analysing the insider trading activities within ...REITs from 1996 to 2010, we find that REIT insiders reduced their holdings significantly during the real estate boom period as early as 2004, before the financial crisis. Difference-in-difference analysis reveals that REIT insiders cashed out their positions more aggressively than insiders in real estate and construction firms. The findings support the informed trader hypothesis that managers and employees in REITs anticipated the burst of the real estate bubble and the imminent financial crisis, and shifted their wealth away from the real estate market to avoid potential losses. We find no evidence to support the biased belief hypothesis (Cheng et al.,
2014
) that REIT insiders were over-optimistic during the real estate boom period or that their inside trading behaviour was affected by local market performance.
Criegee intermediates, which are carbonyl oxides produced when ozone reacts with unsaturated hydrocarbons, play an important role in the formation of OH and organic acids in the atmosphere, but they ...have eluded direct detection until recently. Reactions that involve Criegee intermediates are not understood fully because data based on their direct observation are limited. We used transient infrared absorption spectroscopy to probe directly the decay kinetics of formaldehyde oxide (CH2OO) and found that it reacts with itself extremely rapidly. This fast self-reaction is a result of its zwitterionic character. According to our quantum-chemical calculations, a cyclic dimeric intermediate that has the terminal O atom of one CH2OO bonded to the C atom of the other CH2OO is formed with large exothermicity before further decomposition to 2H2CO + O2((1)Δg). We suggest that the inclusion of this previously overlooked rapid reaction in models may affect the interpretation of previous laboratory experiments that involve Criegee intermediates.
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