This study analyzes temporal trends and periodicity in seventy years of publicly available stream discharge and climate data for the Winooski River Basin of northern Vermont as well as lake level data for adjacent Lake Champlain. We also use random sampling and manual, point-based classification of recent and historical aerial imagery to quantify land use change over the past seventy years in the 2,704 km2 Winooski River Basin of northern Vermont. We find a general increase in annual precipitation, discharge, and mean lake level with time in the basin; discharge increases 18% over the period of record while precipitation increases by 14%. Over the last 70 years, mean annual temperature has increased at the Burlington Vermont station by 0.78 degrees Celsius (1.4 degrees Fahrenheit). Four sets of aerial photographs, taken at intervals of 12 to 29 years between 1937 and 2003 at thirty randomly selected sites, demonstrate that actively cleared land area has decreased by 14%, while forested land and impervious surfaces increased by 10% and 5%, respectively. Spectral analysis of precipitation, discharge and lake level data show a ~7.6 year periodicity, which is in phase with the North Atlantic Oscillation (NAO); higher than average precipitation and discharge are most likely when the NAO is in a positive mode. The NAO relationship demonstrates that discharge is largely controlled by precipitation; anthropogenic changing climate and changing land use over the past 70 years appear to have subtly changed the seasonality of discharge and caused an increase in base flow.

This study focuses on the property-derived cash flows that a REIT investor earns. We observe that, in the short run, REIT investors are only exposed to the income cash flows of a REIT's underlying portfolio and not to its property price fluctuations. Specifically, investors miss out on the component of appreciation returns not contained in income. Chapter 3 observes this phenomenon and argues, without proof, that this is due to the trading restrictions that REITs face in order to operate tax free, which impose minimum holding periods on properties in REITs' portfolios. Chapters 4 and 5 show that the trading-restrictions explanation is indeed the reason for this phenomenon. Specifically, chapter 4 tests how REITs with different firm characteristics are differently affected by the trading constraints. Firstly, we test for size effects and find that medium-sized and large firms offer investors better exposure to short-term fluctuations in property appreciation than small firms. This supports the trading restrictions hypothesis, as large firms are less affected by these. Secondly, we test for the effects of the degree of diversification in a REIT's portfolio and find that, while investing in a REIT which is diversified by property type gives an investor better exposure to appreciation cash flows, investing in one whose portfolio is merely geographically diversified does not. Finally, we test whether UPREITs give an investor better exposure to property appreciation cash flows and find strongly that this is so. Since the partnership that holds the property in an UPREIT is not subject to selling constraints, we find our hypothesis strongly supported. Chapter 5 analyzes holding periods and selling decisions. We firstly simulate a possible filter-based market timing strategy which significantly outperforms a simple buy-and-hold strategy, and demonstrate to what extent holding periods shorter than what is allowed are required. We then analyze actual holding periods of properties in REITs' portfolios and model the decision to hold a property beyond four years, finding strong evidence that there is an incentive to do so in a rising market. This gives strong support to the trading-restrictions explanation.

M.A. (Psychology) / Please refer to full text to view abstract

University of Macau / Institute of Chinese Medical Sciences

University of Macau / Institute of Chinese Medical Sciences

Leung, Yat Chi Stephanie. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 73-90). / Abstracts in English and Chinese. / ABSTRACT --- p.i / 摘要（ABSTRACT IN CHINESE) --- p.ii / ACKNOWLEDGEMENTS --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / Chapter CHAPTER I: --- INTRODUCTION --- p.1 / PREVALENCE OF STDS --- p.1 / CONDOM USE AS AN EFFECTIVE PROTECTION AGAINST STDS --- p.4 / CURRENT RESEARCH ON CONDOM USE --- p.5 / PROPOSED MODEL --- p.7 / "ATTITUDE, SUBJECTIVE NORM, PERCEIVED BEHAVIORAL CONTROL, AND BEHAVIORAL INTENTION" --- p.7 / FEAR OF AIDS --- p.10 / CONDOM USE KNOWLEDGE --- p.12 / RELATIONSHIP POWER --- p.14 / RELATIONSHIP COMMITMENT --- p.17 / DYADIC SEXUAL COMMUNICATION --- p.19 / OVERVIEW OF THE STUDY --- p.22 / Chapter CHAPTER II: --- METHOD --- p.25 / PARTICIPANTS --- p.25 / PROCEDURE --- p.27 / MEASURES --- p.28 / ANALYSES --- p.33 / Chapter CHAPTER III: --- RESULTS --- p.35 / CONDOM USE PATTERNS --- p.35 / DESCRIPTIVE STATISTICS --- p.36 / MEDIATING ROLE OF CONDOM USE INTENTION --- p.40 / DECOMPOSITION OF THE EFFECT OF SUBJECTIVE NORMS --- p.42 / MULTI-SAMPLE INVARIANCE ANALYSIS --- p.43 / Chapter CHAPTER IV: --- DISCUSSION --- p.54 / CONDOM USE CONSISTENCY AMONG PARTICIPANTS --- p.54 / DIFFERENCES BETWEEN CONSISTENT AND NON-CONSISTENT CONDOM USERS --- p.56 / UTILITY OF THE PROPOSED MODEL --- p.56 / "ATTITUDES, SUBJECTIVE NORMS, PERCEIVED BEHAVIORAL CONTROL, INTENTIONS AND CONDOM USE" --- p.57 / FEAR OF AIDS AND CONDOM USE --- p.58 / CONDOM USE KNOWLEDGE AND CONDOM USE --- p.59 / RELATIONSHIP POWER AND CONDOM USE --- p.60 / RELATIONSHIP COMMITMENT AND CONDOM USE --- p.61 / DYADIC SEXUAL COMMUNICATION AND CONDOM USE --- p.63 / APPLICABILITY OF THE PROPOSED MODEL ACROSS GENDER AND SEXUAL ORIENTATION --- p.64 / LIMITATIONS OF THE STUDY --- p.68 / IMPLICATIONS FOR FURTUER RESEARCH --- p.70 / REFERENCES --- p.73

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